Weekly Project Updates: Uniswap Dividend Proposal Opens for Voting, Magic Eden Launches on Ethereum, Blast Mainnet Goes Live, etc

Mar 02, 2024

1. Uniswap’s Weekly Summary

a. Uniswap Foundation’s Proposal “Protocol Fee Reward to UNI Holders” has been Launched for Voting link

The proposal put forth by the Uniswap Foundation, encompassing the allocation of protocol fees to delegates and stakers of UNI tokens, has been launched for voting on Snapshot. As of the time of writing, the proposal has garnered unanimous support with 10 million UNI tokens in agreement, representing 100% consensus for the upgrade. The voting will conclude on March 7th at 2:30 AM. It is noteworthy that a significant holder of UNI tokens, a16z, may exert a decisive influence on the proposal; previously, Lookonchain noted that a16z holds 64 million UNI tokens, accounting for 6.4% of the total supply.

b. Uniswap Announces Introduction of Limit Order Functionality, Uniswap Extension Plugin Wallet, and “Explore” Tab link

Uniswap has announced the launch of three new features: the introduction of limit orders on the web interface, allowing users to place limit orders for ERC-20 tokens on the Ethereum network. The limit order feature is supported by UniswapX, incurs no gas costs, and imposes no minimum trade amount requirements. The Uniswap Extension plugin wallet is the first wallet located in the browser sidebar, eliminating pop-up windows and transaction windows, and offering an advanced experience for users with Uni ETH usernames. The “Explore” tab includes updated token and pool details pages. These pages offer in-depth price charts, detailed transaction logs, liquidity data, etc., enabling users to directly exchange, purchase, send, and place limit orders from these pages.

2. Frax Finance Plans to Announce Proposed Revenue Allocation Scheme Within 10 Days link

The decentralized stablecoin protocol Frax Finance plans to unveil its proposed income distribution scheme within the next 10 days. Sam Kazemian, the founder of Frax Finance, stated, “Previously, a vote was made to cease income distribution. However, we now believe it’s the right time to open the floodgates. This will bring in significant revenue.” Previously, Frax Finance was considering offering a reward mechanism similar to Uniswap for token holders, sharing protocol income with holders of its veFXS token who engage in staking.

3. Wormhole Foundation Receives 1.8 Million ARB Donation from Arbitrum DAO link

The Wormhole Foundation has announced a donation of 1.8 million ARB (approximately $3.42 million) from the Arbitrum DAO with the goal of migrating 100 million native USDC to Arbitrum. The plan aims to distribute ARB rewards to users utilizing Circle’s CCTP through Wormhole Connect. The bridged USDC can be deposited into Aave, Compound, and Beefy, or kept in the bridging address to qualify for accumulated rewards.

4. Telegram to Enable Advertisement Revenue Payments and Withdrawals on Dedicated TON Blockchain link

Pavel Durov, the founder of Telegram, announced on his personal Telegram channel that in March, the Telegram advertising platform will officially open to all advertisers in nearly a hundred countries. Channel owners in these countries will begin to receive 50% of the revenue generated from advertising displayed on their channels by Telegram. To ensure fast and secure advertising payments and withdrawals, the TON blockchain will be exclusively used, and advertising will be sold through Toncoin, with revenue shared with channel owners.

Some concerns have been raised regarding Telegram’s potential accumulation of unhealthy shares of TON due to advertising sales targeting TON. This could result in excessive centralization within a decentralized ecosystem. To address this, Telegram plans to limit its share of TON to no more than 10% of the supply. Telegram will sell the surplus TON holdings to long-term investors at below-market prices, with a lock-up period of 1–4 years, and implement an attribution plan.

5. Blast Announces Mainnet Launch link

Blast has announced the launch of its mainnet, allowing early access users to cross-chain to the mainnet and utilize Blast’s native DApp. Mainnet users will continue to earn Blast points, while mainnet DApps can now earn Blast Gold coins. Fifty percent of the Blast airdrop is allocated to Blast points (users), and the remaining fifty percent is allocated to Blast Gold (DApps). Gold will be distributed to DApps every two weeks. Blast reports that 182,000 community members have deposited $2.3 billion into Blast, with these members earning $85 million in native revenue and Blast points annually.

According to Scopescan data, as of the time of writing, Blast’s mainnet has attracted over $1.9 billion in funds, including approximately 548,000 stETH, 15,500 ETH, and 42.06 million DAI. Additionally, there is still $327 million in assets yet to be migrated to the mainnet from the Blast deposit contract (0x5f…a47d). User dissatisfaction has arisen due to new point rules and mapping confusion in the Blast mainnet.

SynFutures announced that its V3 platform has been officially launched on the Blast mainnet. SynFutures users will receive triple airdrop opportunities. Sponsored by SynFutures.

6. Shiba Inu to Introduce Privacy-Focused New Network on Shibarium Chain link

Shiba Inu has announced the launch of a privacy-focused new network on the Shibarium blockchain. Shiba Inu is collaborating with the open-source crypto company Zama to develop this network, which utilizes Fully Homomorphic Encryption (FHE), a mechanism that allows developers to use data in untrusted domains without decryption, thus enhancing privacy. The new privacy layer will enable developers to add a centralized network on top of Shibarium, which itself is a Layer 2 network settling transactions on the Ethereum blockchain.

7. Magic Eden’s Weekly Summary

a. Magic Eden Ethereum NFT Marketplace Records $1.07 Million in Trading Volume on First Day link

On February 28th, the Magic Eden Ethereum royalty marketplace, launched in collaboration with Yuga Labs, recorded a trading volume of $1.07 million on its first day, accounting for 3.8% of the total network volume. This volume represents approximately 19.5% of OpenSea’s trading volume and 5.2% of Blur’s trading volume. Moreover, the marketplace saw participation from 1,913 traders on that day. According to official website data, the most active trading within the Magic Eden Ethereum market in the past 24 hours centered around Okay Dog Artifacts.

b. Magic Eden Bitcoin Market Sets Historic Highs in February for Trading Volume and Fees link

The Magic Eden Bitcoin marketplace, a primary NFT marketplace for Bitcoin NFTs (excluding BRC-20 and similar inscribed tokens), has witnessed a remarkable surge in trading volume in February. The total trading volume for February has reached $100 million, capturing $2 million in fees, both marking historical highs. Notably, on February 25th and 26th, the marketplace experienced consecutive single-day trading volumes exceeding $9 million for the first time. Moreover, in February alone, 45,000 buyers utilized Magic Eden for Bitcoin NFT purchases. According to Magic Eden data, Bitcoin NFTs have generally seen an upward trend recently, with NodeMonkes increasing by 105% over the past 7 days and Bitcoin Puppets rising by 130%, among others.

8. IOTA Foundation Announces Collaboration with Prominent Entities to Establish Trade Logistics Information Channel to Foster Asset Tokenization link

The IOTA Foundation announced partnerships with renowned entities such as the World Economic Forum, the Tony Blair Institute, the African Trade Observatory, the Import and International Trade Research Institute, and the Global Alliance for Trade Facilitation at the World Trade Organization meeting held in Abu Dhabi. These collaborations aim to simplify information exchange and promote cross-border cooperation and international trade through the creation of the Trade Logistics Information Pipeline (TLIP). The foundation stated that this infrastructure will enable the tokenization of assets related to trade financing and commodity transactions, thus facilitating the development of RWAs (Real-World Assets) on the IOTA network.

9. Token Airdrops Similar to Loyalty Points Spark Market Activity, Aevo Derivatives Protocol Achieves Record-High Trading Volume link

In recent times, spurred by the airdrop system resembling points, trading volumes in derivative protocol surged significantly. According to Metabase data, Aevo, a derivative protocol supported by Paradigm, witnessed a trading volume of $25.9 billion for the week of February 25th to March 2nd, marking nearly a 300% increase compared to the previous period and setting a historic high. Additionally, Hyperliquid, as per Hyperliquid Stats, saw its daily trading volume surpass $3 billion on February 28th, with altcoin transactions, excluding BTC, ETH, and SOL, accounting for nearly 40%.

Moreover, according to @JamesCliffyz’s data panel, significant growth was observed in the trading volumes of 20 other mainstream chain derivative protocols, excluding Aevo and Hyperliquid. On February 29th, their combined trading volume exceeded $4 billion, reaching a high point in over a year. Notably, APX recorded a trading volume of $1.71 billion on that day, possibly attributed to its trading competition rewards.

10. Recent Surge in MEMECOIN, Bitcoin Forks, and BRC20 Tokens link

On March 2nd, MEMECOIN experienced significant surges, with SHIB rising by 54%, PEPE by 53%, WIF by 35%, and DOGE by 18%. Additionally, Bitcoin fork coins and BRC20 tokens saw substantial increases, with BCH rising by 28%, surpassing $400, and reclaiming its position in the top 20 by market capitalization; BCV surged by 21%, and SATS increased by 16.5%.

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