Christian Hazim’s Post

You might have heard about it already, but the blobs are coming! Tomorrow, Ethereum will undergo another major upgrade. The hardfork is estimated to take place at 3PM CET. The upgrade already went smooth and is live on several testnets, so everyone expects the upgrade to go live without hiccups on mainnet. Biggest change will be the roll-out of proto-danksharding, a rather strange term, aiming to enable scaling via layer2 scaling solutions. Layer 2's will be able to post "blobs" of data via a new transaction type on Ethereum, lowering the cost of submitting data to the chain. All sounds rather technical, but what it should mean for users is that transactions become a significantly cheaper and new use cases will be able to make use of blockchains connected to the Ethereum eco-system. Chains like Solana have been thriving lately because of low transaction fees, attracting a lot of users to use the chain for use-cases which are priced out on Ethereum. Solana is now the number 1 chain for stablecoin transfers, ahead of Ethereum and Tron. If you're interested to have a deeper look, L2beat provides a good overview of the various layer 2s which exist and how much they're being used today - https://lnkd.in/efKRCQbs #Ethereum #scaling #web3 #hardfork #dencun https://lnkd.in/eNH_X5Pm

Ethereum can’t reach its full potential without Layer 2’s … This is why Notifi has spent Q4 focused on expanding our presence in L2 ecosystems such as Optimism Foundation 🔴, Base by Coinbase 🔵 and zkSync (∎, ∆), with more to be available shortly. Here’s how we did it 😎: https://lnkd.in/gruybm5R At Notifi, we support 16 chains with a large focus on EVMs, cementing ourselves as the leading cross-chain notifications provider. We help dApps engage and activate their users with feature parity to Web2 and CeFi. Here’s a showcase of some of our partner dApps built on L2s: - Synthetix, a leading derivatives liquidity protocol built on Optimism with over $600M in TVL. On their staking app you can receive Reward reminders, Snapshot announcements, Liquidation alerts and custom notifications on C-Ratio. - Vertex Protocol, an All-in-One DEX, built on Arbitrum, our notifications include Announcements, Order fills, and fully customizable risk alerts for margin usage and liquidation warnings. - OnePlanet, the NFT marketplace on Polygon, where users can receive alerts for new Events, Launchpads and OnePlanet Mission reminders. 🤝 So what’s next for Notifi? We remain committed to advancing L2 capabilities through strategic partnerships. For Q1 2024 we are ready to unveil a series of integrations on Base and we’re preparing to make our mark in zkSync. Stay tuned for our next developments!

Base Takes Off: Surpasses $4 Billion TVL and Leads in Transactions Coinbase's Layer 2 network, Base, is experiencing explosive growth. Recently, it exceeded $4 billion in Total Value Locked (TVL) and became the third-largest Ethereum scaling solution. This surge in activity positions Base as a significant player in the Layer 2 landscape, rivaling established networks like Arbitrum One and Optimism. Key Drivers of Growth: - High Transaction Volume: Base's impressive TVL is fueled by a surge in decentralized exchange (DEX) activity, with daily trading volumes exceeding $1 billion. - DEX Popularity: The Base-native DEX, Aerodrome, has seen its TVL skyrocket by over 380% in just nine weeks, attracting users with its efficient and user-friendly platform. - Memecoin Mania: While memecoin trading contributed to the initial spike in network activity, the sustained growth suggests a broader adoption trend. - Transactions Per Second (TPS): Base boasts an all-time high of 36 TPS, significantly outperforming Ethereum's 14 TPS and demonstrating its ability to handle increased demand. - 30-Day Transaction Count: With over 50 million transactions in the past 30 days, Base leads the pack, surpassing both Arbitrum One and Ethereum. Future Prospects: We are eagerly anticipating the launch of Coinbase's smart wallet, which will be compatible with all EVM networks, including Base. This move is expected to accelerate user adoption further and solidify Base's position as a leading Layer 2 solution. Additionally, Coinbase's plans to migrate customer and corporate USDC balances onto Base indicate a strong commitment to the network's long-term success. Base's impressive growth trajectory and strategic initiatives position it as a major contender in the Layer 2 space. Its ability to attract users, facilitate high transaction volumes, and integrate seamlessly with Coinbase's ecosystem makes it a network to watch in the coming months.

Optimism aims to address the scalability challenges of the Ethereum network. Using a technology called optimistic rollups, multiple transactions are bundled off-chain and then submitted as a single transaction on the Ethereum blockchain, to enable faster and more cost-effective transactions. 1. Optimism is building a Superchain - a network of interconnected chains that work together to improve scalability. This builts upon their 2023 Bedrock upgrade, which made transactions cheaper and faster (reducing confirmation times by 90%). 2. The Optimism Collective adopts a unique retroactive public goods funding model. This approach rewards projects based on their past contributions to the Ethereum ecosystem, ensuring fair compensation for efforts that contribute significantly to the ecosystem's growth and motivating continued innovation. 3. Committed to community-centric governance and token distribution, with plans to distribute 19% of its tokens through multiple airdrops to community members who positively contribute to the ecosystem. Past airdrops have targeted Optimism users, core Ethereum users, and those participating in governance activities, aiming to foster a strong and engaged user community. 4. Secured $150 million in Series B funding from major investors like Paradigm and Andreessen Horowitz, reaching a $1.65 billion valuation. This funding round followed a $25 million Series A, indicating strong investor interest and financial growth in the crypto community. 5. The platform is rapidly growing, with key DeFi projects and DApps like UniSwap, 1inch, and MetaMask integrating Optimism's technology. The widespread integration shows that Optimism is becoming a go-to choice for high-performance applications needing faster and cheaper transactions on the Ethereum network. Optimism Foundation

3️⃣ 0️⃣ Days of #BlockchainSeries Day 6️⃣ #Ethereum and #ZKRollups: A Match Made for Scalability in 2024 🚀 Ethereum's scalability issues are holding back its full potential. Enter #ZKRollups, the game-changing Layer-2 solution ready to unlock unmatched efficiency and security in 2024! 🌐 Let's dive into ZK rollups and their transformative impact on the blockchain ecosystem. 👇 1️⃣ / Why #Ethereum Needs ZK Rollups? ▶ High gas fees during peak times ▶ Slow transaction speeds ▶ Scalability bottlenecks limiting mass adoption ZK rollups offer a path to scalable, efficient, and secure transactions on Ethereum. ⚡ 2️⃣ / What Are ZK Rollups? ZK rollups bundle multiple transactions into one, reducing the load on Ethereum’s main network. They use zero-knowledge proofs to validate transactions off-chain before confirming them on-chain. 🔍🔗 #CryptoTech 3️⃣ / Types of ZK Rollups zk-SNARKs: Succinct, non-interactive proofs (e.g., zkSync Era, Manta Network) zk-STARKs: Scalable, transparent proofs without a trusted setup (e.g., StarkNet) Each type has unique advantages for different use cases. 🛠️ #Cryptography 4️⃣ / Top ZK Rollup Projects to Watch in #2024 Manta Network (MANTA): Privacy-focused DeFi Línea ABC : High throughput and low costs Polygon Labs zkEVM: EVM compatibility Starknet Foundation: Scalability with zk-STARKs ZKsync Era: Efficient transaction processing Scroll: High throughput and low latency Which one are you most excited about? 🤔 #L2Scaling 5️⃣ / Challenges Ahead❗ ▶ Complexity in implementation ▶ Ensuring data availability ▶ Efficient proof generation ▶ User adoption and integration Despite these challenges, ZK rollups are poised to unlock Ethereum’s true potential. 💡 #FutureOfCrypto Imagine a world where Ethereum transactions are fast, cheap, and secure. ZK rollups are not just a solution; they are the key to Ethereum's scalability and mass adoption. The future is bright! 🌟 ZK rollups are set to transform how we interact with Ethereum, making it ready for the next wave of innovation and adoption. Read more details about Zk Rool ups and its top projects in 2024: https://shorturl.at/Cv3Qt #Ethereum #ZKRollups #Layer2 #Crypto #Blockchain #Technology #Innovation

Last couple weeks have been a pretty good stress test for Ethereum Layer 2 scaling solutions. In particular zkSync with the new prover, Boojum, now on mainnet. As we continue to improve ZK tech we will be able to compress more and more transactions into a single batch and start to achieve unit economics that will get transactions costs trending towards $<0.01 in the the next few months. Ethereum is about to go mainstream. Two pretty good articles that sum it up by Macauley Peterson at Blockworks and Seth Bloomberg at Messari From the Messari article (https://lnkd.in/ef_hktkk): "- The underlying cryptographic primitives of zero-knowledge (ZK) technology give rollups the ability to execute transactions at lower unit costs relative to other rollup solutions. - As ZK rollups achieve scale, unit costs will continue trending downward as they are amortized across a wider range of transactions. - Data publishing (or data availability) generally remains the highest onchain cost for rollups. While Ethereum rolls out EIP-4844, its first phase of increasing data availability for rollups, new solutions such as Celestia and Eigenlayer DA are entering the market as optimized data availability layers."

Coinbase is pleased to announce that EigenDA will be the first AVS on EigenLayer that our Operator will support. EigenDA is a data availability (DA) solution built by the EigenLabs team. It's the first AVS to launch on EigenLayer, the restaking protocol enabling projects to leverage Ethereum’s security to create decentralized networks. DA refers to guaranteeing that all transaction data is available for network nodes to verify blocks. But there’s a problem. As the number of transactions increases, requiring all nodes to download all transaction data prevents scaling. This is known as the DA problem. Enter rollups (i.e., L2s), which help Ethereum scale by moving transactions off-chain, bundling them, and posting the compressed data to mainnet (via call data) so nodes can verify their veracity. But as L2s grow, we run into the same DA bottleneck. This is where DA scaling solutions like EigenDA come in. To learn more 👉🏼 https://brnw.ch/21wJntk

What is zkSync? The zkSync Ecosystem Explained Read here: https://lnkd.in/dj6gWU87 The timeline of zkSync’s development showcases its rapid evolution within the crypto landscape. Beginning in the summer of 2020, the project, led by Matter Labs, embarked on a journey to pioneer Layer 2 scaling solutions using zero-knowledge proofs. It quickly evolved into zkSync 2.0, pushing the Ethereum blockchain’s transaction throughput to 300 transactions per second. This marked a significant advancement in the zkSync ecosystem, introducing features like smart contract support and optimistic rollups, all while emphasizing security and minimizing fees.  On February 16, 2023, Matter Labs unveiled the rebranding of zkSync 2.0 into zkSync Era, cementing its position as the first zero-knowledge EVM for Ethereum. This transformative shift, featuring account abstraction and an open-source approach, sets the stage for zkSync Era’s Full Launch Alpha, the next milestone in this groundbreaking scaling solution’s timeline, with security and cryptographic proof at its core.

Nowadays, everyone is talking about the Ethereum Dencun Upgrade. Dencun is considered the biggest Ethereum upgrade since the Merge in September 2022. Let's delve into each component technically. 1. What is Ethereum Dencun Upgrade? This upgrade introduces EIP-4844 (proto-danksharding), enabling larger data storage (blobs) for transactions, with a greater focus on scalability and cost reduction for transactions on Layer 2 networks built on Ethereum. This has resulted in lowered fees for using popular Layer 2 solutions like Arbitrum, Optimism, and Starknet. 2. What is (proto-danksharding)? Proto-danksharding introduces a new approach to handle data associated with transactions - separating data storage. In traditional Ethereum transactions, all data is stored directly on the blockchain, leading to high fees due to limited space. However, Dencun introduces a new concept called "blobs." These are essentially chunks of transaction data that are separated from the core block. Here, EIP-4844 introduces a new transaction type known as blob-carrying transactions. 3. What are "blobs" and "blob-carrying transactions"? Think of blobs as large chunks of data associated with a transaction. They can hold various information, including complex instructions, media files, or additional transaction details. Basically, blobs are not stored directly on the Ethereum blockchain. Instead, they reside in a separate, temporary storage space called "blobstorage." This space is designed to be cheaper and more scalable than the main blockchain. Additionally, blobs are available for a limited time, typically around 18 months. After this period, they are pruned (removed) from the blobstorage to maintain efficiency. Blob-carrying transactions are regular Ethereum transactions with an added twist. They include: A. Minimal data: Essential transaction information like sender, receiver, and gas fees. B. Blob reference: A pointer or link indicating the location of the corresponding blob stored in the blobstorage. 3. when we have IPFS then what is the need for blobstorage? IPFS is designed as a distributed file storage system, aiming for a decentralized and permanent storage solution where anyone can contribute storage space and access information. On the other hand, Blobstorage focuses on temporary, cost-effective storage specifically for Ethereum Layer 2 transactions. Blobstorage directly addresses the scalability challenges faced by the Ethereum network, particularly for Layer 2 transactions. IPFS, while offering a broader storage solution, does not directly tackle this specific issue. Think of it this way: - IPFS: Like a public library where anyone can contribute books (data) and access them permanently. - Blobstorage: A temporary storage facility specifically designed for handling large packages (transaction data) associated with a specific service (Layer 2 solutions). #Ethereum #DencunUpgrade #BlockchainRevolution

🌟 Exciting News in the Crypto Space! 🌟 🚀 The biggest Ethereum upgrade ever, Dencun hard fork, is now LIVE! 🚀 🔗 What does this mean for you? Well, buckle up because Ethereum just got a major facelift with the Dencun upgrade hitting the mainnet. This is the most significant update since the Merge! 🎉 💡 Dencun introduces EIP-4844 or Proto-Danksharding, a game-changer in scalability. By carving out a dedicated data channel for layer-2 data, transaction fees on rollups are expected to plummet! 📉 🛠️ But wait, there's more! Dencun ships a total of 9 Ethereum Improvement Proposals (EIPs), making it tied for the largest single hard fork in terms of improvements shipped. That's huge! 💪 🌐 Post-Dencun, users can anticipate seeing benefits within hours to days, as transaction fees are expected to drop significantly. This real-world benefit is driving anticipation across the board! 🌈 💰 Imagine a future where transaction fees are no longer a dealbreaker but merely an afterthought. That's the vision Dencun is bringing us closer to, according to Hannes Graah, a builder of crypto wallet Zeal. 💼 🔍 Philippe Schommers, head of infrastructure at Gnosis, highlights that this scalability solution doesn't sacrifice decentralization, a crucial aspect of Ethereum's ethos. 🌐 🧩 Lucas Henning, CTO of Suku, emphasizes that while it's still early days, Dencun is a vital piece of Ethereum's grand ambition of building a larger scale, fully decentralized network. 🌟 🎉 Eli Ben-Sasson, president of StarkWare, sums it up perfectly: "It's the moment we've been waiting for. Today will go down as the date of birth for a dapp-for-everything culture." 🎉 🔥 Exciting times ahead in the Ethereum ecosystem! Don't miss out on the action. Upgrade now and join us in shaping the future of decentralized finance and beyond! https://lnkd.in/gGWprGZi 🔥 #Ethereum #DencunUpgrade #CryptoRevolution 🚀