Weekly Project Updates: EigenLayer Mainnet Launches, etc

1. EigenLayer and EigenDA Launch on Ethereum Mainnet, LST Staking to Reopen link

On April 10th, EigenLayer and EigenDA officially launched on the Ethereum mainnet. EigenDA, as the first launched AVS (Application-Specific Verifiable Storage), competes with protocols like Celestia to provide data storage services for blockchain protocols. Eigen Labs CEO Sreeram Kannan referred to this release as a “beta version,” with certain functionalities temporarily limited, and plans to fully launch later this year. Eigen Labs raised $100 million from Andreessen Horowitz (a16z) last year. EigenLayer will lift all deposit limits for Liquidity Staking Tokens (LST) at 9:00 AM (PST) on April 16th and reopen the deposit window.

2. Base Chain NFT Trading Volume Approaches $31 Million in April, Reaching Monthly Record High link

The data dashboard reveals that despite not even two weeks passing, the April Base NFT trading volume is approaching $31 million, with 43,000 individual buyers and over 280,000 transactions, all reaching monthly records. In the Base NFT trading market, OpenSea commands an absolute market share of 99.6%, capturing $664,000 in platform fees for the month and paying out $510,000 in royalties.

3. Azuki’s upcoming animation series “The Garden” Episode 1 set to premiere on April 30 link

Azuki’s upcoming anime series “The Garden” is set to release its first episode on April 30th. Produced by Junichi Yamamoto, known for his work on the animated segments of “The Legend of Zelda: Breath of the Wild,” and led by character designer Kinu Nishimura from the “Street Fighter” series, this episode features voice actors Aimi Tanaka and Tomokazu Sugita. “The Garden” is introduced as a trilogy anime series.

4. Pyth Releases Q1 2024 Report link

Pyth released its Q1 2024 report showcasing significant achievements. Pyth now supports a minimum of 25% of DeFi applications, with TVL exceeding $70 billion in March. Serving over 330 applications across 56 blockchains, Pyth has facilitated a cumulative transaction volume of $300 billion. Laser Digital, a subsidiary of Nomura Securities, has joined Pyth as a data provider. Pyth Entropy, a novel solution for generating unpredictable on-chain random numbers, has been deployed on the EVM mainnet. Additionally, Pyth Network’s retrospective airdrop phase two will distribute PYTH tokens to more than 160 decentralized applications supported by Pyth Data.

5. Jupiter Founder: Series of Major Updates Planned link

Jupiter’s founder, known as meow, recently announced significant efforts in upgrading the infrastructure, processes, and user experience of the Jupiter system over the past few months. These enhancements aim to expand and strengthen the Jupiter ecosystem. In response to recent critical issues, including significant delays in new token and market capture, operational challenges in perpetual futures/liquidity mining pools due to oracle issues, transaction submission problems, API delays, and extended wait times for stringent list verifications, Jupiter is undergoing a series of major updates. These updates include:

Metropolis: Comprehensive redesign of market and token systems

Ecosystem token listing: Rethinking strict listing methods

Oracle solutions: Decreasing reliance on on-chain oracles

Submission options: Optimizing transaction submissions

Significantly improved observability: Implementing comprehensive metric standards

6. Immutable Launches Game Chain Ecosystem Immutable Nexus link

Immutable has announced the launch of a dedicated zkEVM chain, which, together with the public Immutable zkEVM blockchain, forms the Immutable Nexus. Each dedicated chain will utilize the same technology stack but offer customization options to meet the specific needs of game studios. This includes dedicated block space, the ability to configure local ERC-20 tokens for fee payments and staking, and blockchain hosting services.

Additionally, Immutable Nexus will incorporate a network of ecosystem partners and cross-chain liquidity services to ensure that these chains operate interconnectedly and that various games can benefit from the network effects provided by Immutable.

7. Runestone Floor Price Becomes Second-Largest NFT by Multi-Chain Market Cap link

On April 11th, the floor price of Runestone surged by over 11% to 0.092 BTC (approximately $6,500), reaching a market capitalization of $730 million, second only to CryptoPunks ($1.42 billion), making it the second largest NFT by market value across multiple chains. With the Bitcoin halving approaching and the imminent launch of the Rune Protocol, NFTs expected to receive a Rune token airdrop have garnered significant market demand.

8. ZigZag to Close Exchange on zkSync Lite Due to U.S. Regulatory Pressure link

The on-chain order book exchange ZigZag has announced its decision to shut down its operations on zkSync Lite this week due to pressure from US regulatory agencies. The future is uncertain for ZigZag. ZZ experienced a drop of over 27% in the past 24 hours. zkLite Exchange forked ZigZag’s code and plans to continue providing order book trading on zkSync Lite after ZigZag’s closure.

9. Pac Finance Liquidated $24 Million Funds Due to Sudden Parameter Changes link

On April 11th at 9:06 AM, a developer wallet associated with Pac Finance invoked a function on its PoolConfigurator-Proxy contract to set the LTV (Loan-to-Value) ratio of ezETH to 60%. Pac Finance responded via Twitter, acknowledging that this parameter modification caused liquidation issues and is currently reaching out to affected users. To adjust the LTV, they entrusted a smart contract engineer to make the necessary changes. However, Pac Finance discovered that the liquidation threshold was unexpectedly altered without prior notification to the team, resulting in the current issues.

10. Binance Launchpool Welcomes 52nd Project Omni Network (OMNI) link

Binance Launchpool is launching its 52nd project, Omni Network (OMNI), allowing users to stake their BNB and FDUSD in separate pools to mine OMNI tokens over a four-day period starting from April 13, 2024, at 00:00 (UTC). Binance will list OMNI on April 17, 2024, at 12:00 (UTC) and open trading pairs including OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD, and OMNI/TRY. Seed tags will be applied to OMNI. Omni Network (OMNI) is an L1 blockchain network designed to integrate Ethereum’s aggregated ecosystem into a unified system.