Dr.DODO brings you our newly launched weekly brief - DODO Megascope, which covers the following sectors:
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Crypto Headline
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Governance Updates
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Sector Delivery
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Data Check
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CT Insights
👀 |Crypto Headline|
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The Merge was executed on September 15, 2022. This completed Ethereum's transition to proof-of-stake consensus.
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Vitalik’s new article on L3 and its significance.
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StarkNet launches dashboard StarkBoard - the go-to place to stalk StarkNet's ecosystem through key metrics.
🗣️ |Governance Updates|
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Bancor announces they are working on a new AMM model in their recent community call.
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ForceDAO has been officially terminated. It has transferred the rest of the asset to Gitcoin.
🍀 |Sector Delivery|
DeFi
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Options product Ribbon Finance has announced the launch of Ribbon Lend, a credit marketplace that allows users to make unsecured loans to institutional market makers of their choice.
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Yearn integrates with privacy network Aztec and can now deposit directly from Aztec’s ZK rollup into Yearn’s Dai and Eth vaults.
GameFi&NFT
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Sudoswap has launched a new Bonding Curve "Concentrated XYK Curve", which allows users to set price concentration parameters.
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Guns and Roses members may launch NFT music platform GoodNoise on Polygon.
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a16z Crypto released Ethereum Merger Commemorative NFT "Proof-of-Merge".
Infra
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Infura announces plans to launch decentralized ecosystem.
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Nick Johnson, founder and core developer of ENS, the Ethereum domain name service, said that ENS will launch Name Wrapper on the testnet within 7 days.
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Ditto, the premier liquid staking solution on Aptos, announces the incentivised devnet.
VC
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NFT creator Doodles raises $54M in funding at $704M valuation.
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Renowned Web3 compliance firm Satschel has recently announced that it has secured $5.2 million in a seed-funding round led by early-stage VC.
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Magna, a New York-based token management platform, announced today it has raised $15.2 million in seed funding.3 days ago.
✨ |Data Check|
Ethereum successfully reached and triggered the Total Terminal Difficulty (TTD) for the Execution Layer (EL) merger on 9.15. The merge mechanism was triggered at block height 15537393, the first PoS block height was 15537394, and the block reward was as high as 45.03 ETH. Block production (BP) is successfully passed from miners to validators on the consensus layer (CL) without any disruption or coordination issues. So, what changes did the merger bring to the Ethereum network? Let's take a look at the data:
- On-chain block time changes. Coinmetrics looked at the time between pre-merge and post-merge blocks, and as expected, block times now arrive in more predictable 12-second increments (except for a few missed slots). It was also observed that at least 15 Execution Layer (EL) fee receipts failed because the validator did not set the address or the address was set incorrectly.
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The first slashing after the merge occurred at slot 4,700,025, and validator 404680 was slashed for validating twice. Validators spin up multiple nodes to increase resilience to any single node failure, the problem is that when validators set up their nodes with the same validator key, this can cause those nodes to propose or prove a single block twice.
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Ultra Sound Money shows about 1.7k ETH is issued and about 7.4k ETH burned per day at current staking levels. Compared with pre-merger, the issuance has decreased significantly. Ethereum is already theoretically deflationary considering that ETH has been burned due to EIP-1559 over the past year. Post-merge will make ETH often deflationary in the future.
- Transaction fees on the blockchain network are much lower than they were ten days before the merger. About four months ago on May 13, 2022, a high-priority ETH transaction might have cost 68 gwei or $2.97 per transaction, and today, a high-priority ETH transaction is priced at $0.18, 93% cheaper. Etherscan.io’s fee metrics show that ETH transaction fees were more than 61% cheaper on the 18th than they were 12 days ago. Ethereum’s post-merger transfer fees have remained low since mid-May, with high-priority ETH fees 93% cheaper.
- Data from Rated labs shows that since the merger, the effectiveness of proposers across the network has been 99%, the same level as before the merger. This is based on whether the proposer was able to successfully propose the block when it was allocated. During this period, Coinbase and Lido proposers were the most efficient at 100%.
- Validators have earned at least 12 ETH through MEV. Block builders send bids to validators via mev-boost and relayers, hoping to be selected by proposed validators. Regarding relays, 95% of mev-boost blocks on-chain come from Flashbots relays.
🎵 |CT Insights|
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Syndicate launches Collective, enabling anyone to create an on-chain social network using ERC-721M NFTs that grow with the community and are composable across web3.