Blockchain Weekly Digest — May 27th, 2024
Lido x SSV Simple DVT Holesky Testnet Results, Proposal for Expanding the Simple DVT Module, SSV.Network scaling roadmap, Solana IBC: Launch Sequence, The First Open-Source, Practical ZK-IBC from TOKI and Succinct, Enhancing Cross-Chain Security with IBC Rate Limits, Weekly Cardano Development Update, Intersect Weekly Development Update, and Introducing Aura EVM.
The Blockchain Weekly Digest covers key updates and developments across multiple blockchain projects. Leading the way this week — The SSV network’s Simple DVT Holesky Testnet showed superior performance, exceeding LNOSG requirements and enhancing scalability with over 95% uptime. A proposal to expand aims to add 250 Node Operators in 2024. The SSV.Network roadmap plans to reduce hardware requirements by 90%, anticipating over 50,000 validators.
Meanwhile, Solana IBC’s launch enables seamless transfers between major ecosystems. TOKI and Succinct introduced the first open-source ZK-IBC for trustless data exchange between Ethereum and Cosmos. IBC Rate Limits enhance cross-chain security.
And finally, weekly updates highlight Cardano’s progress and Aura EVM’s support for both CosmWasm and EVM smart contracts. 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
Lido x SSV Simple DVT Holesky Testnet Results
The SSV network’s Simple DVT Holesky Testnet with Lido LNOSG highlighted the superior performance of SSV nodes, exceeding LNOSG requirements. The DVT implementation enhances node operator resilience, scalability, and decentralization by enabling a single validator to be operated by multiple machines. The testnet, involving 192 participants across 32 clusters, demonstrated high attestation effectiveness and uptime over 95%. Despite minor issues, the trial provided valuable insights for improving network support and testnet coordination. The next steps include evaluating trial outcomes for mainnet advancement and preparing for upcoming testnets.
Check it out the blog post 👉 here.
Proposal for Expanding the Simple DVT Module
The proposal seeks DAO approval to expand the Simple DVT Module by creating larger clusters and increasing the maximum target share to 4%. This expansion aims to enhance resilience, security, and infrastructure distribution by adding 250 new Node Operators in 2024. It addresses low profitability for operators and limited validator scalability. The plan includes scaling existing clusters and adding 10 Super Simple DVT Clusters, with adjustments to the rewards structure. Despite potential risks like insufficient cover fund vaults and challenges in mainnet adoption, the expansion aligns with Lido’s commitment to decentralization and security, supporting the decentralization and security of stETH.
Check it out the forum 👉 here.
SSV.Network scaling roadmap
SSV.Network has grown to over 20,000 validators in just four months, necessitating increased hardware from 4-core to 8-core CPUs. SSV Labs aims to reduce hardware requirements by 75–90% within 12 months through cryptography, consensus, and networking optimizations. They will shift from BLS12–381 to RSA signatures, reducing signature verification time by 98%, and implement committee-based consensus to cut message count by 93.6%. Proposed network topology changes will further minimize message processing. These optimizations are crucial as the network anticipates exceeding 50,000 validators in the next year.
Check it out the blog post 👉 here.
Cosmos
Solana IBC: Launch Sequence
Solana IBC’s launch, revealed at the Solana Hacker House event in Dubai, enables seamless transfers between Solana, Cosmos, Ethereum, and Polkadot, with PICA now available as an SPL token on Solana. Users can initiate Solana IBC transfers on app.picasso.network, marking the first trust-minimized connection between Solana and other major ecosystems. Additionally, PICA has debuted on Solana, with initial liquidity provided on Orca for PICA / SOL pairs. Technical details and documentation are accessible for interested parties, and mantis.app now supports various assets from Solana, Ethereum, and Cosmos ecosystems for IBC transfers. Solana IBC’s launch also introduces the first AVS on Picasso’s restaking hub, with plans for additional AVSes to join soon. Picasso App welcomes inquiries for adding new assets or networks to its UI support, while emphasizing the operational Solana IBC transfers that enhance connectivity across ecosystems and offering restaking on Solana for improved security and connectivity, albeit with initial transaction fees and a charge for transactions from Solana after the first week.
Check it out the blog post 👉 here.
The First Open-Source, Practical ZK-IBC from TOKI and Succinct
TOKI and Succinct have joined forces to introduce the first open-source Zero-Knowledge Inter-Blockchain Communication (ZK-IBC) solution, merging ibc-solidity with Tendermint X. This collaboration aims to enable trustless data exchange between Ethereum and Cosmos ecosystems for decentralized applications (dApps), offering high performance and accessibility. Succinct’s contribution, zkVM SP1, facilitates efficient ZK proofs via Rust code, showcasing superior performance in recent testnet releases. Core components like TendermintZKLightClient contract and ZKProver support ZKP-based light client implementation for Tendermint and IBC relayer support, ensuring efficient gas usage. Future plans include integrating ZK-IBC with a multi-prover security model, optimizing implementation, and exploring secure connections with other zones seeking Ethereum integration. Collaborations with Noble for regulated stablecoin transfers and TOKI’s upcoming testnet launch further illustrate the potential and progress of ZK-IBC development.
Check it out the blog post 👉 here.
Enhancing Cross-Chain Security with IBC Rate Limits
IBC Rate Limits, pioneered by Osmosis and increasingly adopted as an industry standard, serve as crucial security measures to prevent large-scale exploits by setting thresholds for asset movement within specified time periods. These limits complement pre-deployment security measures and are essential for securing economic activities and Total Value Locked (TVL) across blockchains. Osmosis’s standard implementation in February 2023 initiated the trend, followed by alternative versions like Stride’s. Looking ahead, IBC Rate Limits v2, developed by Range in collaboration with Osmosis, aims to further enhance cross-chain security by enabling dynamic and precise threshold adjustments, expected to become a standard solution, significantly elevating interchain security and making projects in the interchain ten times more secure.
Check it out the blog post 👉 here.
Cardano
Weekly Cardano Development Update
The weekly development report showcases significant progress across various domains, includes the Ledger team’s completion of conformance testing for CERT and RATIFY rules, along with enhancements to the constraint-generators framework. The Plutus team finalized guardrail scripts for Conway governance actions and optimized PlutusV3 cost model parameters. Mithril focused on Cardano transaction certification, scaling proof generation, and improving low-latency certification. Efforts on SanchoNet documentation and collaboration with Intersect on the DRep Pioneer program continue, aiming to train Delegate Representatives. Catalyst’s Fund12 entered the proposal finalization stage, with ongoing community reviews and development milestones achieved for Hermes and Catalyst Voices projects.
Check it out the blog post 👉 here.
Intersect Weekly Development Update
The Intersect Development Update brings several key announcements and progress reports. Members can apply to host constitutional workshops funded by grants until June 13th. Chang development discussions include CIP-0069 incorporation, with a formal change request raised for the Chang upgrade. WellTyped achieves a milestone in the LSM project, while the IOI team works on a UTxO-LMDB solution for long-term scalability. New resources are available for members, and community tooling and hubs continue to thrive globally. SanchoNet progresses with governance feature testing, and the DRep Campaign Platform by LIDO Nation reaches a significant milestone, inviting community testing and feedback. Essential Cardano360 on May 30th will feature updates from Intersect, and the organization is hiring a Membership Sales and Account Executive. Important member resources and reminders, including Consensus 2024 attendance and May Town Hall, are highlighted for involvement.
Check it out the blog post 👉 here.
Aura
Introducing Aura EVM
Aura EVM now supports both CosmWasm and EVM smart contracts, transitioning from a permissioned chain to a general-purpose, interoperable layer. Partnering with EVMOS, Aura integrates the latest EVM upgrade and uses KAVA’s evm-util module for address format conversion. This compatibility allows seamless deployment of popular DApps from Ethereum and other chains, enhancing DApp diversity and user experience. Aura’s modular architecture offers optimization opportunities and future development includes native Account Abstraction and seamless integration of EVM and CosmWasm environments.
Check it out the blog post 👉 here.
Thank you for reading.
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