Weekly project update: frxETH was introduced, Polkadot CEO resigns, Bitget cooperated with Messi and Top 10 projects

Oct 22, 2022

1. Publicchain Sui’s weekley summary

a. Sui: There are currently no official airdrop plans. link

Public Chain Sui announced on October 22 that SUI Token is not currently available online or for sale, and there are no specific plans for a formal airdrop. The Sui team warned users from falling victim to scammers.

b. Sui is ready to launch MIST, the minimal SUI token unit. link

The launch of MIST, the smallest unit of SUI tokens, was announced on October 21 by Sui. 1 MIST = 10^-9 SUI, or 1 SUI = 1 billion MIST. Sui stated that the implementation of MIST will improve support for micropayments, such as extremely tiny gas fees.

c. The Chain Sui brand will be renamed Suinami link

Public Chain Sui declared on October 19 that it would be upgrading to Suinami; the term “Ready for Suinami” has been added to its media profile.

2. Gavin Wood, co-founder of Polkadot, will transition from CEO to “Chief Architect.” link

News: Gavin Wood, co-founder of Polkadot, said on October 21 that he is resigning as CEO of Parity Technologies, to become “Chief Architect” responsible for Polkadot ecology’s cross-chain architecture. Bjorn Wagner, another co-founder, will be the company’s next CEO.

Comments: Some community members expressed disappointment about Gavin Wood’s departure from Polkadot Ecology because they did not read the entire announcement. The majority of members who read the notification supported Gavin’s change of position.

3. zkSync’s weekly summary

a. On October 21st, it announced that the zkSync 2.0 testnet would be reset on October 25, necessitating the redeployment of contracts. As previously stated, the zkSync 2.0 testnet was reset on October 10. On October 28, the ZkSync main network will go live.

b. On October 21st, Steve Newcomb, chief product officer of Matter Labs, zkSync’s development team, announced in Twitter that zkSync will make a tokenomics announcement in early November.

c. On October 18, the team announced that zkSync had issued an end-to-end validator, officially operating zkEVM on the public beta network, and that it will display a fully operational ZK-rollup 11 days before the main network launch, with the last step 11 days later.

4. Frax Finance has introduced the frxETH Ethereum liquidity staking tokenlink

News：Frax Finance, an algorithmic stablecoin protocol, was live on frxETH on October 21st, supporting minting and staking. FrxETH is a stablecoin that is linked to ETH. One frxETH is equivalent to one ETH. The on-chain verifier accepts the LP-provided ETH, stakes it to the ETH beacon chain, and then collects the staking income. The sfrxETH pool allows users to receive the revenue.

Comments：Members of the Frax community have committed to summarising the liquidity agreement, as outlined in the table below. link

5. MakerDao’s weekly summary

a. MakerDAO community proposes transferring $1.1 billion in USDCs to Coinbase Custody to generate revenue link

According to a community announcement, stablecoin DAI publisher MakerDAO is voting on a new Proposal, “Maker Improvement Proposal 81,” which proposes moving approximately $1.1 billion of USdcs into Coinbase Custody in order to generate revenue. Coinbase will calculate monthly earnings based on a weighted average of assets on the platform, which is estimated to generate approximately $15 million in annual revenue. Maker will not pay any hosting costs to Coinbase. At the time of writing, 88.33% of votes cast with MKR tokens are in favour of passage, and voting will conclude on October 24.

b. Layer 2 of Rollup Bridge Orbiter Finance will incorporate DAI support link

Layer 2 will introduce support for DAI across the presently being tested Rollup Bridge Orbiter Finance on October 21.

c. A16z does not endorse the split plan of the MakerDAO founders link

A16z stated on October 19 that it disagreed with MakerDAO creator Rune Christensen’s plan to split MakerDAO into smaller divisions and also challenged its justifications for making Maker more decentralised. MKR holders may vote on a new plan (MIP39c3-SP3) to restructure MakerDAO, which has been submitted by the community. At the time of publication, 92.38 percent of voters backed the development of MetaDAO at the expense of core units.

6. NFT Exchange’s weekly summary

a. OpenSea launches NFT data analytics link

The NFT marketplace OpenSea announced the release of Analytics for NFT collectibles on October 20. Most NFT collections contain an Analytics TAB where users may view trends, metrics, and NFT activities, including the three basic metrics of volume, sales, and floor pricing, to ease the process of acquiring NFT data and assist users in making educated decisions.

b. LooksRare modified the listing reward rules

On October 20th, the platform of the NFT exchange LooksRare issued a modification to its listing rewards regulations that intends to boost the value of listing incentives for compliant users while establishing real liquidity for popular NFTS more efficiently.

c. Mint Square is now operational on the zKsync 2.0 testnet link

Mint Square, an NFT marketplace based on Ethereum Layer2 ZK Rollup, launched on the zKsync 2.0 testnet on October 20.

7. Optimism and Lattice collaborated on the launch of OPCraft, a metaverse game based on OP Stack link

On October 19, game studio Lattice announced the launch of 3D autonomous metaverse OPCraft in partnership with Modernism. OPCraft runs on a custom Rollup built on the OP Stack, a modular component of Modernism, where every element of the game exists on the chain, and every action is an Ethereum business. Currently, the game’s contract and client are open source, allowing players to deploy on other EVM-compatible chains.

8. APE‘s weekly summary

a. Horizen Labs provides staking details for ApeCoin link

Horizen Labs, which is responsible for developing the ApeCoin DAO stake system, issued the staking technical documentation on October 19. According to the document, the ApeCoin stake contract has been implemented on both the Goerli test network and the Ethereum main network. There will be four pools: the ApeCoin pool, the BAYC pool, the MAYC pool, and the BAKC pool.

b. Yuga Labs: In order to create Otherside “Web3-native Roblox,” there will be no enclosed garden link

In a recent interview, the co-founders of Yuga Labs, Wylie Aronow and Greg Solano, discussed their goal for Yuga’s “Otherside” metaverse game, noting that they want to transform Otherside into a “Web3 native Roblox,” i.e., a game that encourages users to create content. Additionally, Wylie Aronow says that Otherside’s game is not intended for minors.

c. Bicycle, a manufacturer of commemorative playing cards, will release a collectible physical card based on BAYC #1227.

Bicycle, a manufacturer of playing cards founded in 1885, has announced that it would release a tangible collector playing card based on BAYC #1227. Bicycle and its parent firm, Cartamundi Group, disclosed in June of this year that they had acquired the BAYC NFT for 103 ETH. The new tangible collectible playing cards were conceived and designed by the artist Adrian Valenzuela.

9. The Korean gaming company WeMade has launched the Wemix 3.0 link

The South Korean gaming company WeMade announced the debut of its Wemix 3.0 public primary network on October 20. Then, WeMade’s “Wemix Classic” will transform into “Wemix Coin,” and the “WEIX WALLET” software has been renamed “PLAY WALLET.” In addition, on October 22, WeMade will introduce the stablecoin Wemix Dollar and the DeFi service WEMIX Fi. NILE, a new economy platform that integrates NFTS and DAOs, will also be released, and the blockchain gaming platform “WEMIX PLAY” is prepared to connect to Wemix 3.0.

10. Bitget announces a cooperation with soccer legend Lionel Messi. link

Bitget announced an exclusive relationship with the great soccer player Lionel Messi on October 21. Bitget and Messi will investigate Web3, cryptocurrencies, and soccer. Messi teamed with Socios.com earlier to become its first global ambassador.

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