09/13-09/22 Issue 12
secondary title
No.1 tuyere track - the cross-chain bridge is growing rapidly
- Understand the cross-chain bridge
At present, there are more than 100 active public chains in the market. As of the beginning of September, there are more than 40 different cross-chain bridge projects. These cross-chain bridges are dedicated to solving interoperability problems between different networks. A system for transferring information between blockchains.
The design of cross-chain bridges is generally divided into four parts:
Monitoring: Responsible for monitoring the state on the chain.
Message passing/relaying: transfer information from source chain to target chain.
Consensus: Consensus is reached with source chain participants to relay information to the target chain.
Signature: Cryptographically sign the information sent to the target chain.
Asset-specific (specific to an asset): Usually a wrapped asset that is fully collateralized by the underlying asset in a custodial or non-custodial manner. Such as Bitcoin anchor currency WBTC, tBTC.
Chain-specific (specific to a certain chain): a cross-chain bridge between two blockchains, lock and unlock tokens on the source chain, and mint encapsulated assets on the target chain. Such as Polygons PoS Bridge, Aribitrum Bridge, Avalanche Bridge, Binance Bridge, Rainbow Bridge, etc.
Application-specific (specific to an application): such as Compound Chain and Thorchain, which respectively build independent blockchains dedicated to cross-chain lending and transactions. Another example is cross-chain aggregation transactions (THORSwap, AnySwap, O3swap), which realize cross-chain asset exchange by building a cross-chain transaction pool. The characteristic of this cross-chain bridge is that it can only be used in this application, and it is difficult to extend this function to other applications.
Generalized: A protocol designed for transferring information across multiple blockchains. Such as Cosmos IBC protocol, which is used to send messages between two heterogeneous chains (with final confirmation guarantee).
The bottom layer is the P2P transmission network (L0).
The upper layer is the final settlement layer (L1), that is, various public chains.
L2 includes off-chain data, computing services, and oracle middleware to increase performance.
L3 is the developer API layer.
The dApp application is located in the fourth layer (L4), responsible for providing products and interacting with users.
storage.
The website can provide ordinary users with a visual interface, and the operation is more convenient. Website hosting can be done through traditional cloud services such as AWS, or decentralized alternatives such as the ENS and IPFS systems on Ethereum.
Content-based applications such as social media and streaming media need to store text, pictures, and videos in centralized servers or decentralized storage networks (Filecoin, Sia, Arweave, etc.).
There are four types of cross-chain bridges:
- The scale of the cross-chain bridge
As of September 22, the total lock-up volume of Ethereum cross-chain bridges reached 7.15 billion US dollars, an increase of 46.2% in 30 days. Arbitrum Bridges is the Ethereum cross-chain bridge with the largest lock-up volume, accounting for 36% (Dune Analytics).
In the past month, Avalanche, Fantom, and Harmony have successively released liquidity mining plans, competing to attract funds. The Arbitrum bridge grew the fastest, with only $22 million locked on September 1, growing to $2.58 billion in 20 days.
- Security of the cross-chain bridge
secondary title
source
https://mp.weixin.qq.com/s/I9ICPR-8xBgMg9n9tLIwZg
https://mp.weixin.qq.com/s/-Yg8IaK-s6SCmuTYLM2L-w
No.2 Tuyere track - Web 3.0 infrastructure and value capture
In the Web 3.0 technology stack:
It can be seen that Web 3.0 applications need to be built on a series of infrastructures, including:
calculate. Each dApp will contain a smart contract with program logic.
dApps on high-throughput blockchains run calculations and settlements directly on-chain.
Another solution is to separate calculation and settlement, calculate in the Layer 2 network, and then complete the settlement on the chain through a single aggregated transaction, such as Rollup.
Oracle. A general-purpose oracle network like Chainlink provides highly secure and trustworthy services for smart contracts in a verifiable and executable manner.
External APIs. External APIs include centralized systems, blockchains independent of the dApp itself, and can provide the underlying data sets and computing services that many dApps want to access. For example, The Graphs on-chain data index service supports user interaction or external payments from other blockchains.
ENS and IPFS are networks that have not yet been tokenized. Unless an incentive layer (such as Filecoin) can be built on such a system, there is almost no potential for value capture for general users.
When data is stored on-chain, fees need to be paid to miners/validators. If stored off-chain, pay for the solution.
Users need to pay blockchain miners/verifiers for any calculations (settlements) done on the chain, and Layer 2 verifiers for any calculations done off-chain.
Universal oracles have broader applications than a single blockchain, and can capture value from most dApps on most blockchains and monetize the entire existing API economy.
market data
Bitcoin fell sharply on Monday (9/20), down 6.5% from last Friday (9/17), while ETH fell 8% over the same period.
#Ethereum
On September 15th, the total value of Ethereum burned exceeded $1 billion for the first time. The application that destroyed the most Ethereum was OpenSea, accounting for about 14.2%. Ethereum transfers and Uniswap V2 ranked 2nd and 3rd, accounting for 8.8% and 5.5% respectively.
#bitcoin
From August 23 to September 12, MicroStrategy purchased another 5,050 bitcoins at a total price of US$242.9 million.
As of September 12, the company held a total of about 114,042 bitcoins, spending a total of $3.16 billion, with an average cost of about $27,713.
DappRadar August User Behavior Report:
In August, an average of more than 2 million unique active wallets interacted with smart contracts every day, an increase of 18% from July and an increase of 883% from the same period last year.
Among DappRadar users in August, the number of independent active wallets related to game DApps increased by 64% compared with July, while DeFi and NFT only increased by 3% and 6% respectively during the same period.
From August 1st to September 12th, DappRadar had 884,000 users, mainly from the U.S. — more than 121,000.
Millennials (25-34 years old) are the most dominant group of blockchain users, accounting for 37%, followed by post-95s (18-24 years old), accounting for 27%.
CoinShares Research: Cryptocurrency investment funds saw total inflows of $42 million last week, marking five consecutive weeks of net inflows. The Solana Fund, which saw inflows of $48 million last week, was not affected by the attack.
Optimism will be upgraded to be fully compatible with EVM, and developers can use Solidity smart contracts to deploy directly.
After Optimism revealed that it was about to announce its big news, its network flooded with over 10,000 unique Ethereum addresses.
Optimism, the second-layer expansion plan of Ethereum, doubles the throughput limit of the main network, and can handle up to 200,000 transactions per day.
Ernst Young (EY), one of the Big Four accounting firms, is integrating the Polygon protocol and framework to deploy EY blockchain solutions on the Ethereum ecosystem.
Arbitrum said that the downtime was caused by the Sequencer vulnerability, and the problem has been located and fixed.
Arbitrum’s permissionless token bridge functionality will open to all projects on October 22nd.
On September 18, 0xMaki posted a post in the SushiSwap community announcing that he would resign from the leadership position of SushiSwap and become a consultant. Three Arrows Capital is suspected of liquidating SUSHI quickly before the news was released.
At 6:00 pm on September 17th, Three Arrows Capital took out 2.31 million SUSHI (worth about 29 million US dollars) from the wallet address starting with 0x48 and transferred them to another wallet address starting with 0x8e, and then transferred them all to the Binance address. Considered a sell action.
The stablecoin exchange platform Curve has launched CRV mining rewards on the Ethereum expansion program Arbitrum. As of September 16, Curves total lockup on Arbitrum exceeded $73 million.
DeFi agreement TrueFi and TUSD operator TrustToken acquired Web3 development company EthWorks, and the acquisition funds came from a recent round of financing of US$12.5 million invested by a16z and others.
TrueFi is an unsecured lending protocol primarily for institutional borrowers, including Amber Group, Alameda Research, Poloniex, and others. The V4 version was launched on August 18. The platform token TRU has been launched on Coinbase and CoinbasePro, and TRU leveraged trading has been launched on Binance.
Pledge, a fixed-rate lending and derivatives agreement based on financial NFT, launched public KYC certification at Tokensoft. The KYC deadline is September 27th, and the public offering starts on October 5th.
DFINITY ICP will integrate with the Bitcoin network, provide smart contract support for the Bitcoin network, support native holding, sending and receiving Bitcoin, without bridging and cross-chain, and the implementation of the proposal is expected to take several months.
On September 14, the Solana Beta mainnet stopped producing blocks for 17 hours due to a denial of service attack (DoS). On September 15, the network resumed block production.
Google Cloud has entered into a partnership with Dapper Labs to support and scale the Flow blockchain.
The NFT trading platform Rarible announced that it supports credit card payments and can purchase NFTs ranging from $3 to $10,000.
Loot may cooperate with Rarity to deploy synthetic Loot to Fantom.
Paradigm research partner Dave White proposed an NFT-based primitive Martingale Shares (or Mortys) that can be used for speculation.
Mortys represents the partial ownership of a class of NFT, which does not need to rely on the buyout system or the oracle machine, but relies on the random Martingale (martingale or flat block, which is a concept in probability theory) settlement process.
The cross-chain transaction protocol AnyswapNFT cross-chain bridge testnet is online, and currently only supports NFT cross-chain on Ethereum and FTM.
NFT index fund NFTX has launched a new version of the decentralized NFT trading market NFTX Marketplace, which can realize decentralized NFT transactions, including multiple new functions such as buying/selling zaps and one-click batch buying and selling.
The encryption exchange Bakkt has been approved by the US SEC and will be listed through the merger with VIH. The merger could value the company at $2.1 billion, according to a previous report from CoinDesk.
Coinbase Prime, Coinbases prime brokerage solution for institutional investors, is open to institutional investors and provides cryptocurrency macroeconomic services.
Coinbase Prime has the tools and services institutions need to invest in crypto. Coinbases institutional clients include Meitu, Microstrategy, and One River. In the second quarter, the number of institutional users exceeded 9,000.
Coinbase will issue $2 billion in secured senior notes due in 2028 and 2031 through a private placement.
The initial request size was $1.5 billion, which was increased to $2 billion due to strong demand (at least $7 billion in orders came in). In this regard, Bloomberg said that fixed-income investors enthusiasm for the product represents that cryptocurrency is no longer an industry exclusive to venture capital, because investors who focus on investing in debt, including pension funds and hedge funds, want to participate to this investment.
Bitwise, an encryption index asset management company, applied to the US Securities and Exchange Commission to register a bitcoin futures ETF fund and does not directly invest in bitcoin spot.
Tianqiao Capital applied to the US SEC to establish an ETF fund in the encryption field.
Paxos, the US dollar stablecoin USDP issuer, provides Paxos Crypto Brokerage, an API solution for cryptocurrency trading, to Interactive Brokers (IBKR), one of the largest brokerages in the United States, allowing Interactive Brokers users to directly trade Bitcoin, Ethereum, BCH and LTC.
Coinbase has submitted an application for futures commission merchant (FCM) registration and plans to provide futures and derivatives trading services.
Ernst Youngs global blockchain leader, Paul Brody, was interviewed by MarketWatch: Some major banks will begin to provide selected DeFi (decentralized finance) services within the next three months.
EY is building technology and designing programs for some major banks and other major financial institutions to tokenize financial assets such as stocks, bonds and real estate.
PayPal allows all UK users to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Algorand reached a 5-year title sponsorship cooperation with the *** competition league DRL for US$100 million.
Crypto.com has announced a five-year partnership with London-based e-sports club Fnatic worth more than $15 million.
Sports and entertainment blockchain service provider Socios.com reached a partnership with the Spanish First Division; blockchain sports entertainment platform Chiliz reached a partnership with the NBA Golden State Warriors.
Socios.com is a sports entertainment blockchain service provider under Chiliz, a blockchain sports platform.
Tencent released the China World Cultural Heritage NFT: 9,999 Dunhuang Mogao Grottoes murals.
Hut 8 Mining, a bitcoin mining company, completed a public offering of $173 million in common stock.
Bitcoin mining company CleanSpark will invest $145 million to build a carbon-neutral Bitcoin mine.
Bridgewater co-founder Ray Dalio: Regulators may take control of Bitcoin if cryptocurrencies gain mainstream acceptance
Chairman of the US SEC: Lending and pledge platforms that host cryptocurrencies may be regulated by securities laws.
BlackRocks chief investment officer for fixed income accepted an interview with Yahoo Finance: Cryptocurrency is a durable asset class with real upside.
Crypto project investment and financing
The Avalanche Foundation announced the completion of a $230 million private placement round led by Polychain and Three Arrows Capital through the sale of AVAX.
On-chain derivatives platform dTrade raised USD 22.8 million in market-making funds, with participation from Alameda and others.
Sorare, a football-focused NFT trading platform, completed a US$680 million Series B round of financing at a valuation of 4.3 billion, led by SoftBank.
Immutable X, an NFT Layer-2 solution, completed a $60 million Series B round, co-led by Bitkraft Ventures and King River Capital.
Immutable X has raised a total of $77.5 million in two funding rounds.
NFT brand experience company Recur completed a $50 million Series A round of financing at a valuation of $333 million, led by Metaverse investment platform Digital.
Block chain music streaming media Audius received US$5 million in investment, and Katy Perry and other well-known artists participated in the investment.
Audius officially launched in October 2020. Its content management system (CMS) is built on the Solana blockchain, and the native ERC20 token AUDIO has been issued. In October 2020, Audius received US$9.8 million in financing from Multicoin Capital, Blockchange Ventures, Pantera Capital, and Coinbase Ventures. On August 17, Audius reached a cooperation with TikTok, and users can post the songs they have sung to TikTok with one click.
RCRDSHP, an electronic music digital collectible platform, completed a seed round of financing of over US$5 million led by Dapper Labs and NFT collectors Metakovan and Twobadour. RCRDSHP will run on the Flow blockchain.
Blockchain data analysis company Amberdata completed $15 million in financing, led by Citibank.
Blofin, an encrypted financial service organization, completed its A2 round of financing of US$12 million, led by KuCoin Ecological Fund.
Blockchain Interoperability Startup LayerZero Completes $6.3M Series A Funding Led by Multicoin Capital and Binance Labs
#Crypto Fundraising
Jump Tradings seventh investment fund raised $350 million, 40% of which was invested in the cryptocurrency field.
Skybridge Capital announced the establishment of a US$250 million Algorand fund, which has raised US$100 million so far.
The U.S. CFTC is reviewing Binance for possible insider trading and market manipulation. Binance is already facing investigations by the U.S. Department of Justice and the Internal Revenue Service, focusing on taxes and money laundering.
According to the South China Morning Post, Binance is focusing on transitioning to a centralized entity to become a licensed financial institution in response to regulatory signals that may have hindered its growth over the past four years.
On September 21, the avalanche ecological project vee.finance was attacked, involving an amount of 25 million US dollars, and it was only launched for one week (9/14).
On September 20, the cross-chain protocol pNetwork was hacked, resulting in a loss of more than 13.08 million US dollars.
Previously, cross-chain projects such as Chainswap, Anyswap, and PolyNetwork have been attacked one after another.
Infrastructure captures value from dApps primarily through fees:
source
https://mp.weixin.qq.com/s/mwc7n0WPivXERfxNdQotMA
https://mp.weixin.qq.com/s/uq2Q6tCztuws0s46mAfNBg
https://mp.weixin.qq.com/s/SnCYkwcDIvNk96DMw8_WIw
No.1
market data
#overall market
#Ethereum
#bitcoin
#InstitutionalReport
No.2
Encryption Project Progress
#Ethereum #Layer2
#DeFi
#New public chain
#NFT
No.3
CeFi · Traditional Finance · Large companies
#public
#财管#Financial products
#channel#service
#Title Name#Cooperation#NFT+
#mining enterprise
No.4
Voice·Viewpoint
No.5
Crypto project investment and financing
#New public chain
#DeFi
#NFT#Streaming
#Other#Data Analysis#Web 3.0#Cross-chain
#Crypto Fundraising
No.6
safety and risk
The news collection of Part 02 of this weekly report is compiled from Lianwen and Chaincatcher.
