Weekly Project Updates: Optimism's 3rd RPGF Round, etc

1. ETH’s Weekly Summary

a. ETHShanghai 2023 Summit and Hackathon to Be Held from June 25th to July 7th link

On June 20th, according to an official tweet from ETHShanghai, the ETHShanghai 2023 summit and hackathon will take place from June 25th to July 7th. The summit is jointly organized by Mask Network, THUBA (Tsinghua University Blockchain Association), ChainIDE, and Moonshot Commons. It will delve into Ethereum’s development, decentralized application expansion, and technological themes, attracting numerous industry experts and developers. Distinguished guests, including Jim Rogers, Suji Yan, and Professor Wang Yang, have been invited to share their insights on the Asian Web3 industry and its position in the global economic landscape.

b. Ethereum Staking Surpasses 20 Million Tokens link

On June 22nd, according to Token.Unlocks data, the amount of Ethereum staked has surpassed 20 million coins (approximately $38.25 billion), with a staking rate of 16.43%. Since the Shanghai upgrade, the net staked amount has exceeded 3.66 million ETH. As of the time of writing, the staking annual interest rate stands at 5.98%.

c. Final Scope for Cancún Upgrade Confirmed at Latest Ethereum Developer Conference link

The latest Ethereum developer conference (ACDC Meeting #111, june 15th) has finalized the scope of the Cancun upgrade, which includes EIP 4844 (proto-danksharding) along with EIP 4788, EIP 6988, EIP 7044, EIP 7045, and EIP 4788. Additionally, there are plans to remove the 32 ETH limit on the effective balance of Ethereum validators and increase the maximum blob count per block from 4 to 6.

d. Summary of the 164th Ethereum Execution Layer Core Developer Meeting (ACDE) link

According to Christine Kim’s summary of the 164th Ethereum All Core Developers Meeting (ACDE) held on June 22nd, the meeting primarily discussed the progress of the Cancun upgrade, a dedicated execution client testing framework for EIP code modifications, and a proposal regarding the separation of Ethereum Request Comment (ERC) from EIP. Regarding the progress of the Cancun upgrade, developers have agreed to update the precompile address of EIP 4844, test cases for EVM instruction copy memory area (EIP 5656) have been added to the testing framework, there have been some changes in the Engine API responsible for communication between the consensus layer and the execution layer, Devnet 6 has been stabilized with necessary fixes, and Devnet 7, focused on testing related to EIP 4844, will be launched soon along with its codebase.

2. Ripple Secures Major Payment Institution License in Singapore link

On June 21st, according to The Block, Ripple has received provisional approval from the Monetary Authority of Singapore (MAS) for its application for a major payment institution license. This approval will allow its local subsidiary to provide regulated digital payment token products and services in Singapore. The platform enables financial institutions to utilize XRP as a bridging currency for instant cross-border remittances.

3. Optimism’s Weekly Summary

a. Optimism Set to Launch Third Round of Retrospective Public Product Fundraising link

On June 22nd, Optimism announced the launch of its third retrospective public goods funding round. In the upcoming fall, they will distribute 30 million OP tokens (equivalent to approximately $43.5 million) to builders, creators, and educators who have positively impacted the Optimism Collective. Submissions can be nominated in four categories: OP Stack, Collective Governance, Developer Ecosystem, and End User Experience and Adoption.

b. Optimism Rebrands as OP Mainnet link

On June 24th, the official Twitter account of Optimism announced that it has been rebranded as OP Mainnet. This name change reflects their goal of creating a “superchain” composed of multiple L2 networks, with OP Mainnet serving as the foundational layer of this “superchain.” Currently, the total value locked on OP Mainnet exceeds $1.3 billion. Additionally, OP Labs, the developers behind OP Mainnet, have created the OP Stack software stack, which enables developers to build their own L2 blockchains. Coinbase, a cryptocurrency exchange, is utilizing OP Stack to develop their own L2 network called Base.

4. DASH Completes Halving at Block Height 1,892,161 link

On June 23rd, according to OKLink data, DASH has completed its reduction at block height 1,892,161, and the current block reward is 2.3097 DASH. The next reduction is expected to occur in 379 days. Previously, DASH was classified as a security in the SEC vs. Coinbase case. Additionally, there are 40 days remaining until the Litecoin (LTC) halving and 308 days until the Bitcoin (BTC) halving.

5. Polygon’s Weekly Summary

a. Polygon Proposes Upgrading Polygon PoS to zkEVM Validium link

On June 21st, Polygon proposed upgrading the Polygon PoS to zkEVM Validium in order to enhance security and performance. This proposal utilizes the zero-knowledge scaling technology, validium, to improve data availability. If approved, the upgrade is scheduled to go live on the mainnet by the end of the first quarter of 2024. Additionally, this upgrade will mark the first time the existing chain incorporates ZK proofs and transitions to Layer 2 (L2) technology.

b. Polygon Unveils New Artificial Intelligence Interface Named “Polygon Copilot” link

On June 22nd, Polygon announced the launch of a new artificial intelligence interface called “Polygon Copilot” designed to assist developers in building decentralized applications on the network. Powered by the GPT-4 engine, Polygon Copilot has been trained on documentation related to the Polygon blockchain. To avoid spam and excessive computational load, responses from Polygon Copilot are limited.

6. CryptoPunks Transitions to Bitcoin through Destruction Mechanism

a. CryptoPunks 8611: The First Ethereum CryptoPunks Migrated to Bitcoin through Destruction Mechanism in History link

On June 19th, the user address 0xBc…0a71 spent 54.49 ETH (approximately $94,000) on June 18th to purchase CryptoPunks 8611 and subsequently sent it to the burn address “Null: 0x00…dEaD”. However, CryptoPunks 8611 experienced a unique rebirth and was engraved within Bitcoin Inscription 12,456,749, owned by bc1p06…cl9x2. This marks the first-ever migration of an Ethereum CryptoPunks to Bitcoin through a destruction process. It is known that the proponent behind the destruction of Punks 8611 and its rebirth on Bitcoin is NatanStein, a developer associated with Wolf Capital, who has also created a Discord community dedicated to this NFT.

b. Punks 9146: The Second CryptoPunks Migrated to Bitcoin through Destruction on Ethereum link

On June 22nd, following the footsteps of CryptoPunks 8611, another Punk, 9146, was purchased on June 21st by the address 0xF9…B429 for a price of 53.95 ETH (approximately $98,500) and subsequently sent to the burn address “Null: 0x00…dEaD”. Later, through Bitcoin Bandits, Punk 9146 was engraved within Bitcoin Inscription, becoming the second CryptoPunks to be migrated from Ethereum to Bitcoin through destruction. It is known that the purchase funds for Punk 9146 were sourced from a fundraising initiative by the DeGods community, with community members transferring 0.333 ETH to the address 0xF9…B429 for the collective purchase.

7. Osmosis Unveils Token Economic Model OSMO 2.0 link

On June 20th, Osmosis, the largest decentralized exchange (DEX) within the Cosmos ecosystem, announced a significant update to its token economic model known as OSMO 2.0. This update includes a 50% reduction in the inflation rate, aimed at achieving long-term sustainability. The team also plans to introduce a protocol revenue burning mechanism to further offset inflation. Additionally, they are exploring the implementation of a fee-sharing switch, allowing OSMO holders to share in the transaction fees generated by liquidity pools.

8. Zora, the NFT Minting Platform, Announces Launch of L2 Network to Reduce Usage Costs link

On June 22nd, NFT minting platform Zora announced the launch of its Layer 2 (L2) network to reduce usage costs. The Zora network is built using OP Stack, and Zora itself does not operate the Zora Network. Zora claims that the network enables NFT minting at a cost lower than $0.5, with transactions confirming within seconds. Previously, Zora raised $50 million in a funding round led by Haun Ventures, valuing the company at $600 million. Investors in the round included Paradigm, Coinbase Ventures, and others.

9. Kaito Launches Beta Version of “WHAT,” an LLM-Based Cryptographic Search Engine link

On June 20th, Kaito, an AI-based encrypted search engine, announced the launch of the beta version of its LLM-based encrypted search engine called “WHAT.” The company also granted beta testing access to waitlisted users. Kaito stated that WHAT combines Auto-GPT, advanced large-scale language models (such as GPT4), and Kaito’s proprietary real-time encrypted search engine. In February, Kaito successfully raised $5.3 million in a seed funding round, with participation from investors like Sequoia Capital.

10. MakerDAO Makes Another Purchase of $700 Million in U.S. Treasury Bonds, Accumulating a Total Holding of Over $1.2 Billion link

On June 21st, MakerDAO, through the digital asset management company Monetalis Clydesdale Vault, made another purchase of over $700 million worth of US Treasury bonds, increasing its total holdings to over $1.2 billion. MakerDAO initially purchased $500 million worth of bonds in October 2022. Furthermore, in February of this year, MakerDAO voted to approve a proposal to invest up to $1.28 billion in US Treasury bonds.