Lens Introduces An Optimistic L3 Solution

Wednesday, April 26, 2023

Quick Take

  • Lens Protocol introduces an Optimistic L3 scaling solution.
  • Circle launches its Cross-Chain Transfer Protocol (CCTP).
  • Catalyst unveils its cross-chain bridge.
  • Aztec Network announces a new grants wave for Noir.

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Lens Introduces An Optimistic L3 Solution

Lens Protocol introduced Bonsai, a new scaling solution designed for web3 social. Lens describes the solution as an Optimistic L3 built on Polygon PoS that enables low-latency and low-cost transactions. Bonsai constructs a transaction and collects a wallet signature, but does not broadcast it for on-chain execution.

Instead, it sends the transaction signature and typed data to a data availability (DA) layer. Computation and data storage are both processed off-chain. The DA layer stores metadata, such as a timestamp proof of the transaction. Anyone can access and verify the validity of stored transactions by running an archive node.

The scaling solution is available to Lens developers through a closed beta and is currently live on Lenster. Using Bonsai will remain optional and Lens users can decide to stick to using Polygon PoS if desired. Lens Protocol also announced it plans to rename Bonsai out of respect for an existing web3 project with the same name.

Cross-Chain Transfer Protocol Goes Live

Circle Pay, the company behind the USDC stablecoin, deployed its Cross-Chain Transfer Protocol on mainnet with initial support for Ethereum and Avalanche. The protocol allows USDC to be natively burned and minted. The protocol also reduces liquidity fragmentation. Most bridges currently use lock-and-mint mechanisms.

Circle is now both the issuer and bridge operator for USDC. Developers can integrate native cross-chain functionality for USDC onto their dapps. Celer, Hyperlane, LayerZero, LI.FI, and Multichain have already integrated support for the Cross-Chain Transfer Protocol. Circle plans to add support for additional chains later this year.

Catalyst Unveils Its Cross-Chain Bridge

Catalyst unveiled its cross-chain liquidity transfer protocol focused on modular blockchains. According to the project, any chain that integrates Catalyst will be able to transfer liquidity to and from any chain on the bridge, regardless of the virtual machine or consensus mechanism used. Catalyst also aims to support swaps for any assets on any chain.

Catalyst cites Rollups-as-a-Service as an indicator for a future flooded with app chains. The project raised $4.2 million in a seed round led by Spartan Group. It plans to use the fresh capital to perform audits and hire team members. Catalyst opened a waitlist for users interested in the protocol ahead of a mainnet release later this year.

Gitcoin Grants Beta Round Now Live

The Gitcoin Grants Beta Round is now open for donations until May 9th. The beta round features five core categories, including climate solutions, Ethereum infrastructure, community and education, open-source software, and ZK tech. It also marks the second round to run on Grants Protocol, which brings grants onchain.

The beta round only supports donations on Ethereum Mainnet and requires separate transactions for each category. The onchain nature allows grants to be interoperable with other onchain tools and creates an onchain reputation for grants. Earlier this week, Coinbase launched a “shield” NFT with all proceeds being donated to a future Crypto Advocacy round on Gitcoin.

Aztec Announces Grants Wave For Noir

Aztec Network announced its next wave of grants, which funds developers building in the Aztec ecosystem. The latest wave is focused on Noir, a Rust-based universal ZK programming language. Specific grant proposals include elliptic curve pairings, a BLS verification library, multi-chain verifiers, and MACI in Noir. Developers can also propose their own funding ideas.