Author：Mingyao

Editor：Colin Wu

1.     Ethereum weekly summary

1.1 The Merge is coming: UPGRADE YOUR CLIENTS! Link

On 30th August, Ethereum annouced that the Bellatrix upgradation is scheduled for epoch 144896 on the Beacon Chain – 11:34:47am UTC on Sept 6, 2022 and the TTD value triggering The Merge is expected between 10-20 Sep 2022.

1.2 Running multiple beacon nodes of one execution layer (geth) node is unsafe. Link

On 30th August, MariusVanDerWijden, a main developer of Ethereum reminded that users can run multiple validators off of a single beacon node, considering the safty.

1.3 Ethermine announce new Ethermine Staking protocal. Link

On 31th August, Ethermine Staking is an investment based on ETH_STORE, an objective and transparent reference rate based on Ethereum Proof-of-Stake. 1.4 Vitalik's new book《Proof of Stake》will be published soon Link

"Proof of Stake", the (physical and digital) book compiling various writings will be out in a month.Readers can get a signed digital copy and NFT from proofofstake.gitcoin.co

1.5 Gnosis Beacon Chain merge update Link

On first September, main developer of Ethereum said that they do not plan to merge @gnosischain before Ethereum. After discussing with Nethermind devs, they believes it's safer to allow more time to stabilize the code and guarantee a safe transition. After Sept 15th they will do a call on merge timing.

1.6 Opensea is officially on Goerli Link

On third September, OpenSea is available on the Goerli testnet, and developers can then choose to test their OpenSea contracts on the Goerli testnet.

2.     Sudoswap posted the outlines SUDO's distribution Link

News: On September 1, SudoSwap published an overview of sudoAMM protocol governance token SUDO's distribution plan. The initial supply distribution of SUDO is as follows:

a.     Initial supply: 60M SUDO

b.     XMON holders: 25.12M, 41.9%

c.     0xmons NFT holders: 0.9M, 1.5%

d.     Retroactive LP airdrop: 0.9M, 1.5%

e.     Treasury: 15.08M, 25.1%

f.      Initial team members: 9M, 15%, vested over 3 years with a 1 year cliff

g.     SudoRandom Labs: 9M, 15%, vested over 3 years with a 1 year cliff

Comments: SudoSwap is a decentralised marketplace and with 41.9% of the token supply going out as airdrop. It means that the $SUDO tokens will equally be fully decentralised. But to participate then one has to buy $XMON from MEXC and lock it. Then, some community members said "41.9% for xmon" is a world's big joke.

3.     Arbitrum One's Nitro migration is complete, on-chain activity has resumed Link

On August 31, Arbitrum announced that it will be upgraded to Arbitrum Nitro today and the migration process is expected to take 2-4 hours. On the same day, Arbitrum announced the successful completion of the upgrade, Nitro upgrade is expected to greatly improve network speed and reduce transaction costs.

4.     Curve founder says it's 'possible' crvUSD stablecoin will launch next month Link

On 31th August, Curve Finance founder Michael Egorov said the protocol’s upcoming stablecoin could launch as early as next month during a community discussion. It is the first time a release date has been hinted at since Egorov raised the possibility of an over-collateralized stablecoin at a crypto conference in July. 

5.     OpenSea integrates Seaport into Polygon Link

News: On 30th August, Opeansea demonstrates that they would begin using Seaport for all new listings and offers on Polygon. They’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea. Using Seaport on Polygon enables launching several new features on Polygon, including: collection and attribute offers, no listing thresholds, multiple creator payouts, bulk transfers, etc.

Comments: Some community members don't think it is great, like one sait: "so where is the login to seaport, where is the network in metamask? This is just @opensea ripping off everyone to charge fees for stuff that was free in polygon."

6.     Protocol upgrade accidentally freezes ETH on Compound for 7 days Link

On 30th August, Compound Finance executed a governance proposal updating its Chainlink price feeds that contained a code error. The code error has frozen the cETH borrowing and lending markets. Users can still repay debt and add collateral to avoid liquidation, and CEO of Compound Robert Leshner confirmed no funds are currently at risk.

7.     MakerDAO：3.3 billion USDC and 499 million USDP held by the Maker Protocol are allocated in the PSM reserve. Link

Context: During the crypto market crash in March 2020, the price of ETH fell ~50% in a single day. This market behavior led to a cascade of liquidations in the Maker Protocol when many vaults went undercollateralized. Then PSM was introduced in November 2020 with the MIP29.

News: On 30th August, MakerDao stated that +3.3 billion USDC and +499 million USDP held by the Maker Protocol were allocated in the PSM reserves. The PSM is a permissionless liquidity tool that works as an extremely efficient and stable decentralized exchange. Its main objective is to hard peg the price of Dai. In the PSM, all stable collateral is allocated in the same place, called PSM reserves — Vault's collateral is not separated between users, it is the same collateral bag for everyone.

8.     BNB Chain introduces Liquid Staking with three leading Web3 protocols: Ankr, Stader and pStak Link

On 30th August, BNB Chain, the base blockchain of crypto exchange Binance, has introduced so-called liquid staking with three leading Web3 protocols: Ankr, Stader and pStake. Untile 30th August, the three together staked 101,100 BNB, or $30 million, in TVL.

9.     Aave approved new proposal: Temporarily Pause ETH Borrowing Link

On 30th August, a new proposal to pause ETH borrowing in the period leading up to the Ethereum Merge. In addition, the original forum post also proposed transferring a one-time payment of 60 AAVE from the Aave treasury to the MakerDAO pause proxy in connection to the proposal. The proposl also provides the options to vote for this payment. On second September, The proposal passed with 96.18 percent of agreement.

10.  ConsenSys to launch one of the first green NFTs on Ethereum mainnet Link

The Merge and transition to Proof of Stake will cut Ethereum's carbon footprint by 99.95%. ConsenSys is hosting one of the first sustainable NFT drops on Ethereum mainnet to celebrate. ConsenSys commissioned a collection of NFT images illustrating richly detailed worlds that exemplify the Merge's sustainability, security, and scalability.

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