7 September

Second-layer scaling solutions designed to counteract network congestion on Ethereum are booming, with over $1 billion locked up in scaling protocols, according to layer two ecosystem tracker L2Beat.

Different versions of rollups—including Optimistic, Plasma, Validium, and ZK-rollups—bundle and verify these series of transactions in different ways; of the top ten protocols by value locked, fully half are based around ZK-rollups, for a total of $547.56 million locked. Heading up the list is crypto exchange dYdX, with $285.6 million locked.

One scaling solution that L2Beat doesn’t track is Polygon, which the site’s authors define as a proof of stake sidechain. L2Beat defines layer two as ‘a chain that fully or partially derives its security from L1 Ethereum so that users do not have to rely on the honesty of L2 validators for the security of their funds.’

See Also: More Than 200,000 Ethereum Burned by EIP-1559

The Metaverse Emerges | David Reads

“The study by Research Dive projects a compound annual growth rate (CAGR) of 91.5% from 2018.

The ability of smart devices that communicate over the internet to improve supply-chain efficiencies by using blockchains and removing intermediaries will allow transactions to be completed quicker and for a lower price, Research Dive concluded.

The segment projected for the fastest growth is smart cities with a CAGR of 93.9%. With smart cities expected to use IoT technology in all aspects of daily life, blockchain technology would be employed to secure the personal data used by IoT devices.”

“What if you stripped all the fantastical elements from Loot NFTs and instead printed 8,888 character sheets containing nothing but numbers zero through fourteen in a blank serif font and told people to use them in “any way you want”? Then you’d have an NFT collection with a market cap of 10,256 ETH (about $40 million) called The N Project. It’d be the fifth-most popular NFT project just three days after launch and you could sell one of the NFTs for an average of 1.15 ETH ($4,537).

Developers have already crafted psychedelic visualizations and bots that hunt for rare numbers (there are only six 0s), and there’s a 1,400-strong community on Discord.

The N Project is just another innovation—a riff on the mother project, which is composed of 8,000 different randomized lists of text detailing gear from medieval fantasy RPGs. n sits neatly alongside other innovations, including Loot Visions, which makes pictures out of Loot, Abstract Loot, which makes Loot character sheet loot like acid blotter paper, and a Loot marketplace called The Grand Exchange. So far, Loot remains bigger than any of its derivatives or offshoots.”

See Also: Bloot NFTs, X-Rated Spinoff of Loot, Hit $27M in Volume
See Also: Chico Crypto: Loot (Video)

Exclusive for United States-based customers, the platform will enable users to mint, buy and sell NFTs — all traded cross-chain across the Ethereum and Solana blockchains. FTX isn’t the only crypto exchange to branch into this space during 2021. Direct competitor Binance launched its own NFT marketplace in June.

Last month, OpenSea became the first NFT marketplace to surpass $1 billion in monthly trading volume. Dune Analytics reported that total sales volume for NFTs rose to $2.5 billion across the first half of 2021 compared to $13.7 million in the first half of 2020.”

See Also: FTX Charges for NFT Submissions After Users Spam Marketplace With Fish