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- š£ EthCC heads for a close
š£ EthCC heads for a close
Dozens of announcements and debates to keep us busy
Macauley Peterson
July 12, 2024
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Welcome back to 0xResearch. Here's what weāve got for you today:
Modular debate
Shutterized Gnosis Chain
Spark Tokenization Grand Prix
Uniswap token pairs
One criticism of EthCC I see repeated often on X is that thereās still too much focus on infrastructure.
Yes, weād like to see more dapps, but on the other hand, we know that solving for the shortcomings of the modular roadmap ā cross-chain interoperability, liquidity fragmentation, user experience woes and so on ā remain of paramount concern.
Ethereum needs to scale and still work well while hewing closely to its ideals, so for better or worse, thereās still more infra to build.
MEV protection through encryption
Shutter Network switched on its new encrypted mempool on Gnosis Chain Thursday. The open-source protocol developed by brainbot debuted the solution to prevent malicious maximal extractable value (MEV) attacks at EthCC.
Harmful MEV costs crypto traders nearly $900 million annually, according to the Shutter team.
The āShutterizedā Gnosis Chain protects transactions from front-running and sandwich attacks, safeguarding traders who use it by either switching their RPC node to https://erpc.gnosis.shutter.network or by running it locally.
Shutter uses a threshold encrypted mempool via a committee of āKeypersā and relies on an honest majority assumption. Gnosis Chain validators opt-in to participate.
Gnosis is an EVM-equivalent L1 often viewed as a testing ground for promising new ideas and upcoming upgrades to Ethereum mainnet. For instance, it was the first to implement the Merge and the EIP-4844 āDankshardingā upgrade.
Sparking new RWA liquidity
Spark Protocol is trying a new strategy to onboard fresh capital, dubbed the āTokenization Grand Prix.ā The competition aims to onboard up to $1 billion in tokenized assets, with applications beginning in 30 days.
The goal is to accelerate the tokenization of short-duration US Treasury bills and similar assets to offer more of these onchain.
Competition will be presented to Maker Governance, which has the final decision-making authority to onboard new assets.
Details of the proposal are still to come, but at first blush it looks like a promising initiative.
From modularity to restaking, to the intersection of AI and crypto, to the long-awaited consumer-facing apps to the most recent Bitcoin-related innovations.
Weāll be breaking down all of these and more with the help of a few of the thought leaders in crypto at Permissionless.
Token explosion:
No matter how regulators and governments ultimately decide to classify tokens, one thingās for sure: There are a lot of them!
According to a Uniswap Labs Dune dashboard, the number of unique traded assets has swelled from 41,000 in 2021 to 725,000 today, or a 1,600% increase.
And thatās not including Solana and its memes.
Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap v2 and v3, Curve, Convex and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495 billion in value locked, doubling Uniswap's Base deployment.
Arbitrum recently released three proposals with the potential to drastically change the future of the DAO and its treasury. These proposals tackle ARB staking, MEV revenue collection and possibly increasing the gas fees.
Riot Platforms called for the meeting after seeking to acquire Bitfarms via a deal the company ultimately rejected.
Paxos is getting off scot-free after the SEC said it wouldnāt pursue legal action against the company.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firmās Financial Disclosures.
