The venture capital arm of the world’s largest crypto exchange by trading volume is announcing a new investment in a decentralized exchange (DEX) protocol. According to a new press release, Binance Labs has invested in a layer-2 (L2) DEX called Aevo, a rebrand of Ribbon Finance. Aevo bills itself as a high-performance derivatives DEX platform tailored for futures […]
The post Crypto Exchange Binance Discloses Investment in L2 DEX Protocol Aevo appeared first on The Daily Hodl.
The layer-2 Ethereum scaling provider wants to onboard developers to build layer-3 DApps on its Superchain.
Ethereum scaling solution provider Optimism is looking to take its blockchain throughput a step further by onboarding layer-3 applications on top of the OP Stack.
On May 8, the Optimism team said that they were welcoming layer-3s to the Superchain where they can build on the OP Stack and share revenue with the Optimism Collective.
The OP Stack is the open standard codebase that powers development on Superchain, but it “isn’t limited to L2 chain deployers and app builders,” said the team before adding “it can also be leveraged by an ecosystem of L3s.”
Manta Pacific’s ZK-application-focused network will integrate with the Polygon ecosystem through the Chain Development Kit software.
Manta, a blockchain network focusing on zero-knowledge (ZK) applications, will migrate its software from OP Stack to Polygon CDK, according to an October 16 announcement. This means that Manta will not be integrated into the upcoming Optimism Superchain and will instead become part of the Polygon ecosystem.
Manta network is an Ethereum layer-2 focusing on zero-knowledge-based applications, including digital identity and privacy solutions. It launched a mainnet on September 12 and has processed more than 500,000 transactions.
Manta was originally developed as an optimistic rollup that uses the OP Stack software developed by Optimism Labs. This software is intended to help create a “Superchain” of interconnected networks that will share the same security model. However, it faces competition from the Polygon Chain Development Kit (CDK), which employs a different security model but is also used to create a web of interconnected blockchain networks.
In its announcement, Manta said it chose to migrate to Polygon CDK for three reasons. First, with Polygon CDK, deposits and withdrawals can be processed quickly, as they don’t require a period of time for fraud proofs to be submitted. “Finality can happen in minutes or seconds, rather than days,” the announcement stated. This is because “CDK leverages the security of math rather than the social-economic incentives of fraud proofs.”
Secondly, Manta claimed that Polygon CDK is more “modular” and “sovereign” than alternatives, giving the team more flexibility as it continues to build out features. Thirdly, using Polygon CDK will allow developers to create a “trustless ZK bridge to Ethereum.” Over the long run, this bridge will allow users of different Polygon CDK networks to access each other’s liquidity, making the network part of a larger ecosystem.
Related: ZK-proofs could change the internet, not just Web3 — Aleo exec
The Polygon ecosystem originally consisted of just the Polygon Proof of Stake network. On March 27, the Polygon team launched a second network, Polygon zkEVM. In June, they announced plans to integrate these two networks into a new ecosystem called “Polygon 2.0.”
The Optimism ecosystem added a second network on August 9, as Coinbase launched Base network. On October 3, the Optimism team launched a fraud-proof system that's intended to be used throughout its ecosystem.
According to BNB Chain, MetaMask was averaging recommended fees from multiple networks, causing opBNB recommended fees to be too high.
A "glitch" in MetaMask that caused it to overestimate opBNB gas fees has now been fixed, according to a social media post from BNB Chain. Many users pay the default recommended fee displayed in their wallets, so a misestimation can cause users to overpay.
Together with our friends at @MetaMask, we've resolved a glitch that made it seem like opBNB's gas fees were unusually high.
— BNB Chain (@BNBCHAIN) September 25, 2023
Now, you can enjoy the true benefits of opBNB: fast, cheap, and secure transactions. Here's how it happened: [1/7]
opBNB is an optimistic rollup layer-2 of Ethereum. It was launched on Sept. 13 and was developed by the team that created BNB Chain. According to the team, they discovered recently that “Metamask had set a default minimum recommendation price for gas based on the average of all networks.” This was a reasonable policy for other L2 networks, the team said, but it “didn't quite align with opBNB.” The team claimed that opBNB fees “can be much lower than other L1 and L2 networks,” making the estimation inaccurate.
Related: Hashing It Out podcast: What does the future hold for BNB Chain?
To solve this problem, BNB Chain contacted the MetaMask team, who were “extremely helpful and agreed to update their algorithm.” As a result, the wallet now accurately displays the network’s fees.
According to the BNB Chain team, users can now check each network's fees by switching to opBNB from within MetaMask and attempting to perform a transaction, which they say will prove that the network often has lower fees than competitors.
opBNB was developed using the OP Stack, a modular framework that can be used to create interoperable blockchain networks. The OP Stack was developed by the OP Labs team, which is attempting to create a “Superchain” comprised of multiple interconnected blockchain networks. The Superchain faces competition from Polygon's "Supernets," which attempts to accomplish a similar aim.
The Public Goods Network from Gitcoin promises to redirect most net sequencer fees into public goods, instead of giving them to token holders or developers.
Layer-2 blockchain Public Goods Network launched a testnet on July 7, promising to spend “the vast majority of net sequencer fees” on public goods instead of paying them out to the development team or token holders, according to an announcement from the network’s developers. In economics, a “public good” is a good that cannot be produced for profit because it is difficult to exclude non-payers from its consumption.
The new network was developed by the same team that created Gitcoin, a project that seeks to raise funds for open-source projects. Public Goods Network is being built using the OP Stack, meaning that it can become part of the proposed “Superchain” that will include Optimism and Base networks.
Okay Devs,
— zakk.eth (is on a quest ) (@0xZakk) July 6, 2023
Overjoyed to announce @pgn_eth, a community-led L2 focused on sustainable funding for public goods
Check this out if you're building anything related to public goods, because I have testnet Eth for you
⬇️⬇️⬇️ https://t.co/b0mdS1Symw
According to the project's documents, Public Goods Network will be an Optimistic layer-2 rollup of Ethereum. This type of network generally uses a profit-making centralized sequencer to batch transactions and periodically submit them to Ethereum.
The Gitcoin team says their new network will reinvest “the vast majority” of this profit into public goods projects. In their view, this is necessary to prevent venture capital firms and others who are motivated by “rent seeking” from capturing the value provided by layer-2s:
“Rather than fill blockspace for other organizations who may be captured by VCs, or other rent seeking motivations, we believe we should fill our own blockspace such that we can reallocate those funds to further the Alliance’s objective of growing and funding public goods.”
Gitcoin claims that the sequencer fees will not go directly to them. Instead, it will go to an “alliance” being formed based on a “newly defined governance model.” In a Twitter thread accompanying the announcement, the team said the network’s long-term goal is to allow projects to be funded directly by sequencer fees, without a middleman, using the EIP-6969 standard.
Related: Coinbase’s Base network publishes ‘path to mainnet’ outlining roadmap
The current Public Goods network is connected to the Ethereum Sepolia network through an official bridge, allowing developers to test out apps using funds from Sepolia’s various faucets.
Gitcoin originally rose to prominence by using quadratic funding to provide grants for open-source projects and other public goods. Gitcoin’s head of impact, Azeem Khan, joined the advisory board for crypto fund Foresight Ventures in June.
An earlier series of tweets sharing images of orange balls were the precursor to the announcement of a client for layer-2 solution Optimism.
A series of cryptic tweets depicting orange balls were revealed to be building up hype for a new rollup client for Optimism (OP) called “Magi” from the crypto arm of venture capital firm Andreessen Horowitz (A16z).
An April 19 Tweet from a16z engineer Noah Citron explained Magi is written in the programming language Rust and will “help improve the client diversity and resilience of the entire OP Stack ecosystem.”
Introducing Magi , our brand new OP Stack rollup client written in Rust.
— ncitron.eth (@NoahCitron) April 19, 2023
We've been working on Magi to help improve the client diversity and resilience of the entire OP Stack ecosystem.
Lets dive in.
code: https://t.co/U8ER6v2SSe
blog: https://t.co/A4Tx8iaVOh pic.twitter.com/S5hDbx5Q4R
The OP Stack refers to the set of software that powers the Ethereum layer-2 solution Optimism. Among the other benefits it provides, it helps simplify the process of creating layer-2 blockchains.
Citron explained Magi “takes the place of a consensus client (often called rollup client) in the OP Stack, and works alongside an execution client such as op-geth to sync,” meaning that it allows the Ethereum chain to advance by feeding new blocks to the execution client.
The lead engineer for Coinbase’s layer-2 solution Base, Jesse Pollak, also chimed in on the announcement, tweeting that “magi means more decentralization, security, and scale for the OP Stack.”
magi means more decentralization, security, and scale for the OP Stack.
— Jesse Pollak (jesse.xyz) (@jessepollak) April 19, 2023
excited to have @a16zcrypto contributing to the superchain alongside @BuildOnBase, @optimismFND, and more folks every day!
https://t.co/ffUOVM6eER
In an April 19 blog post, Citron opined that decentralization increases network security, which is “critically important for rollups” just as it is for the base layer of Ethereum.
A16z’s cryptic hype orange circle tweets echoed the way Coinbase hyped and introduced its own layering network called Base, which instead featured tweets of a blue circle.
Related: US share of global crypto developers fell 26% in 5 years — a16z
Citron kicked off the hype train with a tweet of an orange circle on April 18 bearing the phrase “coming soon.”
Its similarity to the hype before the announcement of Base prompted the crypto community to theorize another Ethereum layer-2 solution was imminent before a16z’s chief technology officer, Eddy Lazzarin, quashed the rumors.
✨
— Eddy Lazzarin (@eddylazzarin) April 18, 2023
(not an L2)
Citron also noted that Magi is still currently in development, and while it can currently sync to the Optimism testnet it will be some months before it is production-ready.
Asia Express: Bitcoin glory on Chinese TikTok, 30M mainland users, Justin Sun saga
The Ethereum scaling network Optimism, which operates as a layer two (L2) network, announced plans to upgrade its network in March. The upgrade, named “Bedrock,” aims to increase transfer speed, lower fees, and enhance compatibility with the Ethereum Virtual Machine (EVM). The Optimism Foundation stated in its proposal, “The Bedrock upgrade is a major step […]