Research Summary
The report provides updates on various blockchain projects, including Scroll’s 2024 roadmap, Starknet’s updated roadmap, and Arbitrum Orbit Layer3’s support for custom gas tokens. It also covers the XAI and Manta Network airdrops, Vitalik’s emphasis on ENS, GMX V2’s trading volume, Etherscan’s acquisition of Solscan, Orbit Chain’s cross-chain bridge hack, and TRB’s price fluctuations.
Key Takeaways
Scroll’s 2024 Roadmap
- Cost Reduction Plans: Scroll, an Ethereum Layer 2 network, plans to reduce cross-chain costs by 50% as part of its 2024 roadmap. This could significantly lower transaction costs for users.
- Upcoming Features: Scroll also plans to support EIP 1559 transaction types and SHA256 precompiles, add multiple validators, implement decentralized proof, and enable parallel execution of the Ethereum Virtual Machine (EVM).
Orbit Chain’s Cross-Chain Bridge Hack
- Significant Loss: Orbit Chain’s cross-chain bridge was hacked, resulting in a loss of $81.5 million in cryptocurrency and stablecoins. This highlights the security risks associated with cross-chain bridges.
- Compensation Plans: Orbit Chain has confirmed that it will provide compensation to all users affected by the hack. This could potentially restore user confidence in the platform.
XAI and Manta Network Airdrops
- XAI Airdrop: Xai (XAI), Binance’s 43rd Launchpool project, announced an airdrop constituting 5% of the total supply, amounting to 125,000,000 tokens. This could increase user engagement with the project.
- Manta Network Airdrop: Manta Network launched the “Into the Blue” airdrop program, rewarding 50 million MANTA tokens, which make up 5% of the total supply. This could attract new users to the Manta Network.
Vitalik’s Emphasis on ENS
- ENS Importance: Vitalik Buterin emphasized the importance of the Ethereum Name Service (ENS), suggesting that all Layer 2 solutions should run on an untrusted, Merkle-proof-based CCIP resolver. This could lead to increased adoption of ENS.
TRB’s Price Fluctuations
- Intense Fluctuations: The spot price of TRB experienced a rapid surge from around $200 to over $600, followed by a significant decline to $155. This resulted in futures liquidations exceeding $60 million, highlighting the volatility of the cryptocurrency market.
Actionable Insights
- Monitor Scroll’s Progress: Investors and users should keep an eye on Scroll’s progress in implementing its 2024 roadmap, as it could significantly impact transaction costs and the overall user experience.
- Assess Security Measures: The hack of Orbit Chain’s cross-chain bridge underscores the importance of assessing the security measures of blockchain platforms before investing or transacting.
- Participate in Airdrops: Users interested in XAI and Manta Network could consider participating in their respective airdrops to potentially increase their token holdings.
- Consider ENS Adoption: Developers of Layer 2 solutions should consider Vitalik’s suggestion to adopt ENS, as it could enhance the functionality and user experience of their platforms.
- Be Aware of Market Volatility: The intense price fluctuations of TRB highlight the need for investors to be aware of market volatility and manage their risk accordingly.
