Weekly Project Updates: Uniswap Imposes Transaction Taxes, Aptos Network Experiences Outage, Yuga Labs Restructuring Completed, etc

Oct 21, 2023

1. Uniswap Labs Introduces a 0.15% Fee for Token Swaps link

On October 17th, Uniswap Labs commenced the imposition of a 0.15% fee on transactions involving ETH, USDC, and other tokens. This fee applies only to swaps executed through the Uniswap Labs front-end. Stablecoin swaps and transactions between ETH and wrapped ETH remain exempt from this fee. Hayden Adams, the founder of Uniswap, noted, “This interface fee is among the lowest in the industry and will enable us to continue researching, developing, building, releasing, improving, and expanding cryptocurrency and DeFi.”

2. Maker Protocol Hits an All-Time High in Annual Revenue link

On October 20th, according to Makerburn data, the Maker Protocol’s annualized income surged to a record high of $2.03 billion on October 19th, and DAI’s supply reached an annual high of $56 billion. The sharp increase in income is attributed to the growth in RWA deposits used to mint DAI and the increased yield for DAI holders. MakerDAO’s RWA deposits have risen to $30 billion, accounting for 42.7% of the protocol’s total deposits of $75.4 billion.

3. Lido Gradually Ceases Operations on Solana and No Longer Supports SOL Staking link

On October 16th, following discussions in the DAO forum and community voting, Lido announced that it will gradually cease its operations on Solana over the next few months. Starting from October 16th, Lido will no longer support new SOL staking. On November 17th, node operators will begin their exit, and by February 4th of next year, front-end support will be terminated, and unstaking will only be possible through the command-line interface (CLI).

4. SSV Network Launches Governance 2.0, Establishes SSV Foundation, and Initiates Community Empowerment Program link

On October 18th, the Ethereum staking infrastructure SSV Network introduced its Governance 2.0 plan, establishing the SSV Foundation and empowering the community. In the coming weeks, the SSV DAO will conduct a final vote to officially establish the SSV Foundation. Currently, the Foundation’s working group has completed a comprehensive proposal for the establishment and operation of the SSV Foundation, which will serve as the legal entity of the SSV DAO, with a proposed annual budget of $400,000, and Carey Olsen will act as its legal advisor.

5. Celestia’s TIA Airdrop Claiming Window Closes link

On October 18th, according to @its_airdrop, the Celestia TIA airdrop claiming window has been closed. A total of 584,232 addresses qualified for the airdrop (7,579 developers and 576,653 regular addresses), with 191,391 addresses participating in the claiming process, which accounts for approximately 32.77%. The distribution of TIA tokens is expected to take place in the next 1–2 weeks. There are around 45 million unclaimed TIA tokens, and these will be distributed among the accounts that have already claimed the airdrop.

6. Scroll Officially Announces the Launch of its Mainnet link

On October 17th, Scroll officially announced the launch of its mainnet. Scroll states that its unique bytecode-level, EVM-compatible zkEVM provides a nearly identical experience to Ethereum. Scroll had previously completed over 55 million transactions on its Alpha and Beta testnets, with nearly 1 million batches of transactions finalized on Layer 1.

According to Scroll’s press release, the next milestone on their roadmap is to build a decentralized proof network and decentralized sequencer. This suggests that, similar to zkSync’s approach, airdrops and token issuance may still take some time.

As of the time of writing, since the official launch of the mainnet on October 17th, Scroll TVB has raised over $7.58 million, with $6.07 million of the funds being applied to on-chain protocols. The total user count is approximately 13,000, with the largest single cross-chain transaction being 700 ETH (equivalent to $1.085 million), which was subsequently used for liquidity in iZUMi Finance.

7. Aptos Network Experiences Downtime Affecting Transactions link

On October 19th, according to AptoScan blockchain explorer, Aptos on-chain transactions came to a halt at block 104621314, with the last transaction occurring on October 19th at 7:11 AM. By 12:29 PM, Aptos officials tweeted that the network had resumed normal operation. AptoScan blockchain browser data indicated that the Aptos network had resumed block production.

On October 20th, Aptos released a report on the events of the 19th. The incident was not due to a load on the Aptos network, and the submitted transactions were not lost, nor were any forks observed. The issue was attributed to non-deterministic code, and a fix has been deployed. On August 22nd, performance-oriented code changes were committed to the Aptos core codebase. On October 16th, the FeeStatement event went live, providing detailed information on transaction fees/refunds. The initial code changes introduced non-determinism only revealed by FeeStatement. Specifically, validators unanimously believed that the Gas budget for transactions was insufficient to execute transactions, and due to the non-deterministic introduced in the August code changes, they couldn’t reach consensus on the amount of Gas used in transactions up to that point. The issue was traced back to the FeeStatement event and code changes after identifying differences in actual event outputs for non-deterministic transaction execution. In the meantime, a developer began running transaction simulations through code changes to restore the mapping changes and ensure consistent results. Furthermore, the recovery code submission has been implemented, and docker builds for validator operators have started, with a new version set to be released.

8. Polkadot’s Weekly Summary

a. Polkadot Treasury Spends a Total of $21 Million in 2023 link

On October 20th, according to the latest report from Polkadot Treasury, as of October 18th, the Polkadot Treasury had already spent a total of 21 million USD (3.9 million DOT) in 2023, compared to 13 million USD (1.7 million DOT) spent in the previous year. Development expenses accounted for half of the spending, outreach expenses made up 38%, operational expenses were 9%, and research and other expenses constituted 2%. Previously, Polkadot had undergone significant layoffs, and the Polkadot Chinese community, PolkaWorld, ceased operations.

b. Polkadot 2.0 Expected to Launch the Rococo Testnet by Year-End and the Mainnet in Q2 of the Following Year link

On October 19th, according to information from @polkaworld_org citing Parity research analyst Joe Petrowski, Agile Coretime (Polkadot 2.0) is scheduled to launch on the Rococo testnet by the end of this year, followed by a launch on the Kusama canary network in the first quarter of next year, and on the Polkadot mainnet in the second quarter. This means that the project will soon have direct access to Polkadot relay chain services without the need for extended leases of parachain slots.

9. Yuga Labs Completes Restructuring, Focusing on Building Otherside link

On October 18th, Yuga Labs CEO Daniel Alegre announced that the Yuga Labs restructuring has been completed, and the team will focus on developing their interoperable metaverse, Otherside, while continuing to support the existing community. For their flagship NFT project, Bored Ape Yacht Club (BAYC), Yuga Labs will continue to support offline events.

10. Superdao to Shut Down the Project and Plan to Refund Remaining Funds to Investors link

On October 19th, Superdao, which provided a service suite for decentralized autonomous organizations (DAOs), announced the closure of its project. The remaining funds will be returned to investors, and the platform will be gradually shut down. The platform had supported the creation of over 2,000 DAOs, but most of these projects had short lifespans, making it unsustainable to continue the underlying platform as a viable business. In January 2022, Superdao raised $10.5 million in seed funding at a valuation of $160 million.

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