Weekly project updates: ArbitrumDAO updates AIPs, Aave proposes V3 deployment on BNB Chain, zkSync Era faces deposit issues, etc
1. ETH’s weekly summary
a. Lido releases update on v2 version progress link
On April 5, Lido has released an update on the progress of its v2 version, stating that the preparation work for replacing withdrawal credentials has been completed and all credential messages have been successfully signed (from 0x00 to 0x01). The replacement of withdrawal credentials and Staking Router are the two major focuses of Lido v2.
b. Lido expects withdrawal requests from users holding less than 1000 stETH to be completed within a day link
On April 6, Lido announced that withdrawal requests from users holding less than 1000 stETH are expected to be completed within a day (standard Ethereum withdrawals usually take 2–6 days). Users with 1000 to 5000 stETH will need about 2 days, while those with 5000 to 10,000 stETH will require 4–10 days, and users with more than 10,000 stETH will need 2 weeks to complete their withdrawal requests. These time estimates are all conditional and assume no exit from the queue, no major penalty events, or other unforeseen tail risks.
c. 106th ACDC：Mainnet Shadow Fork 3 (MSF3) for Shapella went smoothly link
On April 6, 2023, Ethereum developers gathered for their 106th All Core Developers Consensus (ACDC) call. Mainnet Shadow Fork 3 (MSF3) for Shanghai and Capella, or Shapella, went smoothly according to Paritosh Jayanthi, a DevOps Engineer for the Ethereum Foundation. On MSF3, developers tested two MEV block builders and the standard procedure for staked ETH deposits, as well as withdrawals, and withdrawal credential changes. Then, Chris Hager from the Flashbots team gave an update on the latest MEV-Boost releases, which were created in response to a rogue validator stealing MEV from searchers on Sunday, April 2.
2. MakerDAO’s PECU will cease operations by the end of April 2023 link
On April 6, the MakerDAO community initiated a proposal for the transition of the Protocol Engineering Core Unit (PECU). With the successful passage of the Endgame and Constitution MIPs, the original work management framework is changing the way contributors request work. As a result, the PECU will cease operations by the end of April 2023.
3. Aave’s weekly summary
a. Aave initiated a proposal to launch Aave V3 on Starknet link
On April 4, Aave initiated a proposal to launch Aave V3 on Starknet. The integration plan between Aave and Starknet will be conducted in two phases. The first phase involves establishing a cross-chain bridge for aTokens between Ethereum and Starknet, while the second phase involves fully deploying the Aave protocol on Starknet. Previously, the vote on the first phase had received an overwhelming majority in favor of it.
b. Aave community proposes to deploy Aave V3 on the BNB Chain link
On April 4, the Aave community proposes to deploy Aave V3 on the BNB Chain and select assets as collateral, including BNB, WBTC, BETH, WETH, USDC, and USDT. The largest lending agreement of BNBChain is Venus Protocol, but there have been many security problems.
c. Aave founder announces launch of native USD stablecoin GHO on Goerli testnet link
On April 6, Aave founder StaniKulechov announced the progress of GHO, which has been launched on the Goerli testnet and audited with the code made public. GHO is a native USD stablecoin by Aave that allows users to mint it with their provided collateral.
4. zkSync’s weekly summary
a. zkSync users experience deposit issues, team works on solution link
On April 4, the zkSync team stated in Discord that some users are unable to make deposits on zkSync Era and have difficulty transferring deposits. The solution is expected to be deployed within 24 hours.
b. zkSync ecological project Gemholic’s IDO funds stuck in zkSync contract link
On April 7, the 921 ETH IDO funds of the zkSync ecological project Gemholic were stuck in the smart contract due to zkSync’s incompatibility with the transfer function. The zkSync official also stated that it will assist in recovering funds. Since zksync is not an EVM equivalent, the transfer function does not work with zkSync.
5. Arbitrum’s weekly summary
a. Arbitrum’s first governance proposal turns messy, with $1b ARB tokens at stake link
The Arbitrum blockchain’s first attempt at governance erupted Saturday over a proposal to give the Arbitrum Foundation control of 750 million ARB tokens, worth nearly $1 billion. Those tokens would fund a “special grants” program meant to foster growth on Arbitrum. But ARB holders would not get a say in to whom or how Arbitrum Foundation allocates the nearly $1 billion sum, according to the proposal, AIP-1. That’s because the centralized Arbitrum Foundation would not need to subject its grant allocations to “full on-chain governance” — the process by which ARB holders shape the blockchain and its ecosystem.
b. Arbitrum Foundation responds to transferring ARB to Binance on listing day link
On April 3, the official Twitter account of Arbitrum announced that out of the 50 million ARB tokens, 40 million ARB had been allocated as loans to participants (liquidity providers) in the financial markets sector. The remaining 10 million ARB had been converted to fiat currency and dedicated to operational costs. The sale of tokens was due to the fact that the foundation was established without funds, and there were no plans to continue selling tokens in the near future. Additionally, the foundation stated that it would follow the advice of the DAO and split the AIP into multiple parts, allowing the community to discuss and vote on different sections. A new AIP will be proposed early this week and participate in public discussion with the DAO.
c. Arbitrum Improvement Proposal Framework fails to pass with 76% negative votes link
On April 4, the AIP-1, Arbitrum Improvement Proposal Framework proposed by Arbitrum DAO, was not passed because the negative votes reached 76%; the Arbitrum Foundation previously stated that it would propose a new AIP at the beginning of this week and participate in public discussions; it will split the AIP into multiple parts, allowing the community discusses and votes on the different subsections.
d. Sentiment protocol on Arbitrum hacked for $1 million link
On April 5, according to PeckShieldAlert, the Sentiment lending protocol on Arbitrum was hacked for about $1 million in the early morning of the day. The known fundamental reason is Balancer’s read-only reentrancy.
e. Arbitrum DAO proposes new proposals, including AIP-1.1 and AIP-1.2 link
On April 6, after being rejected by the community, the Arbitrum DAO proposes new proposals, including -Transparency report about the Foundation’s initial setup — AIP-1.1: Lockup, Budget and Transparency — AIP-1.2: Amendments to current founding documents.
6. Polkadot’s weekly summary
a. Moonsama NFT wins Polkadot’s 42nd Parachain Auction link
On April 3, Moonsama NFT won the 42nd parachain auction on Polkadot. The team is focused on accelerating NFT-driven applications into the market by developing infrastructure and practical solutions. Team members said that this represents the biggest milestone for the project to date, not only enhancing its technical stack capabilities but also seeking to provide a much-needed value-added piece to the ecosystem within Polkadot.
b. Polkadot registers trademark for blockchain communication platform link
On April 5, Polkadot has filed a trademark registration for what appears to be a blockchain-based messaging application, according to a recent filing. The phrase “Polkadot Converse” has been trademarked. The trademark covers: “Software for social networking; software for creating, managing, and interacting with an online community; software for creating, software for sending and receiving electronic messages, graphics, images, audio content.”
c. Polkadot’s Moonbeam main network experiences downtime link
On April 6, the Polkadot smart contract platform Moonbeam’s main network experienced a downtime accident, and no new blocks have been produced for more than one and a half hours. Officials say they are investigating. Moonbeam stopped producing blocks for 4 hours and 13 minutes and has returned to normal.
7. BNBChain’s weekly summary
a. PancakeSwap V3 is now officially live on both BNB Chain and Ethereum link
On April 4, PancakeSwap V3 announced its launch on both BNB Chain and Ethereum. V3 will have four different trading fee tiers, 0.01%, 0.05%, 0.25%, and 1%, compared to V2’s 0.25%. PancakeSwap V3 is built on top of Uniswap V3 with added refinements and improvements. With V3, liquidity providers can now “concentrate” their capital to smaller price intervals, i.e. choose a custom price range when providing liquidity.
b. BSC mainnet to have a scheduled hard fork upgrade named Planck link
The BNBChain mainnet will undergo a scheduled hard fork upgrade called Planck at block height 27,281,024, which is expected to occur around 13:30 on April 12. The core team said the upgrade will enhance the security and stability of the network.
8. Avalanche’s weekly summary
a. Avalanche launches Evergreen Subnets for institutional blockchain deployments link
On April 6, Ava Labs has announced the launch of Avalanche Evergreen Subnets, a suite of institutional blockchain deployments, customizations, and tooling designed to address company-specific and industry-wide requirements for financial services. Currently the Avalanche network already boasts several EVM-based Subnet deployments on Mainnet and Testnet across industries, including Intain, Dexalot and Deloitte.
a. Trader Joe officially launches upgraded trading engine Liquidity Book V2.1 link
On April 7, The Avalanche ecosystem DEX, Trader Joe officially launched an upgraded trading engine, Liquidity Book V2.1, which introduced automated liquidity strategy execution tools such as Autopools, one-click yield farming with Autopool Farms, sJOE tokens for investment and corresponding trading activity shares, Permissionless Pools for non-permissioned liquidity pools, fee compound optimization, migration to new V2.1 liquidity pools, and Maker-style limit orders (to be deployed later).
9. Aleo: Main focus remains on mainnet launch in July 2023 link
On April 3, the ZK L1 project Aleo stated that it will continue to work on launching the mainnet in July 2023 and developers can deploy Leo applications to the Aleo network, which is the first time in the ZK field. Details on on-chain incentives for Phase 3 of Testnet 3 will be announced in the coming weeks.
10. NFT’s weekly summary
a. Gucci partners with Otherside to launch NFT and physical necklaces link
On April 4, the luxury brand Gucci announced that it will cooperate with Otherside to launch the KodaPendant NFT series and physical necklaces. The total number of NFTs is 3,333 and the price will be 450 APE. Participants must hold Koda or Vessel NFT, the visual effect of the original NFT will be updated after purchase.
b. Gem renames OpenSea Pro and airdrops Gemesis NFT link
On April 5, OpenSea announced that its NFT aggregation market Gem has been renamed OpenSea Pro. Qualified users who have purchased NFT on Gem before March 31, 2023 will be able to receive Gemesis NFT for free before May 4, 2023. Gem was acquired by OpenSea in April 2022.
The founder of SlowMist reminded that OpenSea Pro prompts users to enable eth_sign with high risk. The blind signing content of eth_sign is totally incapable of identifying the risks for users, and drainers can use this to fish away users’ assets.
c. NFT platform Collection.XYZ goes live on Ethereum link
On April 5, Collection.XYZ, an NFT platform that relies on Automated Market Maker (AMM) mechanisms to provide liquidity, went live on Ethereum. Collection.XYZ claims to not charge protocol-level fees and currently supports ETH, WETH, DAI, USDC, USDT, and APE. The project’s founder, Spencer Yang, is also a co-founder of the NFT infrastructure startup, Gomu.
d. Reddit deploys contracts for the third generation of Avatar NFT Gen 3 on Polygon link
On April 6, Reddit has deployed contracts for the third generation of Avatar NFT Gen 3 on Polygon and plans to officially release it next week. Reddit has released a number of NFT series before, and Reddit Chief Product Officer Pali Bhat once said that more than 2.5 million users have purchased the NFT released by him.
e. Solana announced the launch of a state compression function link
On April 6, Solana announced that its ecological team has launched a state compression function. State compression can be used to store any type of data on the chain. The first use is to compress NFT. The cost of storing 100 million compressed NFTs on the chain is only 1193 US dollars.
f. LooksRare announced the launch of the V2 version link
On April 7, the NFT market LooksRare announced the launch of the V2 version, including reducing the agreement fee from 2% to 0.5%, claiming that the gas fee is 50% cheaper than Blur, and more than 70 NFTs can be purchased at one time for bulk purchases and listings.
g. Magic Eden announced the official launch of the Ethereum market link
On April 7, the NFT market Magic Eden announced the official launch of the Ethereum market and has cooperated with 17 Ethereum Launchpad creators. Magic Eden will also launch a Bitcoin Launchpad tomorrow.
h. Magic Eden announced that BTC Launchpad has been officially delivered link
On April 8, NFT marketplace Magic Eden announced on their official Twitter account that BTC Launchpad has been officially delivered. Creators can now launch Ordinals directly on Magic Eden Launchpad. PG DEADJIRAS became the first project to launch on the BTC Launchpad, and the two parties will also partner to release limited edition digital artifacts on April 9.
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