Weekly Project Update：Aptos Update、Optimism Bedrock、Polygon unlock and Top 10 Projects

1、Solan：Thousands of Solana-based wallets got drained and it exposed that much of Solana’s TVL was also “faked”

On August 3, 2022, a massive coin theft occurred on the Solana public chain, affecting more than 8,000 wallets with a total value of over $580 million. According to the current investigation, 60% of the stolen addresses use Phantom wallets, and about 30% of the stolen addresses use Slope wallets. Among them, the main reason for Slope wallet theft is that users’ private keys are mistakenly uploaded to the centralized server, while the reason for Phantom wallet theft is still under investigation.

On August 5, Coindesk wrote “Master of Anons: How a Crypto Developer Faked a DeFi Ecosystem”, pointing out that Solana’s TVL had Faked more than $1 billion in duplicates. The article explains that Ian created 11 fake identities to create bigger TVL, and that Ian has now moved on to participate in the development of the Aptos ecosystem.

2、Aptos is coming up with an update designed to address some of Diem’s remaining issues Link

On August 5th, Boris Povod, the co-founder of Pontem Network, tweeted about a new update to Aptos’s Devnet (The Developer Network). Boris claimed that a significant portion of the Diem legacy and some of the update’s key functionality (such as module publisher whitelist and script whitelist, etc.) have been eliminated from this update’s framework. The majority work has been done, although some module update work is still in progress.

3、Optimism announced the launch of “Bedrock”, then the OP token rose by 40% Link

On August 3rd, Optimism announced the upcoming release of “Bedrock,” a Rollup that combines ZK and OP technology, and then the ecology would move to “Bedrock.” Following the upgrade, on-chain transaction times can be cut in half, data submission costs can be greatly reduced, and the eco-token OP can participate in the node staking and share the GAS revenue. The OP token rose by 40% immediately following the announcement.

Comment: OP upgraded ahead of Starkware to maximize first mover advantage. Furthermore, OP prioritizes ecological construction, and the economic model design stresses sustainability. It is fair to say that the OP is now firmly in the lead of Layer2.

4、Flow announced a partnership with IG, allowing users to display NFTs directly on IG Link

Mark Zuckerberg, CEO of Meta, announced on August 4 that as Instagram’s technological support for NFTs grows, users will be able to share digital collections created on the Flow blockchain on IG. The Flow token rose by 54% immediately following the announcement.

5、Tim Beiko, a key developer of Ethereum, claimed that the Goerli merger is scheduled around August 10 Link

Tim Beiko, a key developer of Ethereum, tweeted on August 5 that the Goerli merger is now scheduled around August 10. If the Goerli test merger is successful, the development team will set the total difficulty (TDD) of the Ethereum main network merger on August 11. On August 18, this TDD will be recalculated based on additional confirmation, such as the impact of DAG expansion.

6、A new consensus mechanism, PoPW, may be the next big thing Link

On August 5, Sami Kassab published an article in Messari titled “Using Crypto to Build Real World Infrastructure”, introducing a new consensus mechanism, PoPW, Proof of Physical Work. PoPW works by rewarding participants with tokens when they perform verifiable physical work in the real world. Currently PoPW has many applications in Web3, such as wireless networks, logistics networks, natural environments, computing, and storage, etc.

7、Polygon unlocked 1.4 billion tokens and Matic plunged more than 10% due to market panic

On August 1, Polygon (Matic) unlocked a total of nearly 1.4 billion tokens, about 13.87% of the total supply, sparking market panic, with tokens falling more than 10% in 12 hours. Co-founder Sandeep explained that the tokens were just being unlocked as planned, Polygon then officially announced the details of the unlock. Of the 1.4 billion tokens unlocked, 640 million were distributed to teams. 546 million will be distributed to the foundation, and the team will update any movement of the Foundation wallet. 200 million of them were staking rewards.

8、Cardano is deploying a cross-chain bridge to the Cosmos ecology, allowing users to access new liquid markets Link

Cardano announced on August 3rd the upcoming connection to the Cosmos ecosystem via a cross-chain bridge supported by Peggy 2.0 and Sifchain. Following the successful deployment of the cross-chain bridge, both chains will have access to new liquid marketplaces. However, some Cardano users have expressed reservations, claiming that the priority should be on security, scalability, and governance.

Comment：Currently, the number of Cardano smart contracts based on the Plutus has reached 3031, the total number of ADA wallets has surpassed 3.5 million, so if Cardano connect to Cosmos, the leader of L0, which will be a powerful alliance. However, we need to focus on the chain bridge’s safety and the real circumstances after landing.

9、Arbitrum announced that it will move Arbitrum One’s main network to Nitro on August 31 Link

On August 4, Offchain Labs, the developer of Arbitrum, stated that the Main Network of Arbitrum One will transition to Nitro on August 31. On August 24, around one week before the mainnet migration, the team will conduct a test shadow migration. This change will lower the quantity of data that must be sent to Layer1 and hence reduce transaction costs.

Comment：Because of the high gas price, Arbitrum is controversial, so after the main network migration, it is worth paying attention to whether the migration is smooth, and whether to solve the problem of high gas cost after the migration.

10、Layer2 NFT marketplace Mint Square goes live on the StarkNet main Web, allowing creators to set their own royalties Link

Mint Square, an NFT marketplace built on Ethereum Layer2 ZK Rollup, was successfully launched on the StarkNet main network on August 2. Users can connect using the Argent X or Braavos wallets, add funds via LayerSwap or Banxa, then purchase and sell from the StarkNet MainNet NFTS on Mint Square. Mint Square pays royalties to creators on the chain, who can set them as they wish.

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