zkEVM chains are reaching new heights as the total value locked in Polygon zkEVM and zkSync have seen a significant surge over the past few months. According to the latest data, zkSync has nearly US$650 million locked in. Meanwhile, Polygon zkEVM continued to see stellar growth as its TVL rose to over $42 million and it recently hit the 1 million transaction mark.
News Highlights
Crypto.comannounced a new initiative to establish its first Global Innovation Lab in Singapore, making the city-state its designated global R&D hub. The new Global Innovation Lab team will actively experiment with frontier technologies, and explore new ventures with strategic partners and hackathons, to identify novel applications for blockchain, Web3, and AI.
DAI stablecoin issuer and DeFi protocol MakerDAOpurchased $700 million worth of US Treasury bonds, bringing its total bond holdings to $1.2 billion. The purchase was part of a proposal approved in March to increase the DAO’s real-world asset vault debt ceiling to 1.25 billion DAI ($1.25 billion).
USDC stablecoin issuer Circle announced that its Cross-Chain Transfer Protocol (CCTP) is now live on Ethereum-based Layer-2 scaling solution Arbitrum. The protocol is designed to enable faster and more secure USDC transfers across the Ethereum, Avalanche, and Arbitrum networks.
zkSync recently unveiled ZK Stack, a customisable tech stack for creating modular, sovereign ZK-powered Layer-2 and Layer-3 networks referred to as ‘Hyperchains’.
A new proposal is currently under consideration by Lido token holders, which introduces a tiered profit-sharing programme to incentivise partnerships with other Web3 communities. The proposal has received strong community feedback, citing that while it will expand Lido’s market dominance, it also poses a threat to the health and security of the Ethereum network.
Starknet moves closer to EVM compatibility with the upcoming launch of its Kakarot testnet, tentatively scheduled for August.
On 24 June, Layer-2 scaling solution Optimismannounced that it has rebranded to OP Mainnet. This name change reflects its goal of creating a ‘superchain’ composed of multiple L2 networks, with the OP Mainnet serving as the foundational layer.
Blockchain security firm Peckshield reported that Arbitrum-based DeFi project Chibi Finance initiated an exit scam, draining nearly $1 million worth of funds. The team’s website and online accounts have been taken down following the incident.
Recent Research Reports
Research Roundup Newsletter [May 2023]: In our latest issue of Research Roundup, we feature trending market insights in May, charts of the month, and our latest research reports exploring memes — what makes them successful, their role in crypto and Web3, and the resurgence of meme mania.
The Evolution of Memes and What Makes Them Successful:What are memes, how have they evolved, and what makes them successful? We also explore the role they play in crypto and Web3, and what the future holds for memes.
Alpha Navigator: Quest for Alpha [May 2023]: Asset classes mostly dipped in May and crypto remains the best performer YTD. US debt ceiling dispute defused. Interest rate decisions from multiple central banks in the coming month.
Recent University Articles
Bitcoin Scalability: Challenges and Solutions: This article explores the various challenges associated with Bitcoin’s scalability problem, with potential solutions while maintaining network security.
Top 10 Bullish Crypto Trading Indicators: This guide explores the top 10 bullish crypto indicators, explaining how each one can be calculated and interpreted — and how they can enhance the crypto trading experience.
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Crypto.com establishes Global Innovation Lab to advance blockchain, Web3, and AI. Circle’s CCTP is now live on Arbitrum. zkSync unveils ZK Stack for building ZK-powered ‘hyperchains’.
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