a. Memecoins are Fueling Uniswap’s User Growth link
On May 5, related to the recent activity of Memecoins, Uniswap active users hit a high since May 2021. Ultrasound money data shows that the use of Uniswap-related contracts has burned more than 15,000 ETH in the past 7 days. Since its birth in the past few weeks, PEPE has completed more than 410,000 transactions on Uniswap, burning a total of about 5,300 ETH (about 10 million US dollars) in Gas fees.
b. Binance to list FLOKI and PEPE on innovation zone link
On May 5, Binance announced that it will list FLOKI (FLOKI) and Pepe (PEPE) on the innovation zone at 00:00 on May 6, and open spot trading pairs of FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD. Binance Futures also will launch the USDⓈ-M 1000PEPE perpetual contract at 2023–05–05 16:30 (UTC), with up to 20X leverage.
Binance: Pepe is a meme coin based on a cartoon character “Pepe the Frog”. Please note that the token has no utility and it is created by an anonymous team. PEPE has no token utility or value support mechanism. Also, there are signs that certain insiders or team members were able to buy 7% of the total token supply minutes after TGE.
c. PEPE contract implements permanent blacklist function link
On May 6, according to 0xCygaar, the PEPE contract has a blacklist function that can prevent someone from receiving or sending tokens. The address 0xAf2…4534 has been added to the blacklist, with token value of approximately $8 million. The blacklisted address purchased $PEPE within a couple hours of the Uniswap pair being launched. They were blacklisted by the PEPE deployed 8 minutes after purchasing the tokens. The blacklist can never be modified because ownership of the contract was renounced. There is burn functionality in this contract, but there is no further minting ability.
2. Sui’s weekly summary
a. Sui mainnet officially launches this Wednesday at 12:00 PM UTC link
On May 1, according to Sui official Twitter, the mainnet will officially launch this Wednesday at 12:00 PM UTC.
b. SUI goes live on multiple exchanges link
On May 2, OKX announced that SUI/USDT spot trading will be launched on May 3, with the opening method using a call auction. On May 2, South Korea’s largest exchange, Upbit, announced that it will launch SUI’s Korean won and BTC transactions on May 3. After confirming the network situation, it will further inform SUI’s deposit and withdrawal time. Binance will list Sui (SUI) at 20:00, and open trading markets for SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY. Currently, SUI has been listed on various exchanges. As of the early morning of May 6, the price is around $1.3. Based on the current price, the total market value of SUI is estimated to be 13 billion US dollars.
c. Cooperative exchanges temporarily do not list SUI contracts as Sui required link
Exclusive: the SUI official team requires the cooperative exchanges (Binance OKX Bybit KuCoin, etc.) not to launch the perpetual contract when the SUI token is launched. At present, the major exchanges temporarily meet this demand, and the launch of future may be delayed for a period of time.
When SUI’s competitor APT was launched, the official also made this request, but because Binance ignored it and directly launched perpetual contracts, other exchanges followed and launched futures immediately.
d. OKX releases reasons and compensation plan for SUI trading incident link
On May 3, OKX did not open trading at 12:00 UTC, and announced at 12:08 UTC that SUI spot trading would be delayed until 12:10 UTC. OKX stated that the inability to cancel orders affected some users and that compensation would be provided to customers who were unable to cancel their orders and bought SUI at a price higher than 1.3 USDT. On May 4, OKX released a compensation plan for orders that cannot be canceled during the launch of SUI: compensation amount = final transaction quantity of the user’s auction limit order × (average purchase price of the order — 1.3) USDT.
e. MovEX, a DEX project on Sui, received investment from Mysten Labs link
On May 4, MovEX, a DEX project on Sui, received investment from Mysten Labs. Mysten Labs is the development team of Sui Network, which also announced the launch of Sui Wallet and Sui Explorer during the mainnet launch. The former is an open-source, self-hosted wallet, and the latter is a mainnet explorer.
3. XIRTAM rugpulled after raising 2,000 ETH link
XIRTAM rugpulled, an educational project that raised 2,000 ETH recently. The project was previously funded by CultDAO. AscendEX exchange also announced the launch of XIRTAM spot trading. Binance has frozen the funds transferred to Binance by the project. Investors need to be careful about meme coin security. Cult DAO clarifies that it is only a decentralized funding mechanism, only investing in Xirtam rather than “funding”. Although many retail investors followed because of Cult DAO’s investment.
4. BTC’s weekly summary
a. Lightning labs launches updated Litd tool link
Bitcoin Lightning Network developer Lightning Labs has updated the Lightning Network management tool Litd to allow ordinary users to run their own Lightning Network nodes and send or receive Bitcoin in a non-custodial manner without technical proficiency.
b. BRC-20 standard sees 2.76m transactions and 138.58 BTC in fees link
The number of BRC-20 transactions reached a recent peak of 366,000 on May 1, with a transaction fee of 22.5 BTC on that day. As of the early morning of May 6th, the total number of BRC-20 transactions was 2.76 million, generating 138.58 BTC in transaction fees. BRC-20 is a coin issuance standard on the Bitcoin network using Bitcoin Ordinal, most of which are currently meme tokens.
c. Bitcoin network fees hit high since late May 2021 on May 3 link
Due to the recent popularity of Ordinals Inscriptions and BRC-20 transactions, the network fee capture on the Bitcoin chain reached US$3.5 million on May 3, the highest since late May 2021, surpassing Uniswap (US$2.32 million) on the same day and second only to Ethereum ($17.23 million).
d. OpenSea releases a BTC Ordinals educational guide link
On May 5, the NFT marketplace OpenSea released a BTC Ordinals educational guide, hinting at the possible launch of Bitcoin-based NFTs on the OpenSea platform.
5. ETH’s weekly summary
a. Ethereum core developers held the 108th ACDC conference call link
On May 5, Ethereum core developers held the 108th ACDC conference call. The developers discussed and coordinated changes to the Ethereum consensus layer, including preparations for EIP 4788 and EIP 6987 in the Deneb upgrade, consideration of the new SSZ type introduced by EIP 4844, and diversification of MEV relay client dependencies through PR317, among other topics.
b. Ethereum core developers enter final planning stage for Dencun upgrade link
On May 5, according to a blog post by Tim Beiko, Ethereum’s core developers are in the “final planning stages” for the next upgrade, called Dencun, following the official launch of Shapella. The main update included in Dencun is EIP-4844, also known as “Proto-Danksharding” or “The Surge”. Researchers anticipate that this update will reduce costs associated with Ethereum Layer 2 transactions by several orders of magnitude. Other upgrades include EIP-1153, EIP-6475 and EIP-6780.
c. Optimism to use Ethereum attestation service to promote user trust link
Optimism, an Ethereum-based layer 2 companion blockchain, will be using Ethereum Attestation Service (EAS), an on-chain attestation protocol to enable users to assess the trustworthiness of the platform’s users and vouch for whether something actually happened on the blockchain. This could promote fairer OP token distribution and community voting systems on Optimism, according to the release.
d. Address marked as EF transfers 15,000 ETH worth $30m to Kraken link
On May 6, the contract address (0xde…7BAe) marked as Ethereum Foundation transferred 15,000 ETH (about 30 million U.S. dollars) to the Kraken exchange at 12:58 AM UTC. The Ethereum Foundation currently has 320,272.41 ETH (approximately $640 million).
6. Curve’s weekly summary
a. Curve’s crvUSD stablecoin launches on mainnet with smart contract deployment link
On May 2, Curve Finance developers deployed the crvUSD smart contract on the Sepolia test network. crvUSD is Curve’s native stablecoin. Its core feature is to be a continuous liquidation or de-liquidation AMM to solve the bad debt problem caused by liquidation of mortgage debt positions. On May 4, Curve Finance announced that its native stablecoin crvUSD has deployed smart contracts on the main network, and has not yet deployed the UI interface. Curve Finance founder Michael Egorov executed crvUSD’s first loan worth $1M.
b. Curve Finance announces redeployment of crvUSD contract due to script error link
On May 4, Curve Finance announced that the current version of crvUSD needs to be redeployed due to an error in the deployment script that caused veCRV to be unable to collect fees from it.
7. Deloitte partners with Polkadot’s KILT Protocol to to enhance its identity protocol link
On May 4, Polkadot announced that Deloitte, the world’s largest accounting firm, will use Polkadot’s parachain KILT Protocol to enhance its identity protocol, and Deloitte will leverage KILT’s reusable digital identity credentials to support its Know Your Customer / Know Your Business processes (KYC/KYB).
8. BNB Greenfield storage network mainnet launch targeted for Q3 2023 link
BNB Greenfield is designed as to serve as a data and storage layer for BNB Chain ecosystem. The network, when launched, will integrate with smart contracts hosted on BNB Chain to support storage needs in gaming and social media.
9. Blur launches Blend: a peer-to-peer permanent lending agreement for NFTs link
On May 1, Blur announced the launch of Blend, a peer-to-peer permanent lending agreement for NFTs, built in partnership with Dan Robinson and Transmissions11, Blend charges 0 fees to borrowers and lenders, and Blend’s code is licensed under the BSL like Uniswap V3.
10. NFT’s weekly summary
a. Michelin to launch the NFT series “Michelin 3xplorer Club” link
Michelin will launch the NFT series “Michelin 3xplorer Club”, with a total of 5,000 issued, and will start casting on Ethereum on June 15. It may be combined with the famous food list Michelin. Owners of membership cards in NFT format will have privileges in them.
b. Sotheby’s launches on-chain secondary NFT marketplace link
Art auction house Sotheby’s is expanding its NFT art offerings through the release of a specially curated, peer-to-peer secondary marketplace. Through its Web3 arm, Sotheby’s Metaverse will now offer direct transactions between collectors on its platform. The integrated sales system will be fully on-chain via the Ethereum and Polygon networks, and users can pay in either native token ETH or MATIC. Sotheby’s Metaverse says it will continue to honor artist royalties through smart contracts. Sotheby’s first jumped into NFTs in April 2021 and has made over $120 million in total NFT sales.
c. Linea partners with Galxe to launch loyalty NFT campaign link
On May 3, Linea, an L2 network built by ConsenSys, announced a partnership with Galxe to launch a loyalty NFT campaign called Linea Voyage to boost activity on its testnet. The first week’s activity is cross-chain and runs from May 2 to 5. Similar campaigns have been carried out by Arbitrum, Optimism, and Polygon.
d. Sports Illustrated Tickets partners with ConSensys to launch ‘Box Office’ link
On May 3, SI Tickets, the fan-first ticketing site from Sports Illustrated, announced the launch of “Box Office by SI Tickets,” an innovative, self-service event management and primary ticketing solution built in partnership with ConsenSys and powered by Polygon’s blockchain technology. Previously, US ticketing company Ticketmaster also announced the development of NFT ticketing features.
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