#1 Solana Network Outage
Solana suffered its second outage in a month and the 5th outage in 2022. Solana halted block production for over four hours on Wednesday due to a bug in recently newly added features. This caused $SOL to go down around 13%.
Solana recently added durable nonce transactions. Durable nonce allows users to sign a transaction offline and does not require a recent block hash. Thus users can sign a transaction way before submitting the transaction. Durable nonce becomes popular these days. Exchanges are trying to use durable nonce possibly because of their cold storage settings. Their complex cold storage settings can't always catch up with the fast network.
On Wednesday, Solana double-count one durable nonce transaction in different blocks. This caused the failure of the Solana consensus mechanism.
#2 Could GameFi explore its own path in the Metaverse?
Any game has its own life cycle. While the GameFi circuit is growing rapidly, the current market is far from what was envisioned and there are still areas of the ecosystem that need to be optimized. What we can do is to select the viable solutions among these potential possibilities, and the potential alpha is out there waiting to be explored by practitioners.
What has GameFi changed? Why have thousands of people suddenly decided to make a living in these virtual worlds?
Blockchains and their underlying technology enable game developers to provide users with a secure way to prove ownership and trade with each other. They also allow for free pricing, free exchange, and free use of game materials and game currency. Virtual goods lead to a sustainable economy when combined with strong property rights, fundamentally free pricing of the economy, and unhindered transactions.
The game brings multiple experiences and internal value retention: developers should provide users with a better participation experience and reflect the entertainment value of the games, so that users are willing to pay time and money for the game. At the same time, in addition to the functional gold NFT, the game can also consider adding symbolic NFT to do value retention for the game ecology, which can reduce the speed of currency flow. This is conducive to the continuous growth of the game.
Optimize the economic model and control the supply of NFT/Reward Token: We acknowledge that "Play to Earn" has brought a lot of initial users to GameFi. However, as the game progresses, developers may be able to gradually optimize the model to suit the game's stage of development. At the beginning of the game, a strong APY is naturally necessary for "go to market", but as the game progresses, "Play to Burn" can be promoted in the form of round robin tournaments, rewards tournaments, etc. to maintain Reward Token and the NFT pivot in value. In addition, the use of differentiated revenue curve can be considered to allow different participants to enjoy the satisfaction brought by the game.
Introducing multiple parties to the game and forming an open Meta: The biggest advantage of chain games and online games comes from the fact that the decentralized network provides a completely open world for users, and players are more free to move around in the virtual world during the game.
Optimism’s $OP Aidrop Launches
On June 1st, 2022 Optimism announced that claims for the #1 OP token airdrop were officially open, in which 5% (~215m OP) of the roughly total OP token supply is to be airdropped to users. Optimism is a Layer2 optimistic roll-up for the Ethereum blockchain network that helps to increase the transaction throughput of Ethereum.
At time of writing, almost 62% of tokens have already been claimed by 47% of eligible addresses.
However, Optimism was not prepared for the thousands of claims that rolled in: only 5 hours after claiming was activated, their public RPC endpoint was overloaded and people could not use the official website to claim the token (see 19:00 below).
The Optimism team struggled for hours to expand resources to serve the public RPC client to make sure people could claim the airdrop through their official channels, instead of running the risk of scammers setting up fake front ends to trick unsuspecting victims.
Roughly one and a half days after the airdrop campaign, we observe that a small majority of tokenholders opted to sell their token as token trading volumes continuously decline.
Optimism’s airdrop rules included various eligibility criteria that the Optimism team believe to be indicators of participation in the network and governance of the Optimism Collective, which functions similarly to the Ethereum Name Service (ENS) DAO: tokenholders must delegate the voting power of the claimable tokens before the claim is executed. That way, an active governance structure can be set up together with the launch of airdrop instead of relying on tokenholders to vote individually on governance proposals. Anybody can sign up as a delegate, and tokenholders can re-delegate their voting power at any point in time.
The various eligibility criteria are meant to ensure that airdrop hunters that use large amounts of addresses to farm dust-sized transactions are excluded from the airdrop, and instead addresses that have verifiably and actively participated in Ethereum and Optimism activities that help grow both networks are rewarded.
- Utopia Labs Announces $23M Series A Financing led by Paradigm
- Binance Raises $500 Million Fund for Crypto Investments
- Dework raises $5M seed round led by Paradigm & Pace
- SIZE Closes $6M Seed Round
- Laevitas raised a $2.5M seed round
- A16z and Coinbase execs back new crypto VC fund Canonical
- Checkout.com founder backs DeFi platform Alloy in $3 million pre-seed round
source: Coin Metrics
Crypto Fear & Greed Index
Data of NFT Market
Total Value Locked of DeFi
Total Value Locked All Chains
Protocol Total Revenue
source: Token Terminal