19.07K
548.62K
Pending
Pending
Introduction
EigenLayer is a protocol built on Ethereum that introduces re-staking, allowing users who have staked $ETH to join the EigenLayer smart contract to re-stake their $ETH and extend cryptoeconomic security to other applications on the network. As a platform, EigenLayer, on the one hand, raises assets from LSD asset holders, and on the other hand, uses the raised LSD assets as collateral to provide middleware, side chains, and rollups with AVS (Active verification service) needs. The convenient and low-cost AVS service itself provides demand matching services between LSD providers and AVS demanders, and a specialized pledge service provider is responsible for specific pledge security services. EIGEN total supply: 1.67 billion tokens
The price of Ethena’s native token (ENA) has jumped over 45% this week, following the launch of several new offerings. Ethena is building a synthetic dollar system, aiming to provide a decentralized alternative to traditional banking with its digital dollar, USDe. In addition to USDe, Ethena offers a savings product called “the Internet Bond,” which is also dollar-denominated. Currently trading at $0.361, ENA has risen from $0.248 just a week ago, marking a 14% increase in the last 24 hours alone. Ranked 115th by market cap, the token’s growth has been fueled by new partnerships and product launches. READ MORE: Almost 90% ot Airdrop Tokens Crash Within Three Months Earlier this week, Ethena announced its integration with EigenLayer, a restaking protocol on Ethereum . The collaboration introduces USDe as a dollar-backed asset that can now be used as collateral within EigenLayer’s shared security framework. Previously, only Ethereum-based assets were accepted as collateral, but the inclusion of USDe opens up new possibilities for less volatile collateral options. Additionally, Ethena introduced a new stablecoin called UStb, which is fully backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). This marks BlackRock’s first tokenized fund, which invests in U.S. Treasury bills and similar assets. Ethena explains that UStb will function separately from USDe, offering users a stablecoin with a distinct risk profile.
Ethena (ENA) Soars Amid Launch of New Stablecoin and Key PartnershipsOn September 28, repledging agreement EigenLayer TVL rallied to $12.239 billion, up 3.55% over the past 7 days, according to Defillama data. In previous news from Foresight News, Eigen Foundation said it will unlock the EIGEN transfer limit at 12:00 p.m. Singapore time on October 1st.
EigenLayer TVL rebounds to $12.239 billionThe Eigen Foundation announced on the X platform that it will lift the transfer restrictions of EIGEN at 12 o'clock Singapore time on October 1st. It is reported that if a user's EIGEN is currently pledged, there will be a withdrawal period of 7 days upon cancellation of the pledge.
The Eigen Foundation will lift the transfer restrictions on EIGEN on October 1stAccording to on-chain analyst Yu Jin, investment firm ParaFi Capital transferred 5,134 ETH (worth $13.84 million) into CEX five hours ago, presumably for sale. This batch of ETH was redeemed by ParaFi Capital from EigenLayer yesterday. They deposited this amount of ETH into EigenLayer for mining in December last year when the price of ETH was $2,175.
Investment firm ParaFi Capital transferred 5,134 ETH to CEX 5 hours agoBedrock lost $2 million in a security exploit involving the synthetic Bitcoin token uniBTC but assured users that remaining funds are secure. Most losses occurred in decentralized exchange liquidity pools; Bedrock’s reserves of wrapped BTC and standard Bitcoin were not affected. Bedrock plans to release a reimbursement plan soon and remains the eighth-largest liquid staking protocol with over $240M in total value locked. Multi-asset liquid staking protocol Bedrock has confirmed a security exploit that led to the loss of approximately $2 million in funds. The incident, which involved the synthetic Bitcoin token uniBTC, was disclosed by the protocol in a statement on September 27. Consequently, Bedrock reassured its users that the issue has been addressed and the situation is under control. The protocol has also promised to release a detailed post-mortem report alongside a reimbursement plan. ⚠️Important Announcement from the Bedrock Team We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU. We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are… — Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) September 27, 2024 Immediate Steps Taken to Secure Platform Notably, Bedrock responded quickly after discovering the exploit, stating that most of the losses occurred in decentralized exchange liquidity pools. The team confirmed that the underlying wrapped BTC tokens and the standard Bitcoin held in reserves were unaffected by the hack. Bedrock emphasized that its team has implemented measures to prevent similar incidents from happening again, although they did not provide specific details. Additionally, the protocol reassured users that all remaining funds are safe and that it is working on a comprehensive reimbursement plan. The plan is expected to address the losses sustained and will be shared publicly in the near future. This commitment aims to maintain trust among its users and institutional investors, who represent a significant portion of its clientele. Security Exploit Affects Synthetic Bitcoin Token Notably, the security breach involved uniBTC, a synthetic Bitcoin token used in decentralized finance (DeFi) on Bedrock’s platform. Synthetic tokens like uniBTC allow users to earn yield through staking, making them attractive to both retail and institutional investors. Bedrock, which launched in February 2023, has positioned itself as a compliant protocol that prioritizes Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. This appeal, particularly for institutional investors, has helped it grow rapidly in the liquid staking sector. Read CRYPTONEWSLAND on google news Despite the exploit, Bedrock remains the eighth-largest liquid staking protocol in the market, with over $240 million in total value locked (TVL) on its platform, according to DefiLlama data. Furthermore, the liquid restaking market itself has expanded significantly, fueled by innovations like EigenLayer’s ETH restaking protocol. With more than $11.4 billion in TVL across the sector, liquid staking continues to play a crucial role in the broader DeFi ecosystem. Notably, the incident raises concerns about security within the liquid staking sector, especially as synthetic tokens gain more adoption. Bedrock’s quick response and commitment to reimburse users may help mitigate any long-term damage to its reputation. However, the exploit highlights the risks associated with DeFi protocols, even those that follow strict compliance standards. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Bedrock’s Liquid Restaking Protocol Hit by $2M ExploitLast updated: September 27, 2024 06:43 EDT Bedrock, a multi-asset liquid staking protocol, has confirmed it suffered a security breach involving its synthetic Bitcoin token, uniBTC. Hackers exploited a vulnerability in the protocol, resulting in a loss of approximately $2 million in funds. “We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU,” the project said in a post on X on September 27 . Bedrock to Reimburse Affected Users The team behind Bedrock stated that they have since addressed the issue and are actively working on a comprehensive plan to reimburse affected users. They assured the community that all remaining funds on the platform are secure. “A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” Bedrock stated in their announcement. The bulk of the stolen funds were taken from decentralized exchange liquidity pools, but Bedrock emphasized that the underlying wrapped Bitcoin (BTC) tokens and standard BTC held in reserves remain safe. The company is committed to transparency and is expected to release a detailed post-mortem report soon, outlining the nature of the exploit and the steps being taken to prevent future breaches. ⚠️Important Announcement from the Bedrock Team We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU. We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are… — Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) September 27, 2024 Bedrock, launched in February 2023 by Singapore-based blockchain firm RockX, offers a variety of staking products such as uniBTC, uniETH, and uniIOTX. These synthetic tokens allow users to earn yield through staking while maintaining exposure to major blockchain assets. The protocol has been particularly appealing to institutional investors due to its emphasis on strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. According to data from DefiLlama, Bedrock ranks as the eighth-largest liquid staking protocol in the market, with over $240 million in total value locked (TVL) on its platform. Liquid restaking has become a significant segment of the crypto industry, with protocols like Eigenlayer leading the charge, boasting over $12.1 billion in TVL on its mainnet. Hackers Exploit Automated Email Replies to Deploy Mining Malware In another attempt, Cybersecurity scammers are using automated email replies to compromise systems and deliver stealthy crypto mining malware. As reported, hackers have been leveraging auto-reply emails from compromised accounts to target organizations in Russia, including companies, marketplaces, and financial institutions. The attackers aim to install the XMRig miner on victims’ devices, enabling them to mine digital assets covertly. The malware is distributed through malicious links sent via text messages. This comes on the heels of another malware threat identified in August. The “Cthulhu Stealer,” which affects MacOS systems , similarly disguises itself as legitimate software and targets personal information, including MetaMask passwords, IP addresses, and cold wallet private keys. As reported, August saw a surge in crypto-related scams, with a staggering $310 million lost to various exploits, making it the second-highest monthly total this year. Phishing incidents emerged as the most damaging, accounting for approximately $293 million of the total losses.
Liquid Restaking Protocol Bedrock Loses $2 Million in uniBTC Security ExploitMulti-asset liquid staking protocol Bedrock has confirmed it has fallen victim to a “security exploit” involving uniBTC, with hackers making off with around $2 million in funds. In a Sept. 27 post to X, Bedrock said it was aware of a security exploit involving uniBTC—a synthetic Bitcoin token used in DeFi — that resulted in the loss of approximately $2 million in assets. The restaking protocol said the issue had been “handled” adding that its team was taking steps to address the root cause. It reassured users that all remaining funds were safe and they would be issuing a reimbursement plan in the near future. Source: Bedrock “A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” Bedrock added. Bedrock said most of the losses were incurred in decentralized exchange liquidity pools and clarified that the underlying wrapped BTC tokens and standard Bitcoin ( BTC ) held in reserves were secure. Cointelegraph reached out to Bedrock for further comment. Bedrock is a multi-asset liquid restaking protocol that offers products such as uniBTC, uniETH, and uniIOTX, synthetic representations of major blockchain tokens that allow users to earn yield through staking. Related: How liquid restaking tokens are revolutionizing DeFi Launched in February 2023 by Singapore-based blockchain firm RockX, Bedrock is designed to attract institutional investors with large sums of capital to liquid staking, prioritizing strict KYC and AML compliance. According to DefiLlama data , Bedrock is the eighth-largest liquid staking protocol on the market, with just over $240 million in total value locked (TVL) on its platform. Bedrock touts over $240 million in TVL. Source: DeFiLlama Liquid restaking and native restaking have rapidly grown to become some of the largest market sectors in the crypto industry following the launch of the ETH restaking protocol Eigenlayer in April. Liquid restaking protocols now boast over $11.4 billion in TVL, while Eigeinlayer itself touts more than $12.1 billion in TVL on its mainnet, per DefiLlama. Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’
Liquid restaking protocol Bedrock suffers $2M exploitOn September 26, Eigenpie announced that it has been allocated EIGEN tokens for its contribution to the EigenLayer protocol.Eigenpie will distribute these tokens in full. EIGEN earned from the Pledge category will be distributed 100% to repledgers on the platform, based solely on EIGEN points earned by users, independent of early withdrawals. In addition, the 100,000 EIGEN tokens that Eigenpie receives from the Ecosystem Partners category will be distributed in full to vlEGP holders in recognition of their key role in the long-term development of the protocol.
Eigenpie Receives EIGEN Token Distribution to Platform Repledgers and vlEGP HoldersOriginal author: Jaleel Jialiu , BlockBeats The car is too heavy and the bank is too scattered. As the worlds 34th largest asset, the price of ETH has stagnated, and Ethereum has ushered in its own midlife crisis. This year is a special year for Ethereum, as it is the 10th anniversary of ICO. Looking back at the global technology companies, Apple, which was 10 years old, almost went bankrupt, and its market value was only $20 billion at its highest. Microsoft, which has been listed for ten years, has grown its market value from $670 million to $130 billion. Ethereum’s market value is $321 billion. Although Ethereum’s market value has grown rapidly in the first 10 years, it was even once thought to surpass Bitcoin. But in this round of encryption, while Ethereum is stagnant, Bitcoin has repeatedly set new highs, and Solana has reborn from the ashes. After repeatedly reflecting on What happened to Ethereum?, the community truly realized that Ethereum is facing a dilemma of being faced with wolves in front and tigers behind, and it is not irreplaceable. In fact, the Ethereum Foundation has many shortcomings and its organizational structure is very chaotic. As a decentralized non-profit organization, it is not easy to handle the internal organizational structure of Ethereum. Looking back at the history of Ethereum, the eight founding teams separated due to disagreements, staging an encrypted version of the Silicon Valley Eight Fairies. After only Vitalik was left, this decentralized non-profit organization became the centralized era of this prodigy, and his influence and authority were unprecedented. Today, the complex relationships and ideological conflicts within the Ethereum Foundation continue, researchers are spitting at each other, and ideologies are subtly changing. After experiencing the changes in the crypto era, the survival and death of the Russo-Ukrainian war, and the realization of life, the 30-year-old Vitalik seems to have started a new script, playing a completely different new role in Ethereum. Phase 1: Vitalik personally selects the Eight Kings to Advance Politics The focus of this phase was the split and ideological conflict of the Ethereum founding team, which took place between 2014 and 2015. Vitalik Buterin, a programmer genius who always talks about technology, always answered the eight co-founders when asked what his biggest regret was in the Ethereum journey. Obviously, these eight founders who had long since left were a concern of his. When Vitalik had nothing but an idea, he welcomed the first 10 developers who responded and wanted to join, and selected 5 of them as the leadership, namely the 5 founders of Ethereum: Vitalik Buterin, Anthony Di Iorio, Charles Hoskinson, Mihai Alisie and Amir Chetrit. It was obviously a very bad mistake, they looked like good people and they wanted to help, so I thought, why not let them be the leadership? Vitalik said, looking back on his decision at the time. The co-founders of Ethereum are a controversial topic, with many versions on the Internet, and even the relevant entries on Wikipedia are constantly being edited and modified. After Vitalik personally certified the 8 co-founders, the widely recognized version in the community is: after the 5 founders, three other developers became co-founders in 2014: Joseph Lubin, Gavin Wood and Jeffrey Wilcke. At this point, Ethereum has completed the formation of its early eight core leaders, which is very similar to the Eight Kings Council implemented in the early Yuan and Qing dynasties to prevent the emperor (Khan) from being arbitrary. Berlin Pilgrimage, the prequel to Ethereum In the recently released documentary Vitalik: An Ethereum Story, Vitalik recalled that he began his life as a digital nomad in mid-2013. That was the prehistoric period of Ethereum, when Bitcoin was only $204, and more than a year had passed since Vitalik founded Bitcoin Magazine with Mihai Alisie. When building Ethereum, he traveled all over the world because he was invited by communities around the world. In 2013 and 2014, Ethereum had headquarters in Switzerland and Berlin, the white paper came out, and Vitalik visited China to crowdfund Ethereum and visit miners. Berlin is a city where he stays for a long time. “Pilgrimage” is how Vitalik described his active time in the Bitcoin Kiez area in Berlin. Room 77, now closed, photographed by Vitalik Buterin in 2013 In Berlins Bitcoin Kiez area, cryptocurrency payments are very common. Within a few hundred meters, more than a dozen stores accept BTC payments. The Room 77 restaurant and bar in the heart of the community is also a community center, frequented by a variety of people including technology developers and political activists. Ethereum rented an office near this area, which is only 1.5 kilometers away from the Room 77 restaurant and bar, and Vitalik can walk there in less than 20 minutes. If you search the address of the Ethereum office Waldemarstraße 37 A, 10999 Berlin on Google Maps, you can still see that this address is marked with Ethereum Network Launch (30/07/2015) and a group photo of the early core members of Ethereum at that time. In early 2014, most of the core members of Ethereum were basically around Vitalik, and the Ethereum team was in a highly cohesive state. At the Miami Bitcoin Conference in January of that year, Vitalik and his co-founders stood together for the first time to present their project to the world, and the effect was good, and Ethereum officially entered the public eye. However, this was also the eve of the separation. The first Ethereum meetup was held in Miami in January 2014. Image source: Internet Swiss “War I”, a turning point for Ethereum June 7, 2014, was destined to be a day of separation. All the leadership members of Ethereum were in Switzerland to attend an internal meeting, and the focus of the meeting was on the future direction of Ethereum. The meeting was held at the Spaceship house in Switzerland, the birthplace of ETH and the first headquarters of Ethereum. Spaceship house. Image source: Mihai Alisie In fact, before this meeting, this topic had been debated for a long time, and even factions had already emerged. The relationship within Ethereum became tense, and should we take money from venture capital funds or crowdfund from all ordinary people? Should we take the profit route and become the Google of the crypto world, or a pure non-profit organization? became a constant debate. Vitalik recalled this memory: “I was once persuaded to take Ethereum towards a more corporate route. But this never made me feel more comfortable, and even made me feel a little dirty.” It is said that this meeting that decided the life and death of Ethereum lasted a whole day, and Vitaliks decision was to choose a decentralized and non-profit route. I was trying to shirk responsibility throughout the process because I really didnt want to take responsibility, and in the end I had to clear some people out. This decision became the first turning point in the history of Ethereum, directly leading to the first major split in the team. Charles Hoskinson, Joseph Lubin, Amir Chetrit and Anthony Di Iorio all left one after another. Charles Hoskinson is the most visible opponent of this conflict. He has been advocating that Ethereum should become a commercial company, obtain funding through venture capital, and then develop into a profitable technology giant. A horizontal power structure, then the cleaners and the top management will be in the same position, which is crazy. After leaving Ethereum, Charles founded the development company IOHK (later reorganized into a venture capital studio) and launched a PoS public chain Cardano. This has been the leader of the copycat for many years. Because of its early focus on the Japanese market, it is called Japanese Ethereum. It is also the first generation of Ethereum killers and its market value has been in the top ten cryptocurrencies for many years. Following Charles Hoskinson, Joseph Lubin also decided not to participate in core development and turned to founding the incubator ConsenSys. In 2022, it completed a $450 million Series D financing with a valuation of $7 billion. The financing parties included ParaFi Capital, Temasek, SoftBank Vision Fund II, Microsoft and other top VCs. Over the years, ConsenSys has incubated a large number of blockchain startups and built a batch of rich ecological projects for Ethereum. The most successful one is the plug-in wallet MetaMask, the most commonly used wallet in the Ethereum ecosystem, with a weekly income of $300,000 and a total income of nearly $300 million. Similar to Joseph Lubin, Anthony is also a second-generation rich man with a strong family background. The reason for participating in Ethereum is to make more money. Therefore, after Ethereum established a non-profit operating model, Anthony began to gradually retreat to the second line and was in a semi-retired state. He created Decentral and developed the Jaxx digital wallet (finally decided to leave Ethereum in December 2015). The 2018 Forbes ranking estimated his net worth at US$750 million to US$1 billion, making him one of the top 20 richest people in the cryptocurrency field. However, in 2021, he announced that he had decided to clear and withdraw from the circle based on personal safety considerations, and would no longer fund any blockchain projects. He plans to devote himself to charity and other causes in the future. Amir Chetrit left the Swiss conference due to criticism from other developers and founders for his lack of commitment to Ethereum, and later devoted himself to other industries. Because he has always been anonymous and focused on privacy protection, there is very little information about him. When the dust settled at the end of 2014, only four of the original eight co-founders remained on the team: Vitalik Buterin, Gavin Wood, Mihai Alisie and Jeffrey Wilcke. Vitalik also reflected that he was too eager to select the team and failed to consider the deep-seated differences between the members. The conflict of ideas and the collision of interests were far more complicated than he had imagined. I did realize at that time that people in the cryptocurrency field were not all fighting for their ideals like me. Many people really just wanted to make a lot of money. The relationship between people is a realistic problem. Phase 2: Ethereum’s Cryptocurrency Version of the Silicon Valley Exodus After the first reshuffle, more than half of the co-founder team had been lost. Fortunately for Vitalik, however, the foundation is taking over more work, and Gavin Wood, his most important technical partner, is still fighting alongside him. Not only Ethereum, but the entire 2014 was not so ordinary for the cryptocurrency circle. The theft and bankruptcy of Mentougou caused the price of Bitcoin to fall sharply, from a peak of $951.39 to $309.87, a drop of 67%. It was also in this year that CZ sold his house in Shanghai and took the position of OK CTO with a price of $600. SBF, who had just graduated from MIT, was applying for a resume on Wall Street. Vitaliks work continued, and Ethereum began a large-scale recruitment. On November 28, 2014, Ethereum held an important conference, DEVCON 0, in the Berlin office. Most members of the Ethereum project team gathered in Berlin. Most of the project members had previously communicated via Skype, and this was the first time they met. DEVCON 0th meeting, source: Ethereum Foundation At that time, Vitalik and Gavin still maintained a close cooperative relationship. In the photos left by the meeting, the two stood side by side as always, symbolizing the closeness of that period. However, no one expected that the leader of the Ethereum engineering team and the author of the Ethereum Yellow Paper would be the next to leave. Gavin Wood chose to leave in October 2015, believing that Ethereum needed a more centralized engineering management model to be more efficient. However, Vitalik once again said NO. The huge disagreement eventually prompted Gavin to leave the team and founded his own company, Parity (Ethcore). Parity soon became an important node operator of the Ethereum network, and at one point controlled more than 40% of the network nodes. Subsequently, Gavin fully promoted the development of Polkadot and was one of Ethereums important competitors for a long time. Gavins departure directly weakened Ethereums ability in engineering implementation. His leadership and technical expertise were crucial in the early development of Ethereum. With his departure, the teams efficiency problems were gradually exposed. Ethereums Geth client developers are distributed all over the world, and team management and coordination problems frequently occur, which affects the development progress. Vitalik, Jeff, Gavin, Image source: Vitalik However, after Gavin left, the only two remaining co-founders, Mihai Alisie and Jeffrey Wilcke, both left during this period. Mihai Alisie was one of Vitalik’s earliest partners. The two co-founded Bitcoin Magazine. He helped Ethereum set up a legal framework in Switzerland and served as vice chairman of the foundation. Mihai’s departure was relatively natural. He did not have a fierce conflict with the team, but the core force of Ethereum’s early construction was further reduced. Jeffrey Wilcke gradually withdrew after The Dao was hacked and a huge amount of ETH was stolen, causing Ethereum to fork. He handed over the development work and technical supervision of the Ethereum Go client Geth to his assistant Péter Szilágyi, and turned his attention to game development and spending time with his family. It was probably in March 2018. Jeffrey Wilcke takes care of his children, picture source network With the departure of these founding members, Vitaliks loneliness in Ethereum has grown day by day. A developer revealed that 2015 was a lonely and difficult year for Vitalik, and he often spent the night in his office in Berlin. Interestingly, at the EthCC 7 conference in Brussels in July this year, after Vitalik’s speech, the three former core founders of Ethereum, Vitalik Buterin, Joseph Lubin and Gavin Wood, took a group photo of the century, which was considered to be a decent end and reconciliation to the previous breakup. The era of centralization of Vitalik Buterin At the same time, with the disintegration of the core team, Vitaliks influence and control over Ethereum is unprecedented. If you were asked to name an Ethereum developer other than Vitalik, 90% of the ordinary community members would not be able to do it. The authority of V God alone can represent the entire Ethereum. Unlike Bitcoin’s “off-chain technical elite governance”, Ethereum relies more on Vitalik’s personal leadership. Although on the surface, Ethereum adopts “off-chain founding authority governance” and technical improvements must be unanimously agreed upon by the community, in fact, Vitalik’s appeal can often promote the rapid passage of proposals. For example, after the DAO incident in 2016, the hard fork proposal led by Vitalik received 85% of the votes in favor, which is in stark contrast to Bitcoins more decentralized decision-making mechanism. Ethereum has gone from a decentralized community to a one-man show company controlled by Vitalik and the Ethereum Foundation. Lane Rettig, one of the core developers at the time, bluntly criticized the decision-making mechanism of the foundation. The Ethereum Foundation often showed excessive caution when making important decisions, fearing favoring one party or even worrying about legal liability. This indecision led to the foundation being slow to release new platform improvement plans, pay developers, and even unable to respond to community needs in a timely manner. Ethereums governance has failed and is effectively expert rule: a small group of technical experts have the final say over protocol updates, Lane Rettig criticized. In this context, Ajian, who was once a hardcore content contributor to the Ethereum Chinese community, also said in the article Ethereums Hidden Concerns|Prophet Weekly Report #130: The Ethereum Foundation has never regarded itself as a patcher and maintainer of this paradigm, nor has it ever felt that there should be any limits on its power. From Ajian’s perspective, there is no sign that the Ethereum Foundation believes that its power should be limited. It only sees them arbitrarily using this power and disrespecting other people who participate in the Ethereum blockchain. Therefore, Ajian switched from the Ethereum Chinese community to the Bitcoin Chinese community BTCStudy. Lane Rettig and Ajian’s attitudes represent the voices of many people in the community. Even Consensys, which has been extremely supportive of the Ethereum ecosystem in the past, told the truth. In the research report paper Interpreting the Consensys Paper: Is Ethereum Becoming Increasingly Centralized? , researchers used a variety of data and indicators to analyze and conclude: The results clearly show that the entire Ethereum ecosystem shows centralized elements of control, which may be much less than the community expects. It was also from this time that people, especially in the Chinese community, began to resist calling Vitalik V God. Centralization of power brought him down from the altar. The Foundation stumbled during its infancy At the same time, the Ethereum Foundation is still in its stumbling “infancy”, with many foundation members being appointed on a temporary basis. For example, Kelley Becker and Frithjof Weinert briefly served as the COO and CFO of the Ethereum Foundation, respectively, responsible for the daily operation and financial management of the Foundation, and ensuring that the Foundation had sufficient funds to support the development and operation of Ethereum. However, their tenures were short and they soon left the Foundation. It was not until April 10, 2015 that the Ethereum Foundation began to operate and gradually got on track, becoming an important pillar supporting technology development and governance decisions. The Ethereum Foundation started the selection of the board of directors, and the foundations initial organizational structure: the centers in Switzerland and Berlin were the largest. In mid-2015, Ming Chan, who has many years of experience in IT and management consulting, was appointed as the new executive director of the Ethereum Foundation to handle the daily operations of the foundation, ensure its standardized management, and ensure that technical development and community operations proceed smoothly within the legal and regulatory framework. The internal structure of the foundation has also been further clarified. In addition to Vitalik remaining as a core figure in technology and the community, Lars Klawitter, Vadim Levitin and Wayne Hennessy-Barrett have also joined the foundations board of directors. Lars Klawitter is responsible for the integration of technology and innovation in the foundation. He was active as an entrepreneur during the Internet revolution in his early years and served as the head of innovation business of Rolls-Royce. Vadim Levitin is a technical expert who has worked for the United Nations and has extensive international experience. He helps the Ethereum Foundation expand its influence globally. Wayne Hennessy-Barrett is another board member who brings a global perspective to the foundation and has rich operating experience in emerging markets in Africa. With the addition of these new members, the Ethereum Foundation has gradually improved its governance structure, and the foundations core mission has gradually shifted from technology development to community coordination and resource allocation. At the same time, the foundation also holds a large amount of ETH assets and supports the development of the Ethereum ecosystem by funding various research projects and developer teams. The core developers of Ethereum were assigned to the research group of the Ethereum Foundation. July 30, 2015 marked the historic moment when the Ethereum mainnet was launched. In the Berlin office, a photo of great historical significance was taken, recording some of the core members at that time. So far, Ethereum has basically completed its second reshuffle. The people in the same frame with Vitalik include Gustav Simonsson, Christian Reitwiessner, Christoph Jentsch, etc. Several core developers worth mentioning include: Gustav Simonsson was an early security consultant for Ethereum and played a vital role in the security of the Ethereum mainnet. After leaving Ethereum, he joined Dfinity and continued to delve into the field of decentralized computing networks. Christian Reitwiessner is the developer of the Solidity programming language, which provides the basis for Ethereum to run smart contracts. Liana Husikyan is also an important member of the Solidity development team. She is one of the main developers of Remix IDE. Remix is an integrated development environment for writing and deploying smart contracts, which helps simplify the development process of smart contracts. Meanwhile, Christoph Jentzsch is the founder of Slock.it and one of the initiators of The DAO. Although a security vulnerability led to a fork in 2016, The DAO is still one of the most important experiments in the history of blockchain, promoting the exploration of decentralized governance models. In addition, there are Fabian Vogelsteller, the author of ERC 20 and ERC 725, Vlad Zamfir, who promoted Ethereums transition from Proof of Work (PoW) to Proof of Stake, and Jutta Steiner, the head of security at the Ethereum Foundation (who later became the CEO of Parity Technologies founded by Gavin). Phase 3: Ethereum’s “midlife crisis” and attempts to de-Vitalikize The third reshuffle of Ethereum’s core members began in 2018. At this time, the cryptocurrency market had experienced the ICO explosion and the 94 crash, and the regulatory liquidation year of cryptocurrencies began. The price of Bitcoin fell from a high of $19,870 to a low of around $3,000, and Binance became the worlds largest trading platform. It will take two years for Solana, the Ethereum killer that focuses on high performance, high efficiency, and high throughput, to be released. When people talk about Ethereum, there are basically two things that they mention: one is the upgrade of Ethereum 2.0, and the other is that the Ethereum Foundation is selling coins again. The supply of ETH controlled by the foundation has been decreasing and being sold off over the years, and community members have shown more negative emotions. However, some members of the Ethereum Foundation said that this is one of the manifestations of the foundations intention to decentralize. EF consciously wants to reduce its influence and role, which is a good thing. Indeed, since Aya Miyaguchi succeeded Ming Chan as the new executive director of the Ethereum Foundation in 2018, the Foundation has no longer been the central hub for all development work as it was initially, but has instead shifted its focus to supporting and coordinating communication and collaboration between different projects, as well as expanding the Foundation’s collaboration with external partners, such as ConsenSys. After Aya Miyaguchi took office, the EFs responsibilities became more clearly defined, mainly limited to: 1. Hold Devcon or Devconnect once a year; 2. Maintain an execution client Geth, but do not maintain any consensus client; 3. Providing tens of millions of dollars in no-strings-attached funding to the broader community each year; 4. Host conference calls: such as All Core Devs (ACD) hosted by Tim Beiko, All Devs Consensus (ACDC) hosted by Alex Stokes, etc. 5. Do research: This may be one of the departments that remains centralized, but it is possible that some EF research teams will become independent; 6. Roadmap development: Vitalik updated the roadmap diagram, and then dozens of tasks were developed in parallel by different teams; Image source: Vitalik tweet The Ethereum Foundation’s official website currently discloses only three members of the leadership team. In addition to Aya Miyaguchi and Vitalik, there is also a board member, Patrick Storchenegger. During this period, several new generation core developers in the Ethereum Foundation gradually emerged and became key figures in Ethereum 2.0 and the entire ecosystem. The following is a list of people I personally think are very important in Ethereum: Danny Rya, Justin Drake, Tim Beiko, Dankrad Feist, Christian Rwitqiessner and Péter Szilágyi, the creators of Solidity, etc. (In my opinion, there is no specific order, and I won’t list them one by one) Danny Ryan is a core member of the Ethereum 2.0 team and is known as the chief engineer of Ethereum 2.0 by the community. He played a crucial role in coordinating the development of Ethereum 2.0, especially in the launch and merge upgrade of the beacon chain. He was also the first Ethereum Foundation researcher to appear in the documentary Vitalik: An Ethereum Story. (Note: During the writing of this article, Ryan announced on September 13 that he would withdraw from Ethereum development indefinitely for personal reasons, ending his seven-year Ethereum development career) Since joining the Ethereum Foundation in 2017, Justin Drakes main work has also been Ethereums transition to Proof of Stake (PoS), and he played a key role in the execution of the ETH merger. In addition, Justin Drake is also one of the main spokespersons in the community on Ethereums future technical roadmap, and often participates in podcasts and interviews to educate the public, such as the Ethereum Foundations Reddit AMA, where Justin Drake is also one of the main speakers and has a very good foundation in the community. Tim Beiko joined the Ethereum Foundation full-time in 2018 and became one of the core developer leaders in 2021. He is responsible for organizing ACD conference calls and is an important bridge between Ethereum core developers. As a protocol engineer, his work covers the advancement of multiple Ethereum improvement proposals. Dankrad Feist is an important researcher at the Ethereum Foundation, focusing on the research of statelessness and data availability. The concept of Danksharding he proposed is in the sharding technology route of Ethereum, so the expansion plan finally selected by the Ethereum mainnet is named after Dankrad Feist. At the same time, his research on the MEV (maximum extractable value) problem also provides new insights into the security of Ethereum. However, on this issue, he and Péter Szilágyi, the current development director of Geth, had a public dispute, which eventually forced Vitalik to mediate. Related reading: The Ethereum Foundation is caught in internal and external troubles: researchers and engineers debate fiercely, and members serving as EigenLayer consultants may have conflicts of interest . After completing the stabilization of team members, from 2018 to 2022, the expansion of the Ethereum ecosystem has gained mainstream recognition. In 2019, DEXs such as Uniswap, Compound, and SushiSwap provided generous returns to any DeFi user who provided liquidity, and DeFi Summer made Ethereums TVL grow rapidly. In 2021, it is the first year of the century of the metaverse. Facebook changed its name to Meta, paving the way for the explosion of NFT. In 2022, the currency circle experienced the Lehman moment, Luna and FTX fell one after another, the Solana ecosystem was hit hard, and Ethereum successfully switched from PoW to PoS. The Layer 2 track was booming and it was in its heyday, completing its own outbreak period. Ideological crisis: EF parliamentarization However, the moon waxes and wanes, the water overflows, everything rises and falls, everything reaches its limit and then reverses, yin and yang transform, waxing and waning, waxing and waning. Finally, Ethereum has reached its midlife crisis. This year marks the second anniversary of the transition to PoS, and the price of ETH has stagnated. Although the price once broke through $4,000 at its highest point, compared with BTC and SOL, its performance in this round of market cycle is extremely poor. The decline of ETH against BTC is about 48.70%, and the decline of ETH against SOL is about 63.55%. The most obvious thing is that after Bitcoin reached a new high this year, Ethereum is still hovering between $2,300 and $3,000. As the 34th largest asset in the world, Ethereum is too heavy and too scattered. At this scale, Ethereums growth is very difficult, almost fighting against gravity. There is another rule in the financial world that when an asset reaches 300 billion or 500 billion US dollars, it will face a growth bottleneck. Ethereum is at this bottleneck stage. Not only is it a price bottleneck, Ethereum is also facing the crisis of ideological change. Preventing Ethereum from becoming rigid and ideological changes in the Ethereum Foundation have also become issues frequently discussed by foundation members. Continuing with the topic just mentioned by Dankrad Feist, the controversy caused by Dankrad Feist was not only about the MEV issue with Péter Szilágyi, but also rose to the issue of neutrality as a member of the Ethereum Foundation. On May 21, Justin Drake and Dankrad Feist disclosed that they had become consultants of EigenLayer and would receive EIGEN tokens as compensation that may exceed their current wealth. Although both researchers claimed that they participated in the advisory role in a personal capacity and would be ready to end their advisory positions if EigenLayer went against the interests of Ethereum, the community obviously did not buy it. When the potential income may exceed the total of ones existing wealth, it is difficult for a person to guarantee that he would treat money as dirt. Obviously, in this reshuffle period, the Ethereum Foundation is like the Congress of Ethereum. The EIP written by researchers can directly change the direction and pattern of Ethereum and affect the ecological industry worth hundreds of millions of dollars. As the number and size of ecological participants continue to grow, EIP involves more and more interests. Every participant hopes that he can get special care in the upgrade like L2, but it is impossible for everyone to be consistent with the interests of Ethereum, so EF researchers have become parliamentarians that must be won over in the eyes of capital. This explains why EigenLayer is willing to spend a lot of money to hire members of the Ethereum Foundation, because they spent money to buy a lobbyist from EF. Related reading: EF has no dreams . For projects, in order to gain ecological legitimacy, they must try their best to establish good relations with EFs in various ways. If there is someone close to EFs around, it will be much easier to do things on and off the stage. For VCs, establishing good relations with EFs is a convenient channel to get in touch with high-quality investment targets earlier. With projects recommended by EF researchers, it is not only easier to get shares, but also a layer of insurance in terms of legitimacy. Whether they like it or not, EF researchers are surrounded by various investors, who either appoint them as consultants or directly sponsor their personal research, and the researchers themselves do not seem to mind this. With the increasingly obvious modularization trend of EigenDA, Celestia, etc., this situation may be manifested in a faster and more obvious way. More teams will have their own parliamentary teams in EF, and EF itself will undergo ideological changes due to the unbundling of interests of all parties and embark on the path of parliamentarization. Ethereum without Vitalik As the Ethereum Foundation moves toward congressionalism, there are also signs of de-Vitalikization. In the recollection of Vitalik’s father, when Ethereum was first established, Vitalik did not want to be a leader. He thought more like, “Hey, I came up with a cool idea. Let me write it down first, and then maybe some smart and influential people will do something about it.” But then, things changed a little bit, and a lot of people joined the project and told Vitalik: You are the one who should drive this project. So people pushed him to the position of leader, but all this was not natural. For him, this was outside his comfort zone, and it is still one of the biggest challenges he faces. Vitalik almost perfectly satisfied our societys deepening image of technology founders, the worship of youth, and the obsession with a certain innocence yet powerful power, said Nathan Schneider, an economics professor who has interviewed Vitalik many times. But in 2024, Vitalik will be 30 years old. While working on Zuzalu in Montenegro, he saw people a full decade younger than him taking on leadership roles in various projects, either as organizers or developers; at a hacker meetup in South Korea with around 30 people, he became the oldest person in the room for the first time. Vitalik satisfies the imagination of a large number of programmers about their ideal selves: young and legendary. Vitalik is a symbol. He is no longer young and is no longer suitable for such a role, and he himself is aware of this. Ten years ago, he wanted to do something cool, and many people praised him as one of the young prodigies who changed the world like Zuckerberg. Now, after experiencing the changes in the crypto era, the Russo-Ukrainian war, life and death, Vitalik has a new understanding: I am now playing a completely different role, and its time for the next generation to take over the mantle that once belonged to me. Related reading: Vitaliks 30-year-old life insights: Its time for the next generation to take over the mantle that once belonged to me . Im curious if Ethereum can survive without Vitaliks leadership? 9 months ago, a related discussion post on Ethereum reddit received a lot of discussion: In the past few years, Vitalik has indeed not led Ethereum as people imagined, I even heard that Vitalik is not even the best person to explain the Ethereum roadmap. Marco Castignoli, who works at the Ethereum Foundation, also expressed his personal opinion: Although I am not one of them, I know clearly that Vitalik is just a member of the EF research team. The research team is composed of a group of very smart brains, and Vitalik is just average among them. Several new core members mentioned above (Danny Rya, Justin Drake, Tim Beiko, Dankrad Feist, Christian and Péter Szilágyi, etc.) have gradually emerged and become core developers in the Ethereum community. Moreover, according to statistics from Electric Capital, there are currently 99 active Ethereum core developers, which is far ahead of other blockchain projects such as Bitcoin, Cardano, EOS or Tron. Looking at a larger scope, the Ethereum network currently has more than 250,000 developers and researchers, making it one of the most decentralized blockchain development communities. When young Vitalik was abandoned by Blizzard, he was able to create a new world with his own technology, and it seemed that everything was created by technology. However, after several rounds of reshuffles of Ethereum team members, he found himself finally powerless, and Vitaliks self began to be deconstructed from then on. As he wrote at the end of his 30-year-old life reflections: communities, ideologies, scenes, countries, or very small companies, families or relationships - they are all created by people. It is not created by technology. Besides, Vitalik is no longer the youngest, smartest or even the most representative technical researcher in Ethereum. Vitaliks role will continue to weaken, and one day, Ethereum will become Ethereum without Vitalik. Perhaps it’s time to imagine Ethereum without Vitalik. Authors note: This article attempts to summarize the changes in the core organization members of Ethereum, but the members of Ethereum are much richer than I know. Putting them all in one article structure requires omitting many details, so there are some omissions. It is best to regard this article as a rough summary rather than a detailed historical and technical explanation. Thanks to everyone who provided information and other feedback.
Ethereum’s 10-year power transition: 3 internal reshuffles, now trying to bid farewell to the Vitalik eraEigenLayer will lift EIGEN token transfer restrictions on September 30, 2024. Stakeholders must observe a 7-day withdrawal period to unstake EIGEN tokens. Pre-market values EIGEN tokens at $3.4, with TVL dropping from $20B to $12B. EigenLayer, a prominent restaking protocol, is set to remove transfer restrictions on its native EIGEN token, enabling stakeholders to trade and transfer their tokens starting on September 30. This significant update comes after months of anticipation, particularly following the protocol’s recent token distributions. EIGEN token remain non-transferable EigenLayer has been at the forefront of crypto innovation, allowing users to stake their ether (ETH) to secure third-party networks and other validated services. The platform’s native token, EIGEN, which was launched in April , plays a pivotal role in this ecosystem. However, up until now, EIGEN tokens remain non-transferable due to restrictions in place following two major “stakedrop” events. The tokens remained locked, and stakeholders could not transfer or trade them. With the lifting of these restrictions, EIGEN holders, including those who received airdropped rewards, will now have the ability to manage their assets freely. For those who have staked their tokens, EigenLayer clarified that a mandatory 7-day withdrawal period must be observed for unstaking EIGEN. This adds a minor delay before tokens can be fully withdrawn and traded. EigenLayer has experienced significant funds outflow In pre-market trading, derivatives of the EIGEN token have been valued at approximately $3.4, with a fully diluted valuation of $5.4 billion. However, despite the initial success, EigenLayer has experienced a significant outflow of funds in recent months, reducing its total value locked from $20 billion in June to $12 billion. As the transferability date approaches, the platform’s future trajectory remains closely watched by the crypto community.
EigenLayer prepares for EIGEN token transfer restrictions lift on Sept. 30Restaking protocol EigenLayer is set to lift transfer restrictions on its native EIGEN token, with changes expected to go into effect on September 30. This move will allow token holders to trade and transfer EIGEN tokens, including airdrop rewards distributed during the platform’s recent staking periods. The project has announced that token holders who stake EIGEN tokens will be required to adhere to a mandatory 7-day withdrawal period before they can redeem them. This update comes after the protocol’s second “stakedrop” season, which saw 86 million EIGEN tokens distributed to active participants between March 15 and August 15, 2024. Initially, these and previously issued tokens were non-transferable. Related News Anticipated Big Move from China! It May Also Affect Cryptocurrencies! EigenLayer, a platform that allows users to deposit and stake ETH, aims to secure third-party networks and verified services through the restaking mechanism. The platform’s total token supply of 1.67 billion is part of a broader security model known as “inter-subjective forking” that aims to strengthen crypto-economic security. Ahead of the expected transferability, pre-market trading platforms like Hyperliquid value EIGEN token derivatives at approximately $3.4 each, a fully diluted valuation of $5.4 billion. Despite a strong start with significant deposits during its phased rollout, EigenLayer has also experienced significant outflows recently. The platform’s total value locked (TVL) has fallen from an all-time high of $20 billion in June to $12 billion, signaling a shift in market activity ahead of the token transferability update. *This is not investment advice.
Altcoin With Billion Dollar Airdrop Finally Announces Expected Date7:00-12:00 Keywords: EIGEN, Elon Musk 1. Over 40 U.S. Republicans urge the SEC to repeal SAB 121; 2. Citibank survey report: Global family offices' investment in cryptocurrency has doubled year-on-year; 3. Elon Musk plans to change the X blocking feature, allowing blocked accounts to view posts; 4. Eigen Foundation: The transfer restriction on EIGEN tokens is expected to be lifted on September 30; 5. CME FedWatch: The probability of a 50 basis point rate cut by the Fed in November is 51.5%; 6. Placeholder partner: Many quality VCs in the crypto industry are often discredited by pseudo-VCs who only want to enter the private market and accelerate liquidity.
Overview of Important Developments on the Afternoon of September 24Coinspeaker Ethereum L2 EigenLayer to End Token Transfer Restrictions by September 30 The EIGEN token transfer restrictions on Ethereum Layer-2 protocol EigenLayer will end in less than one week. This means that token transferability will be activated by September 30, giving stakeholders permission to trade and transfer their share of EIGEN tokens, including the airdropped rewards. EigenLayer TVL Drops Significantly As part of removing transfer restrictions for the token, users with staked tokens must observe a 7-day withdrawal period to unstake their EIGEN tokens. Before this time, all tokens during EigenLayer’s “stakedrop” were non-transferrable. EigenLayer prides itself on a protocol that allows users to deposit and stake Ethereum. In the long run, it aims to put the staked funds on secure third-party networks or Actively Validated Services (AVS). The platform has a total supply of 1.67 billion native tokens, which are expected to play a role within a crypto-economics security system dubbed inter-subjective forking. According to pre-market trading platforms Hyperliquid, the value of the EIGEN token’s derivatives is approximately $3.4, while its fully diluted valuation is $5.4 billion. On the other hand, EigenLayer’s influx of deposits in the phased rollout has yet to translate into significant inflows. Its Total Value Locked has dropped from an all-time high (ATH) of $20 billion in June to $12 billion. As of June 6, EigenLayer’s TVL hit $20.09 billion. At the time, this achievement placed EigenLayer as the second-largest Decentralized Finance (DeFi) protocol, just behind Lido. At the money, DeFiLlama data shows it is now surpassed by Lido, and Aave. On August 16, the TVL experienced a dramatic $351 million reduction within 24 hours. This came when Eigen Labs, the entity behind EigenLayer, faced accusations of engaging in practices where a significant amount of tokens were received from projects using its platform. Many stakeholders became concerned about the transparency and ethics of EigenLayer’s operations. The restaking protocol attempted to address the concerns, citing policy changes, but this did not improve the TVL. Per DefilLama data, EigenLayer’s TVL is currently at $12.29 billion. EigenLayer Unveiled Second Stakedrop Noteworthy, the token transfer news comes less than three weeks after the leading Ethereum restaking protocol confirmed the debut of the second season of its “stakedrop” program. The protocol hinted at 86 million EIGEN tokens being released to various stakeholders, including stakers, node operators, ecosystem partners, and community members. The token distribution later commenced a few days ago. The beneficiaries were those actively involved between March 15 and August 15, receiving EIGEN in their wallets. Of the 86 million EIGEN tokens, 70 million were earmarked for stakers and node operators. It is worth noting that the distribution was based on each participant’s pro-rata share of Ethereum staked during the specified period. The project team also allocated a maximum of 10 million tokens for liquid staking protocols, AVSs, and rollups, among other key contributors to the EigenLayer ecosystem. The remaining 6 million tokens were designated to early advocates and open-source contributors. next Ethereum L2 EigenLayer to End Token Transfer Restrictions by September 30
Ethereum L2 EigenLayer to End Token Transfer Restrictions by September 30According to Foresight News, the Eigen Foundation announced that the transfer restrictions on EIGEN tokens are expected to be lifted on September 30, 2024. Official reminder: There is a 7-day withdrawal waiting period for currently staked EIGEN to be unstaked.
Eigen Foundation: EIGEN token transfer restrictions to be lifted on September 30The Celestia Foundation has secured $100 million in a funding round led by Bain Capital Crypto, with contributions from investors like Syncracy Capital, 1kx, Robot Ventures, and Placeholder. According to a Sept. 23 announcement, the capital raised brings Celestia’s total fundraising to date to $155 million after a recent launch as one of the first modular data availability layer protocols. The startup targets one of the key challenges in blockchain networks: scalability and data availability. Launched in 2023, its architecture separates the consensus and data availability layers from the execution layer, allowing developers to create layer-2 rollups with more flexibility compared to traditional monolithic chains like Ethereum. To put this in perspective, traditional blockchains like Ethereum handle everything — data, transactions, and security — on a single layer, which limits flexibility and slows performance. By separating these functions, developers can create more specialized blockchains, reducing congestion and lowering costs, thus making blockchain-based services more efficient and scalable for applications. Celestia unveiled its roadmap earlier in September , promising to scale its block size to 1 gigabyte to boost data throughput for its rollup ecosystem. This upgrade could increase Celestia’s network capacity to exceed Visa's, said the startup, allowing it to process many more transactions per second. Data availability fee tracker. Source: Celestia The startup is not alone in this game. Other companies working on data availability solutions include industry players such as Eigenlayer’s EigenDA and Polygon’s Avail. “When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era,” Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation, said in a statement Since May, Celestia has steadily gained market share from Ethereum , starting at around 20% and reaching approximately 40% by the end of July. “Now, the core developers have introduced the technical roadmap to scale blockspace to the fiber optic era - while keeping it verifiable and low latency,” Al-Bassam added. Magazine: Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market
Celestia Foundation secures $100M capital led by Bain Capital CryptoEigenLayer is gearing up for the anticipated removal of transfer restrictions on the EIGEN token on September 30. With token transferability activation, stakeholders will soon be enabled to trade and transfer their share of EIGEN tokens, including the airdropped rewards. Those holding staked tokens must observe a 7-day withdrawal period to unstake their EIGEN tokens. Discover how EigenLayer’s upcoming token transferability activation could reshape the crypto landscape, providing new flexibility and opportunity for stakeholders. The Activation of EIGEN Token Transferability On September 30, EigenLayer will lift the transfer restrictions on its native EIGEN token, a pivotal moment eagerly awaited by stakeholders. This move will commence a new phase where investors can trade and transfer their EIGEN tokens freely, marking the onset of a more liquid market for these assets. The EIGEN tokens, previously distributed with restrictions and included in the airdrop rewards, will now become actionable holdings that can be leveraged more strategically by investors. This change marks a significant development in the project’s trajectory, potentially enhancing its market reach and investor engagement. Implications for Staked Token Holders One critical detail for stakeholders is the 7-day withdrawal period required for unstaking EIGEN tokens. This mechanism ensures a controlled transition from the staked state to active trading, providing a structured process for liquidity transformation. Investors who participated in the stakedrops from March 15 to August 15, 2024, which saw the distribution of 86 million EIGEN tokens, must now strategize based on this withdrawal timeline. The prior distributions were non-transferable, a restriction that will soon lift, enabling a wave of potential market activities. Understanding EigenLayer’s Economic Framework EigenLayer operates by allowing users to deposit and stake ether, aiming to channel these funds into securing third-party networks and validated services. The platform’s native token plays a central role in this ecosystem, with a total supply of 1.67 billion tokens envisaged to support a crypto-economic security model known as inter-subjective forking. This model is critical in underpinning the platform’s robust security structure and enhancing the reliability of services validated through EigenLayer. Market Valuations and Trends Pre-market trading platforms like Hyperliquid currently value derivatives of the EIGEN token at around $3.4, aligning with a fully diluted valuation of $5.4 billion. While these valuations provide an optimistic snapshot of potential market confidence, it’s essential to observe trends closely. EigenLayer experienced notable inflows during its phased rollout, but recent data highlight a significant drop in its total value locked (TVL) from $20 billion at its peak in June to $12 billion. These fluctuations underscore the dynamic nature of the crypto market and the importance of strategic planning for stakeholders. Conclusion The upcoming removal of transfer restrictions on EIGEN tokens marks a pivotal shift for EigenLayer and its stakeholders. By enabling the trading and transfer of these assets, EigenLayer is poised to enhance liquidity and market engagement significantly. Stakeholders must be mindful of the 7-day withdrawal period for unstaking tokens and plan their strategies accordingly. As EigenLayer continues to evolve within its economic framework, market participants should stay informed and adaptive to the changing landscape. In Case You Missed It: Chromia to Launch Native Staking Feature for CHR Tokens on September 24
EigenLayer Lifts EIGEN Token Transfer Restrictions, Sets September 30 LaunchRestaking protocol EigenLayer is gearing up for the anticipated removal of transfer restrictions on the EIGEN token on September 30. With the upcoming activation of token transferability, stakeholders will soon be able to trade and transfer their share of EIGEN tokens, including the airdropped rewards. The project clarified that those holding staked tokens must observe a 7-day withdrawal period to unstake their EIGEN tokens. This update follows the distribution of 86 million EIGEN tokens during the protocol’s second “stakedrop” season, which targeted active stakeholders from March 15 to August 15, 2024. The tokens issued in this and the previous stakedrop in April were initially non-transferable. EigenLayer is a platform that allows users to deposit and stake ether — aiming to allocate those funds to secure third-party networks or actively validated services. The platform's total supply of 1.67 billion native tokens is expected to be utilized within a crypto-economic security system called inter-subjective forking. Pre-market trading platforms such as Hyperliquid value derivatives of the EIGEN token at roughly $3.4, with a fully diluted valuation of $5.4 billion. Despite an initial influx of substantial deposits during a phased rollout, EigenLayer has seen significant outflows recently, resulting in a drop in its total value locked from an all-time high of $20 billion in June to $12 billion.
EigenLayer expects token transfer restrictions to end September 30Written by: Puffer On September 16, Puffer officially announced the Ethereum security infrastructure product "UniFi AVS". As an active verification service (AVS) based on EigenLayer, it is designed for the pre-confirmation (Preconfs) challenges in the Ethereum ecosystem, especially in the field of Based Rollup, and aims to unleash the full potential of Based Rollup. Perhaps many users' first impression of Puffer is still a single native liquidity re-staking platform. In fact, as early as August, we have upgraded to an Ethereum decentralized infrastructure provider. The product architecture can be summarized as the "troika": Based Rollup solution Puffer UniFi, pre-confirmation (Preconf) technology solution UniFi AVS and re-staking product Puffer LRT. This article will share with you the functional services of the UniFi AVS product in depth. However, before that, it is necessary to briefly sort out the relevant concepts of Based Rollup. As long as you understand Based Rollup, you can also touch the important significance and value of UniFi AVS to the future direction of Ethereum. Based Rollup: The new optimal solution for Ethereum Rollup? As a concept officially proposed by Justin Drake, a researcher at the Ethereum Foundation in March 2023, Based Rollup aims to solve a series of problems in the existing Rollup ecosystem. As we all know, after Vitalik Buterin released the "Rollup-centric Ethereum Roadmap" in 2020, the Ethereum ecosystem entered the era of multiple Rollups. According to incomplete statistics from L2BEAT, there are as many as 39 Rollup L2s at the time of posting. Both Optimistic Rollup and ZK Rollup have alleviated old problems such as Ethereum expansion to a certain extent, but have also brought about new dilemmas of increasingly fragmented liquidity. At the same time, the sequencer, as the core component of the L2-L1 architecture, is responsible for the ordering and packaging of transactions from L2 to L1, and plays an important role in improving transaction processing efficiency and reducing costs. However, because the running L2 generally uses centralized sequencers controlled by a single or a few entities, it also faces the potential risk of sequencer failure or malicious behavior: Once there is a problem with the sorter, it may cause transaction delays, data loss, and even threaten asset security, which is undoubtedly a huge hidden danger for users who rely on L2 for transactions. What about the decentralized sorter or shared sorter that is highly sought after in the market? In theory, they can indeed eliminate the single point of failure and malicious risks brought by centralized sorters, but their coordination and consensus mechanisms are relatively complex, and there may be compatibility issues between different decentralized sorters, making it difficult to achieve seamless docking. In addition, to be realistic, the decentralized sorter network has not yet been successfully verified on a large scale in practice, and may still face various potential attacks and vulnerabilities. Therefore, Based Rollup directly follows the principle of "Occam's razor" and removes the design of a separate sorter network mechanism: The responsibility for transaction sorting is transferred from the original L2 to L1, and the verification node of Ethereum L1 is responsible for the transaction sorting as the block proposer. This not only avoids the risks brought by the centralized sorter, but also makes full use of Ethereum's existing node network and decentralized characteristics, and directly upgrades security to the same level as the Ethereum main network. However, the gain in the east is accompanied by the loss in the mulberry, which is accompanied by another challenge - The native Based Rollup network cannot achieve fast confirmation of transactions. The reason is also very simple. At present, the common L2 based centralized sorters can quickly sort and package, and achieve near-instant transaction confirmation. The transaction sorting of Based Rollup is the responsibility of L1 verification nodes, which means that the confirmation time is completely dependent on the block interval of the main network (about 12 seconds), and the user experience is much inferior to the centralized sorter. Based Rollup, inseparable from Preconfs To put it bluntly, Based Rollup aligns with L1 in terms of security and decentralization, but has to make sacrifices in transaction confirmation speed. For most on-chain scenarios with financial attributes, the market situation changes rapidly. Not to mention a difference of 12 seconds, even if it is only 1 second apart, it may cause huge risks and uncertainties. In view of this, it is necessary to apply a "patch" to Based Rollup, namely Preconfirmations (Preconfs for short). Its logic is also very simple, just as the name suggests. Imagine: When we buy train tickets on 12306, once you select the itinerary and place an order (sign a transaction), the booking system will first give you a pre-confirmation message, telling you that the ticket purchase behavior (corresponding to each transaction) has been accepted and is entering the subsequent confirmation process. At this time, we can start planning the itinerary, preparing luggage, etc. Only when the ticket finally confirms the carriage and seat (the transaction is published to L1), we have officially completed the ticket purchase and reservation transaction. In short, in Based Rollup, pre-confirmation means that before the transaction is formally submitted to L1 for confirmation, it is promised to include the transaction in the block, which is equivalent to giving the user a preliminary confirmation signal to let the user know that the transaction has been accepted and is being processed. In this way, it is ensured that those on-chain transaction scenarios that urgently need timeliness do not need to wait for 12 seconds, and can directly achieve millisecond-level (about 100 milliseconds) transaction response speed. This measure not only greatly improves transaction speed and user experience, but also does not require changes to Ethereum's core protocol. To some extent, Based Rollup and pre-confirmation (Preconfs) are like two sides of the same coin - if you want to give full play to the potential of Based Rollup, you must implement a permissionless, neutral and flexible pre-confirmation service. What needs to be considered is, in the specific implementation mechanism, who is responsible for sorting and pre-confirming transactions and ensuring that the pre-confirmation commitment will be followed? · For the first question, the Ethereum Foundation is developing a neutral registration contract that will not be affiliated with any specific protocol and aims to provide a common basis for the discovery and verification of pre-confirmation, similar to the "registration system" model in the stock market, allowing any L1 proposer to voluntarily register as a pre-confirmation verification node; · For the second question, the penalty mechanism based on economic rewards and penalties will undoubtedly ensure that the verification node will not violate the pre-confirmation commitment, but it is facing a seesaw choice - if part of the ETH of the verification node is confiscated, the smart contract logic of Restaking needs to be re-implemented, which is capital efficient but also complex; if additional collateral is required, the complexity is low, but the capital efficiency is lower; So, is it possible to solve the slashing problem directly based on the economic security of the Ethereum mainnet with the help of EigenLayer's AVS service? Puffer UniFi AVS is based on this idea. It uses EigenLayer's Restaking function and can combine the Ethereum Foundation's neutral registration contract mechanism in the future to achieve a nearly ideal scenario: Establish a permissionless pre-confirmation service participation mechanism, allowing any L1 proposer to voluntarily register as a pre-confirmation verification node, thereby achieving economic security directly based on the Ethereum mainnet without additional penalties. Puffer UniFi AVS: Preconf solution for Based Rollup Puffer UniFi AVS specifically includes three key components: EigenLayer integration, on-chain registration, and slashing mechanism. Among them, EigenLayer integration gives Puffer UniFi AVS pre-confirmation service an exclusive competitive advantage that is difficult to replicate: Based on Puffer’s re-staking verification node set, the re-staking ETH can be directly used as pre-confirmation collateral without the need for additional deposits. In this way, "one organization, two brands", the re-staking verification node = pre-confirmation service node, not only improves capital efficiency, but also can quickly pull up a pre-confirmation verification node set with a large number of participants and sufficient decentralization. We can briefly sort out the specific pre-confirmation implementation process of Puffer UniFi AVS. First, because the Puffer verification node has been registered as a "Native Restaking" node on Ethereum, when a user submits a transaction that needs to be pre-confirmed, the Puffer verification node will directly act as a pre-confirmation verification node, providing the user with a pre-confirmation commitment within about 100 milliseconds, allowing the user to quickly know that their transaction has been received and will be included in a future block. After providing the pre-confirmation service, the Puffer verification node will package these transactions with other transactions and submit blocks to Ethereum L1. Finally, the Puffer UniFi smart contract Puffer Sequencer Contract accepts batch transactions to ensure that the transaction status has been confirmed and cannot be rolled back. Throughout the process, UniFi AVS’s on-chain registration and slashing mechanisms play an important role—if validators fail to comply with their pre-confirmed commitments, they will be punished, thereby ensuring the reliability and security of the entire system. As of the time of posting, the requirements for participating in Puffer UniFi AVS are: · EigenPod ownership. EigenPods are a tool for Ethereum validators to interact with EigenLayer, ensuring that the UniFi AVS service can slash validators that violate pre-confirmed commitments; · 32 ETH. Since pre-confirmed validators and Ethereum validators are “one organization, two brands”, pre-confirmed nodes require at least 32 ETH to participate, but operators are more flexible in participating, whether they run their own native validators or are part of a re-staking product (LRT); · Running Commit-Boost. Operators must run Commit-Boost software next to their validator clients to ensure smooth communication between the execution of pre-confirmation services and the processing of validators and the pre-confirmation supply chain; It is worth noting that Puffer UniFi AVS, by integrating Commit-Boost, aims to focus on core functions such as registration mechanisms and slashing mechanisms, and provide more efficient, standardized and community-centric pre-confirmation services, while adhering to the basic principles of decentralization and openness of Ethereum. Who needs Puffer's UniFi AVS service? It is advisable to look at the long-term situation. With the continuous expansion of the Based Rollup narrative, many Based Rollup projects are destined to emerge like mushrooms after rain, and their demand for pre-confirmation services is extremely urgent, especially in the face of complex market environments and technical challenges, and they need a reliable pre-confirmation technology service provider to escort them. The market is in urgent need of a secure pre-confirmation technology service provider, so Puffer UniFi AVS is essentially a universal solution that can effectively meet the needs of all parties: · On the supply side, link up the re-staking verification nodes (not only Puffer, but also native re-staking LRT protocol players such as Etherfi and Renzo in the future), support them to participate in UniFi AVS to kill two birds with one stone, and obtain additional income by selling their own verification services; · On the demand side, the other end is directly facing all project parties that need to build Based Rollup, supporting them to easily obtain pre-confirmation services through the UniFi AVS resource pipeline, thereby accelerating transaction processing; In a nutshell, the service model of Puffer UniFi AVS is similar to EigenLayer's matching platform, which aims to promote the optimal allocation and utilization of resources - just like Uber and Didi, accessing re-staking verification nodes as suppliers, and providing Based Rollup pre-confirmation services to demand parties through matching. This will not only greatly accelerate the innovation process in the Based Rollup field and the Ethereum ecosystem, but also create new sources of income for the Ethereum verification node group, bringing new vitality to the entire ecosystem. Summary In general, Based Rollup, as a new type of Rollup idea that Vitalik Buterin has repeatedly mentioned recently, is bound to play a more critical role in the evolution of Ethereum. Therefore, the pre-confirmation service that is indispensable to Based Rollup is also destined to become a key infrastructure related to the future direction of the Ethereum ecosystem. Puffer UniFi AVS, as a pre-confirmation technology solution with innovative mechanism design, is currently the most critical step of "Based Rollup+Preconfs": · For users, Puffer UniFi AVS brings a nearly instant transaction confirmation experience, greatly improving the user experience and laying a solid foundation for the popularization and widespread adoption of Based Rollup; · For pre-confirmation service providers, it strengthens the reward and punishment mechanism through on-chain registration and confiscation mechanisms, thereby improving the efficiency and credibility within the ecosystem; · For L1 verification nodes, it opens up additional revenue channels, increases the attractiveness of participating in node verification, and further strengthens the economic incentives and legitimacy of the Ethereum mainnet; From a more macro perspective, Puffer UniFi AVS originated from Based Rollup is more than just Based Rollup - it is closely linked to Ethereum's long-term vision, and achieves fast pre-confirmation without changing the core protocol. Its impact is not limited to the EigenLayer ecosystem, but also provides a new paradigm for Ethereum innovation, bringing tangible benefits to users, validators and the entire Ethereum community. It is expected to trigger a series of chain reactions for Ethereum's continued growth and inject new and greater possibilities. About Puffer Finance Puffer Finance is a leading innovator in Ethereum infrastructure, focusing on Puffer UniFi, the next generation of Rollup powered by Liquid Restaking (LRT) and pre-confirmation as AVS. With products such as the native restaking protocol, Puffer UniFi and UniFi AVS, Puffer has been committed to enhancing the decentralization of Ethereum. This article comes from a contribution and does not represent the views of BlockBeats
Understanding Puffer UniFi AVS: From Preconfs to the next decade of Ethereum?Original author: Puffer On September 16, Puffer officially announced the Ethereum security infrastructure product UniFi AVS. As an active verification service (AVS) based on EigenLayer, it is designed for the pre-confirmation (Preconfs) challenges in the Ethereum ecosystem, especially in the Based Rollup field, and aims to unleash the full potential of Based Rollup. Perhaps many users first impression of Puffer is still that it is a single native liquidity re-staking platform. In fact, as early as August, we have been upgraded to an Ethereum decentralized infrastructure provider. The product architecture can be summarized as the three horses: Based Rollup solution Puffer UniFi, pre-confirmation (Preconf) technology solution UniFi AVS and re-staking product Puffer LRT. This article will share with you in depth the functional services of the UniFi AVS product. However, before that, it is necessary to briefly sort out the relevant concepts of Based Rollup. As long as you understand Based Rollup, you can also touch the important significance and value of UniFi AVS to the future direction of Ethereum. Based Rollup: The new optimal solution for Ethereum Rollup ? As a concept officially proposed by Justin Drake, a researcher at the Ethereum Foundation in March 2023, Based Rollup aims to solve a series of problems in the existing Rollup ecosystem. As we all know, after Vitalik Buterin released the Rollup-centric Ethereum Roadmap in 2020, the Ethereum ecosystem entered the era of multiple Rollups. According to incomplete statistics from L2 BEAT, as of the time of writing, there were as many as 39 Rollup L2s. Both Optimistic Rollup and ZK Rollup have alleviated old problems such as Ethereum expansion to a certain extent, but have also brought about a new dilemma of increasingly fragmented liquidity. At the same time, the sequencer, as the core component of the L2-L1 architecture, is responsible for the transaction sorting and packaging from L2 to L1, and plays an important role in improving transaction processing efficiency and reducing costs. However, since the running L2 generally adopts a centralized sequencer controlled by a single or a few entities, it also faces the potential risk of sequencer failure or malicious behavior: Once there is a problem with the sorter, it may cause transaction delays, data loss, and even threats to asset security. This is undoubtedly a huge hidden danger for users who rely on L2 for transactions. What about the decentralized sorter or shared sorter that is highly sought after in the market? In theory, they can indeed eliminate the single point of failure and malicious risks brought by centralized sorters, but their coordination and consensus mechanisms are relatively complex, and there may be compatibility issues between different decentralized sorters, making it difficult to achieve seamless docking. Moreover, to be realistic, the decentralized sorter network has not yet had successful large-scale practical verification and may still face various potential attacks and vulnerabilities. Therefore, Based Rollup directly follows the Occams razor principle in one step and removes the design of a separate sorter network mechanism: the responsibility for transaction sorting is transferred from the original L2 to L1, and the Ethereum L1 verification node acts as a block proposer (proposer) to be responsible for transaction sorting. This not only avoids the risks brought by centralized sorters, but also makes full use of Ethereum’s existing node network and decentralized characteristics, directly upgrading security to the same level as the Ethereum mainnet. However, gaining something in one place may lead to losing something in another, which also brings about another challenge - the native Based Rollup network cannot achieve fast confirmation of transactions. The reason is very simple. The common L2 based centralized sorters can quickly sort and package, and achieve nearly instant transaction confirmation; while the transaction sorting of Based Rollup is the responsibility of L1 verification nodes, which means that the confirmation time is completely dependent on the block interval of the main network (about 12 seconds), and the user experience is much inferior to the centralized sorter. Based Rollup, inseparable from Preconfs To put it bluntly, Based Rollup is aligned with L1 in terms of security and decentralization, but has to sacrifice transaction confirmation speed. For most on-chain scenarios with financial attributes, market conditions change rapidly. Not to mention a difference of 12 seconds, even a difference of only 1 second can cause huge risks and uncertainties. In view of this, we need to add a patch to Based Rollup, namely Preconfirmations (Preconfs for short). Its logic is also very simple, just as the name implies. Imagine: When we buy train tickets on 12306, once we select the itinerary and place the order (signature transaction), the booking system will first give you a pre-confirmation message, telling you that the ticket purchase behavior (corresponding to each transaction) has been accepted and is entering the subsequent confirmation process. At this time, we can start planning the itinerary, preparing luggage, etc. Only when the ticket finally confirms the carriage and seat (the transaction is released to L1), we have officially completed the ticket purchase and reservation transaction. In short, in Based Rollup, pre-confirmation means promising to include a transaction in a block before the transaction is formally submitted to L1 for confirmation. This is equivalent to giving the user a preliminary confirmation signal to let the user know that the transaction has been accepted and is being processed. This ensures that on-chain transaction scenarios that require timeliness do not need to wait for 12 seconds, and can directly achieve millisecond-level (about 100 milliseconds) transaction response speeds. This move not only greatly improves transaction speed and user experience, but also does not require changes to Ethereums core protocol. In a sense, Based Rollup and preconfirmation (Preconfs) are like two sides of the same coin - if the potential of Based Rollup is to be fully realized, a permissionless, neutral and flexible preconfirmation service must be implemented. What needs to be considered is that, in the specific implementation mechanism, who is responsible for sorting and pre-confirming transactions and ensuring that the pre-confirmation commitments are followed? For the first question, the Ethereum Foundation is developing a neutral registration contract that will not be affiliated with any specific protocol. It aims to provide a common basis for pre-confirmation discovery and verification, similar to the registration system model in the stock market, allowing any L1 proposer to voluntarily register as a pre-confirmation verification node; For the second question, the penalty mechanism based on economic rewards and penalties can undoubtedly ensure that the verification node will not violate the pre-confirmation commitment, but it faces a seesaw choice - if a part of the ETH of the verification node is confiscated, the smart contract logic of Restaking needs to be re-implemented, which is capital efficient but also complex; if additional collateral is required, the complexity is low, but the capital efficiency is lower; So, is it possible to solve the slashing problem directly based on the economic security of the Ethereum mainnet with the help of EigenLayers AVS service? Puffer UniFi AVS is based on this idea. It uses the Restaking function of EigenLayer and can combine the neutral registration contract mechanism of the Ethereum Foundation in the future to achieve a nearly ideal scenario: Establish a permissionless pre-confirmation service participation mechanism, allowing any L1 proposer to voluntarily register as a pre-confirmation validator node, thereby achieving economic security directly based on the Ethereum mainnet without additional penalties. Puffer UniFi AVS: Preconf Solution for Based Rollup Puffer UniFi AVS specifically includes three key components: EigenLayer integration, on-chain registration, and slashing mechanism . EigenLayer integration gives Puffer UniFi AVS pre-confirmation service an exclusive competitive advantage that is difficult to replicate: Based on Puffers re-staking verification node set, the re-staking ETH can be directly used as pre-confirmation collateral without the need for additional deposits. In this way, one organization, two brands, the re-staking verification node = pre-confirmation service node, not only improves capital efficiency, but also can quickly pull up a pre-confirmation verification node set with a large number of participants and sufficient decentralization. We can briefly sort out the specific pre-confirmation implementation process of Puffer UniFi AVS. First of all, because the Puffer verification node has been registered as a Native Restaking node on Ethereum, when a user submits a transaction that requires pre-confirmation, the Puffer verification node will directly act as a pre-confirmation verification node, providing the user with a pre-confirmation commitment within about 100 milliseconds, allowing the user to quickly know that their transaction has been received and will be included in a future block. After providing pre-confirmation service, the Puffer verification node will package these transactions with other transactions and submit blocks to Ethereum L1. Finally, the Puffer UniFi smart contract Puffer Sequencer Contract accepts batch transactions to ensure that the transaction status has been confirmed and cannot be rolled back. Throughout the entire process, UniFi AVSs on-chain registration and slashing mechanism plays an important role - if the validator fails to abide by its pre-confirmed commitment, it will be punished, thereby ensuring the reliability and security of the entire system. As of the time of posting, the requirements for participating in Puffer UniFi AVS are: EigenPod ownership. EigenPods are a tool for Ethereum validators to interact with EigenLayer, ensuring that the UniFi AVS service can slash validators that violate pre-confirmation commitments; 32 ETH. Since the pre-confirmation verification node and the Ethereum verification node are one organization, two brands, the pre-confirmation node requires at least 32 ETH to participate. However, the operators participation is more flexible, whether it is running a native verification node by itself or being part of a re-staking product (LRT); Run Commit-Boost. Operators must run Commit-Boost software alongside their validator clients to ensure that pre-confirmation services are performed and that communication between the validator and the pre-confirmation supply chain is handled smoothly; It is worth noting that Puffer UniFi AVS, by integrating Commit-Boost, aims to focus on core functions such as registration mechanism and slashing mechanism, providing more efficient, standardized and community-centric pre-confirmation services while adhering to Ethereums basic principles of decentralization and openness. Who needs Puffers UniFi AVS service? We should take a long-term view of things. As the Based Rollup narrative continues to expand, numerous Based Rollup projects are bound to emerge like mushrooms after a rain, and their demand for pre-confirmation services is extremely urgent, especially in the face of complex market environments and technical challenges. They need a reliable pre-confirmation technology service provider to protect them. The market is in urgent need of a secure pre-confirmation technology service provider, so Puffer UniFi AVS is essentially a universal solution that can effectively meet the needs of all parties: On the supply side, link up re-staking verification nodes (not only Puffer, but also native re-staking LRT protocol players such as Etherfi and Renzo in the future) , support them to participate in UniFi AVS to kill two birds with one stone, and obtain additional income by selling their own verification services; On the demand side, the other end is directly facing all project parties that need to build Based Rollup, supporting them to obtain pre-confirmation services conveniently through the UniFi AVS resource pipeline, thereby accelerating transaction processing; In a nutshell, the service model of Puffer UniFi AVS is similar to that of EigenLayers matching platform, which aims to promote the optimal allocation and utilization of resources. Just like Uber and Didi, it connects to the re-staking verification node as the supplier, and provides Based Rollup pre-confirmation services to the demand side through matching. This will not only greatly accelerate the innovation process in the Based Rollup field and the Ethereum ecosystem, but also create new sources of income for the Ethereum verification node group, bringing new vitality to the entire ecosystem. summary In general, Based Rollup, as a new type of Rollup concept that Vitalik Buterin has repeatedly mentioned recently, is bound to play a more critical role in the evolution of Ethereum. Therefore, the pre-confirmation service that is indispensable to Based Rollup is destined to become a key infrastructure for the future direction of the Ethereum ecosystem. Puffer UniFi AVS, as a pre-confirmation technology solution with innovative mechanism design, is currently the most critical step of Based Rollup+Preconfs: For users, Puffer UniFi AVS brings a near-instant transaction confirmation experience, greatly improving the user experience and laying a solid foundation for the popularization and widespread adoption of Based Rollup; For pre-confirmation service providers, it strengthens the reward and punishment mechanism through on-chain registration and penalty mechanisms, improving efficiency and credibility within the ecosystem; For L1 validator nodes, it opens up additional revenue channels, increases the attractiveness of participating in node validation, and further strengthens the economic incentives and legitimacy of the Ethereum mainnet. From a more macro perspective, Puffer UniFi AVS started with Based Rollup, but is more than Based Rollup - it is closely linked to Ethereums long-term vision, and achieves fast pre-confirmation without changing the core protocol. The impact is not limited to the EigenLayer ecosystem, but also provides a new paradigm for Ethereum innovation, bringing tangible benefits to users, validators and the entire Ethereum community. It is expected to trigger a series of chain reactions for Ethereums continued growth and inject new and greater possibilities. About Puffer Finance Puffer Finance is a leading innovator in the Ethereum infrastructure space, focusing on the next generation Rollup - Puffer UniFi, powered by Liquid Restaking (LRT) and pre-confirmation as AVS. With products such as the native restaking protocol, Puffer UniFi and UniFi AVS, Puffer has been committed to enhancing the decentralization of Ethereum. puffer.fi
Understanding Puffer UniFi AVS: From Preconfs to the next decade of Ethereum?7:00-12:00 Keywords: Renzo, Harris, Samourai Wallet 1. Crypto venture capital firms have raised a total of $2.2 billion in new funds this year; 2. The number of active accounts on the Ethereum network has dropped to its lowest level since December 2023; 3. Renzo: EIGEN Season 2 claims are now open for ezETH stakers; 4. Poll: Distinctive features of cryptocurrency stance and gender differences in the U.S. presidential election; 5. Harris pledges support for the cryptocurrency sector in a speech to New York City donors; 6. Ultra-high net worth accounts with virtual asset investments exceeding 1 billion KRW account for 47% of the market in South Korea; 7. A mysterious developer team has hard-forked Samourai Wallet and named it the "Ashigaru" open-source project.
Overview of Important Developments on the Afternoon of September 23Delivery scenarios
No orders yet.
No orders yet.