Blockchain Weekly Digest — March 11th, 2024
State Growth in Ethereum, Light Clients Breakout, The Staking Legos, Cosmos Hub Gaia v15 Software Upgrade, Cardano Weekly Development Update, Kava’s Transition from BEP3 to Binance Smart Chain, and Stride Goes Modular.
The Blockchain Weekly Digest covers various topics including Ethereum state growth and proposed solutions, the roadmap for Ethereum Light Clients, the evolution of the Ethereum staking ecosystem with “staking legos”, the Gaia v15 Software Upgrade in the Cosmos network, updates on Cardano’s weekly development progress, Kava’s transition from BEP3 to Binance Smart Chain, and Stride’s modular transformation into the first Celestia rollchain. 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
State Growth in Ethereum
The article explores the concept of state growth in Ethereum and its impact on the platform’s scalability. It emphasizes the need for precise terminology to understand different scaling bottlenecks, including state growth, history growth, and state access. Using high-resolution datasets, it concludes that modern consumer hardware can sustain current state growth rates for at least a decade, with potential extensions through upcoming improvements in software and hardware. The largest contributors to Ethereum state are identified, including ERC-20 and ERC-721 tokens. The growth rate of Ethereum state has decreased, and various solutions like rollups, Verkle tries, and state expiry are proposed to address state growth in the short, medium, and long term.
Check it out the blog post 👉 here.
Light Clients Breakout
The article discusses the potential roadmap for Ethereum Light Clients, addressing issues and proposing changes to enhance functionality. Use cases include decentralized data verification, historical data storage, chain synchronization, IoT, and decentralized staking pools. Concerns about centralization, security, and execution layer verification are raised, with proposed solutions such as backfill protocol and SSZ Stable Containers. It also covers the challenges of proving the validity of light client data, introduces proposals like Sync Committee Slashing, and explores future protocol changes.
Check it out the blog post 👉 here.
The Staking Legos
The article discusses the evolution of the Ethereum staking ecosystem, emphasizing the importance of composability in addressing various challenges. It introduces the concept of “staking legos,” including the Beacon Chain, SSV Network’s distributed validator technology (DVT) infrastructure, Liquid Staking Protocols (LSPs), and Restaking. It explains how these layers can be stacked to optimize yield and enhance network health. Specifically, Distributed Native Restaking with SSV is highlighted, allowing solo-stakers to achieve maximum uptime and fault tolerance. It also explores the integration of SSV into Liquid Staking Protocols, creating Liquid Restaking Tokens (LRTs) and stacking rewards across different layers. Risks associated with these processes are acknowledged, emphasizing the importance of SSV as a standard for base layer resilience.
Check it out the blog post 👉 here.
Cosmos
Gaia v15 Software Upgrade
A major upgrade, Gaia v15, in the Cosmos network. The release focuses on upgrading Cosmos SDK to v0.47, introduces changes to commission rates and vesting funds, and addresses issues found in the Oak Security audit. The release has undergone extensive testing, and potential risks are discussed, along with the governance process for approval or rejection of the upgrade in the Cosmos Hub. Below forum also highlights revised hardware requirements, recommends node operators to set sufficient swap, and emphasizes not restarting nodes mid-upgrade.
This upgrade will occur at block height #19,639,600 on Mar 20th 2024, at approximately 10:33:57 UTC.
Cardano
Cardano Weekly Development Update
The article highlights various updates and progress across different aspects of the Cardano blockchain ecosystem. The networking team released new packages, fixed syncing issues, and initiated work on Outbound-Governor Genesis mode. The consensus team focused on updating production libraries, addressing bugs, and enhancing analysis tools. The Plutus team advanced in implementing CIP-57 for Plutus contract blueprints. Hydra and Mithril teams collaborated on scaling efforts, including preparing for the switch to Conway, UI enhancements, and protocol changes. The SanchoNet team updated documentation, while Project Catalyst continued onboarding Fund11 projects, achieving significant community participation. Additionally, the education team worked on updating advanced lessons in the Haskell Bootcamp course and practical scenarios for the Cardano Developer Course.
Check it out the blog post 👉 here.
Kava
Transition from BEP3 to Binance Smart Chain
Binance users holding BEP3 assets on Kava Chain are advised to take immediate action due to an upcoming change in the Kava Chain infrastructure. The BEP3 assets, currently backed by assets on Binance Beacon Chain, will be migrated transparently to Binance Smart Chain by April 30th. Users can withdraw BEP3 assets via the BEP3 deputy until the deadline, after which a new Axelar Bridge will be established to connect Binance Smart Chain and Kava Chain. The BEP3 deputy will shut down, and users can bridge their assets to Binance Smart Chain for BEP20 assets. A detailed governance proposal will be shared, and users are encouraged to review it for a comprehensive understanding of the BEP3 migration plan. It is essential to complete any necessary BEP3 withdrawals before April 30th.
Check it out the blog post 👉 here.
Stride
Stride Goes Modular: The First Celestia Rollchain
Stride is undergoing a modular transformation to become the first Celestia rollchain, with the introduction of a rollchain module enabling data posting to Celestia, fostering secure interoperability. This move follows Stride’s previous innovations, including liquid staking and interchain security. The Stride blockchain aims to leverage Celestia’s modular ecosystem, enhancing interoperability and potentially unlocking strategic advantages. The proposed rollchain module installation is contingent on governance approval by STRD token holders in an upcoming Stride chain upgrade.
Check it out the blog post 👉 here.
Thank you for reading.
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