Research Summary
The report covers a range of updates in the blockchain and cryptocurrency space, including the rise in popularity of Bitcoin Ordinals, Solana surpassing Ethereum in on-chain transaction volume, and the launch of Worldcoin’s World ID 2.0. Other highlights include the launch of Cronos Labs’ new L2 network, Ethereum staking network SSV’s mainnet launch, and Ubisoft’s upcoming blockchain game.
Key Takeaways
Bitcoin Ordinals’ Market Performance
- Record Trading Volume: Bitcoin Ordinals achieved a historic high in market trading volume, exceeding $46 million, and independent transaction addresses, reaching 18,300. OKX holds over 80% of the on-chain market share in terms of trading volume, transaction count, and independent address count on Ordinals.
Solana’s On-Chain Transaction Volume
- Surpassing Ethereum: On December 16th, the DEX trading volume on Solana was approximately $1.475 billion, about four times the Total Value Locked (TVL) on Solana’s DEX. This figure surpasses the trading volume of approximately $1.164 billion on Ethereum’s DEX on the same day.
Worldcoin’s Protocol Upgrade
- World ID 2.0: Worldcoin released a protocol upgrade called World ID 2.0, introducing several enhancements, including the introduction of applications and the ability to return Orb when a World ID is lost for self-reset. Users can explore available applications on the new Worldcoin App Store.
Cronos Labs’ New L2 Network
- Cronos zkEVM: Cronos Labs announced the launch of a new Layer 2 network called Cronos zkEVM. Initially introduced as a testnet, this test network is supported by the ZK Stack software suite, primarily developed by Matter Labs for zkSync. The mainnet for Cronos zkEVM is expected to launch in the second quarter of 2024.
Ubisoft’s Blockchain Game
- Champions Tactics: Ubisoft announced that the NFT minting date for its first original blockchain game, “Champions Tactics: Grimoria Chronicles,” is set for December 18. The game will be deployed on the Ethereum-compatible Oasys chain, with a total of 9,999 Warlords NFTs to be minted, of which 8,000 will be available through free minting.
Actionable Insights
- Monitor Bitcoin Ordinals: Given the record trading volume and independent transaction addresses, Bitcoin Ordinals could be an area of interest for investors and traders. It may be beneficial to monitor its performance and market trends.
- Assess Solana’s Growth: Solana’s on-chain transaction volume surpassing Ethereum’s indicates significant growth and potential. Stakeholders should assess Solana’s growth trajectory and its implications for the broader crypto market.
- Explore Worldcoin’s Upgrade: The launch of World ID 2.0 by Worldcoin introduces new features and applications. Users and potential investors may want to explore these enhancements and their potential impact on Worldcoin’s value.
- Track Cronos Labs’ L2 Network: The launch of Cronos zkEVM, a new Layer 2 network, could have implications for the scalability and efficiency of blockchain transactions. Stakeholders should track its development and potential impact on the market.
- Consider Ubisoft’s Blockchain Game: The release of Ubisoft’s first original blockchain game could signal a growing trend of mainstream gaming companies entering the blockchain space. Stakeholders should consider the potential impact of this trend on the gaming and blockchain industries.
