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(Ethereum Chinese Weekly)
——Building an information bridge for Chinese Ethereum
Introduction (Ethereum Chinese Weekly)
Every Monday at 2pm (UTC+8), the Ethereum Chinese Weekly Meeting invites well-known project engineers and KOLs in the Web3 industry to share Ethereum industry-specific technologies, interpretation of research reports from well-known institutions, analysis of new projects, hot spots, etc.
(Ethereum Chinese Weekly) (hereinafter referred to as (Weekly)) brings together the wonderful content of the "Ethereum Chinese Weekly Meeting", captures the latest information and in-depth analysis, and continuously provides you with the freshest and most informative content.
The Ethereum Chinese Weekly Conference and (weekly) are jointly initiated by Web3BuidlerTech and ETHPanda, and supported by communities such as LXDAO.
We will work with you to build an information bridge for Chinese Ethereum.
Ethereum Chinese Weekly Meeting Video
The highlights of this issue can be accessed through the following links, or click on the original text:
YouTube：
https://www.youtube.com/watch?v=IhWDBrCS_XI
This issue shares:
https://www.notion.so/web3buidler/Web3BuidlerTech-702bd1ab80a7422586f1edac1917fa9c
Table of contents
This issue (weekly) has 2 parts, and it takes about 10 minutes to read.
1. A quick overview of industry information last week
Blockchain News
Data to see trends
2. In-depth content interpretation
Thoughts on Devcon 2024: Ethereum’s North Star
The implementation plan for EIP-4444 has been preliminarily determined
Starknet is emerging and Vitalik mentions it
Interpreting the concept of preconfirmation using Taiko as an example: How to make Ethereum transactions more efficient?
The Evolution of Ethereum Node Verification
EIP-7805 and FOCIL: Improving Ethereum Transaction Censorship Resistance
Last week's industry news overview
(November 18 to November 24)
Blockchain News
1. Vitalik Buterin published a “Sublinear Staking Contract Bug Bounty” on Bountycaster, with a total bonus of 2 ETH for identifying any bugs or vulnerabilities in the contract and proposing specific fixes. If multiple issues are found, the bonus will be distributed based on severity.
learn more:
https://warpcast.com/vitalik.eth/0xc285f29f
2. Vitalik Buterin posted on X platform: Part of L2 expansion is Ethereum increasing its blob capacity, and the other part is Rollups becoming more data efficient. I am glad to see Starknet rise to the challenge, and hope to see more EVM Rollups improve data efficiency. Earlier news, Starknet announced the launch of the solution Starknet v0.13.3, which is designed to meet the steady growth in demand for processing Ethereum blobs.
learn more:
https://x.com/VitalikButerin/status/1858486010927308871
3. Ethereum wallet MetaMask has launched a new Gas Station feature that enables users to perform token swap transactions without paying ETH for gas fees. This feature, also known as Swap transactions with gas included, is now available for MetaMask extension users on the Ethereum mainnet and will soon be available on mobile.
learn more:
https://x.com/MetaMask/status/1860075168338706708
4. Sui official said: Between 1:15 and 3:45 Pacific Time on November 21, 2024, the Sui mainnet went down. All validators were caught in a crash loop, making it impossible to process any transactions. The Sui network experienced its first network failure due to an error in the congestion control code (transaction scheduling logic).
The bug stemmed from a recent upgrade to the congestion control code to make better use of shared objects. Sui contributors quickly deployed a fix and restored normal network activity within 2.5 hours.
Sui officials stated that the network outage was caused by an error in the transaction scheduling logic, which caused the validator to crash and has now been resolved.
learn more:
https://medium.com/sui-network-cn/Summary of the first interruption of the sui mainnet-8a13f26bf569
5. zkSync and Polygon teams support Ethereum’s Beam Chain proposal, believing that this will not make its L2 network obsolete. Developer Justin Drake proposed the plan at Devcon, suggesting that zero-knowledge encryption be incorporated into the Ethereum protocol.
learn more:
https://x.com/CoinDesk/status/1859685020450840837
6. Coinbase Wallet announced the launch of the USDC Rewards program, where users can earn 4.7% APY simply by holding USDC in their on-chain wallets. Users need to update their mobile app to the latest version, and rewards will be paid on Base in the first week of each month and deposited directly into the user's wallet.
learn more:
https://x.com/CoinbaseWallet/status/1859286084535906744
7. Starknet announced that the integration phase of the first phase of STRK staking has now begun. Starknet is deploying the system on the Starknet mainnet and is expected to be completed within a few hours. Starting from November 25, validators can start integrating with the staking contract. The delegated UI and DApp will be ready on November 26.
learn more:
https://x.com/BitwiseInvest/status/1861084066390384799
8. According to the Cyvers Alerts system, polterfinance reported that there was a vulnerability in the Fantom chain, and more than $7 million in crypto assets were stolen. The attacker initially obtained funds through Tornado Cash on Ethereum, and the funds were later bridged to Fantom. The team has taken immediate action: 1. The platform is suspended to control the vulnerability. 2. The bridge has been notified and the wallet involved has been tracked to Binance. 3. The vulnerability is being actively investigated.
9. Hayden Adams, founder of Uniswap, posted on social media that “The killer use case for the Internet is transmitting information. The killer use case for cryptocurrency is transmitting value.”
Data to see trends
1. L2BEAT data (as of November 28, 2024):
learn more:
https://l2beat.com/scaling/tvl
2. Tronscan data shows that the total number of TRON transactions has reached 9,003,163,648, officially exceeding 9 billion. It is reported that the total number of transactions is the total number of transactions recorded on the TRON network. At present, the total number of TRON accounts exceeds 273 million, and the total locked value (TVL) exceeds 20 billion US dollars.
3. On November 25, according to DeFiLama data, the total market value of stablecoins in the current crypto market is 190.667 billion US dollars, an increase of 7.818 billion US dollars from last week, a month-on-month increase of 4.28%, of which USDT accounts for 69.79%. USDT has minted 9 billion USDT since November 8.
In-depth content interpretation
Thoughts on Devcon 2024: Ethereum’s North Star
Christine Kim shared her thoughts on Ethereum and participating in Devcon 2024. With ETH prices under pressure, community value disputes, and differences in technology upgrades, the Ethereum ecosystem seems to be facing the challenge of losing a clear "North Star" goal. However, through Philip Daian's four non-negotiable features of "Ethereum 3.0", Martin Koeppelmann's concept of "native Rollups", and Vitalik Buterin's "defensive accelerationism" (d/acc), the conference has reached a new consensus: the development direction of Ethereum should not be dominated by the technical roadmap alone, but should be based on the ultimate goal of building a permissionless, transparent, and minimally trusted system that serves human welfare. This has become the "North Star" guide for the Ethereum ecosystem in the new era.
Read the original article:
https://www.galaxy.com/insights/research/learnings-from-devcon-2024/
The implementation plan for EIP-4444 has been preliminarily determined
The EIP-4444 implementation plan reached consensus at the Bangkok L1 workshop: Phase 1 (May 1, 2025): Allow clients to delete pre-merge block data; Phase 2: Introduce a fixed-size rolling window mechanism. The plan uses multiple technical solutions such as Portal Network and EIP-7801 to ensure data availability. Major clients such as Geth, Besu, and Erigon have agreed to the implementation plan, marking a substantial step forward for EIP-4444.
learn more:
https://hackmd.io/Dobc38YVQ1qmbbyI6LcFqA?view
Starknet is emerging and Vitalik mentions it
Compared with high TPS (transactions per second) blockchains such as Solana, Ethereum has always been constrained by two core issues: low TPS and high transaction fees. In this context, StarkNet, as a pioneer in Ethereum's Layer 2 expansion, has quickly emerged with its low-cost, high-performance technical advantages. Whether it is the continued surge in on-chain activities, the rapid expansion of the ecosystem, or the high support of the community, Starknet has shown the potential to lead the Layer 2 track. And its native token STRK, due to its core position in the development of the ecosystem, is gradually becoming the focus of market and investor attention.
learn more:
https://news.marsbit.co/20241120142018432839.html
Interpreting the concept of preconfirmation using Taiko as an example: How to make Ethereum transactions more efficient?
Taiko brings "pre-confirmation" technology and is redefining the transaction speed and user experience of Ethereum L2. Taiko is an L2 based on basic rollups, designed to achieve full interoperability with Ethereum and decentralization of the sorter. In order to solve the problem of transaction final confirmation delay in the Rollup mechanism, the concept of "pre-confirmation" is introduced. Pre-confirmation aims to improve the user experience by guaranteeing the inclusion and order of transactions to users in advance. It enables users to get confirmation of transactions faster, thereby alleviating the delays and inefficiencies common in the Rollup mechanism. There are currently several other projects participating in the formation of the pre-confirmation ecosystem. It is expected to improve the efficiency of the Ethereum L2 ecosystem and enhance interoperability.
Read the original article:
https://4pillars.io/en/articles/preconfirmation-feat-taiko
Chinese translation:
https://www.theblockbeats.info/news/55848
The Evolution of Ethereum Node Verification
As Ethereum develops, the importance of node types becomes more prominent, but users are less willing to run nodes, which limits the availability and ease of use of on-chain verification. In the "Endgame" vision, users should be able to verify state integrity and data availability without expertise or expensive resources. This article focuses on the three core nodes of Ethereum in the future: stateless nodes, stateful nodes, and complete/archive nodes. By analyzing their respective roles and trade-offs, it proposes directions for optimizing node structure to promote the Ethereum ecosystem to achieve a more decentralized, secure, and scalable goal.
Read the original article:
https://x.com/2077Research/article/1859351786467041565
EIP-7805 and FOCIL: Improving Ethereum Transaction Censorship Resistance
Currently, 95% of blocks are generated by Beaverbuild and Titanbuild, which increases the risk of transaction censorship and threatens the decentralized nature of Ethereum. The reason is that the widespread use of Maximum Extractable Value (MEV), MEV-Boost, and the influence of the Proposer-Builder Separation (PBS) mechanism have concentrated the right to block production in the hands of a few professional builders. To address this problem, the EIP-7805 proposal introduces FOCIL (Fork Choice Forced Inclusion List), which requires block producers to include specific transactions through the validator committee to prevent transactions from being censored. Although the proposal cannot directly reduce the centralization of block production, it greatly improves Ethereum's censorship resistance and re-grants validators partial control over transaction inclusion.
learn more:
https://risczero.com/blog/kailua-how-it-works
The above is the complete content of this issue of Ethereum Chinese Weekly. Thank you for reading!
See you next Monday at 14:00 (UTC + 8) for a new sharing session! (How to join is at the end of the article)
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