This is BlockBytes, a dedicated series to bring you the latest network updates and major industry breakthroughs. Let’s check out what is happening in July. Exciting month!
Launching Soon: Ethereum’s Holešky Testnet
The highly anticipated testnet of Ethereum, Holešky, aims to streamline the process of stress testing consensus layer specs changes, paving the way for a more scalable and robust Ethereum network. It has been designed to replace Goerli, addressing its limitations and providing a more efficient environment for testing staker setups, infrastructure, and protocol development.
Holešky brings several technical advancements, including increasing network testing to identify and address potential issues before impacting the mainnet; streamlining inflation process using successful strategies from the Sepolia testnet; aiming for a significant number of validators to create a robust testing environment; and collaboration and commitment from client teams to ensure finality and success.
The tentative launch date of Holešky testnet is 15 September this year, with the team preparing for private testing and final genesis and configuration release in the coming weeks.
Polygon 2.0 Protocol Architecture
Polygon Labs is sharing a proposed architecture for Polygon 2.0, designed to provide unlimited scalability and unified liquidity, and realise the vision of Polygon as the Value Layer of the Internet. The architecture consists of four protocol layers, each enabling an important process within the network.
Staking Layer: a PoS based protocol which leverages Polygon’s native token to provide decentralisation to participating Polygon chains. It achieves that via a common, highly decentralised validator pool and an in-built restaking model.
Interop Layer: It facilitates secure and seamless cross-chain messaging within the Polygon ecosystem and abstracts the complexity of cross-chain communication to make the whole Polygon network feel like a single chain to users.
Execution Layer: It enables any Polygon chain to produce sequenced batches of transactions, aka blocks. This protocol layer is relatively commoditized; it is used in a similar format by most blockchain networks such as Ethereum and Bitcoin.
Proving Layer: It is a highly-performant, flexible ZK proving protocol. It generates proofs for all transactions — internal and external (i.e. cross-chain) — for every Polygon chain.
SUI Weekly Stats
The Sui Network has been experiencing impressive momentum. Last week, there was a significant increase in transactions, with over 90M transactions recorded and over 9M in a single day alone.
TPS: It has been steadily increasing in the Sui network with the daily average TPS surpassing the 100 mark, which indicates Sui’s ability to scale and handle increased demand. The network’s growth is reflected in its performance.
Validator: One of the giants in Formula 1, Oracle Red Bull Racing, has launched validator nodes on the Sui network. It’s fantastic to see such a prominent team from the motorsport industry getting involved and supporting the Sui community.
Oracles: One of the reputable oracle services providers, SupraOracles, has recently launched their services on the Sui Network. This integration enables seamless communication and data transfer between off-chain and on-chain systems, enhancing the interoperability of the network.
Builder House: The Sui community is organising another Builder House event, this time in Paris. Builders from the community will have the opportunity to come together, exchange ideas, and collaborate on the latest developments within the Sui network.
Archway Strides Since Launch
It is merely around a week since the launch of Archway mainnet and the network is already making tremendous strides. With 223.2M bonded tokens, 250k transactions, and their team’s dedication to a fair and transparent governance process, Archway is off to an impressive start.
Archway has proposed the “Archway Governance Process & Framework”, outlining a structured approach to community involvement and decision-making. This proposal sets the stage for inclusive governance, providing clarity on the community’s role, establishing proposal guidelines, and emphasising the importance of gathering feedback. Archway is truly committed to empowering the community in shaping the network’s future.
The team has also put forward a significant Software Upgrade Proposal — Archway v2.0.0 Upgrade. This upgrade introduces a crucial change to prevent contract configuration errors related to setting a flat fee when the rewards address is not set.
In addition, Archway is currently implementing a Signalling Proposal to implement a Code of Conduct. This initiative emphasises respectful and constructive interactions within the community, fostering a positive environment where diverse perspectives can thrive.
About Luganodes
Luganodes is a Swiss-operated institutional-grade non-custodial staking provider born out of Lugano Plan B Program, an initiative driven by Tether & City of Lugano. Currently, they are the world’s fastest growing provider with AUM ~$700 million worth of staked assets live on 22+ PoS networks. Luganodes is one of the top validators on Polygon and Tron, making them the leading block producers in every ecosystem.
Luganodes is a verified staking provider with AAA ratings given by Staking Rewards, showcasing their expertise in blockchain infrastructure space amongst the world’s Top 5 verified providers.
