Research Summary

The report covers significant developments in the crypto space, including EigenLayer’s TVL surpassing $2 billion, zkSync’s Prover Network milestone, Wormhole’s launch of Stake For Governance, StarkWare’s plans for Bitcoin scaling, Nostra’s token launch, Worldcoin’s user survey results, Swell’s token airdrop plan, the auction of BAYC collectibles at Sotheby’s, the market value of Bitcoin network Rune Rune, and Binance’s launch of IO.NET on Launchpool.

Key Takeaways

EigenLayer’s Historic High

  • Record TVL: EigenLayer’s Total Value Locked (TVL) has surpassed $2 billion, marking a historical high and solidifying its position as the second-largest DeFi protocol by TVL, just behind Lido. Approximately 16.15% of staked ETH is in a re-staking state.

zkSync’s Prover Network Milestone

  • Upcoming Integration: zkSync has announced a milestone for its Prover Network, with plans to begin testing integration in early Q3 of this year. They aim to complete proof verification in the first phase, followed by real-time proof verification in the latter part of Q3. By early Q4, they anticipate entering the third phase for Live testing verification.

Wormhole’s Stake For Governance

  • Token Staking: Wormhole has launched “Stake For Governance”, allowing W token holders to bridge their W tokens to the EVM chain and stake tokens to participate in governance. The daily transfer limit of W tokens from Solana to the EVM chain is set at 100 million tokens.

StarkWare’s Bitcoin Scaling Initiative

  • Scalability Solutions: StarkWare has announced plans to develop scalability solutions for Bitcoin, in addition to its existing efforts for Ethereum. As part of this initiative, StarkWare will launch a $1 million application-specific research fund aimed at supporting researchers and developers working on the OP_CAT and its impact on Bitcoin.

Binance’s Launch of IO.NET on Launchpool

  • New Project: Binance has announced the launch of IO.NET (IO) as the 55th project on Launchpool, allowing users to mine IO by staking BNB and FDUSD. IO.NET operates as a DePIN project on Solana, with a total maximum supply of 800 million tokens.

Actionable Insights

  • Monitor EigenLayer’s Performance: Given EigenLayer’s record TVL, it may be beneficial to monitor the platform’s performance and user adoption trends.
  • Assess zkSync’s Prover Network: zkSync’s Prover Network’s upcoming integration could have implications for the platform’s scalability and efficiency. Stakeholders should assess the potential impact of these developments.
  • Understand Wormhole’s Governance Model: With the launch of “Stake For Governance”, it’s crucial to understand Wormhole’s governance model and the potential benefits and risks of participating.
  • Research StarkWare’s Bitcoin Scaling Initiative: StarkWare’s plans to develop scalability solutions for Bitcoin could have significant implications for the Bitcoin network. Stakeholders should research the potential impact of these developments.
  • Explore Binance’s IO.NET Launch: The launch of IO.NET on Binance’s Launchpool could present opportunities for users to mine IO by staking BNB and FDUSD. Users should explore the potential benefits and risks of participating.

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