Research Summary

The report discusses the latest developments in the blockchain and cryptocurrency space. It covers the record-breaking on-chain inscriptions data for Bitcoin, Ethereum, and Polygon. It also highlights the plans of Ordinals Protocol’s founder for a Jubilee at Bitcoin Mainnet Block Height 820,512. The report mentions OKX’s collaboration with Polygon to launch a Layer 2 network called X1, and the introduction of the FriendsTech Feed feature by Friend.Tech. It also discusses the unveiling of the second phase testnets EigenLayer and EigenDA by Ethereum’s re-staking protocol EigenLayer, and the airdrop of approximately 55 million tokens by Pyth Network for DeFi participants.

Key Takeaways

Record-Breaking On-Chain Inscriptions Data

  • Bitcoin’s Historic Daily Engravings: On November 12th, Bitcoin Ordinals achieved a historic milestone with 505,000 daily engravings, primarily led by the text type BRC-20. However, the fees paid for Ordinals on that day were significantly lower than the peak observed in May.
  • Ethereum’s Record-Breaking Ethscriptions: On November 18th, Ethereum engravings of Ethscriptions reached a historic trading volume of $2.193 million, propelling the historical cumulative trading volume of Ethscriptions to exceed 10,000 ETH.
  • Polygon’s All-Time High Transactions: On November 17th, the number of transactions on the Polygon blockchain reached a record high of 16.45 million, likely due to the mass engravings of the PRC-20 POLS on the Polygon blockchain.

Ordinals Protocol’s Jubilee Plans

  • Jubilee at Bitcoin Mainnet Block Height 820,512: The founder of the Ordinals protocol, Casey, announced plans for a Jubilee on the Bitcoin mainnet at block height 820,512, expected to occur around December 10th. During the Jubilee, new inscriptions will be processed, converting originally marked “cursed” inscriptions into “blessed” inscriptions.

OKX’s Collaboration with Polygon

  • Launch of ZK L2 Network X1: OKX exchange is set to collaborate with Polygon to launch a Layer 2 network called X1, built using ZK technology, with OKB as its native token. The official roadmap reveals plans for DApp integration, performance stress testing, and EIP-4844-based expansion.

Introduction of FriendsTech Feed Feature

  • Global-Ranked Text Feed: Friend.Tech introduced the FriendsTech Feed feature, which is a global-ranked text feed similar in mechanism to Twitter’s tweets. The order of posts can be changed by users through voting, and the number of votes is determined by the user’s KEY holdings.

Pyth Network’s Token Airdrop

  • Airdrop for DeFi Participants: The oracle network Pyth Network announced that it would expand the airdrop coverage for DeFi participants, adding approximately 55 million more tokens, bringing the total distribution to around 255 million tokens.

Actionable Insights

  • Investigate the Potential of On-Chain Inscriptions: The record-breaking on-chain inscriptions data for Bitcoin, Ethereum, and Polygon indicate a growing interest in these platforms. Stakeholders should explore the potential of these platforms for their operations.
  • Consider the Implications of Ordinals Protocol’s Jubilee: The planned Jubilee at Bitcoin Mainnet Block Height 820,512 by the Ordinals Protocol could have significant implications for Bitcoin transactions. Stakeholders should consider these implications in their strategic planning.
  • Assess the Impact of OKX’s Collaboration with Polygon: The launch of the ZK L2 Network X1 by OKX in collaboration with Polygon could enhance the capabilities of the OKX and Polygon ecosystems. Stakeholders should assess the potential impact of this development on their operations.
  • Explore the Use of FriendsTech Feed Feature: The introduction of the FriendsTech Feed feature by Friend.Tech offers a new way for users to interact and share information. Stakeholders should explore the use of this feature for their communication needs.
  • Consider the Benefits of Pyth Network’s Token Airdrop: The airdrop of approximately 55 million tokens by Pyth Network could provide additional benefits for DeFi participants. Stakeholders should consider these benefits in their investment decisions.

Related Research