Weekly project updates: Lido V2, frxGov undergoes audit, etc

1. ETH’s weekly summary

a. Ethereum client Prysm releases the v4.0.3-hotfix version link

The Ethereum client Prysm has released the v4.0.3-hotfix version to fix the recent network instability. This version contains optimizations that can prevent beacon chain nodes from taking up too much resources during periods of network instability.

b. Announcement from Ethereum clients Prysm and Teku link

On May 13, Prysm and Teku Released announcement: On May 11 and 12, the beaconchain experienced two separate occasions wherefinality was unable to be reached for 3 and 8 epochs. This appears to have beencaused by high load on some of the Consensus Layer clients. The full cause for this is still being evaluated, Teku and Prysm have released upgrades that implements optimizations to prevent beacon nodes from high resourceusage during these exceptional scenarios.

c. Prysm, the main Ethereum client, announces Prysm v4.0.4 link

On May 16, Prysm, the main Ethereum client, announced Prysm v4.0.4. This is the first full release following the recent mainnet issues and all stakers need to update to this release ASAP. Aside from the critical fixes for mainnet, this release contains a number of new features and other fixes since v4.0.3.

d. Ethereum researcher Justin Ðrake releases the continuation proposal of EIP-1559 link

On May 16, Ethereum researcher Justin Ðrake released the continuation proposal of EIP-1559: MEV Burn, which aims to burn the extra income of MEV and prevent individual miners or verifiers from obtaining it, in order to reduce their possible incentives to manipulate the order of transactions.

2. Lido V2 upgrade / Ethereum withdrawals are live link

Lido V2 introduces two major components, with the most user-facing aspect being Ethereum withdrawals. This allows Ethereum stakers with Lido to directly unstake ETH through the protocol. Lido currently holds the largest percentage of Ethereum depositors at 29%. Bankrupt lending firm Celsius holds over 400,000 stETH ($720 million) via Lido Finance. Ten minutes before the launch of the Lido V2 version, Celsius transferred 428,000 stETH to the new address.

3. Curve Finance announces the launch of crvUSD UI link

On May 18, Curve Finance announced the launch of crvUSD UI, currently only supporting collateralization and minting using sfrxETH, with stETH support coming in the future. According to @Marcov’s Dune data dashboard, as of the evening of May 19, there were only 29 addresses holding crvUSD, with approximately $2.02 million in net borrowing and collateral value worth $2.71 million.

4. Optimism’s weekly summary

a. OP Mainnet upgrade to the Bedrock release to take place on June 6, 2023 link

The OP Mainnet upgrade to the Bedrock release will take place on June 6, 2023 at 16:00 UTC. The upgrade will require 2–4 hours of downtime for OP Mainnet. On upgrade day, transactions, deposits, and withdrawals will be unavailable for the duration of the downtime, and the OP Mainnet chain will not be progressing. The official statement mentions that the Bedrock upgrade will significantly reduce fees, enhance client diversity, improve the security and resilience of the mainnet bridge, and reduce discrepancies with the Ethereum mainnet, making it more convenient for developers to work.

b. Optimism Collctive announces the Season4 community governance experiment link

On May 17, Optimism Collctive announced the Season4 Community Governance Experiment, which will involve several key experiments: 1. Collective Intents: Establishing flexible and directional goals and allocating a specific budget for each Intent. 2. Missions and Alliances: Tasks will include Proposed Missions and Foundation Missions. 3. Collective Trust Tiers: Trust Tiers allow funding limits to be set based on contribution, reputation, and impact instead.

5. Frax Governance (frxGov) is undergoing an audit link

Frax Governance (frxGov) will enable the Frax protocol to be fully decentralized and continue operating without any contributions from a core team. FrxGov has three abilities, all executed on-chain: 1. The ability to veto any or all proposed transactions from the multisig signers. 2. The ability to replace any or all signers of the multisig. 3. The ability to propose any type of transaction to operate the AMOs protocol without multisig signers.

6. Apple allows Axie Infinity crypto game on the App Store link

‘Axie Infinity: Origins’ will be available on Apple’s App Store in a select number of countries throughout Latin America and Southeast Asia. The game’s creator, Sky Mavis, is hopeful Apple allowing users to play ‘Axie Infinity: Origins’ on the iPhone is a step towards wider adoption of web3 gaming.

7. Lightning Labs announces Taproot Assets v0.2 link

Bitcoin Lightning Network developer Lightning Labs has announced Taproot Assets v0.2, which is currently on testnet. In this release, an unlimited amount of assets can be minted and/or moved in a single on-chain transaction; letting users integrate their assets into the Lightning Network for instant, high-volume, low-fee transactions.

8. Near Protocol to use Wormhole bridge for cross-chain transfers link

Developers from Layer 1 blockchain Near Protocol and Wormhole Bridge are collaborating to create light client solutions for supporting cross-chain transfers using Zero-Knowledge (ZK) proofs. A light client is a version of a full node in a blockchain network that only downloads a fraction of the entire blockchain, while still being able to verify transactions. Light client solutions will delegate most of the computational load required for employing ZK Proofs to an off-chain layer. This strategy, the Near foundation said, will optimize storage and computational resources.

9. Osmosis, Axelar and Akash fund ‘mesh security’ model for Cosmos ecosystem link

Osmosis, the largest decentralized finance network in the Cosmos ecosystem, is spearheading the development of a novel cross-chain security model termed “mesh security.” This model aims to combine staked assets from two or more blockchains, thereby bolstering the security of the Cosmos ecosystem against potential security breaches or validator staking takeovers. The development of mesh security is being funded by Osmosis, in collaboration with Axelar, Akash Network, and ATOM Accelerator DAO. The initiative is projected to be completed over three phases, with each phase estimated to last around three months.

10. NFT’s weekly summary

a. Assassin’s Creed ‘Smart Collectibles’ pair NFTs with 3D-printed physical items link

Integral Reality Labs and Ubisoft have partnered to create Assassin’s Creed Smart Collectibles, which are NFT access passes minted on Polygon that are paired with physical collectibles. The collectibles feature an embedded near field communication (NFC) chip. When tapped with a smartphone, owners can view a digital version of the character within a companion app, as well as access additional features and utility tied to the project. A pre-sale will begin today ahead of the official mint on May 16.

b. Pudgy Penguins officially launches Pudgy Toys and Pudgy World link

On May 18, popular NFT project Pudgy Penguins officially launched Pudgy Toys and Pudgy World. Pudgy Toys is a collaboration with global branding and licensing company Retail Monster, featuring 6 different toy options at various price points. Each toy comes with a birth certificate and can be used to participate in official mini-games to win wearable NFTs. In Pudgy World, players can register a wallet using their email address and create their own SBT penguin character. They can then customize their penguin with tradable NFT accessories supported by Polygon, and the marketplace is provided by Origin Protocol.

c. Ethereum sidechain Ronin Network launches its NFT marketplace link

On May 17, the Ethereum sidechain Ronin Network launched its NFT marketplace called Mavis Market to support NFT trading on Ronin. Users can purchase NFTs using AXS, WETH, USDC, and RON. Ronin has designed the fee structure for Mavis Market to align the incentives between creators, Sky Mavis, and the Ronin Network. NFT creators have the ability to set royalties, and Mavis Market charges a fixed fee of 2.5%, with 2% allocated to Sky Mavis and 0.5% allocated to the Ronin Treasury.

d. Bitcoin NFT marketplace DIBA using RGB protocol launches link

DIBA is launching what it says is the first Bitcoin NFT marketplace to leverage RGB smart contracts. Its CEO called BRC-20 tokens “dumbest technical experiment in crypto” amid robust interest in both the tokens and Ordinal NFTs. The company wants to foster the migration of tokenized assets like NFTs from Ethereum to Bitcoin.

e. Sotheby’s auctions part of 3AC’s rare NFT collection, bringing in $2.4 million link

On May 19, Sotheby’s concluded its sale of several rare NFTs seized from bankrupt crypto hedge fund Three Arrows Capital (3AC) expansive collection, bringing in $2,482,850 to recoup some of the lost funds. More NFTs from 3AC’s collection will be released in chapters through auctions or private sales in the future. 3AC has spent over $21 million to purchase a collection of NFTs, including over ten CryptoPunks and 30 Tyler Hobbs artworks.