Research Summary
The report covers a range of updates in the blockchain and cryptocurrency space, including OpenSea’s development of an upgrade, dYdX surpassing Uniswap in trading volume, MakerDAO’s shrinking RWA assets, the launch of Blast’s testnet, Conflux’s announcement of a Bitcoin Layer 2 solution, and allegations against Binance’s new Launchpool project MANTA.
Key Takeaways
OpenSea’s Platform Upgrade
- OpenSea 2.0: OpenSea, a leading NFT marketplace, is developing an upgrade called OpenSea 2.0. The upgrade aims to enhance user experience and differentiate between NFT categories. The CEO, Devin Finzer, remains optimistic about Ethereum being the preferred blockchain for NFTs.
dYdX’s Trading Volume Surpasses Uniswap
- Decentralized Exchange Dominance: dYdX, a decentralized exchange that recently migrated from Ethereum to Cosmos, has surpassed Uniswap to become the DEX with the highest 24-hour trading volume, achieving a trading volume of $757 million.
MakerDAO’s Shrinking RWA Assets
- Rebound in Native DeFi Loans: MakerDAO’s Real World Asset (RWA) holdings have decreased to $2.1 billion, representing only 44% of MakerDAO’s revenue. This indicates a significant rebound in native DeFi loans.
Blast’s Testnet Launch and Competition
- Blast BIG BANG Competition: Blast has launched its testnet and introduced the Blast BIG BANG competition. The winning dapp in the contest will be promoted to Blast users after the mainnet launch at the end of February.
Allegations Against Binance’s New Launchpool Project MANTA
- Potential Misconduct: The South Korean community alleges that the Binance new Launchpool project MANTA may have engaged in team dumping or money laundering during its listing. Manta Network responded, stating that the funds were allocated to the Korean market expansion according to the token economic model.
Actionable Insights
- Monitor OpenSea’s Upgrade: Stakeholders should keep an eye on OpenSea’s platform upgrade, OpenSea 2.0, as it could significantly impact the NFT marketplace and user experience.
- Assess dYdX’s Growth: The rise of dYdX as the DEX with the highest trading volume indicates a shift in the decentralized exchange landscape. Investors and traders should assess the implications of this growth.
- Understand MakerDAO’s Asset Shift: The decrease in MakerDAO’s RWA assets and the rebound in native DeFi loans could have implications for the DeFi sector. Stakeholders should understand this shift and its potential impact.
- Participate in Blast’s Competition: Developers interested in the DeFi space should consider participating in Blast’s BIG BANG competition, which could provide exposure and promotion opportunities.
- Investigate MANTA’s Allegations: The allegations against Binance’s new Launchpool project MANTA warrant further investigation. Stakeholders should monitor the situation closely to understand its potential impact on the project and the wider crypto market.
