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Introduction
Layer3 is a platform that enables anyone to discover crypto. We curate unique, interactive onchain experiences (Quests) that enable anyone—regardless of skill—to explore the magic of crypto-tech.
Layer3 announced on Platform X that it will officially enter the Solana ecosystem in October. The expansion will launch a new platform with optional token migration services and an optimized user experience, Layer3 said, adding that Layer3 plans to work with 25 top protocols to create the best user hub for the Solana ecosystem.
Layer3: Expanding to Solana Ecosystem in OctoberOdaily reports that cross-chain encrypted payment platform SphereOne announced at X, it has deployed its L3 testnet on the Base chain using Conduit's rollup infrastructure. Users can create "early tester" NFTs or view this blockchain browser through the official link.
Cross-chain encrypted payment platform SphereOne: L3 testnet has been launched on BaseCross-chain encrypted payment platform SphereOne announced at X that it has deployed its L3 testnet on the Base chain, utilizing Conduit's rollup infrastructure. Users can create "early tester" NFTs or view the blockchain browser through the official link.
Cross-chain encrypted payment platform SphereOne: L3 testnet has been launched on BaseScroll-based Cross-rollup order book DEX Zada Finance has announced the completion of a new round of financing. Investors include Cryptia Capital, NovaSeed Ventures, Pulse Capital, Axium Partners, Digitata Capital, Hivemind Ventures and others. The specific amount and valuation information have not been disclosed yet. The new funds will drive its transition from AMM DEX to an order book model while also exploring Layer3 solutions and account abstraction to improve user experience. It aims to aggregate liquidity between different Rollups by solving fragmentation issues through cross-Rollup solutions.
Cross-rollup order book DEX Zada Finance has completed a new round of financing, with participation from Cryptia Capital and othersEthereum (CRYPTO:ETH) has seen its revenue plummet by 99% since the Dencun upgrade in March, as competition from Layer-2 (L2) scaling solutions has intensified. The upgrade, which took place on March 13, significantly reduced transaction fees, prompting a surge in daily transactions and monthly active users on L2 networks. However, this shift has diminished Ethereum's role as the primary transaction platform. According to data from Token Terminal, Ethereum’s network revenue dropped dramatically from $35.5 million on March 5 to just $566,000 by late August. Over 70 active L2 solutions and 21 Layer-3 (L3) projects are now competing for users, drawing traffic away from Ethereum’s mainnet. Rob Viglione, CEO of Horizen Labs, noted that Ethereum is transitioning from a transaction platform to a settlement and security layer for L2 networks, which could ultimately strengthen its position in the long run. Despite the benefits of lower transaction fees, the Dencun upgrade has had unintended consequences. With reduced fees, demand for ETH has declined, affecting the deflationary impact originally intended by Ethereum’s EIP-1559. Instead of reducing the supply, Ethereum has turned inflationary, with more tokens being issued than burned. Data from Ultrasound.money indicates that more than 16,775 ETH have been added to the network's supply since mid-April. CryptoQuant analysts suggest that under current network conditions, Ethereum is unlikely to return to a deflationary state without a significant increase in activity. This challenges the narrative of Ethereum as "ultrasound" money. However, Ethereum co-founder Vitalik Buterin remains optimistic, arguing that the network has grown stronger despite these economic shifts, positioning itself as critical infrastructure in a diverse blockchain ecosystem. At the time of reporting, the Ethereum (ETH) price was $2,376.96.
Ethereum revenue plunges 99% as Dencun upgrade shifts dynamicsBlockchain technology company Stratis has announced the launch of a new generation of flexible blockchain technology, Verium. This technology is based on ZKSync's zero-knowledge proof technology and aims to provide developers and enterprises with high-performance, scalable, and modular flexible solutions. It is understood that Verium introduces GPU Prover, which provides fast transaction proof speed suitable for deploying blockchain games. In addition, Verium also introduces elastic chain features supported by ZKSync technology, allowing users to deploy custom chains including Layer3 solutions. Stratis has launched the Verium Portal as an entry point for users to access the Verium network.
Stratis launches Verium, a flexible blockchain technology based on ZKSyncOriginal author: @DistilledCrypto Original translation: Vernacular blockchain The altcoin market has experienced significant volatility this year, leaving many investors treading on thin ice. However, with the US election and interest rate cuts approaching, the market may be in for major changes. Here is a summary of the 2024 Altcoin Outlook Report: 1. There is no altcoin season Many are disappointed that there has not yet been an altcoin season in this cycle. Altcoins have been underperforming since November 2022, as shown by TOTA L3/BTC. The ratio of the top 125 cryptocurrencies (excluding BTC/ETH) to BTC has dropped from 1.05 to 0.49. 2. Market breadth is a concern The market is currently highly concentrated and dominated by a few large-cap coins. Only 13% of the top assets outperformed BTC. Picking outperforming altcoins is as difficult as finding a needle in a haystack. 3. Key events that affect the market Here are four key events that have impacted the performance of altcoins versus Bitcoin this year: Spot Bitcoin ETF Debuts Bitcoin Halving Spot Ethereum ETF debuts Ripple Partially Wins Lawsuit Against SEC 4. The end of the “altcoin season” The launch of the US spot Bitcoin ETF is the most critical event. While bullish for Bitcoin, this breaks the traditional “path of altcoin season”. The brief altcoin rally was followed by a sharp drop. The trickle-down effect of Bitcoin is seriously overestimated. 5. Macro uncertainty Recent macroeconomic changes have significantly increased market uncertainty. Rising unemployment, high interest rates and the yen carry trade are all important factors. In this risk-averse environment, altcoins, which reflect consumer confidence, have performed poorly. 6. Trump Deal Another important factor is the Trump deal. It reflects market expectations about the possibility of a second Trump presidency, with a focus on pro-growth policies. Small-cap stocks surged after Trumps 2016 victory, outperforming large-cap stocks by nearly 8%. Trump Deal in 2024 With so many events this year, it’s difficult to pinpoint exactly how Trump’s trades will affect the market. However, we can evaluate this by comparing the Polymarket predicted odds with the market index. For example, the TOTA L3/BTC index shows little correlation with Trump’s odds. 7. When will the money printing begin? A key indicator is the global M2 money supply, which suggests prices may eventually rise. An increase in M2 typically boosts market liquidity and asset prices, including cryptocurrencies. 8. Unemployment and recession concerns As the U.S. unemployment rate rose to 4.3% in July, Sahms rule signals the possibility of a recession. In this environment, investors tend to move to safer assets, which can have a negative impact on altcoins. Note: Trading based on macro data is difficult due to the forward-looking nature of the market. 9. Where to go next? By the end of the year, if rate cuts stabilize the economy, Bitcoin’s market dominance could decline. However, if recession fears intensify, Bitcoin’s market dominance could remain elevated. In either case, expect differentiation between altcoins to increase (with due diligence).
Will there still be a copycat season in 2024?Bitcoin.com has partnered with Web3 game developer Playnance to launch an innovative Web3 game called "Bitcoin Up or Down." The game allows users to predict Bitcoin price movements and earn rewards based on their predictions. Players can join either the "up" pool if they believe Bitcoin's price (CRYPTO:BTC) will rise or the "down" pool if they anticipate a price drop. At the end of each round, winners are rewarded based on their correct predictions. Bitcoin.com CEO Corbin Fraser emphasised the partnership’s goal of empowering users by providing a dynamic and rewarding crypto trading environment. Fraser stated, "This reinforces our commitment to making cryptocurrency accessible to all." The game is available on both desktop and mobile platforms, utilising the PlayBlock chain, a high-speed, zero-gas, EVM-compatible blockchain developed by Playnance. Bets and rewards in the game are made in Playnance Game Token (USDP), a cryptocurrency pegged to the US Dollar and backed by a treasury of fiat and cryptocurrencies. The game also features a demo mode where users can place bets and win points without monetary value, allowing them to practice without financial risk. Playnance’s COO, Yaniv Baruch, highlighted that the integration of their white-label Web3 game into Bitcoin.com’s platform diversifies the company’s offerings and creates a new, interactive way for users to engage with crypto trading. Baruch added that this move offers a profitable GameFi experience and provides traffic owners, influencers, and entrepreneurs a quick and efficient way to establish a new revenue stream. Playnance, a B2B Web3 platform and white-label Web3 games provider, operates its GameFi ecosystem on PlayBlock, a Layer3 blockchain built on Arbitrum Orbit. The platform’s security has been validated through a CertiK audit, which ranked in the top 10% of all audited projects, ensuring a secure and reliable gaming experience. At the time of reporting, Bitcoin price was $59,131.64.
Bitcoin.com launches permissionless Bitcoin price prediction gameLast night, $85 million in BTC long positions and $94 million in ETH long positions were liquidated. Bitcoin Contracts Update - Total Open Interest: $31.13 billion (-7.63%) - 24-Hour Trading Volume: $78.88 billion (+41.09%) - 24-Hour Liquidation: $85.62 million (long) / $9.42 million (short) - Long/Short Ratio: 47.74% (long) / 52.26% (short) - Funding Rate: -0.0079% Ethereum Contracts Update - Total Open Interest: $10.35 billion (-9.23%) - 24-Hour Trading Volume: $35.26 billion (+80.49%) - 24-Hour Liquidation: $94.38 million (long) / $7.52 million (short) - Long/Short Ratio: 47.31% (long) / 52.69% (short) - Funding Rate: -0.0068% Top 3 Open Interest Increases - IDEX: $2.02 million (+356.02%) - GLMR: $1.90 million (+58.01%) - L3: $4.74 million (+45.49%)
Bitget Daily Contract Market DynamicsProof of Play's web3 game Pirate Nation is adding a second chain after the first reached maximum capacity, the company said in a statement. The gaming startup, which FarmVille co-creator Amitt Mahajan co-founded, said that its free-to-play game Pirate Nation has become so popular that it has maxed out the capacity of the title's first network, called Apex, built as an Arbitrum ARB -5.61% L3 chain. Now Proof of Play is adding a second chain dubbed Boss Chain, the company said. "To continue scaling the game and accommodate the growing number of users and transactions, Proof of Play is launching additional chains, starting with Boss Chain," the game developer said. Pirate Nation, a pirate-themed roleplaying game, launched nearly three months ago. It then quickly secured a token listing on Coinbase. Last year, a16z crypto and Greenoaks co-led a $33 million seed round in Proof of Play. Naval Ravikant also participated. In Wednesday's statement, Mahajan described the benefits of relying on more than one blockchain. “To scale to any significant number of users, transactions need to be distributed across multiple chains," he said. "During my time developing Farmville, we had to manage around 64 databases to support 30 million daily active users and prevent the game from crashing." The company said Apex is currently processing about 2.5 million transactions per day.
FarmVille co-creator's crypto game Pirate Nation adds second chain to serve future growthOn August 24th, L3 solution HyperLayer announced that it will officially launch in September. HyperLayer is committed to reshaping the future of the blockchain ecosystem through its high performance, cross-chain interoperability, and environmentally friendly consensus mechanism. The platform not only provides faster and more secure blockchain transactions, but also actively promotes community participation and technological progress through its unique ecosystem incentive mechanism.
L3 solution HyperLayer will be officially launched in SeptemberOriginal source: Block Media Layer 3 (L3) aims to make Web3 technology more popular and user-friendly. Our goal is to build a decentralized ecosystem where users can own value more directly, helping them actively participate in the Web3 ecosystem by solving structural problems in the distribution of existing platforms. Layer3's main goals include improving user experience, increasing user engagement, gamification elements, and decentralized governance. To achieve this goal, we make complex blockchain technology easy to learn through gamified tasks and rewards, and encourage user participation through reward systems and governance. Currently, Layer 3 has built the distribution infrastructure used by more than 100 cryptocurrency projects, including Uniswap, Base, Arbitrum, Linea, Polygon, and Celo. It has more than 3 million independent users in 120 countries around the world and supports 25 blockchains, including EVM and Solana ecosystems. Layer3 received $15 million in Series A funding in June this year, and has raised a total of $21 million since 2021. After that, we plan to provide faster and cheaper services by working with various Layer 2 solutions. Block Media met with Layer 3 co-founder and CEO Dariya Khojasteh to learn about their dream of becoming the "Google of Web 3". Q: Please briefly introduce Layer 3. A: I am the co-founder and CEO of Layer 3. We are building comprehensive solutions to help cryptocurrency protocols and users navigate the industry. The goal is to improve the efficiency of cryptocurrency distribution through the Layer3 protocol and build the best consumption platform, identity positioning and open source tools for incentive distribution for users. Full-chain identity, token distribution and incentive infrastructure Q: What are the main issues that Layer3 is currently focusing on? I am particularly curious about your goals in the areas related to blockchain and network infrastructure. A:One of the main problems that Layer3 aims to solve is that blockchain teams do not have the distribution efficiency that Internet builders get from Facebook or Google ads. The new team will consider all deployment strategies from the beginning. We need to find a way to collect Twitter followers and distribute tokens to the right users. In the process, inefficiencies will occur and hinder overall growth. Therefore, we are developing and optimizing crypto-native solutions to solve these problems. We have created a structure that allows users to learn about the projects they are interested in and obtain tokens. This enables protocols and blockchain teams to acquire the users they want and optimize long-term user acquisition instead of short-term speculation. Q: There seems to be a lot of awareness and criticism about the marketing of Web 3 projects. How does Layer3 solve this problem? A:Currently, there are no platforms in the Web3 ecosystem that are optimized for using cryptocurrencies. Layer3 is committed to creating an integrated ecosystem where users can trade cryptocurrencies, discover new projects, and earn tokens. The huge advantage of Layer3 is that all these features are gathered in one place. Any consumer interested in cryptocurrencies can easily find the elements of interest on this platform, and the structure of the process is very interesting. At the end of the day, what cryptocurrency users want is fun and profit. If you can provide both services on one platform, users will stay and come back again and again. In this respect, I think Layer3 is a very influential product. It is not easy to get people to visit multiple times a day and keep coming back for hundreds of days. If you look at the Layer 3 leaderboard, you can find that the top 100 users visit continuously for 100 days, 200 days, 300 days, and even 800 days or more. This kind of continuous participation is very rare in the Web3 ecosystem. Typical Internet companies are very aware of how much their customers contribute to the company. If a customer spends $100 with your company, attracting them for less is a great business outcome. However, this long-term perspective is lacking in the cryptocurrency industry. For example, when we worked with Base, we estimated that a user might be worth $1,020 in the long run, even though we didn’t know what the ecosystem would look like in 10 years. If so, Base could develop a strategy to attract users for less than $1,020. This ensures a successful business outcome and gives users a valuable sense of ownership. If this is not done, both users and protocols will suffer, which could ultimately harm the entire industry. Therefore, we are taking this approach to create a sustainable ecosystem. Q: It is said that Layer 3's goal is "Web3 Super Channel, Web3 Google". As Layer 3 may develop into a centralized platform like Google or Facebook, how do you plan to remain decentralized? A: This is a good question. We seek to decentralize the attention economy that is currently driven by platforms such as Meta and Google. To do this, we are building a Layer3-centric platform. The platform is an interface that users visit every day and is designed to allow users to receive direct rewards for spending time or investing funds on it. The tokens that users earn in the Layer 3 ecosystem are rewards based on the time and attention they spend on the platform. For example, when a user discovers and uses XYZ protocol through Layer3, he or she will get the token of the protocol. In this respect, it is very different from Google or Facebook, which make huge profits through user attention. In Layer3, users make money. In addition, our biggest goal is to decentralize the large-scale, centralized platform model of the Internet. Layer3 is at the center, but users get most of the value, and the value is also manageable by them. This can be regarded as an innovation relative to the existing Internet business model. Q: What is the Layer3 strategy in the case of multiple chains and multiple protocols? What are your plans to support the OmniChain protocol? A: Our protocol is compatible with all EVM (Ethereum Virtual Machine) chains. Since it is very easy to deploy a new chain nowadays, it is important that we support the chain and the team building in the chain ecosystem from the day the new chain is launched. For users, it gives them the opportunity to explore everything a new ecosystem can, find alpha, and earn tokens. To do this, we take a full-chain approach. There will likely be many non-EVM chains that emerge in the coming years, and we are gearing up to ensure our users get as much value as possible from day one on those chains. Whenever a new chain emerges, there will be no case where Layer 3 is not in that chain. That is our goal. Q: How will L3 tokens be used within the platform? A: In the Layer3 ecosystem, layered staking is a way to align incentives with long-term users. People who own L3 tokens can access more parts of the ecosystem than those who do not. In addition, staking L3 tokens allows access to more parts of the ecosystem, while locking tokens allows access to a more expanded ecosystem. This provides all users with the opportunity to participate in Layer3 while ensuring that those with the most aligned values receive the greatest long-term benefits. Many people complain that airdrops degrade the consumer experience of cryptocurrency because they often lead to short-term gains, token dumping, and project demise. Layer3 Staking Token Economics We are focused on providing real value to our users. What we care about is how much they can contribute to our protocol in the long term and how long we can sustain this ecosystem. Ultimately, we believe that aligning incentives over the long term is the right model for any ecosystem. Ultimately, that’s where the utility of the token comes from. Q. How has the feedback been since the launch of the L3 token? I’m wondering if there are any concerns related to token economics. A: Currently, the circulating market value of the L3 token is around $20 million, and the trading volume is around $3 million (as of August 23, Korean time). This is a very large difference in numbers. We are still looking into various factors as reasons for this high interest. I think it’s because consumers who use the L3 token really like the utility of the token. I think the fact that you can use it immediately when you first get the token makes it attractive. It appears to be popular because it is widely used across a variety of exchanges, because it has many utilities that consumers can actually use, and because those utilities are provided across three tiers. We take user feedback very seriously. Among cryptocurrency projects, we believe we are probably the best at analyzing what users find interesting and what they find important. We have received a variety of user feedback, some positive, some negative, but what most users want is to provide more activities and experiences. One of them is Launchpad. Launchpad makes a lot of sense, especially in terms of issuing tokens in a centralized exchange environment and providing services to those who issue these tokens. Existing methods involve simple farming or passive token staking. However, Launchpad built by Layer3 is designed to provide an immersive and beautiful experience for users to experience projects before the token is issued. This means that users will receive tokens not just those who stake, but those who really want to participate in the project. Q: What potential new partnerships and future plans can Layer 3 users look forward to? A: Of the upcoming partnerships, there are two that are particularly worth looking forward to. One is the launch of a highly anticipated blockchain, and the other is an infrastructure project that has recently received a lot of funding support. These projects have generated a lot of attention on social media and among consumers, and we plan to promote the entire ecosystem they support. Both projects are ready to launch on Layer3's Launchpad. Layer 3 Starter Ecosystem List There are also plans to deploy on non-EVM chains. The goal is to allow users of different ecosystems to enjoy all the benefits of Layer 3. We also plan to transfer tokens to these chains so that users who only have liquidity in that ecosystem can stake their tokens and get the same utility as EVM users. Q: Please convey your last words to investors in the Korean Web3 ecosystem. A: Layer3 generated nearly $10 million in revenue, issued about 30 million certificates (CUBEs) and distributed incentives in the process. We serve hundreds of thousands of users every month. To date, over 110 million Layer 3 tokens have been staked, increasing demand on exchanges. This is because you need Layer 3 tokens to stake them and access utilities within the ecosystem. In the future, I believe that as we work with more projects, bring new users into the ecosystem, and deploy on more chains, we will be able to grow the platform and truly achieve the goal of "Google of Web 3". If anyone hasn't used Layer 3 yet, it's a good idea to sign up and try it out. I also hope you guys can give me some feedback. If you have any questions about Layer 3, please feel free to ask. We will work together to help Koreans participate in the Layer 3 ecosystem. 「 Original link」
Layer3 CEO: A super channel for doing business in the attention economyNick Tomaino, founder of cryptocurrency venture firm 1confirmation, has made a bold prediction: Ethereum (ETH) will surpass Bitcoin (BTC) in market value within the next five years. Bitcoin’s market cap currently sits around $1.2 trillion, nearly four times Ethereum’s $321 billion market cap, but Tomaino believes the growth dynamics between the two cryptocurrencies will change. Tomaino argues that while Bitcoin has a well-established narrative as “digital gold” that has attracted institutional investors, Ethereum has been underappreciated despite its significant impact over the last five years. Ethereum is the blockchain on which the world’s most talented developers are building the decentralized internet, and ETH serves as the “digital oil” that powers it, Tomaino says. He argues that ETH is scarce, yielding, and highly usable, and that these characteristics could attract more institutional investors over time. “Wall Street will begin buying more ETH in the coming years and aggressively support its narrative around this,” Tomaino said. He predicts that Ethereum’s current smaller market cap compared to Bitcoin presents an opportunity for greater ownership, ultimately leading to a shift in market dominance. Related News According to a Famous Cryptocurrency Influencer, the Cryptocurrency Market is at a Milestone - He Shared The Coins He Is Optimistic About In the Alt Season Touching on other trends in the crypto space, Tomaino predicted that prediction markets will grow 100-fold in the coming years, making them the breakout market of 2024. He highlighted Polymarket, a prediction market platform that has gained traction as a tool for tracking events like the US presidential election, as an example. According to Tomaino, Polymarket’s scale, which has reached over $1.1 billion in total volume this year, would not have been possible without stablecoins on Ethereum. He expects prediction markets focused on news, culture, and sports to become much larger categories after the election. Looking ahead, Tomaino is optimistic that decentralized finance (DeFi) and NFTs will make a strong comeback, and new industries like SocialFi will emerge. He predicts that advancements in application chains will lead to wider adoption by improving the scalability and user experience of Layer 2 (L2) solutions like Base, and Layer 3 (L3) solutions. “L1 bias will disappear, and big developers will build where they can capture the most value and have the most control,” he concluded. *This is not investment advice.
Venture Company Founder Shares Prophecies About the Future of Bitcoin and Ethereum: “ETH will overtake BTC”Cryptocurrency investment firm 1confirmation announced its Q2 2024 LP letter on social media, in which founder Nick Tomaino stated that he expects DeFi and NFTs to be stronger than ever before. SocialFi and other unimaginable new use cases today will emerge through application chains, L2, and L3. Non-custodial products will continue to grow, allowing users to trade, borrow, lend, mint and earn without trusting a third party. Application chains like Base and other L2s as well as application-specific L3s will bring scalability and improved UX to cryptocurrencies, ultimately making the pie bigger. Tribalism in Layer 1 (L1) will disappear; great developers will build where they can capture the most value and have the greatest control.
1confirmation: DeFi and NFT will make a comeback, application chains and L2, L3 will demonstrate their true value1Confirmation predicts Ethereum will surpass Bitcoin’s market cap by 2029. The firm also argued the Prediction markets could see 100x growth, driven by political events. DeFi and NFTs are poised for resurgence through SocialFi and app chains. Cryptocurrency is set to see a major shift in the next five years, with Ethereum projected to surpass Bitcoin’s market cap by 2029, according to 1Confirmation, a leading venture capital firm. This bold prediction comes as recent approvals of Bitcoin and Ethereum spot ETFs signal growing Wall Street acceptance. According to a Q2 2024 letter LP shared on X by Nick Tomaino, Bitcoin ETFs currently boast over $788 billion in assets under management, while Ethereum ETFs hold $88 billion. Corporate contributions to pro-crypto political campaigns have also surged to $119 million, despite pushback from the Biden administration. 1Confirmation predicts that Ethereum’s market cap, currently around $321 billion, will surpass Bitcoin’s $1.2 trillion by 2029. The firm argues that Ethereum’s utility in decentralized applications and finance gives it a major advantage over Bitcoin’s “digital gold” narrative. Ethereum’s role in building a decentralized internet has also attracted notable attention from Wall Street. However, 1Confirmation notes that recent consumer trends in crypto, such as meme coins and NFTs, have failed to bring significant innovation, relying instead on recycled ideas. The firm emphasizes the need for new, authentic products that will engage the audience and drive the next wave of adoption. Prediction markets are another area 1Confirmation sees taking off in 2024, especially around the U.S. presidential election and other major global events. These markets have grown significantly in value, reaching over $1.1 billion this year, and could see 100x growth in the coming years. Stablecoins on Ethereum play a key role in enabling these markets, which are gaining traction where official narratives and public opinion diverge. In addition to prediction markets, 1Confirmation anticipates a resurgence in DeFi and NFTs because of the development in SocialFi and app chains. The firm believes that new non-custodial products will encourage users to engage with decentralized finance without the need for intermediaries. Advances in L2 and L3 app chains will further enhance scalability and user experience, allowing DeFi to continue to grow. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Ethereum’s Market Cap to Eclipse Bitcoin’s by 2029According to official sources, Offchain Labs, the developer of Arbitrum, has released a future technology roadmap that includes interoperability and horizontal scaling, decentralized sorting, ZK proofs, and Stylus (MultiVM support). The key points are as follows: - Stylus will be launched on Arbitrum One and Nova mainnets in early September 2024, supporting WASM languages such as Rust, C, and C++, allowing any Arbitrum chain with Stylus to support both EVM and WASM VM with full interoperability between the two. - BoLD and audit timeout features will be launched in the second half of 2024 to increase security and decentralization, bringing Arbitrum closer to Stage 2 rollup. - Decentralized sorter is expected to be implemented in 2025, decentralizing transaction sorting responsibility to reduce the risk of audit attacks and increase reliability. - Fast withdrawal function will be launched in Q3 2024, allowing peer-to-peer communication between L2 and L3, enabling developers to horizontally scale. - Chain Clusters are planned to be launched in 2025, aiming to reduce cross-chain communication time. In addition, Offchain Labs also plans to achieve multi-client support and adaptive pricing mechanisms in the first half of 2025, and is actively researching the integration of zero-knowledge proof technology into the Arbitrum chain, with ZK+Optimistic hybrid proof being an active area of research.
Offchain Labs releases Arbitrum technology roadmap, focusing on Stylus, decentralized sorting, ZK proofs, etc.Original author: @ChainLinkGod Original translation: Peisen, BlockBeats Editor's note: After studying the impasse between Eigenlayer node operators and users, the economic burden of AVS, and the technical challenges faced by oracles, @ChainLinkGod pointed out that the actual operation of the Eigenlayer economic model exposed a series of deep-seated problems and did not provide a real solution to launch a new decentralized infrastructure protocol. There is a problem with Eigenlayer's economic model The protocol does not provide a real solution to launch a new decentralized infrastructure protocol. The launch problem is a classic “chicken and egg” problem, as follows: (1) Node operators will not join and secure the network unless it is profitable for them to do so. (2) Users will not pay to use the network unless there is already a set of node operators securing it. Thus, there is a stalemate in which the existence of supply and demand is mutually dependent. This stalemate is resolved by issuing new tokens, subsidizing the supply side through token inflation to ensure that node joining is profitable—even before the network itself is profitable. Then, if the network provides a valuable service and adoption increases on the demand side, the growth in user fees will eventually replace the subsidy, making the network net profitable. The protocol (AVS) launched on Eigenlayer still needs to be launched in exactly the same way, but the characteristics of Eigenlayer make the problem even more serious: (1) AVS gives up the utility of the token because its natively issued token is no longer the only staked/collateralized asset, but instead the staked ETH/EIGEN. (2) Since AVS is not profitable in its early stages, they must pay for the staked ETH/EIGEN through inflation of their own token supply - participants lack consistency in the AVS token and may sell it to accumulate more ETH/EIGEN. (3) For any AVS to succeed, they will need to cede revenue to ETH/EIGEN stakers, creating a net drain on the protocol as revenue flows out of its ecosystem. This arrangement does not make sense for well-funded or well-positioned projects that do not need to dilute the utility and value of their tokens to attract capital and validators. Any AVS that succeeds and generates revenue will likely decouple from Eigenlayer to retain more of its own revenue and accrue more value to its native token, just as many dApps become their own L2/L3/appChain to capture more fees/MEV. A protocol will only want to become and remain an AVS if: (1) its costs are subsidized via EIGEN token inflation, (2) it receives VC funding based on re-staking hype, or (3) it benefits from a narrative shift similar to the failed L1 to L2 transition. Beyond the economics, being an AVS does not mean that users will receive higher quality services or better security guarantees. For oracles in particular, we can see three main challenges: (1) DevOps: Are node operators well-known, reliable entities capable of managing high-performance and interference-resistant infrastructure? Can their infrastructure scale to thousands of data sources and maintain low latency under extreme blockchain network congestion and adversarial P2P network conditions? Can operators identify and resolve issues in a timely manner? (2) Data quality: Do operators aggregate data only from high-quality data providers with strict accuracy/availability guarantees? Does the data aggregation method reflect the volume/liquidity-weighted market price of the asset during extreme market volatility? Can network participants identify and resolve data provision issues in a timely manner? (3) Code quality: Is the on-chain and off-chain code resistant to manipulation and vulnerabilities? Are there adequate third-party audits/reviews, and if vulnerabilities arise, how quickly can they be identified and resolved? Eigenlayer does not provide any solutions, so even if an oracle AVS has a large amount of staked ETH/EIGEN, this does not guarantee the reliability, accuracy, or performance of that oracle. To date, there have been no economic attacks on oracles or bridges, as the staked collateral is just an additional layer of security (which the protocol can more efficiently self-provide). Eigenlayer’s transition to supporting AVS tokens as a re-collateralized asset is effectively an admission that Eigen’s core economic model has issues and has never been justified, and they themselves are trying to find returns on their $12 billion in collateralized assets. Eigenlayer will remain a subsidized yield pool for ETH stakers for the foreseeable future. Original link
Eigenlayer's economic model failed?Original title: B3 Original author: Paul Veradittakit, Pantera partner Original translation: 0xjs, Golden Finance Over the past decade, the emergence of smart contract blockchains has triggered a wave of innovations such as decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). These advances have not only reshaped the financial services landscape, but also enhanced various industries, including the gaming industry. The popularity of public chain standards (e.g., Ethereum NFT's ERC-721 standard) makes it easier than ever for in-game items to interoperate with not only a wider variety of games, but also with the decentralized finance (DeFi) stack. As a result, in-game assets (avatars, skins, land, currencies, etc.) can now be truly owned and financialized like traditional assets (real estate, public and private equity, etc.). As a result, gaming economies can benefit from greater liquidity and price discovery for cosmetics and in-game currencies. However, while the original crypto gaming theory remains intact, many developers are frustrated by the critical gap between what on-chain game developers want and reality. Game developers seek a seamless user experience (UX), unified liquidity, one-click deployment, and compatibility with crypto on-ramps. But today, they are often faced with fragmented UX, broken liquidity across multiple chains, high Rollup-as-a-Service (RaaS) overhead, and lack of compatibility with deposits. B3 changes that! B3 Overview Developed by NPC Labs, B3 is a horizontal ecosystem of L3 blockchains built on Base, focused on crypto gaming. Base has quickly become one of the premier L2 blockchains in the crypto ecosystem, largely due to its partnership with Coinbase. Since launching in August 2023, Base has been profitable, growing, and sticky. Today, Base has the second-largest number of L2 wallets (after Arbitrum) and is home to applications such as Uniswap, Friend.Tech, USDC, ThirdWeb, OpenSea, Zora, and many others. By aligning with Base’s tools and culture, B3 can build a robust L3 gaming ecosystem, solidifying Base’s position as the leading venue for consumer crypto applications. B3 Stack 1. Security layer: Ethereum, one of the most decentralized and secure first-layer blockchains. 2. Settlement layer: Base, a low-cost, builder-friendly L2 incubated by Coinbase. 3. Blockspace: B3, an L3 that allows for further expansion, provides dedicated blockspace, low gas fees, and faster transaction speeds for gamers. 4. B3 Rollup Network: B3 achieves horizontal expansion through sharding at the application layer, orchestrating dedicated sidechains for applications, games, and compute-intensive operations. 5. Discovery layer: Join.B3.Fun acts as a discovery layer for on-chain games, serving as a front-end landing page and game launcher where players can discover and play B3 rollup/games with seamless cross-chain UX. Today on B3, you can play popular on-chain games such as Dino Runner 3D, Anomaly Pinball, PewPew Tap, and more on web, mobile, desktop, and Telegram! Key Players and Their Contributions At the heart of B3 is its team, which has ~20 years of experience in the crypto ecosystem. Additionally, the team has demonstrated incredible team-market fit, leading Base to grow its business and ecosystem from zero to one. · Daryl Xu serves as Chief Executive Officer (CEO) of B3. Previously, Daryl led Base’s gaming and login ecosystem during his tenure at Coinbase. There, he built impactful partnerships with on-chain developers, builders, and Web2 game studios. · Viktoriya Hying serves as Chief Product Officer (CPO) of B3. She previously led Base's social and creator ecosystem, building partnerships with on-chain platforms, enterprises, and web2 brands. · Sean Geng serves as Chief Technology Officer (CTO) of B3. Sean previously served as an engineering manager at Coinbase, responsible for the development of Coinbase Wallet and Coinbase NFT, and founded two companies before that. Pantera is excited to lead B3 (NPC Labs)’s $18M funding round in July alongside other great investors including Mirana Ventures, Collab+Currency, Sfermion, Bitscaple Capital, and Mantle EcoFund. Conclusion In summary, B3 represents a significant shift in the Base gaming ecosystem, addressing key challenges faced by on-chain game developers. By providing a seamless user experience, unified liquidity, and enhanced compatibility with crypto on-ramps, B3 will revolutionize the crypto gaming landscape. With strong leadership, innovative technology, and strong investor support Pantera believes B3 will become a key player in the future of blockchain gaming. Original link
Pantera Partner: What are the innovations of L3 game chain B3 based on Base?Layer3 announced on X that over 3 million tokens have already been deployed on the protocol. Today, the team distributed 500,000 USDC to more than 72,000 Infinity CUBE holders. The distribution for Season 2 has ended and the upcoming Season 3 will have millions (in dollars) of rewards. Recent other deployments include: distributing 50,000 ARB to Compound users; $50,000 in tokens for liquidity activities; ongoing L3 rewards for stakers; over $400,000 in rewards for Races and Minidrops.
Layer3 has distributed 500,000 USDC to over 72,000 Infinity CUBE holders. The distribution for Season 2 has endedWith a $10 million seed funding round, Vessel aims to develop a comprehensive DeFi layer 3 to explore ZK solutions and applications and address DeFi challenges like liquidity fragmentation and cross-chain compatibility. One of the primary challenges in the crypto trading industry is striking the right balance between efficiency and transparency. Centralized exchanges (CEXs) offer fast transactions but often lack transparency, leading to concerns about security and trust. On the other hand, decentralized exchanges (DEXs) provide users with greater visibility into system operations but typically involve lengthy processes, conflicting with the rapid pace of the crypto market. This is where zero-knowledge (ZK) proof technology comes into play. ZK-proof is used to pack a large amount of off-chain computation into SNARK proofs and then submit them on-chain. This process verifies the validity and authenticity of user actions. Users enjoy both transparency and efficiency. This pushes the crypto space forward by removing the traditional trade-offs between speed and security. Taking the best aspects of CEX and DEX Vessel Finance , a ZK-powered order book exchange, aims to merge the reliability of DEXs with the speed of CEXs. By utilizing ZK technology, the platform ensures verifiable and transparent processes without revealing underlying information, allowing users to maintain self-custody of their assets. The DEX now offers services in direct asset trading (spot) and will be building long-term trading contracts (perpetual) and other advanced financial products like derivatives in the future. Vessel aims to combine the best features of both CEXs and DEXs into a familiar interface. Source: Vessel Finance Vessel recently closed a $10 million seed funding round, attracting prominent investors such as Sequoia, Scroll co-founders Sandy Peng and Ye Zhang, Avalanche Foundation, Algorand Foundation, IMO Ventures, Folius Ventures and Incuba Alpha. Vessel intends to use the investment to develop a comprehensive layer-3 (L3) network for the decentralized finance (DeFi) space. Layer-1 represents the core blockchain architecture, layer-2 focuses on scalability and speed, and L3 provides proprietary protocols that enhance user experience, interoperability and functionality. Vessel’s L3 network will incorporate ZK-proofs to secure user assets and prevent malicious acts. Additionally, Vessel plans to expand collaborations with key industry partners, driving innovation and growth within its ecosystem. To reward early supporters and loyal users, Vessel is opening up its first mainnet incentive program, Vessel Voyage , which strengthens community engagement. Liquidity pools meet order book mechanics A prominent feature of Vessel is its hybrid model, VAELOB — the verifiable automated market maker (AMM) -embedded limit order book, which turbocharges traditional order books with its smart liquidity from AMM pools. Not only do AMM pools help process order books, but they also work as programmatic market makers within the order books to earn extra fees. This Vessel’s hybrid approach enhances liquidity for traders and increases fee potential for liquidity providers. Vessel’s hybrid approach enhances liquidity for traders and increases fee potential for liquidity providers. VAELOB - the verifiable AMM-embedded limit order book. Source: Vessel Finance The integration of CEX and DEX features within Vessel’s platform marks a transformation in the financial world, enabling fast transactions without sacrificing security or trust. This evolution opens new avenues for building trust and making finance more accessible, marking the beginning of a new era in DeFi. Learn more about Vessel Finance Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
ZK-powered DEX raises $10M from Web3 heavyweights, launches mainnetDelivery scenarios