Welcome to our latest weekly roundup of significant events and progress across the Ethereum ecosystem. This update covers essential advancements related to The Merge, consensus layer improvements, Layer 2 scaling solutions, and broader community initiatives.
The Merge Progress
Expected Goerli Testnet Merge Timeline
Developers have tentatively scheduled the Goerli testnet merge for August 10. This is a critical step in testing the transition to proof-of-stake before the mainnet upgrade.
Sixth Merge Community Call
A community call focused on The Merge is set for August 12. Key discussion points will include:
- Updates on the Goerli testnet
- Balancing consensus layer clients
- Post-merge testnet strategies
- Adjustments to block time and its impact on lending protocols
- Configuring transaction fee recipient addresses
- The importance of client diversity for validators
All validators and community members are encouraged to participate to stay informed.
Consensus Layer Updates
MEV-Boost Implementation Advances
Significant progress has been made with MEV-Boost, with testing guides now available for Teku, Prysm, and Lighthouse clients. This allows validators to begin testing the software. Additionally, Rocket Pool's smart node version v1.5.0 beta 2 now supports MEV-Boost for these clients, broadening access to maximal extractable value strategies.
👉 Explore more strategies for validators
Obol Network Launches Athena Public Testnet
Obol Network, which focuses on distributed validator technology, has launched its first public testnet, named Athena. The testnet includes a roadmap for mainnet-ready clients and involves a four-phase participation process for operators. Future testing for their client, Charon, is planned on the Goerli and Gnosis chains before a mainnet release.
Layer 2 Scaling Solutions
StarkNet Foundation and Native Token Announcement
StarkNet has outlined its decentralization plan, which includes the creation of a foundation and the issuance of a native token. The token, with an initial supply of 10 billion, is planned for release in September 2022. It will be used for governance, paying transaction fees, and participating in the network's proof-of-stake consensus mechanism.
Scroll Pre-Alpha Testnet Release
Scroll, a zkEVM-based zkRollup, has released a pre-alpha testnet for early external testers. This initial version runs on a private proof-of-authority network and supports basic functionalities like interacting with demo applications and bridging assets. A more open alpha testnet is planned for the future.
ZKX Raises $4.5 Million in Seed Funding
ZKX, a permissionless derivatives trading protocol built on StarkNet, has completed a $4.5 million seed funding round. The project aims to address key challenges in DeFi, such as oracle reliance and liquidity provisioning for new derivatives. A mainnet launch is planned for the fourth quarter of this year.
Additional Layer 2 News
- Mandala Game: The blockchain-based MMORPG will be built on the Immutable Layer 2 NFT platform.
- Lido on Layer 2: The liquid staking protocol has announced plans to expand to Layer 2 networks, allowing users to utilize stETH in L2 DeFi applications.
- DeversiFi Rebrand: The StarkEx-based exchange has rebranded to rhino.fi, positioning itself as a frictionless L2 portal for multi-chain DeFi.
- Arbitrum Nitro: Arbitrum has launched a new Göerli testnet and is preparing to migrate its Rinkeby testnet to its Nitro technology stack.
Ecosystem Growth
New DeSci Page on Ethereum.org
Ethereum.org has launched a new section dedicated to Decentralized Science (DeSci). The page explains the movement, how it aims to improve scientific research, and how users can get involved.
OpenSea Migrates to Seaport Protocol
The NFT marketplace OpenSea has completed its migration to the Seaport protocol. This upgrade brings substantial gas fee reductions, new features like collection-wide offers, and the removal of account initialization fees for new users.
Gnosis Safe Completes $100 Million Strategic Round
The smart contract wallet platform Gnosis Safe has raised $100 million in a strategic funding round with over 60 contributors. The funds will support the development of the Gnosis Safe ecosystem and projects building on it.
Celsius Network Files for Bankruptcy
The lending platform Celsius Network has filed for Chapter 11 bankruptcy protection after pausing withdrawals in June. The company is now undergoing a restructuring process.
EthCC Conference Underway
The Ethereum Community Conference (EthCC) is taking place in Paris, featuring over 200 speakers. The event is a major gathering for developers and enthusiasts, with a significant focus on the upcoming Merge.
BeaconChain App Merge Checklist
The beaconcha.in mobile application has introduced a Merge checklist feature to help solo stakers prepare for the transition to proof-of-stake.
StarkNet Paris Hackathon
StarkNet partnered with Encode Club and Activate to host a hackathon in Paris, offering over $20,000 in prizes for developers building on its network.
Three Arrows Capital Liquidation
The hedge fund Three Arrows Capital (3AC) is undergoing liquidation, with creditors filing claims totaling billions of dollars. The situation has had significant ripple effects throughout the crypto industry.
EIP-4361 Status Update
The "Sign-In with Ethereum" standard (EIP-4361) has moved from a draft to a review status, marking an important step towards wider adoption as a standard for web3 authentication.
Frequently Asked Questions
What is the significance of the Goerli testnet merge?
The Goerli testnet merge is a full dress rehearsal for Ethereum's mainnet transition to proof-of-stake. It allows developers, node operators, and application teams to test the upgrade in a environment that mimics the mainnet, ensuring a smoother transition when it happens for real.
How does MEV-Boost benefit validators?
MEV-Boost allows validators to access a competitive market for block space by receiving blocks from external builders. This can lead to increased rewards from maximal extractable value (MEV) without requiring validators to perform complex transaction ordering themselves.
What are the advantages of Layer 2 solutions like StarkNet and zkRollups?
Layer 2 solutions dramatically increase transaction throughput and reduce fees by processing transactions off-chain and then posting compressed cryptographic proofs back to the main Ethereum chain. This enables scalability while maintaining the security guarantees of Ethereum Layer 1.
👉 View real-time tools for Layer 2
What is Decentralized Science (DeSci)?
DeSci is a movement that leverages web3 infrastructure like blockchains, smart contracts, and DAOs to create a more open, collaborative, and fair ecosystem for scientific funding, research, and publication. It aims to mitigate issues like biased funding and restricted access to research.
Why did OpenSea migrate to the Seaport protocol?
OpenSea migrated to the open-source Seaport protocol to significantly reduce gas costs for its users, introduce new features like collection offers, and remove upfront fees for new account activation. The move is estimated to save the community hundreds of millions of dollars annually.
What does EIP-4361 "Sign-In with Ethereum" do?
This standard allows users to authenticate with web2 and web3 services using their Ethereum wallet instead of a traditional username and password. It provides a more secure, privacy-preserving, and seamless login experience across the internet.