Breaking down Ethereum’s evolution and its impact on crypto markets Was this newsletter forwarded to you?Sign up here. |
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Welcome to Valid Points! Last week, a trio of announcements from Scroll, Matter Labs and Polygon all had something in common: Each company implied that it would be the “first” to bring a zkEVM to market. |
zkEVMs are a type of zero-knowledge (ZK) rollup – a “layer 2” network that runs atop Ethereum to process transactions, bundle them up and pass them back down to Ethereum’s layer 1 mainnet. ZK rollups use fancy cryptography to take some of the load off Ethereum’s highly trafficked layer 1 network. As a result, they promise to offer users cheaper transactions along with a host of other benefits. Read more: The Sudden Rise of EVM-Compatible ZK Rollups zkEVMs all aspire to the same goal: creating a ZK rollup experience that feels exactly like using Ethereum’s layer 1 blockchain. This means developers should be able to port over their existing smart contracts without changing their code and without abandoning the EVM (Ethereum Virtual Machine) tools that they are accustomed to using. The EVM, rather than being one specific piece of hardware or software, is better understood as an amalgam of rules, standards and software packages. When shared across different computers running similar software, this shared set of standards coalesces into a network (Ethereum is one such network, although plenty of other blockchain networks have adopted versions of the EVM as well). But how can three companies all claim to be the “first” to create a zkEVM? The answer comes down to how they each define what it means to create a true zkEVM. Read the full story here. - Sam Kessler |
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The following is an overview of network activity on the Ethereum 2.0 Beacon Chain over the past week. For more information about the metrics featured in this section, check out our 101 explainer on Eth 2.0 metrics. |
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Disclaimer: All profits made from CoinDesk’s Eth 2.0 staking venture will be donated to a charity of the company’s choosing once transfers are enabled on the network. |
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Polygon deployed its EVM-compatible ZK rollup testnet. - WHY IT MATTERS: The Polygon zkEVM would be the “first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools and wallets, harnessing advanced cryptography called zero-knowledge proofs,” said Polygon in a press release. Rollups like Polygon zkEVM are the main way the Ethereum community is working to boost the network’s capabilities – allowing users to transact quickly and cheaply without compromising the network’s most essential security guarantees. Read more here.
Tether sees a stable peg for the first time in over two months. - WHY IT MATTERS: USDT, a stablecoin meant to be worth a dollar, regained its dollar peg on July 20, the first such instance since the collapse of Terra’s algorithmic stablecoin terraUSD. “The past two months have definitely been a stress test for stablecoins following the collapse of UST and sharp contraction in USDT’s market cap,” Clara Medalie, research director at crypto data provider Kaiko, said. “Tether proved its ability to process billions in redemptions, despite lingering questions over the makeup of its reserves.” Read more here.
“Cryptojacking” cases across the financial sector rose 269% in the first half of 2022. - WHY IT MATTERS: According to a report by cybersecurity firm SonicWall, “Cryptojacking targeting the retail industry increased 63% year to date, while attacks on the financial industry skyrocketed 269%.” Cryptojacking, a type of cyberattack whereby hackers implant a piece of software that mines cryptocurrencies on a victim’s computer, “has a lower potential of being detected by the victim,” said Terry Greer-King, Sonicwall vice president for EMEA. Read more here.
Solana’s new daily address growth outpaced other blockchains. - WHY IT MATTERS: Active wallets on the Solana network increased by 58% this year. New users peaked at over 400,000 in May before gradually declining to 240,000 users last week. These figures are a jump from December 2021’s levels of 150,000 to 170,000 new users each day, signaling growth and adoption. Despite the increased activity, total value locked on Solana DeFi applications slipped to $2.9 billion last week from May’s $6 billion figure. Read more here.
AntPool invested $10 million to support the Ethereum Classic ecosystem. - WHY IT MATTERS: While the Ethereum network will convert to a proof-of-stake model, eliminating the need for specialized mining rigs, Ethereum Classic will continue to use mining rigs to mine its native ETC currency. The initial $10 million investment will fund the development and exploration of applications of the Ethereum Classic mainnet, as well as promote the overall performance of the network. Read more here.
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Valid Points incorporates information and data about CoinDesk’s own Eth 2.0 validator. All profits made from this staking venture will be donated to a charity of our choosing once transfers are enabled on the network. For a full overview of the project, check out our announcement post. You can verify the activity of the CoinDesk Eth 2.0 validator in real time through our public validator key, which is: 0xad7fef3b2350d220de3ae360c70d7f488926b6117e5f785a8995487c46d323ddad0f574fdcc50eeefec34ed9d2039ecb. Search for it on any Eth 2.0 block explorer site! |
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