Weekly Project Updates: Arbitrum Orbit Readies Itself, dYdX Chain Mainnet Launches, etc

Oct 28, 2023

1. Arbitrum: Readies for the Release of Arbitrum Orbit Mainnet link

On October 27th, Arbitrum posted a tweet announcing that Arbitrum Orbit is now ready for the mainnet. Arbitrum Orbit employs Rust, C, and C++ to write smart contracts, and it’s fully compatible with the Ethereum Virtual Machine (EVM). It’s designed to save more than ten times the gas costs on complex crypto transactions. In the future, Orbit Chain can autonomously adopt any improvements made to the Arbitrum Nitro technology stack without requiring approval from a DAO. These enhancements may include permissionless verification, MEV capture, and further cost reduction features.

2. dYdX’s Weekly Summary

a. dYdX Chain Officially Launches on Mainnet link

On October 27th, dYdX Chain officially launched on the mainnet. Validators for dYdX Chain created the genesis block at 1:00 AM Beijing time on Friday. The post-genesis phase includes Alpha and Beta stages, with Alpha primarily focusing on bridging, staking, and security, while the Beta stage will support transactions but without rewards. The transition from Alpha to Beta will be determined by factors like governance votes. The dYdX Operations subDAO’s public bridge frontend is planned to go live on October 30, 2023.

b. dYdX Open-Sources Its V4 Code link

On October 24th, according to CoinDesk, dYdX has open-sourced its V4 code and initiated the transition from the Ethereum Layer 2 network to an independent blockchain on Cosmos. Earlier in mid-October, dYdX founder Antonio announced that dYdX Trading Inc. had officially updated its bylaws to become a public benefit corporation. Antonio stated that as an open-source software developer, they will not operate or generate transaction fee income from dYdX V4.

3. Xai Blockchain Announces Token Economics with 50.1% Allocation to Community and Sentry Node Operators link

On October 26th, Xai, a blockchain developed by Arbitrum developer Offchain Labs specifically for gaming, announced its tokenomics. 50.1% of the tokens will be allocated to the community and Sentry Node operators, 22.4% to investors, 20% to the team, and 7.5% to the ecosystem. Xai will serve as the Gas token for the Xai blockchain, validator rewards, and tokens for the gaming ecosystem. According to the provisional roadmap, Xai will open its pioneer nodes in October-November and launch the Xai blockchain mainnet and token release in December.

4. Neo Announces Release of EVM-Compatible Sidechain to Combat MEV link

On October 27th, Neo founder Da Hongfei announced that Neo is in the process of creating a sidechain that can resist Miner Extractable Value (MEV) attacks and is compatible with the Ethereum Virtual Machine (EVM). As an extension of Neo N3, the new sidechain will inherit Neo N3’s robust economic model and dBFT consensus mechanism while having additional advantages in combating malicious MEV attacks. The sidechain is currently in development and is expected to be released by the end of 2023.

5. PEPE Team Burns 6.9 Trillion PEPE Tokens from Their Treasury link

According to @EmberCN, on October 24th at 7:32, the PEPE team’s address burned 6.9 trillion PEPE tokens, which were worth approximately $6.76 million that day. Previously, on August 25th, the PEPE team had transferred 16 quadrillion PEPE tokens (valued at $15.08 million) to four different centralized exchanges (CEX) for selling, leaving 10.69 trillion PEPE in the 0x9f5 address. After the destruction of 6.9 trillion PEPE, the PEPE team’s address now holds 3.79 trillion PEPE, valued at approximately $3.72 million. Market data shows that on that day, PEPE’s price rose to $0.00000098, marking a 31.5% increase within 24 hours. As of the time of this report, PEPE’s price is $0.000001199, with an approximately 80% increase over the past 7 days.

6. Binance Announces Listing of the 39th Phase of New Coin Mining Project, Memecoin (MEME) link

On October 27th, Binance announced the launch of the 39th phase of its new coin mining project featuring “Memecoin” (MEME). MEME is the ecosystem token of Memeland, a Web3 creative studio owned by 9GAG. Users can participate in MEME mining by staking BNB, TUSD, and FDUSD in the MEME mining pool after 08:00 on October 28th. The MEME mining program will run for a total of 30 days. Additionally, Binance plans to list Memecoin (MEME) on November 3, 2023, at 16:00, and open MEME trading pairs including MEME/BTC, MEME/USDT, and MEME/BNB.

On the same day, in response to the potential issue of information leakage before Binance’s official announcement, Memeland tweeted that an investor had inadvertently leaked the news of Memecoin (MEME) potentially listing on Binance. While it was likely an unintentional act, Memeland took the step of removing the investor from the private funding round.

7. Chainlink Staking v0.2 Set to Launch Later This Year link

On October 23rd, Chainlink community ambassador ChainLinkGod.eth announced that Chainlink Staking v0.2 is set to be launched later this year. This upgrade will introduce a new staking platform with features such as unbonding, liquidity rewards, slashing, modular architecture, dynamic rewards, and priority migration. LINK token holders can now verify their eligibility for Chainlink Staking v0.2.

8. Linear Finance, Previously Attacked, Announces Reopening of Protocol with Linear 2.0 link

On October 23rd, Linear Finance announced its plans to relaunch the Linear 2.0 protocol and resume its liquidity pools. Additionally, they will introduce a new website and brand, an order book DEX, multi-collateral staking services, and the integration of artificial intelligence. This comes after Linear Finance experienced an attack on September 21st, which resulted in the loss of all LUSD liquidity on PancakeSwap and Ascendex.

9. Parity Technologies, Parent Company of Polkadot, to Lay Off 30% of Its Workforce link

On October 24th, according to Bloomberg, Parity Technologies, the parent company of Polkadot, announced a 30% reduction in its workforce, affecting approximately 100 employees, including teams such as marketing. Parity’s focus will shift towards supporting Polkadot technology. CEO Björn Wagner stated, “Over the next few months during this transitional period, around 30% of Parity’s nearly 400 employees will see their functions or contracts at Parity come to an end. Parity’s financial condition remains healthy, and we will continue to focus on the success of Polkadot.”

10. Largest Telegram Bot Project, Maestro, Suffers Attack, Losing 280 ETH link

On October 25th, according to @BeosinAlert, the largest Telegram Bot project, Maestro, had a vulnerability in its Maestro Router 2 contract that was exploited by an attacker to steal over 280 ETH (approximately $500,000). The attacker used an external call vulnerability by passing a token address and using the transferfrom function to transfer the victim’s tokens to their own address. Maestro has issued a statement indicating that the issue has been resolved, but tokens in SushiSwap, ShibaSwap, and ETH PancakeSwap pools are temporarily unavailable, and refunds will be processed for affected users.

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