Arweave Ecosystem Weekly Report #14: “Fee Halvening” Edition
The 2.5 hard fork has had an immediate positive impact on the Arweave network for users. From our observations, the AR cost of storing data on the permaweb has been cut in half. Plus, the hard fork will make lead to improvements that reduce the operational requirements for nodes. This is a win both for users and decentralization.
As well as the core network improvements, there’s a ton of news from the ecosystem. More than usual, in fact, as if the ecosystem flood gates opened. Let’s take a look!
I. Arweave Network
The 2.5 hard fork comes into effect
Arweave’s recent hard fork – version 2.5 – paved the way for future mining improvements and made the AR cost of storage scale up or down depending on the dollar price of AR.
The next hard fork will make HDD mining just as efficient as current, more expensive SSD/NVME setups. This reduces the initial cost of setting up a node, since the miner doesn’t benefit as much from access speed. Instead, the number of replicas of a given piece of data a miner has, the more the miner stands to profit.
Looks like Arweave is having some issues at the moment. Might be best to hold off on your uploads until the dust from the hard fork settles.
We'll keep you updated!
— ArDrive 🐘 (@ardriveapp) November 17, 2021
The nature of a hard fork is that the network will need time to propagate changes and the nodes will need time to update. Any nodes not running the latest version of the mining software went offline on Wednesday – around 300 of them.
Since then, while not every node has upgraded, the network has re-stabilized.
Five projects present at the Open Web Foundry community spotlight
Dojima Network, Rawrshak, OpenSet, Artigrade and Arlix presented their products to the OWF community this week. We’ll be covering these projects and others from the OWF in-depth in an upcoming article.
Physical AR coin prototyped
A wooden 1 $AR coin was shared on Twitter this week as a proof-of-concept for a physical representation of Arweave tokens. The coin must be destroyed to access the private key.
This coin is worth $1AR and the only way to get it is to destroy the coin to get the private key inside.
— Evan Marshall (@CoralRelief) November 16, 2021
II. Arweave Ecosystem
Verto tests new SmartWeave-based backend that will bring the exchange back online
Verto is testing a new backend that will bring the exchange back into action soon. The team innovated on the SmartWeave contract base code to develop a way for SmartWeave to custody tokens. This eliminates the need for trading post nodes and also sets the stage for Verto to incorporate more AMM-like features. We wrote about how Verto and everFinance are evolving Arweave PSTs here.
The first ever SmartWeave-based asset exchange contract is in testing :)))
This contract takes SmartWeave to the next level, and we are PUMPED.
How, why, and upcoming plans👇
— Tate Berenbaum 🐘 (@TateBerenbaum) November 14, 2021
The first Permaweb Pioneers panel goes live
The first panel discussion from Permaweb Pioneers went live this week, publishing the recording of a conversation hosted by Only Arweave, Arweave News and Arweavers asking the question: “how can we bring web2-like experiences to web3”. The panel comprised experts working on Arweave gateways, bundlers, and other scalability improvements.
1/ The first Permaweb Pioneers PANEL is live!
Listen here: https://t.co/EyvgzS5Lwr
A 🧵of key takeaways 👇
— Only Arweave 🐘⚡️ (@onlyarweave) November 11, 2021
Glass launches a new music video auction with Two Feet
Glass, a video streaming platform based on Arweave, just announced an exclusive partnership with Two Feet to auction the platinum-selling songwriter’s latest music video, Until I Come Home. The 24-hour auction will start when the reserve price of 0.25 ETH is met.
Solana-based music distribution platform Nina leverages Arweave as storage
Built on Solana, Nina is a music distribution platform that aims to fairly compensate artists.
“On Nina, artists pay a nominal fee per upload that covers the permanent storage of their work. That’s all it takes to host their music and attach a payment mechanism to it. Their releases are made available for public streaming and purchase as tokenized assets with quantities and prices of the artists’ own choosing”. – Nina on Medium
While developing the platform, Nina opted for a pay-once, store-forever model using Arweave as the storage layer.
1/ We are excited to announce the upcoming launch of Nina: a new way to publish, stream, and purchase music.
— nina (@nina_market_) November 16, 2021
Permacast kicks off the permanent podcasting grants program
To give podcasters the chance to get their shows on a permanent, permissionless and subscriptionless host, Permacast is offering to cover the cost in $AR for accepted shows filling out the form linked below.
The permanent podcasting grants program is now open. 💵
Get the AR you need to upload your whole show to permacast. Just fill out this form: https://t.co/dvPGQn8hnZ
p.s., we have special rewards for early adopters and RT'ers 👀
— Permacast (@permacastapp) November 17, 2021
SevenX Ventures explain their Arweave investment thesis on the Bitcoin.com podcast
Li Rongbin, a founding partner of SevenX Ventures, appeared on the Bitcoin.com podcast this week to talk broadly about the market and the fund’s investments.
“Permanent storage is a backbone for web 3.0 applications. Web 3.0 is about the user owning their own data. How can you take full control of the data if the data is not stored, at your own will, permanently? If you store data in a centralized cloud server – or a chain where you need to pay rent, like Filecoin – you aren’t taking full control of your data. That’s why we’re so bullish on Arweave”
25 AR bounty offered for an Arweave WordPress plugin
Arweave founder Sam Williams offered a 25 AR reward for anyone who can build a WordPress plugin that backs content up to Arweave.
Since websites are often hosted on rented servers, valuable information is at risk of being permanently deleted shortly after the website owner stops paying hosting fees. To avoid that common cause of 404s and lost work, an Arweave backup could be a good bridge from web2 to web3.
25 AR for the builder of the first well-functioning WordPress Arweave backup plugin! 😀 https://t.co/muuiKZoJtr
— Sam Williams 🐘 (@samecwilliams) November 14, 2021
RedStone and everPay announce partnership
everPay, the Arweave-based DEX which bridges AR and ETH, has announced its application will make use of RedStone technology. Price feeds in the exchange will now be pulled from RedStone’s price API, and the code which makes use of SmartWeave contracts will be migrated to use RedStone’s version of the SmartWeave SDK – RedStone Contracts.
🐘The progress continues!
We've partnering with @redstone_defi for their datafeeds and contracts.
— everFinance 🐘 (@FinanceEver) November 12, 2021
LikeCoin integrates Arweave storage
LikeCoin has implemented Arweave storage into its decentralized publishing protocol, enabling permanent documents to be added to “Metaverse Library” collection.
Watch the 10m presentation here.
LikeCoin integration with @ArweaveTeam 🔥
Nicely explained by @edmondkcyu, check the medium article below!#Arweave x #LikeCoin: The Library of Alexandria and The Library Catalogue in the #Metaversehttps://t.co/uBiGFdsk9M$AR $LIKE @ArweaveNews@Arweavers
— LikeCoin (@likecoin) November 17, 2021
“Blazingly fast” SmartWeave implementation in the works
This week the team at Verto teased a new SmartWeave innovation that can run 1,000,000 interactions in 1 second on 1 thread. While the official announcement with full details is still to come, this apparently will represent a huge leap forward for scaling smart contracts on Arweave.
@undefined_void @TateBerenbaum With current researches being held, writing a blazingly fast #Smartweave is now possible. Can’t say more but stay tunned. @ArweaveNews @onlyarweave https://t.co/ZccMv8tFnH
— Andres Pirela (@andreestech) November 17, 2021
AFTR Market treasury management smart contracts go into the testing phase
AFTR Market, a project from the previous Open Web Foundry has moved from the development stage into testing. The solution will enable easy and secure treasury management for Arweave PSCs and make use of the foreign call protocol (FCP), which makes it possible for SmartWeave contracts to custody assets and control their flow.
The first ever SmartWeave-based treasury management solution also in testing! We’ll be utilizing the FCP to transfer assets between contracts.
— AFTR Market (@AftrMarket) November 14, 2021
ArDrive’s ArCast releases first episode
ArCast is a newly-launched podcast from ArDrive, hosted by rapper and podcaster MC Lars – who you might recognize from ArDrive’s videos on Twitter. In the first episode, MC Lars talks NFTs, permanent storage and crypto culture with Stanford Law professor Mark Lemley.
ArCast is hosted permanently on permacast, an Arweave-based podcasting host.
— ArDrive 🐘 (@ardriveapp) November 5, 2021