Weekly Project Updates: Litecoin Halving Scheduled for Next Week, Optimism Releases Chain Rule v0.1, PNDX Launch Leads to Surge in Gas Fees, etc
1. Etherum’s Weekly Summary
a. Summary of All Core Developer Consensus Call 114 (ACDC) link
On July 29th, according to Christine Kim’s summary of the All Core Developer Consensus Call 114 (ACDC), the main topics discussed in this meeting were as follows: Deneb test progress (Devnet-8 is expected to launch next week, emphasizing the importance of testing MEV-Boost related software), Deneb-related code modifications (new algorithm for block confirmation rules), and the two EIPs that may be considered for the next consensus layer upgrade, Electra (EIP-6914, reusing validator indices to reduce node computation burden; EIP-6110, adding validator deposit information to the execution layer’s block structure, thereby simplifying the work at the consensus layer and optimizing validator experience).
b. PNDX Launch Leads to Sudden Surge in Ethereum Gas Median to 360 gwei link
According to Nansen data, on the evening of July 28th（UTC+8）, the Ethereum gas median suddenly surged to 360 gwei, driven primarily by contracts such as Uniswap and MEV Bot. Further research revealed that this was triggered by the launch of PNDX by Pauly, the founder of the NFT market Not Larva Labs. Pauly released a website where investors could mint coins; however, some investors quickly bought PNDX through a TG Bot monitoring method, causing the price to skyrocket.
Unfortunately, the token contract had vulnerabilities, as pointed out by KOL @benson_btc, which allowed for the transfer of others’ tokens using contract functions. The website continued to mint, while the secondary market engaged in a frenzy of buying and grabbing tokens from each other. Over the past 24 hours, PNDX trading volume reached around 8.9 million USD, with most of the liquidity being taken by a few addresses. The overall user losses are estimated to be in the millions of dollars. On-chain data indicates that addresses like realpond0xdev.eth and 0x36…40BC have profited by at least 450 ETH from this event.
2. Optimism Releases Chain Rules v0.1, Laying the Foundation for Super Chain link
On July 26th, Optimism released the Law of Chains v0.1, aiming to lay the foundation for the transition to a superchain. The Law of Chains is an open and neutral framework that advocates for core principles of user protection, decentralization, and autonomy as the basis for developing the emerging superchain. It is a living document that evolves over time with protocol innovations, and it is not a legally binding contract but rather a guidance intended to be enforced socially through governance in the Optimism community.
The v0.1 version of the Law of Chains covers various aspects, including participants (users, chain governors, and chain service providers), platforms, user protection, chain governor protection, chain service provider protection, platform sharing, user prioritization, execution based on Optimism governance resolutions, interpretations, and the principle of “Stay Optimistic.”
3. Arbitrum Community Proposes to Allocate Around 5 Million USD worth of ARB Tokens for Grant Program link
On July 29th, according to Coindesk, the Arbitrum community put forward two governance proposals requesting approximately $5 million worth of ARB tokens from the Arbitrum treasury to fund ecosystem development. The voting process may empower ARB token holders to decide which projects will receive funding and the allocation ratio of the funds. DisruptionJoe, the founder of Plurality Labs, expressed that if both proposals are successful, relevant entities would be eager to collaborate, thereby setting a precedent for diversification.
4. Aptos Sees a Surge in Active Accounts, Reaching an All-Time High Since Airdrop link
On July 23rd, according to Aptscan browser, the number of active accounts on the Aptos blockchain reached 182,000 on July 22nd, marking the highest point since the APT airdrop. Moreover, there were over 94,000 new account creations in the last two days. Additionally, the number of transactions involving Aptos has significantly increased, with a peak of 1.948 million transactions on July 19th. The recent growth in Aptos network data may be attributed to its integration with the popular Indian social media app, Chingari, which allows Features such as virtual gifting on the blockchain. Some in the community also link Aptos’ growth to Sui, viewing it as a competition between public blockchains, where Sui 8192, a casual game, has recently experienced substantial growth.
5. MakerDAO Community Passes “Stability Range Guide Editing” Governance Poll, Introducing EDSR link
On July 28th, the MakerDAO community passed the “Stability Fee Stepper Edit” governance proposal, which introduces the Enhanced DAI Savings Rate (EDSR), a mechanism that temporarily increases the effective Dai Savings Rate (DSR) available to users. EDSR will be determined by the utilization of DSR and will gradually decrease as DSR utilization rises, with a maximum value of 8%. Previously, the Dai Savings Rate was 3.49%.
0xLoki believes this proposal can be understood from two perspectives: Firstly, it aims to capture the market of USDC/USDT and scale up volume. Secondly, once the rate reaches 8%, the yield will surpass the opportunity cost of minting, leading to an increase in demand for DAI. This increased demand will drive the growth of real-world assets (RWA) and create a multiplier effect, which will gradually diminish in proportion due to collateral constraints. Eventually, the DAI savings rate is expected to stabilize between 3.49% to 8%, reducing the interest rate spread and eliminating arbitrage opportunities.
6. Sushiswap Releases Strategic Partnership Signal Proposal with DWF Labs link
On July 25th, Sushiswap announced a strategic partnership proposal with DWF Labs to enhance liquidity and trading depth for Sushiswap V3. The proposal aims to increase at least $1.6 million in liquidity across various trading pairs, including WETH/USDT, WETH/USDC, LDO/WETH, LINK/WETH, SUSHI/WETH, WBTC/WETH, BLUR/WETH, MATIC/WETH, SNX/WETH, and COMP/WETH.
DWF Labs is committed to achieving a 3% market share for Sushiswap V3 within 3 months, 6% within 6 months, and 9% within 9 months. Additionally, they propose to get support for SUSHI on Binance and OKX, which will improve market depth (2%) and enhance liquidity provision.
Furthermore, DWF Labs initiated market-making by borrowing 2 million SUSHI, with a maturity date of 24 months, and will pay a 5% annual yield to Sushi Treasury in USDT every 4 weeks.
As of July 29th, the proposal has received a 99.85% approval rate from SUSHI holders, with 7.5 million SUSHI in favor. However, it is worth noting that 93% of the SUSHI votes come from an unknown address, 0xE5e…7CeDf, which holds 7 million SUSHI, all of which were transferred from Binance.
7. Pancakeswap v3 Announces Launch on zksync Era link
On July 27th, Pancakeswap v3 announced its launch on the zksync Era. According to defillama data on the same day, the top three DeFi projects with the highest Total Value Locked (TVL) on zksync Era are SyncSwap ($76.65 million), Mute ($20.65 million), and iZiSwap ($13.45 million).
8. Arkham Intel Exchange Goes Live, Issues 26 Bounty Tasks link
On July 25th, Arkham Intel Exchange has started its operations, currently offering 22 bounty tasks with rewards ranging from 1,000 to 100,000 ARKM (equivalent to $500 to $50,000). These bounty tasks mostly revolve around investigating hacking incidents. The largest bounty (100,000 ARKM) is related to the investigation of a hacking attack that occurred during the FTX crash in November 2022, resulting in over $415 million worth of cryptocurrency losses.
9. Huobi’s Cube Public Chain Stops Producing Blocks for 31 Hours link
On July 27th, according to cubescan, the original Huobi-developed public blockchain called Cube Chain experienced a block stoppage for 31 hours, starting on the 26th at 13:00. During this time, community users reported issues with being unable to withdraw their assets from the chain. As of the time of writing, the chain has resumed normal block production, and its Total Value Locked (TVL) is approximately $140,000 according to defillama data.
Earlier in July 2022, Wu Shuo had reported on Huobi’s staff reduction, which also mentioned adjustments to the Cube management team.
Chain data on July 29th shows that there are still around $435,000 worth of assets in the Cube Bridge official bridge contract (0x7A…9a2c), including 26.23 ETH, 336,000 USDT, 1.14 HBT, 9,751.92 USDC, 5,781.2 DAI, and 578.29 HT. The last withdrawal was recorded on April 27th.
10. Litecoin Halving Countdown Less Than a Week Away link
According to OKLink, Litecoin is expected to undergo its halving on August 3, 2023, with less than a week remaining in the countdown. After the halving, the Litecoin block reward will be reduced from 12.5 LTC to 6.25 LTC. Since the beginning of the year, BTC has experienced a growth of approximately 78%, while LTC has seen a growth of about 30%, which is lower than the overall market performance.
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Category: China News
Post by: TheBitTimes.com
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