DODO #Megascope brings you this week’s Highlights:

1. Lido V2 Launch

2. Analysis of Timeswap

3. Analysis of Treasure DAO and Space ID

4. Interpretation on Cancun Upgrade

5. Data Check: Data Analysis of XCMG For Real

👀 Weekly Digest

DeFi

Lido V2 Launch

Key updates of Lido V2

• Withdrawal feature: Lido V2 has added the function of Ethereum withdrawal, which is the aspect that users are most concerned about. Ethereum stakers in the Lido protocol can now directly retrieve ETH through the protocol, simplifying the Ethereum staking experience and using Lido's staked ETH more efficiently in the Ethereum DeFi ecosystem.

• Introduction of a new component, Staking Router: Staking Router is a new modular architecture design. Developers can develop staking entrances for new node operators ranging from individual stakers to DAOs and distributed validator technology (DVT) clusters through Staking Router to create a more diverse validator ecosystem. This design will increase the number of new node operators and lower the threshold.

• Rewriting of Oracle and offline protection program software: Better support for withdrawal function and make it possible for more node operators with larger order quantities.

Market significance

As the largest LSD protocol, Lido's support for Ethereum withdrawal is a significant milestone for the Ethereum staking market, indicating further improvement. The discount of stETH on ETH in the market will decrease and gradually anchor around 1. For Lido itself, it signifies a key milestone in the development of a more decentralized and smoother, efficient Ethereum staking experience. Lido V2 has undergone multiple security audits to ensure its safety.

Project Analysis: Timeswap

Key Features

Timeswap is an innovative liquidity management protocol that is essentially a lending protocol that has pioneered the concept of a time-based automated market maker (AMM) algorithm. Key features include:

• Decentralized and does not require an oracle, which eliminates the risk of token manipulation by oracles.

• Protocol simultaneously acts as a non-liquidating money market and options market. Users can deposit tokens into the pool to earn fixed interest or borrow and lend other tokens without being subjected to liquidation. This means that the borrower specifies the corresponding price and term when depositing assets and can repay and withdraw the collateral before maturity. Even if the market price of the token changes during the term, the collateral will not be liquidated. If the borrower fails to repay the principal and interest after maturity, the collateral will still be confiscated.

• Timeswap protocol does not require price feeds but provides pricing based on a formula similar to Uniswap. This makes the protocol more gas-efficient.

• Timeswap improves capital efficiency and makes liquidity providers more profitable. LPs actually provide liquidity for a fixed-term lending product, which is beneficial for borrowers, lenders, and LPs.

  Advantages and Risks

  • Doesn't require an oracle and the interest rate is determined by the supply and demand of borrowing and lending, which makes it easier for market prices to be discovered.

  • No Liquidation (fixed term) introduces external LPs who can simply provide assets and earn a fee. The fixed-term design increases the certainty of the borrower's interest income. BT tokens may also be traded by building a pool later, and the liquidity of exiting will be better. Lenders do not have to worry about assets being liquidated within the term, giving them more flexibility. LPs can easily provide liquidity to the pool to earn revenue.

  • The risk is that when borrowing demand increases, the interest rate increases, and if there are no additional LPs providing liquidity, the protocol's capital efficiency is not significantly different from other lending protocols. If the protocol cannot provide additional incentive to LPs, it may fail to attract external LPs, and the liquidity pool's advantage may not be significant compared to traditional lending protocols.

NFT

Treasure DAO

Treasure DAO is an NFT ecosystem built on Arbitrum specifically designed for metaverse projects. The Treasure DAO project uses $MAGIC for functional integration, and members have voting rights, authorized funding, and revenue sharing agreements to further support the growth of the Treasure ecosystem. Key features include:

• Decentralized ecosystem: Treasure DAO aims to connect and support NFT metaverse, DeFi, and gaming projects.

• Single transaction token: In contrast to the excessive tokens used by GameFi 1.0, Treasure DAO chooses to use a single transaction token $MAGIC for clearing and trading.

• Internal governance: Treasure DAO members have voting rights on various issues, including selecting projects, allocating $MAGIC, and revenue sharing agreements to support the growth of the entire Treasure ecosystem.

• Long-term community building: Treasure DAO aims to build a long-term community rather than quickly acquiring liquidity. To encourage other game developers to enter the Treasure ecosystem, these projects will receive a 50% MAGIC incentive within two weeks of launch. As part of their game mechanics, cooperating projects must also collect MAGIC.

• Game market: Treasure DAO's market, Trove, allows all users to trade NFTs and learn more about Treasure DAO gaming projects. Trading on Trove requires either $MAGIC or $ETH.

• Game zone: Treasure DAO has created multiple games such as BattleFly, Knight of the Ether, LifeVerse, Realm, Tales of Elleria, The Beacon, The Lost Donkeys, and Toadstoolz, which use MAGIC as the primary transaction token and sell NFTs through Treasure DAO's market. Bridgeworld is the bridge that connects projects in the Treasure DAO ecosystem with NFT projects.

• Technical tools: Treasure DAO's technical tools include trading markets, Magicswap, DAO (Treasure Governance), TreasureTags, and Treasure Create, which play important roles in the creation of games and other materials.

Space ID

SPACE ID is a domain service provider that offers a one-stop Web3 domain and identity platform, multi-chain domain services, as well as Web3 domain-related SDKs and APIs. SPACE ID's services include .bnb, .arb, .eth domains, as well as new domains introduced by the SPACE ID team.

Through the services provided by SPACE ID, users can more conveniently and directly manage their Web3 identity, without the hassle of a highly fragmented and unstable market from different domain service providers. Meanwhile, ID tokens will be used for the governance of the SPACE ID ecosystem and to reward users participating in the project, further promoting the continuous development of SPACE ID in the Web3 industry. Key features include:

1. All-in-one Platform: SPACE ID's all-in-one Web3 domain and identity platform is an innovative infrastructure that allows users to manage all aspects of their domains in one place. It has four main functions:

   • Discovery: Users can search for desired names across all supported top-level domains and discover popular domain collections.

   • Registration: Users can now register all Web3 domains on the SPACE ID mainnet. .bnb, .arb, and .eth domains are already supported on the mainnet.

   • Trading: A market specifically designed for Web3 domain trading, aggregating liquidity from other markets like OpenSea.

   • Management: Users can manage their Web3 domains on the SPACE ID platform and maintain and upgrade them.

2. Multi-chain Domain Service: SPACE ID provides multi-chain domain services, including TLDs introduced by the SPACE ID team and other domain providers joining SPACE ID with multi-chain domain service capabilities.

3. Web3 Domain SDK and API: Space ID aims to adopt a unified and simplified approach by providing a set of SDKs that simplifies Web3 domain service integration for developers, eliminating the need for developers to deal with multiple protocols, saving time, and solving compatibility issues.

4. ID Token: ID is the governance token of the SPACE ID ecosystem, used for participation in SPACE ID DAO proposals, as well as for payment in the SPACE ID ecosystem and Web3 domain SDK integration.

Infra

Interpretation on Cancun Upgrade

On May 11th, Ethereum developers held their 161st All Core Developers Execution (ACDE) call meeting to discuss implementation details on Ethereum Improvement Proposal (EIP) 4844. In general, the Cancun upgrade will mainly include the implementation of EIP 4844, introducing new transaction types referred to as "blobs," as well as encompassing EIP 6780, EIP 6475, and EIP 1153 within the upgrade range. Additionally, developers resolved some issues during the EIP 4844 implementation process, such as precompile input-output mismatch and serialization format. Furthermore, developers also discussed other EIPs, such as EIP 6969 and EIP 5656.

EIP 4844 Upgrade Details:

• EIP 4844 is the primary code change to enter the next Ethereum upgrade called "Cancun," also known as proto-danksharding, introducing a new transaction type "blobs" designed specifically for the second-layer rollup.

• The meeting also addressed the implementation details of EIP 4844, including solving the EIP 4844 precompile input-output mismatch issue, discussing EIP 4844 serialization format, and clarifying the blob transaction for block validity. Moreover, developers discussed further challenges using the KZG library for blob commitments.

• Following the discussion, developers agreed to remove the SSZ building blocks in the EIP 4844 EL implementation and introduce the blobs transaction in Cancun.

Other EIPs:

• Besides EIP 4844, developers agreed to include EIP 6780, EIP 6475, and EIP 1153 within the Cancun range. Furthermore, the meeting also discussed EIP 6969 and EIP 5656.

• EIP 6969 introduces a new gas split mechanism that aims to distribute part of the gas revenues to contract creators to incentivize highly-called contracts.

Datacheck

https://twitter.com/DodoResearch/status/1658285718421241858?s=20

🚄 Bullet News

Market

• Binance announced that due to changes in regulatory policies, the company will no longer provide services to Canadian users and will officially exit the Canadian market.

• Previously, Sam, founder of OpenAI, announced the release of Worldcoin, attracting market attention. Recently, Worldcoin announced that related applications, WorldID and World App, will be launched on OP soon.