Multichain CEO taken by Chinese authorities, team ceases operations. Starknet v0.12.0 improves scalability. ConsenSys' Linea releases alpha version. Coinbase's Base mainnet open for builders. MATIC to be converted to POL on Polygon. Synthetix launches Infinex trading platform. BitDAO proposes $100M ecosystem fund. EigenLayer increases LST token cap. GMX releases fee splitting proposal. Algofi to cease operations in Algorand ecosystem.

ALGO

MULTI

<div><div><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8be4ec21-e00b-4342-915b-2a6a0ef12878_3000x1714.jpeg" target="_blank"><div><picture><img src='https://sosovalue.s3.us-west-2.amazonaws.com/sosponge/web3image/23/11/01/ra79t0hjdw27.png'/></picture></div></a></figure></div>1.Multichain Incident Report <a href="https://www.theblock.co/post/238336/arbitrum-dao-locks-up-770-million-in-arb-tokens-into-vesting-contract" rel="" target="_blank">link</a>On July 14th, Multichain released an incident report via their official Twitter account. According to the report, on May 21, 2023, Multichain CEO Jun Zhao was taken away by Chinese authorities from his home and has since been unreachable by the global Multichain team. On July 7th, it was discovered through login information from an IP address in Kunming on a cloud server platform, along with a series of fund transfers from MPC addresses. On July 9th, Jun Zhao’s sister transferred the remaining user assets from the router pool and subsequently informed the team and several project parties about the asset preservation action. The funds were transferred to an EOA address controlled by Jun Zhao’s sister. On July 13th, Jun Zhao’s sister was also taken away by the authorities, and she is currently unreachable. The status of the assets she had preserved remains uncertain, leading the team to believe it necessary to inform the community of all known details. Due to the lack of alternative sources of information and corresponding operational funds, the team has been forced to cease operations. The team will provide further updates to the community if there are any additional notifications or developments. Currently, the Multichain team has no access to domain accounts to redirect or close the front-end multichain.org. The full incident report can be viewed on the official Wu Shuo website.2.Starknet v0.12.0 Released on Mainnet <a href="https://blog.ssv.network/mainnet-has-arrived-learn-all-about-the-ssv-network-rollout-plan-and-each-phase-therein-844a8d6d29fa" rel="" target="_blank">link</a>On July 12th, the Starknet v0.12.0 version was launched on the mainnet, focusing on improving network throughput to enhance scalability and transaction latency.According to data from l2beat, the current version of Starknet has an average daily TPS of approximately 2.51, which is lower than other L2 networks. Arbitrum One has a TPS of 8.56, OP has a TPS of 5.61, and zkSync Era has a TPS of 11.31.Starkscan shows that after the upgrade, Starknet’s TPS is approximately 8.8. It is expected that each transaction will take about 6 seconds, and there are currently 46 backlogged transactions. The longest duration for backlogged transactions is 17 seconds.3.ConsenSys’ L2 Network Linea Launches Alpha Version <a href="https://linea.mirror.xyz/7l9gKzYzKVOxEOnReavov467Ss_fsrkGzABvbRISPMY" rel="" target="_blank">link</a>On July 11th, Linea, an L2 network developed by ConsenSys, announced the release of its alpha version. It claims that during the previous testnet phase, over 5.5 million unique wallets submitted more than 46 million transactions. Linea utilizes ETH as its native token and currently has no plans to introduce the Linea token.4.Coinbase L2 Network Base Mainnet Now Open for Builders <a href="https://base.mirror.xyz/hwNwqXHVoLlO8s4DZppog4DfGvM34tigaDjOWuEJQfY" rel="" target="_blank">link</a>On July 14th, Base, an L2 network by Coinbase, announced that its mainnet is now open for builders to use and will be officially available to the public in early August. In the coming weeks, early builders will be invited to deploy on the Base mainnet and will be commemorated with Genesis Builder NFTs. It is reiterated that there are no plans for token issuance.5.Polygon Proposes Conversion of MATIC to Polygon (POL) <a href="https://www.theblock.co/post/239350/polygon-upgrade-matic-tokens-to-pol" rel="" target="_blank">link</a>On July 13th, as part of the Polygon 2.0 roadmap, Polygon has proposed a technical upgrade for its native MATIC token. While awaiting community approval, MATIC will be transitioned to Polygon (POL), a token that can validate multiple chains within the Polygon ecosystem. The proposed POL token is designed to function across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. If the proposal is approved, token holders will need to send their MATIC tokens to a specific smart contract, which will then return an equivalent amount of POL tokens.6.Synthetix Announces Launch of Decentralized Perpetual Contract Trading Platform Infinex <a href="https://mirror.xyz/kain.eth/NHmuyvkRPXB4ck7R38v_ityer-VMZAaIwLGHu1hIDtE" rel="" target="_blank">link</a>On July 14th, Synthetix announced the launch of Infinex, a decentralized perpetual contract trading platform, aimed at direct competition with centralized exchanges (CEX). In order to maximize user experience, Infinex generates a new public-private key pair for each user, which is stored in the client’s browser. However, this key cannot be used to withdraw funds but is only used to sign transactions sent to the Optimism relayer. There will be no separate Infinex token, and the platform will utilize the SNX token.7.BitDAO Releases MIP-24: Mantle Ecosystem Fund Proposal <a href="https://snapshot.org/#/bitdao.eth/proposal/0x395e58727038c5a855977248a1dd6e07356674c11f0293eb4b0f68de4e73792f" rel="" target="_blank">link</a>On July 10th, BitDAO released MIP-24: Mantle Ecosystem Fund Proposal, co-authored by Mirana Ventures and the core contributors of Mantle. The proposal suggests the authorization of allocating $100 million from the Mantle Treasury to establish the Mantle Ecosystem Fund. It also proposes the establishment of the Mantle Ecosystem Fund Investment Committee. The initial capital allocation of $10 million USDC from the Mantle Treasury is approved. The aim of this proposal is to deploy $200 million within the Mantle ecosystem. Besides the $100 million ecosystem fund supported by the Mantle Treasury, the remaining $100 million will be composed of external matching funds provided by strategic risk partners. The Mantle Ecosystem Fund aims to deploy over 40 projects within the Mantle ecosystem over a span of 3 years and achieve a financial return of 1.5x MOIC. Institutions such as Animoca Ventures, Bankless Ventures, and Dragonfly Capital have expressed interest in becoming strategic risk partners. Mantle is an L2 network launched by BitDAO and underwent a brand merger in May. The voting will conclude at 6:30 PM on July 15th with a 100% approval rate.8.EigenLayer Increases Upper Limit of All LST to 15,000 Tokens <a href="https://twitter.com/eigenlayer/status/1679185158681796608?s=20" rel="" target="_blank">link</a>On July 13th, EigenLayer announced the increase of the cap for all LST tokens (cbETH, stETH, and rETH) to 15,000 tokens each, with a total cap of 30,000 tokens for LST deposits. According to Parsec data, due to the high enthusiasm of users restaking, the LST deposit limit of 30,000 tokens was reached in less than an hour after the upgrade. Subsequently, EigenLayer announced an increase in the hard cap of LST to 45,000 tokens. As of the time of writing, the total number of deposits in EigenLayer has reached the hard cap of 45,000 LST tokens.Nansen data shows that the relevant contracts of EigenLayer briefly pushed the median Gas price to 150 gwei after the increase in the deposit limit.9.GMX Releases GMX v2 Fee Splitting Proposal <a href="https://snapshot.org/#/gmx.eth/proposal/0xd08ad5d5ce7439f5e9fbc59b1d5c94b98deb01e802a0d718e7cac743a4a06627" rel="" target="_blank">link</a>On July 13th, GMX released the GMX v2 fee split proposal. Option one proposes allocating 10% of the protocol fees earned by GMX stakers and liquidity providers to the GMX treasury, with 63% allocated to liquidity providers and 27% allocated to GMX stakers. Additionally, 10% of the Chainlink oracle fees would be paid to the GMX treasury. Option two suggests maintaining the current fee split of 7:3 between liquidity providers and stakers, with GMX stakers bearing the cost of Chainlink oracle fees, which amounts to approximately 1.2% of the protocol fees. Currently, option one is leading in the voting process, and the voting will conclude on July 19th at 8:00 AM.10.Algorand Ecosystem DeFi Protocol Algofi to Gradually Cease Operations <a href="https://twitter.com/algofiorg/status/1678536751969718272" rel="" target="_blank">link</a>On July 11th, Algofi, the largest DeFi protocol in the Algorand ecosystem, announced that it will cease operations. The Algofi team stated that maintaining the Algofi platform is no longer feasible due to a series of events. Algofi will enter a “withdrawal-only mode” and close all social media accounts except for its Discord channel. Algofi had raised $2.8 million in a seed funding round in 2021, with participation from Coinbase Ventures, Y Combinator, Jump Crypto, and others.Follow usTwitter: <a href="https://twitter.com/WuBlockchain" rel="" target="_blank">https://twitter.com/WuBlockchain</a>Telegram: <a href="https://t.me/wublockchainenglish" rel="" target="_blank">https://t.me/wublockchainenglish</a></div></div>

Weekly Project Updates: Multichain Team Forced to Cease Operations, Starknet v0.12.0 Mainnet Goes Live, etc