Conflux Network Weekly Update | Feb 19 - 25
Conflux Network joins the Blockchain Game Alliance, 2.4B $CFX grants program, and making a case for scalable NFTs.
Latest From Conflux Network
Conflux Network Joins Blockchain Game Alliance
Conflux Network is excited to announce that we have joined the Blockchain Game Alliance (BGA) as a member. The Blockchain Game Alliance is an organization committed to promoting blockchain within the game industry.
Conflux and the BGA both share the same vision of spreading awareness about blockchain technologies and encourage adoption by highlighting their potential to foster new ways to create, publish, play, and build strong communities around games.
Ecosystem Grants Update
Through funding and support from the grants program, our goal is to support innovation and build an equitable and inclusive future, connecting economies and communities across the globe.
We have some amazing grant recipients already building on Conflux. These projects all have ambitious goals that will hopefully inspire you—check out their progress by clicking “Read More”!
📣 Have an amazing project idea? Apply for a Conflux grant! Over 2.4 Billion in CFX rewards available for DeFi, tools and infrastructure, blockchain gaming and NFT projects. Apply here. ⤵️
The Need For Scalable NFTs
When compared to the yield-farming craze of DeFi summer, NFTs generally demand fewer transactions out of the user, with the majority of NFT applications enabling users to simply purchase and hold their digital assets. Compare this to the ever-demanding DeFi space where the process could rack up six to ten transactions. With the current congestion of public chains and astronomical gas prices, it is no surprise that we have seen DeFi go cross-chain. However, with the current hype and seemingly unstoppable force that is NFTs, most would argue that the need for NFT-based projects migrating to new chains and scaling solutions is not as much of a priority as DeFi. On-chain metrics would beg to differ.
Community & Events
Community Ambassadors Program
If you are an active blockchain community member and love Conflux Network, we encourage you to sign up for our Community Ambassadors Program! We welcome all applicants regardless of your location! You will be responsible for organizing local meetups and sharing the word about Conflux in your community.
📣 Launching Our New Podcast 📣
If you missed it last week, we are happy to sponsor the new Open DeFi podcast! Open DeFi is a global initiative to develop the decentralized financial ecosystem and advance the collaboration of DeFi projects across borders and blockchains. Each week we’ll discuss the evolving DeFi space from the perspective of some of the biggest projects in decentralized finance. Our first episode features Akin Sawyer, Operations Lead at BarnBridge. Listen to the podcast above. ⬆️
Industry News
Ethereum MEV extracts $314M in 2021
Popularly referred to as Miner Extracted Value (MEV), the arbitrage strategy sees bots identify and target trades waiting in Ethereum mempools. The bots can use a few observed techniques to profit from the targeted trade. For one, a bot will find a profitable trade waiting in the mempool. Then it will copy that trade and up the gas price for its transaction. That way, a miner will package its copy trade before the original can go through. Source
“After scraping the Ethereum blockchain starting from the first block of 2020 (9193266), we’ve found a total of at least $314M worth (~540k ETH) of Extracted MEV since Jan 1st 2020,”
North America's first Bitcoin ETF successfully launches
Fintech bank “Purpose” launched the first ETF in North America this week. The ETF smashed expectations to bring in over $400 million of investment in its first two days. Days later, a second Canadian ETF by Evolve launched. Is Bitcoin ETFs the safest way for capital investors to enter the crypto market? Source
How DeFi exploits impact price and TVL
Although the frequency of DeFi exploits is slowing as projects learn from past mistakes, the magnitude of hacks has been increasing. Just over a week ago, DeFi experienced its largest exploit ever as Alpha Homora lost $37.5 million. How exactly did this most recent hack affect the greater market? Source
The new economy of digital creativity
This NFT world is likely the greatest unlock of artist opportunity in 100+ years. This isn’t a suboptimal or fringe version of the real-world art economy, it is a vastly improved one. Source
Can gas consumption in DeFi be solved?
Now that the value of DeFi has been discovered, people's trading activity have greatly increased, meaning the price of gas has risen to new all-time highs. In order to keep DeFi growth sustainable, every project has the obligation to find a cheap and safe L2 solution for users. Source