Content & Review | Ethereum Chinese Weekly Meeting
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(Ethereum Chinese Weekly)
——Building an information bridge for Chinese Ethereum
Introduction to (Ethereum Chinese Weekly)
Every Monday at 2 pm (UTC+8), the Ethereum Chinese Weekly Meeting invites well-known project engineers, KOLs, and others in the Web3 industry to share Ethereum industry special technical topics, well-known institutional research reports, new project analysis, hot topic reviews, etc.
(Ethereum Chinese Weekly) (hereinafter referred to as (Weekly)) brings together the精彩 content of the “Ethereum Chinese Weekly Meeting”, capturing the latest news and in-depth analysis, and continuously providing you with the freshest and most informative content.
The Ethereum Chinese Weekly Meeting and (Weekly) are jointly initiated by Web3BuidlerTech and ETHPanda, and supported by communities such as LXDAO.
Together with you, we are building an information bridge for Chinese Ethereum.
Ethereum Chinese Weekly Meeting video
The精彩 content of this issue can be accessed through the following link, or click “Read the original article”:
Bilibili:
https://www.bilibili.com/video/BV1F3DpYaE3x
YouTube:
https://youtu.be/C-vurra1X3I
Material shared in this issue:
https://www.notion.so/web3buidler/Web3BuidlerTech-702bd1ab80a7422586f1edac1917fa9c
Table of Contents
This issue of (Weekly) has 2 parts, which will take about 10 minutes to read
1. Last week's industry information at a glance
Blockchain Express
Data Trends
2. In-depth content interpretation
Vitalik's new article: The Possible Future of the Ethereum Protocol (Six) The Splurge
Bankless interprets ETH's long-term value accumulation mechanism
How did OP Superchain rise?
a16z: How to identify real users from 220 million active addresses?
Last week's industry information at a glance
(October 28 to November 3)
Blockchain Express
1. Galaxy Vice President of Research Christine Kim posted a summary of the 145th Ethereum Core Developer Consensus (ACDC) call.
This week, developers discussed the Pectra specification changes they hope to incorporate into Pectra Devnet 5; Pectra Devnet 4 had no major issues, and the team has implemented various fixes to enable all users to propose block suggestions on the development network;
PeerDAS Devnet 3 has been shut down after 100,000 slots of reorganization; the team is unlikely to launch a new PeerDAS development network before the end of the Ethereum developer conference Devcon.
Learn more:
https://www.galaxy.com/insights/research/ethereum-all-core-developers-consensus-call-145/
2. Polygon Zero team member Daniel Lubarov posted on X: Plonky3 can now process over 2 million Poseidon2 hashes per second. The recent acceleration is mainly related to memory: avoiding copying, skipping zeroing, and merging some FFT steps to keep the content in the cache, etc.
In response, Vitalik Buterin said: “2m hash/s = 62 MB/s of Merkling is enough to fully re-hash the theoretical maximum-size Ethereum consensus state in a single slot, now do blake3 or sha256.” Polygon co-founder Sandeep thanked Vitalik for his praise of Polygon's ZK contribution, saying that they will continue to work hard.
Learn more:
https://x.com/dlubarov/status/1851667100542341155
3. Base, an Ethereum Layer 2 network developed by Coinbase, announced on the X platform that fault proofs are now live on the Base mainnet, marking a significant milestone on Base's path to decentralization. With the introduction of this mechanism, anyone can monitor and challenge invalid withdrawal transactions without permission, eliminating the need for trust in third parties.
Learn more:
https://base.mirror.xyz/eOsedW4tm8MU5OhdGK107A9wsn-aU7MAb8f3edgX5Tk
4. Messari released the Filecoin Q3 Status Report, showing that Filecoin's new storage transaction volume increased by 16% year-on-year in Q3 2024, and the storage utilization rate increased from 26% in Q2 to nearly 30%, while the storage capacity decreased by 18% year-on-year. As of the end of Q3, more than 2,000 users have stored datasets on Filecoin, of which 518 users have stored large datasets of over 1000 TiB.
Learn more:
https://messari.io/report/state-of-filecoin-q3-2024
5. Lido announced the integration of Chainlink's cross-chain interoperability protocol (CCIP) to enable cross-chain staking on Ethereum L2 networks (such as Arbitrum, Base, and Optimism).
This integration will support Lido's direct staking function, allowing users to stake ETH from different blockchain networks and obtain wstETH. In addition to the staking integration, Lido will also use Chainlink's data feeds to determine the redemption rate of wstETH on Ethereum.
In addition, Lido will use Chainlink Automation to batch process cross-chain ETH transfers, enhancing liquidity management.
Learn more:
https://blog.lido.fi/lido-staking-goes-cross-chain-via-chainlink-ccip/
6. Web3 security researcher jayjonah.eth received a $150,000 bounty for reading the Cosmos network documentation and discovering a critical vulnerability that could have caused the Evmos blockchain and all decentralized applications (DApps) built on it to stop running.
Security researcher jayjonah.eth explained the concept of “module accounts” encountered in the Cosmos documentation, as follows: “If these addresses (module accounts) receive funds outside of the state machine's expected rules, the invariants can be broken, potentially halting the network.”
Based on the Cosmos documentation, a crash test was conducted on the Evmos blockchain. The security researcher tried to send funds to the module account in the test environment to test the theory, and reported: “At this point, no more blocks were produced and the blockchain came to a complete halt. This would break the Evmos blockchain and all the dApps built on top of it.” He revealed that the Evmos team had fixed the vulnerability before the information was made public.
Learn more:
https://medium.com/@jjordanjjordan/150-000-evmos-vulnerability-through-reading-documentation-d26328590a7a
Data Trends
1. L2BEAT data (as of November 4, 2024):
Learn more:
https://l2beat.com/scaling/tvl
2. According to a post by PeckShield, there were 20 hacker attacks in the crypto field in October 2024, resulting in losses of approximately $88.47 million.
3. Electric Capital partner Maria Shen published a global crypto developer distribution research report by analyzing over 110,000 developer profiles, over 200,000 crypto-related Git commits, and over 350,000 code repositories. The report指出：North America's leading position in terms of cryptocurrency developer share has been surpassed by Asia.
North America's developer share has declined sharply, from 44% in 2015 to 24% in 2024. Meanwhile, Asia's share has climbed from 13% to 32%, becoming the largest continent for crypto talent for the first time. By country, the United States ranks first globally with a share of 18.8%, followed by India and the United Kingdom with 11.8% and 4.2%, respectively.
Learn more:
https://x.com/MariaShen/status/1851702779946901968
4. Crypto analyst Michael Nadeau cited Artemis data to indicate that the Ethereum mainnet has seen a net outflow of $6 billion since the beginning of the year, with 83% flowing to L2 networks.
Therefore, Arbitrum has a net inflow of $2.4 billion, Optimism has a net inflow of $2.2 billion, and Base has a net inflow of $1.6 billion so far this year.
In addition, so far this year, Solana has received a net inflow of $2.36 billion from the Ethereum L1, of which more than $1 billion has flowed back to the Ethereum ecosystem (42%).
Learn more:
https://x.com/JustDeauIt/status/1851993593193337064
5. Starknet announced that it has set a new record for transaction speed on the Ethereum L2 network, with a peak transaction rate (TPS) of 127.5 within 24 hours and a peak of 857 TPS, far exceeding the previous record of 79.92 TPS set by Coinbase's Layer 2 Base.
This test was jointly conducted by StarkWare, game development company Cartridge, and Starknet Foundation, simulating a large-scale user scenario. The test game is “flippyflop”, where players compete against bots to flip tiles on a grid, generating a large number of simple high-frequency transactions, verifying Starknet’s scalability and TPS upper limit.
Learn more:
https://x.com/Starknet/status/1851499376142926005
In-depth content interpretation
Vitalik's new article: The Possible Future of the Ethereum Protocol (Six) The Splurge
This article covers several key areas of improvement in the Ethereum protocol that do not easily fit into a single category, but are crucial to Ethereum's future development, collectively known as “The Splurge”. The key goals are: to bring the EVM to a high-performance and stable “final state”; to introduce account abstraction into the protocol so that all users can benefit from more secure and convenient accounts; to optimize transaction fee economics, improving scalability while reducing risk; and to explore advanced cryptography that can make Ethereum better in the long run.
Read the original article:
https://vitalik.eth.limo/general/2024/10/29/futures6.html
BlockBeats Chinese translation:
https://www.theblockbeats.info/news/55543
Bankless interprets ETH's long-term value accumulation mechanism
@RyanSAdams from Bankless tweeted about ETH's long-term value accumulation model: the repeated swing of the “burn-expand” cycle. In the burn cycle, when the demand for block space exceeds the supply, ETH is massively destroyed, and the supply enters a deflationary state, enhancing its scarcity; while in the expansion cycle, Ethereum expands the block space, causing ETH to become inflationary, and the price of block space decreases, further driving the growth of demand within the L2 economy. ETH's value accumulation is driven by these two cycles, with the burn cycle increasing scarcity and the expansion cycle bringing about endogenous demand for ETH. The Ethereum ecosystem is committed to maintaining decentralization, and this demand drives the gradual advancement of expansion upgrades. In the long run, as the roadmap is gradually implemented and L2s flourish, ETH has the potential to be undervalued.
Read the original article:
https://x.com/RyanSAdams/status/1851268032070394059
How did OP Superchain rise?
This article explores the rise of Optimism Superchain, which solves the problems of interoperability and resource fragmentation by integrating decentralized L2 networks, forming a unified and collaborative ecosystem. With the help of the OP Stack open source framework, Superchain has achieved cross-chain liquidity and improved user experience, while attracting heavyweight applications such as Base, Uniswap, and Worldcoin, driving the expansion of network effects. By sharing revenue and opening up governance, Superchain redefines the ecosystem incentive mechanism, demonstrating a new path for L2 expansion, and also laying the foundation for the integration and popularization of the future blockchain ecosystem.
Read the original article:
https://x.com/arndxt_xo/status/1851276977870946808
Chinese translation:
https://www.panewslab.com/zh/articledetails/1w294lfu.html
a16z: How to identify real users from 220 million active addresses?
In its (2024 Crypto Report), a16z explores the issue of estimating active crypto users, pointing out that active addresses alone are not accurate, as a large number of addresses may be fake identities created by mechanisms such as airdrop rewards. By analyzing wallet data and filtering out suspected machine addresses, they estimate that the real monthly active users may be between 30 and 60 million, indicating that there is still huge room for growth compared to the approximately 600 million crypto holders worldwide.
Read the original article:
https://a16zcrypto.com/posts/article/estimating-crypto-users/#section--1
Chinese translation:
https://www.panewslab.com/zh/articledetails/wb0riwy8.html
That's all for this issue of Ethereum Chinese Weekly, thank you for reading!
Next Monday at 14:00 (UTC + 8), the next issue will be shared with you! (Join at the end of the article)
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