Thursday, June 20, 2024
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2022-05-20
By Pierre
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Arweave Ecosystem Weekly Report #38: The ‘New DEX’ Edition

Undoubtedly, this was a great week for the Arweave ecosystem. A >50 GB block was mined, OWF #7 started and a brand new DEX was announced – raising the number of Arweave native DEXs to two. Those and other events that took place in the last few days are covered in the current weekly report.

Would you want to know more?

I. Arweave Network

Almost 70 million artifacts related to the Ukrainian war are now permanently and immutably stored

The flow of life makes us forget things that we swore to never forget. The span of our memory decreases with each new breaking news headline, with each “act now” call for action, with each new piece of information shoved down through all our sensory receptors. Each week we have to make choices on what is newsworthy, what’s not, how we approach a certain subject, and so on.

In this context, the initiative to store as much unfiltered information about the war in Ukraine as possible – a repository that compensates with its vastness the bias of partisan human perception – becomes even more relevant. Historians of the future won’t have the chronicle of the winner as their only source. They’ll have lots of tiny points of view that could be composed in an image which should be the closest thing to reality provided until now.

The bad news is that the war isn’t over. The good news is that its recording didn’t cease either. Now almost 70 million files about the war are stored on Arweave Network. 

A 53 GB block was mined on the Arweave network

That’s huge, literally. By comparison, the maximum block size achievable on Ethereum is 1.85 MB. Perhaps the comparison is not the most relevant, as there are a lot of different factors that need to be weighted. Still, this exemplifies the unicity of Arweave in the broader context of blockchain technology.

Immutably storing big chunks of information was never the strong suit of any blockchain, on the contrary, the practice was the opposite. The smallest amount of information possible was the go-to. This predisposition towards lightweightness shaped most of the Web3 use cases to an unwanted extent. 

The milestone reached by this Arweave block is not only important for Arweave, it is meaningful for the entire blockchain industry.

One of the byproducts of this block was the mathematical proof of Arweave’s potential deflationary nature. As Sam Wiliams, the cofounder of Arweave explained, there is a certain threshold/block from which any amount paid in excess is taken out of circulation.

II. Arweave Ecosystem

EverFinance announced the Permaswap DEX

We don’t know how to stress the importance of this particular event enough. Since Verto Exchange, the first DEX on Arweave, halted its operations last year after entering an ample redesign of its core functionalities, there was no way to properly trade PSTs inside the Arweave ecosystem. PSTs (profit-sharing tokens) represent the native token standard of Arweave.

Imagine if there would be no way to trade ERC20 tokens on Ethereum? What would happen with the Ethereum chain? Well, we can only speculate on that one, what’s certain is that Arweave thrived under those circumstances because the permanent storage is such a strong proposition on its own. Imagine how the ecosystem will evolve when native projects will be capable to pair the power of permanent storage with the incentives of DeFi on both Permaswap and Verto Exchange.

Permaswap is built by the everFinance team, the initiative that is also responsible for everPay, a layer two solution for Arweave, which represents the core inspiration behind the Permaswap design. You have to understand that Permaswap is not the usual DEX you will find in EVM chains like Ethereum. The technology doesn’t represent a mere fork of older projects packed in a new interface. It’s a totally different beast that will rely on innovations never used before. We recommend you to read both their white paper and the interview we had with Outprog, the founder of everFinance, in order to catch a glimpse of what Permaswap is.

Open Web Foundry #7 just started

On 16 May, the kick-off event that marked the start of the seventh OWF edition took place. For those who don’t know, OWF represents a recurrent program that in a sixth-week period incubates new Arweave projects. When an edition finishes, another one will shortly follow. Almost any given moment, you will find support in getting your idea implemented if you are bold enough to ask. If you like the Arweave ecosystem, now is the moment to become a part of it. You can still apply to OWF right now. What are you waiting for?

ArDrive’s mining program is up and running. What are you waiting for?

What’s up with you people? We’ve looked at the current week’s leader board and we don’t understand it. On one hand, you are presented with the single way to achieve ArDrive tokens, while on the other hand, the price of storage on Arweave is as affordable as can get.

We suspect that’s happening because you just don’t know about the Inferno program, so let us refresh your memory again:

You will get ArDrive tokens if you and 50 other wallets upload at least 1GB worth of content each on ArDrive app. The program will continue for 20 weeks. As you can see, this is a common effort. If the above-mentioned quota isn’t matched, nobody will receive any tokens. We’re sure that almost each one of you has at least 1GB of content with your pets doing silly stuff.

Don’t you want to save those cute, heart-melting eyes for eternity? Well, upload them on ArDrive! They even launched a series of updates in the past few weeks, making interaction with the platform even smoother. Just hear MC Lars out:

Bundlr strikes again, this time they’ve integrated with SolSeaNFT

At this point, we don’t know if they are cultists or something of the sort, but man, they are converting protocols and Web3 projects like crazy. This week the grace of Arweave was bestowed upon SolSeaNFT. From now on, the Solana-based NFT marketplace will be able to use permanent storage thanks to Bundlr, the leading scaling solution for Arweave storage.

By the way, if you want to join their ranks, there are a few spots open. Still, we can not vouch that their recruiting process doesn’t contain a permanent soul update into the block weave.

An uncensorable torrent emerged

Do you remember the days when your favorite torrent platforms went down one by one? Well, now a member of the community did something that could stop those nightmares from ever repeating. Behold the uncensorable torrent indexer:

Metaforo is supporting ArConnect now

Metaforo was on a hot streak in the last couple of weeks. We can testify that in the everFinace discord server the Metaforo bot was the undisputed star with its new Lucky Draw feature. A feature that will let any Discord user set a prize pool in a token of their choosing and the users who interact with the draw are getting various parts of the prize pool.

Now, they are making one more step toward the Arweave ecosystem by letting ArConnect users directly interact with their services.

III. ICYMI

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Pierre

Passionate about Arweave, Archeology, and NFTs. Playing with words, dirt, and images.

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