Luganodes BlockBytes — July Edition 2

Luganodes
Luganodes
Published in
5 min readJul 24, 2023

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This is BlockBytes, a dedicated series to bring you the latest network updates and major industry breakthroughs. Here’s what we got for the second half of July:

Official Release of Polkadot 1.0

Polkadot has officially released its completed version. As a pioneer in blockchain technology, Polkadot has shattered barriers, marking a significant milestone in the evolution of blockchain technology. Its scalable heterogeneous multi-chain network breaks barriers between blockchains, fostering a single interoperable ecosystem.

The features of Polkadot 1.0 include heterogeneous sharding, relay chain, connected parachains all secured by shared validators, staking system, on-chain governance, cross-chain communication, forkless upgrade, and more. Besides, recent upgrades like dispute slashing, Polkadot OpenGov, LTS releases are able to fortify security, governance, and stability.

Polkadot 1.0 brings revolutionary improvements in blockspace management for developers. To name a few, the innovations include enhanced resource allocation, optimised transaction processing, and improved consensus algorithms, resulting in higher throughput, lower latency, and greater scalability.

Polkadot 1.0 sets the standard for blockchain interoperability, scalability, and resilience. Its goal is to build a better web for all. As for the future, the community will shape Polkadot 2.0, discussing and reaching consensus on diverse visions for its development. From flexible blockspace allocation to ‘treaty-like’ accords between blockchains, and more.

Polygon 2.0 Final Announcement

Polygon has rolled out its final announcement of Polygon 2.0. Let’s understand what it is, the changes and upgrades put forward to create the value layer of the internet.

1. Polygon PoS -> ZK L2: Polygon 2.0 embraces zero-knowledge proofs to achieve unlimited scalability and unified liquidity. There is no more fragmented liquidity as the upgrade will bring us seamless cross-chain communication. By incorporating ZK proofs, Polygon PoS will evolve into a validium, leveraging off-chain execution and storage of transactions. This will lead to massive improvements in scalability, with the potential to process thousands of transactions per second compared to Ethereum’s 15 TPS.

2. Protocol Architecture: The four protocol layers of Polygon 2.0 are the staking layer, interop layer, execution layer, and proving layer. Each layer facilitates specific processes, ensuring a seamless and secure blockchain environment.

3. Tokenomics: To fuel growth and decentralisation, Polygon 2.0 changes $MATIC to $POL, a next-generation protocol token. $POL is a hyperproductive token, enabling validators to secure multiple chains and take on various roles for added rewards.

4. Governance: Polygon 2.0 embraces decentralised ownership and decision-making through three governance pillars. Protocol Governance allows open coordination for protocol upgrades. System Smart Contracts Governance upgrades smart contract components. Community Treasury Governance establishes a self-sustainable fund for ecosystem support and public goods. The governance framework ensures secure, scalable, and transparent decision-making.

Solana in Q2 2023

The remarkable performance at Solana in Q2 2023 showcased its resilience and continued growth in the face of regulatory challenges and network improvements. According to Solana Q2 report by Messari Crypto,

1. Network Overview: Solana experienced a temporary surge in fee-payer activity in May, driven by an unknown program. While the spike didn’t sustain, the average Unique Fee Payer metric still finished up 15.9% QoQ, indicating solid engagement on the network.

2. Staking and Decentralization: Staking on the Solana network remained stable throughout Q2. Total stake and average engaged stake didn’t see significant changes, but the average number of validators decreased by 21.1% QoQ.

3. Ecosystem and Development: Solana’s ecosystem continued to thrive, with developers raising over $600 million in seed funding over the past two years. The Solana Foundation’s growth initiatives, including Convertible Grants and an AI Fund, supported ecosystem expansion.

4. Developer Activity: Solana attracted a significant number of developers, ranking second only to Ethereum in developer activity. While the total number declined to 1,475 by June 2023, ongoing development efforts and collaborations continue to drive progress.

NEAR Network Overview

The NEAR protocol has recently gained significant momentum after the introduction of the Blockchain Operating System (BOS). With stable financials and a resilient network, NEAR remains focused on driving adoption and attracting users to its protocol and BOS.

1. Transactions & Users: NEAR witnessed consistent transaction activity in Q2, handling an average of 358k daily transactions with fees remaining below $0.01. The network maintained an average of 58k active accounts per day, showcasing sustained user engagement.

NEAR’s user base expanded significantly with NEAR Social, the social layer of the BOS. Within just four months, NEAR Social attracted over 15k user accounts, becoming the central hub of activity on the BOS. Users own their data, & customizable widgets foster innovation.

2. Ecosystem & Development: NEAR’s ecosystem continues to thrive with key metrics indicating steady progress. Despite a decline in TVL of 39% in Q2, protocols like Burrow & Orderly Network maintained their positions. NEAR Horizon, the accelerator program, supports Web3 founders.

3. Developer Activity: NEAR prioritises developer convenience and supports smart contract development in multiple programming languages The NEAR Dev Hub serves as a resource repository, fostering collaboration and innovation. In Q2, NEAR maintained an average of 700 daily active contracts.

4. Decentralization & Staking: The network boasts 100 block producers, utilising the Thresholded Proof of Stake (PoS) consensus algorithm. Over 534m NEAR tokens (47% of total supply) are staked, ensuring network security and rewarding validators.

Lido Continues Its Support to Ethereum

Ethereum’s ecosystem is growing stronger with 24M+ $ETH staked, and continuous efforts from players like Lido Finance, driving decentralisation by empowering more node operators and simplifying staking for users.

Among all, Lido Finance ranked #1 in net new deposits to the Ethereum Beacon Chain, staking 135.9k ETH in just one week. Total $ETH staked reached an impressive 25,690,919, crossing 32% market share.

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.

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Luganodes
Luganodes

The fastest growing staking prodigy of Lugano Plan B, an initiative driven by the city of Lugano and Tether.