Weekly Project Updates: Scroll Unveils 2024 Roadmap, Vitalik Emphasizes ENS Again, Orbit Chain's Cross-Chain Bridge Under Attack, etc

Jan 06, 2024

1. Scroll Unveils 2024 Technical Roadmap, Aiming to Reduce Cross-Chain Costs by 50% link

The Ethereum Layer 2 network Scroll, based on ZK Rollup, has released its roadmap for 2024. According to the roadmap, Scroll plans to reduce cross-chain costs by 50%, support EIP 1559 transaction types and SHA256 precompiles, add multiple validators, implement decentralized proof, and enable parallel execution of the Ethereum Virtual Machine (EVM). Additionally, Scroll will launch some fair launch projects later this month.

2. Starknet Roadmap Receives Updates link

Starknet has updated its roadmap for 2024, planning to lower transaction fees on the v0.13.0 testnet in the first quarter and introduce new transaction types called v3 transactions. Users will be able to pay transaction fees with STRK. Additionally, a community vote for deploying these updates on the mainnet is scheduled to open on January 10. Starknet also intends to use the EIP-4844 upgrade to reduce Ethereum Layer 1 data availability costs and introduce a transaction fee market in version v0.14.0 to accelerate transaction speeds.

3. Arbitrum Orbit Layer3 Adds Support for Custom Gas Tokens link

Arbitrum Orbit Layer3 has added support for custom Gas tokens. Arbitrum states that this development allows the Orbit blockchain to use selected ERC-20 tokens to cover Gas fees on its network. This feature will assist the Orbit chain in creating utility for its own tokens.

4. XAI: Airdrop to Account for 5% of Total Supply, Totaling 125 Million XAI link

Binance’s 43rd Launchpool project, Xai (XAI), within the Arbitrum ecosystem, has announced details about its token airdrop. The XAI airdrop will constitute 5% of the total supply, amounting to 125,000,000 tokens. Specifically, distribution will be as follows: 1307 XAI for each Vanguard NFT holder, 290 XAI for each Legendary NFT holder, and 1658 XAI for each Sentry node operator/key. The claiming process for the airdrop has not started yet, and users are advised to beware of potential scam links.

5. Manta Network Announces Launch of Into the Blue Airdrop Program link

Manta Network has announced the launch of the “Into the Blue” airdrop program, rewarding 50 million MANTA tokens, which make up 5% of the total supply. Out of this, 30 million MANTA tokens are allocated to supporters and users on Manta Atlantic and Manta Pacific, while the remaining 20 million MANTA tokens will be distributed as bonus rewards to supporters and users within the Manta ecosystem.

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6. Vitalik: ENS is of Significant Importance link

Vitalik’s post suggests that all Layer 2 solutions should run on an (untrusted, Merkle-proof-based) CCIP resolver. This would enable direct registration, updates, and reading of ENS subdomains on Layer 2. ENS is crucial and needs to be affordable! In response to this news, ENS has experienced a short-term increase of 36%, with the current price around $12.92 at the time of writing.

7. GMX V2 Achieves Historic High with Over 400 Million USD in Daily Trading Volume link

During the significant fluctuations on January 3rd, GMX V2 achieved a daily trading volume exceeding $400 million, capturing $389,000 in trading fees. Among this, there was a liquidation trading volume of $47.28 million. GMX V2 Trader net losses reached $1.84 million, marking historical highs in these metrics.

8. Blockchain Explorer Etherscan Officially Acquires Solscan link

The blockchain explorer Etherscan has officially acquired Solscan, a block explorer and data analysis platform within the Solana ecosystem. Solscan announces that it will continue to optimize and integrate additional features with the assistance of Etherscan to enhance the user experience.

9. Orbit Chain’s Cross-Chain Bridge Hacked, Loss Exceeds 81.5 Million USD link

The cross-chain bridge of Orbit Chain has fallen victim to a hacker attack, resulting in the loss of $81.5 million in cryptocurrency and stablecoins. In five separate transactions, each sent to a new wallet, Orbit Bridge sent 30 million Tether, 10 million DAI, and 10 million USDC (approximately $50 million), 231 wBTC (around $10 million), and 9,500 ETH (about $21.5 million).

Orbit Chain has released an update on the theft, confirming unauthorized access to Orbit Bridge on December 31, 2023, at 8:52:47 PM (UTC). The platform is actively cooperating with international law enforcement agencies. Due to the recent vulnerabilities, Orbit Bridge is providing compensation to all users. All Orbit users are eligible for compensation. Orbit Chain states that it is highly uncertain what the attacker’s next target might be, and anyone granted approval by Orbit is susceptible to an attack. It is recommended to revoke all approvals immediately.

10. TRB Witnesses Intense Price Fluctuations, Tops the List in Liquidation Amounts link

In the early morning hours of January 1st, from 4:00 to 6:00 in Beijing, the spot price of TRB experienced a rapid surge from around $200 at 21:00 on December 31st to over $600. The Binance Futures price exceeded $555, and the OKX Futures price went above $738. Subsequently, there was a significant decline to $155 for the spot price and $178 for the OKX Futures price, resulting in a short-term drop of over 70%. During this period, TRB futures liquidations exceeded $60 million, with short liquidations accounting for $37 million, making it the cryptocurrency with the highest liquidation amount in the past 12 and 24 hours.

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