News Round-Up for the Week
Competing POW Forks Plunge Post Merge
The Ethereum Merge has removed the network’s reliance on profitable mining. However, those who chose to cling to the proof-of-work legacy may find themselves having to choose from multiple paths ahead. Find out more here.
Metaplex to Release Utility Token
Solana-based NFTs are on the rise, poising to challenge the dominance of Ethereum NFTs with burgeoning projects like yoots and ABC. The creator of the network’s NFT protocol, Metaplex, is seizing the day by announcing plans to launch an MPLX token and build “the most inclusive DAO in web3”. Find out more here.
BNV to Launch Fashion-First Metaverse Platform
Digital fashion platform BNV reveals its ambition to address the gap of balancing the operation of a “permissionless” structure in web3 and the creation of a more “fashion-conducive” virtual environment. Find out more here.
White Hat Rewarded for Identifying Vulnerability in Arbitrum Upgrade
A white hat hacker has discovered a bug in Arbitrum’s latest Nitro upgrade, which had been live for almost three weeks and could have led to the theft of over $350 million.Find out more here.
Cardano Kicks Off Vasil Hard Fork
The Cardano network has kicked off the five-day Vasil hard fork, a much-anticipated fork that is described as “the hardest update” ever done since the project’s inception in 2017.Find out morehere.
L1/L2 Development of the Week
This week, we take a look at Fuel, a modular execution layer.
Fuel was developed by Fuel Labs in 2019 as the first optimistic rollup solution to solve Ethereum’s scalability issues. Today, Fuel has evolved into a modular execution layer solution for monolithic Layer 1s via its v2 iteration. The defining features of fuel include parallel transaction executions, its proprietary virtual machine, FuelVM, as well as developer tooling, Sway Language, and Forc.
Read more details here as we look into its technology and ecosystem.
DeFi Updates of the Week
This week, we dive into Sudoswap, an automated market maker (AMM) protocol for NFT swaps.
Amidst the sluggish trading volume of NFT on Ethereum, Sudoswap gained traction from its innovative AMM model. The trading volume on Sudoswap exploded in early August, but gradually lost steam in September as the bear market sentiment weighed in.
Read more here as we look into its business model, tokenomics, and protocol performance.
On-Chain Round-Up for the Week
This week, the crypto market reacted violently to the U.S. Federal Reserve’s increasingly hawkish stance on curbing scorching inflation. BTC plunged to a local low but managed to regain momentum to buoy above key support levels. ETH extended its post-Merge loss and settled above the $1,300 level as of the time of writing. The drop in daily issuance rate failed to support ETH post-Merge as some ETH miners offloaded part of their holdings to fund their move to other blockchains.
ETH’s net emission has posted a significant drop after The Merge. In the PoS chain, the issuance rate drops below 1000 ETH/day immediately after The Merge, posing a stark contrast to the daily issuance of 12.5k ETH in the PoW chain pre-Merge. However, it is still too soon to call ETH a deflationary asset. Due to low network utilization amid weakening spot prices, gas fees remain low, resulting in the inability of the EIP 1559 burn to offset the daily issuance on the PoS chain.
However, the number of active validators has seen a steady growth since the beginning of September. The rate of increase accelerated in the two weeks that led up to and following the final Merge. Due to the limit set by protocols, there are a handful of periods (marked with dense blue bars), where the influx of validators hits the max limit. The recent increase in new validator activities, though discernible, is nowhere comparable to the periods of max validator inflows.
Upon the completion of The Merge, profitable mining is removed from the PoS as mining difficulty immediately drops to zero. Other blockchains, notably ETC, have observed an influx of ETH miners who decidedly deploy their hash rate elsewhere. Meanwhile, the profitability of BTC has plummeted 10% in the past week, reaching levels last seen in 2020, on the back of declining spot prices and surging mining difficulty.
Macro Events to look out for in the Coming Week
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Sep 26, 2022 |
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Sep 28, 2022 |
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Sep 29, 2022 |
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Sep 30, 2022 |
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Three coins to watch
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Token |
Reason |
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BNB |
The BNB token may experience some tech-related tailwinds as the BNB Chain recently joined hands with Google Cloud to develop and scale web3 projects on their network with accelerated access to Google’s Startups Cloud Program. The cooperation eases new protocols to set up on BNB Chain and might be conducive to the long-term development of the BNB ecosystem. |
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EGLD |
Opera, the world’s first web3-focused browser, will soon integrate scalable blockchain Elrond, allowing users to access the network through its integrated Opera Wallet. The integration will likely improve Elrond’s traffic and give its native token EGLD a much-needed boost. |
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Excitement over the possibility of ending the lawsuit with the SEC early has improved investors’ sentiment over Ripple’s longer-term prospects. XRP has been leading the recovery with a whopping 18% increase over the last 24 hours and has since turned key resistance into support. |
Source: Bybit Blog
