Avail shared in a blog post that 354,605 wallet addresses are eligible to claim the 600 million tokens in their “unification drop.”
Worldcoin, Sam Altman’s Crypto Project, Is Building a Layer-2 Chain
The human-focused blockchain network will be based on the OP Stack, a framework for building Ethereum-based layer-2 chains.
Crypto Exchange OKX’s Polygon-Powered Layer 2, ‘X Layer,’ Hits Public Mainnet
The news about X Layer comes as other major cryptocurrency exchanges, like Coinbase and Kraken, have also pursued their own layer 2 networks over the last year.
Venture Firm A16z Releases Jolt, a ‘Zero-Knowledge Virtual Machine’
The release is the product of a16z’s first foray into deep tech research.
Espresso Systems Raises $28M in Fresh Funds, Led By A16z Crypto
The shared sequencer leading firm said that the round would further invests in their products as well as additional hires.
Optimism Finally Starts Testing ‘Fault Proofs’ at Heart of Design – and of Criticism
A version of the new proof system, which will help secure withdrawals from Optimism and other networks based on its tech, will be deployed to Ethereum’s Sepolia test network on Tuesday.
Ethereum Staking Protocol Swell Unveils Layer-2 Rollup With $1B Total Value Locked
Swell developed the rollup alongside Ethereum scaler AltLayer and a16z-backed crypto-staking project EigenLayer.
Ethereum Activates ‘Dencun’ Upgrade, in Landmark Move to Reduce Data Fees
A key element of the upgrade is to enable a new place for storing data on the blockchain – referred to as “proto-danksharding,” which gives room for a dedicated space that is separate from regular transactions, and at a lower cost.
Ethereum Blockchain Counts Down to ‘Dencun’ Upgrade, Set to Reduce Fees
The upgrade is designed to usher in a new era of cheaper fees for the growing array of layer-2 networks that operate on top of Ethereum.
Where Did We Go Wrong With Ethereum Scaling?
What to Expect From Ethereum’s Cancun-Deneb Upgrade
The beginning of “The Surge” era in Ethereum’s roadmap sees a range of enhancements to scalability, efficiency and security. Here’s a breakdown.
Polygon, StarkWare Tout New ‘Circle STARKs’ as Breakthrough for Zero-Knowledge Proofs
Circle STARKs are supposed to accelerate the proving process for zero-knowledge rollups, according to a white paper published by Polygon Labs and StarkWare.
Former Fidelity Digital Assets Head Joins Advisory Board of Ethereum L2 Layer N
Luc Froehlich will help guide Layer N’s Real World Asset, TradFi, and tokenization strategies.
Polygon Releases ‘Type 1 Prover,’ Claiming Milestone Set by Ethereum’s Vitalik Buterin
The announcement means that existing EVM chains or optimistic rollups can connect to the prover without modification, then plug into Polygon’s newly released Aggregation layer, providing access to “all of the liquidity and value on Ethereum itself,” Polygon said.
Ethereum Developers Target March 13 for Milestone ‘Dencun’ Upgrade on Mainnet
The timing for the long-awaited Dencun upgrade, with its much-touted “proto-danksharding” feature, was announced Thursday on a call with top developers for the Ethereum blockchain.
Ethereum’s Dencun Upgrade Reaches Final ‘Holesky’ Testnet, Starting Countdown to Data ‘Blobs’
The test simulated “proto-danksharding,” a technical feature aimed at reducing the cost of transactions for rollups as well as making data availability cheaper.
Forget High Gas Fee Challenges, Ethereum Remains Bullish: Time To Buy More?
Despite concerns over network congestion and high gas fees, Ethereum remains bullish in the long term, according to borovik.eth–a partner at Rollbit, who posted on X on December 26. The key factors driving the positive outlook are pointing to Ethereum’s developer ecosystem, its role in the broader blockchain ecosystem, and the launch of numerous Layer-2 solutions (L2s).
Will Layer-2 Activity Drive ETH To New Highs?
Borovik.eth remained deviant and optimistic about ETH, even with Solana (OSL) and other layer-1 coins like Cardano (ADA) soaring in 2023. In the analyst’s view, Ethereum’s scaling challenges are manageable, believing that developers will find ways of “resolving this concern permanently over the long term.”
Based on this optimism, the Rollbit partner believes that ETH will likely recover strongly in the coming sessions considering the level of development, especially of layer-2 scaling options meant for the pioneer smart contract platform. According to Borovik.eth, the development of layer-2 off-chain options backed by massive companies, for instance, Coinbase, a crypto exchange, and venture capitalists (VCs), positions Ethereum (ETH) favorably for a bull run.
As of December 26, ETH remains in an uptrend but is cooling off after solid gains in Q4 2023. At spot rates, ETH is underperforming most layer-1 platforms like Injective Protocol (INJ) and Solana (SOL), whose prices rallied, reaching new 2023 highs. ETH prices are still trending below $2,400, a critical resistance level. If bulls overcome this line, ETH may fly towards $3,500 or better in the months ahead.
The spike in SOL’s valuation, especially in H2 2023, has led to a comparison with ETH. Even so, most traders are optimistic. Arthur Hayes recently stated that users should begin rotating funds from SOL to ETH, an endorsement of the second most valuable coin by market cap.
Ethereum Layer-2s Manage Over $18.8 Billion
While Ethereum faces challenges around on-chain scaling, developers have been working hard to resolve this issue. The release of layer-2 off-chain options using rollups has been key in this drive. Most of these solutions, including Arbitrum and Optimism, have been critical in alleviating pressure from the mainnet, thus reducing gas fees. According to L2Beat, layer-2 protocols manage over $18 billion as total value locked (TVL). There are also 34 active projects, with 23 more being developed.
Among the big companies hitching the layer-2 ride is Coinbase, where through Base, users can transact cheaply while relying on the Ethereum mainnet for security. According to Borovik.eth, over 60% of Base’s revenue is from rollup fees charged, highlighting the importance of their scaling solution and the role Ethereum plays in all this.
Related Reading: Shiba Inu Whale Moves $45 Million In SHIB, Bullish?
The upcoming Dencun Upgrade set for integration next year will further slash layer-2 fees. Developers plan to release this update in the Goerli test network as early as mid-January 2024.
Metis, Ethereum Layer-2 Network, Creates $100M Fund as Decentralized Sequencer Launch Nears
The distribution of funds is planned for the first quarter of 2024, and supposed to occur a week after Metis’ decentralized sequencer will go live.
Starknet Foundation to Allocate 1.8B STRK Tokens ‘Soon’
Starknet said 900 million STRK are earmarked for the foundation’s Provisions Committee, and 900 million will be dedicated to user rebates.
Blockchain Developer Lattice Unveils ‘Alternative Data Availability’ Network for Optimism
Redstone is operating in testnet, and aims to be cost-effective for on-chain games and decentralized applications.