DeFi & L1L2 Weekly: 🚀 Ethereum gas fees surge amid the rise of ERC-404
DeFi & L1L2 Weekly: 🚀 Ethereum gas fees surge amid the rise of ERC-404Ethereum gas prices surge to 8-month high amid the popularity of ERC-404. Ethereum’s Dencun upgrade is set to go live on 13 March. Avalanche launches its Durango upgrade on the Fuji testnet.Weekly DeFi IndexThis week's market cap index was positive at +9.31%, while volume and volatility indices were negative at -7.90% and -43.70%, respectively. Chart of the WeekOn 9 February, Ethereum network gas fees hit an average peak of 70 gwei (equivalent to ~US$60 for an average transaction), reaching as much as 272 gwei or an eight-month high. The recent spike in gas prices coincides with the growing popularity of the new ERC-404 token standard. ERC-404 is an unofficial Ethereum token standard introduced by the Pandora project, which aims to bind ERC-721 NFTs to ERC-20 tokens, allowing for fractionalised NFT ownership. Since launching on 5 February, the PANDORA token has recorded over $47.36 million in sales volume, with its price going up to $17,341 (+315%) today. Additionally, the trading volume of the over 600 deployed ERC-404 tokens on decentralised exchanges has reached $1.25 billion. To further promote adoption and integration, the team’s developers are working to reduce gas costs by 300% to 400%. News Highlights
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Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 6, 01/02/2024 - 07/02/2024)
Wednesday, February 7, 2024
EigenLayer TVL surges after staking cap is temporarily removed. Solana network resumes operations after 5-hour outage. dYdX unveils 2024 roadmap with software enhancements and Permissionless Markets.
Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 5, 25/01/2024 - 31/01/2024)
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Ethereum Dencun upgrade goes live on the Sepolia testnet. New developments in liquid restaking ecosystem underway; TVL reaches US$2B in Jan 2024. Immutable zkEVM launches, mainnet early access live.
Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 4, 18/01/2024 - 24/01/2024)
Wednesday, January 24, 2024
BIS to focus on tokenisation & CBDC in 2024; tokenised treasuries market cap up 657% YoY. NEAR Data Availability integrates with Polygon CDK. Frax Finance completes V3 rollout, launches Frax Bonds.
Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 3, 11/01/2024 - 17/01/2024)
Wednesday, January 17, 2024
USDC issuer Circle confidentially files for IPO in US. Polygon launches Amoy testnet, zkEVM enters its next stage of development. Cosmos Hub voting on a proposal to set ATOM's inflation rate to 0%.
Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 2, 04/01/2024 - 10/01/2024)
Friday, January 12, 2024
TVL of Ethereum L2 networks reach a record-high of nearly $21B in Jan 2024. Ethereum developers confirm #Dencun upgrade testnet dates. Paxos exploring $PYUSD deployment on AaveAave to boost liquidity.
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