By Elias Simos · Nov 25 2020
Welcome to the third edition of the Substrate Ecosystem Update, a compilation of ecosystem insights and expert analysis from our Protocol Ops team.
November was a quieter month for the broader Substrate ecosystem, though with lots of building happening in the background!
- According to a recent research piece from The Block, Polkadot alone represents ¼ of the total value staked across PoS blockchain networks by value at stake–measured in USD. Overall, about $12B is currently staked across the top 10 PoS networks.
- Polkadot will be hosting its first official event post Mainnet launch on December 3rd. Polkadot Decoded is a free online event, and its programming will be covering all major recent developments in the Substrate ecosystem.
- Polkadot and Kusama were both featured in this week's Our Network newsletter! Highlights include a boom in developer interest, healthy growth in nominators and validators, and continued increase in Treasury spending.
- Polkadot released v0.8.26-1—with a HIGH priority signifier—for users to upgrade their nodes as soon as possible. This release fixed a DoS vector in Polkadot's p2p networking layer.
- A lightweight Substrate client was released, dubbed Substrate Lite.
- Patractlabs introduced a treasury proposal for Megaclite; zero-knowledge proof support in Substrate for ZK Rollup, and privacy applications in WASM Contracts and Runtime Pallet.
- A Kusama indexer–called Hydra–is live! One can use Hydra to filter and fetch Kusama events and extrinsics via rich GraphQL API, and hydra-cli to build an ETL pipeline for your dApp.
- The latest version of the polkadot-js/api was released.
- batch_all (atomic batches) have been implemented–users can now submit a batch of transactions in which either all of them succeed, or all of them failed.
- GRANDPA equivocations should no longer happen with honest nodes that are trying to come back from a failure and aren’t fully in sync with their own past signatures yet. A slashing reform is also planned, which should prevent slashing of benign nodes across the board.
See here for a refresher of how governance is enacted in Polkadot.
- Referendum 11 was passed and executed on Nov. 12, 2020, upgrading Polkadot to runtime v26 (introduced by Polkadot client v0.8.26-1).
- Motion 43 on Polkadot is live. With runtime v26 a bug that caused immature slashing of candidacy bonds in council was fixed; Motion 43 is the next step that will refund the affected accounts. Motion 239 on Kusama mirrors the action.
- Referendum 10 has failed its on-chain vote as of Nov. 11, 2020. Stakeholders will not support a forced transfer of funds from an alleged scammer's address back to the original account. If I’m honest, this epic took up way too much real-estate on polkassembly.io until it came to a close...
- Motion 238, aiming to increase the number of validators in the Kusama Network by 1 per era, for 200 eras, has passed. The overarching goal is to get to 1000 validators. Here’s the network performance report for the 700 validators milestone.
- Yet another (insert DJ Khaled gif) attempt to redenominate KSM in 1:100 ratio, similar to Polkadot, became live with Proposal 38, and then the author retracted the proposal (deus ex machina anyone?)! In his words: “I am sorry that my proposal only considers the system and the market, not considering that the change of this matter will cost the developer a lot of time and energy, so I hope this proposal will be rejected, and I am sorry for my poor consideration.” Growing pains, eh?!
- Treasury Bounties have started picking up speed, with Kusama's second bounty proposal going live last week! The proposal aims to integrate KSM to Rotki—the open source tax and crypto portfolio tracker. So far it seems that it is garnering fervent support.
See here for a refresher on Parachains.
- Equilibrium’s DeFi focused parachain launched on November 12th, supporting a money-market platform with cross-chain ambitions.
- Ontology will be bringing their decentralized ID (DeID) solution to Polkadot. Ontology outlined this as the first step towards launching a service-suite parachain for decentralized identity that could provide credit scoring services, amongst other related functions.
- Robonomics plans to launch a campaign for a 2-year lease on a Kusama Parachain slot, through an Initial Parachain Offering.
Fundraising and Grant Activity
Web3 Foundation grants Wave 8 have started rolling in!
- November was a quieter month on the fundraising side of things. Some highlights amongst the continued action on Wave 8 of Web3 grants were: polkashots.io from MIDL.dev, a snapshot website for Polkadot and Kusama; nsure.network, a cross chain insurance platform for open finance; and a ZK-rollup pallet from Stake Technologies.
For an extensive list of the various projects building on Polkadot, you can refer here. Please do let us know if you have any feedback or suggestions on this update. We’d love to hear from you!
—Elias Simos, Protocol Specialist
About Bison Trails
Pioneering Blockchain Infrastructure®
Bison Trails is a blockchain infrastructure platform-as-a-service (PaaS) company based in New York City. We built a platform for anyone who wants to participate in
21 new chains effortlessly.
We also make it easy for anyone building Web 3.0 applications to connect to blockchain data from
33 protocols with Query & Transact (QT). Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.
In January, 2021, we announced Bison Trails joined Coinbase to accelerate our mission to provide easy-to-use blockchain infrastructure, now as a standalone product line. The Bison Trails platform will continue to support our customers. With Coinbase’s backing, we will enhance our infrastructure platform and make it even easier to participate in decentralized networks and build applications that connect to blockchain data.
THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. PLEASE DO NOT CONSTRUE ANY SUCH INFORMATION OR OTHER MATERIAL CONTAINED IN THIS DOCUMENT AS LEGAL, TAX, INVESTMENT, FINANCIAL, OR OTHER ADVICE.
THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN IS NOT A RECOMMENDATION OR ENDORSEMENT OF ANY DIGITAL ASSET, PROTOCOL, NETWORK OR PROJECT. HOWEVER, BISON TRAILS (INCLUDING ITS AFFILIATES AND/OR EMPLOYEES) MAY HAVE, OR MAY IN THE FUTURE HAVE, A SIGNIFICANT FINANCIAL INTEREST IN, AND MAY RECEIVE COMPENSATION FOR SERVICES RELATED TO, ONE OR MORE OF THE DIGITAL ASSETS, PROTOCOLS, NETWORKS, ENTITIES, PROJECTS AND/OR VENTURES DISCUSSED HEREIN.
THE RISK OF LOSS IN CRYPTOCURRENCY, INCLUDING STAKING, CAN BE SUBSTANTIAL AND NOTHING HEREIN IS INTENDED TO BE A GUARANTEE AGAINST THE POSSIBILITY OF LOSS. THIS DOCUMENT AND THE CONTENT CONTAINED HEREIN ARE BASED ON INFORMATION WHICH IS BELIEVED TO BE RELIABLE AND HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE BUT BISON TRAILS MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE FAIRNESS, ACCURACY, ADEQUACY, REASONABLENESS OR COMPLETENESS OF SUCH INFORMATION.