Ethereum's next huge milestone! What are blobs and what's the status of L2s? Next-gen crypto analytics to level up your trading game. Solana-based "hero shooter" game secures $3M! 🔥
In April 2023, Ethereum successfully transitioned from Proof of Work (POW) to Proof of Stake (POS) consensus through the Merge and Shapella (Shanghai+Capella). The next big thing, which is a huge milestone for Ethereum is the implementation of EIP 4844, or “Proto-Danksharding”.
This EIP, created by Ethereum developers Protolambda and Dankrad Feist, introduces a new transaction type called “blobs” to boost the scalability of roll-ups on the Ethereum platform.
💪 Dencun Upgrade
Dencun, the next Ethereum upgrade, has formally adopted this proposal.
Dencun is a combination of "Deneb" and "Cancun", symbolizing dual enhancements. "Deneb" signifies the upgrade of the Consensus Layer (CL), named after the brightest star in the Cygnus constellation.
EIP 4844, known as Proto-Danksharding, is a simplified version of Danksharding, introducing blob-carrying transactions to carry extra data ‘blobs’.
Each block can now hold 1MB-2MB of data.
EIP 4844 includes execution-layer logic, verification rules, multi-dimensional free markets, and necessary system changes for full Danksharding.
This aims to lower the expenses of publishing large data on Ethereum, reducing rollup operational costs.
🛠 Current Status of L2s
Leading L2 solutions like Optimism, Arbitrum, and zkSync have seen substantial growth in terms of TVL and user activity. These L2s leverage different scaling techniques, such as optimistic rollups and zero-knowledge rollups, to process transactions off-chain and settle them on the Ethereum mainnet periodically.
The data shows 4.6 million weekly active addresses in Ethereum's L2 ecosystem!
As the Ethereum Dencun upgrade approaches, the status of L2s remains strong, with ongoing development and adoption. L2s are expected to continue playing a vital role in the Ethereum ecosystem, complementing the mainnet and providing users with faster and cheaper transactions.
🥊 Solana vs Ethereum
Solana and Ethereum are key players in the DApp and DeFi sectors. Solana stands out for its fast transactions and low fees, thanks to its Proof of History mechanism. Ethereum, with a larger developer base and established ecosystem, focuses on enhancing its network through smart contracts and upgrades like Dencun to improve scalability and efficiency. Here’s a current stat byToken Terminal: A difference of 3.5x.
Even with the recent upgrade, we see that Solana is doing 10x more than all the Eth L2s combined says Mert, the CEO of Helius.
💸 Inflation: Inflation has been a topic of concern in the crypto market. The overall market experienced a period of volatility, with many cryptocurrencies seeing significant price fluctuations.
The current low gas fees associated with the blobs in EIP-4844 could indeed be influenced by the relatively smaller number of users utilizing this new transaction type.
📈 Offchain Labssuggests that the optimal strategy depends on blob prices. Higher prices favour waiting for fuller blobsto minimize blob usage, while lower prices allow for faster empty blob posting at near-zero cost. The study determines the usage minimizing total blob and waiting costs, showing rollups will use fewer but fuller blobs at high prices and shift to more frequent empty blobs as prices decrease.
The Dencun upgrade is set to boost Ethereum's scalability and reduce costs, potentially enhancing its competitiveness against rivals like Solana. This upgrade could reshape Ethereum's future and its Layer 2 solutions.
What are your thoughts on the impact of Dencun on Ethereum's landscape?
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Singapore's 9 Lives Interactivesecures $3 million for global launch of Nyan Heroes, a Solana-based "hero shooter" game. Mechanism Capital leads funding round, joined by Sfermion, Momentum 6, and others. Early access testing via Epic Games Store starts March 26, offering NYAN token rewards. Over 200,000 sign-ups so far.
Nigerian fintech Zonesecures $8.5M seed to expand decentralized payment infrastructure. Formerly Appzone, it specializes in local banking solutions, now branching into blockchain for seamless transactions. With backing from Flourish Ventures and TLcom Capital, Zone aims to revolutionize African digital payments, targeting reliability and scalability.
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Let’s get into Posty’s fresh pecks from the world of web3!
☕️ Starbucks is ending its NFT loyalty program, Odyssey, on March 31st. The NFTs earned through the program can be transferred to Nifty Gateway for continued trading. This move follows a trend of non-crypto companies discontinuing NFT programs.
🕷 VeVe, an Ethereum NFT collectibles platform, has launched its VeVe Comics platform and digital comic book reader, featuring over 300 Marvel digital issues, where Spider-Man will be Marvel's first foray into NFTs. VeVe aims to create an immersive and accessible platform for comic book fans.
💰 FSL's Gas Hero game airdropped 25 million GMT to its community, emphasizing its commitment to community integration and governance in Web3 gaming. The game has seen significant trading volume and rewards for community engagement. FSL's approach prioritizes community involvement and participatory governance, using GMT as an ecosystem token to integrate the community into the game's fabric.
🇳🇬 Binance works with Nigerian authorities amid ongoing disputes. Two employees remain detained since February, without charges. Nigerian officials seek an extension for their detention. Binance vows collaboration for their safe return. The dispute stems from the Nigerian central bank's claims of large transactions. Binance withdraws naira support.
😱 Slerf, a new Solana memecoin, accidentally burns $10 million raised in presale, causing turmoil. The developer's mistake irretrievably loses funds. The team expresses regret in online spaces. Despite the chaos, the SLERF price surges 242%, sparking wild trading. The weekend sees an influx of Solana memecoin presales, many attracting millions in funding.
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