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|
- In light of OFAC’s Tornado Cash sanctions, Ethereum's community debates what to do if validators censor sanctioned addresses.
- Fei Protocol's Plan to Exit Tribe DAO Marred With Controversy.
- BendDAO's New Proposal Suggests Adjusting Some Parameters to Ease Liquidity Crisis.
🗣️ |Governance Updates|
- Curve is running an on-chain vote to whitelist REDACTED’s treasury multisig for their ve-contract.
- Osmosis is voting on a proposal from Apollo DAO to deploy their multisig Safe contract on the Osmosis app chain.
- The Bancor DAO voted to re-enable liquidity deposits exclusively on-chain.
🍀 |Sector Delivery|
DeFi
- Ribbon Finance launches Ribbon Earn, which provides principal-guaranteed returns using a combination of lending and options.
- Fei Protocol proposes to distribute the remaining DAO assets (about 141 million US dollars) to TRIBE holders proportionally, and after the proposal is completed, Fei Labs will withdraw from Tribe DAO and no longer have any governance rights.
GameFi&NFT
- Solana-based wallet provider Phantom has launched a new burn feature allowing users to remove spam non-fungible tokens (NFTs) sent by scammers.
- In the last 30 days, over 53% of NFT investors made losses on sale trades. Despite the cold market sentiment, the number of investors that hold their NFT investments continues to rise.
Infra
- Flashbots release relay code as open source.
- Avalanche subnet WAGMI kicked off successfully. Everything went smoothly and the fee config manager activated successfully on WAGMI.
- EOS EVM will bee launched Soon, and the mainnet will undergo a hard fork upgrade in September.
VC
- Tessera, a collective NFT ownership platform formerly known as Fractional, has raised $20M in a Series A funding round led by Paradigm.
- Koibanx, a Latin American asset tokenization company, raised a $22 million Series A funding round.
- .bit, a US, China, and Singapore-based developer of a cross-chain decentralized identity protocol, raised $13m in Series A funding.
✨ |Data check|
The first half of 2022 was the maiden bear cycle for the blockchain gaming industry. This report from CryptoMarketCap and FootPrint takes the opportunity to look through the data and analyze how the sector has performed in terms of users behavior, transactions on chain and price performances.
- Since the bear market cycle, BTC’s market cap has dropped from nearly $900B to $400B (a 55% drop), while GameFi’s market cap has dropped from $19B to around $4B, a drop of nearly 80%.
- The Fear and Greed Index reached a state of extreme fear, bottoming out around 10 in mid-June. At present, it has bottomed out and rebounded. From the rebound of the token prices last week, it can be seen that the market sentiment slightly picked up.
- In terms of the user account, WAX and Hive remained the top two, and the WAX chain users had not dropped significantly due to the bear market. However, WAX and Hive still rely heavily on Alien Worlds and Splinterlands. Unlike Ronin for Axie, WAX and Hive were not made specifically for these two games. High user concentration is not conducive to the ecological development of the chain. The concentration of the WAX chain has a tendency to slow down.
- BNB is the third largest chain by gaming transactions and gamers, and no one title dominates its ecosystem. MOBOX: NFT Farmer and Bomb Crypto are the games that rank top and second in BNB ecological. The total transaction volume of these games accounts for less than 50%. Due to the high volatility of GameFi, even top games will fall into a death spiral. Diversification can make the ecosystem more resilient in times of market downturn.
- BNB used to be the chain with the most new game projects per month. But since the bear market in May, the number of new games has decreased significantly. Other chains have maintained relatively steady growth for the most part, with Polygon having the fastest relative growth, followed by WAX. It can be seen gaming developers prefer Polygon, WAX, and BNB, which are more friendly to games with their low fees.
- The growth rate of new games on Ethereum is not as high as that of BNB, but the Ethereum ecosystem already has many big productions under development. Illuvium, which continues to gain popularity, Big Time by Decentraland co-founder Ari Meilich, and Stepn have also expanded to Ethereum. On the other hand, if Ethereum succeeds in the September merge, and Ethereum’s efficiency and scalability increase, then Ethereum’s GameFi ecosystem will take a significant market share.
- GameFi token prices and market caps basically fell sharply, but there were also projects that bucked the trend, such as BinaryX’s token price rose 8x from its lowest point, an upward swing began after the upgrade in March. As the chart below, the trading volume of most blue-chip projects has fallen by around 50%, and most non-blue-chip projects have lost liquidity.
🎵 |CT Insights|
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Opinions on the Fei Protocol new proposal:
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OFAC Sanctions & Ethereum PoS – Some Technical Nuances:
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