In the week of December 28-January 3, the events worthy of attention in the progress of star projects include: the U.S. SEC lawsuit against Ripple will be held on February 22, 2021; the MakerDAO community initiated a liquidity mining proposal; BCH's DeFi application Detoken has been launched; Andre Cronje released the experimental project yCredit, which can tokenize income credit.
Star Project Progress
The following are specific project progress and financing events:
Star Project Progress
The US SEC lawsuit against Ripple will start on February 22, 2021
For the SEC lawsuit against Ripple, the Southern District Court of New York has set the trial date for February 22, 2021. According to the order, the parties to the proceedings will hold a pretrial conference with Judge Analisa Torres that day.
The MakerDAO community initiates a liquidity mining proposal
Ali Atiia, Ph.D. in computer science from McGill University, initiated a proposal in the MakerDAO community to mint Dai to reward MKR tokens. Backed by high liquidity, the peg rate will be more robust, while governance/community can shift focus to other areas such as adoption and fiat deposits, etc.
According to the proposal, MKR rewards will be allocated by existing foundation reserves and/or inflation; work with Compound/Aave to add MKR as collateral in its ecosystem so that existing holders can borrow and participate in mining; use vaults Time-weighted distribution of tokens to prevent the dominance of large whales; create a reserve of Dai and USDC to keep it at around 10% of the market value of Dai, which can be used to stabilize the peg rate; introduce negative interest rates.
Gavin Wood: Substrate 3.0 may be released in the first half of 2021
Polkadot founder Gavin Wood pointed out in the "2020 Polkadot Summary" that the next major version of Substrate, version 3.0, may be released in the first half of 2021, which will bring compatibility to Ethereum, as well as new improvements and more idiomatic FramePalletAPI and a faster database backend and end-to-end weighting system.
In 2020, Polkadot’s treasury has a total of more than 14 million US dollars to fund more than 200 projects; 61% of Polkadot’s current 1.02 billion DOT circulation is locked in the pledge system; Polkadot currently has 274 validators, represented by About 200 independent operators operate and are supported by more than 7,000 personally designated accounts; Polkadot currently has more than 100 parachains under development, and there are more than 50 slots looking for complete parachains. Cumulus (a parachain to connect to Substrate) is in the initial stages of full functionality, ready to be used with the new Rococo testnet and parachain v1 code.
Bitcoin ABC launched version 0.22.10, after which the version no longer supports the BCHN network
Bitcoin ABC announced that it has launched version 0.22.10 of Bitcoin ABC. This version supports BIP157, and some RPC changes and fixes have been made. At the same time, the official emphasized that starting from version 0.22.10 of Bitcoin ABC, Bitcoin ABC will focus on the construction of the BCHA chain, and will no longer support the BCHN network, and will no longer provide a BCH-compatible version. BCHA compliant versions 0.22.6-0.22.9 of the Bitcoin ABC software will continue to be available.
The first BCH-based DeFi application Detoken has been launched
Detoken announced that Detoken.net, the first BCH-based DeFi application, is now live.
Litecoin MimbleWimble protocol code will be finalized in Q1 2021
On December 29, Grin developer David Burkett tweeted that the code for the Litecoin MimbleWimble protocol will be completed and merged in the first quarter of 2021. The activation time will be determined by users and miners.
Andre Cronje releases yCredit, an experimental project that tokenizes revenue credits
YFI founder Andre Cronje published an article introducing the experimental project yCredit, which can tokenize income credit. It said that on the basis of the original stable credit, yCredit allows users to deposit ERC20 tokens and obtain 99.5% of the US dollar-based credit line through yCREDIT tokens. For example, a user who deposits $100 worth of AAVE will receive 99.5 yCREDIT. In terms of specific rules, every deposit, transaction, exchange, loan or repayment of yCredit will generate a 0.5% fee, and these fees will be distributed to any user who mortgages yCREDIT in the yCredit contract.
The YFII community announced that it will launch the algorithmic stable currency YSD
The YFII community announced in the DeFi Tuesday live broadcast that it is incubating the algorithmic stable currency YSD. As an algorithmic stable currency, YSD will have three major characteristics:
1. It will be used as a medium to connect with mature stable coins such as: DAI, USDT, USDC, HUSD, BUSD.
2. The transaction fee is 0.01%, which is lower than Uniswap's 0.3% and Curve's 0.02%.
3. Set a price limit mechanism to make the algorithmic stable currency price trend orderly and stable.
In the later stage, various YFII ecological project token mining such as stable currency, YFII, Wepiggy, Y3D, and Grap will be carried out, and access to the YFII machine gun pool will obtain double YSD benefits while staking mining. YSD will be launched soon.
The Ethereum expansion program Optimism plans to soft launch on the main network on January 15
The Optimism team, the Optimistic Rollup expansion plan of Ethereum, stated in the annual summary report that Optimism had frozen the code two weeks ago in order to prepare for the trial operation of the mainnet of Synthetix, and then it is expected to be soft-launched on the mainnet on January 15. The community version will be released on the 15th. Optimism said that despite extensive testing, errors are expected, so upgrade keys will be kept for at least 6 months to ensure the safety of user funds.
Curve entered the Huobi ecological chain Heco and became Heco's first batch of ecological partners
Curve announced to become the first batch of ecological partners of Huobi ecological chain Heco, and will settle in the near future. Curve will provide more efficient transactions and flows for stablecoins on Heco, provide liquidity providers with low-risk supplementary fee income, and enrich Heco's DeFi underlying products. In addition, the two parties will also carry out in-depth interactive cooperation in global promotion and community building.
1inch co-founder admitted that the team address received 363,000 1INCH airdrop tokens
On December 29th, Sergej Kunz, co-founder and CEO of 1inch, said that the handling fee from the transaction is to maintain the server work. 1inch servers are very expensive. There are about 100 servers, each with 64 CPU cores and 128GB RAM, and 1inch has 33 people to continuously improve definition and development. Additionally, 1inch must test governance in production to avoid problems. The wallet made some interactions at 1inch. 1inch received 363,000 1INCH tokens because it forgot to exclude the wallet address from the airdrop list.
Theta Network token generation tool Theta Token Minter is now live
According to official news, Theta Network announced that the token generation tool Theta Token Minter is now online, allowing users to create TNT-20 tokens on the Theta blockchain. TNT-20 tokens can be added to Theta Wallet Chrome extension, stored alongside Theta and TFUEL tokens. Theta mobile wallet and web wallet will also add support for TNT-20 tokens in a future update.
Injective Protocol Announces Institutional-Grade Product Solstice Pro
On December 30, Injective Protocol, a decentralized derivatives exchange, officially announced the launch of Solstice Pro, an institutional product. For Solstice, a product update that is more suitable for institutional users has been carried out. Solstice Pro will also support delivery contracts. Traders can independently create and trade quarterly delivery contracts and other derivatives.
Bancor announces it is exploring the development of a cross-chain bridge to Polkadot
On January 2, the DEX protocol Bancor announced that it is currently exploring the development of a cross-chain bridge to Polkadot, which will enable decentralized cross-chain transactions between the Ethereum chain and the Polkadot chain. The design of this cross-chain bridge utilizes lightweight nodes that can run in browsers, which will reduce the cost and barriers for participants to become bridge agents.
OneCash.finance, an Algorithmic Stablecoin Project Based on Basis, Launches
Security Incident and Follow-up
Security Incident and Follow-up
Star Insurance Project Cover Protocol Hacked
research analysisresearch analysis). That night, the attacker took advantage of the business logic error of Cover Protocol to issue a large amount of COVER tokens, and cashed out on the trading platform. The price of COVER also plummeted from around $800 to almost zero.
Interestingly, the main attack address in this hacking incident pointed to another DeFi project, Grap Finance, which subsequently returned the 4,350 ETH obtained by cashing out to the Cover Protocol team, and destroyed the remaining additional COVER. After the incident, Cover Protocol officially announced that it plans to distribute new COVER tokens based on the data snapshot results before the vulnerability, and will distribute a total of 4441 ETH to liquidity providers as an incentive. Binance also announced that it will use the "SAFU Fund" to subsidize users with damaged positions who bought COVER in Binance after the snapshot time.
Ethereum developer Roman Semenov tweeted that it looks like all MITH Cash tokens have an unverified owner contract that can mint an unlimited number of tokens. Technically, the token’s operator address is 0x024976ed0e0e166f5f9f7e696f456798441352fe, but it is fully controlled by its owner contract (0xc2395b979432d2c2125f357e46c4ec94baa6d35b) via the migration function. Now that the project is boasting a total locked value of $1 billion, the contract should be verified as soon as possible to ensure there are no backdoors. To clarify, this should not affect other tokens locked in the farming pool, only their own cash/stock/bond tokens.
Afterwards, MITH Cash officially responded and announced the relevant operation proof, and the contract has been verified. Semenov confirmed that the problem has been resolved.
Twitter user says Andre Cronje's new experimental project yCredit has a security flaw
Investment and financing overview
Investment and financing overview
Findora, a financial privacy public chain, raised approximately US$7.7 million within 2 hours of its public offering on December 28. As of December 30, Option C and D have been sold out and closed, and the five options have raised a total of about 22 million US dollars.
Lending platform Vauld raises $2 million, plans to grow into a crypto bank
Singapore-based lending platform Vauld has closed a $2 million funding round led by Pantera Capital to grow into a full crypto bank. Other investors include Coinbase Ventures, LuneX Ventures and individual investor Robert Leshner of Compound Finance, among others. (CoinDesk)
Polkadot cross-chain oracle machine ParaLink receives strategic investment from YBB Foundation
ParaLink announced that it has received strategic investment from YBB Foundation. ParaLink Network is an oracle protocol built on the Polkadot ecosystem. Developers can use the blockchain and real-world data through ParaLink's original query language, Paralink Query Language (PQL). PQL allows users to access Web APIs by querying SQL databases, scraping websites, and other real-world data.
Cross-chain transaction protocol RAI Finance received strategic investment from NGC Ventures
RAI Finance, a Polkadot-based cross-chain transaction protocol, announced that it has received a strategic investment led by NGC Ventures. RAI Finance has raised approximately US$1.5 million in strategic investment from GBIC and Alphabit through previous rounds of investment. Keonho Lee, CEO of RAIFinance, said, "We are very pleased to have successfully attracted a series of strategic investments after the last round of financing. The team is currently running the RAI Swap test version and preparing for the product launch." (Rai Protocol Chinese Community)
Zonff Partners invests in Tidal Finance, an open programmable insurance marketplace
Tidal Finance, an open programmable insurance market on the Polkadot ecosystem, completed a private round of financing and received investment from Zonff Partners. Tidal Finance has the function of creating a custom insurance pool for one or more assets on multiple chains. It maximizes capital efficiency by giving the pool creator part of the deposit income as a reward. Its open market nature will facilitate the exchange between different fund pools competition to effectively improve capital efficiency. Users can create a vault by selecting one or more contracts.
SubDAO Receives Seed Round Investment from FBG, Genesis Capital, PAKA and Other Institutions
News SubDAO announced the completion of the seed round of financing, with FBG, Genesis Capital, PAKA, Candaq, Infinity Labs, Waterdrop Capital, Blue Mountain Labs, Incuba Alpha Co., Ltd. and other institutions participating in the investment. SubDAO Network is a cross-chain DAO platform designed to link DAOs and DApps on Polkadot. In the Web3.0 world of Substrate and Polkadot, it will become the basic technical infrastructure for creating and managing DAOs.
Huobi Ecological Chain Project Fire Protocol Receives Investment from YBB Foundation
Xunhuobi ecological chain project Fire Protocol received investment from YBB Foundation. Fire Protocol is the first infrastructure project on the Huobi Ecological Chain. With the help of HECO's technical foundation, it realizes the cross-chain bridging service.
Real estate digital ecology LABS Group received strategic investment from YBB Foundation
According to official news, the real estate digital ecology LABS Group has received strategic investment from the YBB Foundation to jointly promote the global real estate digital ecology.
Canadian investment company Routemaster Capital announced that the company has led the investment of US$100,000 in financing obtained by Luxor Technology Corporation, a computing power management platform. As part of the deal, Routemaster has the option to invest an additional $200,000 in Luxor.
