Week in Ethereum News, July 10, 2021 - thanks to Synthetix's Kwenta for making this issue possible!
Eth News and Links
Mainnet execution layer
Mainnet upgrades to London at block 12965000, 1-5pm UTC 4 August
Latest core devs call. Notes from Tim Beiko:
Rinkeby testnet upgraded to London
gasPrice field will use effective gas price for mined EIP1559 transactions but field will eventually be removed; instead use effectivegasprice from the transaction receipt
London-ready mainnet clients due to be released next week
For average 15m gas in a block London miners would need to target 30m, as EIP1559 aims for 50% full blocks
Walkthrough of PoW switch off readiness checklist
Planning approach discussion for PoW turn off, Shanghai upgrade and client maintenance
Erigon receipt repair utility for receipt users who upgraded from 2021.06.04 to 2021.06.05
Initial analysis of SELFDESTRUCT usage for Verkle Tree proposal which includes removing most of the self destruct functionality
Migrate EOAs to validation focused smart contract wallets with EIP3074
Address Space Extension working group call
Piper’s notes on the header accumulator to use in the Portal Network
Proof of stake consensus layer
Turning off Proof of Work: checklist of tasks before we can get rid of PoW forever
First Beacon chain upgrade to Altair on a devnet has finalized
Prototype of validator withdrawals: demo and tutorial using local testnet
Proposal for smart contract triggered validator withdrawals
Data shard block format proposal to allow several application data bundles to coexist in one blob
Beacon Book: perspectives from Beacon chain researchers and implementers (Disclosure: bought an NFT)
Layer2
Synthetix enabling exchanges on Optimism week of July 26
Optimism stops subsidizing L2 gas fees and relaying user withdrawals, Synthetix giving WETH to existing users to cover several transactions
Arbitrum Update: a few infrastructure projects that are dependencies for dApps are not yet live, single ERC20 bridge being used
Concern that users won’t care about rollups when they launch
Dispute resolution comparison of Optimism and Arbitrum
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Stuff for developers
EthereumJS releases with finalized support for London upgrade
Andre Cronje released 5 prototypes for learning and to inspire teams to form around them
Local ERC20 balance manipulation using Hardhat, useful for testing with DeFi tokens
EVM opcodes reference updated for London
EthernautDAO aims to convert senior developers to Ethereum devs
Build an NFT marketplace, using Next.js, Tailwind, Hardhat and Ethers.js on EVM testnet
x * y = k AMM line by line explainer
Ecosystem
Philip Daian: no official Flashbot software or materials for extracting MEV from reorgs
Sandwich bots increasing in complexity, 4 transactions sandwiched
ETH Global Hack Money 2021 finalists
Etherscan displays EIP1559 savings per transaction
Modeling Governance Extractable Value: DAOs have billion $ treasuries at stake
Enterprise
Singapore and France central banks test cross border payment using simulated Singapore Dollar and Euro CDBCs on J.P. Morgan’s Onyx
Application layer
Maker activates flash minting: 0.05% fee to flash mint up to 500 million DAI
daistats.com shows total amount of collateral backing DAI and DAI minted by collateral type, < 35% of collateral backing DAI is USDC
Reflexer Labs pilots self repaying RAI loans using reserves
Leasing a Tesla with DeFi yield (Liquity and Curve staking)
Andre Cronje launches bridge to Goerli testnet which would make it value-bearing and not a testnet
Axie Infinity made >$1million in revenue in a single day, comparable with biggest AAA games
OpenSea permissive approach to derivatives/homages, DMCAs still apply
NFTX v2 creates liquidity for NFTs at the floor price
Mooncat adds designer and boutique for accessories
Regulation/business/tokens
USDC issuer Circle going public on NYSE, forecasts USDC in circulation of $35billion for 2021 and $194billion for 2023
German regulator allows funds for institutions to allocate 20% of assets to cryptocurrencies
Token Terminal adds price to earnings (P/E) ratio for protocols
ETH liquidity crunch coming from staked Ether and EIP1559
Tweetstorm of 24 reasons why ETH is undervalued
General
China’s crackdown on mining: BTC difficulty adjusts down ~28%
JPMorgan analysts expect blockchain staking rewards to reach $40 billion by 2025
Kaspersky Password Manager previously used a PRNG not suited for cryptography, with current time single source of entropy
Opsec vulnerability: online dating wrench attack
Job Listings
NFT innovator SuperRare seeks Director of Eng following Series-A fundraise
Sourcify looking for an experienced TypeScript developer
Kwenta Open Position: Solidity Engineer
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Permalink for this week’s issue: https://weekinethereumnews.com/week-in-ethereum-news-july-10-2021/
Dates of Note
Upcoming dates of note (new/changes in bold):
July 15 - OpenZeppelin secure development series 1st of 6
July 16 - applications close for ETH Summer undergrad program (virtual)
July 20-22 - EthCC4 (Paris)
July 21 - ETHécole Conference (Paris)
July 25-31 - IC3 Blockchain Camp (virtual)
July 26+30 - OpenZeppelin/ITBA free course for devs in Spanish
July 30 - Aug 20 - ETHGlobal & Protocol Labs HackFS hackathon
August 4 - London hard fork
Aug 27-29 - Edcon (Shenzhen/online)
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