1. ETH’s weekly summary

a. The Shanghai upgrade will activate on the Sepolia network at epoch 56832 link

The Shanghai upgrade will activate on the ETH testnet Sepolia network at epoch 56832, scheduled for 4:04:48 AM UTC on Feb. 28. This upgrade follows the Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer.

b. The Ethereum Foundation announced the grantees from Q4 2022 link

The funds are about $4.37m, including community and educational activities in Nepal, Hungary, Ukraine, Vietnam Japan and other places; many research projects on Consensus layer and Cryptography & zero knowledge proofs.

c. Ethereum developers gathered for their 103rd ACDC call on Feb 23 link

Ethereum developers have started to test MEV-Boost, builder, and relay software a few test networks where the Shanghai upgrade has been activated like the Zhejiang testnet and Devnet 7. MEV-Boost software is being tested alongside staked ETH withdrawals and so far, no issues have been identified.

2. Layer 2’s weekly summary

a. The number of Arbitrum transactions sets a record high link

According to DeFiLlama, in the past week, the DEX transaction volume on the Arbitrum reached $2.62 billion, a YOY increase of 34%, setting a new weekly high. On February 21, the number of Arbitrum transactions reached 1.14 million, surpassing the Ethereum mainnet by 1.05 million and setting a record high. Optimism has about 180,000 transactions.

b. Coinbase unveils its Ethereum Layer 2 network Base link

Coinbase’s L2 Base will commit a portion of transaction fee revenue back to an Optimism Collective treasury. This collaboration strives to upgrade Optimism Mainnet, Base, and other L2s to an initial Superchain structure, with shared bridging and sequencing.

c. Coinbase will join OP Labs as core developers link

Optimism: Coinbase joins as both a core developer of the OP Stack codebase, and as a new L2 blockchain built on it, called Base. As core developers, Coinbase will join OP Labs in contributing to the mission of the Optimism Collective.

d. Coinbase announces the first partners of Base link

The first partners of Coinbase L2 blockchain Base: Chainlink, Infura, QuikNode, Etherscan, HopProtocol, 0x(ZRX), Ondo, Aave, MagicEden, Animoca, PythNetwork, RainbowWallet, RibbonFinance, Balancer, Graph, Wormhole, Parallel, Sushiswap, Layerzero, Messari, Axelar, Ethglobal and more.

e. ZK Rollup order book DEX ZigZag announced the airdrop plan link

ZigZag announced the airdrop plan, a total of 7 rounds of airdrops, the total number of all airdrop addresses is about 110,000; the total amount of all airdrops is about 35,000,000 ZZ (accounting for 35% of total). The main airdrop address for traders, about 92,000, requires base criteria of 1 month activity (first and last swap 30 or more days apart) and 4 unique days with swaps, with a bonus of 100–300 ZZ per address.

3. OKC (OKX Chain) optimizes tokenomics for sustainability link

OKC generates 0.5 OKT rewards per block, which will be adjusted to 0.125 OKT per block when the block height reaches 18123000 (March 18). OKC will continue halving block rewards every nine months until the fifth year, reaching 21 million OKT in circulating supply in 2028.

4. Solana’s weekly summary

a. The Helium Network will migrate to the Solana blockchain on March 27th link

Solana’s TVL has been greatly reduced after the FTX crash. Helium has also been criticized by a lot of media recently. The cooperation between the two parties has attracted attention.

b. The Solana network experienced a forking event link

The Solana network experienced a forking event early Sunday morning New York time that throttled users’ ability to execute transactions. It was not immediately clear what caused the “long forking event”. Validators and Solana engineers were discussing a range of options, including a potential network restart or a software downgrade.

5. Waves’ weekly summary

a. Waves ecosystem is effectively relaunching link

To participate in new Waves, WAVES should be on Waves chain to receive POWER. POWER is the PowerDAO governance platform token.

b. Waves eco founder: All my ecosystem tokens will be donated to XTN treasury link

Waves eco founder Sasha Ivanov: All my ecosystem tokens will be donated to XTN treasury. I do not hold any WAVES at the moment. Besides being responsible for the above mentioned issues I will focus my efforts on Waves 2.0 launch, a much faster network with EVM support, and the new PowerDao governance protocol.

6. Klaytn’s weekly summary

a. Klaytn Foundation to make changes to KLAY tokenomics and governance models link

Klaytn Foundation is making changes to the network’s governance system and make changes to the token model of native KLAY tokens. The Foundation will aid Klaytn blockchain’s transition to a wholly permissionless validator structure, provide opportunities to the general public to participate as block validators, and introduce a communication channel for Klaytn’s community members to participate in decision-making processes.

b. Klaytn Foundation initiated a KGP-6 proposal link

Klaytn Foundation initiated a KGP-6 proposal, 7.281 billion unspecified Reserve Klay Token was immediately destroyed by 5.281 billion (73%); the remaining 2 billion KLAY would be destroyed within 3 years.

7. The target collateral rate (CR) of Frax will be set to 100% link

Frax Finance’s community FIP-188 proposal voted through, and Frax will remove the protocol’s algorithmic support for stablecoins and become a fully collateralized stablecoin.

8. Polygon responsed to the abnormally large block reorganization link

Polygon experienced an abnormally large block reorganization of 157 blocks on Feb 23, which caused some nodes to lose synchronization and PolygonScan data was interrupted for nearly two hours. Polygon responsed that the re-org was caused due to a bug which will be fixed soon.

9. Blur’s weekly summary

a. Nouns become the target of big players in Blur Season 2 airdrops link

Due to the high floor price and 0 royalties, Nouns have become the target of big players in Blur Season 2 airdrops. On February 18, the single-day trading volume of Nouns reached 1,624 ETH. However, most of the transactions are completed by a few wallets through Blur Bid Pool.

b. 300M+ BLUR token will be distributed in Season 2 link

Blur announced that 300M+ BLUR token will be distributed to the community in Season 2. Users with 100% loyalty have the highest chances of Mythical Care Packages, which are worth 100x Uncommon Care Packages. 100% loyalty score means that you don’t have listings anywhere else.

c. Blur’s founder makes his identity public link

Blur’s founder dropped out of high school at 17 and joined Y Combinator; studied math at MIT’s Computer Science Department; won a Thiel Fellowship; sold Namebase to Namecheap for his first bucket of cash; started building Blur 401 days ago.

d. Blur and LooksRare: Third-party platform marks will not be displayed link

The NFT trading market Blur and LooksRare jointly announced that by default, third-party platform marks will not be displayed in the UI, including OpenSea blacklist marks, but users can still actively open the marks. Users should pay attention to inspection when buying blue chips

10. NFT’s weekly summary

a. Element announces new updates of ELE airdrops and Element link

The ELE airdrops will expand to 1 million addresses (including the present 230k unique users on multi-chains). All tokenomics and Element 3.0 products will be finalized within 100 days.

b. Friendsies announces that it would “pause” all future plans around the project link

The team has now reinstated its previously deleted Twitter account and says it has suffered a large number of offensive comments and threats, and apologizes for previous communications; it wants to suspend social activity until further notice and is not abandoning operations.

c. NFT project CryptoNinja World has security issues link

The Cobo security team discovered that the NFT project CryptoNinja World had security issues, and anyone could destroy the NFT. Dozens of NFTs had been destroyed. The project officially stated that it will create a new series and airdrop the original holders.

d. NFT project 0N1 Force bought out by group including former Binance, YGG execs link

A community board will be formed to oversee the 0N1 Force project, featuring Finn, Zhang, OFR Strategic Adviser and ex-Binance CFO Wei Zhou, as well as new Chief Strategy Officer William Tong and Yield Guild Games COO Colin Goltra.

e. Bored Ape NFTs sale scores former junk bond traders 700% profit link

Former Barclays Plc bond traders Ovie Faruq and Mike Anderson sold 72 Bored Ape Yacht Club NFTs for between 78.08 and 78.18 Ether each this week, which translates to roughly $9.25 million. Faruq said the initial investment was around $1.14 million, which would make for at least 700% profit.

f. Taiwan singer Jeffery Huang dumped BAYC, driving the NFT market down link

Taiwan singer Jeffery Huang machibigbrother.eth recently dumped BAYC at a price of 58–60 ETH, driving the NFT market down. BendDAO had 224 voluntary repayments, a record high. The trading volume of nftperp soared yesterday; the short position of BAYC continued to increase. Huang sold 1,010 NFTs within 48h, and received 11,680 ETH (approximately $18.6m). Huang quickly repurchased 991 NFTs after the sell-off, reason is unknown, probably through frequent transactions to obtain Blur airdrops.

g. Spotify is testing token-enabled music playlists link

Music streaming Spotify is testing a new service called “token-enabled playlists,” which allows holders of NFT to connect their wallets and listen to curated music. Currently, the service is available to token holders within the Fluf, Moonbirds, Kingship and Overlord communities.

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