Decentralized Finance Industry Biweekly Observation

Uniswap Launches Layer 2 Network Unichain

Uniswap Labs announced the launch of the Layer 2 network Unichain built on the Optimism OP Stack technology. The network is scheduled to go live on the testnet on October 10, with the mainnet set to be released later this year.

Unichain has introduced a trusted execution environment ( TEE ) technology developed in collaboration with Flashbots. Through TEE, block construction time can be reduced to 200-250 milliseconds, significantly surpassing the speed of the Ethereum mainnet and other Layer 2 networks.

Binance Launches Scroll Token

A trading platform announced the launch of the token SCR for the Ethereum Layer 2 scaling solution Scroll. Scroll uses zkRollup technology to enhance Ethereum's scalability, achieving faster and lower-cost transactions while ensuring security and compatibility.

The technical highlights of Scroll include zkEVM and hardware acceleration. It collaborates with the Ethereum Foundation, adopts the Halo2 verification system, and has developed the PipeZK hardware accelerator, making GPU zkEVM verification 10 times faster than CPU.

The main functions of the SCR token include governance and future validator/sorter tokens. The total supply is 1 billion tokens, with an initial circulation of 190 million tokens at the time of listing.

Native USDC Launches on Sui

Native USDC has now been launched on the Sui mainnet, allowing developers and users to access it directly without the need for cross-chain bridging. Circle Mint and Circle API now fully support USDC on Sui, making it easier for users to obtain USDC liquidity and enjoy the speed and security of the Sui network.

Sui is the first blockchain based on the Move programming language and supports native USDC. As of October 2024, the Sui ecosystem has covered more than 85 applications in fields such as Decentralized Finance, gaming, decentralized infrastructure networks, and e-commerce.

US Court Denies Approval to Sell Silk Road Bitcoin

Recently, there have been rumors that the U.S. Supreme Court approved the sale of 69,370 Bitcoins seized from Silk Road, leading to a drop in Bitcoin prices. In fact, the court only dismissed Battle Born Investments' lawsuit for ownership of these Bitcoins, confirming that they still belong to the U.S. government and did not approve their sale.

Nevertheless, considering the upcoming US elections, current officials may sell these bitcoins before the elections. But for now, this is just speculation and there's no need for excessive concern.

Overview of Sui Ecosystem Decentralized Finance Projects

The strongest areas of development in the Sui ecosystem are focused on Decentralized Finance and Meme-related projects. The main DeFi projects include:

Lending Agreement:

• Navi Protocol: The lending protocol with the highest TVL, exceeding 350 million dollars.
• Suilend Protocol: Developed by the Solend team on Solana
• Scallop Protocol: Native lending platform, TVL exceeds 150 million USD

Decentralized Exchange:

• Cetus Protocol: the DEX with the highest trading volume and TVL
• Turbos Finance: supports a large number of meme token trading
• DeepBook: Adopts an efficient shared object pool structure

Other Decentralized Finance projects:

• Bucket Protocol: Decentralized stablecoin project
• Bluefin: The top-ranked derivatives trading platform
• Typus Finance: Derivatives Infrastructure

Pyth collaborates with Uniswap

A trading platform announced that its newly developed blockchain, Unichain, will choose Pyth Network as its real-time data service provider. Pyth Network will provide Unichain with over 500 real-time price data sources, updated every 400 milliseconds, ensuring that developers can access accurate and reliable Decentralized Finance data.

Aptos Sets New Trading Volume Record in Q2

According to the Aptos Q2 status report released by a data platform, Aptos has set multiple new records as an L1 blockchain:

• Daily trading volume increased by 474%, reaching 4.4 million transactions.
• The total value locked in Decentralized Finance ( TVL ) increased by 123% quarter-on-quarter, reaching 75 million APT (, approximately 603 million USD ).
• DEX daily trading volume increased by 189%, reaching 30 million USD

An institution invests in Sophon

Recently, Sophon announced that it has received investment from a certain institution. Sophon is an elastic chain based on ZKsync, built using Matter Labs' modular open-source framework for Layer 2 networks. Sophon focuses on entertainment applications such as gaming, social interaction, and artificial intelligence, aiming to promote the development of the Web3 ecosystem.

Decentralized Finance Data Overview

• TVL Ranking: Sui blockchain successfully entered the top ten
• Stablecoin Market Cap: Total Market Cap 172.818 billion USD, down 0.19% in the past week
• DEX Data: Uniswap and PancakeSwap still dominate, Cetus is experiencing strong growth momentum.

Decentralized Finance Market Outlook

After the launch of Unichain by Uniswap, the landscape of Decentralized Finance has undergone significant changes. Unichain is expected to attract a large amount of DeFi liquidity back to itself, forming a strong ecosystem. In the future, the status of the UNI token may be greatly enhanced, becoming an existence that surpasses public chain tokens. We are optimistic about those DeFi protocols that seize the opportunity first, as they are expected to rise again with the help of Unichain.