In the week of 10.12-10.18, multiple projects such as Filecoin and NuCypher launched the main network successively. In addition, noteworthy events in star projects include: Polkadot launched a reward mechanism to improve the efficiency of treasury fund utilization; Cover Protocol released the Cover token distribution plan, and early supporters were severely diluted, causing dissatisfaction; The Graph is scheduled to be held on October 22 Token sale on the Ethereum network.
Star Project Progress
The following are specific project progress and financing events:
Star Project Progress
Polkadot launched a reward mechanism to improve the efficiency of the use of treasury funds
On the evening of October 16, PolkaWorld officially issued a document announcing the launch of the Treasury Bounty mechanism to improve the efficiency of treasury fund utilization. This scheme works by delegating the curation of spending proposals to an expert called a curator. The mechanism has now been added to the treasury module and is already available to KSM and DOT holders. The program has a two-step approval mechanism. First, the council approves the bounty distribution. Second, the council decided that a steward would take over the task: once the steward accepted the position, they would make a deposit. Deposits can be used to punish managers if their actions are malicious, but managers will receive the deposit along with a portion of the bounty as a reward if they successfully complete the task of getting the proposer to complete the bounty work.
The first governance proposal of Uniswap initiated by Dharma was questioned by the community
The Uniswap community initiated the first governance proposal, which suggested lowering the threshold for initiating a vote and the minimum number of votes required to pass the vote. The initiator is Dharma. Dharma proposes to lower the threshold for initiating voting from 10 million UNI to 3 million UNI, and lower the minimum number of votes to pass the vote from 40 million UNI to 30 million UNI. Additionally, Dharma noted that the proposal would require a new GovernorAlpha contract, for which a new contract containing information about this change has been deployed.
However, this proposal by Dharma has been questioned by the community. According to community member David Felton, Dharma already has considerable voting power, controlling 15 million UNI at just one address. Even if the proposal does not pass, this poses a threat to Uniswaps sovereignty.
The second production reduction of NEST Protocol, a decentralized oracle machine, has taken effect
At 5:8 a.m. on October 12, 2020, Beijing time, the decentralized oracle network NEST Protocol triggered the second mining reward decay at block height 1103658 of Ethereum, which was reduced by 320 NEST for each previous block reward. For the current 256NEST.
According to the NEST token mining attenuation mechanism, it decays every 2.4 million blocks (about 1 year), and each block reward decays to 80% of the original, and stops decaying when the block reward reaches 40 NEST.
Cover Protocol released the Cover token distribution plan, and early supporters were severely diluted, causing dissatisfaction
According to official news, Cover Protocol released a distribution plan for Cover tokens, minting a maximum of 160,000 Cover tokens, which will start on November 20, 2020. Among them, 87% (approximately 139,200) will be allocated to community members: 1. In the next 12 months, 70% will be obtained through shield mining; 2. 17% will be allocated to SAFE2 token holders Someone, the authorization period exceeds 90 days. In addition, 12% (19,200) will be reserved for the team, with authorization periods longer than 3 years. Finally, 1% (1600) will vest in the Cover treasury at launch. Officially, 1 SAFE2 converts to 0.5 Cover. According to previous news, the insurance DeFi mining project yieldfarming.insure believes that SAFE is immature, and will rebuild the new protocol COVER protocol, and then migrate SAFE to SAFE2. The maximum SAFE2 supply will remain at 52,689.
Cover Token distribution plan seriously diluted early supporters caused a lot of dissatisfaction, cryptocurrency analyst Alex Krüger said that the Cover protocol released tokens without products, implying a relationship with Cronje to hype tokens, losing their temper and causing prices to drop by 80%, please Cronje SBF Acting as an advisor with 80% dilution of holders resulting in a 75% price drop is not the way to build a community.
MakerDAO Passes Execution Vote, Adds ETH-B as Dai Collateral
On October 18th, MakerDAO officially stated on Weibo that it has passed an executive vote to officially add ETH-B (a backup ETH collateral type with different risk parameters) as Dai’s collateral. The risk parameters are as follows:
Debt ceiling of 20 million Dai;
Loan interest 6%;
The liquidation mortgage rate is 130%;
The minimum amount of Dai generated initially is 100 Dai;
The auction quota for each batch of collateral is 50,000 Dai;
3% minimum bid increase for collateral auctions;
Each batch of collateral will be auctioned for 6 hours;
The maximum duration of the collateral auction is 6 hours;
The liquidation penalty is 13%.
This vote will increase Dais global debt ceiling from 1.456 billion to 1.476 billion.
The community version of TON launched a new proposal: destroy 92% of the tokens of the community version of the TON main network, and ERC20-TON will be mapped with the main network 1:1. This means that the part allocated to TON DAO and mining in the original white paper is canceled (80%), and the team and airdrop part are merged into the ERC20-TON part. The maximum supply of TONToken will also be limited to 400 million pieces, and the number of ERC20-TON and native TON will be equal. (TON Chinese Community)
Batman-themed animated work Genesis sold at MakersPlace auction for a record price (302.5 ETH)
MakersPlace, an NFT trading platform, officially tweeted that painter Jose Delbo and crypto artist Trevor Jones created the history of crypto art, and their signature limited-edition animation work Genesis set the highest single-edition sales price of 302.5 ETH (worth more than 111,000 U.S. dollars); The total sale price of Batman-themed works is 540.86 ETH (worth 200,000 USD).
The Graph is planning a token sale on the Ethereum network on October 22
Blockchain data indexing project The Graph (GRT) has released its own ERC20 token in preparation for launching the Graph Network this year. Through the GRT token sale on the Ethereum blockchain from October 22-24, The Graph will sell 400 million of the 10 billion initial token supply for 0.03 cents. It is reported that the token sale is only open to non-US participants, and the deadline is the 15th. (Decrypt)
The new UBI project Circles was launched, and V God and other big Vs forwarded and discussed it
Martin Köppelmann, founder of prediction platform Gnosis, has launched a brand new UBI project, Circles. The project aims to build a currency trading network through trust relationships by introducing off-chain social attributes. After the launch of Circles, it aroused widespread attention. V God and Uniswaps founder Hayden Adams joined the discussion successively.
Special section - mainnet launch process
Filecoin mainnet officially launched
Filecoin reached the block height of 148888 on the main network in the evening of October 15th, and the main network was officially launched. The Filecoin official then issued a document stating that the Filecoin network has now entered the monitoring period after launch to ensure the normal operation of the network. During this time, officials will closely track network performance and prepare for Filecoin Liftoff Week. As of now, the network is running stable, with community members reporting that they are running successfully.
Due to the strong dissatisfaction of the miners due to the design of the pre-mortgage, some leading miners even chose to stop the demonstration. Under heavy pressure, Filecoin put forward the FIP-0004 improvement proposal, which has been approved and will be updated next week (Wednesday or Thursday) to apply the contents of the proposal, that is, 25% of the block rewards for storage miners will be released directly , and the other 75% of the rewards are still released on a 180-day basis.
Privacy infrastructure NuCypher has launched its mainnet
Privacy infrastructure NuCypher (NU) has launched its mainnet. Earlier news, NuCypher CEO MacLane Wilkison said that after the mainnet is officially activated on October 15, users can receive pledge rewards for the network’s native token NU, or bind NU to a working node.
NEAR Protocol has transitioned to the second phase of the mainnet
The open web platform NEAR Protocol (NEAR) went live after releasing a six-month roadmap in May. NEAR Protocol co-founder Illia Polosukhin said that on October 13, following a network validator vote, the project successfully transitioned to the second phase of the mainnet. Now anyone can send or receive tokens, create an account, participate in verification, launch an application or otherwise use the network, the team said. The network, which previously operated under a restricted PoA model, is now operating under its own PoS consensus algorithm (CoinDesk)
Investment and financing overview
Plasm Network, the Polkadot layer-2 expansion protocol, tweeted that it now supports EVM, Ethereum RPC and ECDSA. Furthermore, the mainnet has been successfully deployed.
Investment and financing overview
Aave raises $25 million, with participation from Blockchain Capital and others
DeFi lending protocol Aave raised $25 million, with participation from Blockchain Capital, Standard Crypto, and Blockchain.com Ventures. Aave CEO Stani Kulechov stated that the funding will help Aave expand into the Asian market and will promote the use of DeFi in institutions. (Decrypt)
Math Wallet completes A+ round of financing of US$7.8 million, led by Alameda Research and Multicoin
MathWallet (MathWallet) announced on Weibo that it has completed the A+ round of financing of US$7.8 million, led by Alameda Research and Multicoin Capital. Sam Bankman-Fried, founder and CEO of Alameda Research, said: We are excited to enter into a strategic partnership with MathWallet. As one of the leading wallets in this field, Math Wallet will inject new vitality into the Serum ecosystem.
DODO raises USD 5 million, led by Pantera Capital, Binance Labs, etc.
News DODO announced the completion of a US$5 million private placement round of financing, jointly led by Pantera Capital, Three Arrows Capital, and Binance Labs, with Coinbase Ventures participating. Seed round investors Framework Ventures, DeFiance Capital, and SevenX Ventures continued to invest in this round. Other investment institutions include professional market-making institutions CMS Holdings and Alameda Research, as well as well-known funds Galaxy Digital, Shata Capital, Primitive Ventures, D1 Ventures, and IOSG Ventures , LongHash Capital, The Force Partners, etc.
Encrypted asset company Archax raises $8 million, Alameda Research participates in investment
Regax UK-based crypto asset firm Archax announced it has raised $8 million in seed funding, with participation from Alameda Research, Amnis Ventures and Hudson Capital, among others.
According to previous reports in August, British regulators granted a license to crypto asset company Archax, making it the first crypto asset company registered with the FCA. (Decrypt)
Cryptocurrency payment platform Wirex has completed a £3.7 million crowdfunding campaign launched on Crowdcube 15 days ahead of schedule, 370% higher than the original goal, and received the support of nearly 7,000 investors. The funds raised will be used to expand its product offering and launch 5 new cryptocurrencies on its platform in Eastern European countries. The company will also use the new funds to launch a multi-currency Mastercard, upgrade its rewards program and expand into the U.S. and Japan. The company hopes the move will help it reach its goal of having 10 million customers by the end of 2021. Wirex is said to be currently valued at £125 million, with more than 3 million customers in 130 countries around the world using its multi-currency card to store and pay using fiat and cryptocurrencies. (Altfi)
Horizon Finance announced the completion of a $1.335 million seed round of financing, with investors including Framework Ventures, DeFiance Capital, Mechanical Capital, Spartan Group, Alameda Research, NGC, Ruby Capital, and Incuba Alpha Capital, among others. This financing will focus on creating a DeFi-based interest rate trading platform. The long-term goal is to allow all decentralized financial participants to manage their own APY/interest rate exposure and advance the industry by building key components in the decentralized financial system develop.
Lattice, a decentralized liquidity aggregation trading platform based on Constellation Network, announced the completion of three rounds of private equity investment. Investors include encrypted asset market makers GSR, Global Digital Asset, Alphabit Fund, Blockfyre, FBG Capital, Hronos Ventures, and Crypto Bridge. A small-scale community round of financing will be launched for the community.
Zora Raises $2M in Seed Funding Led by Kindred Ventures
Zora, an Ethereum-based fashion and music marketplace, announced a $2 million seed round led by Kindred Ventures, Brud co-founder Trevor McFedries, Rogue founding partner Alice Lloyd George, designer Jeff Staple, and Coinbase Ventures.
It is reported that the Zora market is designed to allow fashion brands and musicians to launch products in the form of tokens. Jacob Horne, the projects founder, said Zoras goal this year is to introduce 100 brands to its marketplace. (The Block)
DeFi Governance Solution Boardroom Raises $2.2M Led by Standard Crypto
Boardroom, a DeFi governance solution, announced the completion of $2.2 million in financing, led by Standard Crypto, followed by institutions such as Slow Ventures, CoinFund, and Framework. Boardroom stated that the financing will be used for the design of DeFi governance tools, aiming to allow users to seamlessly participate in DeFi governance. (The Block)
Fompound received investment from Collin Capital
Fompound, a decentralized financial aggregator in the IPFS field, has confirmed to receive investment from Collin Capital. Fompound is a decentralized financial aggregator in the IPFS field. It invests in the IPFS field, including but not limited to the provision of computing power. The Fompound aggregator will use Defi pledge and liquidity mining to generate platform rights and governance tokens Fomp.
