Blockchain Beat #1 — Innovations, Dips & Exploits Stir Crypto Sphere
Explore Ethereum’s ERC-223 launch, USDC’s supply dip, and the Poly Network’s security woes in this week’s must-read DeFi digest.
Executive Summary:
In this edition of YouHodler’s Blockchain Beat, we examine key updates that have sent ripples across the DeFi space.
From the introduction of new token standards, ERC-223 by Ethereum and BRC-69 by Luminex, to the declining supply of the USDC stablecoin, the landscape is transforming quickly.
Additionally, Polygon Labs’ proposed four-layer infrastructure for Polygon 2.0 heralds an evolution in DeFi infrastructure.
Finally, TRON Network’s upcoming upgrade and Poly Network’s security incident underscore the importance of vigilance in this dynamic field.
Ethereum & Luminex: Innovating Token Standards 📜
Ethereum and Luminex are pioneering noteworthy upgrades in token standards. Ethereum recently introduced the ERC-223 standard, a refined version of its predecessor, ERC-20, with improved security measures. In parallel, Luminex, the launchpad for Bitcoin Ordinals, unveiled BRC-69. A revamped version of the BRC-20 token standard, BRC-69 reduces minting costs by a whopping 90% by merely inscribing a single line of text to the blockchain.
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USDC Stablecoin: Dipping Supplies 💱
USDC stablecoin, a dominant player in the stablecoin scene, recently saw a 2% dip in its circulating supply over the weekend, sliding from $27.9 billion to $27.3 billion. What’s more, the total supply has been on a descending trajectory since the beginning of the year, decreasing by over 38%.
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Polygon Labs: Shaping the Future of Infrastructure 🏗️
Polygon Labs is making waves with its recently proposed four-layer infrastructure for Polygon 2.0. This next-gen design leverages a shared zero-knowledge infrastructure to power all networks within the ecosystem, showing a promising way forward for the DeFi landscape.
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TRON Network: Gearing Up for Great Voyage 🚀
Mark your calendars for July 11! The TRON network is set to roll out its major upgrade, aptly named the “Great Voyage (Periander)”. This upgrade aims to bring sweeping enhancements across four key areas within the TRON mainnet, including an advanced Stake 2.0 mechanism and a more streamlined smart contract interface.
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Poly Network: Another Security Incident 🔓
Regrettably, Poly Network, the cross-chain bridging protocol, suffered another exploit on July 2, impacting 57 crypto assets across 10 blockchains. The attack, caused by compromised private keys, has prompted the network to temporarily suspend its services as they work with authorities on resolving the issue.
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Chart of the Week
LayerZero, the revolutionary omni-chain interoperability protocol, is creating quite the buzz. The action has been hitting fever-pitch levels recently, with the protocol experiencing an impressive spike in activity. We’re talking a record-smashing nearly 500,000 daily transactions on the last day of June. 🚀
This protocol, which kicked off its journey in March 2022, has already managed to rack up a staggering 31 million cumulative transactions. The momentum for LayerZero doesn’t seem to be slowing down anytime soon.
TVL of Top Chains
Top 10 DEXes
Disclaimer: This report is for informational purposes only and does not constitute financial advice. It is based on sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Investing involves risks, including the potential loss of principal. Past performance is not indicative of future results. Investors should carefully consider their own circumstances and risk tolerance before making investment decisions. The views expressed herein are those of YouHodler as of the date of this report and are subject to change without notice.
