Chainlink introduces an Oracle Price Feed MEV solution.
Tim Beiko shares an update on all things Pectra.
Base schedules the Holocene Network Upgrade.
ZKsync Ignite starts on January 6th.
Chainlink introduced Smart Value Recapture (SVR), an oracle solution designed to help DeFi applications reclaim non-toxic Maximal Extractable Value (MEV) generated by Chainlink Price Feeds. When oracle price updates trigger liquidations, protocols often do not capture the resulting extractable value. SVR enables DeFi protocols to recapture MEV related to lending and liquidations. Using Flashbots MEV-Share and a "Dual Aggregator" architecture, SVR ensures efficient and secure oracle data transmission while incorporating a fallback to standard price feeds. The system auctions liquidation rights to searchers, redirecting the auction revenue split between 60% for the integrating DeFi protocol and 40% to Chainlink.
Tim Beiko, Ethereum core developer and coordinator of the AllCoreDevs (ACD) calls, shared an update on Pectra, Ethereum’s upcoming upgrade that consists of the execution layer update, Prague, and the consensus layer update, Electra. Pectra will mark Ethereum's most ambitious upgrade to date, with 11 Ethereum Improvement Proposals (EIPs) included in the final scope. Initially, the upgrade featured 20 EIPs but was later split into two forks to streamline development and implementation. The blob target for the network was also doubled from 3 to 6 blobs per block, with a maximum of 9 blobs allowed per block. Developers are now focused on ensuring devnet stability and security. Once devnet-5 proves successful, client teams will work on testnet forks.
Base, the second-largest rollup by TVL, is scheduled to activate the Holocene Network Upgrade on mainnet on Thursday, January 9, 2024, at 18:00 UTC. The upgrade introduces Holocene Block Derivation, MIPS Contracts, and EIP-1559 Configurability, designed to improve functionality, performance, and scalability. The Holocene Block Derivation update simplifies the block derivation pipeline, optimizing performance for the Fault Proof System and improving cross-network interoperability. To ensure compatibility with the upgrade, node operators must update their node software to v0.11.1 before this activation timestamp.
ZKsync Ignite, a 9-month program featuring 300 million ZK tokens in incentives on ZKsync Era, will go live on January 6, 2025. The program aims to enhance DeFi liquidity and increase TVL on ZKsync Era and across Elastic Chains. A DeFi Steering Committee (DSC) will oversee token allocations and assess the program's performance.
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