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Welcome back to 0xResearch. Here's what we’ve got for you today:
Economic events to watch
What’s in a ZK Nation?
Base’s onchain summer is cooking with gas
RSVP: Avalanche X/Twitter Space
Bitcoin is paddling against the rising US dollar tide so far this Monday. The DXY dollar index is up 1.2% since the ECB cut short term euro interest rates last week, while bitcoin is down about 2.7%.
Friday’s late-day drop in crypto markets did some minor damage to the short term technical situation, but so far BTC has found support once again around $68.5k — coincident with a shallow 0.236 Fibonacci retracement from its highs in May and June.
Steady lads.
There are several macro events to keep an eye on this week that will very likely feed into crypto market price action:
Tuesday: OPEC’s Monthly Report to offer clues on the direction of global oil production
Wednesday: US Consumer Inflation (CPI) is a key metric FOMC policymakers will be watching
Thursday: US Producer Inflation (PPI) benchmarks production costs
Of course, the Wednesday release of the FOMC’s interest rate decision and Jay Powell’s press conference typically results in volatility.
A zkSync token imminent
ZkSync has introduced a new governance framework aimed at decentralizing the future of its protocol. The initiative, known as ZK Nation, is designed to enable community members to actively participate in the governance, security and growth of zkSync chains.
Since the launch of zkSync Era on mainnet in March 2023, the protocol has been at the forefront of Ethereum scaling efforts. It maintained high throughput and low fees, built out a horizontal scaling roadmap, and most recently landed Lens protocol.
The new governance model involves a three-body system: — the Token Assembly, Security Council, and Guardians — a model bearing some similarities to both Optimism and Arbitrum governance schemes.
The Token Assembly includes token holders who either delegate their voting power or vote directly. The Assembly is responsible for proposing, deliberating and ratifying initiatives related to the protocol.
Guardians will be a small group tasked with safeguarding the protocol's values. Details are scarce at the moment, but the group will be initially composed of at least five members who will have the power to initiate, veto or approve emergency actions.
A larger Security Council with 12 members, comprised of technical experts, will oversee the protocol’s security. They will be able to take actions such as freezing the protocol in response to security threats and implementing urgent upgrades.
ZkSync's move towards a community-driven framework has been a long time coming. Last week’s v24 mainnet upgrade was the last technical step, and an airdrop of the governance token can expected to follow shortly.
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After the success of last year's Hackathon, we're running it back, but bigger and better!
We're getting the kitchen together and letting the devs do their thing, cook.
Spots are limited, so secure yours now!
Uniswap daily active users:
Source: @jessepollak | Data Source: Token Terminal
Base activity has been building in recent months, especially since the announcement of a reprise of the network’s “Onchain Summer” campaign in early May.
Since then, popular DeFi applications Uniswap and Aave have both registered more active users on Base than any other EVM chain.
On Tuesday at 12 pm ET, Blockworks Research is hosting an X Space in conjunction with Avalanche to discuss the network’s latest proposal on subnets.
Avalanche Community Proposal 77 (ACP-77) introduces a new type of validator, or “Subnet Validators,” that lowers the barriers to entry to launch a dedicated blockchain by reducing both hardware requirements on subnet validators and upfront costs to register a BLS signature with the P-Chain for AWM interoperability.
Set your reminders and join in via this link.
Avalanche has introduced proposal ACP-77, which would drastically lower the barriers to entry to launch a dedicated blockchain, while imposing a continuous fee mechanism that subnets would pay to the P-Chain. By performing a scenario analysis of different dedicated blockchain solutions, we conclude that ACP77 would hypothetically make Avalanche subnets as cost-effective as Celestia-based rollups while providing additional liveness guarantees and native interoperability.
This month's PPGC mainly focused on discussing PIP-37: Ahmedabad Hard Fork, and the PIPs included with it. PIP-36, PIP-30 and PIP-35, included alongside PIP-37, were also discussed in the last PPGC notes. The only notable change since then has been the adoption of EIP-7702 over EIP-3074, with regard to PIP-22. Both are related to account abstraction, while EIP-7702 was proposed by Vitalik to eliminate vulnerabilities and ensure forward compatibility by improving upon EIP-3074.
Bitfarms’ new shareholder rights plan aims to “preserve the integrity” of the strategic review process that Riot seeks to “undermine,” the company claims.
Though the fund category reeled in roughly $1.8 billion in assets from June 3 to June 7, BTC’s price dropped over the weekend.
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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 Firm’s Financial Disclosures.
