Weekly Project Updates: ETHW Core Team Dissolves, Worldcoin Removes Orb Verification Service in Multiple Countries, Friend Tech to Release v2 Next Spring, etc

Dec 23, 2023

1. ETHW: To Dissolve Core Development Team, Existing Servers to Temporarily Transition to OneDao for Transitional Maintenance link

The Ethereum fork network ETHW (EthereumPoW) has issued a statement announcing the dissolution of the ETHW core team. The declaration expresses a unanimous decision to disband the core development organization based on the majority consensus. This includes the dissolution of the ETHW core development team, aiming for complete autonomy, a commitment to Proof of Work (PoW) as the fundamental consensus mechanism, and the long-term maintenance of this approach. The network also embraces decentralized governance, striving to become a deity-less public chain. Additionally, existing servers will undergo a transitional maintenance phase on OneDao temporarily until a long-term ecosystem partner is confirmed.

2. Worldcoin Discontinues Orb Verification Service in India, Brazil, and France link

Worldcoin will no longer offer its Orb verification services in India, Brazil, and France. The foundation Tools for Humanity, which manages the fund developed by Worldcoin, stated in a release that it remains committed to collaborating with global partners to ensure compliance with regulatory requirements. Orb expanded to numerous markets this year, and access to it will be available for a limited time.

3. Friend Tech to Release v2 Version in Spring 2024 link

Friend Tech has released a teaser trailer, announcing the launch of version 2 in the spring of 2024, suggesting the addition of NFT-related features. According to the @CryptoKoryo data panel, Friend Tech’s daily transaction volume has recently reached new lows, with transactions on December 17th falling below 2400, representing a reduction of 99.5% compared to the peak transaction volume of 539,000 on September 13th.

4. OP Labs: Actively Working Towards Entering the Second Phase of Decentralization link

OP Labs has published an article delving into the decentralized roadmap for the Optimism ecosystem, stating that the ultimate goal is to swiftly reach the second stage where no single organization can alter the status root of the code. In 2024, there are plans for a Security Council to be established, following Optimism’s governance guidance, to manage the upgrade keys of the ecosystem independently of the Optimism Foundation.

5. Pancakeswap Community: Suggests Lowering CAKE’s Total Supply Cap to 450 Million link

The PancakeSwap community has introduced a proposal for discussion, suggesting a reduction in the total supply limit of CAKE from 750 million to 450 million. PancakeSwap recently introduced veCAKE, and the current circulating supply of CAKE is approximately 388 million.

(Sponsored: BIT Exchange officially listed Ethereum Inscriptions (ETHS) on December 22, 2023, at 18:00 (UTC+8), becoming the first centralized exchange to list ETHS. ETHS deposit is now available on BIT together with the ETHS/USDT spot trading pair. BIT has also initiated the "Deposit and Trade to Earn 1000 ETHS" campaign, allowing users to register and deposit through specified invitation links to share the 1000 ETHS prize pool. It is reported that BIT Exchange plans to develop the ETHS fee deduction feature, enabling users to use ETHS for transaction fees and receive a 10% discount. )

6. Polkadot Plans Multiple Significant Upgrades in 2024 link

Polkadot has released its annual report, planning multiple significant upgrades in 2024. These include the implementation of asynchronous backing to enhance the network’s performance and scalability; Agile Coretime, which proposes a flexible scheduling allocation system; and optimizations to the Minimal Relay to improve the relay chain. Additionally, the cross-chain bridge Snowbridge between Polkadot and Ethereum is expected to be deployed in the first quarter of next year.

7. F2Pool Announces Launch of Bells (BEL) Mining Pool link

F2 Pool announces the launch of the Bells (BEL) mining pool. The pool utilizes a 5% PPLNS (Pay Per Last N Shares) reward payment model. The Bells token, represented by BEL, has a total supply of 500 million and operates on a PoW (Proof of Work) consensus blockchain network using the Scrypt mining algorithm. Currently, the network supports ASIC mining. According to F2 Pool, this project is an archaeological find of early work by the founder of Dogecoin. Mining is possible for those who possess LTC (Litecoin) mining machines.

8. Arweave Founder: Irys Plans to Fork Arweave and Reset Token Supply link

Arweave founder Sam, citing a reliable source, tweeted that the Arweave ecosystem storage solution, Irys (formerly Bundlr Network), is considering forking Arweave. The plan involves no longer maintaining datasets and resetting token supply. The ar.io network intends to remove Irys bundlers from the trusted settings of the Arweave main gateway, causing significant delays before user data becomes available. Sam believes the only possible reason for the Irys fork is greed, and he hopes Irys can fork in the right way.

In response to Sam’s statements about “Irys planning to fork Arweave,” Irys issued a tweet asserting that Sam Williams’ actions have a tragically ironic aspect. Arweave’s purpose is to be open-source and permissionless, yet Sam is attempting to separate Irys from Arweave. Irys has never and will never deprive users of the choice of data storage location.

9. Arthur Hayes: Ethena USDe Supply Reaches $50 Million, Mainnet Launching in January 2024 link

BitMEX founder Arthur Hayes has stated that the supply of the decentralized stablecoin protocol Ethena USDe has reached $50 million, and the Ethena mainnet is set to launch in January 2024. He further mentioned that in the future, USDe is expected to replace USDT as the largest USD stablecoin, but this transition will take time, and he will do his best to support it. According to Scopescan monitoring, after announcing the sale of SOL and the acquisition of more ETH on 22nd, Arthur Hayes has deposited 440 ETH into Lido. He used stETH to mint 1.01 million USDe in Ethena Labs. Currently, he still holds 5,451 ETH (worth $12.5 million).

10. NFT Trader Exchange Hacked, Loss Exceeds 1,000 ETH link

On December 16th, the P2P trading platform NFT Trader was attacked, resulting in a significant transfer of high-value NFT assets. On-chain data reveals that the hacker (0x90…8fda) has stolen 37 Bored Ape Yacht Club (BAYC), 13 Mutant Ape Yacht Club (MAYC), 4 World Of Women, and 6 VeeFriends NFTs, totaling 1,080 ETH (approximately $2.4 million). Users are advised to promptly revoke authorization for this platform. Slowmist analysis indicates that the reason for the NFT Trader attack was a reentrancy vulnerability.

NFT Trader has tweeted a warning about phishing websites using the NFT Trader name. Users are urged to stay vigilant and only use the official recovery URL. Due to errors in the data reporting oracle, certain assets may have been included in their smart contracts. Malicious code has been executed by third parties on two of their older smart contracts. Necessary measures have been taken to prevent any future occurrences. After completing transactions on any platform, it is recommended to use additional security measures such as revoke(.)cash and to use a cold wallet as intended, avoiding interactions (or signings) with any smart contracts.

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