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New Post: Demand for DVT Sends SSV.Network Past $150M in Staked ETH - Anyone with the will and the technical ability is free to run their own Ethereum validator and connect to SSV. Ethereum stakers are rapidly warming to Distributed Validator Technology, which is becoming a mainstay of the staking landscape. Following its introduction by SSV.Network, staking operators, and validators have been swift to embrace the technology for the benefits it brings in terms of performance and security. $150M is now staked in SSV either directly or through third-party apps that use the network’s open-source technology. This constitutes over 67,000 in staked ETH with 2,000 validators and around 80 staking clients currently making use of SSV’s DVT implementation. The Rise of DVT DVT allows Ethereum validator operations to be assigned to numerous independent operators instead of relying on just a handful of dominant players. Validators running on SSV are split between independent operators, creating greater fault tolerance and increasing decentralization. Anyone with the will and the technical ability is free to run their own Ethereum validator and connect to SSV. The technology is designed for solo stakers as much as it is for institutional clients. Because third parties can build staking apps upon SSV’s network, there is scope for endless customization and personalization. 01Node, StakeStar, and StaFi are among many projects that have already developed SSV-powered apps that make use of Distributed Validator Technology. Claystack and Metapool have also gotten in on the act. In addition to projects building on SSV.Network, others are implementing its technology into their current staking infrastructure. This allows them to prevent disruption to their existing staking operations when introducing DVT. Staking heavyweights such as Stader, StakeWise DVT vaults, ChainUP, ANKR, XHash, and Lido through its Simple DVT Module have started testing and using the technology. Industry Analysts Are Bullish on DVT In its crypto theses report for 2024, analyst Messari is bullish on DVT, highlighting some of the liquid staking protocols that are implementing the tech “to make their staking products and Ethereum staking itself more robust.” As dominant staking providers such as Lido increase their TVL, the need to balance convenience with decentralization, to prevent single points of failure, is imperative. DVT provides one way to address this by reducing reliance on narrow validator sets. There are currently added incentives for Ethereum validators to explore what DVT has to offer. The SSV DAO has approved a 50% APR boost for validators that connect to its network in the form of SSV rewards. As for the incentives to integrate DVT, as SSV.Network explains, “DVT facilitates the distribution of validator operations across independent operators, leveraging QBFT consensus protocol and threshold signatures. These technologies foster a secure, robust environment for f

We're thrilled to announce that Luganodes is now an operator on #EigenLayer #Holesky testnet, supporting Eigen DA! 🎉 We're excited to be a part of this journey & we've been running EigenDA nodes since the Goerli testnet, eagerly anticipating the mainnet launch 👇 #Ethereum's shift to Proof-of-Stake (PoS) paved the way for innovations like staking and the rise of staking pools and Liquid Staked Tokens (LSTs).  Enter EigenLayer, taking this concept further with its innovative restaking approach. EigenLayer pioneers restaking by serving as a middleware on Ethereum.  Users can pledge their native ETH or LSTs to secure projects beyond Ethereum's ecosystem and earn extra rewards. It's a win-win for users looking to maximize their rewards! 💰 EigenLayer extends #Ethereum's security to various protocols, providing developers access to Ethereum's massive staked capital base & decentralized validator set. This empowers developers to leverage EigenLayer’s infrastructure to deliver innovative use cases with AVS's! Actively Validated Services (AVSs) on EigenLayer empower developers to tap into Ethereum's security infrastructure for their projects, enhancing security and scalability by leveraging pooled security and immediate community support! The EigenDA stands out as the FIRST AVS, functioning as a pivotal Data Availability(DA) Layer within the EigenLayer ecosystem. It offers an advanced DA solution for rollups, championing Ethereum's scalability goals by establishing new standards in throughput & efficiency. How does EigenDA work? Rollups send data blobs to a disperser, which prepares and provides proofs for these blobs. EigenDA node operators then verify the validity of data chunks using cryptographic commitments and proofs. Running EigenDA nodes on testnet was a breeze, with hassle-free setup and management. We reported 99%+ uptime and are constantly refining our monitoring and alerting practices for optimal performance. 🔗 Dive into our Operator Profile: https://lnkd.in/gKcvjyaK We're actively running testnets for various networks like Witness chain, Eoracle, Lagrange, and exploring new AVS opportunities. Our due diligence process ensures we evaluate AVSs based on risk parameters, compliance, and long-term ecosystem value. At Luganodes, we recognize EigenLayer's disruptive potential.  As an early adopter, we're deeply involved, recently partnering with Renzo Protocol as a node operator, bolstering EigenLayer's TVL. 🤝 We have only scratched the surface of EigenLayer and its capabilities. Restaking is the start, and we're excited for what's next. Read our blog for more insights into the EigenLayer ecosystem 📚 https://lnkd.in/g6eWAwyf

EIPs vs ERCs: Understanding Ethereum's Development Process and Their Key Differences 🚀 What Are EIPs? EIPs (Ethereum Improvement Proposals) are formal documents used to propose changes, improvements, or new features to the Ethereum network. They play a crucial role in shaping the future of Ethereum, outlining everything from protocol-level upgrades to changes in the Ethereum Virtual Machine (EVM), networking, and APIs. Anyone can propose an EIP, making it a decentralized and collaborative process that ensures transparency across the Ethereum development community. What Are ERCs? While EIPs cover a broad range of topics, ERCs (Ethereum Request for Comments) are a specific subset of EIPs. ERCs focus on application-level standards, particularly on defining how smart contracts and decentralized applications (dApps) should behave within the Ethereum ecosystem. ERCs are critical for ensuring interoperability and standardization, which allows different dApps, wallets, and tokens to work seamlessly together. One of the most famous ERCs is ERC-20, which sets the standard for fungible tokens. Most Ethereum-based tokens follow this standard, allowing them to be traded on decentralized exchanges and supported by various wallets. Similarly, ERC-721 sets the standard for non-fungible tokens (NFTs), enabling the creation of unique digital assets like artwork or collectibles. The Broader Subsets of EIPs Beyond ERCs, Ethereum has other important subsets of EIPs that contribute to the development of the platform in various ways: 1. Core EIPs: These proposals are aimed at changes to the Ethereum protocol itself. Core EIPs deal with upgrades that impact the blockchain at a fundamental level, such as changes to consensus mechanisms or upgrades that lead to hard forks. Example: EIP-1559, which introduced a new fee structure and ETH burning mechanism, changing the economics of the network. 2. Networking EIPs: Focus on the communication layer of Ethereum. These proposals ensure the efficient transmission of data between nodes and help maintain the security and stability of the Ethereum network. Example: EIP-8, which defines improvements in how Ethereum nodes connect and exchange messages. 3. Interface EIPs: Focus on developer-facing standards, particularly on how external interfaces like APIs are structured. They ensure consistency and ease of interaction between Ethereum nodes and external applications. Example: EIP-1474, which improved the JSON-RPC API for better integration with dApps. 4. Meta EIPs: These proposals focus on process and governance within Ethereum. They outline how the Ethereum community should manage decision-making and processes, but they don’t directly change the protocol itself. Example: EIP-1, which describes how the EIP process works, including how proposals are submitted and reviewed.

Base: Coinbase's Layer 2 Solution for Ethereum Ethereum is the most popular platform for decentralized applications (dapps), but it also faces challenges such as high transaction fees, low throughput, and network congestion. To overcome these issues, many developers and users are looking for layer 2 solutions that can scale Ethereum without compromising its security and decentralization. One of the most promising layer 2 solutions is Base, a secure, low-cost, and developer-friendly network that is incubated by Coinbase and built on the open-source OP Stack. Base leverages the underlying security of Ethereum and the scalability of Optimism, a rollup-based protocol that enables fast and cheap transactions on a separate chain that periodically settles on Ethereum. Base aims to make "onchain the next online" and onboard 1 billion+ users into the cryptoeconomy. By building on Base, developers can access Coinbase's products, users, and tools, as well as the wider crypto ecosystem. Base also offers full EVM equivalence, meaning that any smart contract or dapp that runs on Ethereum can also run on Base with minimal changes. Base has recently launched its mainnet with over $160 million in total value locked (TVL) and a growing number of protocols and projects building on it, such as Aave, Compound, Sushiswap, Uniswap, and more. Base also hosts "Onchain Summer", a month-long onchain festival featuring the best builders and attracting prominent names such as Coca Cola, Atari, and many more.

Vitalik's recent proposal, EIP-7702, stands as a pivotal moment in Ethereum's evolution. Here's a comprehensive exploration: Firstly, it's essential to understand the context. EIP-7702 builds upon the foundation laid by three significant proposals: ERC-4337, EIP-3074, and EIP-5003. ERC-4337, which went live in March 2023, marked a significant milestone. This proposal enabled smart contracts to function akin to accounts, offering a solution to the limitations and risks associated with traditional EOAs (Externally Owned Accounts). The recent introduction of innovations like the Coinbase smart wallet further underscores the potential unleashed by ERC-4337. These advancements, such as biometric authentication and improved user experience, demonstrate the tangible benefits of integrating smart contracts as accounts. Projects like the Coinbase smart wallet, as showcased by developers like Jarrod Watts, exemplify the practical applications of ERC-4337. With solutions that offer enhanced security and seamless experiences sans the complexities of traditional wallets, these developments signify a paradigm shift in how users interact with the Ethereum ecosystem. Against this backdrop, EIP-7702 emerges as a natural progression, aiming to refine and optimize existing frameworks. By proposing modifications to EIP-3074 to ensure compatibility with ERC-4337, Vitalik addresses concerns regarding the fragmentation of the account abstraction (AA) ecosystem. EIP-7702 introduces a novel transaction type that facilitates temporary delegation of EOAs to smart contracts. This mechanism, while reminiscent of EIP-3074, eschews the need for additional opcodes, opting instead for function definitions. In essence, EIP-7702 offers a streamlined approach to account abstraction, temporarily populating the contract code of EOAs with smart contract code for the duration of transactions. This temporary delegation enables users to leverage the capabilities of smart contracts without compromising security or efficiency. Looking ahead, the implications of EIP-7702 are profound. With the potential for permanent code upgrades for EOAs on the horizon, Ethereum stands poised for a transformative shift in how users engage with decentralized applications. In conclusion, EIP-7702 represents more than just a proposal; it embodies Ethereum's ongoing commitment to innovation and progress. As the Ethereum community continues to evolve, initiatives like EIP-7702 serve as beacons guiding the platform towards a future defined by efficiency, security, and inclusivity.

EigenLayer Makes A Big Splash With EIGEN Token Launch And Major Airdrop Plan, Get The Full Scoop! https://ift.tt/szyX8g2 EigenLayer, a decentralized restaking protocol built on Ethereum (ETH), has made significant announcements, paving the way for new developments within the crypto ecosystem.  The protocol unveiled its native token, EIGEN, which the newly formed Eigen Foundation will distribute. Alongside this, EigenLayer introduced a major plan for an airdrop and released a comprehensive new Whitepaper. EigenLayer Unveils EIGEN With Novel Mechanism According to the protocol’s announcement, the introduction of the EIGEN token brings forth a complementary mechanism designed to address “intersubjective” faults, which cannot be resolved through ETH restaking alone.  By expanding ETH restaking, EigenLayer positions ETH as the Universal Objective Work Token, while the universality of EIGEN makes it the Universal Intersubjective Work Token. EIGEN’s universality is reportedly aimed at allowing it to fork and slash for intersubjective errors committed by EIGEN stakers in any AVS (Automated Verification System) within the protocol.  To ensure widespread adoption of EIGEN across applications, EigenLayer has designed an application-independent mechanism to maintain the system’s cryptoeconomic security.  In EigenLayer, EIGEN staking and ETH restaking play complementary roles. EIGEN addresses safety properties through objective slashing, and ETH restaking ensures liveness and censorship-resistance properties dependent on stake decentralization. The launch of EIGEN also introduces intersubjective staking, marking a significant milestone for the protocol and the Ethereum ecosystem. However, due to its newly introduced design, the concept requires widespread adoption and discussion among ecosystem participants.  At launch, the Eigen token will have a total supply of 1.67 billion tokens, with the Foundation allocating 45% of the tokens to the community. This allocation is further divided into staked drops, community initiatives, and ecosystem development. Investors will reportedly receive almost 30% of the tokens, while early contributors will receive over 25%. Both these groups are subject to a three-year lockup period for their allocations.  A complete lock will be in place during the first year, followed by a gradual release of their total holdings at a rate of 4% per month over the subsequent two years. EIGEN Token Launches Meta-Setup Phase While the initial implementation of intersubjective staking at launch mirrors only a limited extent of the full protocol, several parameters still need to be determined for its full actuation.  To address this, EIGEN is being launched in a meta-setup phase, serving as a call to action for researchers, experts, and the broader community to engage in public discourse.  As EigenLayer announced, this collaborative effort aims to help define the necessary parameters to make the protocol and its interact...

Starknet network downs due to airdrops distribution Starknet, a Layer 2 scaling solution for Ethereum, has experienced a decline in user count due to dissatisfaction with the eligibility criteria for the airdrop and concerns over the token distribution. The controversy has led to a 90% drop in user engagement.  The dissatisfaction within the Starknet community, leading to the decline in active addresses, can be partly attributed to specific instances where active members were excluded from the airdrop due to not meeting the eligibility criteria.  The backlash was further fueled by the distribution of a large portion of the STRK tokens to Ethereum solo stakers, a decision that some community members regarded as favoring wealthier and more technically capable individuals.  However, following the Starknet airdrop announcement, active addresses on the network have settled back to their normal levels. The reduction in active addresses could be attributed to the departure of airdrop hunters, who are often viewed as parasitic users within the crypto community. Starknet responded to the user drop Starknet has responded to the user drop by acknowledging the grievances and committing to addressing the concerns raised regarding the airdrop criteria.  The project team has taken to social media platforms to reassure users that it is actively working to find a resolution. However, implementing a solution would require time for thorough research, design, and testing. The team has also reported that some users were “left behind due to certain criteria” and that they were working to resolve these issues.  The team has emphasized its commitment to finding a “meaningful resolution” and has made some important updates thanks to community participation. Despite these assurances, many users remain skeptical and are calling for swift action to rectify the situation. Read more... https://lnkd.in/djaw6r2w

Quick reminder that Ethereum hit $10 billion in revenue faster than any other major software company besides Google. But that's probably the least interesting thing about the network. 10 reasons why: 1. Ethereum's computing infrastructure is run by a distributed and global network of service providers. This is where the $10b was paid — not a centralized entity. 2. Ethereum's addressable market is massive — in my opinion, it could one day serve as the global settlement layer for all of finance. 3. From first principles, Ethereum is essentially laying down a new data infrastructure for the internet. This new data structure functions as a global accounting ledger that anyone can access, audit, provide services for, or build a business on top of. 4. Ethereum currently controls a roughly 80% market share amongst competing smart contract platforms. 5. Ethereum has the strongest network effects in crypto. Its network value grows as the number of connected users increases (Metcalf's Law). This is driven by a foundation of developers, developer tooling, programming languages, the EVM standard, token standards, wallets, applications, scaling infrastructure, and venture capital investment. 6. Ethereum is the only crypto network that returns a positive real yield to holders of its native token, ETH. The yield earned by holders (who validate transactions on the network) is earned in the form of user fees. 7. Ethereum has over 111 million non-zero wallet addresses. It has over 800 thousand validators worldwide. And it has the largest crypto exchange in America (110 million verified users) building scaling solutions on it. 8. Ethereum (and public blockchains broadly) are introducing the concept of digital property rights to the internet. An abstract concept that has profound implications in the long-term. 9. Ernst & Young recently launched a privacy-focused layer 2 network within the public Ethereum network — designed to onboard enterprises. Per Paul Brody, "Ethereum is to business ecosystems as ERP is to enterprises" The team forecasts over 4 billion transactions per day for automotive supply chain use cases alone. 10. Ethereum is scaling and developing in a very similar manner as the internet did. YouTube, SaaS, Zoom, E-Commerce, and Social Media were not possible before broadband. Emerging layer 2 solutions are just gaining adoption which should enable a host of new applications previously unthinkable. ---- The Q4 update of *The Ethereum Investment Framework* will be published next Wednesday. We cover these concepts as well as every important KPI/metric going back to network inception using data from Token Terminal — the leading onchain data provider for institutions. If you'd like to receive a copy when it's published, see the first comment. h/t Caleb & Brown

Time for my slightly irregular reminder for those not close to the space that blockchains/crypto/web3 is far from dead :) Great summary of Eth by Michael Nadeau below 👇. He's a great follow if you want to know more about the space . Also, if you have no idea what ETH even is or does, I covered a great Acquired podcast in the newsletter recently 👉 https://lnkd.in/g5C6N3Fy. And I also did a bit of a broader overview on crypto 👉 https://lnkd.in/eTUXqWDq

EigenLayer: Building the Trust Marketplace 🚧 @eigenlayer is leveling up Ethereum’s security by letting ETH stakers validate multiple layers of modules. But what does this mean? 🤔 Imagine EigenLayer as an upgrade to Ethereum’s security model. When you stake your ETH, you’re securing the network. This security you are providing enables users to use the network. The question here is, why do they use it? The reasoning is simple; users trust the network! Types of Trust Associated with Ethereum: 🔹 Economic trust: This trust is backed by capital. Validators are financially incentivized to behave honestly because their stake is on the line—making bad behavior irrational for a rational actor. 💰 🔹 Decentralized trust: With a large, distributed network of validators, it becomes highly improbable for participants to collude, providing confidence in the system’s integrity. 🌐 EigenLayer's mission is to extend these trust pillars through Restaking to a whole new set of operators that are validating off-chain modules (which we call AVSs) 🙌 By restaking your ETH, you can secure multiple new modules (like oracles, consensus layers, etc.), boosting security across the ecosystem without needing extra ETH! Plus, earn extra rewards while contributing to a more efficient and decentralized Ethereum. 🌍💡 Key Features: 1️⃣ Pooled Security: Restake your ETH to secure multiple modules at once. 🔐 2️⃣ Innovation Hub: A sandbox for new tech before it hits the Ethereum mainnet. 🛠️ 3️⃣ Open Market Governance: Validators get to choose what to secure—making the network more dynamic and decentralized! 🔄 EigenLayer was the first one to bring this crypto-economic primitive to Ethereum, but not the only one! Ready to dive into restaking? 📖 Check our latest blog on the Big 3 Restaking Platforms: https://lnkd.in/dD5ssDCv