DODO #Megascope brings you this week’s Highlights:

1. MakerDAO New Executive Proposal Adopted

2. DeFi Project Introduction: Radpie

3. GameFi Project Introduction: Sanko GameCorp

4. Data Check : Memecoin Ethereum ****$科太币 Data Analytics

👀 Weekly Digest

MakerDAO Passes New Execution Proposal

According to the MakerDAO governance page, on August 5th (Beijing Time), the MakerDAO community voted in favor of the execution proposal titled "Enhanced DSA Activation, Spark Protocol Debt Ceiling Increase, RWA Treasury Updates, Q2 2023 AVC Member Compensation, Monetails Clydesdale DAO Resolution, Launch Project Funding, Spark Proxy Spell Execution." This proposal was executed on August 7th (Beijing Time).

DSR Increased to 8%

The most notable aspect of this proposal is that the DSR (Dai Savings Rate) will increase from 3.19% to 8%. This increase in yield comes from RWA earnings and the unallocated DAI earnings from the DSR module, referred to by MakerDAO as the Enhanced Dai Savings Rate (EDSR). The purpose of EDSR is to temporarily increase the effective DSR available to users during the early stages of low DSR utilization. EDSR is determined by the DSR and DSR utilization and decreases as utilization increases, eventually disappearing when utilization becomes sufficiently high. EDSR is a one-time, unidirectional temporary mechanism, which means it can only decrease over time and will not increase even if DSR utilization drops.

Significant Impact

The introduction of a maximum 8% annualized DSR has effectively attracted whales to convert stablecoins to $DAI and deposit them into the DSR module. Data analyst @EmberCN noted that a whale has already exchanged 5,640 ETH for 10.32 million DAI (at an average selling price of $1830) and collateralized 5,400 wstETH to borrow 4 million DAI, then deposited this 14.32 million DAI into MakerDAO to earn the current 8% APY. The DSR increase also signifies that the benchmark interest rate in the DeFi world will come closer to the Federal Reserve's federal funds rate, which is expected to effectively increase the total locked value in DeFi and potentially encourage more DeFi projects to be built upon this foundation.

DeFi Project Introduction: Radpie

Radpie is a SubDAO developed by Magpie with the aim of optimizing the earnings and governance services for users of Radiant Capital.

Radpie converts dLP (Dynamic Liquidity Tokens) into mdLP , locking it to ensure governance rights. It also activates the distribution of RDNT (Radiant Token) within the Radiant Capital ecosystem for deposits and borrowing. Radpie automates the looping function, allowing users to easily earn enhanced returns without the need to hold dLP.

Radpie Mechanism

Radpie is a DeFi platform developed on top of Radiant Capital, and before explaining the mechanism of the Radpie project, it's important to introduce the dLP Locking Mechanism of Radiant Capital:

Dynamic Liquidity Tokens (dLP) are crucial tokens introduced by the Radiant Capital platform. They represent the specific liquidity pairs that users deposit on the Radiant Capital platform, such as RDNT/ETH and RDNT/BNB.

Holding Dynamic Liquidity Tokens (dLP) on the Radiant Capital platform comes with several advantages:

1. High Earnings: Users holding dLP tokens can activate the distribution of RDNT and earn higher returns on their deposits and borrowings. This provides users with a stable passive income source.

2. Platform Fee Sharing: dLP holders can share platform fees generated from trading premium assets like Bitcoin, Ethereum, stablecoins, etc., further increasing their earnings.

3. Voting and Governance Power: Holding dLP tokens grants users the power to influence platform governance. They can participate in voting and decision-making, impacting the platform's development direction.

4. Comprehensive Benefits: Holding dLP tokens not only provides high earnings and platform fee sharing but also allows participation in platform decisions through voting and governance processes, achieving comprehensive benefits.

5. Reward Acquisition: Locking dLP tokens on the Radiant Capital platform allows users to earn RDNT rewards, which can be part of their investment portfolio, enhancing overall returns.

However, dLP tokens also come with some limitations, and users might face the following issues:

1. Asset Locking: Users holding dLP tokens need to lock a portion of their assets on the platform to earn passive income and other benefits. The unlocking period for dLP tokens can be several months, requiring users to wait a significant amount of time to access their assets again.

2. Liquidity Constraints: Locking assets as dLP may limit users' liquidity for other investment opportunities or emergency situations.

3. Reward Claiming Limitations: To receive full rewards, users need to wait for a longer unlocking period (usually around 90 days), facing penalties if they claim rewards prematurely during this period.

4. Lack of Flexibility: dLP tokens to some extent restrict users' actions, as they need to follow specific rules like converting to mdLP for rewards.

Radpie's emergence aims to help users enjoy the benefits of dLP earnings while avoiding liquidity locking issues. Radpie achieves its optimized earnings and governance functionalities through the following ways:

1. Conversion of dLP to mdLP: Radpie allows users to convert their held dLP tokens into mdLP. mdLP is a new token form that doesn't require locking and can be converted at any time, achieving the goal of unlocking earnings.

2. Unlocked Earnings: Users holding mdLP tokens can stake them on the Radpie platform to earn a share of the platform's income. Unlike traditional dLP, mdLP doesn't need locking, and users can access their earnings anytime.

3. Participation in Governance: Users holding Radpie's governance token RDP (Vote-Locked RDP) can participate in the governance of the Radiant Capital platform. This enables users to vote and participate in decisions, influencing the platform's development direction.

4. Platform Fee Sharing: Through holding vlRDP, users can share the fees generated by the Radiant Capital platform, which come from trading and other platform activities. This provides an additional source of income for users.

5. Accumulation of dLP: Through the mdLP mechanism, Radpie automatically locks the dLP tokens users convert on the Radiant Capital platform, accumulating a certain amount of dLP. This gives Radpie the right to activate RDNT distribution.

6. Distribution of Voting Power: The voting power accumulated through Radpie's dLP conversion is allocated to vlRDP holders, allowing them to cost-effectively participate in Radiant's governance voting.

Radpie Project Update

Radpie recently completed their first-stage dLP Rush event on July 24th. Participants who locked up a total of $1.7 million worth of dLP on Arbitrum and BNBCHAIN will receive $RDP token rewards. The $RDP token is expected to be launched on the platform between late August and early September.

There's still an opportunity to participate in the PENDLERUSH activity by locking $Pendle to get $RDP token allocation for the upcoming IDO fundraising event. Similarly, participants can also lock $WOM to Magpie during the WOMUP Party to secure their allocation of $RDP tokens.

Source : https://twitter.com/Radpiexyz_io/status/1683503034725195776?s=20

GameFi Project Introduction : Sanko GameCorp

Sanko GameCorp is a game publisher known for releasing NFT game series on the Ethereum blockchain. Two of their notable NFT games released on the Ethereum Mainnet were Sakura Park and Streets of Milady. Currently, Sanko GameCorp's main focus is on the project called Dream Machine, a game and gaming platform built on the Arbitrum blockchain. They have created multiple games with a unique Y2K style and utilize their own cryptocurrency called $DMT.

Dream Machine offers players a distinctive gaming experience with various in-game privileges and rewards through the use of their native cryptocurrency $DMT. This approach allows players to have a deeper engagement with the games while also exploring the potential of blockchain technology in the gaming industry. Sanko GameCorp's efforts highlight the growing integration of NFTs and cryptocurrencies in the gaming world, enabling new ways for players to interact with and benefit from the virtual environments they engage with.

Sanko GameCorp Project Highlights

The Sanko GameCorp project is strongly supported by the Milady NFT community, which shares the same Y2K aesthetic. Currently, the project has developed four games:

1. McAffee's Main Event - A Texas Hold'em poker game that allows players to compete against each other using $DMT as chips.

2. Sanko! (Uno) - An upcoming UNO game that also utilizes $DMT as chips.

3. Milady Tekken - A street fighter game featuring Milady NFTs as the main characters.

4. Sakura Pinball - A Y2K-styled pinball game.

Dream Machine Token (DMT) is the native asset that powers the Dream Machine game, similar to tokens or coins used in traditional arcade machines. $DMT is used within the Dream Machine platform for various in-game activities, including purchasing items, upgrades, character enhancements, and unlocking levels.

Current Status of Sanko GameCorp

In addition to the four games mentioned earlier, teaser images on Twitter also show screenshots of a billiards game, among others. It's foreseeable that Dream Machine aims to create a platform with a variety of arcade games that were popular during the turn of the millennium. Currently, the Dream Machine platform offers a gameplay experience for a nominal fee of 0.1 $DMT, primarily focusing on user engagement and attraction.

One of the most popular games within the platform is "McAffee's Main Event," a Texas Hold'em poker game. The platform frequently organizes related competitive events and rewards players with $DMT tokens. The project's active engagement with users through such events contributes to its growing popularity. The integration of $DMT tokens as rewards encourages participation and adds value to the gaming experience.

Source : https://twitter.com/SankoGameCorp

Another notable feature in the current roadmap of Sanko GameCorp is the development of an L3 blockchain, which will be built on top of the Arbitrum L2 chain and will utilize $DMT as the gas token. This initiative, known as Crypto's Gaming Layer3, aims to create a dedicated blockchain for gaming purposes.

Source : https://twitter.com/SankoGameCorp

DataCheck

https://twitter.com/DodoResearch/status/1688739322936299520?s=20

🚄 Bullet News

• The Hong Kong Securities and Futures Commission has issued the first batch of two virtual asset trading licenses to HashKey Group subsidiaries, HashKey Exchange, and the digital asset platform OSL. HashKey Group announced on its official website that it will open services to retail users in the coming weeks, becoming the first licensed trading platform for retail users in Hong Kong.

• The Polygon Labs team has noted that Matter Labs, the developer behind zkSync, released a proof system called Boojum, which includes a significant amount of source code from the Plonky2 library. However, the origin wasn't explicitly stated. Matter Labs co-founder and CEO Alex responded that only about 5% of the Boojum code is based on Plonky2. He acknowledged that they could have used a more standard attribution approach and promised to do so in the future. For more details, you can refer to DODO Research's tweet.

• U.S. third-party payment giant PayPal has announced the launch of the USD stablecoin PYUSD on the Ethereum mainnet, to be issued by Paxos Trust.