Weekly project updates: EIP - 4844, Merkle tree, Hooked, etc
1. ETH’s weekly summary
a. Ethereum client teams test staking withdrawals on devnet link
Ethereum developers launched a developer network on November 23 to test validator staking and withdrawals. Ethereum developer Marius Van Der Wijden said devnet will help Ethereum open verifier staking and withdrawals next year and the upgradation named Shanghai.
b. Ethereum core developers discuss EIP-4844. link
OP Labs CEO Liam Horne tweeted that Ethereum core devs have a call coming up this Thursday to discuss getting EIP-4844 to be considered for inclusion (CFI). As previously reported, Ethereum founder Vitalik Buterin tweeted about Proto-danksharding (IP-4844), which addresses data verification scenarios for EVM-incompatible blob carry transactions. He suggested automatically deleting blob data after 30 days to reduce network data and memory needs.
c. Ethereum devs agree on future upgrade content. link
Ethereum developers considered eight Ethereum Improvement Proposals (EIP) for the “Shanghai” hard fork on November 24. The hard fork upgrade will unlock Beacon Chain ETH withdrawals and may bring scalability and other Ethereum virtual machine improvements.
d. Ethereum Developer: Devnet 3 will be released on November 30. link
Terence.eth tweeted: “Today, we are rebuilding IP-4844 on the Capella hard fork, including all new network changes and integrating the new KZG library. We are happy to release Devnet 3 for IP-4844 on November 30th. Arbitrum supports IP-4844 and Rollup-centric roadmap. 4844 will cut data gas charges, creating synergy.”
e. Paradigm is building Reth, a Rust Ethereum Execution Layer. link
Paradigm CTO Georgios Konstantopoulos tweeted on Nov. 24 that Paradigm is constructing Reth, a Rust-based Ethereum implementation layer. Reth is a new Apache/MIT licenced full-node implementation that prioritises modularity and open source.
f. Scroll and zCloak will establish an Ethereum L2-based trusted DID system.
On November 24, zero-knowledge-proof privacy DID project zCloak announced a partnership with Ethereum extension project Scroll to establish a trusted, W3C-compliant DID system based on Ethereum L2. The alliance will also study call data cost optimization and zk-STARK/zk-SNARK technologies.
2. Binance’s weekly summary
a. Binance issued Merkle Tree BTC Asset reserve certificate link
Binance launched the asset Reserve proof method and Merkle tree data structure on November 25 to improve user asset transparency. The system will initially verify BTC assets and add new assets and networks in the coming weeks. According to the first audit results, the BTC chain reserve is 582,485.9302 BTC, the user net balance is 575,742.4228 BTC, and the reserve ratio is 101%. In two weeks, a second proof tranche will include more assets.
b. Introduced the Hooked Protocol (HOOK) Token Sale on Binance Launchpad link
Binance will soon unveil the 29th Launchpad project, Hooked Protocol, on November 23. (HOOK). Binance will compute the amount of input based on the user’s seven-day average BNB position. As previously reported, Binance and Sequoia Seed Fund jointly led the Web3 social network Hooked Protocol’s seed investment round on September 22. Hooked Protocol is constructing a community-driven social network with on-chain token economics, allowing users to learn, earn, and enjoy gamified activities within the Hooked ecosystem.
c. Hooked Protocol has had a record amount of transactions. link
According to a data panel established by @SixdegreeLab on November 25, Binance’s forthcoming Launchpad Project Hooked Protocol had 390.72k transactions and 103.15k new user transactions, both record highs.
3. Layer 1’s weekly summary
a. Graviton, a liquidity incentive system, partnered with Public Chain Sei on November 25.
b. Cardano’s Eco-decentralized Stablecoin Ardana announced that it would cease operations. link
Ardana, a decentralised stablecoin system built on Cardano, tweeted on November 24 that it was suspending development due to financing and schedule uncertainty. According to Ardana, Cardano Ecology spends a great deal of money on tools, infrastructure, and security, and the development of the project is unpredictable, thus the team must cease development of dUSD.
c. Cardano’s Eco ZK-Rollup project Orbis has declared that it would cease operations. link
Orbis, a two-layer Cardano-based ZK-Rollup expansion solution, announced through Twitter on November 24 that the project has been terminated due to insufficient finance and uncertain conditions.
d. The Sei ecosystem will implement Celer cBridge and Celer IM.
Celer Network, a cross-chain cross-tier infrastructure, partnered with the public chain Sei Network on November 24 to deploy on the Sei ecosystem, offering support for cBridge asset bridging and Celer Messaging Cross-Chain Framework (Celer IM) for the Sei.
e. The decentralised Cardano-based stablecoin Djed will launch on the mainnet in January
Cardano’s first decentralised stablecoin, Djed, will go live on the mainnet in January on November 21. Djed is a decentralised, dollar-pegged stablecoin that is decentralised. Djed is supported by crypto assets rather than fiat money and was created by the company Coti in collaboration with the principal developer of Cardano, InputOutput.
f. Canto is incorporated into the cross-chain mobility network Synapse. link
On November 22nd, the cross-chain bridge Synapse enabled the L1 Canto bridge. Before the Synapse Bridge integration, the only option to migrate assets to Canto was via the Cosmos Gravity Bridge, as Canto is built on Cosmos.
g. zkSync issues the Ecological Progress Report: zkSync 2.0 test network has been integrated with Celer Network.
The Celer Network cross-chain infrastructure has been implemented into the zkSync 2.0 test network, verifying the inclusion of asset bridging and messaging in zkSync’s launch Alpha milestone.
4. NFT’s weekly summary
a. Metamask introduces new NFT pricing function
On November 22, the cryptocurrency wallet MetaMask will launch its new NFT pricing feature. The upgrade will enable users to pick the NFT and, if market data is available, obtain an estimated price for the NFT’s current value using NFTbank.ai’s data. NFTbank.ai data will also be utilised by the new MetaMask NFT pricing tool.
b. The second phase of testing for the NFT Automatic Market Making protocol is initiated by the Ladder. link
Ladder, the NFT automated market making arrangement, said on November 22 that a second round of testing on the Sepolia test network had begun and will continue until December 15. The Discovery page enables users to browse all Ladder AMM collections, and the Statistics page provides a digital breakdown of all tokens, pools, and transactions. Ladder reminds us that the second round of quests is similar to the first and that all tasks must be accomplished to be eligible for rewards.
c. Magic Eden intended integration on Polygon link
Magic Eden, a market for NFTs, announced its integration with Polygon on November 22. Magic Eden will, among other things, assist the ecosystem of game developers and creators on the Polygon chain.
d. NFT Marketplace Quix, which will cease operations and provide its code as open source.
e. Arbitrum Eco NFT Marketplace Stratos will cease operations and provide its code as open source. link
5. Ape’s weekly summary
a. The ApeCoin staking system will go live on December 5 link
On Nov. 24, Web3 tool developer Horizon Labs tweeted that ApeCoin staking system Ape Staking will go online December 5th with a pre-storage period, a contract fundraising period December 5th to December 7th, and a stake prize accumulation period beginning December 12th. As for the pre-deposit period, Horizon Labs explains that the pre-deposit period has been reduced by a week in order to jut out the necessary work related to the bug bounty AIP and re-check the submission. Earlier on July 23, ApeCoin announced that it had selected Hormizen Labs as a partner to build and manage the staking system for ApeCoin in light of the passed AIPs-21 and 22 proposals.
b. ApeCoin DAO will launch a custom NFT platform for Apes and Otherdeeds link
ApeCoin DAO will launch a customized NFT platform for Apes and Otherdeeds, The market will sell Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club and Otherdeed NFT. The marketplace will honor creators’ royalties and return half of the seller’s fee on each transaction to the ApeCoin DAO community.
6. The WBTC DAO intends to reset the multiple signature mechanism link
WBTC DAO, the community that controls the Bitcoin (WBTC) project, was working up a new smart contract multi-signature system on November 25 to replace inactive signers. The new group of signers will be in charge of signing transactions and modifying Token contracts as needed. Change the multiple signature threshold for the WBTC DAO from 11/18 to 8/13. Retain seven members of the original set, including Compound, Loopring, Kyber, and BitGo, and add Chainlink and Balancer. Among others, FTX, Airswap, and MakerDAO will be excluded from signing.
7. MakerDao’s weekly summary
a. MakerDAO passed a proposal supporting the addition of GNO as a mortgage asset
On November 25, it was officially announced that MakerDAO had now passed a poll supporting the addition of GnosisDAO’s governance token GNO as a collateral asset and would later launch an implementation poll.
b. MakerDAO has now backed rETH as a collateral asset
On November 22, MakerDAO added support for rETH (Derived tokens generated via Rocket Pool) as collateral assets. Users can now stake rETH to generate DAI through new ReTH-A vaults.
c. The MakerDAO community approved a public vote to cancel the RENBTC-A vault
On November 25, MakerDAO tweeted that the MakerDAO administration had cancelled the RENBTC-A vault type poll and that all renBTC-A positions with collateral rates below 5,000% would be liquidated after the vote was confirmed on December 7.
8. dYdX announces progress of dYdX Chain link
On November 22, dYdX, a decentralized derivatives protocol, announced the completion of the second of five milestones in dYdX V4 (dYdX Chain) : the internal Test Net. Currently, dYdX V4 has two permanently running internal blockchain networks, one for developer testnet and the other for general testnet, functionally allowing core trading functions including leverage, fees, predictor price updates, hourly money rates and clearing.
9. Approximately 42% of NEAR’s total supply was staked, bringing the total number of validators to 131 link
On November 21st, it was official that in an effort to continue its efforts at ecological transparency, the NEAR Foundation released the Staking State Transparency Report. As of Nov. 18, nearly 469 million NEAR had been staked, or about 42 percent of the total supply. The total number of validators reached 131, up nearly 4 percent from 126 last month. Of the 131 verifiers, a total of 15 verifiers held 50% of the staked token volume, of which 8 verifiers held 154 million NEAR (33%). 116 verifiers hold the remaining 50% of the staked tokens.
10. In the opening week of the World Cup, fan token sales surpassed $1 billion.
The overall turnover of fan tokens has reached $112,711,200,853.12 in the past 24 hours, an increase of 91.67%. The cumulative transaction of fan tokens exceeded $110 billion on November 19, the day before the World Cup began, according to historical data. The overall turnover on that day was $111,396,980,748, indicating that the cumulative sales of fan tokens in the week leading up to the start of the World Cup exceeded $1 billion. In addition, cumulative sales of fan tokens reached $7 billion in November, reaching $7,034,919,906.55 to date.