Gmgmgmgm Square Fam!
Welcome back, I am back from my vacation.
Presenting the 28th episode of The #ICP Pulse Season 3, your daily dose of all things on ICP.
Let's get into today's episode🚀
1️⃣$ICP Price action
So, as we can see here, the price has been rapidly chopping for the past week or so, also in a tight range, from 7.8 USD to 8.3 USD.
Currently, we are sitting on the major support zone, indicated in blue, awaiting ETH to go to the moon.
So, If you are new to watching markets, let me explain that too.
First BTC moons, while gradually increasing its dominance, then after a certain timeframe, ETH starts to bananas, where BTC dominance drops, when alts start to follow the trend gradually.
Finally, the memes fly high, with high wicks indicating the end of a cycle.
I have been here since mid-2017, so I've seen things rhyming with these things, which is another different story.
So, back to the price topic.
Currently, according to these TAs, to continue the uptrend we are required to crack the 8-8.2 USD, indicated in orange, along with mid-higher volumes.
So, now we wait :)
As always, NOT FINANCIAL ADVICE, SO DYOR🫵
Note that we aren't going into a deep analysis of our usual stuff, as we have to discuss what happened at the R&D Meeting, which was released on the 31st of October 2024.
2️⃣R&D Meeting Minutes October 2024 @ DFINITY HQ
🟪Host: The Legendary Samuel Burri, VP of Engineering @ DFINITY
Agenda
IC - Alloy By Kristofer Lund
Mainnet load & Scalability By Manu Drijvers
Scheduler Improvements By Andriy Berestovskyy
API BN Incident Handling By Rüdiger Birkner
Developer Experience By Jason Ibrahim
CanFund: Cycle Management Library By Jan Hrubes
Community Demo By NFID
DeFi Integration By PrimeVault
1️⃣IC- Alloy By Kristofer Lund
According to Kristofer,
➡️IC alloy is a fork of Alloy, based on the Rust-based Alloy project, that aims to simplify interacting with EVMs through rust-based canisters.
➡️It's completely open-source.
➡️Here is a sneak peek from Kristofer's demo👇
➡️This tooling aims to provide a good developer experience to the devs with some interesting utilities.
2️⃣Mainnet load & Scalability By Manu Drijvers
According to Manu,
➡️The compute load on ICP has grown drastically, showing some growing challenges.
➡️The instruction count on the IC has grown over 7x across the past few months.
➡️The foundation is focusing on Replica Improvements, which will increase the capacity of each subnet while minimizing the latency.
➡️The steps taken so far👇
➡️Cycles price adjustments have been also implemented, where the canister creation fee has been revised to 0.5T and the cost per wasm instruction is now set to 1T.
It's also advised to attach sufficient cycles when deploying new canisters.
➡️To put things simply, the majority of cost increments come to the 1k canisters hosting SocialFi Applications for over 1K users.
➡️The foundation has already added a motion proposal, to add 20 more app subnets to the target topologies.
➡️The community is highly encouraged to share their feedback in the forum.
3️⃣Scheduler Improvements By Andriy Berestovskyy
According to Andriy,
➡️The foundation proposes Scheduler improvements, aiming to solve subnet loads and latency.
➡️A sneak peek from Andriy's Explanation👇
➡️Now, thanks to the rolled-out improvements, there are fewer than 2K Idle Canisters, with over 30K active canisters.
➡️The latency remains close to zero now.
➡️A huge shoutout to Manu, Dimitris, Alin, Release and Execution Teams.
4️⃣API BN Incident Handling By Rüdiger Birkner
According to Rüdiger,
➡️All the main components of the new Boundary Nodes Architecture are complete.
➡️The IC Gateway is shipped and the discovery library is currently underway its integration to agent-rs.
➡️Now, all the requests sent to the IC go through an API BN, and a canister will be deployed to manage the rate-limiting rules.
➡️How this mechanism will work👇
➡️ The foundation requests the community to provide their feedback in the forum in this regard.
5️⃣Developer Experience By Jason Ibrahim
According to Jason,
➡️Activity remains constant in the DX Feedback Board, there was a slight drop in execution in August due to summer vacations.
➡️A sneak peek at Jason's explanation on the beryllium milestone, where the focus is on canister DevOps👇
➡️The milestone will be officially shipped next month🚢
➡️Now, the allowlist for canister logs is available.
➡️Referential Integrity with actors is now enabled in Motoko.
6️⃣CanFund: Cycle Management Library By Jan Hrubes
According to Jan,
➡️Canfund is developed using Rust.
➡️It aims to facilitate seamless cycle management.
➡️A sneak peek on its features👇
➡️This application now replaces the outdated canister-monitor dapp and is underway towards its integration with Orbit, A trustless, multi-custodian digital assets management platform.
7️⃣Community Demo By NFID
➡️Dan Ostrovsky from the NFID team attended the meeting.
According to Dan,
➡️NFID is developing wallet-related tooling.
➡️A brief overview of their team and related VCs👇
Btw, If you were not aware, they have been shipping software since early mercury genesis.
➡️Their flagship product, is the Identity Kit, which is similar to the Internet Identity, but has web2 options.
➡️NFID also offers delegated identities, offering similar functionality to multi-sig and universal principal wallet addresses.
➡️Many ecosystem dApps have embraced their technology.
➡️Community members are warmly welcome to provide contributions to the GitHub.
8️⃣DeFi Integration By PrimeVault
Akansh from the Primevault Team attended the meeting.
According to Akansh,
➡️They are building Next Gen, Web3 Wallet, and Market Connectivity Infra.
Essentially the Fireblocks killer.
➡️A sneak peek into their product, Primevault👇
➡️They are SOC2 Compliant and have partnered with Halborn for code audits.
➡️G20, Arrington, and Hashkey are some of the major VCs utilizing their liquidity markets.
➡️They are glad to announce that they've added custody support for ICP, and ICRC-1/SNS tokens and this enables institutions to seamlessly enter the IC ecosystem, and also the first organization to enable it.
➡️Akansh also conducted an interesting demo on how to utilize their platform and I am pretty impressed with the activity log, which simply explains the actions, instead of technical terms.
Yeah, I know it's kinda lot, but guess what, here I wrap up for the day!
Ofc, big applause to each one of you for staying this far🫡
Now, you may share this with our #BinanceBlockchainWeek Fam and anyone who might miss this alpha pack.
It is time that you revoke those permissions and prepare for the weekend💪
I'll see ya on Monday with your daily dose of ICP.
Until then, Take care!
