Vitalik On Computational Task Architectures
Vitalik highlights that modern computation relies on a "glue and coprocessor" architecture.
Vitalik discusses computational task architectures.
Arbitrum begins its security council election process.
Coinbase Smart Wallet reaches 21,000 MAUs.
Optimism re-opens Season 6 mission requests.
Ethereum creator Vitalik Buterin published a blog discussing the separation of computational tasks into two key categories: business logic and expensive work. He highlights that modern computation relies on a "glue and coprocessor" architecture, where the "glue" component handles general tasks with lower efficiency, while the "coprocessor" is responsible for managing resource-intensive operations with higher efficiency. In the Ethereum Virtual Machine (EVM), business logic is executed by high-level languages like Solidity, whereas specialized opcodes manage costly operations such as storage reads and cryptographic tasks. Buterin observes a growing trend towards modular, specialized computation, which he views as beneficial for cryptography, blockchain, and AI, where both efficiency and security are critical.
The election process for the Arbitrum Security Council is now open. Candidates interested in a Security Council position can currently signal their intent by posting in the Arbitrum governance forum. In late September, candidates can register as a member to run for a position. Candidates must then receive support from at least 0.2% of all votable ARB tokens to secure a nomination. The 12-member council is responsible for executing urgent and emergency response protocol upgrades. Elections for the Arbitrum Security Council are held twice a year, rotating out six members each time. The election period will run from October 13th to November 3rd.
Coinbase Smart Wallet, the browser-based smart contract wallet from Coinbase, has reached over 37,000 smart wallets created on Base. August marked its most successful month yet, with more than 21,000 monthly active users and over 66,000 user operations. Base also reached 14 million MAUs in August. Launched for all users in June this year, Coinbase Smart Wallet allows users to set up a self-custodial wallet using just a passkey, removing the need for recovery phrases. The wallet supports various passkey login methods, including Google Chrome profiles, iCloud, Face ID, fingerprint, and Yubikey.
OP re-opens Season 6 mission requests
Devcon ticket wave on 3rd Sept.
Van Loon v. U.S. Treasury case
Vega Chain shutting down
Ondo Launches USDY On Arbitrum
USDY is backed by U.S. Treasuries and is now accessible across applications on the Arbitrum ecosystems.
Ondo launches USDY on Arbitrum.
EF ESP Q2 grant allocations.
AltLayer deploys Kyoto 2.0.
Linea surpasses 350k subnames.
Ondo Finance, a protocol focused on onchain securities, launched its USDY yield-bearing stablecoin on Arbitrum One. USDY is backed by U.S. Treasuries and offers a yield of around 5.3% APY. The integration with Arbitrum enables users to access USDY across the Arbitrum ecosystem, including applications like Camelot and Dolomite. In June, the Arbitrum Stable Treasury Endowment Program (STEP) committee allocated 6 million ARB to Ondo’s USDY stablecoin as part of a strategic investment to diversify the Arbitrum DAO treasury into real-world asset (RWA) products. USDY was developed in partnership with Flux Finance
The EF Ecosystem Support Program released an allocation update of projects that received funding in Q2 2024. A total of $8.4 million was allocated to 94 different projects. The grant categories include community education, cryptography, developer tooling, consensus layer, execution layer, and protocol support. Grant recipients include Summer of Protocols, account abstraction core teams, and L2 Beat. The EF Ecosystem Support Program (ESP) runs several initiatives focused on providing both financial and non-financial support to teams. Users building projects that enhance Ethereum can visit esp.ethereum.foundation to view funding options.
AltLayer, a rollup-as-a-service provider, launched Kyoto 2.0, an Arbitrum Orbit chain deployed on Espresso's Cappuccino testnet. Kyoto 2.0 enables users and developers to test fast, economically secured preconfirmations provided by Espresso Network. The release also supports the Espresso Sequencing Marketplace. Users can access the network by adding Kyoto 2.0 to their wallets, bridging testnet funds, and deploying contracts. The testnet comes in preparation for Espresso’s upcoming mainnet launch. AltLayer will support Espresso Sequencing for native and restaked rollups on Arbitrum Orbit.
EIP-7742 Considered For Pectra
EIP-7742 aims to streamline the relationship between the consensus layer and the execution layer by removing redundancies.
EIP-7742 is CFI’d for Pectra.
Puffer Finance releases a roadmap update.
Gnosis considers changing its gas token.
Threshold Network proposes to migrate WBTC.
Ethereum core developers have added EIP-7742 to the list of EIPs considered for inclusion in the Pectra upgrade. EIP-7742 aims to streamline the relationship between the consensus layer and the execution layer by removing redundancies and enhancing flexibility in managing blob parameters. The proposal eliminates redundant blob maximum verification in the execution layer. EIP-7742 allows the execution layer to dynamically receive the blob target value from the consensus layer. The change not only facilitates more adaptable adjustments to the blob target value but also simplifies block construction by incorporating the target into the block header, ensuring security and protocol integrity.
Puffer Finance, a liquid restaking infrastructure protocol, released its updated roadmap, detailing key milestones and upcoming developments such as the launch of UniFi AVS. Set to go live at the end of August, UniFi AVS aims to deliver fast transaction speeds. The UniFi Rollup Testnet, set to release in September, aims to tackle liquidity fragmentation and strengthen network neutrality. The upcoming Puffer V2 upgrade, scheduled for early Q4, will reduce validator bond requirements by 50% and enhance user experience. The release will coincide with the Token Generation Event (TGE) for the $PUFI governance token. Since its launch in February 2024, Puffer has accumulated over 500,000 ETH in Total Value Locked (TVL) and more than 5,000 active node operators.
Gnosis Chain, an EVM-compatible chain using DAI as its gas token, is reconsidering its choice of gas token due to MakerDAO's rebrand into Sky and the subsequent migration of DAI to a new, more centralized stablecoin, called USDS. The change is problematic as USDS is not accessible to users in the UK and US and includes a "freeze" function that can blacklist wallet addresses. It could affect a user’s ability to pay gas fees on the Gnosis Chain. In response, Gnosis is exploring alternatives such as adopting decentralized stablecoins like RAI and LUSD, or using the GNO token as the gas token to better align with its decentralization ethos.