Evening News | A court in the British Virgin Islands has ordered the liquidation of Three Arrows Capital; the average Gas fee per transaction on the Arbitrum network is nearly 40% higher than that on the Ethereum mainnet

Organizer: Achai, Chain Catcher

"What important events have occurred in the past 24 hours"

1. Foreign media: A court in the British Virgin Islands has ordered the liquidation of Three Arrows Capital

A court in the British Virgin Islands has ordered the liquidation of Three Arrows Capital, headquartered in Singapore. A partner at Teneo Restructuring in the British Virgin Islands has begun handling the bankruptcy matters of Three Arrows. (CoinDesk)

2. Data: The Gas fee for each transaction on the Arbitrum network has reached $5.66, nearly 40% higher than the Ethereum mainnet

L2 Fees data shows that the average Gas fee for each transaction on the Arbitrum network is currently about $5.66, which is $4.05 higher than the Gas fee on the Ethereum mainnet, an increase of 40%. Additionally, the Gas fee for sending ETH on the Arbitrum network is approximately $0.27, which is also higher than other Layer 2 networks. (Source link)

3. GMX responds to increased Gas fees: Caused by increased on-chain activity, GMX is not profiting from it

Decentralized trading platform GMX stated on its Discord channel that the process of opening and closing positions on GMX involves two parts of transactions: sending requests to open/close positions and the keeper executing the requests. The costs of these transactions depend on the current Gas prices on Arbitrum. In the past few hours, due to a significant increase in on-chain activity related to Odyssey, Gas prices on Arbitrum have surged, but the handling fees for sending requests to open/close positions are only used to execute transactions; GMX does not and will not earn any revenue from the fees for keeper executing requests.

4. The NFT rental market Double Protocol launches a rentable NFT standard, becoming the 30th ERC standard on Ethereum with a status of "Final"

According to Chain Catcher, the NFT rental market Double Protocol has launched the rentable NFT standard "EIP-4907," which has passed the final review by the Ethereum development team, becoming the 30th ERC standard on Ethereum with a status of "Final."

It is reported that this standard achieves the separation of NFT ownership and usage rights through a dual-role setup and introduces an automatic reclamation of usage rights upon expiration. The application of the "ERC-4907" standard will significantly reduce the development and integration costs for renting Utility NFTs such as games, metaverses, and membership cards, making NFT assets more liquid. Currently, 12 projects have confirmed the application of the "ERC-4907" standard. (Source link)

5. Web3 authentication company Dynamic completes $7.5 million seed round financing, led by a16z

Web3 authentication startup Dynamic has completed a $7.5 million seed round financing, led by a16z, with participation from Castle Island Ventures, Solana Ventures, Circle Ventures, Breyer Capital, Hypersphere, and Chapter One.

It is reported that Dynamic primarily provides wallet-based authentication infrastructure, aiming to serve various types of startups and companies in the web2 and web3 spaces. It has launched a closed beta product and is expected to officially launch later this year. (The Block)

6. Layer 1 blockchain Linera completes $6 million seed round financing, led by a16z

Layer 1 blockchain Linera announced the completion of a $6 million seed round financing, led by a16z, with participation from Cygni Capital, Kima Ventures, and Tribe Capital.

It is reported that Linera's founder and CEO Mathieu Baudet is a former employee of Meta and helped create the Libra blockchain. The Linera blockchain features low latency and linear scalability, consisting of shards or a single thread, adding additional validators to improve network efficiency, allowing most account-based operations to be confirmed in a fraction of a second. (Source link)

"What excellent articles are worth reading in the past 24 hours"

1. "Nansen reviews crypto giants' self-rescue: How to stop the $10 billion domino effect"

Nansen's report starts with the LUNA crash, covering a series of "domino" effects among crypto giants that followed. After understanding the wallets involved in large-scale trading of stETH, it delves into various entities and analyzes their trading behaviors. Conclusions include:

• stETH is a derivative of ETH and does not strictly need to be traded on a 1:1 basis with ETH;

• The price of stETH is still fluctuating, creating opportunities for others to purchase stETH at prices lower than ETH;

• For most of the time, stETH traded with ETH (1:1) until the decoupling of UST/LUNA changed that; after the decoupling of UST, the stETH/ETH exchange rate in the Curve pool dropped to 0.94.

2. "A comprehensive analysis of the use cases of Web3 in the future"

Web3 infrastructure will become the framework for most of our work online and in financial life. Experiments in economic design, incentive adjustments, and governance in Web3 protocols will extend beyond the internet, impacting institutions in the "real world." Killer applications will emerge in areas such as Web3 social and Web3 gaming.

3. "In-depth analysis of the differences in thinking patterns between L1 and L2"

The architecture and goals of L1 and L2 systems are different. The goal of L1 systems is to achieve public consensus and ultimately converge on a single global fact about the state of the database. In contrast, the purpose of L2 systems is to construct a system that allows smart contracts to trust the integrity (and state) of off-chain databases.