Highlights of this issue
- As of September 6, the lock-up volume of all second-tier networks exceeded US$1 billion, an increase of 79% in August.
- According to the actual test of Lianwen, L2 entry cost Optimism is twice that of Arbitrum . The transfer cost of Optimism and Arbitrum is 40% of L1, the Dex transaction cost is 7% of L1, and the added liquidity cost is 3.6% and 13% of L1, respectively.
- Some agreements are helping Optimistic Rollup to solve the exit period problem. Matter Labs and Starkware are working hard to achieve the ability to perform EVM-like calculations in ZK Rollup.
- Loot allows people to see the potential of NFT Lego and understand Loot and its ecology.
Arbitrum usage guide and Layer 2 progress
As of September 6, the lock-up volume of all second-tier networks exceeded US$1 billion. (L2beat)
On September 1, Arbitrum officially announced the launch of the mainnet test version of Arbitrum One. Uniswap, Sushiswap , Balancer, DODO and other applications have been launched simultaneously. Steven Goldfelder, the co-founder of Offchain Labs behind Arbitrum, revealed that Arbitrum will not issue tokens in the short term, and the recent vision does not include the token plan. The $120 million Series B financing is only equity financing. But DAO may decide to tokenize in the future.
Arbitrum Layer 2 network usage steps
- Add Arbitrum One network. Automatically switch the network by visiting the Arbitrum Asset Bridge (https://bridge.arbitrum.io/) or manually add it through Metamask.
- Transfer the Ethereum mainnet assets to the Arbitrum One Layer 2 network through the bridge (https://bridge.arbitrum.io/). Or use Celer’s cross-chain asset bridge cBridge (https://cbridge.celer.network) to cross-chain assets from other networks (such as BSC, Polygon) to Arbitrum, and only need to pay a relatively cheap bridge fee.
- Select the dapp application you want to use and perform related operations.
- Withdraw funds from the Arbitrum One Layer 2 network to the Ethereum main network.
Arbitrum, Optimism and Ethereum fee comparison
- Entry cost
Before using L2 applications, users need to recharge their assets on L1 to the L2 network through a “gateway” or “bridge”, and then they can interact with the L2 version of the application. Take the transfer of ETH to L2 as an example, the cost of entering Optimism is twice that of Arbitrum, and it is 10 times that of the transfer cost of the Ethereum mainnet.
- Transfer cost
For transfers in the same network, the transfer cost on Arbitrum and Optimism is 40% of the Ethereum main network.
- Dex transaction costs
Uniswap V3 is a DeFi transaction protocol currently deployed on the three networks of Ethereum L1, Optimism and Arbitrum. Taking the ETH-USDT trading pair as an example, the transaction costs on Arbitrum and Optimism are basically the same (the actual test cost is 4.3 and 4.4 US dollars), which is 7% of the Ethereum main network transaction cost.
- Add liquidity cost
Take the addition of ETH-USDT liquidity in Uniswap V3 as an example. The Ethereum mainnet costs US$120, Arbitrum costs US$16 (13% of Layer 1 cost), and Optimism costs US$4.4 (3.6% of Layer 1 cost).
Recent progress of each Layer 2
Optimistic Rollup route
Advantages: EVM compatibility.
Disadvantages: There is a long challenge period.
- Optimism recently released a new gateway interface, which allows users to transfer any tokens between the Ethereum main network and the Optimism layer 2 network. The emergence of Hop Protocol allows users to quickly withdraw USDC and USDT from Optimism to the Ethereum mainnet, which avoids the 7-day waiting time for Optimistic rollup withdrawals.
- Metis is a fork of OVM that uses Optimism. It plans to establish a public testnet in September and release the mainnet in October. It further simplifies the transition of existing Ethereum applications to L2 through Polis middleware.
100% EVM compatible , the project party does not need to rewrite the program when migrating. 74 projects have been deployed on the testnet, and 5 projects have been launched simultaneously on the mainnet. Previously announced that there are more than 400 projects supporting Arbitrum, leading the Ethereum Layer 2 track.
ZK Rollup route
Disadvantages: not compatible with EVM.
- zkSync 2.0 claims to have the security, high throughput and efficiency of ZK Rollup (ZKR), as well as EVM compatibility, so it is considered the best Ethereum expansion solution. Alex G, the co-founder of Matter Labs, the team behind zkSync, said that the design and implementation of zkEVM is actually a very difficult project. On their upcoming public testnet, they implemented zkEVM based on a compiler.
- StarkWare has two main products: ZK-Rollup expansion network StarkNet and L2 expansion engine StarkEx. Among them, StarkEx can be regarded as an application scenario of StarkNet. At the end of July, StarkEx version 3.0 was launched on the mainnet, which focused on allowing L2 users to easily interact with L1. As of August 22, the total number of transactions settled by StarkEX exceeded 10 million, and the number of registered users exceeded 100,000. StarkWare has provided basic services for dydx, deversifi and Immutable X. The second-tier lock-up volume of these three projects ranks 1, 7 and 13 respectively. dydx and Immutable X have shown strong competitiveness in derivatives and NFT games respectively. Nethermind’s Warp team is using “EVM->Cairo Compiler” to convert ERC-20 contracts from EVM byte codes to StarkNet contracts for deployment on StarkNet. The next goal is to transfer arbitrary smart contracts from EVM language Yul to Cairo.
- Loopring, as the first Ethereum second-layer network to implement the zkRollup solution, has recently ushered in a new wave of growth due to its support for NFT casting, trading and transfer functions.
Some agreements are helping Optimistic Rollup to solve the exit period problem. Matter Labs and Starkware are working hard to achieve the ability to perform EVM-like calculations in ZK Rollup. Rollup’s comprehensive strength is increasing, the amount of locked warehouses is growing rapidly, and more and more projects are migrating to the second-tier network, waiting for the arrival of Layer 2 prosperity.
How to understand Loot and its ecology
The total amount of Loot is 8,000, and the creator has reserved 222 for himself as a reward. Each loot contains 8 types of equipment, so there are 8 lines of words, each line represents a type of equipment, which are weapons, breastplates, helmets, waist armor, foot armor, hand armor, necklace and ring.
Different from the top-down ICO logic of “Issuer Produced by Issuer, User Purchased” in most NFTs, Loot has created a more decentralized NFT casting method. Users can cast Loot on Etherscan through Write Contract. , Except for gas fees, there are no additional holding costs, and anyone has the opportunity to participate in the casting and issuance.
NFT 高 高
Anyone can use Loot to connect and expand with other protocols, similar to DeFi stacks, and can continue to create and build on the basis of Loot. Loot allows different games and meta-universes to share a set of scalable attributes, creating the lowest level and even cross-chain NFT framework. According to information compiled by Loot, 41 projects have been reassembled or built on top of Loot. Everyone can recreate around simple texts. The gameplay that has appeared so far:
- Use the program to automatically generate pictures based on character strings.
- Generate the corresponding pixel character based on the character string.
- Write a story for each equipment.
- Guilds divided by items and attributes.
Any blockchain game can introduce props or characters in Loot, and can quickly capture a large number of user groups.
——Joel John, LedgerPrime leader
Holds interest in Loot
- airdrop. Adventure Gold airdrops 10,000 AGLD tokens for each Loot bag. Adventure Gold itself is a game project that has not yet been developed. At present, AGLD has basically become the governance token of the entire Loot community.
- In the future, Loot holders may obtain equipment or characters in the game, which can be used for rent or sale, thereby generating cash flow and turning them into interest-bearing assets.
Loot concept project
- The founder of the Loot project, Dom Hofmann, launched a new project More Loot (MLOOT) with dynamic supply . The dynamic output of Ethereum is 1/10 of the block rate of Ethereum, about 250,000 per year, and the current upper limit is 1,316,005. The user is free to mint, and only gas fee is required. As of September 7, it had minted 86,696 and held 18,287 addresses.
- On September 6, the founder of Yearn Finance was inspired by Loot to launch the adventure game Rarity in Fantom , in which players can create summoners and there is no limit to the total amount of Rarity. There are 11 characters in the game, namely, bard, bard, priest, druid, fighter, monk, paladin, ranger, patrolman, wizard, and wizard.
- On September 3, the Chinese team developed the Chinese version of the Chinese Loot airdrop to Loot holders, providing all Loot holders with the “Chinese translation version” NFT of the original Loot held by them, which attracted the attention of the founders of AAVE .
Apply for mLoot
Loot ecological tools, communities and derivative projects
- The total issuance of stablecoins on the chain reached 83.06 billion U.S. dollars, an increase of 1.1% from last week. (Debank, 9/6)
- The total global crypto market value is 2.34 trillion, an increase of 13% from last week. (CoinmarketCap, 9/6)
- On September 3, Tether issued an additional 1 billion USDT in TRON.
New public chain
- The total locked-up volume of the Solana ecosystem was US$4.74 billion, a record high, and the ranking rose to the second place. (Defillama, 9/6)
- Fantom Ecosystem’s total lock-up volume was US$1.23 billion, a record high, rising 62% in a week, and ranking fourth. (Defillama, 9/6)
- The number of active users of MetaMask in July exceeded 10 million, an increase of over 1800% over the same period last year.
- The total transaction volume of the NFT word game project Loot (for Adventurers) has exceeded 200 million US dollars, ranking first in the 7-day transaction volume.
Encryption project progress
- L2 expansion solution Optimism released a new gateway interface, allowing any ERC20 token to be connected to Optimism.
- Chainlink, a decentralized oracle machine, was launched on the Optimism network and has been integrated by Synthetix.
- Arbitrum, the expansion network of Ethereum, announced that the mainnet public beta version of Arbitrum One is fully online. The development team currently reserves the right to upgrade and set speed limits. Multiple applications such as Uniswap, Sushiswap, Balancer, and DODO have been launched simultaneously.
New public chain ecological support
- On August 30, the smart contract platform Fantom announced the launch of an incentive plan, which will invest 370 million FTMs to better adjust the incentives between users, builders and the network.
- Celo officially launched the “DeFi for the People” alliance collaboration project. The Celo Foundation and Aave, Curve, Sushi and other partners will provide more than 100 million U.S. dollars in funds for ecological construction and realize DeFi mobile.
- Yearn Finance founder AC was inspired by Loot to launch the adventure game Rarity. The game contains 11 characters and 6 core character attributes.
- Dave White, a research partner of Paradigm, a blockchain investment institution, proposed the NFT derivative solution Floor perps, which is a synthetic NFT that can track the reserve price of a given project, and it can be minted by locking the project’s NFT.
- CryptoPunks has signed an agency agreement with UTA and intends to enter Hollywood.
- FTX.US has launched the NFT casting function, and the access function will be available in the next few weeks.
- UTA, the largest agency in the United States, has signed an exclusive contract with Larva Labs’ NFT art projects CryptoPunks, Meebits and Autoglyphs. UTA will use these art projects for film, television, video games and publishing projects. (The Hollywood Reporter)
- The Binance NFT market launched the high-end NFT series of the Russian Hermitage Museum. The series includes works by Leonardo da Vinci, Vincent Van Gogh, Claude Monet and other art masters. There are 5 NFTs available. For auction, the starting price of each is 10,000 BUSD.
CeFi · Traditional Finance · Large Companies
CeFi acquisition financing
- Zipmex, a cryptocurrency exchange, completed $41 million in financing.
- FTX.US acquired the digital currency futures and options exchange LedgerX, which is regulated and certified by the US CFTC.
- Changpeng Zhao: Binance USA will complete a large-scale private equity financing in the next two months and plans to go public within three years.
- Cryptocurrency giant Blockchain.com plans to go public within 18 months. (U Today)
- Bill Miller’s fund, a billionaire fund manager, invested 1.5 million shares of G BTC , valued at US$44.7 million.
- Bloomberg’s September edition of “Cryptocurrency Outlook”: USD 100,000 in BTC and USD 5,000 in Ether (ETH) are the “target levels of least resistance”.
- Analyst Will Clemente tweeted on September 5 and quoted Glassnode data: In the past 10 days, the holdings of Bitcoin whales increased by 41,580 BTC, valued at approximately US$2 billion. Mike Alfred, founder of Assets Data, commented that there is suspected institutional admission, but it is still very early.
- On-chain analyst Willy Woo tweeted that NFT has no signs of a bubble, not yet. Once they are divided and traded on a large scale with derivatives, then it is time for bubbles to emerge.
- Akmal Nadilov, member of the Expert Club of the Russian Strategic Research Center: Bitcoin is the first cryptocurrency to be capitalized. It can be updated to its highest level in history before the end of the year, and its value will also rise to 73,000-75 thousand U.S. dollars . Another major factor in the price increase is the rise in the US technology index, where Bitcoin is becoming a defensive asset.
Encryption project investment and financing
- The Polkadot Ecological DeFi Agreement Parallel Finance raised US$21 million through Series A financing. Polychain Capital led the investment.
- Syndicate, a decentralized investment agreement, announced the completion of a US$20 million Series A financing, with a16z leading the investment, and more than 150 investors including Coinbase Ventures participating in the investment.
- Trader Joe, Avalanche Ecological DeFi Agreement, completed USD 5 million in token financing.
- Solana’s ecological algorithm stablecoin protocol UXD Protocol completed a seed round of 3 million US dollars, and Multicoin Capital led the investment.
- Arbitrum, the second-tier expansion plan of Ethereum, completed a US$120 million Series B financing led by Lightspeed.
- Octopus Network, a multi-chain encryption network based on NEAR, completed a US$5 million A round of financing, with participation from Continue, Youbi, and DCG.
Other: DAO NFT application
- Pollen DAO, a decentralized portfolio management protocol, completed $5 million in financing, led by The Graph and AlphaBit.
- NFT cross-chain trading platform PolkaFantasy raised $4.31 million in the first round of NFT auctions
- XMTP, an encrypted instant messaging network, completed a US$20 million Series A financing led by a16z. Participants included 19 institutions including Coinbase Ventures and nearly 90 individual investors.
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