Weekly Project Updates: Ordinals Gain Momentum, etc
Colin Wu . 2023-11-11 . Data
1. Bitcoin On-Chain Inscriptions Sentiment Heats Up

a. November 7th Bitcoin Ordinals Market Sees Trading Volume Surpass $15.3 Million link

According to the @domodata data panel, on November 7th, the Bitcoin Ordinals trading market saw a trading volume exceeding $15.3 million, reaching its historical second-highest level. The peak occurred on May 8th this year when it reached $18.48 million, which was different from that time, mainly led by UniSat. Currently, OKX has captured over 70% of the market share in trading volume. Furthermore, on that day, the independent users on Ordinals trading reached 14,600, and the number of transactions reached 19,000, both marking historical highs.

b. Nearly 38 Million Inscriptions Forged on Bitcoin Chain link

On November 10th, according to NFTScan data, the cumulative number of Inscriptions minted on the Bitcoin blockchain has approached nearly 38 million, contributing over 2,400 BTC in transaction fees. There are more than 672,000 wallets holding Inscriptions assets. CryptoSlam data shows that in the past 7 days, BRC-20 SATS has contributed over $32 million in on-chain trading volume, surpassing CryptoPunks and BAYC, making it the top trading volume asset in the entire NFT/Inscriptions market.

2. UniSat Opens brc20-swap to Addresses Holding Over 1,000 UniSat Points link

On November 8th, UniSat announced the opening of brc20-swap for addresses with over 1,000 UniSat points and enabled the withdrawal function for brc20-swap. In the following week, they will gradually expand access to the swap for more users. Previously, on November 4th at 20:00, UniSat Wallet announced that a small number of wallet users were experiencing transfer issues, and engineers were working to fix them. Given the current situation, they had to delay the launch of brc20-swap withdrawals until November 8th.

3. Starknet Foundation Announces Formation of DeFi Committee link

On November 9th, the Starknet Foundation announced the establishment of a DeFi Committee, chaired by six members. Its primary purpose is to guide and develop the DeFi ecosystem on Starknet. The committee’s mission is to research, design, and implement on-chain liquidity incentive programs, positioning Starknet as the preferred choice for DeFi application developers and users. A total budget of 50 million STRK has been allocated for the committee. The six members are as follows: Damian from Starknet Foundation, Itamar Lesuisse from Argent, Jane Ma from zkLend, Mentor Reka from AVNU, Richard Thomas-Pryce from Nostra, and Vitaly Yakovlev from ZKX.

4. Optimism Announces First Network Upgrade After Bedrock link

On November 8th, Optimism announced the first network upgrade after Bedrock, named Canyon. It is scheduled to activate on November 14th at 17:00 UTC on the Superchain testnet, including OP Goerli, OP Sepolia, Base Goerli, Base Sepolia, PGN Sepolia, and Zora Sepolia. The upgrade has already been successfully activated on a Devnet. This upgrade is developed and implemented in collaboration with Base and will be activated on other mainnets of OP, Base, and Superchain in the future. Canyon upgrade includes support for Shanghai and Capella hard forks, several minor bug fixes, and specific modifications to OP Stack, which will reduce the volatility of base fees, among other changes.

5. Evmos Plans to Cease Support for Cosmos Transactions, Focus Solely on Ethereum-Based Transactions link

On November 7th, Evmos, an EVM-compatible chain within the Cosmos ecosystem, announced its plan to discontinue support for Cosmos transactions and shift its focus to Ethereum-based transactions. The core network of Evmos will exclusively support Ethereum-based wallets and tools. Evmos has announced a phased approach to stop Cosmos transactions, with the goal of completing this transition fully by the third quarter of 2024. Evmos will maintain core functionalities of Cosmos, such as staking and token transfers via EVM extensions, ensuring uninterrupted access for users and developers to these features.

6. Mantle and Ondo Finance Introduce USDY, an RWA-Backed Stablecoin link

On November 7th, Mantle and Ondo Finance announced the launch of USDY, a stablecoin backed by RWA (Real World Assets), specifically short-term US Treasury bonds and bank demand deposits. USDY can be acquired on the Mantle DEX (Decentralized Exchange). mUSD, a wrapped version of USDY on the Mantle Network, is expected to be issued in the coming weeks. Mantle plans to provide up to $60 million in liquidity to the pools.

7. Yuga Labs Collaborates with Magic Eden to Launch New Magic Eden ETH Marketplace link

On November 4th, Yuga Labs announced a partnership with Magic Eden to launch a new marketplace called Magic Eden ETH Market. It is being described as the first Ethereum NFT marketplace that offers contractually protected royalties for creators. This marketplace is scheduled to be launched by the end of 2023.

8. Chainlink to Open LINK Staking v0.2 Early Access on December 8th link

On November 10th, Chainlink announced the opening of LINK staking v0.2 for early access on December 8th at 1 AM Beijing time. It will be fully available to the public on December 12th at 1 AM Beijing time. The LINK staking v0.2 pool has a capacity of 45 million LINK tokens, valued at approximately $650 million. Out of this, 40.875 million LINK tokens are allocated to the community, while the remaining tokens are allocated to Chainlink node operators who currently provide services for Chainlink Data Feeds. Community members can stake between 1 and 15,000 LINK, while node operators can stake between 1,000 and 75,000 LINK.

9. Sushi’s Weekly Summary

a. SushiSwap CEO Proposes New Tokenomics Deployment for SUSHI Community link

On November 7th, SushiSwap CEO Jared Grey released a community proposal for deploying a new token economics for SUSHI, which is currently under community polling. The new token model is built around protocol sustainability, enhanced token utility, and diversification of funds. It includes the following elements: Liquidity Subsidies: Improving the efficiency of liquidity subsidies to reduce the annual emission cost of SUSHI; Balance Value: Ensuring sustainable income for SUSHI that aligns with emission levels; Financial Stability: Addressing the current emission-to-income ratio to enhance stability; LP Incentives: Reevaluating incentives for liquidity providers to remain competitive; Staking Mechanism: Considering modifications to the xSushi staking mechanism; xSushi Distribution: Ensuring a fairer value distribution among participants in xSushi staking.

b. Sushi Becomes First Decentralized Exchange Launched on Filecoin link

On November 10th, SushiSwap (Sushi) has launched on Filecoin, becoming the first decentralized exchange (DEX) to debut on the Filecoin network. As the inaugural DEX on Filecoin, Sushi will introduce its second and third versions of automated market makers (AMMs) and offer centralized liquidity pools. This will allow users to trade and provide liquidity on the Filecoin network. The cross-chain functionality, SushiXSwap, is also set to expand to Filecoin shortly, enabling trading between Filecoin and more than 30 other blockchain networks through the Sushi UI.

10. Ava Labs Conducts Large-Scale Layoffs This Monday link

On November 7th, according to Decrypt, Ava Labs conducted a large-scale layoff on Monday, affecting multiple teams, including communications and marketing. Garrison Yang, Ava Labs’ Vice President of Growth and Strategy, tweeted on Monday afternoon that the layoffs had affected many people, particularly employees in the company’s marketing department. It is not yet clear whether Monday’s layoffs impacted the company’s technical teams, but according to multiple accounts, the layoffs were widespread, catching many employees by surprise during the current challenging cryptocurrency bear market. A former member of Ava’s gaming marketing team suggested that he believed Monday’s layoffs were part of a broader “restructuring” strategy for the company.

Emin Gün Sirer, the founder of Ava Labs, tweeted that the layoffs affected 12% of Ava Labs’ employees, allowing them to reallocate resources and double down on the growth of the company and the Avalanche ecosystem. Bear markets are challenging to navigate. Ava Labs is fortunate to have a lot of runway and resources, and we will focus on leveraging these resources to drive the development of the Avalanche ecosystem in the coming years.

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