One month after launch, how is the ETHW ecosystem? It is already comparable to ETC

(Note: This article is for information sharing only. It has no interest in any of the projects listed, does not endorse any projects, and does not provide any investment advice. The article was written on October 12, and some data may be delayed.)

Nearly a month has passed since the Ethereum Merge upgrade, and the PoW miner migration has gradually come to an end. The computing power of major PoW public chains has increased dramatically after the merger and has stabilized. The new forked chain has gradually gotten rid of the "candy chain" and focused on building the on-chain ecosystem. As the largest PoW fork chain of ETH, ETHW attracted a wave of traffic and supporters on the eve of the merger with the frequent social activities of its founder Guo Hongcai on social media. After the merger, it not only successfully completed the fork of the ETH chain, but also forked high-quality dAPPs and NFTs on ETH, and attracted many players to come and dig for gold with the wealth effect brought by native NFTs: Beatles and Meme Token: YZZ.

According to the Wagmi33 Foundation, ETHW already has at least 80 ecological applications or services including DeFi, GameFi, DEX, NFT, etc. Although there is a lot of water in the list, as a public chain that has been born for less than a month, the construction of its on-chain ecology can be said to be no less than that of its neighboring competitor, ETC, which has existed for several years. The projects listed in this article are selected based on a comprehensive evaluation of the Wagmi33 Foundation's list, the official list, social media attention, platform data, community discussions and prospects. (Many projects on the ETHW chain are promoted by the Wagmi33 Foundation, which is part of the AWSB DAO, which is quite influential in the Chinese community)

It should be noted that new chain projects often use means such as controlling the market and pulling the market to artificially raise the token price in the early stage to attract investors to enter the market; in addition, most of the current ETHW players must be trading with the candies they receive or the income earned from candies, so they have less psychological burden; do not easily enter the market with large funds for the return on investment. There is also a basic valuation judgment method for new chain projects, that is, the market value of on-chain applications will not exceed the market value of the public chain. The current market value of ETHW is about $670 million.

DEX

LFGSwap

Twitter followers: 175k, Telegarm subscribers: 330k

LFGSwap is currently the largest DEX on ETHW. Its overall interface style is quite similar to Pancakeswap. It has built-in functions such as trading, cross-chain, mining and IDO, and has completed the Armors Labs audit. A handling fee of 0.25% is charged for each transaction, 0.17% is allocated to LP, 0.0225% is allocated to the treasury, and 0.0575% is used for the repurchase and destruction of LFG. DeFi Llama data shows that LFGSwap's locked position has reached $1.86 million, accounting for more than 52.47% of the locked position on the ETHW chain. Data from the official website interface shows that 8,000 users of LFGSwap have completed 900,000 transactions in the past 30 days.

LFGSwap conducted its IDO Token sale from September 30 to October 2. At that time, the price of LFG was $0.03, and each address could purchase $100-2000. It eventually oversubscribed within 3 days, exceeding $1.3 million. However, on October 6, the LFGSwap team issued an emergency announcement that it would return all the funds raised to investors, citing the macro environment and early private investors as temporarily changing the attribution conditions of the Token, and the team was unwilling to compromise. However, the team still retained the rights and interests of users participating in the IDO and airdropped 777 LFGs to them. Finally, LFG went online on October 7, with an opening price of about $0.025 at the time. The current price is about $0.058, with a market value of $5.88 million.

UniWswap

Twitter followers: 37k, Telegram subscribers: 2.9k

A DEX that imitates Uniswap. In addition to trading, cross-chain, and mining functions, it also has NFT: UniWpunks and chain games based on UniWpunks. A launch pad will be launched in the future. UniWswap is the only application on the ETHW chain with a locked volume of more than $1 million, and has grown by more than 30% in the past 7 days, second only to LFGSwap. In addition, all UNIW raised during the sale of UniWpunks will be destroyed, and half of the ETHW will be added to the liquidity. UniWswap completed the Coinsult audit on September 23. The current UniWswap Token UNIW is about $0.1, with a market value of about $1.2 million.

Lending and Stablecoins

PaperDAO

Twitter followers: 415, Telegram subscribers: 140, Discord community members: 139

Currently, PaperDAO (beta version), the first and only DeFi lending application on the ETHW chain, provides USDC, USDT, wETHW and the native stablecoin USW. According to the white paper, PaperDAO will use the stablecoin DAI as the economic model and launch the excess stablecoin USW, which will be backed by ETHW as collateral. Users will be able to mint USW by staking ETHW. Then PaperDAO will launch an AMM similar to Uniswap V2 style and add ETHW-USW LP liquidity. These two tools will be used to launch the ETHW ecosystem and allow various other dapps to be built on it. If other stablecoins are launched on the ETHW chain in the future, PaperDAO will launch stablecoin transactions with USW. (WETH in the above picture should be wETHW, the interface is wrong)

According to the design of the white paper, USW is modeled after DAI, but the underlying code is forked from Compound V2 (2022.4) and contains only two assets, wETHW and USW. USW has a fixed upper limit of 10 trillion pieces. Initially, the USW mortgage rate is set at 50%, and the reserve ratio is 10%. It can only be borrowed through the mortgage and minting of ETHW.

However, the biggest challenge PaperDAO faces now is the lack of oracle support. As early as August before the merger, Chainlink announced that it would be consistent with the community and that its protocols and services would not support forks of the Ethereum network, including PoW forks. Without an oracle, there would be no meaningful on-chain liquidity, and it would be impossible to create a price feed based on TWAP, so in the early stages, PaperDAO might only be able to update prices manually.

In addition, it is worth noting that PaperDAO Token PPR will be launched on UniWswap in 2 days.

OHMPOW

Twitter followers: 20k, Telegram subscribers: 687

OlympusDAO's imitation on ETHW. The current OHMW price is about $50, the locked amount is $47,000, and the APY is 44.82 million%. In addition, discounts on bonds including OHMW-ETHW LP, USDC and WETHW are also provided to purchase OHMW. The treasury balance is $4,120.

NFT Marketplace

Nuwton

Twitter followers: 10.7k, Discord community members: 5,165

Supported by the Wagmi33 Foundation, the first NFT trading market on the ETHW chain. In the past 24 hours, Nuwton's trading volume was about 6,360 ETHW, about 50,000 US dollars, of which the Beatles had the largest trading volume, reaching 3,951 ETHW, accounting for 62%. In addition to some native projects such as the Beatles, there are also some Ethereum blue chip forks, such as BAYC and MAYC.

yayasea

Twitter followers: 510

The interface texture is much rougher than Nuwton, and the document link and Discord link are invalid. In the past 24 hours, the transaction volume of yayasea was about 6,055 ETHW, about 48,000 US dollars, among which the Beatles also had the largest transaction volume, reaching 4,053 ETHW, accounting for 66.9%.

Comparing the two trading markets, the floor prices of the same series of NFTs may vary greatly in different markets.

OpenW

Twitter followers: 49.2k

ETHW is an NFT trading market on the chain supported by Wagmi33 Foundation. On October 11, the launch of the OpenW website is expected to be delayed by more than 24 hours because the user experience of the trading platform was not accepted by the quality assessment department. Open Tigers NFT holders will become members of OpenW.

Domain Name Services

ETHW ID - .ethw

Twitter followers: 37k, Telegram subscribers: 40.5k, Discord community members: 17.9k

The domain name service on the ETHW chain provides domain names with the suffix .ethw and has reached cooperation with LFGSwap, OHMPOW, etc. According to the website FAQ, ETHW ID DAO will be launched soon, and each successfully registered domain name address will receive an airdrop of 500 tokens. The pre-registration period for the .ethw domain name is from October 12, 2022 to October 22, 2022. During the pre-registration period, if a domain name is registered by multiple people, it will enter the auction mode and the highest bidder will win. The domain name claiming period is: October 26, 2022-October 26, 2023, and it can be used or traded as an NFT.

WENS

Twitter followers: 15.8k, Discord community members: 2.9k

The ETHW on-chain domain name service supported by the Wagmi33 Foundation, the website is not online yet. Currently, WENS is carrying out marketing cooperation activities with Chinese-speaking KOLs, and has reached a cooperation with OpenW, a trading platform created by Open Tiger.

Native NFT

The Beatles

Twitter followers: 11k, Discord community members: 7.3k

The first NFT on the ETHW chain, and currently the most actively traded NFT on the chain. The current floor price of Beatles is nearly 15 ETHW, which is a thousand times higher than the original minting price.

Open Tigers

Twitter followers: 66.5k

This project has attracted much attention from the community and may become the next Beatles. However, due to the unsatisfactory delivery of OpenW, the creation of Open Tigers has also been delayed.

Meme

ShibaW

Twitter followers: 1.7k, Telegram subscribers: 1.1k

The SHIB imitation on the ETHW chain has increased more than 100 times since its launch on September 23. In addition, it has also launched the ShibaW NFT pass: SHIBAWINU.

YZZ Token

Twitter followers: 8k, Telegram subscribers: 4.7k

A ten-thousand-fold increase, driven by YZZ, led to the gold rush of ETHW.

Overall, ETHW's DeFi applications are mainly concentrated in Swap. In addition to those listed in this article, there are nearly a dozen Swaps of all sizes. This is because the trading function is the simplest and most urgently needed function on the chain. After the currency-to-currency and NFT trading functions were improved, many speculators were attracted to come to dig for gold through Meme narratives and powerful wealth effects. After the foundation was built, unlike ETC's self-contained, ETHW is more innovative and dynamic. It not only forked some Ethereum applications, but also opened up the exploration of native stablecoins and on-chain lending.