Arbitrum
TLDR
GMX temporarily surpassed the Ethereum blockchain in daily fees over the last weekend, making over $5 million in a 24-hour period
Radiant Capital will soon release its V2 on Arbitrum
The update will eventually allow users to deposit any major asset on any major blockchain and borrow various supported assets across other blockchains
Arbitrum-Based GMX Surpassed Ethereum Blockchain in Daily Fees Over Weekend
Decentralized finance (DeFi) exchange GMX logged more than $5 million in fees over a 24-hour period last weekend. Temporarily making it the largest revenue generator in DeFi, ahead of even the Ethereum blockchain.
Ethereum fees clocked in at $4.7 million over that period. These fees were generated from user actions on Ethereum, such as transactions or issuance of ERC-20 tokens.
However, these fees do not include the fees generated by applications on Ethereum itself. Uniswap, for instance, had upward of $1 million in fees collected from users.
Radiant Capital Targets Outsized Platform Profitability With V2 Launch
Arbitrum-based DeFi protocol Radiant will soon release its version 2 as part of a broader plan that developers say would eventually help make Radiant the “most profitable” protocol in the sector.
Radiant’s latest update will eventually allow users to deposit any major asset on any major blockchain and borrow various supported assets across other blockchains. This is unlike most current DeFi products, which allow users to deposit and borrow assets only on one blockchain.
New features for the v2 launch include emissions granted only to "club members" who add value to the protocol, collateral support for over 20 new tokens, and distribution of the product on five other blockchains.
Avalanche
TLDR
An alliance of gaming studios has launched its own Avalanche Subnet to support its ecosystem and the upcoming launch of its battle royale game, MetaDOS
DOS Labs Launches Subnet Built for an Alliance of Gaming Studios
DOS Labs, a gaming studio with over 400k daily active players and a large network of Web3 game developers, has launched its own Avalanche Subnet.
The DOS Labs Subnet will support an exchange, asset management tools, and more. DOS Subnet will provide game developers with SDKs (Unity, Unreal, and others) to quickly and affordably integrate Web3 features into games, lowering the barrier to Web3 game creation.
DOS Labs has formed a Vietnam Game Developer Association with help from 11 studios and publishers. The alliance includes Heroes & Empires, Suga, Imba Games, and many other notable game studios, all committing to bringing games to DOS Subnet.
The alliance’s forthcoming games will all be represented by unique characters and backstories in DOS Labs’ upcoming 200-player Battle Royale game, MetaDOS.
BNB Chain
TLDR
Binance exchange has seen a surge in withdrawals after a regulatory crackdown on the Paxos-issued Binance USD (BUSD) stablecoin
Uniswap has passed the governance proposal to deploy on BNB Chain using the Wormhole bridge
Binance Withdrawals Surge as Paxos-BUSD Drama Weighs on the Exchange
Binance has endured over $831 million of net outflows over a 24-hour period on February 13th, according to blockchain intelligence firm Nansen’s data. Investors appeared to be spooked by a regulatory crackdown on the Paxos-issued Binance USD (BUSD) stablecoin and are flocking to reduce their holdings on the platform.
The withdrawals have followed the New York Department of Financial Services ordering Paxos on Monday to halt issuing the $16 billion BUSD stablecoin and a looming enforcement action by the U.S. Securities and Exchange Commission (SEC). Issued under the Binance brand, BUSD is the third-largest stablecoin and accounts for 35% of all Binance trading volume.
This withdrawal activity marked the largest daily net outflows from Binance since November 2022 following concerns around the exchange’s shaky proof of reserves report.
Changpeng “CZ” Zhao, chief executive of Binance, assured investors in a tweet that customer funds are safe.
Uniswap Vote on BNB Deployment Ends With a16z on Losing Side
The vote to deploy Uniswap V3 on the BNB blockchain using the Wormhole bridge has passed. The proposal was the subject of a high stake political battle amongst the community members of Uniswap DAO and venture capital project backer Andreesen Horowitz (a16z).
The vote by the Uniswap DAO closed last week with 66% in favor of deploying Uniswap on BNB Chain and 34% opposed.
The conflict arose as a16z pushed for one of its companies within its extensive portfolio, LayerZero, to be used as the cross-chain bridge.
Uniswap v3 is currently live on Ethereum and a handful of other blockchains, and it has over $1 billion in daily trading volume.
Ethereum
TLDR
Vitalik Buterin and many members of the crypto community have pledged donations to the victims of the recent earthquake that hit Turkey and Syria
Aave has launched its GHO stablecoin on the Ethereum test net
Vitalik Buterin Donates $227K To Victims Of Turkey, Syria Earthquake
Vitalik Buterin, the co-founder of Ethereum, has shown his kindness and support for individuals affected by the recent earthquake in Turkey and Syria by making at least two sizeable donations.
Buterin gave approximately $150,000 worth of ETH to Ahbap Earthquake Support to assist with the recent natural disaster in the two countries. His latest donation was on Feb. 12 for 50 ETH, or approximately $77,000, sent to Anka Relief, according to blockchain security firm PeckShield.
In the aftermath of the earthquake, Chainalysis, a blockchain analytics startup, estimates that more than $5 million in Ethereum and other cryptocurrency donations were sent to Turkey and Syria.
The 7.8 magnitude earthquake struck on Feb. 6. Its death toll has risen to 33,000 — one of the world’s worst in decades.
Aave launches GHO stablecoin on Ethereum testnet
Decentralized lending project Aave has launched its stablecoin GHO on Ethereum’s testnet. As Aave’s official stablecoin, GHO would maintain a stable value while being minted and burned by facilitators. The stablecoin would function in the Aave V3 Ethereum pool by providing help with collateral assets and interest rates.
Aave shared some other developmental updates regarding the GHO stablecoin deployment. With respect to future arrangements, Aave noted that a proposal highlighting GHO’s borrow and discount rate would be shared with its community.
The community is invited to test GHo’s testnet and contracts before the stablecoin hits Ethereum mainnet.
Optimism
TLDR
The Optimism Collective has airdropped 11.7 OP tokens to more than 300,000 wallets
Optimism’s Surprise Airdrop
Optimism Network conducted a surprise token airdrop Thursday, sending 11.7 million governance tokens to more than 300,000 wallets, according to a blog post by the layer 2 blockchain’s caretaker group, Optimism Collective.
Optimism’s airdrop is part of the blockchain’s initiative to distribute 19% of its initial governance token supply as the blockchain forges a path toward wider adoption. Optimism distributed 5% of its initial governance token supply, or more than 200 million tokens, in its first airdrop in May 2022.
The unannounced airdrop went off relatively smoothly, unlike Optimism’s first attempt in July 2022, when users had to manually claim their allotments. In this case, the distribution was automatic.
Polygon
TLDR
Clearpool protocol will deploy its institutional lending platform on the Polygon blockchain
A whale address associated with a Chinese multi-level marketing scheme has become the fifth-largest holder of MATIC
Clearpool Chooses Polygon Network for Its Institutional Lending Platform
DeFi protocol Clearpool will deploy its institutional credit platform, Prime, exclusively on Polygon. Clearpool Prime will act as an institutional-grade capital marketplace, where borrowers can create credit pools, and liquidity providers can invest to earn yield. The platform will start operating in the first quarter of this year.
Clearpool Prime’s launch highlights a growing trend of decentralized lending protocols catering to institutional capital with TradFi-compatible products after last year’s crypto implosion wiped out most of its businesses. Clearpool’s loan book has plummeted below $10 million from $108 million since November, data by DefiLlama shows.
Whale Associated with Chinese Ponzi Scheme Becomes The Fifth Biggest MATIC Holder
According to the on-chain blockchain security and data analytics company PeckShield, a wallet address associated with a Chinese multilevel marketing (MLM) Ponzi project has amassed more than 22.37 million MATIC in the past few days.
The Chinese MLM Ponzi scheme, popularly known as ‘Avatar,’ has turned out to be the fifth biggest holder of MATIC after it surpassed the current holdings owned by Binance‘s hot wallet 2.
While there is little information about the Chinese Ponzi project, the scheme is known to operate on Chinese social media. It offers a referral staking protocol with extremely high rewards (referral stake of 1% APR daily). Some crypto community members have warned about the project, given the suspicious high monthly returns (with minimal risks) it offers participants.
The Chinese digital asset project has gained widespread attention within the crypto community because of its enormous consumption of Polygon gas fees due to its recent transactions.
Solana
TLDR
Brave will collaborate with the Solana blockchain to add support for decentralized applications through its mobile browser
Brave Collaborates With Solana To Add Support For DApps On Mobile
Brave browser has announced that it will add support for Solana decentralized applications (dApps) following its partnership with the network. Brave will enable a wallet whereby sending, receiving, storing, and purchasing SOL-based tokens can be possible on the browser.
Brave users on mobile devices on both iOS and Android will be able to store, send and buy tokens in the integrated wallet while also connecting to dApps like Magic Eden, Jupiter Exchange, and Orca.
“With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens,” said Brendan Eich, CEO and co-founder of Brave.
Solana will also enable the implementation of the Themis protocol developed by Brave on the Solana Network, a key milestone in the BAT 2.0 Roadmap. Solana will encourage developers to promote BAT on DApps built on Solana.
Boom or Bust?
TLDR
Paris Hilton will host a dating show and DJ a wedding in ‘Parisland’ on the metaverse platform, The Sandbox, this Valentine’s Day
Find love in the Metaverse this Valentine’s Day with Paris Hilton’s Virtual Dating Show
The Sandbox, a leading decentralized gaming virtual world, and a subsidiary of Animoca Brands, announced they will celebrate Valentine’s Day in the metaverse with ‘Parisland,’ a romantic adventure set on a tropical island featuring Paris Hilton.
In this exclusive experience, Sandbox players will be able to participate in an in-game dating reality show hosted by Paris Hitlon, where they will interact with five potential romantic partners.
From the 13th of February to the 13th of March, 2023, players will be able to enter Parisland, the ‘world’s most romantic island’, and earn special rewards as they participate in Paris Hilton’s reality show. Between choosing a wedding ring and outfit, finding the secret of the chef’s famed Love Burger, rescuing a castaway, and flirting with other contestants, players will also make the most difficult decision of all, finding their true love.
Once players have completed their quests and are virtually committed to their partner of choice, they will be able to enjoy a wedding unlike any other, featuring a guest DJ performance from Paris Hilton herself.
While it remains to be seen how the event will play out over the coming weeks, no one can question the uniqueness of the event. After all, how many Valentine’s Day metaverse weddings have featured performances from Paris Hilton?