Protocol Village: Orderly Network Chooses OP Chain for Settlement Layer, Launches Optimism Vault

Protocol Village: Orderly Network Chooses OP Chain for Settlement Layer, Launches Optimism Vault

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Jan. 22: Ruby Protocol, which describes itself as an “intent-centric account and access layer for Web3,” is building the “Ruby-TON MiniApp” on the TON Blockchain and LayerZero, to simplify integrations and user-centric dApp creation, according to the team: “The Ruby-TON MiniApp simplifies the dApp development process, enabling developers to concentrate on building engaging and user-friendly experiences. By integrating with Telegram, they can tap into a vast social network, enhancing the reach of their apps. Developers can leverage the Ruby-MiniApp Kit to build dApps supporting direct Web3 wallet management via Telegram accounts. The platform offers a payment API, allowing dApps to facilitate smooth asset transactions.”

Protocol Village is a regular feature of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. Project teams can submit updates here. For previous versions of Protocol Village, please go here. Also please check out our weekly The Protocol podcast.

Orderly Network Chooses OP Chain for Settlement Layer, Launches Optimism Vault

Jan. 22: Orderly Network, a provider of decentralized-exchange infrastructure focused on NEAR Protocol, has partnered with the Optimism Collective to build Orderly’s critical Settlement Layer, powering Orderly’s vision of a single, unified order book for crypto across multiple chains without the risks of bridging or wrapped assets, according to the team: “Concurrently, the launch of an Orderly vault on Optimism opens up new cross-chain DeFi opportunities and faster transactions for Optimism users. Orderly’s shared liquidity model ensures that dApps have ready-to-use liquidity, not confined to a single blockchain network.”

AvengerDAO Security Report Reveals 85% Drop in Financial Losses on BSC

Jan. 22: AvengerDAO, the community that protects users from exploits, scams and malicious actors on BNB Chain, has released its 2023 Security Report, in collaboration with Hashdit, CertiK, Ancilia and Salus Security. According to the team, key takeaways include:

  • The report reveals an 85% reduction in financial losses on BSC between 2020 and 2023.

  • Fiat loss amount dropped by 64% from Q3 to Q4 2023, largely due to the ~51% reduction in hacks.

  • BSC represented 3.7% of the total fiat loss across all chains in Q4, ranking 5th compared to other chains.

  • Hacks were the most prevalent type of security incident, contributing 50.72% with scams closely behind at 49.03%.

Zeeve Integrates ‘One-Click’ Validator Nodes for Provenance Blockchain

Jan. 19: Zeeve, an enterprise-grade automation platform for managing blockchain infrastructure, announced the integration of one-click access validator node infrastructure, full nodes and RPC APIs, for Provenance Blockchain. “Financial services require plug and play infrastructure,” said Joshua Maddox, head of developer ecosystem at Provenance Blockchain Foundation. “Zeeve’s integration with Provenance Blockchain makes it faster and more cost-effective for financial institutions and financial service providers to spin-up and operate a node on the Provenance Blockchain network.”

‘One-Stop Station’ Digital Identity Service Root Protocol Raises $10M Seed Funding

Jan. 18: Root Protocol, a digital identity service aiming to unify access to Web3 platforms, has raised $10 million across two seed rounds. The funding rounds, which gave Root a $100 million valuation, were led by Animoca Brands and included contributions from a slew of other notable investors, including Signum Capital, Ankr Network, CMS Holdings and angel investors Tekin Salimi and Meltem Demirors.

COTI Allocates $25M Ecosystem Fund as Part of Transition to Ethereum Layer-2

Jan. 18: COTI Protocol is strategically shifting from a directed acyclic graph (DAG) to an Ethereum Layer 2, powered by Garbling Circuits technology. According to the team: “This advancement enables faster, lighter and more secure privacy solutions, facilitating applications like wallets, decentralized exchanges, AI training and governance. To fortify its commitment, the COTI Foundation allocates $25 million from its ecosystem fund to propel privacy-focused initiatives. Soda Labs, specializing in cryptographic multi-party computation (MPC), is the first recipient of this funding.”

Ethereum Staking Platform Kiln Raises $17M for Global Expansion

Jan. 18: Ethereum staking platform Kiln has closed a $17 million funding round, the company said in a press release. The round was led by 1kx, with participation from IOSG, Crypto.com, Wintermute Ventures, KXVC and LBank. It also included additional contributions from existing investors, the Paris-based firm said. The new round was an extension of Kiln’s $17.6 million Series A announced in November 2022.

Sui Teams Up With Oracle Stork to Provide Builders With Fast Pricing Data

Jan. 18: The Sui Foundation, the organization behind layer-1 blockchain Sui that boasts a $2 billion valuation, has teamed up with Stork, an off-chain data feed oracle. The collaboration aims to enhance speed and access to unique index and mark prices for traders and builders. Stork will offer real-time pricing data to app developers, decentralized exchanges (DEXs) and lending protocols building on Sui’s blockchain. (SUI)

Bitcoin Could See Growth in Layer-2 Ecosystem, Drawing on Ethereum’s Experience: Report

Jan. 18: Bitcoin, which suffered last year from congestion as the oldest blockchain got bogged down with experiments in NFTs and tokens, could see growth of auxiliary layer-2 networks to address the network’s inherent limitations, according to a new report. Existing solutions like Lightning Network could see growth, but new projects are also in the works, according to the “Bitcoin Layers” report Thursday by the Singapore-based blockchain asset-management Spartan Group and Kyle Ellicott, who recently served as a partner at the Bitcoin Frontier Fund.

Matter Labs, iCandy Plan New ‘Hyperchain’

Jan. 18: Matter Labs and iCandy, a game developer in Southeast Asia, announced a strategic collaboration that will see the joint commitment and allocation of resources to the development of a dedicated zkSync gaming and AI-focused hyperchain, to be called zkCandy. According to the team: “The hyperchain will have gaming and AI-specific tools, decentralized gaming infrastructure, developer resources, and a game development ecosystem. ZkCandy Limited will be set up with both companies jointly investing resources to build the ecosystem around the hyperchain.”

Safary Closes $2.4M Pre-Seed Round Led by Lemniscap

Jan. 18: Safary, describing itself as the “Web3 alternative to Google Analytics,” has closed a $2.4 million USD pre-seed round, led by Lemniscap, with participation from Arca, SevenX, Big Brain Holdings, Saison Capital, Diaspora Ventures and 20 angel investors, according to the team. “The funding will accelerate the development of Safary’s marketing attribution platform, enabling Web3 teams to analyze their marketing CAC, channel ROI and customer LTV. Safary’s free solution allows projects to unlock powerful Web3 analytics by adding one line of code to their website. Safary tracks wallets, shows Web3 conversions, and links to on-chain actions.”

Mimima, Layer-1 Blockchain, Turns Off Centralized Servers, Now Runs on 25K-50K User Nodes

Jan. 18: Minima, a layer-1 blockchain designed to be “totally decentralized,” has “turned off all 24 centralized servers – 16 network relay nodes and 8 archive nodes. The network now runs entirely off the 25,000 to 50,000 nodes kept active solely by its user base,” according to the team. The milestone is being referred to as “Decentraday.” Hugo Feiler, co-founder and CEO of Minima, said: “It is the only Layer 1 blockchain protocol in which every node constructs and validates the chain with no centralized infrastructure required.”

Mantle EcoFund Announces $10M Deployment Into Six DeFi Projects

Jan. 18: Mantle EcoFund, a $200M ecosystem fund, has deployed $10M, funding six Mantle DeFi projects: Merchant Moe, INIT Capital, Butter.xyz, Renzo and MUFEX, according to the team: “Under MIP-26, up to $60M USDx (stable coins), 30K ETH, and $120M $MNT will support EcoFund dApps. These six projects will integrate $mETH (the 5th LSD by TVL) and $mUSD, boosting Mantle ecosystem’s status as a yield powerhouse with a best-in-class native yield offering. According to MIP-24, Mirana Ventures will make a $30M capital call for new Mantle projects soon.”

Edited by Bradley Keoun.

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