Weekly Project Updates: OKB Sets Record for Highest Token Burn, DeGods Launches DEGOD Token, Bitcoin Magazine Criticizes Fractal Bitcoin, etc

Sep 21, 2024

1. OKX Executes Record 25th OKB Buyback and Burn, Destroying 17.34 Million Tokens link

On Wednesday, OKX executed its 25th OKB buyback and burn, with approximately 17.34 million OKB repurchased and destroyed, marking the highest amount ever destroyed. The total value of the destruction amounted to approximately $661 million. OKX had previously stated that the destruction was based on seasonal market and operational performance, but did not disclose specific rules for the destruction process.

2. Worldcoin Tests Facial Recognition Technology for World App Users link

Worldcoin has announced that it is testing facial recognition technology for World App users, with initial trials set to begin in select regions. This feature utilizes 1:1 facial matching to ensure that only users who have verified their World ID through Worldcoin’s iris scan can access the app, enhancing the security of online shopping, financial transactions, and secure logins. Currently, World App has nearly 15 million users, with 6.7 million having verified their identities through iris scanning.

3. UNI’s Circulating Supply Represents Approximately 25.83% of Total link

@EmberCN has released an analysis of UNI tokens that have entered full circulation. Uniswap’s governance token, UNI, has completed its full unlocking, yet the actual circulating supply represents only 25.83% of the total. UNI was launched in September 2020, with 83% of the tokens (830 million) allocated to the team, investors, advisors, and the community treasury, with a four-year unlocking period. According to the analysis, of the 430 million UNI allocated to the community treasury, only 30.21 million have entered the market. From the 400 million UNI allocated to the team, investors, and advisors, 58.16 million have entered the market. Combined, approximately 88.37 million UNI have flowed into the market. The token distribution is as follows: LP staking rewards account for 2%, early user airdrops for 15%, community treasury for 43%, and the team, investors, and advisors for 40%. Notably, the LP mining and airdrop portions (17%) were fully circulated at the launch.

4. LayerZero Foundation Launches lzCatalyst, Investing Up to $300 Million in LayerZero Integration Projects link

The LayerZero Foundation has announced the launch of lzCatalyst, designed to connect top developers with leading venture capital firms in the crypto space, offering up to $300 million in investment for LayerZero integration projects. Initial partners for lzCatalyst include a16z Crypto, Animoca Brands, Atrum, and Delphi Ventures, among others. Additionally, projects that secure a significant investment from a partner fund or attract participation from two or more partner funds in a single funding round will be eligible for additional strategic capital investment from the LayerZero Foundation.

5. Lens Network to Use Avail’s Data Availability Solution for Scalability link

Lens Protocol has partnered with Avail to integrate its data availability solution into the upcoming Lens Layer 2 chain, designed specifically for on-chain social network infrastructure. The forthcoming Lens network will operate as an EVM-compatible Validium chain and will be developed using zkSync’s Layer 2 development tools, ZK Stack, with a planned release in Q4 2024. The network will incorporate Avail’s data availability layer (Avail DA), which is tailored for ZK technology stacks. Similar to other data availability solutions like Celestia, Avail DA reduces the chain’s storage requirements, thereby enhancing scalability and reducing costs.

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6. Mocaverse and Magic Eden Collaborate on MagicMoca NFT Launch Platform link

Animoca Brands’ Web3 metaverse project Mocaverse will collaborate with NFT marketplace Magic Eden to launch the MagicMoca NFT publishing platform. Designed to serve the Mocaverse community, the platform aims to facilitate the release of selected gaming and IP NFT projects, with a projected launch by the end of Q3 2024. MagicMoca will use MOCA Coin as the primary currency for its sales activities, and Magic Eden will accept MOCA Coin as one of the preferred currencies on its marketplace. Additionally, Magic Eden will fully integrate Mocaverse products, enabling Moca ID users to participate in NFT publishing events and build reputations on-chain through NFTs.

7. Yuga Labs Co-Founder: BAYC Will Not Follow DeGods’ Token Issuance link

The NFT project DeGods has announced the launch of the DEGOD token, which users can convert using DeGods, y00ts, or DUST.

Wylie Arnow, co-founder of Yuga Labs, tweeted: “I’m not sure if DeGods’ move will be effective long-term (almost nothing ever is), and I wouldn’t do it for BAYC, but it’s certainly interesting to watch this project try bold moves. It’s clearly worth it, and good luck to them.”

Additionally, Bored Ape Yacht Club (BAYC) has announced a second-season collaboration with the streetwear brand BAPE. The co-branded store will be open throughout the weekend, and Ape-exclusive merchandise will not be restocked once sold out. The collaboration includes physical items such as hoodies, T-shirts, beer, and sunglasses.

8. Universal Blockchain ZetaChain to Launch $6.5 Million ZETA Reward Pool for Eligible XP Users link

Universal Blockchain ZetaChain will launch a 6.5 million ZETA reward pool for eligible XP users. Users can unlock exclusive benefits within the ZetaChain ecosystem by minting their XP status NFT. Eligible users must claim their rewards by October 4, marking ZetaChain’s transition from the XP accumulation model to a new instant reward system. Since its launch, ZetaChain has distributed over 90 million ZETA and has more than 3.8 million unique wallets.

9. Sui’s Leading DeFi Project NAVI Protocol Announces TVL Reaching $300 Million link

Sui’s leading DeFi project, NAVI Protocol, has announced that its total value locked (TVL) has reached $300 million, accounting for over 40% of the entire Sui Network’s TVL, which stands at $730.88 million. NAVI specializes in lending and liquid staking services. In June, NAVI announced the integration of the Binance Web3 wallet, allowing users to manage their lending activities through the wallet.

10. Bitcoin Magazine Issues Harsh Critique of Fractal Bitcoin link

Bitcoin Magazine has published a scathing critique of Unisat’s recent launch of Fractal Bitcoin. The article condemns the token for being entirely separate from Bitcoin, noting that it features a significant pre-mining phase, with 50% of the supply allocated to ecosystem vaults, presales, advisors, community grants, and developers. The article also criticizes the absence of a mechanism linking actual Bitcoin to the “sidechain.” It describes the entire “design” as a charade aimed at profiting pre-mined token holders quickly. It is worth noting that Bitcoin Magazine, as a staunch advocate of Bitcoin maximalism, has consistently maintained a strong critical stance towards similar projects.

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