This article was edited by the Ringing Finger Research team
Please indicate the source and link when reprinting
1. DeFi Industry Observation
1. Uniswap Labs launches new Layer 2 network Unichain based on Optimism technology
Unichain Background
Unichain is a Layer 2 network launched by Uniswap Labs and built on Optimism's OP Stack technology.
Time plan
Unichain is expected to launch the testnet on October 10, and the mainnet will be launched later this year.
Technological innovation
Unichain introduced the Trusted Execution Environment (TEE) technology developed in cooperation with Flashbots. Through TEE, the block construction time can be shortened to 200-250 milliseconds, which is much faster than the Ethereum mainnet and other Layer 2 networks.
Official announcement: https://x.com/Uniswap/status/1844363396382408774
2. Binance Launchpool and pre-market trading launch of Scroll ($SCR)
Scroll Introduction
Scroll is a zkRollup solution for Ethereum Layer 2 that uses zero-knowledge proof technology to improve Ethereum's scalability. Through this technology, transactions are faster and cheaper while ensuring security and compatibility with Ethereum.
Technical highlights
Scroll's core technological breakthroughs lie in zkEVM and hardware acceleration. Scroll worked with the Ethereum Foundation, adopted the Halo2 verification system, and developed a zkEVM hardware accelerator called PipeZK, which achieved GPU zkEVM verification 10 times faster than CPU performance.
Scroll Token $SCR
Function:
Governance: Users holding SCR tokens can vote on the development of the Scroll protocol, and the governance function will be launched on the first day of launch.
Future Use: SCR will be used as a token for decentralized validators and sequencers in the future. It will also be used for innovative coordination, staking, gas-free transactions, and incentive mechanisms in the multi-chain world.
Release data
Total Supply: 1,000,000,000 SCR
Initial circulation at listing: 190,000,000 SCR (19% of total supply)
Binance Launchpool Allocation: 55,000,000 SCR (5.5% of total supply)
Airdrop Allocation: 15% of total supply
Scroll Network Architecture
Sorting layer: Consists of execution nodes and Rollup nodes, responsible for processing transactions and submitting them to the Ethereum mainnet for confirmation.
Verification layer: Consists of a coordinator and a validator pool, responsible for generating zkEVM verification to ensure the validity of Layer 2 transactions.
Settlement layer: includes bridge contracts and Rollup contracts, responsible for the finality of transactions and communication between Layer 1 and Layer 2.
Official announcement: https://x.com/binancezh/status/1843569749969735964
3. Native USDC is officially launched on Sui
Native USDC is now available on the Sui mainnet, allowing developers and users to access it directly without the need for a cross-chain bridge. Circle Mint and Circle API now fully support USDC on Sui, making it easier for users to access USDC liquidity and enjoy the speed and security of the Sui network.
About Sui
Sui: is a Layer-1 (L1) blockchain that provides fast, secure, scalable and low-cost infrastructure for developers to build decentralized applications.
Move Language: Sui is the first blockchain based on the Move programming language, supporting native USDC. The Move language optimizes the developer experience with resource-oriented design and enhanced security, especially for managing digital assets such as cryptocurrencies and NFTs.
Ecosystem: As of October 2024, the Sui ecosystem has covered more than 85 applications in areas such as DeFi, games, decentralized infrastructure networks (DePIN), and e-commerce.
The difference between native USDC and cross-chain USDC
Native USDC: Officially issued by Circle, it is redeemable 1:1 for USD and is fully compatible with Circle Mint and Circle API.
Bridged USDC (wUSDC): USDC bridged from Ethereum to Sui via Wormhole, not issued by Circle and cannot be exchanged with Circle.
Wormhole’s bridge supports the growth of wUSDC, which is one of the reasons why Circle decided to introduce native USDC into the Sui ecosystem.
Official announcement: https://x.com/circle/status/1843637724764389857
4. US court did not approve the sale of Silk Road Bitcoins, panic was a false rumor
Recent rumors
Recently, there have been rumors that "the US Supreme Court approved the sale of 69,370 Silk Road seized bitcoins", which caused the price of bitcoin to fall. The news was mainly spread by some media such as beincrypto, but in fact it was just a headline operation and did not match the facts.
Case original
The Supreme Court only dismissed Battle Born Investments' lawsuit against the ownership of Silk Road Bitcoins, confirming that these Bitcoins still belong to the US government, and did not approve the sale. In other words, the US government still controls the ownership of these Bitcoins, but the media misunderstood it as "allowing the sale."
Speculation
Nevertheless, considering the upcoming US election, current officials may sell these bitcoins before the election. In particular, Trump has said that he will not allow sales if elected, so the possibility of the US government selling these bitcoins before the election still exists, but this is only speculation and there is no need to panic at present.
Source: https://x.com/jason_chen998/status/1843689899830194196
5. Sui Ecosystem-related DeFi Projects
The most developed areas of Sui ecosystem are currently concentrated in DeFi and Meme related projects. The main DeFi projects are introduced below.
Loan Agreement
Navi Protocol: The lending protocol with the highest TVL (value locked) on Sui, exceeding $350 million. Navi also acquired the LST protocol Volo, and is committed to becoming a one-stop liquidity platform for Sui. Its token $NAVX has increased by more than 100% in a single month.
Suilend Protocol: Developed by the Solend team on Solana, it is an important lending platform in the Sui ecosystem.
Scallop Protocol: Sui's native lending platform, with a TVL of more than $150 million and protocol revenue of more than $2 million. Its token $SCA also increased by more than 100% in a single month.
Decentralized Exchange (DEX)
Cetus Protocol: The DEX with the highest transaction volume and TVL on Sui, and has also launched an incubation program with the Sui Foundation. Its token $CETUS has increased by more than 100% in a single month.
Turbos Finance: TVL is growing rapidly, and the platform supports a large number of meme token transactions. Its token $TURBOS has also increased by more than 100% in a single month.
DeepBook: Based on Sui's Narwhal and Bullshark engine architecture, it uses an efficient shared object pool structure for the global shared pool of each trading pair, which greatly improves transaction throughput. This structure enables transactions of different trading pairs to be processed in parallel, greatly improving performance and efficiency. (It is reported that DeepBook recently announced that it will launch version V3 on October 14 and issue airdrops to test users)
Other DeFi Projects
Bucket Protocol: A decentralized stablecoin project with a TVL of over 20 million USD and a circulation of over 14 million USD of the stablecoin $BUCK. It plans to issue tokens in Q4. (Click to view the Bucket airdrop tutorial: Coin issuance in the fourth quarter! Sui’s stablecoin blue chip project Bucket airdrop tutorial)
Bluefin: The number one derivatives trading platform on Sui, expected to launch the token $BLUE.
Typus Finance: The derivatives infrastructure of the Sui ecosystem, which has launched options products.
Source: https://x.com/zolo_hands/status/1843601839645962617
6. Pyth and Uniswap reach cooperation to provide support for Unichain DeFi
Uniswap announced that its newly developed blockchain Unichain will choose Pyth Network as a real-time data service provider. Unichain is a blockchain designed specifically for DeFi developers, aiming to provide a fast, reliable and scalable dApp development environment. As a core infrastructure provider, Pyth Network will provide Unichain with more than 500 real-time price data sources, updated every 400 milliseconds, ensuring that developers can obtain accurate and reliable DeFi data.
Douro Labs CEO Mike Cahill said that Pyth's real-time data service will enable Unichain developers to obtain fast and reliable market data, helping them build the next generation of on-chain financial applications. He also emphasized that Unichain is expected to become the preferred blockchain platform for DeFi developers.
Official announcement: https://x.com/PythNetwork/status/1844377433048547739
7. Messari: Aptos set a new record for daily transaction volume on L1 blockchain in the second quarter of this year
According to the Aptos Q2 Status Report released by Messari, Aptos set multiple new records as an L1 blockchain.
Core data includes
Average daily transactions: increased by 474% to 4.4 million.
DeFi Total Value Locked (TVL): grew 123% quarter-on-quarter to 75 million APT (about US$603 million).
DEX daily trading volume: increased by 189% to $30 million.
These data show that the Aptos ecosystem is growing rapidly, with significant growth in DeFi and decentralized exchanges in particular.
Official announcement: https://x.com/MessariCrypto/status/1844398476714492109
8. Binance Labs invests in ZKsync "elastic chain" Sophon in token round
Recently, Sophon announced that Binance Labs has invested in it. Sophon is a ZKsync-based elastic chain and a layer 2 network built using Matter Labs' modular open source framework. The investment amount has not yet been disclosed.
Sophon focuses on entertainment applications such as games, social networking, and artificial intelligence, aiming to promote the development of the Web3 ecosystem. Sophon uses ZK Stack technology to achieve gas-free native account abstraction, and the zkEVM code base based on zkSync has performed well in multiple tests. As a project incubated by Merit Circle, Sophon is gradually becoming the preferred platform for developers and users, and the mainnet is expected to be launched next month.
This investment will accelerate the development of the ecosystem and support innovative projects. Andy Chang, investment director of Binance Labs, said that Sophon has great potential in the fields of entertainment and artificial intelligence. CEO Seb emphasized that the cooperation with Binance Labs will promote the progress of Internet entertainment and is expected to become a leading force in this field in the future.
Official announcement: https://blog.sophon.xyz/binance-labs-invests-in-sophon/
2. DeFi Data Dashboard
1. TVL data
Blockchain TVL rankings reshuffled, Sui enters the top ten
Sui Blockchain stood out in the recent TVL (total locked volume) ranking and successfully entered the top ten, which shows its strong growth momentum in the DeFi field.
2. Stablecoin data
The total market capitalization of stablecoins is $172.818 billion, with no significant changes over the past week
According to the latest data, the total market value of the global stablecoin market has reached 172.818 billion US dollars, but it has slightly decreased by 0.19% in the past week. In the stablecoin market, USDT (Tether) still dominates, with a market share of 69.26%. It is followed by USDC, which accounts for 20.1%, becoming the second largest stablecoin after USDT. Although other stablecoins such as DAI, USDe and FDUSD have a smaller market share, they are still developing steadily.
3. DEX Data
Decentralized exchange (DEX) volumes fell slightly over the past week, but Cetus saw strong growth.
According to the latest data, in the decentralized exchange (DEX) market, Uniswap and PancakeSwap still maintain their leading positions. Uniswap's 24-hour trading volume reached 1.542 billion US dollars, and the trading volume in 7 days was 9.799 billion US dollars, showing its huge influence in the decentralized trading market. However, its market performance declined slightly this week, with a change of -1.81%. PancakeSwap's 24-hour trading volume was 1.044 billion US dollars, but it fell by -23.92% this week.
In contrast, Cetus has shown strong growth momentum, up 64.20% this week, showing that the platform is expanding rapidly, with a 24-hour trading volume of $161 million. This shows that some emerging platforms stand out in the highly competitive DEX market, especially in the market volatility.
3. Snap DeFi Radar
Recently, the DeFi market has ushered in an eye-catching hot event — Uniswap launched Unichain, a Layer 2 network built on the Optimism OP Stack. This strategic launch not only demonstrated Uniswap’s ambition in expanding the DeFi ecosystem, but also sparked a discussion on liquidity redistribution.
The DeFi landscape has changed significantly after Uniswap launched Unichain using Optimism's OP Stack. In the past, many Layer 2 projects that were not necessarily useful have emerged on the market, and although they brought new topics such as Restaking, they did not have a substantial impact. Unichain is expected to attract a large amount of DeFi liquidity back to itself. As a super chain architecture, Unichain is able to integrate the liquidity of Coinbase's Base, Synthetix's SNXchain, and the Optimism chain itself to form a powerful ecosystem. The total locked value (TVL) of the super chain is expected to reach the tens of billions of US dollars, bringing a lot of opportunities to DeFi strategy teams and market makers.
Due to Unichain's low execution cost and fast speed, more and more applications and teams may choose to deploy on Unichain and its super chain architecture, even including payment systems. As Unichain is implemented, we are expected to see more large-scale projects with real income being deployed here, and it is even possible that more than 3 unicorn companies will be born.
The UNI token, which has long been criticized as "useless", may also become a treasure in this process. In the future, after the UNI token becomes a key element of the verification node, its status will be greatly improved, and it will become an existence beyond the public chain token. When everyone is rolling up Ethereum ETH's Restaking, many institutions have begun to deploy UNI nodes and bring a lot of opportunities to UNI's Liquid Staking / Restaking market. UNI's current market value is 4.836 billion US dollars, and the resulting TVL and Yield opportunities will continue to increase. Therefore, we are optimistic about those DeFi protocols that are the first to seize the opportunity to "take the first bite of the crab", and they are expected to make a comeback with the help of Unichain.
- END -
