Weekly project updates: MakerDAO's "Endgame", Chiliz's mainnet launch, etc

1. BTC’s weekly summary

a. Interlay founder Alexei Zamyatin proposes BRC-21 standard link

On May 8, Alexei Zamyatin, the founder of Interlay, proposed the introduction of the BRC-21 standard to bring fully decentralized cross-chain assets to the Bitcoin network and use them on the Lightning Network. The BRC-21 standard offers a way to mint BRC-20 versions of other chain assets, such as ETH and DAI, on the Bitcoin network.

b. OmniBOLT to support BRC20 tokens on the Lightning Network link

On May 9, OmniBOLT announced that it will support BRC20 tokens on the Lightning Network; OmniBOLT is the Bitcoin Lightning Network protocol based on the Omni layer. Earlier, OmniBOLT announced that it has received investment from Waterdrip Capital, Danhua Capital, Redline DAO and other institutions, and completed the first USDT Lightning Network transfer in history.

c. Proposal for Bitcoin Taproot transactions sparks debate among core developers link

On May 10, faced with Ordinals and BRC20 causing Bitcoin network congestion, Core developer Ali Sherief suggested introducing a runtime option to immediately delete all non-standard Taproot transactions. There are currently 5 developers participating in the discussion, but most do not agree with this “censorship”.

d. The popularity of Bitcoin Ordinals transactions is decreasing link

The trading volume of the Ordinals market has decreased for three consecutive days after reaching an all-time high of $18.13 million on May 8, and the trading volume on May 11 was $4.86 million. The number of transactions also fell from 17,000 on May 8 to 6k on May 11.

e. Mintlayer CEO: The technology behind Ordinals is “heavily flawed” link

On May 12, Enrico Rubboli, CEO of Bitcoin layer-2 sidechain Mintlayer, told Cointelegraph that the technology behind Ordinals is “heavily flawed” and doesn’t follow the “axioms of the core Bitcoin community.” He also believes that Ordinals could cause additional regulatory scrutiny for Bitcoin, as new BRC-20 tokens may be considered unregulated securities.

F2Pool representing miners said Ordinals is a beneficial exploration for Bitcoin application and helps to unlock greater value in the Bitcoin network. “I see the backlash from many BTC purists, but I don’t think that anyone should use their platform to attempt to censor transactions and attempt to discern between what is a ‘valid’ and ‘invalid’ transaction on any network,” AngelBlock founder Alex Strzesniewski told Cointelegraph.

2. ETH’s weekly summary

a. Ethereum Foundation’s sale of 15,000 ETH reignites discussion on market impact link

On May 7, the Ethereum Foundation sold 15,000 ETH, sparking discussion of another potential dump. Data shows that in November 2021, the Ethereum Foundation indeed sold 20,000 ETH at a price of $4,677 before the dump. However, back in December 2020, the Ethereum Foundation sold 100,600 ETH at a price of only $657.

b. Several developers jointly released the EIP-7002 draft link

On May 11, several developers jointly released the EIP-7002 draft, which aims to allow validators to trigger exits via their execution layer (0x01) withdrawal credentials. Validators have two keys, an active key and a withdrawal credential, but only the active key can initiate a validator exit, which means that This means that in any non-standard custody relationships (i.e. active key is separate entity from withdrawal credentials), that the ultimate owner of the funds — the possessor of the withdrawal credentials — cannot independently choose to exit and begin the withdrawal process. To ensure that the withdrawal credentials (owned by both EOAs and smart contracts) can trustlessly control the destiny of the staked ETH, this specification enables exits triggerable by 0x01 withdrawal credentials.

c. Tim Beiko: Summary of the 161st ACDE link

On May 12, according to the summary of the 161st ACDE by Tim Beiko, most of the discussions in this meeting focused on EIP-4844, with brief discussions on L2 EIPs and the overall Cancun plan. Regarding the EIP-4844 issue, the main discussions were about the input format of precompiles, which serialization encoding method should be used for transaction types, and some discussions on the validity condition of blocks and issues related to KZG libraries. For the discussion of L2 EIPs, there were EIP-6969 and EIP-5656.

d. Ethereum main network’s beacon chain experiences half-hour problem link

On May 12, the beacon chain of the Ethereum main network experienced a problem for about half an hour, and the developer said that the cause is still under investigation.

@superphiz: History suggests that a client has experienced a bug and a patch will be required. Based on our current dependence on mev boost, it’s a potential suspect as well.

@terencechain: We have identified areas where state caching could be improved. Given the chain has stabilized, as a staker / node operator, there’s no action required moment.

The Ethereum uffered from a technical issue on Friday that caused the network to hard to finalize blocks for over an hour, the second such outage in the past 24 hours. DYdX says it paused deposits temporarily today due to the lack of Ethereum finality.

Potuz: Yesterday close to 8pm UTC the Ethereum network lost finality for 25 minutes. Several valid, but untimely attestations were broadcast in the network. With the increase in validator sizes and the number of these untimely attestations, this cache quickly filled and forced us to replay several times the same state. We decided to release a fix that will strengthen Prysm in the case of such events.

3. MakerDAO’s weekly summary

a. MakerDAO announces the Spark Protocol launch link

On May 8, MakerDAO announced the Spark Protocol launch, which is a lending marketplace specifically designed for supplying and borrowing crypto with a focus on DAI. This direct wholesale credit line in DAI injects and automatically balances fresh DAI liquidity into Spark Lend.

b. MakerDAO announces a new roadmap called “Endgame” link

On May 12, MakerDAO announced a new roadmap called “Endgame”, the Beta version will be released within a few months, including the release of governance AI tools, the launch of 6 SubDAOs, the launch of the governance incentive plan, and the final step of Endgame is to launch NewChain.

4. Lido V2’s final on-chain vote for the upgrade is scheduled for May 12 link

On May 9, Lido announced that Lido V2 will be live after the vote enactment on May 15, unlocking direct in-protocol stETH:ETH withdrawals, the ~270k ETH in the vault will be available, enabling the fulfilment of initial withdrawal requests without a lengthy validator exit process.

5. Governance procedures for the expansion of Aave v3 to Metis have been finished link

On May 8, the Aave community passed a proposal to expand Aave V3 to Metis, activating the Aave V3 Metis pool (3.0.2). Metis will provide 100,000 METIS as liquidity mining rewards for Aave V3, which will be distributed over a six-month period.

6. Mobile Saga from Solana Labs is now available to the public link

On May 9, Mobile Saga from Solana Labs is now available to the public. Saga supports Seed Vault, a self-hosted key solution, Solana DApp Store for accessing decentralized applications, and more. In addition, Saga users can apply for a Saga Genesis Token when setting up their own devices.

7. Chiliz officially launches the public mainnet for Chiliz Chain link

On May 10, Chiliz announced the official launch of the public mainnet for Chiliz Chain. Chiliz Chain is an EVM-compatible L1 public chain, and approved developers can build sports web3 projects on the chain. The fees on the Chiliz chain are paid using the Chiliz native token CHZ.

8. Uniswap’s weekly summary

a. GFXlabs proposes proposal to charge fees for Uniswap liquidity pools link

On May 11, GFXlabs proposed a fee collection proposal for liquidity pools in the Uniswap community, where the fees would be able to replenish its treasury, and the community would decide how to manage, allocate, distribute, or otherwise utilize the assets accrued to the treasury. However, the proposal was criticized by other community members who believed that opening up the fee switch would pose significant legal and tax risks, as well as facing more competition. This is not the first time that community members have called for the activation of the Uniswap liquidity pool fee switch, which previously failed to gain sufficient support due to concerns over tax and legal issues.

b. Wintermute joins Uniswap governance competition link

On May 11, crypto market maker Wintermute announced its participation in Uniswap’s delegation governance competition and plans to become a delegate representative. Wintermute will push for experimentation with fee conversions in Uniswap governance, where the proceeds will be used to ensure the longevity and growth of the protocol and continued multi-chain expansion. The delegation governance competition is based on Uniswap Agora, a comprehensive governance interface for delegation launched by the Uniswap Foundation on May 2.

9. BitDAO begins to vote on the BIP-21 proposal to unifying brands as Mantlelink

On May 12, BitDAO, which is supported by Bybit Exchange, began to vote on the BIP-21 proposal, proposing that all brands will be unified as its L2 blockchain brand Mantle. BitDAO and BIT token will cease to exist after voting and will be replaced by Mantle. Earlier, the BitDAO community proposed to unify the entire ecosystem under the current L2 network Mantle, and the BIT token will be changed to Mantle according to exchange rules, adopting a new token design, exchange mechanism, and exchange channel. Existing governance and DAOs will be renamed as Mantle Governance.

10. Milady NFT series surges 40% in 24 hours after Elon Musk tweet link

On May 11, affected by the Milady sent by Elon Musk, the floor price of the NFT series once rose to 5.3 ETH, a 24-hour increase of 40%. The 24-hour transaction volume reached 7510 ETH, an increase of 2063%. Milady holders are also considered PEPE MEMECOIN promoters. According to FutureMoney Group @codeboymadif’s interpretation of Milady, it is an NFT project initiated by Remilia in 2021. However, it has been criticized by community KOLs due to the involvement of the founder’s account in promoting inappropriate behavior such as teenage suicide. Milady has become a totem of counterculture.