Macro environment

The U.S. Initial Jobless Claims The number of initial jobless claims is one of the indicators reflecting the state of the domestic labor market, and the statistics are the number of people who apply for unemployment benefits for the first time. Since this data is released every week, it is the focus of the investment market. The sharp increase in the number of unemployed people will also increase the financial pressure on the US government. The dollar is not good. However, in the current environment, the increase in the number of unemployed proves that the Fed’s interest rate hike has achieved substantial results, which will instead make it adopt a more moderate interest rate hike policy, which may be positive for the encryption market…Previous value: 18.3; Forecast: 19; Current Value: 19.6

The annual rate of CPI in January in the United States has not been adjusted seasonally (%)

Previous value: 6.5; Forecast: 6.2; Current Value: 6.4

The annual rate of core CPI in the United States in January has not been adjusted seasonally (%)

Previous value: 5.7; Forecast: 5.5; Current Value: 5.6

US retail sales in January

U.S. retail sales data is called “terrorist data” by the market. It mainly describes that the data is highly concerned by the market and is likely to cause violent market fluctuations. Because retail sales data can directly reflect the consumption situation, it has an important guiding role for the economy. Retail sales is a statistical summary of retail sales figures, including the total value of goods sold for cash or credit at all stores primarily engaged in retail business. Expenses incurred in services are not included in retail sales.

The monthly rate of US retail sales in January (%)

Previous value: -1.1; Forecast: 1.8; Current Value: 3

The monthly rate of core retail sales in the United States in January (%)

Previous value: -1.1; Forecast: 0.8; Current Value: 2.3

U.S. January retail sales annual rate (%)

Previous value: 6.02; Forecast: — -; Current Value: 6.38

As of Feb. 9, while multiple Fed officials said further rate hikes are needed to curb inflation, no one has hinted that the Fed will return to a more aggressive monetary policy stance, and traders await new economic data for clues on the Fed’s future rate hike path.

Richmond Fed President Thomas Barkin said that while inflation may have peaked, the central question this year is whether inflation is now in a sustainable downward state.

Initial jobless claims rose by 13,000 in the week ended Feb. 4 to 196,000 on a seasonally adjusted basis, the Labor Department said Thursday, the first increase in jobless claims since the penultimate week in December. However, the four-week average of initial jobless claims fell by 2,500 to 189,250, which is considered a better indicator of labor market trends.

Despite massive layoffs in the tech sector and in interest-rate-sensitive finance and housing, and Disney has begun to lay off workers, the number of jobless claims remains low. Economists say most companies that announced layoffs, especially tech companies, overhired during the pandemic, while small businesses are still looking for workers, and some industries remain short of workers.

On Feb. 10, despite higher-than-market expectations for U.S. jobless claims, underlying trends reflected a tight U.S. labor market, Fed officials reiterated the need for further rate hikes, the dollar index bottomed out, and U.S. Treasury yields resumed gains.

Christopher Rupkey, chief economist at FWDBONDS: “With layoffs so low, there’s no immediate recession, and if it does, it’s a few months away. “

On February 13, the New York Fed said that in January, the US people still expected higher near-term inflationary pressures, more moderate long-term inflation, and lowered expectations for future income growth, and the dollar index turned from rising to falling.

Peter Boockvar, chief investment officer at Bleakley Advisory Group: “Can this continue when you have a series of lower-than-expected numbers? I do not know. He doesn’t expect the January report to have a big impact on the Fed anyway, arguing: “Let’s assume the overall figure is 6%, will that really have an impact on the Fed?” The Fed seems intent on raising rates by another 50 basis points, and they obviously need more evidence to change, and one number certainly can’t do that. ”

On February 14, the US Department of Labor released its January inflation report, with both headline and core CPI higher than expected and lower than the previous reading.

Although inflation peaked months ago, core inflation remains high, the labor market remains strong, unemployment is at a 53-year low, and the Fed is struggling to ease its interest rate policy.

However, some on the committee tend to be dovish, and if the economy does look a little weak, if the job outlook does look a bit bleak, they may advise Powell that a reversal of policy may soon be needed.

After the derailment of trains in Ohio, the outside world was generally worried about environmental pollution, and the health and production and life of local residents were affected to varying degrees. The U.S. Environmental Protection Agency (EPA) has warned that contaminated soil may not have been properly disposed of.

The dollar index hit its highest in more than a month on Feb. 15, and Fed policymakers said earlier this week that the Fed would need to continue to raise interest rates gradually.

Jim Wyckoff, the senior analyst at Kitco Metals, said the increase in retail sales suggests that if the Fed wants to cool inflation, it will have to raise interest rates to curb some demand.

A number of Fed officials have said they need to continue to raise interest rates gradually to beat inflation. Money markets predict that the Fed will pique interest rates at 5.263% for this cycle of rate hikes in July. The market expects the Fed to raise interest rates by at least 25 basis points at the next two Federal Open Market Committee (FOMC) meetings in March and May.

Overview of the Crypto market

Crypto news

1/ Coinbase Lianchuang: The US Securities and Exchange Commission (SEC) may prohibit retail investors from participating in cryptocurrency pledges

Brian Armstrong, the co-founder of Coinbase, said that there are rumors that the US Securities and Exchange Commission (SEC) may prohibit retail investors from participating in cryptocurrency pledges. Brian Armstrong believes that staking is a very important innovation in the encryption field, and the US government should formulate clear industry regulatory rules instead of blocking them.

2/ The US SEC plans to sue Paxos for issuing BUSD as unregistered securities

Stablecoin issuer Paxos is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) over BUSD-related issues, the Wall Street Journal reported citing sources. According to reports, the SEC has sent a letter to Paxos, saying that the BUSD issued and listed by Paxos is an unregistered security that “violates investor protection laws” and notified it of “possible enforcement actions.”

3/ NFT market Blur’s native token BLUR has been launched, and 360 million BLUR tokens will be airdropped

NFT market Blur’s native token BLUR has been launched today, and 360 million BLUR will be airdropped to all traders, Care Package holders, and creators in the market in the past three months. All traders will have 60 days to claim BLUR. Additionally, the Blur Foundation has been established. According to the Ouyi OKX market, the current price of Blur is 0.74 USD, and the 24-hour trading volume is 104,742,550.04 USD.

4/ Osmosis holders can get Prism airdrops by delegating to Prism’s Osmosis validator service

Prism is a new DeFi-focused Cosmos ecological application chain. The project recently announced that Osmosis ( $OSMO ) holders can receive an airdrop by delegating to Prism’s Osmosis validators. This allows $OSMO holders to support the development of Prism’s new Layer-1, and distribute Prism airdrops to those actively participating in the Prism campaign, the project said.

5/ The price of mainstream tokens on the LSD track climbed due to rumors of the SEC pledge ban

Coinbase CEO Brian Armstrong tweeted that he heard rumors that the U.S. Securities and Exchange Commission (SEC) wants to ban crypto staking services for retail customers.

6/ Coinbase Remains ‘Fight for Economic Freedom’ After Kraken Settles With SEC

Just one day after news of the crypto staking ban circulated, the U.S. Securities and Exchange Commission (SEC) officially began to “move” on crypto staking services. Bearing the brunt is the encryption trading platform Kraken, which chose to terminate service and accept a fine to reach a settlement after being investigated by the SEC. But Coinbase still insists that its staking service will not be affected.

7/ Way Network: Will help the algorithmic stable currency project create zkOmnichain stable currency

Way Network, a full-chain interoperability protocol based on zero-knowledge proofs, stated that it can provide decentralized full-chain communication technology for all projects in the world that plan to carry out cross-chain layouts, including all DeFi projects and algorithmic stable currency projects. The main feature of this technology is to use zero-knowledge proof zkSpark to improve the security level and reduce the cost of the whole chain interoperability.

8/ “Final Fantasy” developer Square Enix will launch NFT-based games on Polygon

Final Fantasy game developer Square Enix will launch the NFT-based game Symbiogenesis on Polygon.

9/ Encrypted trading platform EminiFX CEO pleaded guilty to commodity fraud and confiscated $250 million

PANews, February 11, according to The Block, the U.S. Attorney’s Office for the Southern District of New York said on Friday that Eddy Alexandre, CEO of cryptocurrency trading platform EminiFX, pleaded guilty to one count of commodity fraud and agreed to forfeit $248.8 million and pay compensation. U.S. Attorney Damian Williams said that Alexandre was accused of raising funds from tens of thousands of investors and making false promises of at least 5% weekly returns, causing investors to lose millions of dollars. Alexandre is alleged to have transferred at least $14.7 million into personal bank accounts and used investor funds to buy BMWs, a crime punishable by up to 10 years in prison.

10/ Metaverse project MetaGPT completes $2 million in the financing, led by Negentropy Capital

According to news from PANews on February 10, the metaverse sandbox game project MetaverseX announced that it has changed its name to MetaGPT, and recently completed a $2 million financing led by Negentropy Capital. The funds will be used to help MetaGPT complete the intelligence of the Metaverse experience based on AIGC. MetaGPT stated that METAX will remain as the token ID after the name change.

11/ Vitalik Buterin donated 99 ETH to the Turkey earthquake donation address

According to PANews news on February 11, according to Etherscan data, at 13:49:23 Beijing time on February 11, Vitalik Buterin’s Ethereum address vitalik.eth donated 99 ETH (approx. $150,000). Currently, the ETH balance of this address is about 393 ETH (about 600,000 USD). In addition, Uniswap founder Hayden Adams also tweeted that 12,200 UNI tokens (approximately $78,000) were sent to the encrypted donation wallet of the NGO organization AHBAP.

12/ Pantera Capital: Bitcoin has entered the “next bull cycle”

According to PANews news on February 12, Dan Morehead, CEO of encrypted asset management company Pantera Capital, predicted in an article that 2023 will be “the year of rebuilding trust.” “I believe that blockchain assets have bottomed out and we are in the next bull market cycle — regardless of what happens to interest rate-sensitive asset classes.” Although the article does not mention the current SEC regulatory landscape, it foresees By the time CeFi will regain its global reach “on a jurisdiction-by-jurisdiction level.”

13/ Pie Shield: dForce attackers are suspected to have returned the stolen funds of $3.65 million

According to PANews news on February 13, Paidun's monitoring showed that the attacker seemed to return $3.65 million in stolen funds to dForce. The data on the chain shows that the attacker’s address transferred 1127.59 ETH and 1237 ETH to the address starting with 0xe0d through two transactions 40 minutes ago.

Previously, on February 10, the DeFi protocol dForce suffered a flash loan attack, and the attacker had made a profit of 3.65 million US dollars.

Financing Information

According to BlockBeats statistics, the total number of financing last week was 33, covering GameFi, NFT, social and other fields, with a total amount of about 270 million U.S. dollars, with an average financing amount of 8.2 million U.S. dollars, a significant drop from last week.

Metaverse/GameFi

There are a total of 8 financings in the metaverse/GameFi field, with a total amount of more than 53.8 million US dollars, accounting for 19.87% of the total financing last week.

Ajuna Network

Basic Information:

Ajuna Network is a Web3 gaming platform for gamers and developers, designed to enable game developers to quickly integrate blockchain technology into their games, whether made with Unity or Unreal Engine. Developers can add tokenized currency to their games in minutes, or utilize the SDK to integrate NFT and other blockchain mechanisms.

Ajuna will help promote the game and attract the attention of gamers, the final income is through NFT sold in its game, and there is a potential for interoperability between any games using the Polkadot chain

Financing Information:

On February 10, according to CoinDesk, Web3 game platform Ajuna Network announced the completion of $5 million in the financing, led by CMCC Global. In addition, this Friday Ajuna Network also launched the Awesome Ajuna Avatars NFT series, which was inspired by the company’s flagship game BattleMogs. Ajuna Network previously raised $2 million in a seed round in February 2022 led by Fundamental Labs, with other investors including OKX Blockdream Ventures, Signum Capital, and Animoca Brands, which invested in Ajuna’s parent company BloGa Tech AG.

Mino Games

Basic Information:

Mino Games has attracted experienced talents from major game companies such as Electronic Arts and Zynga. The company’s team members are located in Asia, Europe, Latin America, and North America. It currently has 80 people and plans to expand the team size by 50% by the end of the year.

Financing Information:

On February 9, according to VentureBeat, mobile game company Mino Games completed a $15 million financing round led by Standard Crypto, with participation from Boost VC, Collab Currency, Earl Gray Capital, and Konvoy Ventures. The proceeds will be used to build a Web3-enabled Dimensionals collectible role-playing game. Mino Games is transitioning into a Web3 game developer with the new Dimensional series of games.

Mino Games has raised $25 million to date, with investors including Sybo Games and Andreessen Horowitz, among others.

Kingdomverse

Basic Information:

The Kingdomverse has launched its first first-party game, Defend the Kingdom. The game is a casual mobile tower defense game in which players can use different “heroes” to form formations and place them on the board to fight against enemies. The game has no entry threshold and is free to play. Only “heroes” with 4 stars or above can be traded as NFT assets. Outside of the Ethereum and Polygon networks, the game will soon support Immutable X and more other public chains.

Financing Information:

On February 7th, Kingdomverse, a mobile terminal game, completed a US$3.6 million seed round of strategic financing. The specific financing information has not yet been disclosed. Kingdomverse aims to create a “mobile game universe” composed of multiple mobile games connected in series. “Mobile Universe” is not only a game for players, but also a hub connecting different NFT projects. In Kingdomverse, game assets of different NFT projects support interoperability to achieve composability expansion among different projects.

Overworld

Basic Information:

The Overworld team is led by Xterio Co-Founder&COO Jeremy Horn as CEO, and 8 other industry insiders from Riot Games, Disney, Krafton, Jam City and Ubisoft. Currently, Overworld is still hiring to expand the team. It is reported that Overworld will use the new funds to create a fantasy-style MMORPG game, the game can be free to play and will support cross-game interoperability.

The company plans to launch the first version of the game digital collection in Q2 this year. The game digital collection will be a PFP series. Holders will get early access to the game and other exclusive rewards. The closed beta of the game is planned to start in Q4 this year. Overworld stated that it will not issue its own encrypted Token, but there is an optional option to purchase assets on the chain through Xterio Token.

Financing Information:

On February 6, according to Venture Beat, Overworld, a Web3 game studio based on digital collections, announced the completion of a new round of financing of US$2.5 million, with the participation of Swiss chain game publisher Xterio.

Defi

There are 2 financings in the NFT/digital fashion field, with a total amount of 3.2 million US dollars, accounting for 1.18% of the total financing last week.

Cedro Finance

Basic Information:

Cedro Finance is a cross-chain decentralized liquidity protocol, one of its main goals is to act as a cross-chain liquidity layer over time. Users can borrow and borrow listed assets across multiple chains with affordable transaction fees, lenders are able to deposit their assets to increase the liquidity of the platform, and borrowers are able to borrow liquidity in an over-collateralized manner.

Cedro Finance consists of three main parts: Branch, Messenge, and Root. The branch is deployed in multiple public chain ecosystems, and the chain interacts with Root. The root is deployed on a single chain that stores the global state of the protocol and transmits information across chains. Branch and Root interact using Messenger.

CED is the native Token of Cedro Finance and will be deployed in all public chain ecosystems supported by the protocol. Cedro Finance earns income from agreement fees, 65% of the profits are allocated to the agreement treasury, 25% are allocated to CED and veCED holders, and veCED holders will also receive an additional 10% income distribution.

Financing Information:

On February 7, Cedro Finance, a full-chain lending agreement, announced the completion of a $1.5 million seed round of financing led by Shima Capital, with participation from Infinity Ventures Crypto (IVC), Mask Network, and Sam Thapaliya. The new funds will be used to expand the team on the Cedro platform and build the Ominichain liquidity platform. Cedro Finance allows users to borrow and lend seamlessly across chains and is currently planning to launch a variety of Cedro-based products. Cedro Finance has been running on testnet since December 2022.

GammaSwap

Basic Information:

Gammaswap is a volatility decentralized exchange without oracle machines. By integrating with DEX, users can obtain leveraged exposure of Token, aiming to solve the problem of impermanent losses allegedly caused by volatility mispricing. GammaSwap will launch the Beta test network in Q1, and launch the Ethereum main network and Arbitrum network.

Gammaswap uses a different model from other protocols and does not need to rely on oracles. Most of the agreements that require oracle machines will rely on stable market makers, otherwise, they will be vulnerable to flash loan attacks, or the price of the agreement collateral will be manipulated to the position of forced liquidation.

As a perpetual derivatives exchange, users can establish short and long positions of Gamma volatility products in any liquidity pool compatible with the protocol to take hedging positions against impermanent loss risks or use leverage to bet on volatility. Liquidity pools are often mispriced because if historical volatility is higher than implied volatility, impermanent losses will be higher than the fees incurred by the pool. If vice versa, then deploying funds in a pool should be considered profitable as transaction fees from volatility will compensate for impermanent losses.

Financing Information:

On February 7, GammaSwap, a DeFi structured product, announced the completion of a $1.7 million seed round of financing, led by Skycatcher, with participation from Dialectic, Space Whale Capital, Modular Capital, Portico Ventures, Ouroboros Capital, Owl Ventures, RenGen, and Manifold Trading.

Social/Creator Economy

A total of 4 financings in the social field, with a total amount of 27 million US dollars, accounting for 9.97% of the total financing last week

Cub3

Basic Information:

Using Cub3, creators can automatically reward any interaction, online or offline, and guide people to the actions that matter most to them. Cub3 integrates an AI action recognition system that can extend loyalty behaviors to real life, rewarding people for every action, such as members who dance on TikTok or attend events. Offer rewards such as on-chain digital collectibles for ease and transparency of transactions. Leveraging status and belonging through customizable, fun, and meaningful rewards, Cub3 helps creators create stronger emotional connections between fans than ordinary loyalty systems, making fans feel like they’re part of something great and more It is possible to stick to it.

Financing Information:

On February 9, Cub3, the Web3 loyalty platform, completed its Series A financing of US$6.5 million, led by Bitkraft and Fabric Ventures, with participation from CMT Digital, Red Beard Ventures, and Geometry Labs. The Cub3 platform helps brands create loyalty programs and incentivizes users to complete tasks in the form of Tokens.

Vault

Basic Information :

Vault designed the decentralized protocol “Digital Music Collectible” (Digital Music Collectible, DMC) on Solana. By building an open and fully decentralized music network, artists can use the DMC agreement to make limited collections of their music and sell them to fans, and artists can get more than 80% of the sales revenue. Fans can share, stream and purchase music in the form of DMCs on websites including third-party applications. Vault has now partnered with renowned musicians such as FLETCHER to make DMC the vinyl record of a new age.

Financing Information:

On February 9, according to AlleyWatch, Vault, a decentralized digital music protocol builder, completed a US$4 million Series A financing led by encryption investment company Placeholder VC. AlleyCorp, Bullpen Capital, and Everblue Management, which had previously invested in the company, participated in the investment. So far, the company’s total financing amount has reached 13 million US dollars.

SPACE ID

Basic Information:

SPACE ID is building a common name service network with a one-stop identity platform to discover, register, trade, and manage web3 domain names, it also includes a Web3 name SDK & API for cross-blockchain developers, and for everyone Provides a multi-chain name service to easily build and create a web3 identity. In terms of the team, SPACE ID is composed of experienced engineers and Web3 enthusiasts.

In September 2022, SPACE ID launched its public registry for .bnb domains, rapidly gaining around 370,000 registrations and 175,000 unique domain holders within 6 months. Currently, the .bnb domain name service has been securely integrated with more than 100 leading projects and protocols including BSCScan, Trust Wallet, etc. In February 2023, the SPACE ID team announced that the 2.0 upgrade and merger with ARB ID will soon start its .arb domain pre-registration.

Financing Information:

On February 7, SPACE ID, a decentralized identity protocol, completed a strategic round of financing of US$10 million, led by Polychain Capital and dao5, and participated by Foresight Ventures. As previously reported, in September last year, SPACE ID completed a seed round of financing led by Binance Labs and launched the .bnb domain name service.

Infrastructure

There are 7 financings in the field of infrastructure, with a total amount of more than 37.82 million US dollars, accounting for 13.97% of the total financing last week.

Dymension

Basic Information:

Dymension is a modular blockchain network featuring RollApps, with the Dymension Hub at its center. Dymension allows anyone to build and deploy their own consensus-free blockchain RollApp. The Dymension Hub is the protocol’s settlement layer, the network’s decentralized source of truth, and provides consensus, security, and liquidity for RollApps.

RollApps are built using Dymension’s RollApp Development Kit (RDK), which is based on the popular Cosmos SDK. RollApp developers can choose the network token, application logic, and virtual machine that RollApp runs on. RollApps are similar to Cosmos’ AppChains, but outsource the consensus overhead to Dymension Hub.

RollApps consists of two core services, client and server. The server is the application side designated for the RollApp deployer to implement custom business logic along with the prepackaged modules that build the RollApp Development Kit (RDK). The client component is called dymint, a fork of Celestia’s rollmint, and is a drop-in replacement for Tendermint, responsible for block production, peer-to-peer message propagation, and interlayer communication.

Dymension will launch its public testnet on February 15th. Harel said Dymension will launch an incentivized testnet in the second quarter of this year and a mainnet in the third quarter. The Dymension team currently has 9 employees and will expand the team in the near future.

Financing Information:

On February 9, the modular blockchain Dymension completed a $6.7 million seed round of financing, led by Big Brain Holdings and Stratos, with participation from Matchbox DAO, Shalom Meckenzie of DraftKings, and others. It is reported that Dymension co-founder and CEO Yishay Harel began raising funds for this round of financing in May last year, and Dymension also plans to continue to raise about $20 million in new funds before the main network is launched.

Cenoa

Basic Information :

Cenoa is a US dollar wallet that can be used across borders, so it can provide a reliable store of US dollar value to fiat currency users in emerging markets suffering from high depreciation rates. Cenoa’s goal is to add USD debit card functionality and instant payment settlement services to the product.

Financing Information :

On February 6, Cenoa Wallet completed a financing of US$7 million, led by Quite Capital and Underscore, and participated by Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark. This round of financing will be used to expand markets in Latin America, Africa, Southeast Asia, and Europe and recruit.

Digital asset management/payment

A total of 9 financings in the field of digital asset management/payment, with a total amount of more than 127 million US dollars, accounting for 46.99% of the total financing last week

Coincover

Basic Information :

Coincover works with more than 300 businesses, including cryptocurrency custodian Fireblocks and cryptocurrency trading platform Bitso. In July 2021, Coincover completed a US$9.2 million Series A financing led by Element Ventures, with participation from DRW Venture Capital and Susquehanna Private Equity Investments.

Financing Information :

On February 9, Coincover, a provider of digital asset protection and insurance, completed a financing of US$30 million, led by Silicon Valley investment firm Foundation Capital. This round of funding will be used for talent acquisition, product iteration, and seeking new partnerships. Coincover provides businesses, infrastructure providers, and consumers with products related to asset protection from hacking or human error.

Fierce

Basic information :

On February 8, the financial application Fierce announced the completion of a US$10 million seed round of financing. This round of financing was participated by Pendrell, AP Capital, Wheelhouse Digital Studios, and Space Whale Capital.

Financing Information :

On February 8, the financial application Fierce announced the completion of a US$10 million seed round of financing. This round of financing was participated by Pendrell, AP Capital, Wheelhouse Digital Studios, and Space Whale Capital.

SALT

Financing Information :

On February 7, according to CoinDesk, Salt, an encrypted lending platform that was previously heavily influenced by FTX, completed a $64.4 million Series A round of financing by selling shares to qualified investors. SALT will use the funds for new products and its growth strategy.

DYOR*

The Omnichain solution was the most talked about topic over the past year. With the development of public network infrastructure, the problem of their interaction arises: each blockchain seeks to develop its own network, promoting its own coin — which is quite logical in the face of fierce competition in the crypto market. The main problem that users face is that the process of exchanging coins from one network to another is very complicated and expensive, not only because of the huge commissions but also because of the time required (sometimes such transfers can take several days)

History of Full-Chain Technology:

The first omnichain solution was to manually transfer assets. The process starts with the user transferring assets to a specific wallet on chain A, and the centralized entity tracks the transfer in the wallet and records it in Excel. Then, after a certain period of time, usually, for monitoring purposes, the agency credits the asset to chain B after verification. The advantages of this approach are that it is easy to implement, but prone to human error and have low security. This approach also lacks decentralization.

Omnichain bridges are less secure and cannot be 100% trusted because they are highly centralized and are often owned by blockchain project teams (centralization is chaotic and there is no coordination of each team). The task of Layer 1 blockchains is to standardize, but the segmentation of Layer 1 chains leads to the need for a cross-chain infrastructure layer that is even below Layer 1.

The next generation of Omnichains is a public blockchain like ZetaChain. ZetaChain is an underlying public blockchain that provides Omnichain, shared smart contracts, and messaging between any blockchain. It solves the problem of “cross-chain” and “multi-chain” and aims to open up cryptocurrencies and the global financial ecosystem to everyone. ZetaChain introduces and supports a truly flexible multi-chain crypto ecosystem where users and developers can move between any blockchain and enjoy their benefits: payments, DeFi, liquidity, gaming, art, social graph, performance, security, privacy, and more.

“Exchange Traded Fund” (hereinafter referred to as ETF), referred to as “exchange-traded fund fund”, also known as “exchange-traded fund”.

An ETF is a fund that tracks changes in the “underlying index” and is listed and traded on a stock exchange. Investors can buy and sell ETFs of the “underlying index” as simply as stocks and can get basically the same rate of return as the index.

The best example of the minimum proxy standard or “EIP-1167” is a multisig wallet. Let’s assume that a user has created a very simple multisig wallet that can receive funds, send funds, and set the number of n owners. Of course, in order to send funds, users need to reach a certain quorum (n≥m). Once a smart contract is ready, there are two main ways to get it ready for production. The first is to deploy the contract so that all users interact directly, which means that all funds will be stored in the contract, in order to keep track of who owns what, a mapping (address = > uint) needs to be created (address = uint) public balance + some modifiers. The problem with this approach is that the user has everything in one place and, most importantly, the user opens up the possibility of additional attack vectors. In other words, the user makes the contract more complex. We don’t want to do that, we want to make safety our top priority. The second approach that comes to mind is to let the user deploy the contract, and in order to do this, the user needs to compile the contract, put the bytecode on the frontend, and let the user deploy the contract. The problem with this approach is that it is very inefficient and gas is expensive. Imagine if the contract becomes too big and complex, the deployment cost will be very high, plus we are bombarding the chain with a lot of storage. The solution to this problem is to implement the minimal proxy standard.

What the minimal agent does is create a cheap clone (we call it cheap because it is very cheap to deploy) that has exactly the same logic as implementing the contract, but with its own stored state. This is achieved through low-level delegate calls.

Now that we have a general understanding, let’s create an example to solidify our knowledge. We’ll do this example in Remix to make it simpler.

The contract will be very simple, and the purpose here is to understand the standard.

For this we need the following contracts:

Implementation: This is where our logic is, which we call Implementation.sol.

CloneFactory: This will be our factory, we will have a clone() function that the user will trigger and the factory will output the address of the proxy. The name of the factory will be CloneFactory.sol.

Proxy: Regardless of the proxy, the proxy will be the output of the clone() function in CloneFactory.sol. There can be as many different agents as possible, and that’s the whole purpose to create many clones of Implementation.sol.

A very important aspect to keep in mind is that the clone does not know the constructor, so we use the initialize() function to “replace the constructor” instead of using the constructor to assign important variables. We just need to make sure that the initialize() function is called only once so that people can’t tamper with the contract, similar to how constructors work.

Statement:

1/ The time of statistics and the source of information will be indicated in the report as much as possible.

2/ The above data refers to exchanges and public platforms, and the units involved in prices are in US dollars.

3/ The data is for reference only, derived from public Internet platforms, and the accuracy of the data is not guaranteed.

4/ If there are exceptions, they will be marked in the report as much as possible.

5/ The DYOR section is a summary of some of the author’s self-directed learning this week.

CryptoBricks Analyst: Skyi, Orson

Contact us: https://forms.gle/qtb4zRsXanxGUJ62A

Sources of information:

1/ Messari：https://messari.io/

2/ CoinMarketCap：https://coinmarketcap.com/

3/ BlockBeats：https://www.theblockbeats.info/

4/ ChainFeeds：https://www.chainfeeds.xyz/feed/flash

5/ TokenInsight：https://tokeninsight.com/zh/news

6/ PANews：https://www.panewslab.com/zh/news/index.html

7/ Huitong Finance：https://www.fx678.com/