Weekly Project Updates: TON Establishes Memelandia to Boost Memecoin Development, Grayscale Launches Aave Fund, Synthetix Announces Plans for 'Complete Overhaul', etc

Oct 05, 2024

1. TON Community Announces the Establishment of Memelandia link

The TON community has announced the creation of Memelandia, a strategic initiative supported by the TON Foundation and TON Association to develop a memecoin narrative within the TON ecosystem. The goals of Memelandia include increasing the trading volume of memecoins on TON, boosting the number of traders and issued memecoins, supporting the launch of successful cases with a market cap exceeding $100 million, and positioning TON as the new hub for meme coins. A dedicated task force will lead efforts in marketing, business development, creating new analytics and trading tools, and designing related incentive programs to achieve these objectives.

2. Worldcoin Foundation Launches New Continuous Grant Program link

The Worldcoin Foundation has introduced a new continuous funding program designed to streamline the application process and inspire innovation from global community builders. Unlike the previous phased grant structure, applicants can now submit proposals at any time, with the Foundation employing a rolling review system to expedite responses and project support. Key focus areas include World ID applications, digital identity solutions, user growth initiatives, governance innovation, and enhancing the developer experience. Applicants must ensure that their projects align with Worldcoin’s current technological needs, and the online application portal is now open.

3. Base Protocol Lead to Simultaneously Head Coinbase Wallet link

Jesse Pollak, Head of Base Protocol, tweeted that in addition to leading the Base team, he will also take charge of Coinbase Wallet and join the Coinbase executive team. Pollak stated that Base and Coinbase Wallet share the same mission: to make the world’s transition to on-chain as simple as possible and to connect everyone with the products being built in the on-chain economy. Now, with closer collaboration, both teams will be better positioned to achieve this goal. Base will continue to uphold its core values of serving everyone, acting as a bridge rather than an island, decentralization, and open-sourcing. Meanwhile, Coinbase Wallet will remain a key player in the on-chain economy and will begin to reflect more of Base’s values in its future work.

4. Aptos Labs in Process of Acquiring Japanese Blockchain Developer Palette Chain link

On Thursday, Aptos Labs announced its acquisition of HashPalette Inc., the well-known Japanese blockchain developer behind Palette. HashPort will migrate Palette Chain and HashPalette’s applications to the Aptos network, including the EXPO2025 digital wallet for the upcoming 2025 World Expo in Osaka, Japan. Additionally, Palette Chain’s governance token, PLT, is expected to transition to Aptos’ native token, APT.

5. Humanity Protocol Goes Live on Testnet link

The blockchain identity verification platform, Humanity Protocol, announced via Twitter that its testnet is now live. Users can register for a Human ID, and in a few weeks, they will be able to register their palm prints through the application. Humanity Protocol leverages palm recognition technology combined with zero-knowledge proofs to ensure user privacy and security, aiming to offer an accessible and non-invasive application for establishing proof of humanity within Web3.

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6. Grayscale Introduces Aave Fund link

Grayscale has announced the launch of the Aave Fund, designed to provide investors with opportunities to invest in AAVE tokens. Aave, a decentralized lending platform built on Ethereum, enables users to automate borrowing by using other cryptocurrencies as collateral while also earning interest by lending their crypto assets. Although the market capitalization of Aave tokens stands at $2.3 billion, making it smaller than some well-known tokens, its protocol has emerged as the largest cryptocurrency lending protocol in terms of total value locked (TVL). Grayscale stated that by harnessing blockchain technology and smart contracts, Aave aims to optimize the lending process, reduce intermediary involvement, and diminish reliance on human decision-making.

7. Proposal for a “Complete Overhaul” of Synthetix Wins 99% Support link

A radical investor plans to completely “restart” the DeFi protocol Synthetix, aiming to prevent it from becoming a “zombie” chain. This proposal has garnered over 99% support from voters. In the recently submitted SR-2 proposal, Benjamin Celermajer outlines a plan for a comprehensive overhaul and enhancement of Synthetix’s governance and daily operations. Celermajer stated that despite the recent recovery in the broader cryptocurrency market, Synthetix has failed to build momentum or witness sustained adoption due to significant flaws in its governance and daily operations. He added that this has resulted in Synthetix missing several key opportunities, with delays in product releases and a “lack of vision” hindering its progress. As of the time of publication, the proposal has received near-unanimous support from SNX holders, with 99.4% of the 200 holders (representing 18 million SNX) voting in favor of the proposal.

8. Ethena Community Proposes the Introduction of Ethereal for Governance Integration link

The Ethena community has unveiled a new proposal titled “Introducing Ethereal: A Request for Integration into Ethena Governance.” This proposal seeks to directly integrate Ethereal into Ethena’s reserve management system from the date of release, establishing a fully on-chain venue for managing spot and derivative positions that support USDe. The Ethena community will have the opportunity to receive a 15% allocation of any potential Ethereal governance tokens in the future, with the proposal suggesting that these token allocations be distributed to circulating ENA holders. Ethereal is a decentralized exchange (DEX) built on the upcoming Ethena network, integrating spot and perpetual futures while utilizing USDe as the trading medium.

9. EigenLayer Faces Criticism Over Unlocked Staking Rewards for Early Investors link

EigenLayer has faced criticism following reports that early investors received staking rewards without restrictions from token lock-ups. Investors and community members have expressed concerns about the lack of transparency surrounding the supply of EigenLayer tokens. The total supply of EIGEN is fixed at 1.68 billion, with a circulating supply of 186 million, resulting in a fully diluted valuation (FDV) of $5.8 billion and a market capitalization (excluding uncirculated tokens) of $650 million. Many of the questions raised by community members stem from the portion of these locked tokens that belong to early investors who purchased during financing rounds at substantial discounts. Investors who bought into EigenLayer’s $14.4 million seed round, $50 million Series A round, and the latest $100 million round in February can now stake their locked tokens for rewards. Currently, a total of 130 million EIGEN tokens have been staked, but many believe these are part of the claimed tokens, while in reality, 70 million of these tokens belong to this small group of early investors.

10. Ubisoft to Launch NFTs on Arbitrum via Magic Eden link

Gaming giant Ubisoft is set to launch 10,000 NFTs on Arbitrum through Magic Eden in the coming weeks. These NFTs will grant holders early access to the upcoming shooting game Captain Laserhawk: The GAME. Set in a dystopian world, the game draws inspiration from the Netflix series Captain Laserhawk: Blood Dragon Remix.

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