Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories in the development of cryptocurrency technology. I am Ben Schiller, the Editor of the opinion and the characteristics of Coindesk.
In this number:
- Ethereum’s Wall Street animator
- Avalanche reduces rates by 75%
- The Integra Bitcoin referee
- UBS ZKSYNC test for gold
This article appears in the last issue of The protocol, our weekly newsletter that explores the technology behind Crypto, one block at the same time. Register here To get it on your entrance tray every Wednesday.
Network news
The type of Ethereum Wall Street: Ethereum faces an identity crisis. His native token, Ether (ETH), has a lower performance against competitors, and lifelong builders begin to question whether the chain technology is staying behind, and if their community is losing the approach. The Ethereum Foundation, the non -profit organization that Stewards Ethereum’s Development has been guilty for many of the network struggles. The Vitalik Bterin co -founder is leading a massive leadership shake in the organization, but its central influence on the process has caused its own controversy. Meanwhile, rival ecosystems like Solana are taking advantage of uncertainty, attracting talent to the fullest and surpassing ETH in the market. In the midst of this turbulence, a new project, Etherealize, aims to take ETH to Wall Street. Founded by former banker Vivek Raman, Etherealize seeks to close the gap between traditional finances and Ethereum, positioning ETH as a class of serious assets. Raman, who spent a decade in banking before discovering cryptography, believes that his history of traditional finance gives him a unique perspective. It has spent the last four years establishing the bases for Etherealize, choosing to launch in January, a moment of elevated market optimism promoted by the expectations of a white house friendly with cryptography, even when Ethereum lidia with internal disputes and pricing disputes. In an interview with Margaux Nijkerk by Coendesk, Raman talks about how Etherealize came to create, how that group is marketing ETH in Wall Street and discusses the opinions of the banks about the curled up of layer of layer 2. Read more.
Avalanche reduces user costs: The cost of the use of Avalanche, a chain of intelligent contract blocks defined by Defi, has collapsed since the implementation of the Avalanche9000 update on December 16, which caused the number of transactions in more than one third. From the update, the tariffs of use tests of watertightness known as gas have averaged approximately 75% less than in the months in advance, the data of Flipsis and Bitquery are shown. The number of transactions has increased by 38% to an average of 354,691 per day. Avalanche, the fifth largest intelligent contract block chain in the world for the market value of its Native Avax token, boasts of a multicin structure of the C chain, which handles intelligent contracts, PC chain to manage the coordination of bets and bets and validator and chain X Asset Transfer Processing. The update included seven improvement proposals, including ACP-125, which reduced the base rate for executing intelligent contracts in the C to 1 Navax chain from 25 Navax. A navax is one billion of a AVAX. The update also replaced the strong validator rate of 2,000 AVAX with a monthly subscription of 1 to 10 AVAX, opening doors for projects of all sizes to introduce layer 1 (L1) protocols in Avalanche. The objective of the update was to make each component of the cheapest avalanche technology stack by reducing the Cadre C rates and eliminating capital requirements for L1 validators, to DECRYPT in November, Stephen Buttolph, main architect of the protocol of Ava Labs, in November. Read more.
UBS ZKSYNC test: The Swiss bank giant UBS said he completed a proof of concept of his gold offer Key4 on the Ethereum Layer-2 Zksync Network. The simulation, which was carried out in a ZKSYNC test network, is a sign of renewed interest in blockchain technology among traditional financial institutions. This is not the first UBS experiment with Blockchain. The bank previously launched an investment fund of the Tokenized Monetary Market, UMINT, which is also based on Ethereum. Key4 Gold of UBS is one of the bank’s offers that allows its Swiss customers to buy a direct physical gold claim. “It allows fractional gold investments with real -time prices, deep liquidity, safe physical storage and optional physical delivery,” the team said in a press release shared with Coindesk. The project already exists in the Bank’s private block chain, Gold UBS Network, but the team was looking for ways to climb their project while preserving its privacy. “They concluded that only zero knowledge made sense for them, so they really wanted Senior Business Development Manager of Matter Labs, the main developer firm behind Zksync, told Coindesk in an interview. ZKSYNC is a zero knowledge roll, a type of layer 2 scale system that aims to increase the speed of blockchain transactions and reduce its rates, by using zero knowledge cryptography. A Validum is a different type of Capa-2, similar to that of a roll, but stores the data of those transactions outside the chain. The test transaction may indicate that UBS could be looking more closely by the use of layer 2 technologies to feed some of its activities. However, the bank did not say if they would go out with their own Capa-2, and Imbach of Matter Labs told Coindesk that a curled up may not be adequate for them. “Is this the right product [for UBS]? Perhaps not, but it is something we are only talking about openly and thinking about what could really be a good case for them, “Imbach told Coindesk. Read more.
The referee brings BTC: Arbitrum, one of the main layer 2 networks, has announced a new integration with Bitcoin through Bitcoinos, an intelligent contract system for leading cryptography. Integration allows a “hybrid roll” that provides more ways for Bitcoin holders to interact with Ethereum. “The integration of Bitcoinos with the referee demonstrates how our technology can support the innovative expansion of the Bitcoin ecosystem,” said Nina Rong, director of Associations of the Arbitration Foundation. “This collaboration shows the referee’s ability to allow bridges without confidence and programability for Bitcoin, while maintaining the central security principles of the Net $ 2 billion of $ 2 for deficient and intelligent contract applications. ” The referee already has the highest TVL of any Ethereum L2 (about $ 16 billion), as well as 8,333 bitcoin (WBTC) wrapped (WBTC).
Money Center
Upper cats
- Taproot Wizards will use $ 30 million in new funds to build an applications ecosystem using the Bitcoin Op_Cat improvement proposal, a intelligent contract functionality similar to Ethereum for Bitcoin.
Bitcoin rescue payments
- The volume of rescues paid in Bitcoin is falling as more victims refuse to pay, said the chain channeling.
Regulatory and political
- The new Stablecoin legislation is reaching the United States Senate, the first of many expected cryptography bill that will be presented in the coming weeks. Tennessee’s Hagerty Senator’s bill divides the responsibility for supervision of Stablecoin issues between the states and the federal government.
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