Weekly project updates: Stable coin’s summary, MakerDao started the End game plan, Neymar’s NFTs, etc
1. Stablecoins’ weekly summary
a. The crypto exchange Huobi will delist the HUSD stablecoin. link
Huobi Global will begin delisting HUSD, a stablecoin pegged to the US dollar, on October 28 at 8:00 UTC. At that moment, HUSD deposits and withdrawals will be halted, and any orders connected to the stablecoin will be cancelled. Until November 4, Huobi will convert users’ HUSD to USDT at a rate of 1:1. This conversion is scheduled to be completed on November 4.
b. NEAR’s native Stablecoin USN will be terminated for lack of collateral. link
The official announcement released by the NEAR Foundation on October 25 revealed that the USN (the NEAR native Stablecoin launched by DCB independently of the NEAR Foundation) was in a position of insufficient collateral and that the DCB was recommended to orderly shut down the USN. The NEAR Foundation has allocated $40 million to USN conservation activities.
Since DAO Decentral Bank (DCB) took liquidity from Ref Finance’s USN pool to redeem USN on the same day, NEAR Ecology’s TVL has decreased by 44.92%, from $247mn to $136mn, according to DeFiLlama statistics.
c. Aptos Ecostablecoin agreement Thala Labs has completed a seed round of $6 million.
On October 26, Thala Labs reported that a $6 million seed round has been completed. Move Dollar is an overcollateralized decentralised stablecoin in development by Thala Labs. It aims to solve the three issues that plague decentralised stablecoins: peg stability, security, and capital efficiency.
d. On the Ethereum, revenue aggregation protocol Zunami unveils indigenous Stablecoin UZD. link
On October 24, Zunami Protocol, one of Gitcoin’s thirteenth wave of contributors, announced the introduction of a native decentralised Stablecoin UZD, backed by Curve Finance, Convex, Stake DAO, and others. Zunami Mechanism is a revenue aggregation protocol on Ethereum. By collaborating with Stablecoin, it simplifies the interaction process between users and the DeFi protocol and ultimately increases the mining revenue for consumers.
e. Laguna Labs has opened a testnet for their in-development stablecoins. link
Laguna Labs, a blockchain technology firm, has established a testnet for its in-development “stablecoin,” a derivation of the stablecoin token that is pegged to the cost of living in fiat currency or goods.
f. Stablecoin international payment network Arf has finalised a $13 million financing.
Arf, the stablecoin cross-border payments network, has announced a $13 million fundraising round in which Circle Ventures, Coinbase, Solana, FTX, and others will participate. In April of this year, Arf, a stablecoin cross-border payment network, introduced Arf Credit, a credit business that leverages USDC as short-term trade working capital.
2. MakerDao’s weekly summary
a. MakerDAO transfers USDC worth $1.6 billion to Coinbase hosting link
24 October saw the implementation of Maker Improvement Proposal (MIP) 81, with MakerDAO transferring up to $1.6 billion of USDC to Coinbase hosting in order to earn institutional prizes.
b. The USDC Treasury transferred 99 million USDC to Coinbase.
On October 24, data from Whale Alert indicated that 99,000,000 USDC were transferred from the USDC Treasury to Coinbase.
c. MakerDAO has voted to accept The Endgame Plan link
The MakerDAO reorganisation plan The Endgame Plan was approved by voting on October 26. There were a total of 141,971.4 MKR voters, and 80.22 percent of them supported the proposition. At the core of the plan is the development of MetaDAO, which intends to address specific governance challenges within the Maker ecosystem and ease the present congestion caused by single-threaded, slow decision-making procedures.
d. The MakerDAO community has launched a vote on ideas to authorise Starknet DAI bridging fees until January 26. link
The MakerDAO community began voting on a new proposal named “Enable Starknet DAI Bridging Fee” on October 27. Upon approval of the proposal, the Maker protocol Starknet DAI Bridge will enable the tolling feature. Voting concludes on November 26, Beijing time.
Comments: The deployment of MIP81 and the acceptance of the Endgame strategy are the most important developments for MakerDao this week. Under the Endgame proposal, also known as the Founders’ Split Plan, MakerDAO would be divided into “MetaDAO” units. Each MetaDAO operates independently and has its own parallel governance mechanisms, which consist of distinct tokens and decision processes. As was previously reported, a16Z stated in an interview last week that it did not support MakerDao’s separation. However, some community members feel that the split sets the circumstances for a new governance structure.
3. Cardano’s weekly summary
a. SBF: Add Cardano (ADA) to the FTX roadmap link
Sam Bankman-Fried, the chief executive officer of FTX, stated on social media that the addition of Cardano (ADA) to its trading platform is already planned. SBF also disclosed that FTX will provide its foreign clients with Cardano-related perpetual futures services (ADA).
b. Citaldoc, a telemedicine platform, conducted the ADA payment test.
Citaldoc, a Latin American telemedicine app currently exploring the integration of ADA payments into its platform, concluded its first ADA payment test on October 24. And shared a transaction in which 10,000 ADA test transactions were successfully handled by Cardano’s ADA test network.
c. Cardano token ADA’s transaction link
According to CoinGecko data, ADA token prices increased by more than 17% this week, while trading volume increased by more than 280%.
4. The new Lido Community project seeks to improve the capital efficiency of the wMATIC reserves on Aave. link
Lido, a liquidity staking agreement, presented community ideas on October 25 that aim to increase the capital efficiency of wMATIC reserves on Aave and minimise borrowing costs in order to boost stMATIC use. The current usage rate of wMATIC reserves is 42.5%, and it is anticipated to rise to 72.5%. The proposal has now received 99.99% of the votes cast.
5. Sets the payment stream to NFT, casting when the stream is created and destroying Link when the stream is terminated. link
The funding flow protocol Superfluid tweeted on October 25 that all Superfluid payment streams are now NFTS, meaning they are automatically cast as NFTS when produced and destroyed. Superfluid claims this will boost Web3 platform compatibility and Dapp interoperability.
6. The gaming blockchain initiative, Oasys will activate the primary network before November 22nd. link
Oasys, a games-focused blockchain project jointly launched by Japanese game company Bandai Namco Entertainment and Sega on Oct 25, will fully launch its main network in three phases from Oct 25 to Nov 22.
7. Wemade, a South Korean blockchain video game developer, releases the USDC-backed stablecoin “WEMIX” and the DeFi service “Wemix.fi.” link
News：This week, South Korean blockchain video game developer Wemade announced the creation of the USDC-anchored stablecoin “WEMIX,” of which 11 million have been created to date, anchoring the USDC and maintaining a $1 value. Additionally, Wemade has launched the DIOS protocol, which will be utilised to issue and destroy WEMIX in order to preserve a 1:1 ratio between this stablecoin and USDC. In addition to stablecoins, Wemade has introduced “WEMIX.Fi,” a DeFi service that enables users to store, trade, and pledge Wemade’s cryptocurrency.
Comments：Wemix is included on the Digital Asset eXchange Alliance’s investment watch list (DAXA). Until it is removed from the caution list, Wemix transfers to Upbit, Bithumb, Coinone, and Korbit will be prohibited for the next two weeks. link
8. The sandbox’s weekly suumary
a. The Sandbox will distribute a total of 2.6 million SAND awards on Polygon
On October 26th, The Sandbox announced that it will be distributing a total of 2.6 million SAND awards to LAND owners on the Polygon network to celebrate the 1,000th day of the metaverse. The snapshot was taken at 13:00 UTC on August 30 (21:00 UTC on August 30) and is allocated based on the number of holds, the duration of the hold, and whether Polygon is bridged or not.
b. Lords of Dogetown: our Sandbox Dogeboarding game is live link
The doge NFT has announced the launch of the Sandbox Dogeboarding game, which includes Play2earn and Meme2earn, There will also be Sandbox NFTs, Alpha S3 passes, and Doge Pixel NFTs.
9. Ape’s weekly summary.
a. Otherside Metaverse Beta will be accessible in 2023 via Yuga Labs
Greg Solano, co-founder of Yuga Labs, said in an interview on October 24 that The Otherside’s metauniverse, “The Persistent World,” will become live in 2023. Yuga Labs intends to provide gamers a multiverse experience, and beginning next year, users will have access to the Eternal World (Beta).
b. ApeCoin DAO will vote this week on the nomination procedure for Special Committee members. link
According to the most recent proposal AIP-137 proposed by BTang, a member of the ApeCoin DAO management team, the community will vote on the nomination process for special committee members. In accordance with Proposal AIP-137, the nomination process will be separated into three phases, the first of which will commence on November 3 with the notification of nominees. The second step is a 14-day “community discussion” phase, and the third phase is a “community vote” phase in which the five voters with the most votes become candidates for the next special committee.
10. Neymar will release his first series of NFT cards during the World Cup. link
The Brazilian soccer player Neymar stated on October 24 that he will debut his first NFT series during the World Cup, with his whitelist JungleVIBES now open for casting on NFTSTAR. The new NFT series will be co-marketed by NFTSTAR and NR SPORTS as “Beastmode Metaverse x Neymar Jr.”, according to NFTSTAR. Owners of the NFT will have the opportunity to attend an exclusive meet-and-greet with Neymar, interact directly with him, and obtain a limited edition autographed collection.
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