Weekly Project Updates: Wormhole Reveals W Token Economics, etc

1. Wormhole Unveils W Token Economics link

The cryptographic cross-chain bridge protocol Wormhole has unveiled the tokenomics of its native token W, with a maximum supply of 10 billion tokens and an initial circulating supply of 1.8 billion tokens. The tokens will be in the form of native ERC-20 and SPL tokens. Of these, 82% of the tokens will initially be locked and then unlocked over a period of four years. The tokens will be distributed among six categories of stakeholders, including Guardian Nodes (5.1%), Community (17%), Ecology and Incubation (31%), Core Contributors (12%), Strategic Network Participants (11.6%), and Foundation Treasury (23.3%).

2. Vitalik Comments on Friend Tech: Substituting Fun with Financial Speculation link

Vitalik commented on the rapid decline in traffic for Friend Tech, stating: “Poorly executed GameFi is replacing fun with financial speculation. Blockchain games need to be fun like games; I’ve said it many times before, I believe crypto social will have similar logic; In contrast, Farcaster and Lens won’t disappear in 4 months or 1 year.”

3. Restaking Protocol EigenLayer Emerges as Fifth Largest TVL Protocol Across Multiple Chains link

According to DeFiLlama’s data on February 9th, the Total Value Locked (TVL) in the Restaking protocol EigenLayer has surged by 171% over the past 7 days, reaching $5.66 billion, surpassing Uniswap, and becoming the fifth-largest TVL protocol across multiple chains. Deposits to EigenLayer will remain open until February 10th, 4:00 AM UTC+8.

As per the data from @hahahash_lol’s dashboard, among EigenLayer’s deposits exceeding 2.3 million ETH, stETH accounts for 56.3%, swETH for 12%, and mETH for 10.8%. The median deposit per user stands at 0.335 ETH. Additionally, the LRT protocol contributed 1.677 million LST, with 351,000 tokens deposited by ether fi and 325,000 tokens by Puffer Finance, among others.

4. dYdX to Focus on Permissionless Markets, Core Trading Enhancements, and UX/Onboarding Updates in 2024 link

dYdX has unveiled its product roadmap for 2024, focusing on three key areas: permissionless markets, core trading enhancements, and UX/Onboarding updates. The permissionless markets initiative will encompass instant liquidity via LP Vaults, scalable oracles, and cross-margin and isolated-margin implementations at the protocol level. The community has approved the allocation of $30 million from the dYdX Foundation budget for these endeavors.

5. Gitcoin to Undergo Restructuring link

Gitcoin has announced a shift in focus from public product financing to strengthening its grant infrastructure designed for the Ethereum ecosystem, along with a restructuring effort. Within Gitcoin, two internal business units will be established: one dedicated to coordinating specific product work, while the other, subDAO, will manage community and governance affairs. Kyle Weiss, Gitcoin’s Executive Director, stated that the DAO will transition from independent workflows to a structure more akin to “Labs,” similar to Uniswap Labs and OP Labs. Since its launch in May 2021, Gitcoin’s organizational hierarchy has remained relatively flat, with no CEO issuing commands; teams focused on specific tasks or projects within the organization often require budget approval through community voting, which is a time-consuming process.

6. TreasureDAO Releases Treasure Chain Litepaper, Plans Mainnet Launch in Q3 2024 link

TreasureDAO has officially released the Treasure Chain Litepaper. Treasure Chain aims to enhance platform experience through game-specific Rollups settled on the Treasure L2 chain, with MAGIC serving as its primary token. The development and launch of Treasure Chain will proceed through parallel initiatives, with plans to launch the mainnet in Q3 2024 and implement and deploy the testnet in Q1.

7. ENS Considers Launching Exclusive L2 Solution link

Khori Whittaker, the Executive Director of ENS, has stated that ENS is currently exploring the development of a protocol on the Ethereum L2 network, considering the launch of a dedicated L2. The team’s discussions are primarily focused on Optimism development and the use of zero-knowledge proofs to protect user information. One of the challenges they face is to increase the visibility of ENS within the Ethereum ecosystem. To overcome this challenge, they are collaborating with major institutions, such as partnering with GoDaddy to introduce Web3 and Web2 domain linking services.

8. Starknet to Release Version v0.13.1, Anticipates Significant Reduction in Transaction Costs link

The Starknet team has officially announced that Starknet v0.13.1 is set to be released soon, bringing significant reductions in transaction fees. EIP-4844 is already prepared, and given that on-chain data forms a crucial component of Starknet transactions, the reduction in on-chain data costs is equivalent to a significant reduction in the primary costs associated with Starknet transactions.

9. Taiko Pledges 1% Token Supply Allocation to Ethereum Core Development Organization Protocol Guild link

The Ethereum Layer2 project Taiko, based on zkRollup, has announced its participation in the Protocol Guild Pledge (PGP) through a tweet. Taiko pledges to allocate 1% of its token supply to the Ethereum core development organization Protocol Guild to support its ongoing development efforts.

Previously, Tim Beiko, a member of the Ethereum Foundation, discussed the economic impact of Protocol Guild in driving Ethereum’s development. He introduced the Protocol Guild Pledge (PGP), urging projects to donate 1% of their native token supply to Protocol Guild to provide long-term sustainable support to Ethereum’s core contributors. The Ethereum liquidity re-staking protocol ether.fi and the P2P lending protocol PWN have also joined the PGP initiative.

10. Pandora: Transformed into Full Entity, Significantly Enhanced ERC-404 Standard link

On February 9th, the ERC404 project Pandora announced via Twitter that all documentation work for the project has been completed. Pandora has officially become a fully formed entity, undergoing auditing, followed by an immediate liquidity lock. The team will subsequently continue exploring the final Ethereum Improvement Proposal (EIP). Pandora marks the first project built on the ERC404 token standard.

On February 10th, the ERC-404 project Pandora announced significant improvements to the ERC-404 standard. These enhancements will be open-sourced and released for public review. The changes aim to enhance support for external protocols and enable new use cases, including new infrastructure being developed internally by Pandora. Additionally, Pandora will open its GitHub repository in the next few hours, inviting all developers interested in this new standard to review and contribute.