Weekly project updates: Uniswap V3 on BNBChain, Magic Eden Rewards, etc

1. Binance’s weekly summary

a. Binance will list Magic (MAGIC) in the Innovation Zone link

Binance announced that Magic will be listed on the innovation zone on December 12. Affected by this news, MAGIC rose to $0.748, a 24-hour increase of more than 40%. MAGIC is the token of Treasure, a game platform and ecological project built on Arbitrum.

b. 0xPlasma Labs released a proposal to deploy Uniswap v3 to BNB Chain link

0xPlasma Labs released a proposal to deploy Uniswap v3 to BNB Chain (Binance), from which additional $1B of TVL and 1–2M new users can be obtained. The proposal is currently only in the discussion stage.

c. Binance will delist MITH, TRIBE, REP and BTCST link

Binance will delist MITH, TRIBE, REP and BTCST on 2022–12–22. MITH is a token launched by the notorious Jeffrey Huang in Taiwan. BTCST is a Bitcoin hashrate token previously launched by Binance.

d. Binance Futures is now integrated with TradingView link

Binance Futures is now integrated with TradingView, a charting and trading platform. This integration will allow Binance users to trade USDⓈ-Margined futures perpetual and delivery contracts directly within TradingView’s browser and desktop apps, by connecting to the platform using their Binance accounts.

e. BNB Chain’s European Innovation Incubator unveils winners link

BNB Chain announced the final list of winners of the European Innovation Incubator program, with eight projects. Topping the list is the on-chain transaction tool Wallchain, followed by a tie for second place between Cashmere Labs, an omnichain interoperability MEV Protected DEX Aggregator & Stableswap on LayerZero Labs, and Blockless, a Web3 developer solution.

2. Auditor’s weekly summary

a. Mazars verified that KuCoin reserves are over 100% collateralized link

Mazars verified that KuCoin holded 20709.37 BTC, 170,547.69 ETH, 987,781,785.31 USDT, and 211,672,053.87 USDC on the platform at 23:59:59 GMT on November 26, 2022, and that the platform reserves are 101%, 100%, 102%, and 101% collateralized, respectively.

b. FTX.US accounting firm Armanino ends crypto audit practice link

Armanino is ending its crypto audit practice and dropping clients, Forbes reported. Armanino is auditor for FTX and OKX, Gate. Armanino was named in a class action lawsuit for its audit work at FTX.

c. Accounting firm Mazars Group has suspended all work with its crypto clients link

Mazars Group said in a statement to CNBC that it had “paused its activity relating to the provision of Proof of Reserves Reports for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public.” The statement added that Mazars’ proof of reserves reports are “performed in accordance with Reporting Standards relevant to an Agreed Upon Procedures report”. “They do not constitute either an assurance or an audit opinion on subject matter”.

3. Layer 1’s weekly summary

a. Ripple sees promise in carbon credit and gaming NFTs link

While Ripple CTO David Schwartz says he still gets most excited about payments, he’s also got his eye on carbon credits and gaming NFTs. Ripple has a $250 million creator fund that Schwartz said is being deployed carefully after some initial hesitancy. Ripple usually requires developers to first raise outside cash and build a minimum viable product before Ripple creator funds are dispersed.

b. Web3 credential provider Galxe announces integration with Apots link

Web3 credential provider Galxe has announced the integration of Apots. Currently, ongoing projects include Nodereal, ComingChat, Onchain Trade, Souffl3, OmniBTC, ApStation, Aptin, BlueMove, and Aries Market.

c. Web3 operating system DappOS and Avalanche enter into a strategic partnership link

Web3 operating system DappOS and Avalanche entered into a strategic partnership, starting with DeFi liquidity and staking protocol BenqiFinance.

d. Gitcoin deploys Grants Protocol on Fantom Network link

Fantom announced the live deployment of the Gitcoin Grants Protocol on the Fantom Network. In collaboration with Gitcoin, Fantom projects can access funding in a democratic manner to streamline dApp development. Fantom community members now can cast their vote on which projects will receive funding. To date, 100 applications have been submitted since the November 15th beta launch, with the voting round set to commence on December 12th.

e. Sui Foundation announces details of SUI tokenomics allocation link

The Sui Foundation announced SUI tokenomics allocation details, of which community reserves account for 50%, early contributors account for 20%, investors account for 14%, and Mysten Lab vault accounts for 10%. It is uncertain whether there is a large airdrop planned. SUI was invested $100m by FTX.

4. Lending platform’s weekly summary

a. Lodestar Finance was exploited for about $6.5 million link

Lodestar Finance, a lending platform on Ethereum scaling-solution suite Arbitrum, was attacked and exploited for about $6.5 million. The exploiter manipulated the exchange rate of the plvGLP token to make it 83% more valuable.

b. OrthoTrading pool funded a $16.9M USDC loan via Maple Finance link

OrthoTrading pool funded a $16.9M USDC loan via Maple Finance w/ 30 days term and 0% apr. The team confirms it is part of the migration process to Maple v2. Previously, Orthogonal Trading owed Maple Finance a total of $36 million in loans.

c. Maple Finance releases version 2.0 after $36 million default on platform link

Uncollateralized lender Maple Finance has updated its protocol to a second version aimed at opening up the lending platform to a wider range of institutional borrowers, including those from outside the crypto industry. Anyone can add funds to Maple’s pools and earn interest, and it’s up to the delegates to check the creditworthiness of a borrower.

d. MakerDAO to execute bundled governance actions, including pay for delegates link

MakerDAO is set to execute eight governance proposals that have been voted on by the community in what the protocol has called its “most important deployments of 2022.” The DAO’s delegates voted on the proposals on Dec. 11. The bundle includes a compensation package for recognized delegates, the onboarding of Gnosis DAO (GNO) token as collateral for DAI and raising the DAI savings rate from 0.01% to 1%.

e. MakerDAO and GnosisDAO join forces to launch the DAO-to-DAO strategic alliance link

Maker Governance deployed the onboarding of GNO as collateral in the Maker Protocol, while GnosisDAO committed to generating DAI from its GNO holdings and using it to grow the Gnosis Chain Network. With the GNO onboarding completed, GnosisDAO agreed to fully utilize the available debt ceiling for borrowing DAI against GNO from their treasury and expressed willingness to mint up to 30 million DAI in the first year.

f. Helio Protocol has begun deployment of the new AnkrBNB token to replace the existing aBNBc token link

Helio Protocol has begun deployment of the new AnkrBNB token to replace the existing aBNBc token. This replacement of aBNBc with AnkrBNB tokens will be issued to users with BNB collateral in Helio Protocol at Block 23545403. Users who already withdrew aBNBc from Helio Protocol post-exploit will have the option to do so again and can choose to receive either AnkrBNB instantly instead, or BNB in 7–10 days.

5. Coinbase’s weekly summary

a. Coinbase releases Transparency Report 2022 link

This report covers the period from October 1, 2021 through September 30, 2022. The report shows that Coinbase currently serves more than 108 million customers worldwide. There were a total of 12,320 requests during the reporting period, a ~66% increase over last year’s report. ~80% of law enforcement requests were from the U.S., U.K., Germany, and Spain.

b. Nansen: Coinbase is the largest ETH exchange holder link

According to Nansen, Coinbase ranks first among exchanges in ETH holdings, with 8.71 million ETH (~$11B), accounting for 34% of all ETH on exchanges. Binance ranks second with 5.19 million ETH.

c. Coinbase launches tool to recover ‘mistakenly sent’ ERC-20 tokens link

In a Dec. 15 announcement, Coinbase said users who sent any of roughly 4,000 ERC-20 tokens to a Coinbase address could recover their previously unrecoverable funds by providing “the Ethereum TXID for the transaction where the asset was lost and the contract address of the lost asset.”

6. Tether’s weekly summary

a. Tether will coordinate with Binance to perform a chain swap link

Tether has coordinated with Binance to convert 3 billion USDT from TRC20 to ERC20 in response to increased withdrawal. After Binance reported by Reuters yesterday, there was an increasing demand for withdrawals. Official said that there is no problem with USDT BUSD withdrawals.

b. Tether said it will reduce secured loans in Tether’s reserves to zero by 2023 link

Tether said it will reduce secured loans in Tether’s reserves to zero by 2023. According to a previous WSJ report, Tether had provided loans of $6.1 billion as of September 30.

7. NFT’s weekly summary

a. Mirror announces support for “NFT Embeds” link

Mirror announced support for “NFT embeds”, which allows users to display PFP or music NFTs by simply adding an NFT contract and token ID, currently only supported on the main Ethereum network, L2 Optimism and Polygon.

b. NFT marketplace Magic Eden rolls out loyalty rewards program link

Magic Eden is making a loyalty rewards program, Called Magic Eden Rewards, which will award users with “Magic Points” based on secondary trading transactions and others. This has also sparked speculation about whether it will issue a platform coin.

c. Russian social media giant Vkontakte launches NFT service link

Russia’s largest social network, Vkontakte, has launched a feature allowing users to upload digital collectibles to the platform. Account holders will also be able to buy and sell them in the future as the company intends to establish a marketplace for non-fungible tokens.

d. Donald J. Trump announced the launch of his NFT on Polygon link

Donald J. Trump announced the launch of the “Trump Digital Trading Card” series NFT on the Truth Social account, priced at $99, with a total of 45,000, issued on the Polygon chain, and can be purchased with credit cards or WETH.

8. Wallet’s weekly summary

a. Solana’s newly announced Linked Roles can provide access to special channels and added safety within the server link

Solana labs said that Discord’s newly announced Linked Roles include support for Solana and is the only blockchain application integrated into Discord. It will display the information of the user’s Solana wallet, such as holdings, number of txs, or age of the wallet.

b. MetaMask and PayPal join forces to offer crypto onramp to select users link

ConsenSys announced that U.S. MetaMask users will be able to purchase crypto (ETH) from within the app using PayPal. MetaMask will be the first Web3 wallet to leverage PayPal to drive more successful on-ramp transactions.

9. Bermuda-based Jewel Bank issues ‘fully-backed’ stablecoin JUSD link

Bermuda-based Jewel Bank said Monday it is issuing a fully backed stablecoin called Jewel USD (JUSD) that can be accessed through the Polygon network. Jewel said JUSD will maintain a reserve ratio with a minimum of 1:1 with the U.S. dollar, ensuring the bank will always have funds in its reserves to support each JUSD in circulation. The bank said it will also conduct regular audits of its stablecoin reserves, and will provide reports on a monthly and quarterly basis.

10. UNHCR and Stellar partner to use USDC to help Ukrainian refugees link

The United Nations Refugee Agency piloted a digital cash payment system powered by the Stellar network, Circle’s USDC, etc., to help Ukrainian refugees and others affected by the war with the characteristics of cryptocurrency speed, agility, on-chain traceability.