Cover photo

Coinbase Launches Smart Wallet

A self-custodial wallet that can be created using just a passkey, eliminating the need for recovery phrases.

Quick Take

  • Coinbase launches its Smart Wallet.

  • zkSync announces its V24 upgrade date.

  • EigenLayer AVS rewards live on testnet.

  • Geth lowers minimum miner tips.

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Coinbase Launches Smart Wallet

Coinbase launched its new Coinbase Smart Wallet, now available to all users. The wallet enables users to quickly set up a self-custodial wallet using just a passkey, eliminating the need for recovery phrases. It supports sponsored transactions, allowing users to set up the wallet or mint NFTs without having to directly pay for gas fees. Coinbase Smart Wallet supports various passkey login methods including Google Chrome profiles, iCloud, Face ID, fingerprint, or a Yubikey. The wallet is also portable across-apps, enabling users to log into any dapp that is integrated with the Coinbase Wallet SDK. Coinbase Smart Wallet supports eight initial networks: Ethereum, Base, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora.

zkSync Announces V24 Upgrade

zkSync announced that it will deploy its v24 protocol upgrade to mainnet on June 6th. The upgrade introduces the Bridgehub, support for Validium mode, and new P256Verify and ecPairing precompiles. The Bridgehub consists of new L1 contracts designed to enable interoperability and shared liquidity across ZK Stack chains. Validium mode features support for using a custom data availability layer and a custom gas token. The new precompiles will facilitate secure transaction signing using secure enclaves, Webauthn, or Android Keychain. Additional enhancements include price adjustments to operations, expanded blob capacity, and future support for EVM Bytecode. During the upgrade window, withdrawals from the zkSync Era native bridge will be paused for 24 hours, which may lead to delayed bridge transactions.

EigenLayer AVS Rewards On Testnet

EigenLayer introduced support for AVS rewards on testnet. The MVP release allows AVSs to configure reward distributions, node operators to earn rewards, and restakers to claim rewards from their delegated stakes. The reward system supports the distribution of ERC-20 tokens from AVSs to operators and restakers and includes APIs for setting up recurring rewards. EigenLayer is in its third and final launch phase, which involves Actively Validated Services (AVS). While AVSs are operational on mainnet, rewards, and slashing functionalities are still under development. EigenLayer plans to roll out AVS rewards on mainnet in the coming months and will release a comprehensive system upgrade by the end of the year.

Geth v1.14.4 Release

Geth, the leading Ethereum execution client, released Geth v1.14.4, an update that reduces the minimum value for priority fees, also referred to as miner tips, from 1 gwei to 0.001 gwei. The reduction in priority tips is intended to enhance block utilization by enabling more transactions to be included in Geth blocks The update also increases the block import speed and introduces an Ether supply live tracer, among other enhancements.

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