Ethereum's Blobs Are Slashing L2 Fees | Layer 2 Review
Ethereum's Blobs Are Slashing L2 Fees | Layer 2 ReviewQuick Reads and Hot Links Covering the People and Projects Who Are Scaling EthereumDear Frens, The Dencun upgrade went live yesterday and is a major milestone for Ethereum, being the largest upgrade since the network switched to Proof-of-Stake (PoS). This upgrade has significantly changed how data is stored on Ethereum, making it more accessible and cheaper to record L2 transactions. This has led to a drastic fall in transaction fees on several Layer 2 networks. In this issue’s editorial, we dig deeper into the Dencun upgrade and the fresh momentum it brings to Ethereum’s Layer 2. This momentum is not only limited to the Ethereum L2 ecosystem. The Bitcoin Layer 2 ecosystem is also taking huge strides with native Bitcoin-based applications seeing increased interest and usage. The emergence of projects like Stacks, Rootstock, and Liquid, which use Bitcoin as a foundational settlement layer while scaling functionality, has contributed to this growth. The Stacks network, a companion chain for smart contracts built on Bitcoin, witnessed its Total Value Locked (TVL) break previous all-time highs, indicating strong adoption and usage of the network. These updates suggest that the Layer 2 ecosystems, both for Bitcoin and Ethereum, are experiencing significant growth and adoption, with new projects and solutions being developed to address the inherent limitations of the underlying networks. The increasing interest in native Bitcoin-based applications and the growth of Ethereum's Layer 2 projects indicate a positive trend for the overall ecosystem. Read on to get the latest updates, and keep yourself abreast of major L2 stories and news. Contributors: Warrior, Lucent1, anointingthompson1, jengajojo, Tonytad, Boluwatife, Kornekt, WinVerse This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps. 🗞️ Ecosystem Updates⛓️ Swell Plans Layer 2 'Restaked Rollup' Alongside Native Governance Token 🆕 Blobs Unleashed: Ethereum’s Dencun Upgrade Activates on Mainnet 🔀 Eclipse Labs Raises $50 Million in Series A Funding Ahead of Expected Q2 Mainnet ⚡ Taiko Raises $37M to Date From Top-tier VCs Ahead of Mainnet Launch ⭕ Frax Opens Bridge Access to Layer 2 Network Fraxtal; Plans Reward Snapshot Today 🔒 Base Says it Will Support EIP-4844 From 'Day 1' Following Dencun Upgrade 📈 Starknet Optimizes Code for Cost Savings Following Dencun Upgrade 🔮 Ethereum Layer 2 Chain Blast Releases Official Mainnet 🔥 Hot NewsGrass Announces Revolutionary Layer 2 for Unbiased AI Training DataGrass has announced its plans to become the world's first Layer 2 Data Rollup and is set to revolutionize the AI industry. Grass plans to do this by leveraging Solana's high throughput to process a staggering 1 million transactions per second, settling the platform securely on the Solana blockchain. At the core of Grass' mission is addressing the consistent issue of bias in AI models, stemming from the lack of transparency surrounding the training data used. Grass' innovative solution is to establish an immutable ledger that allows developers to verify the origin of training data beyond a reasonable doubt, which, in turn, will ensure the absence of bias. Grass' trailblazing Layer 2 solution promises to usher in a new era of unbiased AI models, fostering trust and transparency within the industry. Read more about this development in the thread below 👇🏽 🏛 Governance💬 Proposals in DiscussionArbitrum
Optimism
Polygon
Starknet
MantleEthereum's Blobs Are Slashing L2 FeesAuthor: Kornekt The Ethereum network has just undergone its biggest upgrade since the Merge. At exactly 13:55 UTC on March 13, 2024, the Dencun upgrade went live on the Ethereum mainnet. This upgrade, named from a combination of the Cancun and Deneb updates, accounts for nine Ethereum Improvement Proposals. Set to redefine transaction processing capabilities, Dencun heralds a new era of scalability for Ethereum. One major takeaway of this upgrade is the introduction of data “blobs”, also known as Proto-Danksharding, which greatly reduces the burden of data storage costs for Layer 2 transactions. Let’s find out more! What is Proto-Danksharding?At the heart of the Dencun upgrade lies Proto-Danksharding, a paradigm shift in Ethereum's approach to data storage and transaction processing, particularly concerning Layer 2 solutions. Proto-Danksharding addresses the pressing issue of exorbitant data storage costs inherent in Layer 2 transactions on Ethereum's mainnet. Traditionally, Layer 2 solutions, such as Rollups, have grappled with the necessity of permanently storing transaction data on Ethereum's mainnet, resulting in substantial storage expenses passed on to users in the form of transaction fees. Proto-Danksharding presents a groundbreaking solution by introducing temporary "data blobs" to the Ethereum network. These data blobs serve as transient repositories for transaction data, enabling Layer 2 solutions to offload their storage requirements from Ethereum's mainnet to these ephemeral storage spaces. In stark contrast to conventional storage methods, where data remains on-chain indefinitely, data blobs have a finite lifespan of approximately one month before automatic deletion. In addition to the data in the blobs, rollups post a “commitment” onchain which is used to verify the validity of the blob data. The data only need to be available long enough for anyone to check and verify their validity. As such, the data don't need to live perpetually on the network. This makes it okay to delete the data blobs after the specified period. By transitioning transaction data to these temporary data blobs, Proto-Danksharding significantly mitigates the storage costs associated with Layer 2 transactions. This cost reduction translates to tangible benefits for users, in the form of lower transaction fees and enhanced accessibility to decentralized applications. Furthermore, Proto-Danksharding lays the groundwork for full Danksharding, which aims to augment Ethereum's scalability through additional data-sharding techniques. Significance of Dencun on Ethereum and Layer 2Dencun holds profound significance for both the Ethereum network and Layer 2 scalability. By introducing pioneering concepts like Proto-Danksharding, Dencun addresses critical challenges related to data storage costs and transaction fees, laying the groundwork for enhanced scalability and efficiency. For Ethereum, Dencun signifies a pivotal step toward realizing long-term scalability objectives. Dencun amplifies the network's capacity to process higher transaction volumes by optimizing data storage and reducing transaction fees. Proto-Danksharding's introduction by the Dencun upgrade also marks a watershed moment for the Layer 2 ecosystem on Ethereum's mainnet. A further highlight of some of its benefits on the Layer 2 ecosystem is as follows:
With diminished costs and heightened efficiency, Layer 2 platforms are poised to attract a burgeoning community of users and developers, fostering innovation and vitality within the ecosystem. To ConcludeThe potential long-term impact of the Dencun upgrade on the blockchain ecosystem is profound. By addressing scalability challenges and streamlining transaction costs, Dencun serves as a harbinger of future upgrades aimed at bolstering network efficiency and accessibility. This trajectory could catalyze the global adoption of blockchain technology, heralding a global era of decentralization, innovation, and inclusivity. 🔭 Project WatchArbitrumTop Projects by TVL in the Last 7 DaysOptimismTop Projects by TVLzkSyncTop Projects by TVLzkEVMTop Projects by TVL in the Last 7 Days |
Older messages
What’s Up BanklessDAO? | BanklessDAO Weekly Rollup
Saturday, March 9, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Ideation II: A Fun-Filled Mission? | BanklessDAO Weekly Rollup
Saturday, March 2, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Scaling Ethereum With Optimistic Rollups | Layer 2 Review
Thursday, February 29, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Ideation | BanklessDAO Weekly Rollup
Saturday, February 24, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
A Primer on Rollup Stages | Layer 2 Review
Monday, February 19, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
You Might Also Like
SEC calls Ripple’s proposed stablecoin an ‘unregistered crypto asset’
Wednesday, May 8, 2024
Ripple's CLO Stuary Alderoty said the SEC filing was baseless. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Integrate BTC, cooperate with Pendle and MakerDAO Can Ethena become a new generation of stablecoin?
Wednesday, May 8, 2024
Author: defioasis By holding LST and an equivalent amount of perpetual contract short positions, Ethena has created a delta-neutral CDP, pioneering a new chapter in synthetic dollars . The yield on
DeFi & L1L2 Weekly - 🎉 Crypto.com Reaches 100M Users, BlackRock’s BUIDL Becomes Largest Tokenised Treasury Fund
Wednesday, May 8, 2024
Crypto.com hits new milestone with 100 million global users. BlackRock's BUIDL is now the largest tokenised treasury fund. Ethereum devs propose EIP-7702 to enhance externally owned accounts. ͏ ͏ ͏
DeFi & L1L2 Weekly - 🎉 Crypto.com Reaches 100M Users, BlackRock’s BUIDL Becomes Largest Tokenised Treasury Fund
Wednesday, May 8, 2024
Crypto.com hits new milestone with 100 million global users. BlackRock's BUIDL is now the largest tokenised treasury fund. Ethereum devs propose EIP-7702 to enhance externally owned accounts. ͏ ͏ ͏
Holy Grail! We’re live with a $100k prize pool 🏆
Tuesday, May 7, 2024
Swap, borrow, and stake to earn yield and get a chance to win a slice of the massive prize pool. Flipside Crypto Holy Grail! 🏆 Aptos Grail Tournament with $100k in prizes starts today! Keep doing what
US Bitcoin ETFs see record outflows as Hong Kong counterparts thrive
Tuesday, May 7, 2024
Hong Kong spot Bitcoin and Ethereum ETFs recorded significant inflows of more than $300 million last week. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The Usage & Evolution of Decentralized Exchanges (DEX’s)
Tuesday, May 7, 2024
Checking in on liquidity pools, trading volumes and adoption across Ethereum DEX's ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
What is Based Rollup, and How Does it Inherit Ethereum's Liveness?
Tuesday, May 7, 2024
By 0XNATALIE, Researcher at @ChainFeedsxyz Source: With the completion of the Cancun upgrade and the reduction of L2 gas fees, the market's focus has once again shifted to L2. There are currently
Bitcoin network celebrates 1 billion transactions as a Satoshi-era wallet awakens
Monday, May 6, 2024
Bitcoin's 1 billion transactions is over a decade faster than Visa. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Crypto Market Pulse Weekly – 💸 HK Spot Bitcoin ETFs Saw ~$250M Inflows in 3 Days
Monday, May 6, 2024
Hong Kong Spot Bitcoin ETFs saw US$250M net inflows in 3 days. Morgan Stanley filed with the US SEC to permit exposure to Bitcoin ETFs. Australia is reportedly considering the launch of Bitcoin ETFs. ͏