Decentralized Finance Industry Observation

Uniswap Labs launches Unichain, a Layer 2 network based on Optimism technology

Uniswap Labs has launched a new Layer 2 network called Unichain, built on the OP Stack technology of Optimism. Unichain is scheduled to launch its testnet on October 10, with the mainnet set to be released later this year.

Unichain has introduced trusted execution environment (TEE) technology developed in collaboration with Flashbots. With TEE, block construction time can be reduced to 200-250 milliseconds, significantly exceeding the speeds of the Ethereum mainnet and other Layer 2 networks.

A trading platform has launched Scroll ($SCR)

Scroll is an Ethereum Layer 2 zkRollup solution that uses zero-knowledge proof technology to enhance Ethereum's scalability. The core technological breakthrough of Scroll lies in zkEVM and hardware acceleration. It collaborates with the Ethereum Foundation, utilizing the Halo2 verification system, and has developed a zkEVM hardware accelerator called PipeZK, achieving a performance where GPU zkEVM verification is 10 times faster than CPU.

The SCR token features governance and future uses. The total supply is 1 billion SCR, with an initial circulation of 190 million SCR at launch.

The Scroll network architecture consists of three parts: the ordering layer, the validation layer, and the settlement layer.

Native USDC Officially Launched on Sui

Native USDC has now been launched on the Sui mainnet, allowing developers and users to access it directly without the need for cross-chain bridging. Circle Mint and Circle API now fully support USDC on Sui, making it easier for users to obtain USDC liquidity and enjoy the high speed and security of the Sui network.

Sui is a Layer-1 blockchain based on the Move programming language, providing fast, secure, scalable, and low-cost infrastructure. As of October 2024, the Sui ecosystem has covered over 85 applications.

The native USDC is issued by Circle and can be exchanged 1:1 for US dollars, fully compatible with Circle Mint and Circle API. The wUSDC, bridged through Wormhole, is not issued by Circle and cannot be exchanged with Circle.

US Court Denies Silk Road Bitcoin Sale

Recently, there have been rumors that the U.S. Supreme Court approved the sale of 69,370 Bitcoins seized from Silk Road, which led to a drop in Bitcoin prices. In fact, the Supreme Court only rejected Battle Born Investments' lawsuit regarding the ownership of Silk Road Bitcoins, confirming that these Bitcoins still belong to the U.S. government and did not approve their sale.

Considering the upcoming U.S. elections, current officials may sell these bitcoins before the election. Particularly, Trump has stated that if elected, he would not allow the sale, so the possibility of the U.S. government selling these bitcoins before the election still exists, but this is merely speculation.

Sui Ecosystem Related Decentralized Finance Projects

The strongest areas of development in the Sui ecosystem are currently concentrated on DeFi and Meme-related projects. The main DeFi projects include:

Lending Agreement:

• Navi Protocol
• Suilend Protocol
• Scallop Protocol

Decentralized Exchange ( DEX ):

• Cetus Protocol
• Turbos Finance
• DeepBook

Other Decentralized Finance projects:

• Bucket Protocol
• Bluefin
• Typus Finance

Pyth collaborates with Uniswap to support Unichain Decentralized Finance

Uniswap announced that its newly developed blockchain Unichain will select Pyth Network as its real-time data service provider. Pyth Network will provide Unichain with over 500 real-time price data sources, updating every 400 milliseconds, ensuring that developers can access accurate and reliable Decentralized Finance data.

Messari: Aptos set a new record for daily transaction volume for L1 blockchains in Q2 this year

According to the Aptos Q2 Status Report released by Messari, Aptos set multiple new records as an L1 blockchain:

• Daily trading volume increased by 474%, reaching 4.4 million transactions.
• Total Value Locked in DeFi ( TVL ) quarter-on-quarter growth of 123%, reaching 75 million APT ( approximately 603 million USD )
• DEX daily trading volume increased by 189%, reaching 30 million USD.

A trading platform investment institution invests in the ZKsync "Elastic Chain" Sophon during the token round

Sophon is an elastic chain based on ZKsync, constructed as a Layer 2 network using Matter Labs' modular open-source framework. Sophon focuses on entertainment applications such as gaming, social interaction, and artificial intelligence, aiming to promote the development of the Web3 ecosystem.

Decentralized Finance 数据面板

TVL Data

The Sui blockchain has stood out in the recent TVL( total locked value) rankings, successfully making it into the top ten, demonstrating its strong growth momentum in the Decentralized Finance sector.

Stablecoin Data

The total market value of the global stablecoin market reached 172.818 billion USD, but it slightly decreased by 0.19% over the past week. USDT dominates the market with a share of 69.26%. USDC accounts for 20.1%, making it the second largest stablecoin after USDT.

DEX Data

In the past week, the trading volume of the decentralized exchange (DEX) has slightly declined, but Cetus is experiencing strong growth momentum. Uniswap's 24-hour trading volume reached $1.542 billion, with a trading volume of $9.799 billion over the past 7 days. Cetus shows strong growth momentum, rising by 64.20% this week, with a 24-hour trading volume of $161 million.

Finger Snap Decentralized Finance Radar

Uniswap has launched the Layer 2 network Unichain built on the Optimism OP Stack. This strategic release not only showcases Uniswap's ambition in expanding the Decentralized Finance ecosystem but also sparks discussions on liquidity redistribution.

Unichain is expected to attract a significant amount of liquidity back to itself in the DeFi space. As a superchain architecture, Unichain can integrate the liquidity of Coinbase's Base, Synthetix's SNXchain, and the Optimism chain itself, thereby forming a powerful ecosystem. The total locked value of the superchain (TVL) is expected to reach the level of billions of dollars, bringing numerous opportunities for DeFi strategy teams and market makers.

Due to the low execution costs and fast speeds of Unichain, an increasing number of applications and teams may choose to deploy on Unichain and its superchain architecture, including payment systems and more.

After the UNI token becomes a key element for becoming a validator node, its status will significantly rise, becoming an existence that surpasses public chain tokens. While everyone is focusing on the Restaking of Ethereum ETH, many institutions have already begun to arrange UNI nodes, bringing a lot of opportunities to the Liquid Staking / Restaking market for UNI.

We are optimistic about the DeFi protocols that seize the opportunity to "eat the first crab"; they are expected to make a comeback with the help of Unichain.