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Ethereum Pectra upgrade promises major wallet improvements with EIP 3074 integration

by CoinNews
written by CoinNews

Ethereum developers are currently deliberating the Pectra upgrade, which is poised to enhance various facets of the blockchain’s functionality.

Tim Beiko, the Ethereum Foundation‘s protocol support lead, confirmed the development, revealing that the developers have agreed to include Ethereum Improvement Proposals (EIP) 3074 in the network’s slated overhaul.

EIP 3074

EIP 3074 is a pivotal advancement within Ethereum’s ecosystem and was introduced by Lightclients in 2020. The proposal has garnered widespread support from the crypto community as it aims to enhance the user experience (UX) of Ethereum wallets.

Fundamentally, EIP 3074 enables conventional crypto wallets like MetaMask to function akin to smart contracts.

This upgrade facilitates various functionalities, including transaction bundling, streamlining the signing process to a single step, and sponsored transactions. The latter feature empowers wallets to delegate funds for others to utilize, offering a more versatile and efficient transaction framework.

Trading a new token on a DEX such as Uniswap will now only require one signature from a user’s wallet as opposed to having to approve the new token and then sign the transaction to purchase.

Crypto community reacts

The announcement of the impending upgrade has sparked various reactions within the crypto community.

Georgios Konstantopoulous, Paradigm’s CTO, highlighted the update’s potential to enhance wallet usability tenfold, noting Reth’s successful implementation and testing.

Echoing this sentiment, Hayden Adams, the mind behind Uniswap, lauded the upgrade as a significant boost to Ethereum’s user experience. He added:

“Industry should make an effort to create compatibility for 4337 wallets to interact with 3074 contracts (much like eip1271 has created compatibility between safes and EOAs today).”

However, EVM developer Alex Watts cautioned against solely focusing on user experience improvements, emphasizing the broader implications for application and mechanism design.

Despite the optimism, concerns linger among some community members regarding the EIP 3074 upgrade.

Ansgar Dietrich, an Ethereum Researcher involved in the proposal’s inception, expressed ambivalence, reflecting on the lengthy journey to its impending mainnet integration and questioning its alignment with the evolving account abstraction roadmap.

Similarly, 0xngmi, the pseudonymous developer of DeFiLlama, raised apprehensions about the upgrade potentially enabling the complete depletion of addresses, encompassing tokens, NFTs, and other DeFi assets.

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Cleanspark to Upgrade Mining Fleet With 100,000 S21 Pro Bitcoin Miners From Bitmain

by CoinNews
written by CoinNews

The publicly traded bitcoin mining company Cleanspark has exercised its option to acquire 100,000 bitcoin mining machines from Bitmain. The firm initially secured the option last year, and the agreement has now been enhanced to include the latest S21 Pro model from Bitmain, which offers 15 joules per terahash (J/T). Bitmain and Cleanspark Seal Deal […]

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Bitcoin Cash Soars 40% in 24 Hours as Market Eyes Upcoming Halving and Adaptive Block Size Upgrade

by CoinNews
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Bitcoin Cash Soars 40% in 24 Hours as Market Eyes Upcoming Halving and Adaptive Block Size UpgradeOn Saturday, March 2, the valuation of bitcoin cash witnessed a significant increase, climbing over 40% within a 24-hour span to reach a peak of $451 each. This upward trend is attributed to the anticipated halving event, set to happen in 16 days, and the forthcoming 2024 upgrade, which is expected to implement an adaptive […]

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JPMorgan Says Bitcoin Halving and Ethereum Upgrade ‘Are Largely Priced In’

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written by CoinNews

JPMorgan Says Bitcoin Halving and Ethereum Upgrade 'Are Largely Priced In'JPMorgan Chase has discussed three main catalysts driving crypto prices over the coming months. The global investment bank’s analysts believe that the Bitcoin halving event and the next major upgrade of the Ethereum network are largely priced in. JPMorgan on Catalysts Affecting Crypto Prices Global investment bank JPMorgan Chase has provided its insights into three […]

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Top 6 Altcoins That Will Benefit From Ethereum’s Dencun Upgrade

by CoinNews
written by CoinNews

As the Ethereum ecosystem braces for the much-anticipated Dencun upgrade, renowned crypto analyst Miles Deutscher provides an in-depth look at the altcoins poised for significant growth.

Scheduled for March 13, the Dencun upgrade is a critical hard fork aimed at enhancing Ethereum’s scalability, security, and usability. Deutscher’s insights reveal how specific Layer 2 (L2) solutions are uniquely positioned to benefit from the upgrade’s introduction of Proto-Danksharding and other key enhancements.

Deutscher explains, “The Dencun upgrade, especially with EIP-4844, represents a paradigm shift in how Ethereum will handle transactions. By drastically lowering gas fees and increasing throughput, we’re looking at a more accessible, efficient blockchain.” This upgrade is part of Ethereum’s broader roadmap, known as “The Surge,” focusing on scalability improvements.

Top-6 Altcoins To Watch Prior To Dencun

#1 Polygon (MATIC/POL): With its impending rebrand and investment in zk-technology, Polygon is at a pivotal juncture. Deutscher notes, “Polygon’s deep dive into zk-rollups could redefine its position in the L2 landscape, making MATIC an attractive asset for forward-looking investors.”

#2 Arbitrum (ARB): As the leading L2 by TVL and transaction volume, Arbitrum’s robustness is undisputed. “Arbitrum has cemented its position as a powerhouse in the L2 space, and the Dencun upgrade will only amplify its strengths,” Deutscher remarks.

#3 Optimism (OP): Positioned as a strong contender in the L2 space, Optimism’s ecosystem is set to expand. “The announcement of Optimism’s fourth airdrop is not just a reward for its community but a strategic move to bolster its ecosystem’s vibrancy,” says Deutscher.

#4 COTI Network (COTI): With the launch of V2 and its innovative ‘Garbled Circuits,’ COTI introduces a groundbreaking privacy solution. Deutscher observes, “COTI’s approach to privacy on the blockchain through ‘Garbled Circuits’ is a game-changer, potentially setting a new standard for private transactions.”

#5 Mantle (MNT): Highlighting Mantle’s rapid growth, Deutscher points out, “With $1.5 billion in ETH now staked as mETH, Mantle is not just growing; it’s thriving, supported by strategic airdrops that reward its community.”

#6 Metis (METIS): Identified as a potentially undervalued project, Metis’s upcoming initiatives are a beacon for investors. “Metis’s decentralized sequencer and the substantial METIS Ecosystem Fund are laying the groundwork for a robust, decentralized future, making it an intriguing prospect post-Dencun,” Deutscher explains.

Broader Implications For Ethereum

Deutscher also casts a spotlight on Manta Network, Starknet, zkSync, and Linea as projects to watch, emphasizing the widespread impact of the Dencun upgrade. He advises, “The ETH/L2 trade is increasingly compelling as we approach the Dencun upgrade. Shifting a significant portion of one’s portfolio into the Ethereum ecosystem seems prudent, given the transformative potential of the upcoming changes.”

At press time, ETH still traded just below the $3,000 mark.

Ethereum price
ETH price, 1-week chart | Source: ETHUSD on TradingView.com

Featured image from Shutterstock chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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CoinNews

Ethereum Taps $3,000 Barrier Amid ETF Speculation and Upcoming Dencun Upgrade

by CoinNews
written by CoinNews

Ethereum Taps $3,000 Barrier Amid ETF Speculation and Upcoming Dencun UpgradeThe value of ethereum, the crypto market’s second-largest asset by market cap, eclipsed the $3,000 milestone on Tuesday, peaking at $3,014 per unit in the morning trading hours. Over the last week, ether has seen a 13.1% climb against the U.S. dollar, and over the preceding two weeks, it has surged 28%. Ether Hits Two-Year […]

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Price Eyes $50 Return As New Upgrade Fuels Optimism On Testnet

by CoinNews
written by CoinNews

In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted $50 mark.

Avalanche Booms: Durango Upgrade Ushers Growth

Presently, the AVAX price confidently stands above the 50% retracement level at $39.91, signaling a robust support level within the market range spanning from $28.00 to $49. Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.

The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.

This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.

AVAX currently trading at $41.31 on the daily chart: TradingView.com

Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to $49.95, effectively filling the current market range.

In a more bullish scenario, the gains might extend to $54.92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.

AVAX social dominance volume. Source: Santiment

AVAX: On-Chain Metrics Signal Sustained Growth

Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.

As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.

Featured image from Pixabay, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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CoinNews

Ethereum Developers Deploy Testnet for Dencun Upgrade

by CoinNews
written by CoinNews

Currently, there are plans to deploy Dencun on the Sepolia testnet on January 31, and then on the Holesky testnet on February 7.

Among the many things that the crypto industry has to look forward to, there is the Dencun upgrade for the Ethereum network. Touted as a way for Ethereum to increase its data processing abilities and scalability, it is largely seen as a game-changer by those in the industry. Now, we are a step closer to this upgrade as Ethereum developers have deployed a testnet of Dencun on the Goerli test network. This took place on January 17, 2024, at 6:32 UTC.

Dencun Coming Soon

While the Dencun testnet launch was eventually deployed, it did meet some challenges along the way. Most notably, it wasn’t able to reach finality and this is credited with validators not completing software upgrades and this led to low participation rates.

“And it seems like we have a chain split! Client teams are looking into it, but it’s likely to take a while to pin down + fix the issues. Keep an eye out for updates!” Tim Beiko, an Ethereum core developer, said.

Finality, in terms of blockchains, refers to the mechanism that makes transactions irreversible. It is one of the most important parts of any blockchain network and has to be gotten right. The developer teams have confirmed that they are looking into these issues and should resolve them in the next few days.

At the same time, this is one of the purposes of testnet deployment- to make sure that any potential kinks are worked out before the final launch date. And this isn’t the last deployment we will see before Dencun fully goes live.

Currently, there are plans to deploy Dencun on the Sepolia testnet on January 31, 2024, and then on the Holesky testnet on February 7. All these will lead up to the final Dencun deployment by the end of the first quarter of the year.

Why the Dencun Upgrade Is Vital

One thing that the blockchain community knows very well at this point is that a single network upgrade can change the very trajectory of an ecosystem. Ethereum itself experienced this with its last major upgrade that saw the network moving from a proof-of-work consensus to a proof-of-stake one. This move saw the network’s energy use cut by over 95% and made Ethereum much better for the environment.

The Dencun upgrade is also on track to be impactful by introducing proto-danksharding. This is a mechanism that will increase Ethereum’s capacity for data handling and make it cheaper to use. As such, Ethereum will become more scalable once it is implemented and naturally, there has been a lot of anticipation for this. While this testnet launch has seen its hiccups, we can hope that they are sorted and the final Dencun upgrade goes off without a hitch.

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Crypto community divided as UniSat Wallet adopts Ordinals Jubilee upgrade proposal

by CoinNews
written by CoinNews

UniSat Wallet recently confirmed its alignment with the upcoming Ordinals Jubilee upgrade amid a broader discussion about the evolution and governance of the BRC-20 token standard, which operates on the Ordinals Protocol.

UniSat Wallet, known for its role in the Ordinals marketplace, announced plans to adhere to the Ordinals Jubilee upgrade, ensuring that the BRC-20 tokens remain integrated within the Ordinals system. This move aligns with the broader strategy of maintaining protocol consistency without diverging into an isolated framework.

UniSat also teased the release of a significant whitepaper slated for Jan. 31, 2024, promising substantial advancements for BRC-20, Ordinals, Bitcoin, and its community. Jubilee will take place at block height 824,544. As of press time, Bitcoin is 362 blocks behind at block 824,182, meaning the block height should be reached this week.

In contrast, Domo, the pseudonymous creator of the BRC-20 token standard, expressed concerns over these updates’ haste and potential repercussions. Domo highlighted the complexities and risks of integrating new updates into the BRC-20 standard, referencing the challenges faced during versions 0.8 and 0.9. Emphasizing the need for robust testing and coordination, Domo cautioned against the rush to implement protocol enhancements, suggesting they might not be safe without a comprehensive validation infrastructure.

Domo’s apprehensions extend to the broader strategic implications of UniSat’s actions, hinting at an alleged ongoing effort to gain control over the protocol. This perspective is reportedly shared by Layer 1 Foundation, a non-profit foundation committed to keeping the BRC-20 standard free from centralized corporate influence.

Layer 1 Foundation maintains an indexer focused on safeguarding funds within BRC-20 assets. The foundation and Domo urge the BRC-20 community to reject Unisat’s proposed fork and support a non-profit, safety-oriented approach to the protocol’s maintenance.

It is important to note that The Jubilee is not necessarily considered a ‘fork’ by all parties but rather a “split.” This distinction is important because a fork typically implies a divergence in the blockchain, creating two separate chains that do not interact with each other.

In contrast, a split, as described in the context of the Jubilee upgrade, refers to different sets of rules coexisting on the same blockchain. In this case, one set of rules would be for BRC-20 tokens that remain at version 0.9, and the other set would follow the Ordinals Jubilee upgrade. Both sets would still reside on the same physical blockchain, intertwined with each other.

The Jubilee proposed update to the Ordinals protocol is integral to transferring and issuing inscriptions or tokens on small Bitcoin denominations. It aims to address the issue of “cursed inscriptions.”

These are inscriptions unrecognized by the protocol’s first version. The Jubilee seeks to reclassify these inscriptions, assigning them positive numbers and setting a precedent for protocol development and governance. However, the upgrade has sparked debate within the Bitcoin developer community, especially around its impact on the BRC-20 standard.



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