Weekly project updates: Arbitrum airdrop, Uniswap on BNB Chain, Filecoin's FVM goes live, etc

Mar 18, 2023

1. Arbitrum to airdrop new token and transition to DAO link

The Arbitrum Foundation said on Thursday that ARB, Arbritrum’s new token, will be airdropped to community members on Thursday, March 23. “How many transactions you did, how many different applications you used, and how long you’ve been using”, these factors used to determine eligibility. A total of 625,143 addresses eligible for the Arbitrum airdrop, accounted for 23.5% of the total addresses. The average airdrops is 1,895, of which 625 are the main proportion, accounting for 16.8%; the number of addresses that meet the full allocation airdrop conditions is 4,428.

2. ETH’s weekly summary

a. Lido: Current expectation is for mainnet withdrawals to be live around mid May link

Lido: stETH withdrawals won’t launch on mainnet until all audits concerning on-chain code are completed (expected end of April). Adding another 2 weeks as a safety margin, the current expectation is for mainnet withdrawals to be live around mid May.

b. Goerli testnet activated the Shapella upgrade on March 15 link

The Ethereum Goerli testnet activated the Shapella upgrade at 6:26 (UTC+8) on March 15th, and deposits are being processed, but some verification nodes have not yet been upgraded. Goerli will be the last testnet that developers will use to test the Shapella upgrade.

c. Ethereum developers set a target date of April 12 for the Shanghai hard fork link

Ethereum developers set a target date of April 12 for its long-awaited Shanghai hard fork that will enable staked ETH withdrawals during the All Core Developers Execution Layer 157 call Thursday.

d. Binance will support ETH 2.0 staking withdrawals link

Binance will support ETH redemptions on the ETH 2.0 Staking page within one week after the function is available on Ethereum network. Users who have participated in ETH 2.0 Staking will be able to redeem BETH to ETH on a 1:1 basis at the ETH 2.0 Staking page after the function is launched. Users may continue to participate in ETH 2.0 Staking at any time and earn BETH rewards after the Shapella upgrade.

3. Maker’s weekly summary

a. Maker Governance has deployed a set of parameter changes to the PSMs link

Maker Governance has deployed a set of parameter changes to the PSMs with the purpose of limiting Maker’s exposure to volatile centralized stablecoins and reinforcing the DAI peg. Reduce the USDC PSM daily mint limit (gap) from 950 million DAI to 250 million DAI. Increase the USDP PSM daily mint limit (gap) from 50 million DAI to 250 million DAI. Increase the USDP PSM debt ceiling (line) from 450 million DAI to 1 billion DAI.

b. Maker proposal to add a Debt Ceiling Breaker link

Maker proposal to add a Debt Ceiling Breaker, which will allow Governance to bypass the GSM Pause Delay when setting individual collateral types to a Debt Ceiling of 0.

c. MakerDAO increases US government bond investment limit link

On March 17, MakerDAO passed a proposal to increase the investment limit in US government bonds from $500 million to $1.25 billion. MakerDAO will use $750 million USDC from the Peg Stability Module (PSM) to purchase more US government bonds, thereby diversifying the assets supporting DAI’s liquidity.

4. Aztec’s weekly summary

a. Aztec Team announced to close the privacy infrastructure Aztec Connect link

One week from March 13, deposits into the Aztec Connect contract both from zk money and other front-ends like zkpay finance will be disabled. Possibly due to regulatory pressures that privacy protocols may face.

b. Aztec responds that shutting down Aztec Connect was a business decision link

Solana NFT trading platform Tensor announced a $3 million funding round and launched a multi-stage airdrop blind box incentive similar to Blur. On March 7, Tensor’s trading volume surged to 31,446 SOL, with over 3.2k traders, both setting new historical highs. In addition, Tensor also introduced user market-making functionality, allowing for market fee allocation between 0–25%.

5. Uniswap announced the official launch of BNB Chain link

Uniswap announced the official launch of BNB Chain, which will compete with Binance’s dex Pancake. A vote on the proposal to deploy Uniswap V3 to the BNB Chain passed on February 10 with 66% approval.

6. Filecoin’s weekly summary

a. Filecoin announced that its FVM has been successfully launched link

Starting from epoch 2,683,348 (3:14PM UTC on March 14), the Filecoin blockchain can already support smart contracts and user programmability.

b. Filecoin introduces multiple staking and lending protocols on FVM link

On March 17, Filecoin officially introduced the staking and lending protocols on the Filecoin Virtual Machine (FVM), which include: Bifrost and Collectif DAO’s non-custodial liquid staking solution; Ezil.Me’s FVM Filecoin staking protocol; Filet protocol; open lending platform FILL Pool; Filmine infrastructure layer on Filecoin; FilPlus Lending supporting the Fil+ ecosystem; Glif Genesis Pools FVM Filecoin equity staking protocol; psdnFIL by H2O Data; HashMix to facilitate Filecoin SP lending; mFIL DAO; NodeDAO; and stFIL.

7. dYdX to reduce transaction rewards by 45% link

The dYdX community has passed a governance vote to reduce transaction rewards by 45%. This proposal seeks to reduce trading rewards to 1,582,192 DYDX from 2,876,712 DYDX. By reducing trading rewards, excess DYDX are retained in the rewards/community treasury.

8. Halborn discovers critical vulnerabilities in over 280 networks link

In March 2022, Halborn was contracted to evaluate the Dogecoin open source codebase for any vulnerabilities that could affect the security of the blockchain. During this assessment, several critical and exploitable vulnerabilities were identified by Halborn and have since been fixed by the Dogecoin team. However, after a broader review Halborn determined that the same vulnerabilities affected over 280 other networks including Litecoin and Zcash, putting over $25 billion dollars of digital assets at risk. Halborn has code-named this vulnerability Rab13s and successfully developed an exploit kit.

9. Helium’s weekly summary

a. Binance.US to delist the HNT/USD and HNT/USDT trading pairs link

On Monday, March 13, 2023, Binance.US announced that it plans to delist the HNT/USD and HNT/USDT trading pairs on March 21, 2023 in advance of the Solana migration. The Helium Foundation responded that while they are disappointed that Binance.US has decided to take this action in advance of the migration, they understand their position and will remain in close contact with Binance.US and continue to educate them about the network’s core initiatives and development roadmap.

b. Helium’s migration to Solana has been postponed to April 18 link

The Helium Network’s migration to Solana has been postponed from March 27 to April 18, according to a decision made by the community’s Readiness Working Group. Solana migration is an upgrade to the network infrastructure established by Helium core developers in early 2022 through HIP 70.

c. Binance to delist Helium (HNT) on March 24 link

Binance announced on March 17 that it will delist HNT and WABI token on 2023–03–24.

10. NFT’s weekly summary

a. DigiDaigaku parent company Limit Break acquires FreeNFT link

On March 15, Gabriel Leydon, CEO of Limit Break, the parent company of DigiDaigaku, announced in a tweet that the company has acquired FreeNFT. FreeNFT is an NFT project that operates under a FREE-TO-OWN model. In addition to creating content, FreeNFT also provides services such as smart contract solutions and programmable royalty solutions.

b. Solana-based NFT marketplace Formfunction to shut down on March 29 link

On March 16, Formfunction, an NFT marketplace on the Solana blockchain, announced that it will be shutting down on March 29 without providing any specific reasons. Formfunction was launched in February 2022 and completed a $4.7 million seed round in March, with participation from OpenSea Ventures and Solana Ventures, among others.

c. DeGods announces launch of new NFT series on Bitcoin network link

On March 16, DeGods, a former NFT project on the Solana ecosystem, announced the launch of a new series of NFTs on the Bitcoin network. The series will include a total of 534 NFTs, with 500 for Bitcoin minting and 34 for auction/lottery in the form of DUST (the token issued by the DeGods team).

d. CRM software company Salesforce has launched on Polygon link

Salesforce will help their clients onboard to Polygon with its management platform to help its clients create token-based loyalty programs.

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