Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories of the technological development of cryptocurrencies. I’m Ben Schiller.
In this issue:
- Ethereum’s final pectra test is online
- Hyperliquid facilitates the transfer of tokens for defying
- Celo migration to the layer of layer 2 is carried out
- Bitcoin Defi Expansion faces a dilemma of fork
This article is presented in the latest issue of the protocol, our weekly newsletter exploring technology behind the crypto, one block at a time. Register here to get it in your reception box every Wednesday.
Network news
It’s alive! Ethereum Pectra test: The last dress rehearsal of the next level of Ethereum de Pectra took place on Wednesday, because the biggest changes in the blockchain in a year were tested for an additional time after a series of misadventures. The upgrade on the new Hoodi Testnet has been closely monitored since two previous tests, on the Holesky and Sepolia test networks, have not finished correctly. After these tests, the developers created a new Testnet, Hoodi, to give ecosystem players, in particular ignition suppliers, another test opportunity before Pectra upgrade reaches Ethereum. The test involved passing Hoodi a series of code changes intended to make Ethereum more user -friendly for end users and developers. One of these modifications adds intelligent contract features to portfolios, allowing portfolio software developers to create new features focused on convenience, such as the possibility of paying transaction costs in cryptocurrencies other than ether (ETH). Testnets acts as copies of a main blockchain and are used by developers to execute any major code change in a low challenges environment, giving them a place to repair the bugs before reaching the Mainnet. Hoodi was the last of the three networks to travel a pectra simulation. The developers had previously agreed that if everything was going well on Wednesday, Pecctra would be monitored for about 30 days more, then, finally, activated on the main of Ethereum. – Margaux Nijkerk Learn more.
Hyperliquid softens the tokens for Defi: The Decentralized Finance Sector (DEFI) is among the largest engines of value creation and income creation for crypto projects, but its complexity often leaves users tangled in a network of blockchains, bridges, wallets and tokens. A technical hyperliquid update facilitates this easier process for developers and users, the direct bond of tokens on hypercore and hyperevm platforms being now possible. Hypercore is its native platform for sanded assets (think of the tokens that you can exchange directly), and Hyrerevm, a network of Ethereum virtual machine (EVM) which performs smart contracts on Ethereum. Hypercore tokens, nicknamed “Core Spot”, can be linked to their counterparts on Hyperevm and are called “EVM Spot”. Once linked, users can transfer them using simple actions – such as a “spot” on Hypercore or a standard ERC -20 transfer to Hyperevm. By letting the tokens move directly between them – without a third -party intermediary – developers can create products that cut the technical chops necessary to move assets, which is easy for heavy crypto users, but can be difficult for beginners. – Shaurya Malwa Learn more.
Celo migration to layer 2: The long-awaited plan of Celo’s blockchain to become an Ethereum Layer-2 channel has been completed, ending a process of almost two years, the main organizations behind the network said on Wednesday. The transition puts an end to a long trip starting in July 2023 for the blockchain of layer 1 which included a community vote in July 2024 and a fierce competition, won by optimism, among the layers of layer 2 to convince the Celo ecosystem to build with their technology. The improved network – like the other layers 2 – offers faster and cheaper transactions in addition to Maintreum maint. The blockchain is fueled by the OP OP battery, a customizable frame that allows developers to build 2 -layer -based networks based on optimism technology. According to René Reisberg, CEO of the Celo Foundation, migration is the first of its kind in Ethereum ecosystem, and will probably be used as a plan for other EVM compatible blocks that seek to become a Layer-2 network. – Margaux Nijkerk Learn more.
Bitcoin Defi faces a fork dilemma: Bitcoin developers seeking to extend the decentralized blockchain (DEFI) financing capacities are likely to consider the evidence of zero knowledge (ZK), the features that are not currently available and which require a so-called soft fork or a new version of the software, to present them. This is a problem, according to Edan Yago, a Bitcoin veteran over a decade and basic contributor to the Smart Contract Bitcoinos (BOS) operating system. “Make a blockchain, in particular one with 2 billions of dollars of value, is like an open heart surgery,” he told Coindesk in an interview. ZK evidence is a cryptographic method to prove the validity of statements while maintaining confidentiality by revealing any information on this subject. The functionality is not available in Bitcoin software, but could be carried out through implementations offered as OP_CAT and OP_CTV. Yago said developers should be able to find ways to allow them on Bitcoin without any kind of fork. “The burden of evidence is the responsibility of the developers to demonstrate that there is no other way to accomplish it by intelligent engineering,” he said. This is what BOS hopes to achieve through the Bitsnark, a Rollup Bitcoin protocol which is part of the family of computer paradigms under development to evolve the original blockchain. These emerged following the introduction of Bitvm by Robin Linus in October 2023, which established a framework for how intelligent contracts of the Ethereum type could be activated on Bitcoin. Bitcoinos has now open source what Yago describes as a bitsnark protocol “fully ready for production”, which means that developers now have access to ZK on Bitcoin verification and can connect it to other blockchains like Ethereum, Solana and Cardano. – Jamie Crawley Learn more.
In other news
- In a two -hour interview with the anchor of Coindesk Senior Christine Lee, the executive president of the strategy Michael Saylor discusses a strategic reserve of American Bitcoin, why the titles of titles maintain him without sleep and his own economic immortality. – Christine Lee Reports.
- The Plasma of Start-up Crypto has revealed the technical characteristics of its blockchain, which is designed for rapid and effective global stablecoin transfers, using a consensus mechanism inspired by Hotstuff. – Reports Omkar Godbole.
Regulation and Policy
- The American senator Kirsten Gillibrand (DN.Y.), one of the main democrats supporting the legislation on cryptography, warned the industry against the pursuit of a “watered” version of the stable legislation long awaited to move in the Senate, strict regulations to grow and protect the innovation of the bank of the Bank of the Silicon valley in 2023 and The bank of the Bank in the Bank of the Silicon Valley in 2023 and the Bank’s crestalization colonist in the Bank of Silicon in the Bank of Silicon in Bank 2023. 2022. – Cheyenne Ligon report.
