Dr.DODO brings you our newly launched weekly brief - DODO Megascope, which covers the following sectors:
- Crypto Headline
- Governance Updates
- Sector Delivery
- Data check
- CT Insights
👀 |Crypto Headline|
- Polygon Joins Disney’s ‘Accelerator Program’ to Develop AR, NFT and AI Experiences.
- Hacker stole $8M in Ether via Uniswap Phishing attack. The event is seperate from the protocol.
- StarkWare confirmed the launch of StarkNet token in September. The token will be used for governace, payment of transaction fees, and participation in StarkNet’s consensus mechanism.
🗣️ |Governance Updates|
- FWB DAO propose to set up a requirement for FWB DAO Leadership to provide a long-term vision for the DAO and a list of one-year KPIs within 60 days.
- Quickswap DAO propose to add Build-a-Farm feature to UI, which enables the funding of liquidity mining rewards and QuickSwap will be able to reduce QUICK emissions.
- Frax aims to initiate a partnership with Retrograde that would enable the participation in the private funding round of Retrograde.
🍀 |Sector Delivery|
DeFi
- Celsius recovers over $400M in staked Ethereum collateral from Aave loan
- Circle discloses cash and Treasury reserves worth $55.7 billion
GameFi&NFT
- Magic Eden has an integrated ‘Eden Games’ section which has acted as a launchpad for 35+ metaverse and NFT games including DeFi Pirates, Everseed, SkateX and more.
- GameStop NFTs have seen at least 3,167 ETH in volume since launch on Monday
- Ethereum's rentable NFT protocol ERC-4907 has passed the review
Infra
- Offchain labs launches Arbitrum Nova, a new chain built on our AnyTrust technology, open for developers to deploy their apps.
- Polygon teased about the launch of Polygon Hermez 2.0, which uses uses PoE consensus algorithm to mitigate the centralization problem.
VC
- A16z, Variant Lead $18M Round for Lending Protocol Morpho Labs.
- Multicoin announced Venture Fund III, a $430M fund that invests $500K-$25M in early-stage opportunities.
- Gnosis Safe raised $100M in strategic funding round led by venture capital firm 1kx and will rebrand as “Safe”.
- Bravo Ready has raised $3 million to develop BR1: Infinite Royale. The investors include Solana Ventures, 6th Man Ventures, Shima Capital etc.
✨ |Data check|
State of Ethereum Ecosystem Q2, 2022
As the crypto market enters a bear market cycle, users’ willingness to speculate has declined, and data such as block space requirements, active addresses, and DEX transaction volume have all declined. As the network transitions from proof-of-work (PoW) to proof-of-stake (PoS) in progress, the ETH staked on the beacon chain in the second quarter showed a growth trend; on the other hand, with the increasing popularity of PFP NFT, the average number of NFT daily active traders in the second quarter increased significantly, and the NFT transaction volume soaring, the "bear meme" led by Globlintown, has become the main driver of this round of NFT growth.
Ethereum Ecosystem Revenue Reports Q2, 2022
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Protocol
Ethereum network revenue dropped by 33.4% due to falling demand for block space. EIP-1559’s new fee burning mechanism reduced ETH inflation by 37%. Beacon chain staking increased by 177.5%, due to increased integrations of liquid staking derivatives(LSD) into different DeFi Protocols.
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DeFi Ecosystem
The decline in user risk appetite caused DeFi TVL to drop by 42.4%. Stablecoin circulation supply increased by 43%, due to newly issued stablecoins, and increased trading or leverage demand. Perpetual DEX transactions increased by 598.5%, mainly coming from dYdX. Although the Luna incident and the market pressure brought about by the excessive leverage of institutions, Compound, Aave, and Maker have all withstood the test of liquidation, with a total liquidation of $460 million.
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NFT Ecosystem
NFT market transaction volume soared 2439.2%, daily active users increased by 1114.5%, indicating increased PFP penetration; Bored Ape Yacht Club (BAYC) floor soared 3844% — from 2.50 ETH to 98.60 ETH.
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L2 Ecosystem
TVL on L2 increased 896% from $374.17M to $3.72B. Arbitrum revenue hit $8.2M, while Optimism hit $5.58M.
Data Source：Bankless 《State of Ethereum Report — Q2, 2022》
🎵 |CT Insights|
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In this Delphi Podcast, John Adler (Co-founder of Celestia) and Dankrad Feist (Researcher at the Ethereum Foundation) took a technical deep dive into designing modular blockchain stacks.
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@spengrah talks about the concept of governance is more about taking action than making decision:
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Analysis of why MakerDAO's governance is a bad design from a game perspective:
https://dirtroads.substack.com/p/-43-first-principles-of-crypto-governance