Welcome to the protocol, Coindesk summarizes the most important stories in cryptocurrency technology development every week. I’m Ben Schiller, Coindesk’s comments and featured editor.
In this question:
- Ethereum’s Wall Street Cheerleaders
- Avalanche cuts costs by 75%
- Integrate Bitcoin
- UBS tests ZKSYNC gold
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Wall Street guys on Ethereum: Ethereum is facing an identity crisis. Its local token Ether (ETH) has performed poorly, and long-time builders have begun to question whether the chain’s technology is lagging behind – and whether its community has lost focus. The Ethereum Foundation is a nonprofit that houses Ethereum’s development and has been blamed for many struggles on the network. Co-founder Vitalik Buterin has spearheaded the massive leadership of the organization, but his core influence on the process has sparked his own controversy. Meanwhile, competitor ecosystems like Solana are taking advantage of uncertainty to attract top talent and surpass ETH in the market. Amid this turmoil, a new project, Etherealize, aims to bring ETH to Wall Street. Founded by former banker Vivek Raman, Etherealize attempts to bridge the gap between traditional finance and Ethereum, positioning ETH as a serious asset class. Raman worked in the banking industry for a decade before discovering cryptocurrencies, and he believes his traditional financial background gave him a unique perspective. Over the past four years, he has laid the foundation for Ethereal, opting to launch in January, a period of market optimism that has been expected by crypto-friendly White House, even as Ethereum struggles to deal with internal disputes and price stagnation. Raman talked about how he created Ethereal in an interview with Coindesk’s Margaux Nijkerk, how the group promoted ETH on Wall Street and discussed the bank’s perception of 2-tier rolling. Read more.
Avalanche reduces user costs: Since implementation Avalanche9000 upgrade On December 16, the number of transactions increased by one third. Since upgrading Product Proof Blockchain The cost of using is 75% less than the previous months on average. another and Bite exhibit. The number of transactions increased by 38%, with an average of 354,691 per day. Avalanche is the fifth largest smart contract blockchain in the world. The market value of its local token Avax has a multi-key structure of the C-chain that can handle smart contracts and manage P-chain for Staking and acting and Xchain. In managing smart contracts to handle asset transfers. upgrade include Seven improvements, including ACP-125, recommend reducing smart contracts on the C-chain to 1 Navax of 25 Navax. A navigation is one billionth of avax. Upgraded replace The massive validator fee is 2,000 avax, with 1 to 10 avax subscriptions per month, opening doors for projects of all sizes to introduce layer 1 (L1) protocols on the avalanche. By reducing C-chain fees and removing capital requirements for L1 validators, Stephen Buttolph, Ava Labs’s main agreement architect Stephen Buttolph, Tell the decryption November. Read more.
UBS tests ZKSYNC: Swiss banking giant UBS said it completed the proof of concept of its UBS Key4 gold product on Ethereum’s 2-layer network ZKSYNC. The simulation was conducted on the ZKSYNC test network and is a sign of renewed interest in blockchain technology among traditional financial institutions. This is not UBS’ first experiment with blockchain. The bank previously launched a token Money Market Investment FundUMINT, is also built on Ethereum. UBS’s Key4 Gold is one of the bank’s products that allow Swiss customers to purchase direct claims for physical gold. “It allows fractional investments with real-time pricing, deep liquidity, secure physical storage and optional physical delivery,” the team said in a press release shared with Coindesk. The project already exists in the bank’s private blockchains. , on UBS Gold network, but the team is looking for ways to expand its projects while retaining its privacy. “They came to the conclusion that only zero knowledge makes sense to them, so they want to really list it as an existing product and what the product they might be like if they were using efficient Instead, Pearl Imbach, senior business development manager at Matter Labs, the main development company behind Zksync, told Coindesk in an interview. ZKSYNC is a zero-knowledge summary, a type Layer 2 zoom system This is designed to increase the speed of blockchain transactions and reduce fees by using them Zero-knowledge cryptography. Effective Yes Different types of 2nd floorsimilar to summarizing, but stores the data of these transactions on the chain. Test deals may suggest UBS may be considering using 2-tier technology more carefully to power some of its activities. However, the bank didn’t say whether they would show up on their 2nd floor, and Imbach of the Materials Lab told Coindesk that rolling might not be for them. “Is this the right product (UBS)? Maybe not, but it’s something we’re just talking about publicly and thinking that it might actually be a good use case,” Imbach told Coindesk. Read more.
BTC Arbitration brings: Arbitration is one of the leading Layer 2 networks, which announced a new integration with Bitcoin through Bitcoin, a smart contract system for leading cryptocurrencies. The integration allows for a “hybrid summation” to provide more ways for Bitcoin holders to interact with Ethereum. “The integration of Bitcoin and arbitration shows how our technology supports the expansion of innovative Bitcoin ecosystems,” said Nina Rong, head of partnerships at the Index Foundation. “This collaboration demonstrates that arbitration can make Bitcoin provides trustless bridges and programmability while maintaining the core security principles of the network. We are excited to see Bitcoin leverage our network to unlock a large $2 trillion Bitcoin liquidity pool , to obtain DEFI and smart contract applications. “Arbitration is already the highest TVL for all Ethereum L2 (approximately $16 billion), as well as 8,333 packaged bitcoin (WBTC).
Currency Center
Top cats
- Taproot Wizards to use $30 million in new funding to build an ecosystem of applications OP_CAT Bitcoin Improvement Suggestionsa smart contract function similar to Ethereum, used for Bitcoin.
Bitcoin ransom reduction payment
- As more victims refuse to pay, the amount of ransom paid in bitcoin is declining, Chain analysis says.
Regulation and Policy
- New stability legislation will be enacted to the U.S. Senate, the first of many expected crypto bills to be filed in the coming weeks. this bill Hagerty, of Tennessee, splits oversight responsibility for stable issuers between the state and the federal government.
