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Gate Research Institute: Web3 encryption incidents and industry technical development follow-up in December 2024
Preface
This report summarizes a series of important events in the blockchain and cryptocurrency field that occurred in December 2024, which not only demonstrates the vibrancy of the crypto market but also indicates future development trends. Key developments include the launch of the StakeStone decentralized financial platform, the growth of EigenLayer staking services, the token generation event of the Magic Eden NFT marketplace, the introduction of Bitcoin deposit functionality on the Stacks network, the mainnet launch of the Sophon blockchain entertainment ecosystem, the fee voting of the LayerZero cross-chain protocol, and the mining activities on the Sophon network. These dynamics not only showcase the industry's innovative spirit but also signify the deepening of technological development and community interaction, providing impetus for the industry's continued growth and maturity.
Summary
Timeline
Focus on Events
12/01 EigenLayer Season 2 Stakedrop Token Application EigenLayer provides an innovative re-staking solution that allows users to stake liquid staking tokens (LST), such as stETH, rETH, etc., to participate in the re-staking validation process of AVS (Actively Validated Services) to earn additional income.
EigenLayer Season 2 Stakedrop focuses on rewarding key roles within its ecosystem, including stakers, node operators, partners, and community members. This reward program will distribute 86 million EIGEN tokens, accounting for 5% of the total supply, to incentivize active participants. Of these, 70 million tokens will be rewarded to stakers and operators based on the staking ratio, 10 million tokens will be allocated to contributors such as AVS and Rollup, and 6 million tokens will be given to community members.
Although EigenLayer has increased stake participation through Stakedrop, its TVL has decreased from $201 billion in June to $16.4 billion, consistent with the downward trend in TVL of other platforms such as Renzo, Puffer, Kelp, and Swell. The second quarter Stakedrop may have promoted stake activities in the short term, but market liquidity and stake participation are still influenced by market sentiment, the persistence of incentive policies, and dynamics of other platforms.[1]
12/01 Sonic Labs Snapshot Sonic Labs (formerly Fantom) is a high-throughput, EVM-compatible Layer1 blockchain platform. On December 1st, a snapshot was taken of wallets holding six different Sonic Shards in preparation for the upcoming airdrop of 200 million S tokens, aimed at rewarding holders and increasing community engagement.
In 2024, Sonic Labs is committed to improving performance and building an efficient smart contract platform through brand reshaping, network upgrades, and token exchange mechanisms. The launch of FVM (Fantom Virtual Machine), as an improvement over the traditional Ethereum Virtual Machine (EVM), provides faster execution speed, shorter transaction times, and higher resource efficiency, while supporting languages such as Solidity. The Carmen data storage solution improves network efficiency and scalability by reducing node storage requirements, allowing Sonic Labs to process more transactions and reduce costs.
Despite technological advancements, Sonic Labs still faces challenges such as declining TVL, controversy over token issuance, and cross-chain security issues, which may affect user confidence and market position.【2】
12/06 Frames v2 Launched Frames v2 is an upgraded version of the Farcaster decentralized social media protocol, which will bring interactive applications, on-chain transactions, and user notifications. Developers can use the Frames SDK to create and operate various applications in the browser, including saving frames and initiating on-chain transactions. It is expected that Frames v2 will be officially released in early 2025, enabling mobile applications to be used as frames, facilitating fast and reliable transactions through mobile wallets, and supporting the sending of native mobile notifications, which may trigger an innovation wave in Web3 social applications.
The launch of Frames v2 aims to enhance user engagement and strengthen Farcaster's leadership position in the Web3 social field by introducing new features. Despite the initial popularity of Frames, user activity has declined, and Frames v2 is expected to re-attract users through its new features and improvements. [3]
12/10 Magic Eden TGE Magic Eden is a multi-chain NFT trading platform, originally developed for the Solana blockchain and later expanded to support Ethereum and Polygon. On December 10, 2024, Magic Eden launched its Token Generation Event (TGE) for its native token ME. This is aimed at expanding its user base and consolidating its platform ecosystem, but it encountered several challenges in the process. The ME token had an initial price of $6.70 and briefly rose to $13.10. However, due to technical issues such as application failures and a complex claiming process, users encountered difficulties in receiving airdrops, including error messages and delays in token distribution. The initial fully diluted valuation (FDV) reached as high as $15 billion, but with the gradual distribution of airdrops, the FDV dropped to approximately $5 billion. Nevertheless, the airdrop activity of the ME token still attracted widespread attention.
In 2024, Magic Eden underwent multiple updates, including enhancing platform functionality to make it a 'Binance on-chain,' and supporting cross-chain transactions. At the same time, an incentive system based on the ME token was introduced, planning to reward users for daily product usage. However, Magic Eden still needs to address technical issues, such as application stability, user interface friendliness, and the security and privacy of the airdrop process, in order to enhance user experience and maintain platform reputation. [4]
12/16 Stacks Bitcoin Deposit Function On December 16, 2024, the Stacks blockchain achieved a key milestone by launching the Bitcoin deposit feature, marking a significant advancement for its network. As a blockchain extending the Bitcoin network, Stacks introduces smart contracts, allowing users to convert Bitcoin into a tokenized version, SBTC, on the Stacks network, thereby expanding the application of Bitcoin and enhancing the attractiveness of Stacks. This new feature is part of the Stacks Nakamoto upgrade, which aims to improve transaction processing speed and provide a foundation for smart contract execution. After the upgrade, Stacks' block generation is independent of the Bitcoin network, introducing a new block production mechanism that not only enhances network performance but also lowers the barrier to entry for developers. The deployment of sBTC is divided into two phases, with the first phase, the Bitcoin deposit feature, already launched. The second phase, the Bitcoin withdrawal feature, is expected to be released in 6-8 weeks, further demonstrating Stacks' commitment to network expansion and user convenience.
Stacks needs to ensure the security and decentralization of its smart contracts to maintain user trust and prevent potential attacks. In addition, with the launch of sBTC, Stacks needs to address interoperability issues with the Bitcoin network to ensure smooth and secure cross-chain transactions. Stacks also needs to consider how to attract more users and developers to join its ecosystem, and how to maintain its uniqueness and advantages in the competitive blockchain market.
12/18 Sophon Mainnet is launched and Sophon Mainnet mining will begin on 12/28
Sophon, a modular ZKsync-based blockchain focused on the on-chain entertainment ecosystem, officially launched on the mainnet on December 18, 2024, marking that the project is ready for public use and is committed to driving the development of the on-chain entertainment and gaming industry. Sophon's network architecture is designed to handle high-throughput applications such as social entertainment and gaming, simplifying the user experience by seamlessly integrating cryptography while retaining the benefits of on-chain operations. Sophon has set a new benchmark for modular blockchain design by adopting Avail's modular application development stack to create "light nodes" to ensure high performance and full decentralization while maintaining data availability. In addition, Sophon leveraged the Account Abstraction (AA) feature to optimize the account management and transaction process, upgrading all native accounts to smart accounts, thereby significantly improving the convenience and security of user interactions.
Sophon's mainnet mining will start on December 28, 2024, allowing users to obtain tokens through mining and provide computing resources to verify and record transactions, attracting miners to participate in Sophon's network mining, increasing the decentralization and security of the network, and potentially providing miners with new sources of income. Sophon's mining migration plan includes closing new deposits for L1 mining and opening withdrawal windows, followed by the second phase of mainnet mining.
12/27 LayerZero Protocol Fee Voting On December 27, 2024, LayerZero conducted a crucial community vote to decide whether to activate the fee switch for its cross-chain interoperability protocol. LayerZero is a protocol that enables seamless communication and asset transfers between different blockchains, with the goal of providing efficient and low-cost cross-chain transactions. The result of this vote will directly impact the usage cost and economic model of the LayerZero network, potentially affecting the adoption and cost-effectiveness of cross-chain transactions. As the voting for LayerZero did not reach the required number, the fee switch for the protocol will remain closed, and the next vote will be held in six months. In the short term, LayerZero will continue to provide services for free, but in the long term, the introduction of fees may have implications for users and developers, such as potentially affecting user experience and protocol adoption, changing economic incentive mechanisms to provide funding support for the sustainability of the protocol, impacting the cost-effectiveness of cross-chain transactions, especially in the DeFi field, driving the development of decentralized governance and fee management, and influencing the vitality and scalability of the LayerZero ecosystem.
Summary
In December 2024, significant events in the blockchain and cryptocurrency field occurred frequently, demonstrating market vitality and industry trends. Key developments for projects such as StakeStone, EigenLayer, Magic Eden, Stacks, Sophon, and LayerZero, including platform launches, service expansion, token generation, feature introduction, mainnet launch, fee voting, and mining activities, highlight innovation, drive technological and community development, and inject new momentum into industry growth.
Reference:
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