In recent years, attention towards layer two (L2) scaling solutions for Bitcoin has persisted, though bitcoin capacity in the Lightning Network has seen a decline. In recent years, other varieties of L2 solutions have emerged, capturing the attention of the crypto community. On March 19, 2024, the lead developer at Blockchair unveiled L2 Watch, an […]
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Marathon Digital Holdings, one of the world’s largest public Bitcoin mining companies, has announced its work on Anduro, a multichain, layer two platform on top of Bitcoin. With Anduro, Marathon proposes the creation of several sidechains designed to expand Bitcoin’s standard functionality and attract activity previously directed to other chains. Marathon Announces Anduro to Expand […]
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Tron is embarking on an ambitious journey to transform the Bitcoin ecosystem, as announced by its founder, Justin Sun. Through the integration of Bitcoin Layer two solutions, Tron seeks to decentralize and interconnect a variety of token types, including major stablecoins, with the Bitcoin network. Justin Sun’s Outlines Vision to Merge Tron and Bitcoin Networks […]
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In a significant development that expands the utility of the DYDX token in the realms of staking, security, and governance, a new dYdX layer 1 chain has launched on mainnet.
This proof-of-stake network, built using the Cosmos SDK, positions DYDX as its Layer 1 token, further cementing its role in the dYdX Chain.
According to information shared with CryptoSlate, the first block of the dYdX Chain mainnet was generated on Oct. 26, marking the beginning of a new era for DYDX.
The dYdX exchange amassed a significant $137M in fees last year, making this proposition particularly enticing for potential validators and stakers.
One key aspect is the expanded utility of the DYDX token. Initially introduced as the governance token of the dYdX Layer 2 protocol on Ethereum (dYdX v3) back in Aug. 2021, the DYDX token’s role has now broadened. The dYdX community voted to adopt DYDX as the Layer 1 token of the dYdX Chain, in addition to establishing a one-way bridge from Ethereum to the dYdX Chain. Wrapped Ethereum DYDX (wethDYDX) will now share the same governance utility as ethDYDX in dYdX v3.
DYDX holders can now choose to serve as validators or delegate their stake to existing validators, in line with standard practices in proof-of-stake networks. By staking their DYDX, holders contribute to securing the network and are rewarded with a proportion of dYdX Chain protocol fees relative to their stake weight.
Further enhancing the security of the dYdX Chain, validators, who have a significant economic stake in the network, are responsible for verifying and confirming transactions.
As more DYDX holders stake their tokens across a diverse range of validators, it becomes increasingly difficult for a coordinated attack to manipulate consensus decisions.
The governance aspect of the dYdX Chain also promises increased accessibility compared to dYdX v3, owing to the standard x/gov module within the Cosmos SDK. All staked DYDX tokens will be eligible for use in dYdX Chain governance, with validators inheriting the voting weight of their stakers unless the latter choose to vote personally.
The post Sui – A permissionless layer 1 blockchain appeared first on CryptoSlate.
In addition to launching Shibarium in August after the blockchain conference, Shiba Inu would likely provide more information on ecosystem projects.
The long-awaited Shibarium layer 2 (L2) blockchain will likely go live in August. Shiba Inu lead developer Shytoshi Kusama revealed the upcoming launch in a blog post published on Thursday, stating that Shibarium would go public after a scheduled conference in Toronto.
In the blog post, Kusama revealed a few other plans for the conference:
“The completed Worldpaper will be exhibited, all Shib branded projects will be published and Treat will be published in detail for the first time. In addition, it is very likely that we will also discuss and release the long-awaited L2 Shibarium.”
Members of the Shiba Inu community now expect a Shibarium launch at the Blockchain Futurist Conference in Toronto in August. Shiba Inu may also introduce DoggyDAO, a decentralized autonomous organization (DAO) controlled by SHIB holders. DoggyDAO would be used to fund Shibarium projects.
Shiba Inu has been working on Shibarium for several months, launching a testnet for the L2 platform called PuppyNet, on March 11, 2023. PuppyNet allows anyone to develop and deploy dApps (decentralized applications) for different uses. Also, users can integrate PuppyNet into their businesses for several functions, including a crypto payments processor, or a decentralized governance module.
As of June 11, PuppyNet’s total number of transactions crossed 20 million with an average block time of 5 seconds across more than 16.7 million wallet addresses. Public participation on the testnet indicates Shibarium’s potential acceptance as it points to significant demand for the L2 network. This could also potentially spike the prices of BONE and SHIB, Shibarium’s native tokens.
Although information about Shibarium is the most anticipated, the Shiba Inu team has other plans for the Blockchain Futurist Conference in August. The team plans to show the SHIB community multiple presentations and demonstrations about several other projects from the ecosystem. There will also be discussions and expected feedback from the community about the future of Shiba Inu. Attendees will enjoy unveilings, showcases, and added information on several Shiba Inu projects, including Shiboshis, Shiba Eternity, Shibacals, and SHIB: The Metaverse.
Shiba Inu recently announced Shibacals, a project that links non-fungible tokens (NFTs) to real-world assets to better confirm authenticity and ownership. Kusama explained that the Shibacals project will digitally authenticate real-world goods using NFC chips. At the point of purchase, users can verify these tags on a blockchain to ensure purchases are for authentic products and not reproduced copies. In response to the announcement, SHIB jumped 11%.
In April, Shiba Inu developers revealed a December launch date for the ecosystem’s metaverse. Calling it a “partial” release, the developers specified that the metaverse may not be complete at the release. However, they promised its an “ongoing project”, with continuous improvements even after launch.
SHIB: The Metaverse will allow users to mint 100,595 plots of land where landowners can earn passive income and accumulate resources. Users can also create avatars and enjoy a metaverse economy that supports easy interaction with others, as well as more earning opportunities.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
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Blockchain network Avail has launched a testnet data availability bridge to Ethereum, according to a July 7 announcement. Once testing is completed, the bridge will allow developers to easily create “validiums” or low-cost layer 2s that do not store full transaction data on Ethereum, the announcement stated.
Layer-2 rollup networks like Optimism, Arbitrum, Polygon zkEVM, and zkSync Era lower transaction fees by batching transactions into compressed “rollups” and periodically adding them to the base layer. However, because these networks must write all the transactions to the base layer, they often have higher transaction fees than layer-1 competitors.
To get around this problem, some networks have opted to write only the validation proofs of each transaction to the base layer, while storing the full transaction data off-chain. This produces a type of network called a “validium.” For example, StarkEx features a validium mode that stores data with a data availability committee (DAC) instead of on Ethereum. Polygon proof-of-stake may become a validium that stores its data on a proof-of-stake chain in 2024.
Related: Starknet’s Quantum Leap hits testnet with TPS reaching ‘triple figures’
According to the announcement, the new bridge allows developers to create custom validiums quickly and easily by storing their transaction data on the Avail network, eliminating the need to create their own DAC or proof-of-stake data availability network. When a user tries to withdraw cryptocurrency from layer 2 back to the base layer of Ethereum, the Avail bridge will transmit an attestation that the data is available on Avail, allowing the withdrawal to occur.
“Today’s launch of the Data Availability attestation bridge marks a major advancement in our mission to optimize blockchain scalability and efficiency,” said Arjun. “By enabling rollup constructions to run in validium, optimistic chains, and volition modes, we are not only reducing costs but also paving the way for a more inclusive and efficient layer-2 and layer-3 ecosystem.”
Arjun previously told Cointelegraph that data availability solutions would become essential to the Web3 space as zero-knowledge proof rollups are more widely used.
Binance has announced the release of the opBNB testnet on the BNB Smart Chain (BSC).
The layer 2 product is touted as the answer to the scalability aspect of the blockchain trilemma – the other two aspects being security and decentralization.
Ethereum co-founder Vitalik Buterin coined the term blockchain trilemma to describe a situation where developers are forced to forego one of the aspects in favor of the other two – as achieving all three aspects is impossible in the current state of technological development.
BSC is a fully compatible Ethereum Virtual Machine chain.
opBNB utilizes the Optimism OP Stack to achieve improved scalability, including Optimistic Rollups to process transactions off-chain – bundling them together to submit to the main chain.
The technology improves scalability and reduces the computational load on the main chain, making it easier to access data, improving the cache system, and enabling simultaneous operations.
According to BNB Chain, opBNB’s gas limit has been increased to 100M, allowing over 4,000 transactions per second and an average transaction cost below 0.005 USD.
Optimism OP Stack is an open-source collection of independent components, such as architectural layers or runtime environments, that work together to execute an app.
opBNB adopts a fraud-proving system to ensure transaction validity and network integrity. This mechanism allows anyone to challenge the results of a batched rollup transaction by computing a fraud-proof.
If proven fraudulent, the transaction(s) will be re-executed, maintaining the network’s integrity and instilling trust while fostering greater transparency.
BNB Chain said the opBNB testnet marks a new chapter in BSC’s journey to “creating a scalable, accessible, and cost-effective blockchain ecosystem.”
By inviting developers and projects to experiment with opBNB, BNB Chain hopes to foster the growth of diverse applications, including gaming apps and social networks, to pave the way for a more efficient and cost-effective blockchain environment.
The testnet launched on June 19, with developer resources now available.
The post BNB Smart Chain launches its opBNB layer 2 testnet appeared first on CryptoSlate.