Weekly Project Updates: opBNB Mainnet Launches, etc
Colin Wu . 2023-09-16 . Data
1. Ethereum’s Weekly Summary

a. Ethereum’s Holesky Testnet Officially Launched link

On September 15th, the Ethereum Holesky testnet was set to officially launch, with a scale twice that of the mainnet. Holesky was expected to become Ethereum’s largest testnet, with approximately 1.4 million validators aimed at addressing the scalability issues of the mainnet. Holesky is slated to eventually replace the Goerli testnet, with the goal of shutting it down in early 2024. However, on September 16th, Galaxy researcher Christine Kim reported that the Holesky testnet, which went live on the 15th, experienced a failed launch due to network configuration errors. Developers plan to restart it shortly.

b. Latest Ethereum Meeting Discusses Devnet-8 Update, EIP-7514 Included in Dencun Upgrade link

On September 15th, as per Tim Beiko’s summary of the 170th Ethereum Execution Layer Core Developer Meeting (ACDE), the discussion primarily revolved around the following topics: the progress of Devnet-8 (entering its final stages with client teams continuously introducing new feature tests); the inclusion of EIP-7514 in the Dencun upgrade (setting the maximum epoch churn limit for validators to 8, without affecting the withdrawal queue, with the aim of slowing down the growth of ETH staking rates to allow more time for designing improved validator reward schemes; previously, this variable was derived from ‘total number of validators/65536,’ currently estimated to be around 12/epoch); adding an opcode to the EVM to disclose blob base fees; some audits and updates for EIP-4788 (which intends to enable contracts on the EL to access CL, primarily related to staking and MEV); and an introduction to the Rust-written execution client Reth (capable of syncing archive nodes within 50 hours, still in alpha version).

2. Binance Announces opBNB Mainnet Launch link

On September 13th, Binance announced the launch of the opBNB mainnet. opBNB is an Ethereum Virtual Machine (EVM) compatible Layer 2 solution based on the Optimism OP Stack. Since its testnet release on June 19th, over 150 dApps have been deployed, processing more than 35 million on-chain transactions. Developers had previously stated that opBNB would support over 4,000 transactions per second, with an average transaction cost of less than $0.005.

3. Metis Plans to Become Ethereum’s First Decentralized Layer 2 Solution This Year link

On September 16th, Metis is planning to become the first decentralized Layer 2 (L2) solution on Ethereum this year, enabling its community to take control of critical centralized components of the network. Elena Sinelnikova, co-founder of Metis, has stated that by authorizing community control of decentralized sequencer pools, Metis aims to demonstrate the advantages of maintaining L2 scalability while reducing centralization risks. Sinelnikova attributes the rapid growth of Layer 2 in 2023 to the emergence of new networks such as Arbitrum, Base, Mantle, Linea, and zkSync.

4. PolkaWorld, the Chinese Community for Polkadot, Announces Shutdown link

On September 15th, the PolkaWorld Chinese community announced the cessation of its operations. Due to the rejection of a proposal for official funding, PolkaWorld has been offline for half a month. It has stated that the most controversial aspect appears to be financial management under OpenGov. This has had the most significant impact on long-term contributors and organizations, as many have been denied by the Treasury and have left the Polkadot ecosystem.

5. LayerZero’s Weekly Summary

a. Google Cloud Oracle Launched on LayerZero link

On September 12th, LayerZero announced that the Google Cloud oracle has been launched on LayerZero. The Google Cloud oracle is a dedicated validator that is now available for all LayerZero applications and will be configured as the default on September 19th. In addition, Google Cloud will automatically verify the validity of every message in LayerZero.

b. FTX Files Lawsuit for Recovery against LayerZero link

On September 10th, FTX creditor @sunil_trades stated that FTX has filed a clawback lawsuit against LayerZero. It is alleged that just before FTX shut down and suspended withdrawals, LayerZero received $21 million from FTX, and co-founder Ari Litan and his company received $19.5 million. Under bankruptcy law, a company can seek to recover funds paid within 90 days before filing for bankruptcy for redistribution, and if the creditor is an insider, the 90-day period extends to one year.

6. Friend Tech Achieves $1 Million in Earnings on September 14, Surpassing Tron and Ethereum link

On September 14th, according to Token Terminal data, Friend Tech recorded earnings of $1 million, surpassing both Tron and Ethereum, securing the top position in the rankings of various protocols and applications. Earnings refer to revenue minus token incentives. For Ethereum and Tron, revenue mainly consists of network transaction fees consumed, whereas Friend Tech’s earnings include transaction fee revenue captured by the protocol. It’s worth noting that on that day, Friend Tech accumulated fees of $2 million, with an additional $1 million allocated to creators. Transaction volume and fee capture have reached new highs for two consecutive days.

7. Tip Coin Delays Token Release Date to Next Week Due to Team Computer Disk Damage link

On September 16th, the Web3 social app Tip Coin tweeted that their team, responsible for handling token claims, faced an issue with a computer disk, resulting in the loss of some modifications made in the past week. Tip Coin stated that the token contract has already been deployed, and token claiming will be open until September 19th, 0:00 Beijing time. On the evening of September 15th, Bitget and MEXC officially announced the upcoming launch of Tipcoin (TIP) spot trading.

8. Sony to Establish Joint Venture with Astar Developers link

On September 12th, Sony’s subsidiary, Sony Network Communications, in collaboration with the development company of Astar Network, Startale Labs, announced the establishment of a joint venture subsidiary called ‘Sony Network Communications Labs Pte. Ltd.’ in mid-September. The new company will focus on blockchain technology research and development. The CEO of Startale Labs, Sota Watanabe, stated that the new company will drive the development of Sony Chain.

9. Certik and OKLink Advocate the Introduction of Technology Standards for Frozen Asset Requests link

On September 12th, Certik announced a joint initiative with OKLink to introduce the Freeze Asset Request (FAR) technology standard. This initiative aims to enhance and standardize the fund rescue process within the Web3.0 ecosystem, simplify the path for reporting security incidents, and expedite the freezing of stolen funds. OKLink expressed that the Web3.0 community, exchanges, and security institutions should closely collaborate to establish a common fund locking mechanism, potentially creating a mutually beneficial scenario for victims and exchanges.

10. Voice to Gradually Cease Operations in the Coming Months, Received $150 Million Investment from Block.one link

On September 14th, the NFT platform Voice announced in a tweet that it will gradually shut down its operations in the coming months. New user registrations have already been temporarily suspended, and the trading marketplace has been closed. Voice plans to introduce a service in the upcoming weeks that will allow NFTs to be migrated from Voice to self-hosted wallets on EOS, Polygon, or Ethereum. Prior to this decision, Block.one, the parent company of EOSIO, had invested $150 million in Voice.

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