Research Summary
This report provides a comprehensive update on various projects in the blockchain and cryptocurrency space. Key topics include the launch of Ethereum’s Holesky testnet, Binance’s opBNB mainnet launch, Metis’s plans to become Ethereum’s first decentralized Layer 2 solution, and the shutdown of the PolkaWorld Chinese community. The report also covers Friend Tech’s record earnings, the lawsuit against LayerZero, and the establishment of a joint venture between Sony and Astar Developers, among other updates.
Key Takeaways
Ethereum’s Holesky Testnet Launch
- Launch and Failure: The Holesky testnet, Ethereum’s largest testnet, was launched and then experienced a failed launch due to network configuration errors. Developers plan to restart it shortly.
- Scale and Purpose: The testnet is twice the scale of the mainnet and is aimed at addressing scalability issues. It is expected to replace the Goerli testnet by 2024.
- Latest Ethereum Meeting: The 170th Ethereum Execution Layer Core Developer Meeting discussed the progress of Devnet-8, the inclusion of EIP-7514 in the Dencun upgrade, and the introduction of the Rust-written execution client Reth.
Binance’s opBNB Mainnet Launch
- Launch Announcement: Binance announced the launch of the opBNB mainnet, an Ethereum Virtual Machine (EVM) compatible Layer 2 solution.
- Performance and Cost: opBNB is expected to support over 4,000 transactions per second, with an average transaction cost of less than $0.005.
- Testnet Success: Since its testnet release, over 150 dApps have been deployed, processing more than 35 million on-chain transactions.
Shutdown of PolkaWorld Chinese Community
- Shutdown Announcement: The PolkaWorld Chinese community announced the cessation of its operations due to the rejection of a proposal for official funding.
- Impact: The shutdown has significantly impacted long-term contributors and organizations, many of whom have left the Polkadot ecosystem.
- Controversy: The most controversial aspect appears to be financial management under OpenGov.
Friend Tech’s Record Earnings
- Earnings Achievement: Friend Tech recorded earnings of $1 million, surpassing both Tron and Ethereum, securing the top position in the rankings of various protocols and applications.
- Revenue Sources: Friend Tech’s earnings include transaction fee revenue captured by the protocol. On the day of the record earnings, Friend Tech accumulated fees of $2 million, with an additional $1 million allocated to creators.
- Continued Success: Transaction volume and fee capture have reached new highs for two consecutive days.
Actionable Insights
- Investigate the Potential of Layer 2 Solutions: With the launch of opBNB and Metis’s plans to become Ethereum’s first decentralized Layer 2 solution, there is a clear trend towards Layer 2 solutions in the blockchain space. These solutions offer scalability and lower transaction costs, making them worth exploring for potential applications.
- Monitor the Impact of Community Shutdowns: The shutdown of the PolkaWorld Chinese community highlights the potential risks associated with community-based projects. It’s important to monitor these developments and assess their impact on the broader ecosystem.
- Consider the Role of Transaction Fees in Revenue Generation: Friend Tech’s record earnings, largely driven by transaction fees, underscore the potential of this revenue source for blockchain protocols and applications. This could be a key consideration for future blockchain projects.
