Ethereum biweekly: Ecosystem and projects’ updates, opinion and research articles
4th March — 18th March. ProgPoW appears to be dead. MKR debt auction announced. Numerai’s ErasureBay live on mainnet. dYdX adds fees. Augur v2 is on its way soon. Gnosis’ Sight political markets are live. And much more!
Greetings everyone, these two weeks have come and gone by in a flash. Amid a generally worrisome political, economic and public health landscape, we hustle on like so many others, hoping that things will stabilise in the weeks to come. To all those reading this — wherever you are, stay safe and sanitised! For those who attended EthCC or ETHLondon, be sure to monitor the form as numerous attendees to that conference have since tested positive for COVID-19!
Despite the general sentiment, we’ve seen the Ethereum team was making significant progress with current development. Last week, we had the much-anticipated All Core Dev call which ended up being the longest in history at almost three hours. ProgPoW is pretty much dead at this point. Also, Eth2 Implementers too place, Eth2 quick update no. 9 was published. Nimbus client update is now out, announcing a bounty program restart, a call for a common standard around logs, some thoughts on low-power device constraints, and the latest updates on BLS spec changes. Interoperability this month. Check out testnet updates, code updates, upcoming work and more from the PryLabs team in their bi-weekly update. Moreover, Prysmatic’s Raul Jordan wrote on Eth2: it is happening, it is shipping, and we’re going to make it a reality no matter what. Lighthouse Update mainly goes over the performance gains and optimizations that the Sigma Prime team has made to the Lighthouse client including 70% faster block processing times, 75% reduction in RAM usage and much more. Furthermore, Sigma Prime is building a staking interface for their Lighthouse eth2 client and would like community input. The ETHGlobal team has built a survey to help better understand the developer community.
We’ve seen Ethereum ecosystem flourish over the past weeks. As ANT holders consider transitioning to the next phase of Aragon Network governance in ANV-6, the Aragon Association has published a report reviewing Aragon Network Votes #1–5. The ZRX economics introduced in 0x v3.0 have unlocked the next phase for 0x governance. The team shares the next steps towards a community-governed 0x protocol. The new ZRX economics and staking mechanism are functioning properly, resulting in voting power consolidating around highly active market makers. This completely changes the landscape for 0x governance. The next step in 0x journey towards a 100% self-governing and self-sustaining DAO is to engage power users and enthusiastic community members in the governance process. The development of Augur v2.0 is in its final stages. At a high level, the remaining work is UI integrations for services to improve UX, finding and fixing bugs, and performance testing. Brave has filed a formal GDPR complaint against Google for infringing the GDPR “purpose limitation” principle. It now protects users from being fingerprinted by making them appear subtly different to each website. Coinbase Custody launches a redesigned product experience. The review of Decentraland Public Launch and Treasure Hunt was published: over 12,000 active participants, 66,000 rewards given to 6,385 distinct users 700k+ MANA, 590k ANJ, 82k+ MATIC, 10k+ wearables, 2k+ Cryptokitties, 33 Axies, 25 LAND and two HTC Exodus 1 phones found and bagged. Gitcoin Grants Round 5 will include at least a $50K Public Health Round. Read more below for details. SingularDTV announced snglsDAO Foundation for their media protocol press release. You can now view market data for many of the Uniswap liquidity pools/trading pairs using CoinMarketCap. Balancer contracts are now open-sourced. Gnosis’ Gibraltar-regulated Sight political markets are live. Also, in light of a recent Open Zeppelin post on the Gnosis Safe, the team is sharing information on how web 3.0 creates new phishing threats for users. Zeropool, live on testnet. Monthly update from the MetaMask team going over everything that happened during February. New MEW wallet app gives you full control of your funds and allows you to buy, store, and send ETH and all ERC20 tokens right from your phone! What else can you do with MEW wallet? Read all about it on their Medium. A massive ecosystem report from Kyber this month going over everything that happened during the month of February for the team. Highlights include huge network growth (and KNC price growth), new DeFi integrations, Kyber in the media and much more. PieDAO, a DeFi asset allocation DAO, where governance tokens vote for allocations with fees accruing to the token, introduced. Zerion added support for more DeFi protocols. 8 additional protocols are now supported including Synthetix, Curve, PoolTogether, Aave, 0x, iEarnFinance and InstaDApp. Due to recent market activity and the resulting accumulation of protocol debt in the MakerDAO system, an MKR token auction will occur on the Maker Protocol, tomorrow on March 19th, to recapitalize the system. ConsenSys and EY announced their working project, Baseline Protocol, joined by 12 other firms and organizations including Microsoft, AMD, ChainLink, and MakerDAO. Semaphore, a generic privacy layer for Ethereum applications based on zk-SNARks, released. Golem Hive can be thought of as the first layer of a decentralized cloud. It allows for creating a virtual network of Docker containers on top of the Golem Network. See the first part of our new gWebinars series. LOOM is now available on Kyber Network. Ocean Protocol was partnering with Zühlke, a service provider for innovation projects, technology and business expertise. The OmiseGo team discovered a critical bug in the root chain plasma-contracts v1.0.3. They’ve already merged a fix and will release more details once they complete validation. Check out bimonthly summary of all things Raiden: overall development progress, product updates, event participation and all the other stuff that the team has been up to in January and February. The Status team announced the launch of their new community outreach effort from the Status Network. The first episodes dropping March 11th and March 12th was featured not one but two segments: To the Core and The Roundtable. Zilliqa partners with Switcheo to Launch Zilliqa DEX. Numerai’s ErasureBay live on mainnet, a marketplace for any kind of information, where the buyer can slash the seller if they don’t like the information. Iden3’s zk-rollup is live on Goerli testnet. Zora, a marketplace to buy, sell and trade limited-edition goods, was introduced. Kollateral which aggregates liquidity from the largest flash lending pools like dYdX and Aave, is ive on mainnet. You can now login to TokenSets using email, Ledger, and other web3-enabled wallets such as Status, Alpha Wallet and DappPocket. InstaDApp announced DeFi accounts. Hegic Protocol, on-chain options trading protocol, introduced. The Synthetix team has put together an update that goes over everything coming to the protocol in 2020 — including major upgrades, improvements and more.
As for the social side, Vitalik Buterin and Joe Lubin have a discussion at ETHLondonUK about a range of subjects related to Ethereum in 2020. Moderated by Kartik Talwar of ETHGlobal, the discussion took place on Saturday, Feb. 29, 2020. The video is now out. Check it out below! Moreover, all EthCC videos are online. John Adler, co-founder of Fuel Labs and long time Ethereum Layer 2 scalability researcher joins the Into the Ether podcast. Paul Brody, EY Global Blockchain Leader, joins the podcast to talk about his team’s efforts to bring Ethereum to enterprise clients. CEO and founder of Ethereum wallet MyCrypto join POV Crypto to discuss the DeFi, the best way to leverage it, and the biggest misconceptions around DeFi. In this first episode of the Ethereal Podcast, the hosts interview the Head of Smart Contracts at MakerDAO, Mariano Conti. In the second episode they talk with the VP of Engineering at SKALE Labs, Christine Perry. Jorge Izquierdo featured on Wizard of Dapps. Tune it on!
Ethereans, more to follow! Take care!
Developer activity (from Coinlib.io):
Ethereum Core Devs Meeting #82 [2020–03–06]
1 hour devoted to the Eth 2.0 BLS signature/EIP-1962 and a second hour devoted to ProgPoW.
The BLS curve discussion is to discuss the following EIPs:
The ProgPoW discussion is to discuss, primarily:
- Technical updates on ProgPoW.
- Community approval/dissent of ProgPoW.
- Next steps for ProgPoW.
- Kristy-Leigh Minehan
- Michael Carter (a.k.a Bits Be Trippin)
- Martin Köppelmann
- Matt Luongo
Representing His Compromise Idea:
- Ben DiFrancesco
Next call: March 20, 2020 14:00 UTC
Notes. ProgPoW appears to be dead.
A summary of the post-EthCC Stateless Eth meetings. Renewed focus on sync, particularly getNodeData.
Trinity v0.1.0-alpha.35, Beam Sync with better pivots, -goerli flag, ENRs.
Eth2.0 Call #34 [2020/3/12]
- Testing and Release Updates
- Client Updates
- Research Updates
- Spec discussion
Latest phase 0 spec v0.11, the target for stable multi-client testnet.
Ben Edgington’s notes from networking call.
- v0.11.0 released as a stable target for multi-client testnets
- Release of Combining GHOST and Casper paper for public review
- Polynomial commitments looking promising for statelessness
- A bit of IEFT BLS spec instability, but not further changes expected
Nimbus client update: interoperability this month, announcing a bounty program restart, a call for a common standard around logs, some thoughts on low-power device constraints, and the latest updates on BLS spec changes.
Eth 2.0 Dev Update #45 — Prysmatic Labs: Testnet updates, code updates, upcoming work and more from the PryLabs team in their bi-weekly update.
Prysmatic’s Raul Jordan: Eth2 is happening, it is shipping, and we’re going to make it a reality no matter what.
Lighthouse Update #22: This update mainly goes over the performance gains and optimizations that the Sigma Prime team has made to the Lighthouse client including 70% faster block processing times, 75% reduction in RAM usage and much more.
What’s New in Eth2–6 Mar 2020: In this update, Ben gives us a great rundown of the state of the eth2 testnets, an EthCC recap, research updates and much more.
New Storage Layout For Proxy Contracts and Diamonds: A storage layout for proxy contracts taking advantage of Solidity v0.6.4.
BSol: benchmarking Solidity computation and gas usage.
Truffle v5.1.16 — better debugger/decoder with Solc v0.6.3.
Interacting with Ethereum using a shell through Incubed ultra-light client.
Templates with pre-filled contract ABIs, addresses and subgraphs for Aave, Compound, Sablier, Uniswap:
Prysmatic’s service registry pattern in Go.
Implementing Merkle Trees and Patricia Tries in Node.js
OpenZeppelin points out that a malicious deployer can backdoor your Gnosis Safe.
SmartBugs: Framework for executing Solidity automated analysis tools, with an academic paper comparing tool performance.
Any.sender tutorial — tx relayer that ensures block inclusion by a certain time.
Kollateral flash loan pool aggregator, available through JS or Solidity:
Why ENS had to migrate due to samczsun’s bughunting.
Easy multi-contract analysis with Mythril.
Fast modular multiplication in Go library.
Argent’s method for easy wallet access, one click transactions, available as npm package.
Web3connect is now web3modal, still focused on being a web3 solution for all wallets.
Pipline onchain interpreted language video:
Austin Griffith video on wallet module for eth.build:
Governance and new standards proposals
SingularDTV announces snglsDAO Foundation for their media protocol press release.
An update on EIP1559 — predictable transaction fees and intrinsically tying ETH to the protocol.
FakerDAO — pool your MKR to sell votes to the highest bidder.
OracleDAO — a MolochDAO style booster of Augur/REP.
0x governance update, progressing toward full decentralization.
Follow the EIPs repo.
So far, 9 attendees of EthCC have tested positive for COVID-19:
DuneAnalytic’s stats for smart contract wallets:
Semaphore: a generic privacy layer using snarks, audited and ready for devs to build on.
Questions DeFi users should ask their DeFi apps.
Linda Xie’s list of oracles per DeFi project.
Ethereal New York 2020 will now be Ethereal Virtual Summit 2020:
The team is well underway in planning for the first Devcon in which Eth2’s beacon chain is live and ether is staked! In addition to the improvements listed above, they are planning for an event with continued dogfooding, a smoother ticketing process and more — all to be outlined in coming posts.
As for this year’s region, the Devcon 6 search began prior to Devcon 5 with an understanding that the further ahead they are in terms of planning, the smoother the process will be for all attendees. After listening to community input, undergoing a thorough site-search in over 10 cities, the team confident that they have landed a region and venue that are truly deserving of the event, and that accomplish every goal laid out above to help make this the best Devcon ever.
The team will be announcing the location of Devcon 6 shortly — keep an eye on the EF Blog for more on site-selection, and for early application information and more.
EY, Microsoft and ConsenSys announce the Baseline Protocol, using mainnet as a message bus for enterprise that is private using snarks.
Paul Brody’s Baseline Protocol explainer, based around the enterprise volume procurement prototype.
“Morningstar Rates First Ethereum Security In $40 Million Fatburger Deal,” with the deal structurer aiming at doing 500m USD in projects this year on mainnet.
0x Governance in 2020 and Beyond: ZRX economics unlock the next phase.
As the team mentioned in the last update, there is a long road ahead to mature as a community, to ensure accountability in managing 0x protocol as a public good, and thereby create the conditions necessary for a tokenized world where value can flow freely. The following chart outlines the desired multi-year roadmap.
The focus this year is primarily to grow engagement in 0x community. The team will measure the success through community voting participation and staking, which directly correspond to the empowerment of 0x stakeholders. They launched ZRX Portal to be the central hub for these activities, to complement their current channels (ZEIP, dev calls, open source repos, discord).
The actions the team plans to pursue to achieve this objective are shared below.
The team recently released ZEIP-76, which proposes the formalization of a new ZEIP process. ZEIP stands for “ZeroEx Improvement Proposal”, and was introduced to serve as a communal public square where anyone can propose and drive consensus around a change in the 0x smart contracts pipeline. This ZEIP creates more concrete guidelines around proposing future ZEIPs, based on feedback received from their peers in the ecosystem.
The principal changes introduced with this new proposal are:
- formal categories and phases for ZEIPs, with corresponding tags/labels on Github
- new mandatory fields in each ZEIP that identify a designated development team and security audit sponsor (where applicable)
- signaling for specific types of ZEIPs, pre-implementation. Inquire the community via a poll to assess a ZEIP’s early specification and the potential impact
- a committee that facilitates the ZEIP process and manages the ZEIP queue. The committee will initially be composed of core team members, but we intend to open it up to all interested/qualified individuals.
The team is planning to put this ZEIP up for a vote in March.
Governance over staking economics parameters:
The stake-based liquidity incentives introduced in 0x v3.0 have begun shifting voting power towards market makers. A small set of parameters dictate how ETH flows through the 0x smart contracts and ends up distributed to market makers and token holders. These parameters were designed to be upgradeable by the community. Based on the feedback the team has received from the community so far, there is significant interest in experimenting with these parameters through governance. They are planning to gather feedback, propose and launch votes that allow stakeholders to modify these parameters in the next few months (for example, epoch length, alpha, delegated stake weight).
Increase system modularity for smoother upgrades:
Currently, even a small update to a single function within the Exchange contract requires the entire contract to be redeployed which causes breaking changes across the ecosystem. For example, all the developers that recently migrated to v3 had to point at a different exchange address, creating friction in the process and fragmenting markets.
The team feels they need to solve this problem to increase the speed of iteration and allow for upgrades without lumping many proposals together into monolithic upgrades. Also, they want to reduce the disruption brought by fixing potential inefficiencies or vulnerabilities limited to very specific parts of the pipeline.
They are planning to work on a specification that will be presented to the community. The proposal will need to be accepted in the preliminary signaling poll, then implemented, and finally accepted again by the community before being deployed. It will dramatically decrease future breaking changes introduced by protocol upgrades.
In 2021 the team is planning to work on maximizing the onchain portion of the governance system, reducing trust critical points in the deployment of upgrades. While this is subject to the completion of other roadmap items, they can start testing such a system for lower stakes changes that don’t require the deployment of new smart contracts.
As mentioned above, this year they will kick-off and encourage proposals and votes on staking parameters using their placeholder off-chain voting mechanism. In the meantime, the team will work on a binding onchain system that will make it possible for the community to drive a change of parameters without any intervention of the 0x Core team. This will likely be coupled with a user-friendly experience in ZRX Portal where changes can be proposed.
Continue overseeing the growth and the health of ZRX stake-based liquidity incentives:
While ZRX staking has only recently begun, the system is already showing dynamics that converge towards the game theory equilibriums the team targeted. Theyvare planning to evolve ZRX Portal to make it easier and clearer for ZRX tokenholders to delegate their voting power to the best staking pools. They will also work with the pools operators to help them maximize the rewards they collect and share to tokenholders, to approach market equilibrium.
Watch 0x March dev call to learn about updates on 0x protocol, 0x API and more!
Calling all 0x developers and community members! Please fill out the H1 survey to let the team knows how they are doing. Your feedback is invaluable and will help inform their roadmap. The survey will remain open through March 31.
Aragon Network Vote #6 is over. Final results are in: ANT holders have voted YES to sunset the AGP process in preparation for Phase 3 of the Aragon Network launch.
Full blog post with details and next steps will be published soon!
Check out Final details for Aragon Network Vote #6.
A report on Aragon Network Votes #1–5:The Aragon Association is proud to have created and participated in one of the earliest experiments in on-chain governance signalling to go live on Ethereum mainnet. From analyzing the data on the AGP process, including “off-chain” activity in the Aragon forum and AGPs GitHub repo, and “on-chain” voter activity, the team comes to several conclusions.
The first conclusion is that the governance process has been a great tool for community engagement. There have been moments of contention, as there are in any community, but for the most part the AGP process has been a galvanizing force rallying the community together around a shared vision for progress of the project’s goals. They hope to keep this spirit alive as they transition from an Association-centric to a Network-centric governance model.
The second conclusion is that while the team has accomplished a lot with the relatively simple on-chain governance tools available to them right now, they need to continue pushing to develop more sophisticated tools to better capture the broad range of opinions in the community. Examples include the implementation of “Quiet Ending Voting”, which extends the duration of a vote if the outcome is flipped last-minute. Another example is “Delegated Voting”, which gives voters the ability to delegate their vote to another address; an important feature for passive voters to be able to entrust their vote to more active voters, but also useful for certain ANT custody setups. In short, there are techniques from both traditional voting systems and newer on-chain voting systems that the team can adopt to improve decision-making and harden the governance system against attack. An in-depth exploration of these techniques and prioritization of their implementation in the Aragon Network is an interesting and important line of inquiry left for future work.
A final conclusion they’ll end on is the observation that while the AGP system embraced debate and politicking as the primary means of consensus-building, they should also experiment with giving direct control of certain decisions to an apolitical decision-making process. The team is thinking in particular about futarchy, which relies on market forces rather than politics for decision-making. Futarchy is unlikely to be well-suited to every decision that needs to be made but they have yet to explore in-depth what kind of proposals it is well-suited for. If they can move at least some decision-making into the realm of markets rather than politics this could save ANT holders much time reviewing, debating, and voting on proposals, instead leaving decisions to the most knowledgeable stakeholders who are willing to “bet on beliefs”.
The team is excited to take the insights gained through the production of this report and use them to improve Aragon Network governance in the next and final phase of the Aragon Network launch and beyond. As they close one chapter of Aragon governance and open another, they look forward to working with the Aragon community to uphold the Aragon Manifesto and fulfill their shared vision for building a digital jurisdiction open to the world.
COVID-19, Recession, DemNom, and General Election According to Betting Markets: Augur Weekly | A Look at the Week in Political Betting, Augur News, and More.
Further Reading, Listening, Watching, and Discussing:
- The Prediction Markets Discord Channel has lively discussion on all things political trading. While you’re at it, don’t forget to check out the Augur Discord.
- Election Profit Makers Podcast
Augur v2 Development Update: The development of Augur v2.0 is in its final stages. At a high level, the remaining work is UI integrations for services to improve UX, finding and fixing bugs, and performance testing
Formal GDPR complaint against Google’s internal data free-for-all: Brave has filed a formal GDPR complaint against Google for infringing the GDPR “purpose limitation” principle. Enforcement would be tantamount to a functional separation of Google’s business.
Brave and TAP Network Partnership Connects Consumers and Brands via Blockchain: Brave Users Can Now Redeem BAT for Real-World Rewards from Top Brands in the TAP Network.
What’s Brave Done For My Privacy Lately? Episode #3: Fingerprint Randomization: Brave now protects users from being fingerprinted by making them appear subtly different to each website.
Brave to generate random browser fingerprints to preserve user privacy: Brave’s new approach aims to make every browser look completely unique, both between websites and between browsing sessions.
Coinbase rolls out Bitcoin transaction batching. By bundling transactions, Coinbase users may experience network fee savings of more than 50%. Batching also helps free up space on the blockchain and improves Bitcoin scalability for all network users.
Over 12,000 active participants. 66,000 rewards given to 6,385 distinct users 700k+ MANA, 590k ANJ, 82k+ MATIC, 10k+ wearables, 2k+ Cryptokitties, 33 Axies, 25 LAND and two HTC Exodus 1 phones found and bagged.
The Decentraland Public Launch made one hell of an impact in the Metaverse, with the effects being felt right across the virtual and crypto space.
The team thanks everyone for their participation, their consistently helpful feedback and, above all, their patience.
New to the Decentraland Marketplace: use their new search bar to look for names and wearables, take advantage of new advanced filters. Try it now:
The District Weekly — March 14th: News and updates from the district0x Network.
district0x Dev Update — March 3rd, 2020: Development progress and product changes from district0x.
Gitcoin Grants Round 5 (starting 3/23) will include at least a $50K Public Health Round. Read more below for details.
The Impact of Phishing on Web 3.0: How to keep your smart wallets safe.
In light of a recent Open Zeppelin post on the Gnosis Safe, the team is sharing information on how web 3.0 creates new phishing threats for users.
Important for devs: They’re deploying new Safe factory contracts to prevent this exploit during deployment.
Foresight is 2020: Political prediction markets are live on Sight!
An attendee at the Gnosis happy hour in Paris, which took place on March 4th in the evening, was diagnosed with COVID2019:
gWebinars Part 1: Building on top of Golem with gWASM: This is the first part of Golem new series, this year the team will be bringing out a set of webinars aimed at showcasing Golem, with the goal of expanding to our community and helping developers get involved in the Golem Project.
Golem Hive — building a cloud with the Task API (and then some more): Golem Hive can be thought of as the first layer of a decentralized cloud. It allows for creating a virtual network of Docker containers on top of the Golem Network.
Golem Bug Bounty Competition: The team has extended Golem bug bounty competition till June 20, 2020 — if you discover any vulnerabilities in Golem, they’ll be happy to reward (only applies to security-related bugs!)
Keep has been moving to open-source as much of its libraries as possible, and last week the team released one more — the reference dApp for tBTC is now open on their github.
Kyber Ecosystem Report #12: These ecosystem reports serve to keep you updated on everything that’s going on in Kyber world and this month the team looks at the latest Kyber on-chain numbers, mention a certain important listing for KNC, update you on the team’s Katalyst discussion sessions in Vietnam, and much more.
Kyber Network Stats:
February was a standout month for Kyber as it hit new monthly and daily volume records and achieved its all time highest number of users and number of new users in a month. USD volume for February was an impressive $139,590,000 while on the 13th of the month it hit $11M traded on a single day. Kyber also surpassed $5M daily trading in a third of the days in February and continues to cement itself as the largest liquidity provider in the Ethereum space as the Ethereum-wide dex volumes show below.
At an integration level, almost all Kyber integrations saw increases in their USD and ETH volumes over January with most doubling their volumes:
With the Katalyst launch fast approaching, the Kyber team met up in Ho Chi Minh City to finalize key aspects of the protocol upgrade. They discussed staking smart contract features, audit strategy, UI/UX considerations and dozens of other topics. The more the team works on this, the more they are convinced they are building towards the next significant level of decentralization in this space, one that combines a successful platform/product/ecosystem with an ambitious self-governing autonomous organization.
Katalyst is their opportunity to make Kyber better and it’s not limited to a new staking model and DAO, they are bringing important new functionality to the swap execution side. Here’s a previously unannounced teaser for you: the protocol will be able to split single orders across multiple reserves to achieve optimal prices (at the moment, swap execution is routed only to the single best priced reserve), for example, if a user wants to swap 100 ETH to DAI, this large order can be broken into smaller pieces that are split amongst Oasis, Uniswap and Kyber reserves to achieve the most optimal rate for the user.
Integrations will also have the flexibility to source their liquidity from the specific reserves they want or even get their liquidity from certain reserve types. Kyber integration partners had previously requested this feature and the team is happy to be able to bring it with Katalyst.
Kyber is now officially on Discord! Starting March 11th, Discord will be the Kyber Network team’s official community discussion platform. Their current Telegram groups will remain, but all official announcements and discussions will happen on the Kyber Network Official Discord server. Kyber community ambassadors DeFi Dude and Mark will be helping to moderate their current English Telegram group.
Kyber in Colorado: ETHDenver Recap: A recap post by the Kyber Network ambassador, DeFi Dude.
LOOM is now available on Kyber Network.
Thursday’s global selloff of risk assets led to the most negative price action day of crypto’s short history. The selloff inflated gas prices (~200 gwei) which caused trouble for Maker. The Maker oracles stopped working for an hour or two.
Maker liquidation auctions went off for nearly 0 DAI as bots bidding on those auctions got caught in high gas prices and ran out of DAI, leading several different bot maintainers to make ~8m USD in ETH by bidding just above zero in a few disparate time periods.
As a result, the Maker system surplus became a 5.7m Dai deficit (as of the time of publication). To improve incentives, Maker governance changed some parameters and to recoup the debt MKR will be auctioned onchain for lots of 50,000 Dai on the morning (UTC) of March 19th.
Community members have started a backstop to ensure the deficit is covered.
Here is a writeup of the Maker liquidations with data and graphs.
Maker governance proposal to change DSR to 0 and Stability Fee to 0.5%, GSM to 4 hours, and a decentralized circuitbreaker for auctions
MetaMask Monthly: February 2020: Monthly updates from the MetaMask Team.
MEW wallet: From Zero to Crypto, Fast and Safe: MEW’s new, fully functional mobile wallet app is now available on iOS, Android; compatible with Samsung Blockchain devices.
Ocean Protocol and Zühlke team up to push an Open Data Economy for Healthcare: Alternative to Amazon & Co.: Using Health Data Sustainably.
Ocean Protocol was partnering with Zühlke, a service provider for innovation projects, technology and business expertise. The goal of the collaboration is to create solutions for pharma, medtech and life science companies that facilitate an open data economy for healthcare without losing control over the data. Zühlke will provide expertise in evaluating and implementing innovation projects while the technological basis for these solutions is Ocean Protocol’s decentralized data exchange protocol.
Ocean x Legal Tech: Democratization through Decentralization: A retrospective deep dive into Ocean Protocol week at the Legal Tech Conference in Berlin.
Radical Markets and the Data Economy: A Web3 Data Economy to Catalyze Prosperity for Society.
The main question is: How do we make the ecosystem not only self-sustaining, but growing?
This is a big question. To begin to approach it, this article asked: What is the range of possibilities for funding structures?
Towards an answer, the team surveyed business models seen in Web2, and especially ecosystem funding structures in Web3. Then they distilled the structures into several dimensions, with possible values for each. These dimensions will help formalize the design of funding structures.
This is the first of several articles. In the next article, they ask: how do we ensure that the value from projects exceeds the value injected into them (on average)? Stay tuned!
The team discovered a critical bug in the root chain plasma-contracts v1.0.3. They’ve already merged a fix and will release more details once they complete validation.
As a consequence of this issue, they were deploying a new testnet environment on Thursday, March 12th.
Open Sourcing Our React-Starter-Kit! One of the goals with the OMG Network during this testing and validation phase is to ensure as many of you interact with the network as much as possible. Not only does it help the team find bugs but it also familiarizes you with the network and its subtleties.
In pursuit of that goal, they’ve open sourced our react-starter-kit. This is an example application that implements the omg-js library and the use of web3 for signing transactions.
This react-starter-kit lets you do more with omg-js than the previous js-starter-kit and gives you more examples of integration with the network. You can also perform key interactions with the OMG Network using this application, such as depositing ETH and ERC20 into the network, transferring assets, exiting UTXO’s and processing exits.
For more information on initial setup and on how to run the application locally click HERE.
Alert — impersonated emails: The team has learned that emails impersonating Parity Technologies team members are being circulated from domains other than parity.io. They only use @parity.io emails when communicating with partners, clients and community; parity.com is owned by an entirely different company. If you have a question regarding whether an email is legitimate, please contact email@example.com.
Raiden Pulse #10: News from January and February: bi-monthly summary of all things Raiden: overall development progress, product updates, event participation and all the other stuff that the team has been up to in January and February.
#EverythingStatus. Announcing The New Status Podcast:
The team announced the launch of their new community outreach effort from the Status Network. Less than three months ago they announced the launch of their Discord community and thanks to Jakubgs the 🧙we have bridged the Discord server with Status V1, ensuring a seamless community experience.
In an effort to strengthen our relationship with the community the team presents to you #EverythingStatus — a podcast where each episode will treat you to an in-depth conversation between Status core contributors, ambassadors, community members and leaders of the industry. They’re committed to bringing you unfiltered press and transparency.
The first episodes dropping March 11th and March 12th was featured not one but two segments: To the Core and The Roundtable.
How to market a Data Union. Did you see the preview of the community-built MyDiem DatUnion in the latest Streamr dev update? MyDiem will let users crowdsell their app usage information on the Streamr Marketplace. See what’s coming!
Dev Update February 2020: This month, the team made a lot of progress on the Network and Data Unions (formerly Community Products). They recently published a blog post on a research study they conducted, with support from Wilsome, to learn more about user perceptions and expectations regarding the Data Unions (DU) concept. One of the example pilot projects built on top of our DU framework is, of course, Swash — check out their recently released roadmap for 2020. If you are interested in building on top of the DU framework too, or if you have some interesting use-case ideas, feel free to share them in the community forum and maybe receive a grant too.
- All planned experiments (up to network size of 2048 nodes) were run without blockers, producing 20GB of logged metrics for analysis. So far analysis shows close to expected results, but requires additional inspection
- Working on WebRTC: most tests passing except storage-related ones
- Cross-client tests for end-to-end encryption reaching almost MVP stage
- Engaged BlockScience team for token economics study and hosting initial workshop for end of March
- Smart contract security audit is in progress. The whole process to be completed by mid-March
- Frontend work for DU is pretty much finished and in design review
- Data Union server is being improved to answer requests even while a new Merkle tree computation is in progress (making it non-blocking)
- Data Union server needs to be tested and deployed in watcher/validator mode for load balancing of incoming requests
- Backend permission overhaul work is 90% done. Related frontend work is waiting for backend work to complete.
Core app (Engine, Editor, Marketplace, Website):
- Use case pages are nearly ready, just require a design and SEO review
- Uniswap tests on mainnet were successful, pending on frontend sign-off
- New Marketplace v2 smart contract finalised, which adds the option to set a transaction fee.
Switcheo Partners with Zilliqa to Launch Zilliqa DEX. With the new Zilliqa DEX, Zilliqa token holders and traders will have the ability to tap into digital assets on the Ethereum blockchain for the first time, essential to bolstering the growth of Zilliqa’s DeFi ecosystem.
Other project’s updates:
Numerai’s ErasureBay live on mainnet. A marketplace for any kind of information, where the buyer can slash the seller if they don’t like the information.
Building liquidity into token distribution, highlighting the flexibility of Balancer.
iden3’s zk-rollup is live on Goerli testnet, ongoing work to reduce the proof generation bottleneck.
Unstoppable Domains adds a Chromium-based browser running a local IPFS node.
Instadapp’s DeFi accounts to abstract things away for DeFi users.
Introducing Zora: Zora is a marketplace to buy, sell and trade limited-edition goods. All of these goods are launched as tokens which enables these goods to be dynamically priced, fractionally traded and launched before the item even exists.
Argent Raises $12mil: Ethereum mobile wallet Argent has raised $12 million in a round led by Paradigm with participation from Compound’s founder Robert Leshner , Index Ventures, Creandum, and firstminute.
LINK/ETH RSI Ratio Trading Set Released: The LINK/ETH RSI Ratio Trading Set implements a crossover strategy on the LINK/ETH simple RSI. At a high level, if the LINK to ETH ratio falls below support, LINKETHRSI rebalances 100% LINK into ETH with the expectation that ETH will continue outperforming LINK. Conversely, if the ratio rises above resistance, the Set rebalances into LINK expecting that LINK will continue to break out against ETH.
Introducing PieDAO: The Pie DAO is a decentralized organization dedicated to bringing market accessibility and economic empowerment by providing a governance layer to tokenized portfolio allocations available to anyone on the Ethereum network.
InstaDApp Announces DeFi Accounts: DeFi Accounts are a platform that provides users and developers with a single point of integration to access all the DeFi protocols.
DeFiSaver’s 1click transaction CDP closing using flashloans.
TokenSets Launches New Login Flow: You can now login to TokenSets using email (via Fortmatic), Ledger, and other web3-enabled wallets such as Status, Alpha Wallet and DappPocket.
Synthetix Product Roadmap Update: The Synthetix team has put together an update that goes over everything coming to the protocol in 2020 — including major upgrades, improvements and more.
Baseline Protocol Announced: ConsenSys and EY announced their working project, Baseline Protocol, joined by 12 other firms and organizations including Microsoft, AMD, ChainLink, and MakerDAO. The new protocol allows enterprise synchronize data with collaborators via the Ethereum blockchain without having to publicize all business records.
Semaphore Released: Semaphore is a generic privacy layer for Ethereum applications based on zk-SNARks. This open-source library allows any user to signal their endorsement of an arbitrary string, revealing only that they have been previously approved to do so, and not their specific identity.
Bluestone fixed rate loans and deposits, live on Rinkeby testnet.
HavenSocial, a web3 alternative to Facebook where you own your own data.
Hegic Protocol, on-chain options trading protocol.
Introducing the Ren Alliance: The Ren Alliance is a consortium of DeFi companies and/or projects that are helping secure, develop, and utilize RenVM.
Sell music tracks with Unlock + IPFS + ENS:
Opinion and research articles
DHT solution to solve data retrieval problem in stateless Ethereum.
Jacobians of Hyperelliptic Curves: Hyperelliptic curves are really cool and doubly so because they can potentially generate groups of unknown order. But how do they work, and how do we determine how secure they are?
Combining Ghost and Casper paper proving safety and liveness under various assumptions.
Guido Vranken releases his fuzzing engine.
Lego Factory: why I’m stewarding the 1 million Eth devs movement.
Check out also:
Podcasts and videos
John Adler: How Fuel Labs is Planning to Help Scale Ethereum on Into the Ether: John Adler, co-founder of Fuel Labs and long time Ethereum Layer 2 scalability researcher joins the podcast. John walks us through the history of Layer 2 scaling solutions attempted on Ethereum and brings us to the reason he co-founded Fuel Labs. They are looking to help scale Ethereum using optimistic rollups with an emphasis on the payments use case. John has an extremely deep understanding of Ethereum and layer 2 scaling. He also shares his thoughts on ProgPoW and flash loans.
Paul Brody: Bringing Ethereum to Enterprise on Into the Ether: Paul Brody, EY Global Blockchain Leader, joins the podcast to talk about his team’s efforts to bring Ethereum to enterprise clients. They start by talking about the goals of the EY blockchain team and then move into discussing their privacy project, Nightfall. EY Nightfall was started over 3 years ago and is a protocol for private transactions on the Ethereum blockchain using zk-snarks. Paul then transitions into the recent announcement of Baseline Protocol, an effort to bring enterprise onto the public Ethereum chain.
DeFi Reality check with Taylor Monahan on POV Crypto: CEO and founder of Ethereum wallet MyCrypto join POV Crypto to discuss the DeFi, the best way to leverage it, and the biggest misconceptions around DeFi. Taylor is optimistic about the Ethereum DeFi movement but she has seen what can go wrong and she is very wary of false promises and naive decision making.
- How MyCrypto was created
- Reflections and lessons from 2017
- The implications of flash loans
- Dai Savings rate vs just holding ether
- The merits of cold storage
- Dangerous attack vectors in DeFi
Why MakerDAO’s Head of Smart Contracts Dogfoods DAI on Ethereal Podcast: In this first episode of the Ethereal Podcast, the hosts interview the Head of Smart Contracts at MakerDAO, Mariano Conti. Mariano discusses his humble beginnings as a developer at Maker, before he came to represent one of the most respected community members in Ethereum on the leading team that kicked off the DeFi movement.
What’s most interesting about Mariano isn’t his resume — it’s how he practices what he preaches living off of DAI. For years, he has been paid in the DAI, the first decentralized self-sovereign stablecoin pioneered by his own team at MakerDAO. He has “never paid for crypto” because he receives his entire salary in DAI to escape rampant inflation and capital controls in Argentina. They talk about the mission for anyone across the globe to gain censorship-resistant exposure to a dollar-pegged token in the form of stable ETH. Most importantly, we discuss his insights on Bitcoin adoption in Latin America and how DAI can follow a similar path given it offers a stable value, compared to the signature volatility of BTC and ETH.
How to Scale Ethereum dApps with SKALE’s Christine Perry on Ethereal Podcast: In the second episode of the Ethereal Podcast, the hosts interview the VP of Engineering at SKALE Labs, Christine Perry. Christine has an inspiring journey finding her way onto a leading team to bring speed and configurability to Ethereum with SKALE Network. She breaks down how SKALE allows Ethereum developers to build powerful dApps in a decentralized modular cloud, configured to your requirements. They talk about the widely anticipated network launch on Activate, where users will be able to purchase and stake their tokens on the live SKALE Mainnet. She also shares her perspective and tips on the day-to-day chaos and joy of working in the Ethereum community.
Tokenization of real estate & The impact of ETH 2.0 with David Hoffman on The Block Experience: This week the hosts spoke to David Hoffman, founder & COO at Realtplatform and co-host of POV Crypto. They spoke about how David’s project is tokenizing real estate around the world, The risk and reward of ETH 2.0, How big of an impact ETH 2.0 will have on blockchain as a whole and generally how important education is is to the blockchain space.
ETH Denver Fireside Chat With 2 of the Most Crypto-Friendly Governors in the Nation on Unchained: In this fireside chat from ETH Denver, crypto-friendly governors Jared Polis of Colorado and Mark Gordon of Wyoming discuss how they each became interested in crypto and blockchain, how their states became friendly to the industry and how to resolve some of the thornier problems in crypto regulation, such as the state-by-state money transmission licensing regime. They also dive into the details on some of the regulations in their states, such as the regulations that make it possible to hold state-specific ICOs, what types of companies are taking advantage of those, and whether there’s a bipartisan attitude toward crypto regulation.
Reflections on Aragon Court’s Launch with Jorge Izquierdo on Wizard of Dapps.
Vitalik Buterin and Joe Lubin have a discussion at ETHLondonUK about a range of subjects related to Ethereum in 2020. Moderated by Kartik Talwar of ETHGlobal, the discussion took place on Saturday, Feb. 29, 2020.
EthCC videos are online.
Information from Etherscan.io (March 17th, 2020):
Uniswap volume is now tracked on Coinmarketcap.
David Hoffman: Ethereum as emergent structure.
1000x leverage on-chain trade:
DeFi’s true superpower:
The top 100 holders of Ethereum are accumulating:
Banks vs DeFi:
To date, the Ethereum network has undergone eight hard forks, including Byzantium and Constantinople — sub-sections of the massive Metropolis upgrade.
Block #0 — Frontier
This was the initial development stage of Ethereum, from July 30th, 2015, to March 2016.
Block #200,000 — Ice Age
Ice Age was a hard fork to introduce an exponential difficulty increase, to motivate a transition from Proof-of-Work consensus to Proof-of-Stake when ready.
Block #1,150,000 — Homestead
The second state of Ethereum launched in March 2016.
Block #1,192,000 — DAO
The infamous DAO case. This was a hard fork that reimbursed victims of the DAO hack and caused Ethereum and Ethereum Classic to split into two opposing systems.
Block #2,463,00 — Tangerine Whistle
Another hard fork to change the gas calculation for certain I/O heavy operations and to clear the accumulated state after a DoS attack that exploited the low gas cost of those operations.
Block #2,675,000 — Spurious Dragon
A hard fork addressing more DoS attack vectors and another state clearing. Also, a replay attack protection mechanism.
Block #4,370,000 — Metropolis Byzantium
This was the third stage of Ethereum development, launched in October 2017. Byzantium was the first of two hard forks for Metropolis.
Block #7,280,000 — Constantinople
The first significant milestone in 2019 was Constantinople/St. Petersburg update that was deployed on the main network on February 28th, 2019. This was the second hard fork from the Metropolis stage. Initially, the Constantinople upgrade was planned for block number 7,080,000. That upgrade had to be postponed due to a security vulnerability.
Block #9,069,000 — Istanbul
On December 8th, 2019 the network has undergone an Ethereum Improvement Proposals (EIPs) driven hard fork, dubbed Istanbul, in which six distinct upgrades have been added to the network.
Istanbul brought upgrades that:
- Aligns the costs of opcodes with their computational costs and improves denial-of-service attack resilience
- Makes layer 2 solutions based on SNARKs and STARKs more performant.
- Enables Ethereum and Zcash to interoperate
- Allows contracts to introduce more creative functions.
Block #9,200,000 — Muir Glacier
The latest fork was called Muir Glacier. The Ethereum mainnet has undergone this, less than a month after its Istanbul update. The Muir Glacier update was activated on January 2nd, 2020, with only one improvement proposal, EIP 2384. The proposal aims to delay the difficulty bomb, a built-in algorithm of the Ethereum blockchain that could drastically increase the difficulty in mining a new block if left unaccounted for. The update is designed to delay the difficulty bomb for another 4,000,000 blocks, or approximately 611 days.
Eth2 — Serenity
Serenity is the last stage of Ethereum development. It will introduce Eth2, the new Ethereum blockchain that will finally have Casper, a new Ethereum Virtual Machine, and much more. The goal of Serenity is to improve the scalability, security, and programmability of Ethereum. Instead of 15 TPS on a single chain, Eth2 will process thousands to tens of thousands of transactions per second without compromising on decentralization.
There has been a lot of discussion and rumors around when Serenity is going to be launched. Justin Drake, researcher at the Ethereum Foundation and Eth2 contributor, proposed his ‘natural candidacy’ for the ‘Hello World’ date of Ethereum 2.0. He started a discussion in the official Ethereum GitHub repository with the specifications of Ethereum 2.0 — a new version of the Ethereum network that is being developed at the moment. He said that the fifth anniversary of the Ethereum blockchain, July 30th, 2020, would be better suited for this event. On December 15th, 2019, he explained why he decided to choose this date in another Ethereum 2.0 repository. He used the only indicator: three months of reliable operation for a multi-client testnet. Drake hopes that this testnet will be deployed in Q1. So, accordingly to his estimations, it could be launched as early as in Q2: “We’d be looking at Q2 launch at the earliest.” Danny Ryan, core researcher at the Ethereum Foundation and another major Ethereum 2.0 contributor, supposes that the ETH2 mainnet may be launched earlier. He adds that he “continues to be much more optimistic than the date in this PR (pull-request)”. Other participants of the discussion avoided announcements of some exacts release dates — they proposed to estimate it later with more development progress to come.
However, the majority of developers foresee these main phases of Eth1’s evolution to Eth2:
- Phase 0: Beacon Chain (Q1 2020)
- Phase 1: Shard Chains (2021)
- Phase 2: eWASM (New Ethereum Virtual Machine) (2021/early 2022)
- Continued Improvement (2022)
Shipping in late Q2/early Q3 of 2020
On the beacon chain, we will finally see Casper. The Beacon Chain will be a separate blockchain from the main Ethereum blockchain. This new chain will have a PoS consensus algorithm, and it will run in parallel to the main PoW Ethereum blockchain. Initially, the blockchain will be created for simplicity and will not support smart contracts or accounts.
Shipping in 2021
Sharding will be introduced on the Beacon chain, and it will have initially 100 shards. Validators will validate transactions from their own shard, and in the first phase, they won’t approve any smart contract, account or asset.
While sharding will bring more scalability, there are a few setbacks to take into account. Validators have a small pool of transactions to validate, which makes it easier for a 51% attack, as they only need 51% computing power (or stake) of the shard they are in, instead of the whole network. This technique can also lead to higher centralization, as each shard can be validated with a small group of validators.
It will be fascinating to see how this stage is implemented, as it still needs thorough testing to ensure all validators are randomly selected to avoid centralization and any risk attack.
Phase 2 — State Execution
Shipping in late 2021/early 2022
During Phase 2, the foundational aspects of the previous Eth2 releases will come together and provide functionality for the updated network. A new operational mechanism called Ethereum WebAssembly (eWASM) will be launched instead of Ethereum’s Virtual Machine. eWASM will work much faster.
One of the main issues with the current EVM is that it processes transactions sequentially. With the PoS and Sharding changes, there’s a need to process transactions in parallel, and the current EVM won’t be suitable for this.
The new EVM called stands for Ethereum WebAssembly, an open standard defining a portable binary code format for executable programs. This new architecture for the EVM will allow for much better performance and will make it possible to support smart contracts, accounts, states and much more on the new blockchain. The current status of the eWASM development is at the very early stages, as it is planned to be released in 2021. There’s still a lot of research to do around this phase.
Continued Improvement is the code name to encompass all the future changes, fixes and improvements of the previous stages, and whatever comes along. The following technologies to be implemented:
- Cross-shard transactions
- Lightweight clients
- Super-square charting
- Closer ties
Mar 16–30 — Gitcoin’s Funding the Future virtual hackathon
Mar 19 — MKR auction
Mar 23 — Gitcoin Grants CLR, round 5 starts
Mar 29-Apr4 — EthLagos
Apr 24–26 — EthTurin — now virtual
June 17 — EthBarcelona R&D workshop
Social media metrics
Social media activity:
Social media dynamics:
Ethereum community continues to grow. There is constant stable growth in Ethereum social media channels these weeks.
Twitter (Ethereum) — Official announcement channel.
Twitter (Ethereum Network) — News from dApps .
Twitter (Ethereum Report) — Retweets from official announcement channel and team members’ pages.
Facebook — Official announcement channel. Recent publications — about Ethereum Core Devs Meetings, conferences.
r/ethereum — plain Ethereum development discussion. News about projects, links to interviews, podcasts, upcoming events.
Keep mining discussion to subreddits such as /r/ethermining.
Do you have any question that feels really dumb? Try r/ethereumnoobies
Don’t forget to check out /r/ethdev for the Ethereum developer community.
Check out /r/ethdapps.
Surfwith r/ethstaker. The future is at stake!
YouTube (Ethereum) — Last video on July 27th, 2017 (5000–20 000 views per video).
YouTube (Ethereum Foundation) — Videos from conferences, meetups, Ethereum Core Devs Meetings.
There is strong stable growth in Ethereum community over time. The graph above shows the dynamics of changes in the number of Ethereum Reddit subscribers, Twitter followers and Facebook likes. The information is taken from Coingecko.com.
This is not financial advice.
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