Weekly project updates: Ethereum “shadow fork” of Shanghai upgrade is live, TON validators to vote on suspending 195 inactive addresses, etc

1. Circle to launch Cross-Chain Transfer Protocol (CCTP) link

Circle will launch Cross-Chain Transfer Protocol (CCTP), which is a permissionless on-chain utility that can burn native USDC on a source chain, and mint native USDC of the same amount on a destination chain.

2. Maker’s weekly summary

a. Paxos seeks to deposit up to $1.5B USDP into Maker’s PSM link

Stablecoin issuer Paxos seeks to deposit up to $1.5B of its USDP stablecoin into Maker’s Peg Stability Module, a component of the protocol which holds reserves backing its DAI stablecoin and allows fee-less swaps to other stablecoins like USDC and GUSD.

b. Maker Governance voted to deploy $100M USDC from PSM to Yearn Finance link

Maker Governance voted to deploy $100 million USDC from PSM to Yearn Finance for a 2% annual yield. The approval rate was 71.56%, and the opposition rate was 28.44%.

3. ETH’s weekly summary

a. Aave Ethereum V3 proposal is up for voting link

Aave Ethereum V3 proposal is up for voting, which will activate the Aave V3 Ethereum pool (3.0.1), by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE, already pre- approved by the community.

b. Aave Protocol V3 is now live on the Ethereum market link

Aave V3 allows users to increase their capital efficiency when supplying and borrowing correlated assets like stablecoins and liquid staking derivates (LSDs), enables more assets to be listed on Aave as collateral while maintaining the security of the protocol, and reduces gas costs associated with all the functions across the board by ~ 20–25%.

c. 16.101M ETH is staked on the Ethereum PoS beacon chain link

Glassnode: 16.101M ETH is staked on the Ethereum Proof-of-Stake beacon chain (13.4% of circulating). 70.86% is via staking service providers: Lido: 29.3% Coinbase 12.8% Kraken 7.6% Binance 6.3%

d. Latest Ethereum ‘shadow fork’ brings Shanghai upgrade closer to reality link

Ethereum developers said they successfully created the “shadow fork” of Shanghai upgrade. During this latest shadow fork, developers focused on creating a testing environment for staked ETH withdrawals as well as improvements to reduce gas costs.

e. ENS DAO working groups released funding request for Q1/Q2 2023 link

Snapshot voting will go live this week. The Meta-Governance Working Group is asking for 364,000 USDC, 125 ETH and 3,500 ENS; the Public Goods Working Group is asking for 250,000 USDC and 50 ETH; and the ENS Ecosystem Working Group is asking for 935,000 USDC and 254 ETH.

4. Layer 1’s weekly summary

a. TON validators to vote next month on suspending 195 inactive addresses link

A vote is set to take place next month on the TON blockchain in which validators will decide whether inactive miners’ wallets are to be suspended, about 21.3% of the total coins. Inactive mining wallets will not be subject to the vote if they are activated before the voting.

b. Pantera, Jump Crypto back $150M Injective ecosystem fund link

Injective, a Cosmos-based layer 1 blockchain for building finance apps that can access other blockchains, unveiled a $150 million ecosystem initiative with partners including crypto investment firms Pantera Capital and Kucoin Ventures, market maker Jump Crypto and research and development hub Delphi Labs. The fund will back projects that accelerate the adoption of interoperable infrastructure and decentralized finance (DeFi).

c. Sushiswap to launch a perpetual futures exchange on the Sei Network link

Sushiswap is launching a perpetual futures exchange on the Sei Network to expand into non-Ethereum-based ecosystems. As a part of the Cosmos ecosystem, Sei is a new Layer 1 blockchain that specializes in decentralized trading applications.

d. Sui Testnet Wave 2 is now live link

Compared to the previous wave, Wave 2 includes twice of the amount of validators, enables anyone to run a full node, and allows builders to publish, test, and share their apps on Testnet. Wave 2 will test Sui’s tokenomics, including epoch management, gas mechanism and storage fund.

e. Celo Foundation announced the Celo 2.0 roadmap link

Celo Foundation announced the Celo 2.0 roadmap, including: Deep alignment with the Ethereum Roadmap; Making Celo an incredibly rollup-friendly chain and fastest EVM L1; Refining tokenomics; Powerful building blocks for wallets and applications and more.

5. Treasure DAO’s weekly summary

a. Treasure DAO unlocked ~14.29% of the total MAGIC token at 21:28 on January 25 link

According to the voting results of the TreasureDAO TIP 23 proposal, about 50 million MAGICs ($56 million) staked in Atlas Mine for one year will be unlocked and released starting on January 25.

a. Treasure DAO to launch AMM MagicSwap v2 with universal token compatibility link

Treasure DAO announced that it will launch AMM DEX MagicSwap v2, the first AMM in crypto to support pools for ERC-20s and NFTs through a single router. Release is slated for early Q2 2023 on Arbitrum.

6. NFT’s weekly summary

a. Hackers can bypass OpenSea’s security policy and complete the sale of flagged NFTs link

Hackers can complete the sale through the matchAdvancedOrders of the OpenSea Seaport protocol, which can bypass OpenSea’s security policy (blocking cannot be sold), but only if there is a buyer’s offer. Ranklin purchased BAYC that was flagged for the second time within a week.

b. Porsche releases NFT collection PORSCHΞ 911 link

Porsche released the NFT collection PORSCHΞ 911 on January 23, with a total of 7,500 and a Mint price of 0.911 ETH. The community responded poorly. As of Jan. 23, there are only 1,242 minted, and the Opensea floor price once dropped to 0.87 ETH.

c. Porsche to reduce NFT supply and stop minting link

Mint will close on Jan 25th at 6am UTC-5. After ~30 hours of open minting, PORSCHΞ 911’s minting rate was 26.4%, with 5,520 NFTs still to be mint.

d. PORSCHΞ 911’s price soared after it stopped minting link

On January 26, prices and volumes soared after PORSCHΞ 911 stopped minting, with the floor price rising as high as 3.2 ETH, 24-hour trading volume exceeding 1.36K ETH.

e. Doodles to buy animation studio Golden Wolf link

The tie-up also will mean the launch of a new joint-venture called Active Ingredient, which will provide blockchain and AI tools for creators.

f. Doodles will release Doodles 2 on Flow link

The first step will be opened on January 31. Doodles 2 may be a dynamic NFT. Users can change the appearance at any time as needed, and it will be accompanied by animation and original music.

g. The wallet of Kevin Rose, founder of Moonbirds, was stolen link

The wallet of Kevin Rose, founder of the NFT project Moonbirds, was stolen, about 40 NFTs were stolen, and the loss exceeded $1 million. The reason for the theft was that Rose was phished into signing a malicious signature that allowed the hacker to transfer tokens.

h. Lil Pudgys will be allowed to cross-chain to Arbitrum, Polygon and BNB Chain link

Pudgy Penguins announced that with LayerZero, Lil Pudgys will be allowed to cross-chain from Ethereum to Arbitrum, Polygon and BNB Chain. In addition, soulbound Tokens are issued to Lil Pudgys users through soulTransport, one for each chain.

i. Amazon is preparing to launch the NFT program in the spring link

Amazon is preparing to launch the NFT program in the spring, including getting Amazon customers to play crypto games and claim free NFTs in the process, doing least one NFT drop with an artist. Blockworks reported.

a. Azuki’s official Twitter account was hacked link

The official Twitter account of the popular NFT project Azuki was hacked, and phishing links involving cryptocurrencies were posted. The Azuki Twitter Intruder has managed to phish 122 NFTs with an estimated value of 484.99 ETH ($778408.95). The specific phishing mode is to induce signature pending orders through Seaport.

7. The dYdX Foundation releases lock-up extension for DYDX link

The dYdX Foundation said it would delay the unlocking of its tokens (150 million DYDX, or about $294 million) for investors, employees, and advisors from February 3 to December 1. Unlock 30% of them on December 1st.

8. Uniswap votes to deploy Uniswap V3 on BNB Chain link

The “Deployment of Uniswap V3 on the BNB Chain” proposal, initiated by 0xPlasma Labs in the Uniswap community last month, has now been approved.

9. Gains Network had a transaction volume of more than $1B last week link

Gains Network, a GMX-like on-chain derivatives protocol based on Polygon and Arbitrum, had a transaction volume of more than $1 billion last week, with fee of $690,000, its Token GNS once exceeded $4.7, both hitting record highs. In addition to cryptocurrencies, Gains Network also provides on-chain transactions such as US stocks, indices, foreign exchange, and bulk transactions.

10. Optimism DEX Velodrome TVL has grown by 52% in the past month to $115M link

Optimism DEX Velodrome TVL has grown by 52% in the past month to $115 million, making it the largest Dapp in Optimism. Velodrome has integrated the ve (3, 3) model into L2 DeFi. Currently, more than 4.7 million veVELOs are locked for OP airdrops.

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