The L1 Weekly Report is published every Friday, focusing on the development of Layer 1 blockchains. If you have any suggestions, feel free to contact [email protected].

Bitcoin

• Trump wins the election, BTC price reaches a new high
  • Trump’s potential presidency is expected to bring changes to the SEC with a new chair, possibly more crypto-friendly
  • There are speculations about Bitcoin being treated as a national reserve, which could impact Bitcoin’s global standing
  • The community hopes for reduced taxes on crypto transactions and increased adoption under Trump’s administration

Ethereum

• Ethereum foundation report 2024
  • The Ethereum Foundation is a non-profit organization that supports the Ethereum ecosystem through infrastructure development, community growth, and education
  • In 2022 and 2023, the EF allocated significant funds to grants and internal spending, with a focus on R&D, community development, and new institutions
  • As of October 31, 2024, the EF’s treasury holds approximately $970.2 million, predominantly in ETH
• Gitcoin grants 22 ends
  • Gitcoin Grants 22, running from October 23 to November 6, offers over $1.2 million in matching funds to support open-source software and digital public goods. It introduces new features like Mint Attestations and Quick Bridge to enhance donation accessibility and rewards
  • The event focuses on scaling OSS with $1 million in matching funds across four rounds and $125K allocated to seven community rounds, utilizing Quadratic Funding to amplify community support and ensure fairness through Sybil resistance strategies
  • Gitcoin Grants has funded over 6000 projects since 2019, allocating more than $63.9 million in public goods funding. GG22 aims to empower builders in the Ethereum ecosystem with resources, education, and multi-chain accessibility to foster web3 growth

Cosmos

• Interchain Jam Highlights — Union: IBC Across Any Ecosystem
  • Union is a modular zero-knowledge (ZK) interoperability layer that aims to connect various blockchains and rollups across different ecosystems using efficient ZK cryptography and consensus verification
  • The project leverages a modified consensus engine, CometBLS, an extended version of IBC, and ZK proof technology to enable secure and trustless communication between blockchains
  • Union’s mainnet launch is expected to enhance the adoption of IBC by providing trustless interoperability and sophisticated orchestration for new chain builders without the need for extensive integration periods or high costs.

Aptos

• Global Finance Moves Faster on Aptos
  • Tether’s USDT stablecoin has been launched on the Aptos blockchain, enabling users to send transactions in less than a second for minimal fees, marking the first USDT integration on a Move-powered blockchain
  • The Aptos Foundation announced that SK Telecom’s T wallet will support USDT on Aptos, broadening its reach and demonstrating the ecosystem’s ability to connect Web2 and Web3 with a seamless user experience
  • This integration highlights Aptos as a preferred platform for finance solutions due to its high performance, security, and the ability to handle efficient digital transactions at a global scale, supporting financial inclusion and efficiency

Sui

• Sui Hits $100M Milestone in native USDC

TON

• The TON Foundation has launched the TON Teleport BTC testnet
  • The TON Foundation has launched the TON Teleport BTC testnet, aiming to integrate native Bitcoin into the TON ecosystem
  • The testnet allows users to mint tgBTC and explore its applications within TON’s DeFi space, with early access and rewards offered through community activities
  • The initiative is designed to provide BTC holders with new opportunities in yield farming and using Bitcoin as collateral within TON’s decentralized finance environment