Dr.DODO brings you our newly launched weekly brief - DODO Megascope, which covers the following sectors:

• Crypto Headline

• Governance Updates

• Sector Delivery

• Data check

• CT Insights

👀 |Crypto Headline|

• The Bellatrix hard fork, the last major upgrade before The Merge, has been activated.

• User balances in USDC, USDP and TUSD will be converted into the exchange's Binance USD stablecoin on Sept. 29.

• Semi-fungible Token Standard ERC-3525 Proposed by Solv Protocol Gets Approved.

🗣️ |Governance Updates|

• The Lido community has released a new proposal to launch a cross-chain liquid staking service on the Cosmos ecosystem blockchain Neutron.

• Gearbox discusses adding FRAX and FXS to the list of assets allowed to interact with their Credit Accounts.

🍀 |Sector Delivery|

DeFi

• Lido released the stETH user behavior analysis report, 95% of the addresses pledged less than 100ETH. The vast majority of holders use stETH for direct pledge and passive holding, and the average holding period of stETH is 225 days (statistically, the wallet balance is greater than 1stETH for addresses).

• Notional, a fixed-rate lending protocol, has launched a high-leverage yield function called “leverage vault”.

GameFi&NFT

• Paradigm Launches Token Distribution Mechanism GOO.

• Despite the crypto winter, the GameFi network continues to thrive. In fact, the industry is expected to be valued at $74.2 billion by 2031.

• Japanese game giant SquareEnix has become one of the 21 initial verification nodes of the game blockchain Oasys.

Infra

• Solana to include Move into their strategic developing language.

• Polkadot launches Unbounded, the first open source, freely available and on-chain funded font in the world.

• Ethereum Layer2 scaling solution Arbitrum announced that it will host its first hackathon in Bogota, Colombia, on October 15th-16th.

VC

• Fuel Labs raises $80 million for modular execution layer, touting superior speed.

• Mysten Labs, the developer of the Sui layer-1 blockchain, has raised $300 million in a Series B funding round.

• Spice AI Raises $13.5 Million Seed Funding to Enable Web3 Developers to Build Data and AI-driven Applications.

✨ |Data check|

NFT Lending Market

Recently, the NFT lending platform BendDAO experienced a liquidity crisis, mainly due to the deterioration of liquidity in the NFT bear market cycle and the problem of BendDAO's own mechanism design, which led to the insolvency. The financialization of NFT is still in the exploratory stage. Let us analyze the current status of mainstream NFT lending platforms from the perspective of data.

• At present, there are five head projects of mainstream NFT lending platforms, BendDAO, NFTfi, Pine Protocol, Arcade.xyz (formerly Pawn.fi) and JPEGd. Among them, NFTfi and Arcade.xyz use the p2p mechanism, BendDAO, Pine Protocol and JPEGd are p2pool mechanisms.

• Source of platform profit:

  NFTfi: 5% of the loan amount BendDAO: 30% of loan interest Arcade.xyz: The platform does not charge fees JPEGd: 2% of the pledged NFT value as interest and 0.5% as withdrawal fee Pine Protocol: 0.01ETH + 0.35% of loan amount

• Around August 23, the liquidity of BendDAO’s lending pool was already lower than the loan amount, which means that the vast majority of ETH depositors cannot withdraw ETH from the protocol immediately, and can only wait for NFT mortgagers to actively repay the loan to release liquidity. Or the NFT in the auction can be successfully liquidated.

• Comparing the 5 platforms horizontally, NFTfi ranks first in terms of cumulative loan amount (USD), BendDAO ranks second, and Arcade.xyz ranks third.

• In terms of the total amount of repayments (USD), the loan repayment rates of each protocol are 67% for BendDAO, 80% for NFTfi, 47% for Pine Protocol, 75% for Arcade.xyz, and 59% for JPEGd. Higher loan repayment rates for NFTfi and Arcade.xyz.

• At the same time, NFTfi also has the most users, with a total of 13,545 users, and BendDAO ranks second with a total of 4,312 users. Arcade.xyz, which has the second highest repayment rate, has only 244 users, and Arcade V2 has been online for less than a month, improving user experience.

• In terms of the number of liquidated NFTs, NFTfi has the largest number of NFT types and users, so the total number of liquidations is also the largest, followed by BendDAO. Arcade.xyz does not have an automatic liquidation mechanism, but depends on both the borrower and the borrower. Although the number of BendDAO liquidations is far less than that of NFTfi, due to its p2pool mechanism, the negative effects of its liquidation are far greater than the p2p mechanism of NFTfi.

🎵 |CT Insights|

• An overview of 16 protocols in Sui ecosystem:

  https://twitter.com/its_airdrop/status/1568244848754585601

• Changes in block validation in ETH2.0 and how it opens the network to new MEV opportunities： https://twitter.com/AngleProtocol/status/1568889474720960513?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed&ref_url=notion%3A%2F%2Fwww.notion.so%2Fdodotopia%2FDODO-Megascope-114388d71b204fa7b1e9842e26f1e331