Blockchain Weekly Digest — December 4th, 2023
Covering StakeWise V3 launch, Cardano ballot event, IBC Light Client, Babylon and Agoric
In this week’s Blockchain Digest covers updates in the crypto world, including the StakeWise V3 launched, the formal instructions about how to migrate StakeWise V2 into V3, and its V3 liquid staking token, osETH with ETH Pool live on Balancer. Meanwhile, The Lido DAO has approved the deployment of the Simple DVT Module.
Cardano’s weekly development update, highlighting on core technology, smart contracts, scaling, Voltaire, and Catalyst, and Cardano Ballot Event between Dec 1 to 11 for Cardano community participation.
Deep dive into IBC Light Client, two major tech updates for IBC including the release of IBC-rs v0.48 and Interchain-Test’s addition of a Local-Interchain Testing Platform, introducing IAVL 1.0, a functionality accompanying the release of Cosmos SDK Eden (v0.50), focusing on improving modularity and performance, and Skip API and ibc.fun have undergone a major upgrade. Meanwhile, Desmos announces exciting developments in its developer tools, including Caerus, ContractsBindings, Themis, Athena, and DesmJs.
And finally, the integration of Babylon and Agoric addresses the need for robust security and efficient development environments in decentralized networks. Navigate through the quiet, yet captivating waters of the crypto world in this weekly roundup. Keep reading for a detailed exploration of each update.
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Ethereum
StakeWise V3 live on Mainnet
StakeWise V3 has been launched on the mainnet, offering users the ability to stake ETH through the StakeWise Marketplace, powered by Vaults, which provides diverse staking options with competitive APYs, low fees, and customizable features. With over 20 Vaults available, users can maximize earnings through auto-compounding and flexible fee structures, while also enjoying non-custodial control. The platform introduces osETH, a liquid staking token, allowing users to farm, borrow, and trade other coins with their staked ETH. osETH minting is optional, providing liquidity on-demand and reflecting network rewards accrual in real-time. Holders can earn ETH rewards through one-click staking as osETH value grows.
Check it out the post 👉 here.
Migration for StakeWise V2 into V3
StakeWise V3 highlights a way to reduce staking fees by 50% when migrating sETH2 and rETH2 tokens to StakeWise V3, placing them in the “V2 Pool” vault with a lower 5% staking fee instead of the usual 10%. The V2 Pool Vault offers the same operators, fees, and staking experience as before, allowing users to stake ETH at a reduced fee, and provides the flexibility to unstake ETH at any time or convert it to osETH for access to new DeFi opportunities incentivized by the StakeWise DAO.
Check it out the post 👉 here.
Follow the formal instructions 👉 here about how to migrate to StakeWise V3.
osETH-ETH Pool live on Balancer
The osETH-ETH pool is live on Balancer, which serves as osETH’s primary liquidity source, allowing holders to earn SWISE tokens as rewards. osETH redemptions are disabled until early 2024, potentially affecting its trading dynamics.
Read the blog post 👉 here.
Simple DVT Module
The Lido DAO has approved the deployment of the Simple DVT Module, a step toward diversifying the Lido Node Operator set and enhancing Ethereum staking by utilizing a system that relies on multiple node operators to boost resilience, reduce failure points, improve decentralization, and add an extra layer of protection through Distributed Key Generation. The Simple DVT Module aims to enhance validator accessibility and decentralization within the Lido protocol by leveraging experience from previous DVT testnet trials.
Read the blog post 👉 here.
Cardano
Cardano Weekly Development Update
This week Cardano development update provides updates across different aspects of Cardano development. The site reliability engineering (SRE) team focused on Cardano environment improvements, including updating the Nixos service for SIGHUP peer-to-peer topology reloading. The consensus team addressed header propagation issues, and the UTXO-HD team prototyped LedgerDB and BackingStore redesign. Smart contract updates involve Marconi sidechain migration and improvements in Plutus and Marlowe tools. Scaling efforts include internal testing of the Hydra head and Mithril team’s release of the client library. The Voltaire team highlights the beta launch of GovTool, committee workshops, Cardano Summit, and upcoming Cardano Ballot on CIP-1694 progress. The Catalyst project notes the draft submission deadline and upcoming community review stage, encouraging proposers to finalize their proposals.
Read the blog post 👉 here.
Cardano Ballot Event
The introduction of on-chain decision-making to Cardano in the age of Voltaire, specifically through the implementation of CIP-1694, aiming for a fully decentralized governance system. The Cardano community is urged to participate in the Cardano Ballot Event between December 1 and December 11, 2023, to share feedback on the progress of CIP-1694, a non-binding poll that will influence the future development and deployment of on-chain governance. The Ballot is seen as a crucial step in gauging community sentiment and informing the next phase of Cardano’s governance, with results expected on December 16. It emphasizes the importance of community engagement and decentralized decision-making in shaping the direction of Cardano.
Read the blog post 👉 here.
Cosmos
Introducing IBC Light Client
Light clients, enabling rich cross-chain interactions through the Inter-Blockchain Communication (IBC) protocol. These light clients offer a more resource-efficient representation of blockchains, facilitating secure communication between chains by allowing them to verify each other’s transactions. The process involves setting up light clients for mutual representation, exchanging messages without intermediaries, and utilizing Merkle proofs and block headers for cryptographic verification. Additionally, the security configuration of a tendermint light client can be customized to meet specific blockchain requirements.
Check it out the post 👉 here.
IBC Tech Updates
Two major tech updates for IBC this week include the release of IBC-rs v0.48, which restructures the codebase for greater modularity and flexibility in choosing dependencies, and Interchain-Test’s addition of a Local-Interchain Testing Platform, allowing developers to launch local testnets of multi-chain environments with smart contracts and connect them via IBC for easy creation of complex local development environments.
Refer 👉 here for more info on IBC-rs v0.48.
Refer 👉 here for more info on Interchain-Test adds Local-Interchain Testing Platform.
Introducing IAVL 1.0
Introducing IAVL 1.0, a functionality accompanying the release of Cosmos SDK Eden (v0.50), focusing on improving modularity and performance. IAVL 1.0 addresses inefficiencies in the previous hash-based key structure by incorporating versioning into the key structure, eliminating Orphans for node removal, and introducing a lazy set for migration. The update enhances pruning efficiency, with benchmarks showing notable performance improvements in data locality and storage size. While IAVL 1.0 offers benefits, challenges such as version removal complexity and increased memory usage during tree operations are acknowledged, with ongoing engineering efforts to address them. The Cosmos SDK is highlighted as a popular framework for building application-specific blockchains.
Check it out the post 👉 here.
Skip API and ibc.fun Supporting Cosmos <> EVM Swaps
Skip API and ibc.fun have undergone a major upgrade, now supporting 1-click cross-ecosystem swaps, transfers, and contract calls between Cosmos and Ethereum with zero fees. Users can transfer any supported asset, aggregate and settle across multiple DEXes for optimal prices, and pay fees in any native asset on either side of the swap. The Skip API facilitates cross-chain experiences for various platforms, including Ethereum.
Check it out the post 👉 here.
Desmos
Desmos Developer Tools
Desmos announces exciting developments in its developer tools, including Caerus for centralized server establishment, ContractsBindings for enhanced smart contract capabilities, Themis for easy integration with social networks, Athena for data accessibility through blockchain scraping, and DesmJs, a comprehensive library to streamline Desmos blockchain application development. These tools aim to make Desmos development more accessible and efficient for developers.
Check it out the post 👉 here.
Agoric
Babylon and Agoric Integration
The integration of Babylon and Agoric addresses the need for robust security and efficient development environments in decentralized networks. Babylon’s integration with Agoric incorporates the Bitcoin Timestamping Protocol, enhancing the security of smart contracts and transactions by timestamping events onto the Bitcoin network. This provides Agoric with the same reliability as the Bitcoin network, crucial for trust and adoption. Babylon’s stake-bonding messaging system ensures efficiency, reducing the time to unbond stakes and maintaining liquidity. Agoric’s developer-friendly environment, leveraging JavaScript, lowers barriers to entry for blockchain development, and its native connectivity to over 60 Cosmos zones enhances interoperability. Together, Babylon and Agoric offer a secure and developer-centric solution for decentralized application development.
Read the blog post 👉 here.
Thank you for reading.
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We aim to decentralize the Proof-of-Stake blockchain ecosystem. We’re highly familiar with the Tendermint-based blockchains such as Cosmos, Kava, Quicksilver; Ethereum and EVM-chains like Harmony; and substrate-based chains such as Cardano. Our global team is continuously improving our automations and constantly monitoring our operations to ensure high availability and resilience.
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Stake with KysenPool
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