GM Digest #364 — Things Are Picking Back Up
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Kwenta on Arbitrum
• @Kwenta_io, a perps trading platform, has launched on the Arbitrum network, supported by @perenniallabs’ infrastructure
• 1.9 million $ARB tokens as incentives are allocated for traders and liquidity providers
• Perennial LPs will receive 627,000 ARB over three months, with allocations for various markets (ETH, BTC, SOL, BNB, ETH², BTC²)
• 1.26 million ARB tokens will reward active traders on Kwenta, based on trading volume
• Additionally, there will be upcoming $KWENTA token incentives for traders also based on trading volume
• Future plans inslude new markets (meme coins, commodities, exotic RWAs), infrastructure upgrades, and community programs
Botanix x Ankr x Asphere
• @BotanixLabs has partnered with @ankr and Asphere to create Spiderchain, a new Layer 2 solution for Bitcoin
• Spiderchain will be the first fully decentralized EVM-equivalent L2 on Bitcoin, leveraging Bitcoin's Proof-of-Work (PoW) for base settlement and decentralization while using a Proof-of-Stake (PoS) model with BTC stakes stored securely on the Spiderchain
• Ankr and Asphere are providing engineering assistance, helping to create the custom architecture for Spiderchain, including staking, consensus mechanisms, and multisig operations
• They will also deploy and operate a global network of Spiderchain nodes, offering public and private RPC (Remote Procedure Call) connections for developers
• This service will connect developers' wallets, command-line interfaces, and dApps to the Spiderchain mainnet nodes for executing read and write interactions on the network
• It will use a decentralized network of multisig wallets for security, add a PoS layer to Bitcoin to unlock native yield from dApps
Introducing Zellular
• @zellular_xyz is introducing a new Consensus Layer and Sequencing Service for developing dApps on @eigenlayer, moving away from traditional smart contracts on blockchains
• It allows for the development of zApps using both high-level languages like JavaScript, Python, and Go, and low-level languages like Rust, C, and C++, making it accessible to a wider range of developers
• The architecture supports unlimited throughput by hosting each dApp independently, allowing for over 100,000 transactions per second per dApp
• Interoperability is ensured through the use of aggregated signatures for secure and efficient communication between blockchains and dApps. The system offers dynamic security, letting dApps specify the amount of restaked ETH needed for their nodes, balancing cost and security based on specific needs
• Zellular also features replicated state machines, ensuring robustness even if some nodes fail or act maliciously
• The Sequencer maintains a consistent state across the network by processing user requests in the same order for all nodes. If the Sequencer malfunctions, other nodes can challenge its actions, and with enough agreement, the role seamlessly transfers to a new leader
Rho Markets Exploit
• Yesterday, @CJCJCJCJ_ reported that Scroll’s @RhoMarketsHQ was exploited and their USDC and USDT pools are gone
• The Rho Markets team confirmed that unusual activity has been detected and they have paused the platform. @Scroll_ZKP was also notified and the Scroll team decided to temporarily delay the finalization of the chain
• The exploiter sent an on-chain message saying that they will return the funds. Rho Markets team also announced that the incident has been resolved and they are currently in the process of reallocating funds back to the borrow pools
Lens Protocol on zkSync
• @LensProtocol announced that they are targeting Q4 for its migration to the zkSync network
• zkSync would enable further privacy features with the option for users to monetize data through AI training models. The use of zk proofs will also allow more privacy control as users will be able to prove certain information without actually revealing it
Misc News
• @RangoExchange integrated with @ModeNetwork
• @TimeswapLabs introduces pools for @protocol_fx’s $xETH and $fETH
• @dinero_xyz will be rebranding $BTRFLY to $DINERO
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*