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"Ethereum Chinese Weekly"

——Building an Information Bridge for Chinese Ethereum

Introduction to "Ethereum Chinese Weekly"

Every Monday at 2 PM (UTC+8), the Ethereum Chinese Weekly invites well-known project engineers, KOLs, and others from the Web3 industry to share insights on Ethereum industry topics, interpretations of reports from well-known institutions, analyses of new projects, hot topic reviews, and more.

The "Ethereum Chinese Weekly" (hereinafter referred to as "Weekly") gathers the exciting content from the "Ethereum Chinese Weekly Meeting," capturing the latest news and in-depth analyses, continuously delivering the freshest and most substantial content to you.

The Ethereum Chinese Weekly Meeting and the "Weekly" are jointly initiated by Web3BuidlerTech and ETHPanda, with support from communities like LXDAO.

Together with you, we are building an information bridge for Chinese Ethereum.

Ethereum Chinese Weekly Video

The exciting content of this issue can be accessed via the following link, or click the original text:

YouTube:

https://youtu.be/w7pOxozmlos

Materials for this issue:

https://www.notion.so/web3buidler/Web3BuidlerTech-702bd1ab80a7422586f1edac1917fa9c

Table of Contents

This issue of the "Weekly" consists of 2 parts, taking approximately 10 minutes to read.

1. Overview of Industry Information from Last Week

• Blockchain News

• Data Trends

1. In-Depth Content Analysis

• Farcaster Releases Snapchain

• Vitalik's Ideal Wallet Vision: A Comprehensive Upgrade from Cross-Chain Experience to Privacy Protection

• Beneath the Iceberg: Centralization Factors in the Ethereum Protocol

• Arbitrum Connect: A Frontend Interface Allowing Users to Withdraw During Sequencer Downtime

• Delphi Digital Focuses on AI Agents: Founders of Five Hot Projects Discuss Future Development

• AI-Driven Gaming Revolution: What Opportunities Does ARC Bring?

• Alliance Partners Discussion: AI Agents Are Still in the Early Stages

Overview of Industry Information from Last Week

(December 2 to December 8)

Blockchain News

[

1. Vitalik Buterin, in an interview with Wu Shuo Blockchain, stated that current blockchain applications mainly exist in two extremes: one type is idealistic projects that do good but struggle to be profitable; the other type is highly profitable but lacks real significance. He believes one reason for the popularity of Memecoins is that the market is still searching for the next application scenario for blockchain. Memecoins can be more meaningful, such as combining Memecoins with charity, helping low-income country users earn through participation, while also developing more interesting game content rather than mere speculation.

• Regarding the controversy over the Ethereum Foundation selling coins, Vitalik clarified that the 35,000 ETH sold by the foundation in August was completed through OTC services on platforms like Kraken, using a batch processing method to avoid significant market impact. He stated that the foundation faces multiple pressures regarding transparency, developer salary payments, etc., and needs to seek balance among various demands.

• In response to questions about the misuse of personal influence, Vitalik mentioned that he has started to refuse direct project collaborations and investments more in recent years. He believes this is an inevitable result of transitioning from a small ecosystem to a larger one, and that it is more appropriate to support ecosystem development through neutral organizations.

• Vitalik also discussed the issue of blockchain being maliciously exploited in the Pump.Fun incident. He emphasized the need to develop more decentralized and open algorithms to enhance content quality rather than merely pursuing interaction volume. At the same time, he supports seeking a balance between privacy protection and transparency through technologies like zero-knowledge proofs.

• Click here to jump directly to the full text:

  https://mp.weixin.qq.com/s/8rM5LK8kd6p93owI8MLG3w

1. Vitalik Buterin recently expressed his views on the core values of blockchain, emphasizing that "verifiability" and "highly democratic participation" are indispensable foundations of blockchain.

• Celestia co-founder Nick White stated: "The core of blockchain is verifiability, aimed at freeing us from committees and intermediaries. A more decentralized committee is still a committee."

• Vitalik Buterin replied: "If Ethereum abandons verifiability and accepts committees and centralized intermediaries as the solution to everything, I would consider it no longer Ethereum. Besides verifiability, I would also add highly democratic participation."

• Learn more:

  https://x.com/VitalikButerin/status/1865347847568179224

1. Starknet announced on X platform that the cross-chain bridge StarkGate v2.0 has officially launched on the mainnet. This version improves user experience, adds support for more tokens, and includes additional features for all bridging users.

• Learn more:

  https://x.com/Starknet/status/1863897054034215015

1. The Avalanche Foundation stated on X platform that Avalanche9000 will launch its mainnet on December 16.

• Learn more:

  https://x.com/AvalancheFDN/status/1863878308338770330

1. On December 2, decentralized exchange Clipper clarified that it was hacked due to a withdrawal function vulnerability, not due to "third-party" claims of private key leakage. The team is currently investigating this incident and has promised to provide further updates while suspending trading and deposits on its protocol.

• Previously, blockchain analysis company Fuzzland co-founder Chaofan Shou tweeted that decentralized exchange Clipper was hacked due to an API vulnerability (such as private key leakage), with losses exceeding $500,000 and $6.5 million at risk, advising users to withdraw immediately.

• Learn more:

  https://cointelegraph.com/news/clipper-dex-clarifies-hack-not-private-key-leak

1. Public chain Zilliqa reported that the network encountered technical issues leading to a halt in block production, but funds are safe. During the resolution of this issue, all partners are strongly advised to temporarily stop any deposits or withdrawals on the network. They later added: "The team attempted a quick restart to minimize the time required to restore the network. Unfortunately, this method was unsuccessful, and a full reinitialization of the network is currently underway. We will keep you updated on progress. Preliminary investigations indicate that this issue is similar to previous interruptions. This specific issue will not occur in the new network we are preparing to launch in the near future." As of now, Zilliqa has not released any further updates.

• Learn more:

  https://x.com/DEXXai_CN/status/1864929389487755762

1. DEXX officials announced on social media that the hack that occurred on November 16 affected approximately 12,413 addresses on the Solana, ETH, BASE, and BSC blockchains, with losses including 32,969 SOL, 634.56 ETH, 204.69 BNB, and other tokens.

• The compensation plan includes: developing a compensation module, continuously tracking hacker addresses, 80% of the platform's daily revenue will be regularly used for compensation to affected user-related addresses, with the remainder used to maintain the team's daily operations and development work; implementing a debt-to-equity conversion plan to compensate affected users based on financing valuation; seeking financing solutions, and once financing is completed, funds will be separately allocated for compensation to affected users; the platform will airdrop some platform tokens as additional rewards for affected users;

• Regarding financing, DEXX officials stated that they are actively pursuing equity financing and have made some progress, coordinating and communicating with potential institutions to support the platform's subsequent compensation and operational work.

• Learn more:

  https://x.com/DEXXai_CN/status/1864929389487755762

](https://mp.weixin.qq.com/s?biz=MzI0ODgzMDE5MA==&mid=2247508080&idx=1&sn=56d2a8607723a84fd7b677c7a3db9fcf&scene=21#wechatredirect "https://mp.weixin.qq.com/s?biz=MzI0ODgzMDE5MA==&mid=2247508080&idx=1&sn=56d2a8607723a84fd7b677c7a3db9fcf&scene=21#wechatredirect")

Data Trends

1. L2BEAT Data (as of December 12, 2024):

• Learn more:

  https://l2beat.com/scaling/tvl

1. Uniswap Labs shared Dune data on X, indicating that Arbitrum has become the first L2 on the Uniswap protocol with a monthly trading volume exceeding $20 billion.

• Learn more:    

  https://x.com/Uniswap/status/1863595941086876102

1. Messari released an analysis of the Aptos financial ecosystem, with the following key points:

• In November, Aptos TVL surpassed $1 billion for the first time, a year-on-year increase of 19 times; BlackRock expanded its BUIDL to Aptos and four other chains in November;

• In October, the largest stablecoin by market cap, USDT, launched a native token contract on Aptos. Similarly, the second-largest stablecoin by market cap, USDC, also launched a native token contract on Aptos in November;

• Other innovative financial platforms are being built on Aptos. For example, the real estate tokenization market Propbase sold out its first batch of products in July, while the Echo Protocol, which brings Bitcoin liquidity to Aptos, launched in August;

• Daily DEX trading volume on Aptos increased by 2,700% (28 times) from last year's $750,000 to $21.5 million.

• Learn more: https://x.com/MessariCrypto/status/1863984379321548836

1. According to The Block, the crypto market's spot trading volume reached $2.7 trillion in November, a new high since May 2021, more than double the trading volume in October ($1.14 trillion).

• Approximately 36% of the trading volume in November came from Binance, which had a trading volume exceeding $986 billion. Crypto.com, Upbit, and Bybit followed closely, each with trading volumes exceeding $200 billion, with significant month-on-month growth in trading volumes across regions.

• Additionally, the total trading volume of Bitcoin futures on trading platforms in November reached $2.59 trillion, while Ethereum futures reached $1.28 trillion, both setting new highs since May 2021.

• Learn more:

  https://www.theblock.co/post/328902/spot-trade-volume-hits-2-7-trillion-in-nov

1. Tether Treasury minted a total of 18 billion USDT in November. On the 3rd and 5th of this month, Tether Treasury minted 1 billion USDT on the Ethereum network in two transactions, bringing the total minted by Tether to 20 billion USDT since November.

• Learn more: https://x.com/Cointelegraph/status/1865660081184137652

1. According to the latest analysis report from ChainPlay and Storible, the GameFi industry is showing a high failure rate and short lifecycle in 2024, with about 93% of projects considered failures, and token prices averaging a 95% drop from historical highs, with an average project lifespan of only 4 months.

• Despite this, some venture capitalists, such as Alameda Research, achieved returns as high as 713.15%, but 58% of investors experienced significant losses.

• The total financing for GameFi in 2024 reached $859 million, a decrease year-on-year, but the number of financing rounds increased by 44% compared to last year, reflecting investors' increased focus on high-potential projects.

• The GameFi industry urgently needs to shift from speculative trends to sustainable development by extending project lifecycles and building value-driven ecosystems for long-term success.

• Learn more:

  https://chainplay.gg/blog/state-gamefi-2024/

In-Depth Content Analysis

Farcaster Releases Snapchain

The emergence of Snapchain addresses the current system's shortcomings in node synchronization and real-time performance within the Farcaster social network. The existing deltagraph system suffers from severe synchronization issues due to message propagation failures and disorder. Snapchain is a new data layer for the Farcaster social network, written in Rust, supporting performance of over 10,000+ TPS. It aims to provide users with a high-speed, low-cost, and efficient interaction experience by simplifying transactions, optimizing storage, and offering a fixed fee model of $2 per year. Its design features include non-Turing complete simple transactions, a garbage collection mechanism to reduce storage burdens, and account registration and management based on OP Mainnet, while supporting large-scale user scenarios, addressing the cost and efficiency challenges of traditional blockchains in social applications.

Read the original text:

https://github.com/farcasterxyz/protocol/discussions/207

Vitalik's Ideal Wallet Vision: A Comprehensive Upgrade from Cross-Chain Experience to Privacy Protection

In his article, Vitalik presents his vision for an ideal Ethereum wallet, emphasizing that wallets should be comprehensively optimized for security, privacy, and user experience to better serve the blockchain ecosystem. He suggests simplifying cross-chain transaction processes by supporting chain-specific addresses and cross-chain payment requests, and automating operations such as asset conversion and gas payments; advocating for social recovery, multi-signature wallets, and the integration of ZK technology with decentralized IDs to enhance account security and lower the entry barrier for new users; integrating privacy technologies (such as ZK-SNARK and privacy pools) to achieve private transfers and data isolation between applications; further expanding wallet functionalities to serve as user data storage tools, employing distributed hosting to ensure privacy; enhancing Dapp security by reducing user risks through decentralized content version control and cryptoeconomic mechanisms. Looking ahead, Vitalik believes that new technologies such as AI and brain-machine interfaces will redefine wallet interaction methods, pushing them from tool-like products towards intelligent and personalized directions.

Original link:

https://vitalik.eth.limo/general/2024/12/03/wallets.html

Chinese translation:

https://www.theblockbeats.info/news/56034

Beneath the Iceberg: Centralization Factors in the Ethereum Protocol

The world today is being impacted by two major technological forces: artificial intelligence represented by OpenAI and crypto technology represented by Web3. Vitalik believes that AI and crypto technology represent two distinctly different technological philosophies: AI represents centralized power, acquiring power through computing power and data, which will long-term surpass human intelligence, while crypto technology aims to solve trust issues and uphold decentralized values. Regarding AI development, he is particularly concerned about privacy risks and power concentration issues, thus supporting decentralized AI, while pointing out that OpenAI's shift of "sacrificing open-source for security and sacrificing security for profit" is concerning; about future developments, Vitalik believes that AI and blockchain may achieve some form of integration, such as AI participating in the fair game rules of blockchain construction, and the best way to address superintelligence may be the fusion of biology and silicon, making humans a part of it; he emphasizes that the blockchain industry should strive to create truly meaningful applications to promote the establishment of a fairer and more open world.

Learn more:

https://github.com/editor-Ajian/Personal-Work/blob/main/（2024.11）冰山之下.pdf

Arbitrum Connect: A Frontend Interface Allowing Users to Withdraw During Sequencer Downtime

The reliance on the Arbitrum Sequencer in decentralized networks may lead to single points of failure and centralization risks, while existing bypass solutions have high technical barriers, making it difficult for ordinary users to implement. WakeUp Labs developed Arbitrum Connect, a cross-chain withdrawal solution that allows users to bypass the Arbitrum Sequencer by interacting directly with the Ethereum mainnet's delayed inbox, enabling secure transfers from Arbitrum (L2) to Ethereum (L1). This project provides users with an intuitive interface, simplifying withdrawal operations, supporting forced submissions when the Sequencer does not process transactions in a timely manner, while being fully open-source and aimed at enhancing Arbitrum's level of decentralization, reducing single point of failure risks, and increasing user control over cross-chain transactions.

Learn more:

https://github.com/wakeuplabs-io/arbitrum-connect/blob/main/README.md

Delphi Digital Focuses on AI Agents: Founders of Five Hot Projects Discuss Future Development

@Delphi_Digital organized an interview where several founders in the AI Agent field discussed key developments and future trends. Nous proposed that Agents need to share skills and memory banks to record knowledge across scenarios, forming a true identity; Myshell and Virtual analyzed the reasons for the viral spread of Agents, including the popularity of Crypto, non-technical users participating through Prompts, and token models expanding collaborative networks, while looking forward to the communication capabilities between Agents driving further adoption. ai16z emphasized a decentralized approach to AI alignment, advocating for Agents to adapt to human values in real-world environments from day one, achieving iterative optimization through feedback. In the future, Agents may possess self-improvement and mutual influence capabilities, unlocking more possibilities through personalized interfaces and functionalities, driving a comprehensive evolution of technology and user experience.

Read the original text:

https://www.youtube.com/watch?v=HVXxprDVMUM

Chinese translation:

https://x.com/starzqeth/status/1863879127511834858

AI-Driven Gaming Revolution: What Opportunities Does ARC Bring?

Crypto researcher TengYan wrote about how the ARC project utilizes artificial intelligence to address severe player liquidity issues in indie games and Web3 games, exploring the development of ARC and the potential of its business model. ARC is addressing the serious player liquidity issues in indie games and Web3 games through AI technology, tapping into a huge market potential. With the launch of ARC and ARC RL, the project has transformed from a single game studio (AI Arena) into a platform-based and AI-driven ecosystem. ARC provides an easy-to-integrate AI-driven game SDK and collaborates directly with game studios to deliver AI-enhanced gaming experiences to players. Its reinforcement learning model trains "super-intelligent" game agents using crowdsourced human gaming data, driving advancements in game development. ARC's business model is based on token distribution and royalty income in Web3 games, while accumulating unique gaming data reserves by adapting to various game types, laying the foundation for developing a general AI game model.

Learn more:

https://x.com/0xPrismatic/status/1864316027766755729

Chinese translation: https://www.chainfeeds.xyz/feed/detail/50714065-2758-4194-b545-e7ecb8a4dba4

Alliance Partners Discussion: AI Agents Are Still in the Early Stages

The two founding partners of Alliance DAO, Imran Khan and Wang Qiao, delved into how AI Agents are reshaping the crypto ecosystem in the latest episode of the Good Game podcast. AI Agents are reshaping the crypto ecosystem through content generation, data-driven approaches, and decentralized characteristics, becoming a significant driving force in the creator economy. Projects like GOAT, ai16z, and Zerebro are leading trends in tokenized interactions, cross-domain collaboration, and personalized social integration, while accumulating data and enhancing ecological value through incentive mechanisms. Despite fierce competition among projects and challenges in the early stages of development, the generative capabilities and decentralized potential of AI Agents provide vast space for the integration of blockchain and the creator economy, potentially becoming the core driving force of the next wave of the internet economy.

Learn more:

https://www.techflowpost.com/article/detail_22019.html

This concludes the content of this issue of the Ethereum Chinese Weekly. Thank you for reading!

Next Monday at 14:00 (UTC +8), we look forward to sharing the new issue with you! (Joining instructions at the end)

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