🐼 What happened to the Beacon chain?
Also, read about bounty opportunities and a guide on scalling solutions!
Hey fam! Before we dig into numbers and stats today, let’s start with good vibes and news, shall we?
The Optimism airdrop went finally live! Yes I know, I know, there were many problems around it specially regarding traffic and going live before announced (really people? Haven’t degens and bot devs proved their selves enough? Anyway, back to positive 🧘♀️ ) Ethereum is scaling, and it’s time to test, build, discuss and come up with solutions! I believe Optimism team is just starting, and here are some interesting key points:
Optimism (✨🔴_🔴✨) @optimismPBC
Wow, what a day. OP Drop #1 had a turbulent launch which we finally stabilized after more than five hours of non-stop work. We’ll be publishing a full, detailed retrospective on the lessons learned next week. Let’s quickly talk about what happened.Start building in DeFi with bounty contests!
Always wanted to join DeFi and don’t know where to start? Here are 2 recommendations:
📌 Yearn’s Dune dashboards:
📌 OpenSea’s Code4rena live contest:
👉 Are you a DeFi freelancer writer/researcher? We’re hiring!
🦀 Ethereum’s DeFi TVL is hadn’t changed much from the past week, sitting at $54.55B.
😳 Driving crypto and DeFi regulatory updates
India to roll out CBDC using a graded approach: RBI Annual Report.
American politicians want to limit China’s CBDC usage in US app stores.
Portuguese Congress rejects two bills seeking to tax crypto.
South Korea gets aggressive with their Terra crash analysis.
Russian government says crypto miners consume 2% of total electricity.
Brazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades.
💸 DeFi Markets:
📉 ETH - $1,820.67 (-8.1%)
📉UNI - $5.31 (-4.48%)
📈AAVE - $106.34 (+3.42%)
📉MKR - $1208.43 (-4.74%)
👛 The $DPI pulse — The DeFi Pulse Index ($DPI) is presently trading at $97.47, down by 2% on the week.
👀 Latest News you shouldn’t miss:
4 plots looking at returns in the Uni v3 ETH-USDC pools.
Limiting Lido’s share of stake on the Beacon Chain.
Stake DAO Curve strategies live on Liquid Lockers.
Demystifying UST de-peg with on-chain data.
STEPN to ban china users.
Solana lost track of time.
dYdX launched an affiliate program.
Investors dumping on Terra as LUNA 2 tanks 70% in two days.
Ethereum’s Beacon Chain experienced a seven-block reorganization: What's it?
The Ethereum beacon chain, which is critical to the upcoming Ethereum Merge, encountered a potentially high-level security issue known as a blockchain "reorganization" on 25th May 2022. A reorganization, or reorg, can occur due to a network failure, such as a glitch, or a malicious attack, resulting in a duplicate version of a blockchain being created momentarily. The more time a reorganization lasts, the more significant the repercussions become. So, is it something really serious?
Let’s explore what Ethereum heroes have to say about this reorganization-
According to core Ethereum developer Preston Van Loon, the reorganization was caused by a "non-trivial segmentation" whereas Ethereum co-founder Vitalik Buterin labeled it as a “good hypotheses.” Martin Köppelmann, the co-founder of the Ethereum Virtual Machine- (EVM)-compatible Gnosis chain, showed some unclarity around the issue.
While the reorganization is bound to create concerns about the timeframe, Van Loon and the other developers have yet to say whether it will affect the merge. Stay tuned for further updates in the next week’s newsletter.
Vitalik: 2 thought experiments to evaluate automated stablecoins
TLDR: Vitalik conducted two thought experiments surrounding the winding down of Terra and RAI and concluded that one must check steady-state and extreme-case soundness before relying on automated stablecoins;Brand new Terra blockchain is live
TLDR: At 06:00 AM UTC on May 28th, 2022, Block 1 of the brand new Terra blockchain (with a chain id of "Phoenix-1) was officially produced;Ropsten Ethereum testnet is ready for Merge
TLDR: Tim Beiko, a core Ethereum developer, announced the introduction of a new Beacon Chain for Ropsten on May 31st. It will act as a warm-up for the final Merge test, which will be released "around June 8th";A new Ethereum wallet by Gamestop with L2 integration is here
TLDR: The GameStop Wallet includes direct Ethereum Layer 2 connectivity, you can transact on Ethereum Layer 2 for cheaper and faster transactions than on Ethereum Layer 1 Mainnet.
ENS.Vision is a bulk search tool for the Ethereum Name Service (ENS). You can easily find.eth names that are available for registration with this tool.
A Beginner’s Guide to Ethereum Scaling Solutions
Ethereum is a monolithic blockchain: it provides its own security, executes its own transactions, and maintains its own data availability. However, this traditional type of blockchain — a chain that provides its own security, execution, and data availability layers — faces inherent limitations because of its “do it all” approach. These limitations can lead to high transaction costs for users. Developers and researchers have pioneered a range of different scaling solutions to address these limitations in recent years. Sounds exciting?
How reorgs work in PoS Ethereum and how they will be mitigated
If you think things are getting bad right now, take a time to remember (or read about) the old ICO times. Instead of NFT roadmaps, the ecosystem was flooded with meaningless white papers and promises that smart contracts would solve every problem in the world, from energy markets to dental care.
While most of business models failed, a lot of attention was brought to the consensus and execution layers. Now we’re getting ready for the Merge, and the economy around DeFi has finally evolved into actually usable products.
Like every new tech, yield farming and speculation went too far, and it’s now time to clean the house once again. I can’t wait to see what the next buidl cycle brings to us.
I’m betting on DAO infrastructure, research and more sustainable monetization models for gaming. What about you? - DeFinn, Head of Content
All info in this newsletter is purely educational and should only be used as research. DeFi Pulse is not offering investment advice, endorsement of any project or approach, or promising any outcome. This post is prepared using public information (which does not account for specific goals or financial situations) and links provided to third-party sites are for informational purposes. Such sites are not under the control of DeFi Pulse, so DeFi Pulse or the author are not responsible for the accuracy of the content on such third-party sites. Be careful and keep up the honest work!