P2E 2.0: Designing a self-evolving game economy

Original title: "IOSG Weekly Brief | P2E 2.0: Designing a self-evolving game economy #117"

Original source: IOSG

Part.1 Insight

P2E 2.0: Designing a self-evolving game economy

This article is only for industry learning and exchange, and does not constitute any investment reference

Before me In the article "P2E is Unsustainable-Seeking the Next Axie Infinity", I predicted that the original P2E game economy is likely to collapse in the short term. That prediction has been borne out, with Axie Infinity's revenue down more than 95% from its peak. I believe that P2E as an industry is slowly entering the "building phase" and have a lot of confidence in the development of crypto games in 3-5 years. After speaking with over 200 crypto game founders in the past 6 months, I want to share some insights here.

First, a quick recap of why we are bullish on Crypto games:

- We believe that In the next ten years, mutual entertainment will dominate the attention economy;

- We believe that due to the improvement of the incentive mechanism, Crypto games will lead the prosperity of the creator economy.

Based on these two arguments, we propose the following suggestions to every P2E founder who has the same vision, so as to help everyone avoid some pitfalls stepped on by the predecessors .

In a nutshell:

- Token economy leads iteration

- Weaken the position of NFT in the core economic model, and design the game economy around governance Token.

- Unraveling "play" and "earn". Let players play for free and don't make a large upfront investment a barrier to gameplay.

- Refines the assigned value based on the player's individual performance and risk tolerance (betting level).  

- Embrace public IP and build a diverse and dynamic economic system around it

The Iterative Mechanism of Token Economy

Eric Rees' "Lean Startup" set off the Internet revolution to some extent. The concept of "agile development" was first proposed by Eric in 2011. Why have Internet companies developed so fast in the past few decades? Because they abandoned the traditional waterfall model behind closed doors and began to accept MVP and A/ B testing and other technologies. Internet companies no longer avoid mistakes, but choose to embrace them. They have learned how to make mistakes faster and correct them faster. The emergence of agile development has increased the evolution speed of Internet products by an order of magnitude. I am in Tencent When working, it is common to iterate one version a week.

For Crypto games, the industry has just started, and PMF has not appeared. The founders are pursuing success Mistakes are bound to be made in the process. It is almost impossible for any team to perfect the Token economy in the game on the first try, but most games only have one chance to try and make mistakes. In fact, like Axie Infinity and Thetan Games like Arena have already encountered the above-mentioned problems. Taking SLP as an example, the original intention of the Token was to try a new cold-start customer acquisition channel. After the rise of P2E narratives, the SLP Token economy has been proven to be effective in the face of A huge user base is no longer sustainable. However, if Sky Mavis wants to make changes, it needs to be extra cautious, because these Tokens are real assets in the hands of users. If you are not careful, the public relations crisis will follow.

I believe that rapid iteration is extremely important for exploring new directions. On the other hand, however, as founders, they also need to be responsible to the community. So how do we resolve this conflict? Here I propose another alternative idea.

In traditional games, there are different servers. For MMORPG Said that each server is similar to a country, they have an independent economy and player ecology. Many Asian games, such as Legend, have derived a package of "private servers". The publishers and managers of these "private servers" are usually game developers It is an independent organization other than business. Different "private servers" have different rules, and even different business models. However, in the long run, the operation of legendary private servers is flourishing, and the century-old revenue contributed by private servers far exceeds the official Server.

Learning from the legendary operating model, as a Crypto game developer, if we only issue the main Token representing the intellectual property rights and governance rights of the game, and let the third party What will happen if the operator/guild/traditional game big R releases its own auxiliary Token in an independent server to run its own economy? Think of the game body as Layer 0, and the publisher/guild/giant whale as Layer 1. For example, if If YGG wants to participate in a game, they can build a server and use their own MIRYGGToken to manage the server. MC, Perion or other companies can also adopt similar strategies. Ultimately, the guild is responsible for setting the rules, such as what the entry threshold is, how much money players can earn, when players can unlock and anti-cheat rules, etc. This architecture has two main benefits:

By allowing guilds and publishers to run their own instances, we create a cooperative/competitive Dynamic, so as to achieve faster iteration globally to find the best Token economy. For example, if Perion's innovative design of revenue sharing is successful, other guilds can quickly build new servers based on this innovation.

This structure will make the game party no longer have too much headache for P2E market value management. A game developer's primary focus should be to create fun, engaging player experiences. It's hard for founders to devote themselves to developing a game if they're busy dealing with people's doubts and complaints about the payback cycle.

The problem of NFT in the game

NFT is now almost every game economy Core, but I think NFT currently has a systemic risk of being abused in games. The logic of our investment in Crypto games is because they bind the interests of various roles (players, developers, investors) in the ecosystem through the Token economy. But ironically, under the existing model, incentives are largely misaligned. Due to the aggressive currency issuance strategy, developers and private investors mainly hold governance tokens, while guilds and players hold NFTs. In the long run, the development team has no incentive to waste money on managing the market value of NFT and auxiliary tokens. Since the team and investors do not hold Axie NFT, its floor price has dropped from a high of $400 to $15.

Solution: The game should build an economy around its core governance token. Players should be able to earn such tokens like the founders, and the amount of tokens rewarded should be related to their contribution (Axie Infinity is moving in this direction, they try to reward more players with AXS instead of SLP). Player income should be unlocked offline like teams. Additionally, NFTs can be used more creatively in games. Vitalik came up with the concept of "soulbinding" borrowed from World of Warcraft. In addition, "Permanent Death" and "Medal of Honor" are also NFT design mechanisms worth seeing.

F2P is not perfect, but it is the only way to 10 million DAU

Web3 applications should promote the network effect of healthy behaviors through fair, refined and linear value distribution. But that’s not the case with crypto games these days. In the case of Axie, users receive zero rewards until they earn scholarships (or spend thousands of dollars on NFTs). After receiving the scholarship, according to the amount of assets, the scholars will get a certain reward every day. But their real income increases only once in their lifetime (when they get the scholarship) and increases thereafter are non-existent (maybe from 50slp to 60slp). High barriers to entry are terrible for user acquisition.

Solution:Crypto games should consider the modes of "free game" and "pay to play gold". Every user should have fair access to the game. Their ability to earn rewards should be linearly related to their mastery of the game and their risk tolerance. A good example is a PVP game that builds on fun and fairness and escalates the competitive threshold.

This design has the following advantages: 

It allows more players Participate meaningfully in the game economy, not just as a cog performing duties.  

It integrates Defi lightweight into the closed loop of the player's game. Make investing and risk management part of the average player's gaming experience.  

For the sustainability of the game ecosystem, attracting real gamers is far more important than attracting speculators. Long-term retention relies on players, not speculators and gold diggers.  

Combined with the aforementioned 'Governance Token-centric game design', this can greatly increase the demand for Tokens. Because for most players with small budgets, Token investment is far more popular than NFT investment.

Don't sacrifice user experience for game economy

From a game design point of view, Due to the poor coupling between economy and gameplay, the player's game experience is largely sacrificed. Taking TCG (card game) as an example, there are generally two main parts that constitute the core experience of the player:

- Unpacking + building a deck 

- Playing with decks

However, in most Crypto TCGs, this organic symbiosis is artificially broken. Guild managers mechanically buy chests, draw cards, and then build decks around them. The administrator then distributes the decks to the scholar, and the only task left to the scholar is to play the game with the given deck. This causes the player to become disconnected from the core game loop, and the game's playability is quickly exhausted. The box opening mechanism can be said to be the most critical part of TCG's income generation. As a former guild manager, I can appreciate the joy of unboxing and resource allocation. However, as just mentioned, it is unreasonable to deprive players of a complete game experience, which will also weaken the willingness of lightweight players to consume games.

Solution: Again, it is unsustainable to rely on sacrificing the player's game experience to obtain the stability of the game's financial mechanism. Existing P2E games should combine core gameplay and economic mechanisms, and recombine them, trying to achieve a better balance between "play" and "earn". In fact, traditional games have faced similar problems. In the early days, F2P games designed their paid items too powerfully. Although this promoted sales, it led to a poor experience for most non-krypton gold players, forcing them to abandon the pit, and indirectly accelerated the death of the ecosystem. Modern F2P games have learned the lessons of their predecessors.

Taking "Yuan Shen" as an example, the game design enables both non-krypton gold players and krypton gold players to have a complete experience, but relatively speaking, krypton gold players The time cost of the player in the later stage will be lower. Crypto games also need to go through similar iterations. Introducing more non-Krypton gold players into the game is the general trend, because they bring huge value in terms of CCU, free publicity and long-term LTV. To use an interesting analogy, if each soccer ball costs $5,000 and each basketball costs $10,000, then we probably don’t have a 700 billion sports market today. Skyweaver is an example of a brave attempt at F2P Crypto games. Although Sky weaver has not disclosed their Token design, the project party has made it clear that 100% of the cards in the game can be obtained for free without paying any fees.

Stakes-based PVP may be able to be a big success

Due to the high cost of renting a car, renting Car drivers often rarely take breaks, and continuous rotation has become commonplace for them. Crypto gamers are currently facing similar issues. Due to the continuous depreciation and opportunity cost of NFT assets, players will feel obligated to "play" after acquiring the assets. A day without playing is a loss. How many people can really enjoy the game under such pressure?

Solution: The mechanisms that motivate players to contribute should be more rewarding than punishing. Players should have the right to choose to join or quit high-risk, high-reward competitive games at any time. Another way is to abandon the mechanism of potential NFT to bring eternal benefits. For example, adding durability attributes to NFT like Thetan Arena. Or simply ditch functional NFTs altogether and design games around fair and stake-based PVP. The NOR developed by Consortium9 is the pioneer in this direction.

Activate the creator economy with an open IP policy

BAYC is to open up the IP effect A good example of . Similarly, MiHoYo has also adopted an extremely tolerant policy for Yuanshen IP. MiHoYo not only allows third-party developers to use the characters of the original gods to develop games, but even allows them to make money from derivative products. As a result, Yuanshin quickly built an active and influential community. Compared with other web2 companies, I have a lot of respect for their bold attempt. I believe every Crypto game should be a deeper exploration, not just allowing creativity, but more incentivizing and rewarding such attempts.

Currently, all P2E economic models can be classified into two categories: 1.Ponzi model 2.Casino model. Obviously, both types of models are based on zero-sum games. On the other hand, creator economy can be understood as a positive sum game. Creators of high-quality content can capture higher profits, while creators of ordinary content lose time costs. In the long run, the overall efficiency of the market will continue to increase. If in the game ecology, we can make more players become valuable creators and contributors, then P2E will be established for a long time. MixMob is a good case. In order to empower players and creators, they are making many innovative and bold attempts. In the MixMob game, NFTs designed by players will be subtly integrated into the P2E economic system.

Written at the end

We are very optimistic about the long-term development of Crypto games, although in the short term we I also saw many problems in the industry. Just as in 2011 everyone was questioning whether mobile games were false propositions, the current Crypto games are also being challenged by public opinion. In any case, we hope to explore No Man's Sky with outstanding founders and lay a solid foundation for a new paradigm.

Part.2 Investment and financing event

PrePO completes $2.1 million in funding from IOSG Ventures and Republic Capital Leading investment

* Decentralized trading

prePO, a decentralized trading platform focusing on pre-IPO and pre-Token projects, completed a strategic round of financing of US$2.1 million, led by IOSG Ventures and Republic Capital. Participating investors include MEXC, AscendEX, Shima Capital, HoneyDAO, NeptuneDAO, GCR, and founders from projects such as Gnosis, 1inch, Moonbeam, Zapper, Gelato, BarnBridge, Immunefi, Thales, and Dapp.com.

This round of financing will be used to strengthen the core product, guide the liquidity of the initial market, develop the community and expand the core team. Unlocking investment opportunities in primary market projects such as SpaceX and OpenSea for the masses, retail investors can also participate in opportunities previously reserved for institutional investors. The team plans to launch TokenPPO in the second quarter of 2022, and its first generation product will be launched on Arbitrum later. prePO allows users to predict the valuation of pre-listed companies or projects, and to do long or short any pre-IPO or pre-Token project in an instant and non-regulatory manner. Each user can become a global project/platform IPO or Part of the Token sale, and get multiple rewards. Investors can also use the platform to hedge risks in their investment portfolios, or use it as a pricing reference for subsequent markets.

FanCraze completes USD 100 million Series A financing led by Insight Partners

* Cricket NFT platform 

FanCraze completes USD 100 million in Series A financing, led by Insight Partners, B Cpital, Mirae Financial, Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures and Ronaldo's CR7 also participated. This round of financing is being hailed as one of the largest Series A financing in Asia. The funds will be used to integrate new sports relationships and accelerate the development of its global team, R&D lab, user experience team, game studio and marketplace platform where fans can buy, trade and craft their NFTs. It is reported that FanCraze is building the official NFT ecosystem of the International Cricket Council (ICC).

Phi Labs Completes $21 Million Seed Round Financing Led by CoinFund and Hashed

< b>* Cosmos smart contract platform 

Phi Labs completes $21 million in seed round financing led by CoinFund and Hashed , 1confirmation, IDEO CoLab, Figment, Blockchain Capital, Wintermute, Chorus One, stake.fish, Lemniscap, Cosmostation and Hypersphere Ventures participated. The new financing will be used for staff expansion, product development, and building out the Archway protocol. The team currently has about 20 full-time employees, with plans to reach more than 50 by the end of the year. It is understood that the Archway protocol developed by Phi Labs is an incentivized smart contract platform based on Cosmos and rewarding developers. The protocol provides developers with tools to quickly build and launch scalable cross-chain DApps. Get rewarded for your contributions.

Altaba completes approximately US$9.02 million in financing led by Animoca Brands

* Metaverse

Fashion metaverse platform ALTAVA Group has completed financing of about 11 billion won (about 9.02 million U.S. dollars), Blocore and Animoca Brands led the investment, Wemade, Spartan Group, Sky Vision Capital and other institutions, as well as private investors such as Sebastien Borget, co-founder of The Sandbox, and Wei Zhou, former chief financial officer of Binance, participated in the investment. The funds will be used to enhance Altaba's services, recruit talent and expand marketing. ALTAVA Group is a Singapore-based company with operations in Korea that aims to democratize luxury fashion and retail in the Metaverse. Altava is building a metaverse ecosystem, including the metaverse platform "ALTAVA Worlds of You" that is testing services and the NFT market "ALTAVA Market" that sells luxury lifestyle brands. In addition, "ALTAVA Worlds of You" will be launched in the global market in the second half of this year in cooperation with metaverse projects such as The Sandbox. Earlier news, The Sandbox has partnered with ALTAVA Group to expand luxury fashion and lifestyle brands in the Metaverse.

WeMade Announces Strategic Investment in Internet of Things Blockchain Platform IoTeX

* Things Networking

Korean game giant Wemade announced at the 2022GDC Game Developers Conference its strategic investment in IoTeX, a blockchain platform for the Internet of Things, which will cooperate with IoTeX A number of strategic cooperations have been carried out between Machinefi, Metaverse and Gamefi. Specific financing information has not yet been disclosed.

Joystream completed a financing of US$5.85 million at a valuation of US$60 million, led by DCG and others

* Creator Economy 

Joystream completed $5.85 million in financing at a valuation of $60 million, Digital Currency Group (DCG), Hypersphere, Defi Alliance and D1 Ventures led the round. Total funding to date brings to approximately $13 million. Joystream aims to give creators greater power. Creators can mint videos as NFTs on the Joystream blockchain, and each channel can have its own native Token. Consumers can invest in favorite creators and share in the profits from their NFT sales. Joystream currently has 3,434 members on the test network, and the main network is expected to be launched in the second and third quarters of this year.

Roblox game developer Gamefam completes $25 million financing

*  Games

Game developer Gamefam has raised $25 million in venture capital to develop games on metaverse platform Roblox. Konvoy and Play Ventures led the round, with participation from Makers Fund, Bessemer Venture Partners and Galaxy Interactive.

Tea completes USD 8 million seed round financing led by Binance Labs

* On-chain open-source software construction 

Tea completes $8 million in seed round financing led by Binance Labs and XBTO Humla Ventures, Lattice Capital, DARMA Capital, Coral DeFi, Woodstock, Rocktree, SVK Crypto, and MAKE Group participated, and the funds raised will be used to expand the team and continue to advance its work in protocol, software, and community development.

Yuga Labs completes $450 million seed round financing at a valuation of $4 billion, led by a16z

* NFT 

Boring Ape production company Yuga Labs announced the completion of 4.5 at a valuation of 4 billion US dollars $100 million seed round financing, led by a16z, with participation from Animoca Brands, LionTree, Sound Ventures, Thrive Capital, FTX, and MoonPay. a16z Partner Chris Lyons joins Yuga Labs board. The new funds will be used to hire more staff and develop brand partnerships. Yuga Labs will also launch its metaverse project Otherside to create a gamified and decentralized experience and attract more NFTs to its ecosystem.

Upshot completes $22 million A2 round of financing, led by Polychain Capital

* NFT Price Evaluation Agreement 

Upshot completed A2 round of financing of 22 million US dollars, this round of financing was led by Polychain Capital , other specific financing information has not been disclosed yet. Previous investors in the protocol include Framework Ventures, CoinFund, Blockchain Capital, Slow Ventures, Mechanism Capital and Delphi Digital, among others.

It is reported that Upshot was launched in 2019 and currently provides developers with an application programming interface (API) to integrate data into their projects. The Upshot analytics platform is available in private beta and will soon be available to the public. Upshot plans to use the new funds for R&D on its pricing model, building out its team, and funding DeFi and related development tools.

Jeeves completes USD 180 million Series C financing with a valuation of USD 2.1 billion, led by Tencent

Jeeves has raised in the C round of financing led by Tencent Other investors in this round of financing include GIC, Stanford University, a16z, CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels and Spike Ventures. The company's valuation has quadrupled from $500 million to $2.1 billion.

It is reported that Jeeves was established in 2020 and provides an expense management platform for start-ups, including cash options, corporate cards and cross-border payments. The company says it has a customer base of more than 3,000 companies and has grown revenue by 900% since its Series B funding round in September. CEO and founder Dileep Thazhmon said that with further global expansion, the company may start exploring cryptocurrencies later this year. He said: "There is a very strong use case for cross-border payments using encryption." Experiment with potential stablecoin offerings in the Latin American region.

Ribbon Finance completes USD 8.75 million Series B financing, led by Paradigm

* Structured products on the chain

Ribbon Finance, a structured product on the chain, completed the B round of financing of US$8.75 million. The investment was led by Paradigm, and other specific financing information has not been disclosed yet. Additionally, Ribbon launched the ApeCoin (APE) Call Option Vault earlier today.

Acala, together with several Polkadot parachain teams and venture capital institutions, launched a USD 250 million aUSD ecosystem fund

* Fund Financing

Acala, the Polkadot DeFi protocol, announced the joint Polkadot 9 parachains The team and dozens of venture capital institutions launched a USD 250 million aUSD ecosystem fund to support early-stage startups to build applications with strong stablecoin use cases on all Polkadot or Kusama parachains. The fund seeks to drive revenue or use cases for aUSD with applications based on Solidity or Substrate, including money markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases. Participating parachain teams include Acala, Astar Network, Centrifuge, Efinity, HydraDX, Manta, Moonbeam, OriginTrail, Parallel, and Zeitgeist. Participating venture capital includes nearly 40 institutions such as IOSG Ventures, 1confirmation, Alamda, Hashkey, DCG, Kraken Ventures, Jump Crypto, Pantera Capital, Polychain Capital, Hashed, Web3 Capital, and Seven X. Acala launched the decentralized multi-collateral stablecoin aUSD in February 2022 as the core of the Acala ecological DeFi economy and as a decentralized stablecoin supporting the Polkadot ecology.

The former Polychain partner launched the $125 million encrypted venture capital fund "dao5", intending to switch to DAO

* Fund financing

Ex-Polychain partner Tekin Salimi launches $125 million crypto venture The fund "dao5" will provide about $500,000 to $2 million in pre-seed and seed rounds. In addition, Salimi also plans to transform the fund into a DAO, in which DAO5Token will be minted and issued to the fund's investment team, advisory committee, and portfolio company founders, the legal entities that make up the fund will be dissolved, and the assets of the general partners will be permanent Migrate to an on-chain vault owned and managed by DAO5Token holders.

Geekcartel DAO’s fund META completes $10 million financing

*  Fund Financing 

Web3 Private Invest DAO Geekcartel's first fund META completes $10 million financing, NGC, SevenX, security audit VC agencies such as GO+, marketing OG, technology OG, Web3 community representatives and P2E game associations participated in the voting. It is reported that Geekcartel META Fund is a cutting-edge fund focusing on Web3, Metaverse, and interesting financial tracks. The main purpose of the fund is to integrate OG skills native to the encryption industry and empower projects native to the encryption industry. Geekcartel DAO is an incubator accelerator for encryption start-up projects with full functions of global market growth, economic model design, smart contract development support, and security audit. Geekcartel DAO's vision is to become a Y Combinator in the Web3 era.

Part.3 IOSG post-investment project progress

Aurora released embeddable Ethereum Cross-chain Rainbow Bridge

* EVM Expansion Network 

Aurora product manager Matt Henderson tweeted that the embeddable Rainbow Bridge (Rainbow Bridge) has been released, allowing users to transfer assets from Ethereum to Aurora without leaving the DApp website. At present, Aurigami, an Aurora-based decentralized lending protocol, has integrated the Rainbow Bridge, becoming the first Aurora decentralized application to integrate the Rainbow Bridge.

DeFi protocol Synthetix merges L1 and L2 debt pools to enhance liquidity and pledge efficiency

* DeFi protocol 

Synthetix (SNX) was announced on Thursday 21 UTC: 00-23:00 (5:00-7:00 on March 25th, Beijing time) to deploy its L1 and L2 debt pool synthesis functions, which may have an impact on two different categories of staking participants: SNX inflation staking rewards and debt hedge. The team stated that debt pool synthesis allows the protocol to have fungibility on L1 and L2, and that merging debt pools is essential to provide maximum liquidity throughout the protocol and efficiently transfer between multiple chains through cross-chain messaging Synthetic tokens are necessary instead of relying on automated market makers who are limited by the depth of the liquidity pool and are prone to slippage. It is reported that Synthetix previously operated debt pools on both the Ethereum mainnet and Optimism, a layer 2 Ethereum scaling solution.

Illuvium launched the Staking v2 version, which supports users to get rewards from multiple mining pools in one transaction

Illuvium launched the Staking v2 version, which expands the functions of the existing system. In addition to bug fixes and simplified QoL workflows, the upgrade also provides new and improved functionality for token holders, with an upgraded contract and interface that enables v2 users to claim rewards from multiple mining pools in a single transaction allocation and so on. Staking v2 updates are mandatory; Staking v2 Rewards will go live on March 31 at 21:00 GMT.

Interlay launched a trustless Bitcoin bridge on the Kusama network, and then launched the Polkadot chain 

* Interoperability Network

Interlay Announces Kintsugi Bitcoin Bridge - the First on Kusama Trustless Bitcoin Bridge kBTC Bridge. Kintsugi is Interlay's canary network on Kusama. kBTC is Interlay's completely trustless and decentralized Bitcoin asset in Polkadot's canary network Kusama, anchored 1:1 with Bitcoin and maintained by a decentralized collateral vault network.

kBTC is already available on parachains Karura (provided by Acala) and Moonriver (provided by Mooonbeam), enabling decentralized finance such as Solarbeam, Zenlink and Moonwell Apps are able to access Bitcoin liquidity without the risk of centralization. Kintsugi and Interlay Treasury are preparing to launch an incentive program to help bootstrap liquidity in the Polkadot Chain and Kusama ecosystem. Interlay also secured a parachain slot on the Polkadot chain, locked 2.5 million DOTs for support, and is committed to bringing its trustless Bitcoin to Cosmos and Ethereum in 2022.

ConsenSys and Ethereum side chain Palm cooperate to develop a new cross-chain bridge

*Ethereum Infrastructure

Development company ConsenSys has partnered with Ethereum sidechain Palm to build and improve the official Palm bridge. The new Bridge will make cross-chain fees from Palm to Ethereum more fair and consistent, with less chance of transfer delays. In addition to transferring funds, users can also transfer NFTs through the bridge. Additionally, the Palm team no longer needs to manually update fees or resubmit transfers that do not have enough gas.

Polygon Launches Ethereum Adoption DAO to Drive Ethereum Ecosystem Adoption and Implementation of Innovative Projects

* Public Chains 

Polygon announces a new partnership program called Ethereum Adoption DAO (EAD), To drive the adoption and implementation of new innovative projects on the Ethereum mainnet and scaling platforms. The program works to facilitate the evolution of the Ethereum ecosystem by supporting the education of future builders, the formation of new projects, and the development of public goods and unicorns. EAD is open to everyone who sees Ethereum as the settlement layer of choice for Web3, including Web2 and Web3 developers, DApp builders, enterprises, government agencies, and more. Polygon, as the program launcher, is just one of many equal founding members. In the future, Polygon will work with other members to promote the independence and neutrality of the EAD, which will be run by a core team as well as the wider DAO community.

Ava Labs plans to launch non-custodial wallet Core for Avalanche ecological applications

* Avalance Non-Custodial Wallet 

Ava Labs Announces Core, a Free Non-Custodial Wallet Designed for Applications on Avalanche . Ava Labs plans to launch the Core browser extension in late March, and plans to launch the Core mobile app early in the second quarter.

IoTeX Announces Partnership with Google Cloud

* IoT Blockchain Platform

IoTeX announced a partnership with Google Cloud. IoTeX CEO and co-founder Raullen Chai said that this cooperation with Google Cloud will accelerate IoTeX's global expansion strategy and help IoTeX achieve its goal of connecting billions of devices to its network.

MISO completed Moonbeam and other multi-chain deployments, DeFi wallet Ambire integrated Polkadot parachain Moonbeam

* Polkadot Parallel Chain

SushiSwap Launchpad platform MISO announced the completion of multi-chain deployment, which is currently in Moonbeam Network, Moonriver Network, BNB Chain, Polygon, Harmony. In addition, the DeFi wallet Ambire announced the integration of the Polkadot parachain Moonbeam. Users can send or receive cryptocurrencies on Moonbeam and Moonriver through the Ambire wallet, and connect and use Moonbeam/Moonriver-based DeFi protocols. It is reported that Ambire is committed to supporting multiple networks and blockchains in the EVM world. As a Polkadot parachain, Moonbeam is the first non-EVM network supported by Ambire.

The exchange Starkswap will be launched on the StarkNet Alpha testnet on March 31

< b>* Decentralized Exchange

Starkswap, a decentralized exchange based on ZK-Rollup, will be launched on March 31 The Ethereum expansion program StarkNet Alpha test network was launched.

a16z team members proposed a new MakerDAO Token economic model proposal b>

* DeFi

a16z team member & RIpplewood Advisors member @luca_pro Jointly propose a new MakerDAOToken economic model proposal. Highlights include: (1) creating new use cases for MKRToken through additional capital buffers in off-chain funding structures; establishing a secondary interest-bearing insurance fund as a supplementary layer to the secondary surplus buffer; implementing MKR-enabled support for certain auctions in MakerDAO incentives. ( 2) Increase voting participation and consistency through the new MKR staking reward system; provide core units with greater operational flexibility and reduce voting requirements; create a new MakerDAO governance dashboard through community grants. And (3) increase the system surplus buffer, etc.

Part.4 Industry Pulse

Ethereum difficulty bomb is expected to arrive in June , Ethereum upgrade "Shanghai" is being drafted

*Ethereum

Ethereum core developer Tim Beiko released the latest core developer meeting content, including the difficulty bomb, the "Shanghai" upgrade, the progress of the Ethereum executive layer, and a Protocol Guild plan for client developers. The Kiln testnet was launched recently and the merger is being intensively tested to ensure that all implementations are safe and stable. In the future, if everything is ready, The Merge will be run on existing testnets, such as Ropsten, Goerli, Sepolia, etc.

Meanwhile, the Ethereum difficulty bomb is expected to arrive in June. The next Ethereum upgrade "Shanghai" is currently being drafted. The planned upgrade mainly includes EVM upgrade, activation of beacon chain withdrawals, and reduction of Layer 2 fees. The executable specification of the Ethereum execution layer is progressing well, and the next step is to merge the EL+CL process. Protocol Guild, a program designed to compensate client developers and researchers with Tokens for Ethereum projects, has more than 100 members and is about to launch a pilot.

Ethereum client Teku launched a new version v22.3.2 to fix deposit processing performance issues

*Ethereum

Ethereum client Teku released Teku v22. Fixed a performance issue in deposit processing. Teku stated: "Starting approximately at 01:02 on March 16, 2022, a large number of Teku nodes began to exhibit increased garbage collection (garbage collection) activity, causing high CPU usage. Depending on the node, this lasted for 30-60 minutes, and can cause nodes to fall behind. Most Teku nodes cannot keep up with the current beacon chain head, causing Teku to generate proofs with incorrect head blocks.”

< b>* Sidechain 

Ronin tweeted that a series of updates will be released on March 29 to increase RON’s Practicality, and ensuring that Ronin can continue to scale transactions. Each account will receive a certain amount of free transaction quota each month based on the highest value of NFT it holds. If the free transaction credit is exhausted, the user will need to create a new account, purchase RON on Katana, and send some RON to the initial account. In some regions, credit cards can be used to purchase RON through the Ronin wallet. Ronin is a sidechain built exclusively for Axie Infinity and connected to Ethereum.

The RSS3 network node requests more than 100 million times per month

* Web3< /b>

RSS3 tweeted and announced that its network node requests more than 100 million times per month. It is reported that there are more than 14 RSS3 ecological products, covering social networking, NFT, on-chain data algorithms, metaverse, and domain name services. RSS3, as the underlying data and streaming protocol, continues to empower ecological projects.

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