Ecosystem Update March 23
We are thrilled to share our ecosystem update for March 2023, which aims to offer you a detailed summary of the latest advancements and achievements within the Advanced Blockchain ecosystem, as well as briefly highlight some of the recent macro-level industry updates.
In March 2023, the financial industry was shaken by the collapse of three of the largest global banks (Credit Suisse, Silvergate and Silicon Valley) since 2008, highlighting the urgent need for reform in the financial system. Ideally, this would involve introducing a transparent approach and ensuring auditability for individuals who entrust their live savings and retirements funds to what they perceive a reliable institution. Many experts see blockchain technology as a potential solution to these issues, as it offers a decentralized and immutable ledger that can provide a transparent and secure record of financial transactions.
Integrating blockchain into the traditional banking sector can potentially save billions in fees, while also reducing the reliance on trusted intermediaries, often considered a single point of failure. Blockchain’s advantages include auditablity and transparency, eliminating the need for dubious bookkeeping practices to generate false totals and guaranteeing user privacy, through the use of Zero-Knowledge Proofs (ZKPs).
We are still in the nascent stage of developing and adopting this technology, which is undoubtedly challenging to implement, as with any other new technology. However, building trust in this new technology is crucial to its adoption, and recent events like the FTX collapse have unfortunately impacted this process. It is important to note, nevertheless, that this argument is not entirely valid since the collapse was due to the entity's failure to adhere to the core principles of decentralization.
In conclusion, the recent bank failures underscore the urgency for a system transformation, and we are optimistic that blockchain technology will have a significant role to play in this change. Now, let's take a look at the ecosystem's progress in March thus far:
Composable Finance / Picasso
In March, Composable Finance team released their dev roadmap. Krest won Kusama's 72nd parachain auction, Pendulum's PEN token is now available for transfer, and Element Finance's Council Kit v. 0.0.01 was released. Read more on each of these developments below:
The Composable Finance team has released the first iteration of their new development roadmap with the aim of increasing transparency of their work and progress. This includes the following key milestones:
- Deploying the KSM/DOT bridge
- Finishing collators onboarding
- Launching Apollo on Rocco
Moreover, they’ve kickstarted monthly community calls initiative to address community feedback and suggestions, rolled out a new feature on Pablo allowing the community to make product suggestions along with announced a new strategic collaboration with Mekatek to maximize the Maximal Extractable value (MEV) through the coordinated execution system. MEV is a term used in the context of DeFi to describe the maximum potential profit that can be extracted by a miner or transaction sender from a particular blockchain transaction. More info on MEV can be found here.
Throughout March, the team made the following progress:
- Successfully onboarded all infrastructure initiative collators to Picasso, completing a key milestone
- Started a testing initiative for the DOT/KSM bridge which is big step for the mainnet launch
- Commencing QA testing of the Apollo pallet on the testnet, with the aim of deploying it on the mainnet after successful completion of the tests.
Peaq / Krest
Krest, Peaq’s canary network, has won the 72nd parachain auction on Kusama, which is Polkadot’s experimental network, often referred to as the ‘wild cousin’, where new ideas and concepts are tested. The slot has been secured with a total contribution of 5,522 $KSM from 311 backers, making it one of the most widely supported crowdloans on Kusama in recent times.
After the network goes live, Krest will service as the new abode for the Raspeberry PI decentralized physical infrastructure network (DePIN), which will enable IoT devices to connect to the network and offer the opportunity to earn a portion of the network’s revenues.
Lastly, Peaq team joined the SXSW Creative Industries Expo alongside with other projects in the DotSama ecosystem, enhancing the visibility of their product to a broader audience.
Pendulum has recently made an announcement stating that the PEN token is now available for claiming and transferring. The launch of the Pendulum parachain on Polkadot mainnet has made this possible. Additionally, Pendulum has entered several partnerships with
- GetPaid.Africa to modernize conventional financial infrastructure.
- MYKOBO to enable Pendulum’s users to gain access to the Euro coin (EURC) on Stellar
- nTokens to offer business and users of the Brazilian fiat currency more opportunities to utilize Pendulum’s infrastructure
Lastly, the team has announced an advancement of the leadership team, where Daniel Kisluk and Torsten Stüber have been appointed as Co-founders.
The release of the ElementFi’s Council Kit v.0.0.01 took place on March 9th, 2023. The Software Development Kit (SDK) is designed for the purpose launching, building and maintaining and their governance systems on demand. Additionally, the team has prepared the proper documentation that includes videos and code tutorials along with a customizable and themeable UI.
Just one week following its launch, Council has been added to Messario.io’s list of DAO tools.
The Panoptic team attended EthDenver, where the CEO participated in a panel discussion about the future of AMMs and derivatives. Aside from their physical presence, Panoptic has also launched a new Telegram channel to be in close communication with their community.
Moreover, the second smart contact audit with OpenZepplin, aimed at evaluating the codebase from a security and quality standpoint, has begun and it is expected to take a few months to complete. The V1 roadmap emphasizes the team commitment to adhering to the predefined objectives and launching on the launching on the Ethereum mainnet by the end of 2023. More insights on the complete roadmap can be found below.
The mainnet deployment of Arweave 2.6 has introduced a new energy-efficient block validation method to the core protocol. This method incentivizes miners to store more data and improves the efficiency of the storage market while ensuring the highest level of security.
Manta Network has introduced its Ecosystem Grants program to provide assistance to initiatives that contribute to Manta's operations, ecosystem expansion, and the acquisition of Web3 and Web2 users.
After winning parachain auction 39, Manta team has revealed their launch plan for the near future, including launching MantaPay on Calamari, which enables users to activate privacy for their on-chain transactions.
MYSO kicked off a pilot project with OlympusDAO for a Zero-Liquidation gOHM/DAI pool, where the latter deposited $500,000 DAI to a v1.1 gOHM/DAI pool.This pilot presents a unique approach for the OlympusDAO treasury to allocate its capital efficiently, while simultaneously motivating OHM token holders to make use of their gOHM holdings.
Obol has released their latest version v0.14. Allowing provsional attest support for Nimbus, Lodestar and Prysm validator clients, which means that Ethereum validator client can attest as part of a distributed validator cluster. Obol roadmap to mainnet is on track with Bia testnet concluding, the full focus now is on the Alpha Mainnet launch as well as the planning of next testnet, the Circe Attack net.
Near is now the Blockchain Operation System (BOS), providing a commonlayer for browsing and discovering open web experiences that are compatible with any blockchain. This makes Near an entry point for both users and developers seeking to engage with the open web.
In March, Near team has been quite active in closing the following strategic partnerships with:
- WEMIX to support the development of blockchain apps in Korea and other markets.
- Popp allowing the launch of tools and products exclusively on Near.
Throughout the entire month of March, Fractal team was actively involved in finalizing several strategic partnerships, including collaborations with:
- Polygon ID to collaborate on their respective technologies. Polygon ID, a self-sovereign identity infrastructure for Web3 powered by Polygon, will benefit from Fractal's contribution to its KYC/AML processes and user onboarding as part of the partnership.
- Cronos to build seamless and secure user experience and promote cross-platform interoperability
- Gnosis to integrate Fractal Decentralized Identifiers (DIDs) into the Gnosis ecosystem
Maverick protocol has been launched on the Ethereum mainnet on March 8, 2023, granting liquidity providers increased freedom, flexibility, capital efficiency and capital control. Moreover, The Maverick Warrior program was kicked off, which is a community-driven incentive program designed to identify work that needs to be delegated, assign that work to qualified individuals, and rewards completed work through a reputation-based system.
Tailsman team introduced multiple UX improvements, such as optimized sending of multi-chain assets and new search functionality. Moreover, Talisman Sentinels Program Phase IV is now open for application, which introduces a new team structure and more new roles availability to the community.
On March 16, 2023, Fragnova Network Mainnet has gone live. The team attended the Game Developer Conference (GDC) where they showcased their game creation system prototype as well as shared exciting updates on how they are empowering creators with ownership rights and innovative forms of monetization.
FinPro has started engaging with potential partners located in the UAE and India with the goal to launch FinPro in other markets. Management intends to share a detailed update this quarter.
Contango team is still building the UI and collecting feedback from early testers who play a vital role in this development process.
As announced earlier, Mekatek and Composable Finance has closed a strategic partnership to solve cross-chain orderflow.
Moxy launched open beta challenge called “eSports For ALL” for GameFi enthusiasts, offering a prize pool of $100,000.
Sentinel has partnered with Carbon Browser to offer decentralized virtual private network (dVPN) functionality to a user base of 5.7M million Web3 users.
The Alluo team has conducted a series of Twitter spaces sessions for their community, covering various topics such as pre-voting investment strategies and portfolio diversification.
Neon Labs has collaborated with Multichain to facilitate the transfer of assets both into and out of NeonEVM.
Companies without major releases that kept building and engaging in the space:
Instrumental - Please visit the website for more information.
Trace Bloc - Please visit the website for more information.
Stela Labs - Please visit the website for more information.
Forest Park Group - Please visit the website for more information.
Polymer Labs - Please visit the website for more information.
Angular - Please visit the website for more information.
Tgrade - Please visit the website for more information.
Sigmadex - Please visit the website for more information.
Warp - Please visit the website for more information.
Thank you for your continued support and investment in Advanced Blockchain. We look forward to sharing our future updates with you.