Sebastian Sinclair


<p>A handful of Ethereum-based layer-2 projects have been on a tear in the past week, with some of the sector’s associated token prices now up considerably in year-to-date (YTD) terms.</p>



<p>Traders are now speculating on a March launch of the next major Ethereum upgrade, dubbed Shanghai, <a href="https://blockworks.co/news/ethereum-devs-opt-for-withdrawals-in-march-and-nothing-else">which would enable the withdrawal of staked ether from validators</a>, a planned change that has been anticipated move from industry participants since <a href="https://blockworks.co/tag/ethereum-merge">the Merge</a>.</p>



<p>&#8220;Volatility has been at its lowest in the crypto market in the past weeks,&#8221; David Cicoria, head of quantitative development at crypto custodian Hex Trust, told Blockworks. “This coupled with the announcement of lower interest rates, Ethereum&#8217;s upcoming Shanghai upgrade, and FOMO from some investors has pushed prices up for layer-2 tokens.”</p>



<p>As such, several projects built around Ethereum are posting double-digit gains including the open protocol — aimed at decentralized exchange order books — Loopring whose token, <a href="https://blockworks.co/price/lrc">LRC</a>, is up more than 18% YTD.</p>



<p>Optimism, an EVM-compatible optimistic <a href="https://www.blockworksresearch.com/glossary#roll-ups" target="_blank" rel="noreferrer noopener">rollup</a> chain that batch transactions before settling to Ethereum’s mainnet, has seen its <a href="https://blockworks.co/price/op">OP token</a> rise more than 25% over the same period. Daily transactions for the network hit an all-time high on Monday, etching just below <a href="https://twitter.com/Dynamo_Patrick/status/1612214474978754560" target="_blank" rel="noreferrer noopener">700,000</a>.</p>



<p>Rival optimistic rollup Arbitrum&#8217;s daily transaction count has been ranging between 200,000 and 400,000, per <a href="https://pro.nansen.ai/multichain/eth-vs-arbitrum" target="_blank" rel="noreferrer noopener">data from Nansen</a>.</p>



<p>Ethereum liquid staking solution Lido DAO’s token, <a href="https://blockworks.co/price/ldo">LDO</a>, is also up an eye-watering 80% since the new year and has continued to post considerable gains in the past week, clocking a 65% gain when viewed over a seven-day period. The project now stands as a top contender for total value locked at $6.5 billion, <a href="https://defillama.com/" target="_blank" rel="noreferrer noopener">DeFiLlama data show</a>.</p>



<p>And layer-2 scaling solution designed for NFTs using zero-knowledge rollup (zk-rollup) technology, <a href="https://www.blockworksresearch.com/glossary#immutable-x" target="_blank" rel="noreferrer noopener">Immutable X</a>, is flashing 23% gains on its token since the new year began. </p>



<p>The sector seeks to increase the value of Ethereum and related networks by reducing fees, improving scalability and bolstering transaction throughput — often a gripe levied at blockchain infrastructure that optimizes for security and decentralization.</p>



<p>It comes as digital assets have continued to struggle under the weight of an industry-wide blowout courtesy of FTX in the fourth quarter of 2022, as well as recent questions <a href="https://blockworks.co/news/gbtc-takeover-attempts-explained">hanging over Digital Currency Group</a> and its <a href="https://blockworks.co/news/gemini-takes-spat-with-dcg-public-in-open-letter">subsidiaries</a>.</p>



<p>The spot market for most digital assets also experienced a brief reprieve on Monday, sending the price of <a href="https://blockworks.co/news/bitcoin-price-breaks-17k-as-equities-jump-on-us-fed-speculation">bitcoin higher</a> on the day, establishing itself above the pivotal $17,000 level.</p>



<p>None of this impresses Bitcoin maximalists like Samson Mow, Founder and CEO of Pixelmatic, who instead anticipate a market rebound to finally take shape courtesy of <a href="https://blockworks.co/news/bitcoin-halvings-bull-market">bitcoin’s next halving event</a>.</p>



<p>&#8220;Ethereum and its layer two tokens are created and tweaked to bring hype and price movement to satiate high-time preference speculators,&#8221; Mow told Blockworks. “None of it is very interesting to Bitcoiners.”</p>



<p>Cicoria also remains skeptical of the latest upturn: “The crypto market remains fragile, with a lot of unknowns still to consider.”</p>



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Ethereum Layer-2 Token Prices Up Double Digits This Year

Ornella Hernandez

<div id="highlights-block_628bfcc6dfb36" class="highlights">
        <ul>
                <li>Milady Maker founder apologizes over “toxic baggage”</li>
                <li>Chinese citizens mint NFTs to beat censorship</li>
            </ul>
    
</div>



<p>Profile picture NFT project Milady Maker is causing a stir on Twitter after its ​​founder was called out for controversial tweets and a shady internet history. Anonymous online collective Remilia created the Y2K Tokyo street fashion-inspired avatars that sold for an average price of $6,000 in April.</p>



<p>The collection has seen consecutive losses in the past few days as Remilia’s CEO, Charlotte Fang, also known as Charlie, stepped down from the project. When crypto Twitter accused Fang of being tied to an account named &#8220;Miya,&#8221; associated with hate speech and cults, the founder initially denied it. On Saturday, however, Fang confessed to being Miya and apologized for trying to hide its “toxic baggage.”</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">OK, full disclosure: I was Miya. And its toxic baggage that’s hurting Milady community &amp; poisoning the vibe. I apologize about trying to hide the past account—Miya has nothing to do with Milady Maker &amp; should stay that way so I’ll be stepping down from the team from here.</p>&mdash; ♡ Charlotte Fang 刹利 🍎 (@CharlotteFang77) <a href="https://twitter.com/CharlotteFang77/status/1527987970862718976?ref_src=twsrc%5Etfw">May 21, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>It is unclear what the true story behind Remilia and Milady is, but one Twitter user, @0xngmi, claims to have “proof” of the allegations against Miya. The user posted a thread on Sunday night compiling their theories, which quickly spread over Twitter and caused a number of holders to dump their Miladys.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">megathread on milady and their founders:<br><br>&#8211; miya&#39;s writings<br>&#8211; Grooming<br>&#8211; Gaslighting<br>&#8211; Systemspace and suicide of 17yo teen<br>&#8211; Remilia implication<br><br>proof of everything will be at the end of the thread</p>&mdash; 0xngmi is grazing (@0xngmi) <a href="https://twitter.com/0xngmi/status/1528572556894142464?ref_src=twsrc%5Etfw">May 23, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading"><strong>Buterin vs. Bored Apes&nbsp;</strong></h3>



<p>Ethereum co-founder Vitalik Buterin recently published a Twitter thread expressing his conflicted feelings about Web3 and Ethereum use cases that may “contradict” his values.&nbsp;</p>



<p>Among those contradictions is a “dislike of many modern financial blockchain ‘applications’ ($3M monkeys etc), and my grudging appreciation for the fact that that stuff is a big part of what keeps the crypto economy running,” Vitalik wrote.&nbsp;</p>



<p>His reference to Bored Ape Yacht Club (BAYC) NFTs (non-fungible tokens) as “$3M monkeys” incited many users to respond. @just1n_eth <a href="https://twitter.com/just1n_eth/status/1526427070821085184?s=20&amp;t=Zi7oGRhESvHiWx3aaMHQ2w" target="_blank" rel="noreferrer noopener">called on</a> Buterin to “respect” Bored Apes, “instead of consistently taking your shots.” Another user, @OGDeathBot, <a href="https://twitter.com/OGDeathBot/status/1526417041774612480?s=20&amp;t=Zi7oGRhESvHiWx3aaMHQ2w" target="_blank" rel="noreferrer noopener">pointed out</a> that digital collectibles are “fun” and “necessary for mainstream adoption.”</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Thread: some still open contradictions in my thoughts and my values, that I have been thinking about but still don&#39;t feel like I&#39;ve fully resolved.</p>&mdash; vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1526378787855736832?ref_src=twsrc%5Etfw">May 17, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>In other BAYC news, a Singaporean man has won a court injunction that froze his BAYC #2162 NFT, preventing any potential sale or ownership transfer. The NFT is currently pending the resolution of an ownership dispute after it was foreclosed on as collateral for an NFT loan that the owner had taken out against it. The leading counsel for the case, Shaun Leong, <a href="https://www.bloomberg.com/news/articles/2022-05-20/bored-ape-nft-barred-from-sale-by-singapore-court-after-dispute" target="_blank" rel="noreferrer noopener">told</a> Bloomberg: “It is the first decision in a commercial dispute where NFTs are recognized as valuable property worth protecting.&#8221;&nbsp;</p>



<p>On Sunday night, the window to claim Otherdeed for Otherside land for BAYC and Mutant Ape Yacht Club NFT holders officially closed. <a href="https://twitter.com/OthersideMeta/status/1528556346672656385?s=20&amp;t=Ho9oOYC7IBPzgne4xO1Tzw" target="_blank" rel="noreferrer noopener">According</a> to the team, the first tech demo will happen on July 16. Yuga Labs opened the Otherdeed sale on April 30 and has since dropped trailers and teasers of its much-anticipated Otherside metaverse and RPG game.</p>



<h3 class="wp-block-heading"><strong>GameStop and Loopring launch MetaMask-like wallet</strong></h3>



<p>Video game retailer GameStop announced its latest Web3 move, launching the beta version of a self-custodial Ethereum wallet. It uses Loopring, an Ethereum layer-2 solution, that is built to enable cheaper and faster transactions than with Ethereum layer-1 mainnet.</p>



<p>Wallet users can access their assets via a private key and can store and trade ETH, NFTs and ERC-20 tokens through their web browsers. The wallet comes as a browser extension, similar to MetaMask, and is available on Chrome’s web store. The wallet supports cryptocurrencies and NFT operability across multiple decentralized apps (Dapps), including GameStop’s beta NFT marketplace.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">It’s official! The GameStop Wallet is here.<br><br>Download: <a href="https://t.co/GkxiRaYN7W">https://t.co/GkxiRaYN7W</a><br>Follow: <a href="https://twitter.com/GameStopNFT?ref_src=twsrc%5Etfw">@GameStopNFT</a><br>🧵👇</p>&mdash; GameStop (@GameStop) <a href="https://twitter.com/GameStop/status/1528693604364976129?ref_src=twsrc%5Etfw">May 23, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Recently, GameStop partnered with Immutable X, a layer-2 scaling platform built on Ethereum, to power its forthcoming blockchain-based marketplace that will reportedly launch in the second quarter of this year. The two companies also <a href="https://cms.blockworks.co/gamestop-immutable-to-launch-100-joint-fund-for-gaming-nfts/" target="_blank" rel="noreferrer noopener">launched a $100 million joint fund</a> to invest IMX tokens in NFT-focused gaming projects.</p>



<h3 class="wp-block-heading"><strong>NFTs are used to combat censorship in China</strong></h3>



<p>A noteworthy use case for NFTs is becoming increasingly popular in China, where citizens are leveraging NFTs to secure images, videos, audio and social media posts on a blockchain before the Chinese government can get to it.</p>



<p>Since Shanghai mandated its 25 million residents back into lockdown, Chinese internet censors have been scrubbing content from social media that shows any negative images and experiences, <a href="https://www.wsj.com/articles/nfts-are-put-to-new-use-in-china-countering-censorship-during-pandemic-11653134403?mod=Searchresults_pos2&amp;page=1" target="_blank" rel="noreferrer noopener">according</a> to the Wall Street Journal.</p>



<p>For example, one six-minute video clip dubbed “Voices of April” featuring audio recordings of conversations and cries for help from Shanghai residents struggling to access food and medical care went viral on April 22 but was deleted.</p>



<p>In response, internet users minted copies of the <a href="https://opensea.io/collection/voice-of-april" target="_blank" rel="noreferrer noopener">video into NFTs on OpenSea</a>, not necessarily for profit but to preserve history.</p>



<h3 class="wp-block-heading"><strong>OpenSea launches open-source Web3 marketplace protocol&nbsp;</strong></h3>



<p>NFT marketplace OpenSea <a href="https://opensea.io/blog/announcements/introducing-seaport-protocol/" target="_blank" rel="noreferrer noopener">launched</a> on May 20 a new protocol for buying and selling NFTs that will broaden the range of assets that can be traded as well as hand control over the marketplace to developers.&nbsp;</p>



<p>According to the company, the new protocol, known as Seaport, is a “foundation to empower the developer community to work together” to unlock use cases that “keep the community safe.” The protocol is not controlled by OpenSea, and its core smart contract is open to all NFT builders, creators and collectors to optimize.&nbsp;</p>



<p>Users of marketplaces built on the Seaport protocol will be able to offer a range of assets in exchange for an NFT, including ERC-20, ERC-721 and ERC-1155 tokens, in addition to ETH. OpenSea considers this system safer because a user can agree to barter with a combination of tokens as a method of payment.</p>



<p>Additionally, users can specify certain criteria, such as rarities or NFT traits, that they would require to accept an offer. Seaport will even support “tipping,” so long as the amount does not exceed the original offer.</p>



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Web3 Watch: Milady Maker Twitter Storm and GameStop’s Ethereum Wallet

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Kadena (KDA) is up over 1100% over the last 30 days despite the broader market sell-off</li>
                <li>NFTs continue their battle test during market turbulence</li>
            </ul>
    
</div>



<p>Kadena (KDA), a project backed by the co-inventor of blockchain technology, soars to new heights. </p>



<p>Loopring (LRC) is a zkRollup layer-2 that can achieve security and high throughput at a low cost for decentralized exchanges (DEXs).</p>



<p>NFTs continue their battle test during market turbulence. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,649, +.06%</li><li>NASDAQ: 15,704, +.52%</li><li>Gold: $1,862, unchanged</li><li>WTI Crude Oil: $81.19, unchanged</li><li>10-Year Treasury: 1.57%, unchanged</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $65,081, +1.33%</li><li>ETH: $4,738, +3.31%</li><li>ETH/BTC: .0729, +2.25%</li><li>BTC.D: 43.21%, -1.56%</li></ul>



<h3 class="wp-block-heading">Kadena</h3>



<p>Kadena aims to be the first scalable proof-of-work blockchain that leverages a robust smart contract language, Pact. The people behind KDA are Stuart Popejoy, who previously led JPMorgan&#8217;s emerging blockchain group, and Will Martino, who was the previous tech lead for the SEC&#8217;s cryptocurrency steering committee. </p>



<p>The project&#8217;s most notable advisor is Dr. Stuart Haber, the co-inventor of blockchain technology and the most cited author in Satoshi Nakamoto’s renowned 2008 Bitcoin <a href="https://bitcoin.org/bitcoin.pdf" target="_blank" rel="noreferrer noopener">white paper</a>.</p>



<p>&#8220;Our ecosystem powers real-world use cases for enterprises and entrepreneurs, providing the security of bitcoin, virtually free gas (transaction fees), unparalleled throughput, as well as Pact – the most secure smart contract language with built-in bug detection,&#8221; <a href="https://docs.kadena.io/kadena/overview-of-kadena#vision" target="_blank" rel="noreferrer noopener">according</a> to the project&#8217;s website. </p>



<p>Kadena plans to leverage multiple proof-of-work chains to achieve high transaction throughput, somewhat comparable to Polkadot (DOT). A 700 million KDA token pool is to be emitted over the next 120 years to incentivize miners to process transactions and secure the network.  </p>



<p>The KDA price has gone parabolic over the past month, last trading near $26 with a market capitalization of $4.1 billion and a fully diluted value of over $26 billion, according to CoinMarketCap. Kadena is currently the 48th-largest digital asset by market cap. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="601" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png" alt="" class="wp-image-11011" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=445 445w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=373 373w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDAUSDT_2021-11-11_15-09-41-1024x601.png?w=1153 1153w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Trading View</figcaption></figure></div>



<h3 class="wp-block-heading">KDA token structure</h3>



<p>&#8220;KDA is a digital currency that is used to pay for compute on the Kadena public chain,&#8221; the project&#8217;s website <a href="https://docs.kadena.io/kadena/what-is-kda" target="_blank" rel="noreferrer noopener">states</a>. &#8220;Similar to ETH on Ethereum, KDA on Kadena is the manner by which miners are compensated for mining blocks on the network and is the transaction fee that users pay in order to have their transactions included in a block.&#8221;</p>



<p>The token supply is fixed at 1 billion coins to be emitted over the next 120 years. The initial emissions schedule of tokens can be seen in the photo below, though Martino announced slight changes in a <a href="https://medium.com/kadena-io/update-to-the-kadena-token-economic-model-21e1ec18f099" target="_blank" rel="noreferrer noopener">Medium</a> article. </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="700" height="232" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg" alt="" class="wp-image-11012" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg?w=700 700w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/KDA-emmisions-.jpg?w=80 80w" sizes="auto, (max-width: 700px) 100vw, 700px" /><figcaption>Source: docs.kadena.io</figcaption></figure></div>



<p>According to a Messari <a href="https://messari.io/pdf/smartcontracts-q3-2020.pdf" target="_blank" rel="noreferrer noopener">report</a> released in Q3 of 2020, Kadena has the second-most community-favorable token distribution among the top 12 layer-1 projects. </p>



<p>However, it is worth noting that 70% of KDA tokens are centrally controlled and subject to change. </p>



<p>&#8220;Kadena will not exceed a platform coin release rate of 22.08M tokens/year and 2M tokens/month,&#8221; Martino wrote. &#8220;Kadena reserves the right to further modify, decrease or increase the platform emission schedule in the future for what Kadena believes is in the best interests of the platform, Kadena, and the ecosystem.&#8221;</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="683" height="558" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png" alt="" class="wp-image-11040" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png?w=683 683w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png?w=315 315w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png?w=319 319w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png?w=268 268w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-2.36.35-PM-1.png?w=80 80w" sizes="auto, (max-width: 683px) 100vw, 683px" /></figure></div>



<h3 class="wp-block-heading">Roadmap and critics</h3>



<p>The project&#8217;s plans include wrapped KDA to bring the asset to the Ethereum ecosystem, NFT projects and lending platforms. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="621" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png" alt="" class="wp-image-11014" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=424 424w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=431 431w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=361 361w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-3.33.45-PM-1024x621.png?w=1145 1145w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: https://kadena.io/roadmap/</figcaption></figure>



<p>CTO Larsson Founder Anders Larsson recently <a href="https://www.youtube.com/watch?v=I3BEUqRfr78" target="_blank" rel="noreferrer noopener">posted</a> a video on YouTube where he tries to deploy a smart contract on Kadena&#8217;s testnet, though he was unable to do so. Larsson said in the video that Cardano was able to achieve a $90 billion market cap without any functionality, adding that anything is possible for the KDA price.</p>



<h3 class="wp-block-heading">Loopring</h3>



<p>Loopring (LRC) is an Ethereum token that describes itself as “an open-sourced, audited, and non-custodial exchange protocol.” It aims to allow anyone to build non-custodial, order book-based exchanges on Ethereum by leveraging zero-knowledge proofs, according to the asset&#8217;s Coinbase <a href="https://www.coinbase.com/price/loopring" target="_blank" rel="noreferrer noopener">description</a>. </p>



<p>According to the project&#8217;s official <a href="https://loopring.org/#/" target="_blank" rel="noreferrer noopener">website</a>, Loopring is a zkRollup layer-2 that can achieve security and high throughput at a low cost. </p>



<p>Centralized exchanges lack transparency, have high fees, and carry custodial risk, according to the project&#8217;s <a href="https://loopring.org/resources/en_whitepaper.pdf" target="_blank" rel="noreferrer noopener">white paper</a>. There has been a boom in the use of decentralized exchanges (DEXs) such as Uniswap (UNI), but they are often less efficient and have fragmented liquidity.  </p>



<p>Loopring will manage orders in a more centralized manner but settle the trades on-chain, the research adds. By combining up to 16 orders into circular trades instead of allowing strictly one vs. one trading pairs, Loopring expects to increase the efficiency of order execution, as well as enhance the liquidity of DEXs. </p>



<p>LRC can be earned through a process called &#8220;ring mining.&#8221; Because orders are not matched up in pairs like a standard DEX, the protocol can mix and match up to 16 orders for different cryptocurrencies in a circular trade called an &#8220;order ring.&#8221; Ring mining is essentially combining individual orders into these order rings, the white paper says.</p>



<p>The token distribution can be best explained by the following photo:</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="675" height="641" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png" alt="" class="wp-image-11017" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png?w=675 675w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png?w=271 271w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png?w=275 275w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png?w=231 231w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.25.37-PM.png?w=80 80w" sizes="auto, (max-width: 675px) 100vw, 675px" /><figcaption>Source: https://medium.com/loopring-protocol/lrc-tokenomics-v2-1e6fd99e9e9c</figcaption></figure></div>



<p>LRC has been on an absolute tear, last trading near $3.35 and up 728% over the last 30 days.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="601" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png" alt="" class="wp-image-11015" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=445 445w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=373 373w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/LRCUSD_2021-11-11_16-08-43-1024x601.png?w=1153 1153w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="332" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png" alt="" class="wp-image-11018" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.31-PM-1024x332.png?w=1224 1224w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="284" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png" alt="" class="wp-image-11019" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-11-at-4.28.40-PM-1024x284.png?w=1205 1205w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



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