Author: William M. Peaster Translation: Kate, Marsbit
Hello friends! Just recently, the Ethereum community was buzzing with excitement as EthCC 2023 kicked off in Paris.
This event is well-known for its in-depth exploration of the technical aspects of Ethereum and its ecosystem, and it has become a popular platform for major announcements. This year is no exception.
In today’s article, we will take you through the major developments at EthCC 2023 (in no particular order)!
- The False Prosperity of the zkSync Ecosystem Under a Trillion Dollar Market Cap in Layer2
- Why is the $30,000 pressure level so important? XRP may play a leading role in the next bull market.
- Ellipsis联创 UniswapX solves the MEV sandwich attack but creates MEV scrutiny.
1. Lens V2?
At EthCC, Lens Protocol just introduced the details of their V2 upgrade. With numerous new features, it appears to be a significant step towards realizing the vision of Lens, which is an open and decentralized social layer for the web.
Zooming in, the core of Lens V2 is the concept of open operations, which allows users and developers to “bring their own smart contracts” to perform any external smart contract operations on any Lens content, even across different chains.
In addition, Lens V2 introduces a new Profile Manager system, which supports the ERC-6551 token standard, known as “token-bound accounts,” allowing users to store NFTs within other NFTs. You can now store all your collected content directly in your Lens profile. Crypto social is growing!
2. UniswapX?
Uniswap unveiled the new UniswapX system at EthCC. It is an open-source protocol aimed at bringing crypto trading into the next generation.
In simple terms, UniswapX relies on a new Dutch auction mechanism called Dutch Orders, where the price of a trading order starts higher than the current market price and gradually decreases over time, incentivizing “fillers” to execute the order immediately after profiting.
In other words, the UniswapX system outsources its complex on-chain and off-chain routing requirements to these third-party fillers, also known as market makers. This dynamic design aims to help traders find the best possible prices. Additionally, UniswapX aims to improve the trading experience in other significant ways, such as through gasless transactions, costless failed transactions, and preventing Maximum Extractable Value (MEV).
Learn more: Read the new UniswapX whitepaper.
(Editor’s note: Uniswap is indeed a sponsor of Bankless, but the inclusion of UniswapX in this list has no relation to its sponsorship and is solely determined by the author of this article.)
3. Chainlink CCIP
Another highlight of EthCC this week is Chainlink, a leading decentralized oracle network in the crypto economy, announcing the launch of the Cross-Chain Interoperability Protocol (CCIP) on the mainnet.
This protocol aims to facilitate seamless communication between different blockchain networks, initially supporting Ethereum, Optimism, Polygon, and Avalanche, and has already been adopted by other DeFi giants such as Aave and Synthetix.
Chainlink co-founder Sergey Nazarov and other members of the Chainlink team liken CCIP to the “TCP/IP of finance,” with the aim of creating a more powerful and flexible DeFi ecosystem. One example of this system comes from the new Synthetix Teleporter system, which uses this protocol to burn and mint sUSD on the Ethereum and Optimism networks.
Learn more: Chainlink Cross-Chain
4. Starknet Application Chain
We have seen many L2 teams eager to take advantage of the benefits of permissionless development on their Rollup stacks.
Optimism has Superchain, Arbitrum has Orbit, and zkSync has Hyperchains. While each strategy may open source code to different degrees or have different underlying architectures, they all embody similar principles. Although the Starknet team typically chooses to “show first, tell later,” they have chosen to break the spell of this ecosystem and add Starknet to this list. The “Application Chain” was just announced at EthCC, and the first Starknet Application Chain is about to launch on the mainnet.
These application-specific blockchains will allow teams to create custom chains while retaining the advantages of the public Starknet, such as its native account abstraction and extremely high TPS, while avoiding its congestion and being able to implement functionalities not supported by public chains, such as unique fee market logics.
5. Gnosis LianGuaiy + Gnosis Card ?
Ready to spend some magical internet money without a bank? For this purpose, Gnosis has just launched Gnosis LianGuaiy and Gnosis Card at EthCC. The former is a decentralized payment network that connects web3 to mainstream payment systems, while the latter is a Visa debit card that can be directly linked to a self-hosted wallet on the chain.
Especially for Gnosis Card, the idea is to let users enjoy the best of both worlds: the ability to self-custody cryptocurrencies while still being able to easily spend from your holdings at any time (without having to first send funds to your CEX account, sell them for USD, withdraw to your bank, and then transfer to your LianGuaiyLianGuail application, etc.).
As for Gnosis LianGuaiy, the system will use a combination of Gnosis Chain as the L1 for “user savings accounts” and a new custom L2 based on Polygon Supernet for “user spending accounts.”
Learn more: Register gnosisLianGuaiy.com
6. Mantle Mainnet Alpha
This week, L2 project Mantle Network released its mainnet alpha version at EthCC. The early stages of this system are aimed at providing developers with a platform to build and test their applications before a full network launch later on.
Whatever happens in the future, Mantle is worth paying attention to in the L2 space due to its modularity: it relies on its own transaction execution, Ethereum L1 for settlement, and EigenLayer for maintaining data availability (DA). This modular approach is undoubtedly one attempt that will emerge in the Ethereum scaling scene, and Mantle is breaking ground here.
7. Linea Mainnet Alpha✔️
Speaking of L2 mainnet alpha, at EthCC on July 18th, the ConsenSys team officially joined the scaling circle and opened up the Linea zkEVM alpha version to the public.
This “zkEVM” style is the next great frontier of the L2 ecosystem, combining zero-knowledge (zk) proofs with a complete Ethereum Virtual Machine (EVM) equivalence, achieving high accessibility and scalability.
In addition, Linea has a major distribution advantage, thanks to its important L2 position in popular ConsenSys projects such as MetaMask and Infura. Therefore, it will be very interesting to see the level of activity this emerging network can achieve now that it finally has the opportunity to showcase itself.
8. EVM Expanding Scope?
The Ethereum conference is not just for the Ethereum community! Teams from ecosystems around the world take this opportunity to showcase their development achievements, especially those related to Ethereum.
Tezos and Solana are both working to make it easier for Ethereum developers to migrate to their chains, and they announced their improvements during the EthCC cycle. Tezos launched Etherlink at EthCC, which is an EVM-compatible solution. Meanwhile, Solana announced Solang, a compiler that allows developers to write smart contracts in Solidity on Solana.
Solidity is the native language of Ethereum, and Tezos and Solana are taking measures to allow developers to write contracts in this language. These chains intend to continue competing with Ethereum for users! Recognizing the moat created by the EVM and providing flexibility for developers to write code in Solidity is a necessary step in attracting Ethereum-native dApps to deploy smart contracts.
Summary
The progress announced at this year’s EthCC conference is driving the forefront development of the Ethereum ecosystem as a whole. As we continue to track these developments and their impact on the wider crypto space, it is clearer than ever that the future of Ethereum will evolve in various directions, from DeFi to web3 social!
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