Research Summary
The report discusses recent developments in the cryptocurrency market, focusing on the Arbitrum community’s decision to implement a trial staking program, the partnership between Magic Eden and Yuga Labs, the discovery of a potential vulnerability in Aave’s contracts, and The Graph’s announcement of their New Era roadmap.
Key Takeaways
Arbitrum’s Trial Staking Program
- Staking Initiative: The Arbitrum community has voted to implement a trial staking program that allocates 1% of the total token supply to staking over the next 12 months. This move is expected to lead to significant yields denominated in ARB.
- Community Engagement: The decision follows a highly publicized grants program that distributed approximately 74M ARB to community projects built on the Layer-2 project.
Magic Eden and Yuga Labs Partnership
- Collaboration Announcement: Magic Eden, a Solana-based NFT marketplace, and Bored Apes Yacht Club creator, Yuga Labs, have announced a partnership to create an Ethereum-based marketplace that enforces creator royalties.
- Market Impact: This partnership could set a precedent for the market to move back to royalties, despite many other venues not enforcing royalties or making them optional.
Aave’s Potential Vulnerability
- Security Concern: Decentralized lending protocol, Aave, discovered a potential vulnerability in a select number of its v2 contract on Ethereum and its v3 contracts on Polygon, Arbitrum, and Optimism. The protocol paused its markets on these chains while the issue was investigated.
- Response: Aave passed a vote to pause all stable borrowing and issue a patch for the vulnerability, which should be executed in the next several days.
The Graph’s New Era Roadmap
- Future Plans: The Graph, a Web3 infrastructure project for developers, announced their New Era roadmap, which includes the release of new blockchain data services such as AI-assisted querying, verifiable data, and improved tooling.
- Upcoming Event: The Graphโs conference, Datapalooza, is set to start next week, promising more potential announcements from the project.
Actionable Insights
- Monitor Arbitrum’s Staking Program: Keep an eye on the implementation and results of Arbitrum’s trial staking program, as it could influence future governance initiatives and yield opportunities.
- Assess Impact of Magic Eden and Yuga Labs Partnership: Evaluate the effects of the partnership between Magic Eden and Yuga Labs on the NFT marketplace, particularly in terms of creator royalties.
- Stay Informed on Aave’s Security Measures: Follow updates on Aave’s response to the discovered vulnerability in its contracts, as it could impact the stability and security of decentralized lending protocols.
- Track The Graph’s New Era Roadmap: Stay updated on The Graph’s New Era roadmap and the upcoming Datapalooza conference, as they could introduce significant advancements in blockchain data services.
