OpenSea releases a list of 20 initial members for its NFT Security Group.
Optimism-based dex ZipSwap raises 1100Ξ through an Initial Liquidity Offering (ILO).
Snapshot announces release of Snapshot X, a voting framework built on StarkNet.
Argent adds support for Aave to it’s zkSync wallet.
ZipSwap Raises $3.5 Million Through ILO
ZipSwap, a decentralized trading protocol on Optimistic Ethereum, has raised 1100Ξ through a week long Initial Liquidity Offering (ILO). Users who deposited ETH into the protocol received a proportional share of 55 million $ZIP, the platform's native token. ZipSwap will use all funds raised through the ILO to fund its ZIP-ETH liquidity pool.
ILO participants were guaranteed a minimum price of 44.4%-55.3% of their entry price if they decide to sell their ZIP tokens. A NYAN farm is also set to open on Optimism where users will be able to stake ZIP tokens and receive rewards. 10% of the protocol’s 100 million ZIP token circulating supply has been allocated towards farming rewards on NYAN over the next 3 months. 14 million ZIP tokens are allocated towards ZipSwap’s anonymous developers.
The optimistic rollup native dex is based on a modified UniswapV2 codebase. The modifications were made to reduce the byte size of transactions by compressing data as size is the most important fee determining factor for Optimistic Rollups. According to ZipSwap, the total fee for a standard swap is less than Uniswap’s and in some cases even cheaper than an ETH transfer on Optimism.
Snapshot To Release L2 Voting Framework
DAO voting platform Snapshot has announced the upcoming release of Snapshot X, a voting framework built on layer 2 ZK-Rollup solution StarkNet. DAOs will soon be able to run their on-chain governance on layer 2 and execute transactions on Ethereum. The layer 2 voting framework is set to roll out for whitelisted DAOs in Q2 2022 with a public release for all DAOs in Q3.
Formerly called StarkVote, Snapshot X uses storage proofs to verify balances allowing for an entirely permissionless framework and removing the need for checkpoints. The reduction in cost of on-chain computation on StarkNet is 50 to 100 times cheaper than on L1. Users can also vote and create proposals by signing messages, without paying gas cost, given the cost is sponsored by the DAO on Snapshot X.
OpenSea Announces NFT Security Group Members
OpenSea has released a list of 20 initial members for its NFT Security Group, including Adobe, Coinbase, MetaMask, Polygon, IPFS, and Nifty Gateway among others. First announced at NFT.NYC, the NFT Security Group hopes to share vulnerabilities and fixes before they reach other platforms.
Membership to the group requires an invitation from the committee and a commitment to the shared goal of collective improvement to drive mainstream adoption. The working group will tackle issues across interoperability, metadata security, wallet security, smart contract security, and blockchain consensus security. The group will also work to educate users on how companies cannot move their assets for them.
However, OpenSea has received criticism in recent months for freezing assets on the marketplace. The issue lies in OpenSea locking assets reported for suspicious activity or fraud, leaving users with high value NFTs which are blocked from trading. Locked assets are often sold for much less on alternative marketplaces.
Argent Supports Aave on zkSync
Argent has added support for Aave to its zkSync wallet. Users can now access L2 DeFi and save up to 100x on fees compared to L1. Aave is currently the 4th largest DeFi marketplace with over $20bn in total value locked. Argent's Aave integration on zkSync will enable users to earn interest by depositing stablecoins.
Currently, only USDC and DAI Aave deposits are accepted in Argent zkSync wallets. Users will receive either aUSDC or aDAI in proportion to their deposited amount. A small gas fee is also paid by the user to cover their share of L1 transactions needed to rebalance the pool. zkSync is an EVM-Compatible ZK Rollup layer 2 scaling solution on Ethereum. zkSync smart contract support on Argent will be rolled out in version 2.0 later this year.
Curve Finance Now Live On Optimism
Curve Finance has added support for Optimistic Ethereum. Users can now swap stablecoins and deposit tokens into liquidity pools. Currently only DAI, USDC, and USDT are supported on the platform. Curve’s stablecoin pool on Optimism offers liquidity providers with roughly 12% APR. Curve also supports Arbitrum and plans to add support for zkSync in the near future. Curve Finance is a decentralized exchange focused on stablecoin liquidity pools.
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