Weekly Project Updates: Spread of Multi-Chain Inscriptions, OKX to Launch New Chain X1, Pyth Network Airdrop, etc

Nov 18, 2023

1. Record-Breaking On-Chain Inscriptions Data

a. Bitcoin Ordinals Achieves Historic Daily Engravings of 505,000 link

According to the data panel provided by @bcrypt5, on November 12th, the Bitcoin Ordinals engraving reached a historical milestone, totaling 505,000. This surge is primarily led by the text type BRC-20, contributing to Bitcoin engravings surpassing 40 million. However, the fees paid for Ordinals on that day amounted to 43.84 BTC, still significantly lower than the peak observed in May, which reached 257.7 BTC. Additionally, data from @0xMatsu’s panel indicates that the enthusiasm for Ordinals and BRC-20 has also extended to Atomicals and ARC-20. On that particular day, Atomical engravings exceeded 28,000, incurring a fee of 2.63 BTC. This level of activity closely rivals the initial stages of the protocol’s inception on September 23rd. Notably, this surge is predominantly driven by the minting of the DMINT token, which shares its name with the official document release of dmint updates.

As per mempool data, as of the time of writing, due to the ongoing popularity of on-chain inscriptions, the Bitcoin network is experiencing congestion. There are over 254,000 transactions pending confirmation, and the mempool usage has exceeded 300 MB, reaching 1 GB. The lowest transaction fee has exceeded 165 sat/vB, and at 12:42 on the 16th, the transaction data to be completed reached 10,288 vB/s.

b. Ethereum Engravings Ethscriptions Sets Record with Over 10,000 ETH Accumulated link

On November 18th, as reported by the @EtchMarket data panel, the Ethereum engravings of Ethscriptions achieved a historic milestone in trading volume, reaching $2.193 million on November 17th. This surge has propelled the historical cumulative trading volume of Ethscriptions to exceed 10,000 ETH, with a significant concentration on eths engravings.

It is noteworthy that on November 18th, a large holder with the address 0xd6…be98 has expended approximately 120 ETH to acquire dozens of eths engravings. Since the 14th of this month, this particular holder has accumulated a total of 104 eths engravings. Currently, the market capitalization of eths has exceeded $100 million. However, the number of holders and daily transaction volumes remain relatively low.

c. Polygon Hits All-Time High with 16.45 Million On-Chain Transactions in a Single Day link

On November 17th, according to Polygonscan data, the number of transactions on the Polygon blockchain reached a record high of 16.45 million on November 16th. Nansen data shows that around 23:45 on the 16th, the median Polygon gas fee briefly surged to over 6,000 gwei. This increase can likely be attributed to the mass engravings of the PRC-20 POLS on the Polygon blockchain on that day, which drove up gas fees significantly.

2. Ordinals Protocol Founder: Planning Jubilee at Bitcoin Mainnet Block Height 820,512 link

On November 15th, the founder of the Ordinals protocol, Casey, announced plans for a Jubilee on the Bitcoin mainnet at block height 820,512, expected to occur around December 10th. During the Jubilee, new inscriptions will be processed, converting originally marked “cursed” inscriptions into “blessed” inscriptions, assigning them positive numbers. This implies that cursed inscriptions will become limited in availability. Cursed inscriptions were, in fact, inscriptions that earlier versions of the Ord protocol couldn’t recognize.

3. OKX to Launch ZK L2 Network X1 in Collaboration with Polygon link

On November 14th, according to leaked website information, OKX exchange is set to collaborate with Polygon to launch a Layer 2 network called X1, built using ZK technology, with OKB as its native token.

OKX released a press statement indicating that X1 is a ZK L2 network developed using the Polygon Chain Development Kit (CDK) and features enhanced zkSNARK technology. This integration aims to bring together the OKX and Polygon ecosystems. The official roadmap reveals plans for the fourth quarter of 2023, including DApp integration, performance stress testing, and EIP-4844-based expansion. In the first quarter of 2024, the mainnet is expected to launch, introducing zkBridge, zkOracle, and zkDEX, with major partners deploying DApps on the X1 mainnet.

4. Friend.Tech Introduces FriendsTech Feed Feature link

On November 17th, Friend.Tech introduced the FriendsTech Feed feature, which is a global-ranked text feed similar in mechanism to Twitter’s tweets. Users can edit and post messages with a character limit. The order of posts can be changed by users through voting, and the number of votes is determined by the user’s KEY holdings, which refresh at 12 PM (Eastern Time) daily. Currently, the Feed is primarily populated with test posts from users, and valuable content is relatively limited.

5. EigenLayer, Ethereum’s Re-Staking Protocol, Unveils Second Phase Testnets EigenLayer and EigenDA link

On November 17th, the Ethereum re-staking protocol EigenLayer announced the launch of the second phase of testing for EigenLayer and EigenDA. Operators can register on the network and begin verifying EigenDA, while Restakers can delegate their staking to Operators and begin combining shared security with EigenDA. Rollups can integrate with EigenDA. The second phase of the EigenLayer mainnet is expected to launch in the first half of 2024. The third phase will introduce AVS (Active Verification Services) beyond EigenDA, and it is expected to enter testing and mainnet in 2024.

6. Pyth Network to Airdrop Approximately 55 Million Tokens for DeFi Participants link

On November 16th, the oracle network Pyth Network announced that it would expand the airdrop coverage for DeFi participants, adding approximately 55 million more tokens, bringing the total distribution to around 255 million tokens. It is expected that more DeFi users will be eligible, and existing users may see an increase in their allocation. The eligibility criteria and snapshot date remain unchanged, and participants can review their eligibility.

On the same day, OKX announced the listing of the oracle project Pyth Network (PYTH). PYTH deposits were opened on November 16th at 22:00, and spot trading for PYTH/USDT will be announced separately.

7. PancakeSwap Announces PancakeSwap Gaming Marketplace Launch link

On November 15th, PancakeSwap announced the launch of the PancakeSwap Gaming Marketplace, allowing third-party game developers to create, publish, and update games directly on their platform. Currently, there are two released games, Pancake Protectors and Pancake Mayor. PancakeSwap is currently operational on nine different blockchains.

8. Aave Companies to Introduce Lens V2 on Polygon link

On November 13th, during Devconnect, Aave Companies announced the upcoming launch of Lens V2 on Polygon. However, it is currently in the testing phase. This update brings enhanced composability and other upgraded features, allowing developers to create new social experiences and generate revenue. All applications and Lens V1 profiles have been migrated to V2, including 11 million social connections and over 34 million social interactions.

9. 1inch to Sell 2,575,405 ARB Tokens from Airdrop link

On November 13th, 1inch released a proposal vote suggesting the conversion of 2,575,405 ARB (approximately $2.936 million) received from the Arbitrum Treasury into USDC and transferring it to the 1inch DAO treasury on Ethereum. As of the time of writing, the vote is leading with 95% approval from 11 million UP tokens, and it has reached the required number of participants. The voting is expected to conclude on November 18th and is likely to pass.

10. Memeland Reveals Five Major Strategic Goals link

On November 14th, the NFT project Memeland announced its five major strategic objectives: Product, Events, NFTs, Integration, and SWAG. Memeland’s vision extends beyond empowering creators and fans through blockchain technology; it aims to become a long-lasting community-driven company.

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