SWIFT x Chainlink CCIP Experiment Successful | Fork Solana Codebase for MakerDAO’s NewChain? & More!
Last Week In The Multi-Chain Ecosystem (28 Aug - 03 Sept '23)
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Bridge Updates
1) SWIFT: Interoperability Experiment w/ Chainlink’s CCIP Was Successful 💪
SWIFT, the global financial messaging network, conducted an experiment with banks such as BNP Paribas, BNY Mellon, Citi, among others, using Chainlink’s Cross-Chain Interoperability Protocol.
SWIFT used its own network and CCIP to develop a pilot solution for the experiment. According to SWIFT, the results “successfully demonstrated” that blockchains and traditional bank systems can be securely connected for transactions.
Hyerplane, an interoperability protocol built for the modular ecosystem, introduced its V3. The list of updates and new features includes:
Hooks — allows customization of the messaging routing, and control how they’re transported and secured.
Single Call Hyperlane API — integrate easily with a single call/single address Hyperlane API.
Imp: V3 will be a breaking change to V2 and pps built on V1/V2 will need to migrate accordingly.
3) Stargate is Now Live on Kava 🔥
Stargate has added support for the Kava chain, enabling users to access native USDT within the Cosmos ecosystem.
4) Teleporter Open for Testing Between Subnets 🔺
Teleporter, a new cross-chain messaging protocol built on top of Avalanche Warp Messaging, is now open for testing. Teleporter is the first native Subnet-to-Subnet messaging protocol on Avalanche.
5) CoinShift Partners With LI.FI 🤝
Coinshift is leveraging the power of LI.FI’s advanced aggregation stack includes 34 DEXs, 17 chains, and 13 bridges to move assets from one chain to another in a single transaction, saving time and gas fees.
As a result, CFOs and Treasury managers can seamlessly execute cross-chain swaps between leading blockchain networks such as Polygon and Optimism directly from their multi-sig Safes.
Multi-Chain Ecosystem Updates
1) Proposal: Fork Solana Codebase for MakerDAO’s NewChain 🤔
Rune Christensen, MakerDAO’s co-founder, submitted a proposal to build the native blockchain for Maker off a fork of Solana’s codebase.
Rune believes Solana’s Codebase is the “most promising” option to explore because:
The Solana codebase's technical quality is highly optimized to operate a singular, highly efficient blockchain.
Solana ecosystem has proven its resilience by having gone through the FTX blowup.
As there are already examples of the Solana codebase being forked and adopted to act as appchains, MakerDAO could follow a similar development process.
2) StarkWare Unlocks User Funds After Community Backlash 🧐
Last week, the StarkWare team faced backlash from the community as the most recent 0.12.1 upgrade of Starknet left user accounts that needed to update to the latest contracts to be deprecated and thus unusable. As a result, $550k of user funds were left inaccessible.
The team recently announced that it had re-enabled the upgrade, allowing users to access and update their accounts.
3) Eventful Week for Base Ecosystem 🤨
a) Aerodrome, a Velodrome fork DEX, that lets users swap tokens for low fees in exchange for rewards, among other features, attracted approx. $150 million just a day after going live.
b) The popular decentralized social media application Friend.tech, announced that it will penalize users that move to copies or forks by losing existing points and missing out on earning any points in the future.
The move was likely prompted by the launch of a similar application called Shares. The tweet has since been deleted by the Friend.tech team after community backlash.
c) Jeremy Allaire, Circle CEO, said that USDC will be launched natively on Base next week.
4) Offchain Labs Releases Arbitrum WASM Testnet 💪
Offchain Labs released the code and public testnet for Arbitrum Stylus, allowing developers to use both traditional EVM tools and WASM-compatible languages like Rust, C, and C++ to build applications on Arbitrum Nitro chains.
TradFi 🤝 Crypto
1) Grayscale Investment, a crypto asset manager, wins lawsuit against the SEC for Bitcoin ETF review. The lawsuit challenged the SEC’s decision to deny $GBTC's conversion to an ETF.
2) Judge dismisses lawsuit against Uniswap. The U.S. District Court for the Southern District of New York dismissed the lawsuit that alleged Uniswap CEO and others associated with the platform were responsible for losses related to certain scam tokens on the platform.
3) PayPal’s stablecoin PYUSD is facing a lack of demand from crypto users when other alternatives exist — Nansen. According to Nansen, 90% of PYUSD supply is still in Paxos’ custody.
Interesting Reads
2) [Case Study] Interoperability For the Modular Rollup Stack
3) How do alternative data availability (alt DA) layers like fit into the rollup-centric roadmap?
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