Weekly Recap Ending March 24

Table of Contents

Notable Messari Intel Updates

Terra will be launched on THORChain this week following the upcoming hardfork. The node launcher for terra-daemon has been merged on chaosnet, and node operators should begin syncing their chain daemons now in anticipation for chaosnet’s launch.
Ava Labs has shared details about Core; a free, non-custodial wallet explicitly created for applications on Avalanche with native support for Subnets. The first iteration of Core will be a browser extension that is expected to be released at the end of March 2022. A Core mobile application is expected to be released in early Q2 of 2022.
Electric Coin Co. has announced that they have delayed the NU5 upgrade until mid to late May. During testing, the ECC core team found a consensus bug that caused the testnet chain to fork. A fix has been implemented and will be included in the upcoming Zcashd release 4.7.0.
THORChain halted at block 4,786,559 to perform the scheduled hard fork. More info can be found here on the events that happened during the hard fork.

Notable Messari Governor Updates

The Cream DAO succeeded in passing a proposal that aims to end an ongoing bounty payment of 2,576.25 ETH to whitehat hackers that helped recover funds exploited from Cream platform in August 2021. The remaining ETH from the bounty payment will be used to compensate depositors impacted by losses from the platform in another exploit in October 2021.
The Quickswap DAO succeeded in passing a proposal supporting a QUICK token split; the winning outcome came in favor of a 1:1000 split.
The ApeCoin DAO submitted a proposal that aims to establish the ApeCoin DAO’s governance process and outlines the DAO’s values and mission. ApeCoin DAO will be governed by ApeCoin tokenholders who are able to both submit and vote on APE Improvement Proposals (AIPs). The submission process will be administered by a special counsel within the Ape Foundation called the “Board”. The Board will be composed of DAO members as elected on an annual basis. Voting is currently active.
The Bancor DAO submitted a proposal that aims to assess sentiments about decreasing the vBNT pool fee from 1.5% to 1.0%. The proposal follows community members’ concerns about the vBNT pool performance after the fee was initially increased from 0.75% to 1.5%.
The Sushi DAO submitted a proposal that aims to implement an Omnichain native asset bridge into Sushi, called Stargate, that is built on top of LayerZero and allows for token swaps across chains. Stargate allows for streamlined transfer of funds across chains and implements UX improvements over traditional bridges. For example, Stargate can take some of the users’ native source gas, and drop some native gas to the user on the destination chain eliminating the need for gas faucets. Stargate on Sushi will support 7 networks on launch: Ethereum, Polygon, Avalanche, BSC, Fantom, Arbitrum, and Optimism

Sector Returns

The month-long pattern of weekly trend reversals seems to have been broken. This week marks two consecutive weeks where all sectors covered have finished in green territory. The gaming sector has seen some solid performance over the past two weeks, finishing top second last week and now leading the pack with a 19.51% return. Top assets by market capitalization were next up, gaining 14.28% on the week. The rest of the sectors covered brought in single-digit returns ranging from 8.49% for smart contract platforms to 5.61% for currencies.