Merge is imminent: explain the latest technical route of Ethereum

The merger is imminent: a detailed explanation of the latest technical route of Ethereum

  • If “The Merge” goes well, sharding will become the main development axis of Ethereum in 2023 and beyond, and its meaning has changed a lot since 2015 when sharding was proposed.

  • After Vitalik proposed the “Rollup-centric Ethereum Roadmap” and Ethereum’s “Endgame”, the general direction of Ethereum changed in fact – “retreat to the background” as Rollup’s security assurance and data Availability layer.

  • Danksharding and Proto-Danksharding are a series of technical combinations in the form of a combination of “discovering problems” and introducing or proposing new technologies to “solve problems”.

  • The time line is extended to the next few years, and the overall value of Rollup will become larger: there is a multi-rollup development pattern on Ethereum, the cross-Rollup infrastructure is highly perfect, and the Rollup ecosystem is highly prosperous—even beyond Ethereum itself.

introduction

Merge is imminent: explain the latest technical route of Ethereum

Image source: https://consensys.net/blog/blockchain-explained/the-roadmap-to-serenity-2/

In the blink of an eye, 2022 is halfway through. Looking back at the Serenity Roadmap proposed by Vitalik in his Devcon speech in 2018, it is easy to find that the development path of Ethereum has changed several times. Compared with the current roadmap, sharding has been given a new meaning, and eWASM is rarely mentioned.

In order to avoid potential fraud and misleading users, at the end of January this year, the Ethereum Foundation announced that it would abandon the term “ETH2”, and instead renamed the current Ethereum mainnet as the “execution layer” that handles transactions and execution. The original ETH2 The term was renamed the “consensus layer” that coordinates and handles PoS.

Merge is imminent: explain the latest technical route of Ethereum

Currently, Ethereum’s official roadmap covers three parts: the beacon chain, merging and sharding.

Among them, the Beacon Chain, as the pre-work for the migration of Ethereum to PoS and the coordination network of the consensus layer, was launched on December 1, 2020 and has been running for nearly 20 months so far.

The Merge refers to the final merger of the current Ethereum main network and the beacon chain, that is, the unification of the execution layer and the consensus layer, marking the official migration of Ethereum to PoS.In the IOSG article “Dawn is approaching: Ethereum merger is close at hand”, we introduced important progress related to the merger: the current Ethereum Ropsten and Sepolia testnet successfully completed the merger, followed by the Goerli merger; if all goes well , meaning we are not far from a mainnet merger.

Merge is imminent: explain the latest technical route of Ethereum

Image credit: https://medium.com/decipher-media/blockchain-scaling-solutions-4-1-ethereum-sharding-e88e8cacdfc

In this article we will focus on sharding. the reason is:

First, assuming that the mainnet merger can be successfully achieved within the year, then sharding will follow as the main development axis of Ethereum in 2023.

Second, the concept of Ethereum sharding was first proposed by Vitalik in Devcon 1 in 2015. Since then, GitHub’s Sharding FAQ has proposed 6 development stages of sharding (as shown in the figure above).However, with the update to the Ethereum roadmap and the push for the associated EIPs, the meaning and priority of sharding has changed considerably. When we’re talking about sharding, we need to make sure we have a common understanding of what it means.

To sum up the above two points, it is very important to sort out the ins and outs of sharding. This article will focus on the origin, progress and future route of Ethereum’s original sharding, Danksharding and Proto-Danksharding, rather than going into every technical detail. For more details on Danksharding and Proto-Danksharding, please refer to IOSG’s previous articles: “Will Danksharding be the future of Ethereum sharding?” and “EIP4844: The predictable depression effect of L2 transaction fee reduction is about to begin.”

Quick Review

Rollup, data availability, and sharding will be mentioned several times in this post.

Let’s take a quick look back at the basic concepts of the three here.

Merge is imminent: explain the latest technical route of Ethereum

The current mainstream Rollup is divided into zkRollup and Optimistic Rollup. The former is based on proof of validity, that is, transactions are executed in batches, relying on cryptographic proof SNARKs to ensure the correctness of state transitions; the latter “optimistically” assumes that all state transitions are correct unless falsified; that is, a window of time is required to ensure Incorrect state transitions can be detected.

Merge is imminent: explain the latest technical route of Ethereum

Data availability is very important for both zkRollup and Optimistic Rollup. For the former, users can reconstruct all transactions on the second layer based on data availability to ensure censorship resistance; for the latter, all data on the second layer needs to be published without any transactions being hidden. As for the bottlenecks and corresponding solutions faced by the current data availability, they will be mentioned below.

Merge is imminent: explain the latest technical route of Ethereum

Image source: https://www.web3.university/article/ethereum-sharding-an-introduction-to-blockchain-sharding

Ethereum full nodes store the complete state of the EVM and participate in all transaction verification, which ensures decentralization and security, but comes with scalability issues: transactions are executed linearly, and each node is required Confirming one by one is undoubtedly inefficient.

In addition, as the Ethereum network data accumulates over time (currently 786GB), the hardware requirements to run a full node increase. A drop in the number of full nodes would lead to a potential single point of failure and weaken the degree of decentralization.

Intuitively, sharding is equivalent to division of labor and cooperation, that is, all nodes are grouped, each transaction only needs to be verified by a single group of nodes, and transaction records are regularly submitted to the main chain to achieve parallel processing of transactions (for example, there are 1000 nodes). It turns out that each transaction must be verified by each node; if they are divided into 10 groups with 100 nodes in each group to verify the transaction, the efficiency is obviously greatly improved). The use of sharding not only improves scalability, but also reduces the hardware requirements of a single group of nodes, thereby solving the above two problems.

original shard

Merge is imminent: explain the latest technical route of Ethereum

Image source: https://vitalik.ca/general/2021/04/07/sharding.html

There are 64 shards in the original Ethereum scheme, and each shard has an independent proposer and committee. The proposer is a randomly selected validator who collects transactions and sorts them; the committee is a set of validators (composed of at least 128 validators), randomly assigned to each shard at regular intervals, and verify the validity of the transaction, if 2/3 of the committee votes, call the validator management contract (VMC) to the beacon The chain submits transaction records. Different from the “data sharding” described below, this kind of sharding is also called “execution sharding”.

background

Before talking about Danksharding, let’s take a moment to understand its background. Personal conjecture, the foundation of the community atmosphere launched by Danksharding mainly comes from two articles by Vitalik. These two articles set the tone for the future direction of Ethereum.

First, Vitalik published the “Rollup-Centric Ethereum Roadmap” in October 2020, proposing that Ethereum needs to support Rollup centrally in the short to medium term. First, the expansion of the Ethereum base layer will focus on expanding the data capacity of blocks, rather than improving the efficiency of on-chain computation or IO operations. Namely: Ethereum sharding is designed to provide more space for data blobs (not transactions) that Ethereum does not need to interpret, just make sure the data is available. Second, Ethereum’s infrastructure is adjusted to support Rollup (such as L2 support for ENS, L2 integration for wallets, and cross-L2 asset transfers). In the long run, the future of Ethereum should be a single execution shard that is highly secure, accessible to everyone, and a scalable data availability layer.

Merge is imminent: explain the latest technical route of Ethereum

Image source: https://vitalik.ca/general/2021/12/06/endgame.html

After that, Vitalik described the final picture of Ethereum in “Endgame” published in December 2021: block production is centralized, but block verification is trustless and highly decentralized, while ensuring resistance to censorship. The underlying chain provides guarantees for the data availability of blocks, while Rollup provides guarantees for block validity (in zkRollup, through SNARKs; in Optimistic Rollup, only one honest participant needs to run a fraud proof node). Similar to the multi-chain ecosystem of Cosmos, the future of Ethereum will be the coexistence of multiple Rollups – all based on the data availability and shared security provided by Ethereum. Users rely on bridges to move between different Rollups without paying the high fees of the main chain.

The above two articles have basically determined the development direction of Ethereum: optimizing the construction of the basic layer of Ethereum and serving Rollup. The above argument may be based on the idea that since Rollup has been proven effective and well-adopted, “rather than spending years waiting for an uncertain and complex scaling solution (note: referring to the original shard), it is better to pay attention to Focus on Rollup-based solutions”.

After that, Dankrad proposed a new sharding scheme called Danksharding. Below we will split the specific technical composition of Danksharding to understand.

Proto-Danksharding

Merge is imminent: explain the latest technical route of Ethereum

Image source: https://l2fees.info/

The background put forward by Proto-Danksharding is that although the Rollup scheme significantly reduces transaction fees compared to the Ethereum main chain, it is not yet ideally low enough. This is due to the fact that CALLDATA, which provides data availability on the Ethereum main chain, still occupies a large cost (16 gas/byte). In the original idea, Ethereum proposed to provide 16MB of dedicated data space for each block in data sharding for Rollup, but the actual implementation of data sharding is still far away.

On February 25 this year, Vitalik and DankRad proposed the EIP-4844 (Shard Blob Transactions) proposal, also known as Proto-Danksharding, which aims to expand the data availability of Ethereum in a simple and forward-compatible way, making it available in Danksharding. Still available afterwards. The proposed changes only happen at the consensus layer, and do not require additional adaptation work by clients, users and Rollup developers of the execution layer.

Proto-Danksharding does not actually perform sharding, but instead introduces a transaction format called “Blob-carrying Transactions” for future sharding. This transaction format is different from ordinary transactions in that it carries an additional block of data called blob (about 125kB), which makes the block actually larger and provides cheaper data availability than CALLDATA (about 10kB).

However, the common problem with “large blocks” is that the requirements for disk space continue to accumulate, and the adoption of Proto-Danksharding will add an additional 2.5TB of storage per year to Ethereum (currently the entire network data is only 986GB). Therefore, Proto-Danksharding sets a period of time (for example, 30 days), after which the blob is deleted, and the user or the protocol can back up the blob data within this period.

That is, Ethereum’s consensus layer only acts as a highly secure “real-time bulletin board”, ensuring that this data is available for a long enough time and giving other users or protocols enough time to back up the data, not by Ethereum Fangfang permanently retains all blob historical data.

The reason for this is that, for storage, the 2.5TB added each year is not a problem, but it is not a small burden on the Ethereum node. As for the trust assumption problem that may be caused, in fact, only one data storage party is honest (1 of N), the system can operate normally, and there is no need for a set of validator nodes (N/2 of N) to store this part of historical data.

So, is there any incentive to push third parties to store this data? The author has not found the introduction of the incentive scheme, but Vitalik himself proposed several possible data storage parties:

1. Application-specific protocols (eg Rollup). They can require nodes to store historical data related to the application. If the historical data is lost, it will cause risks to this part of the application, so they are motivated to do storage;

2、BitTorrent;

3. Ethereum’s Portal Network, a platform that provides lightweight access to the protocol;

4. Blockchain browsers, API providers or other data service providers;

5. Individual enthusiasts or scholars engaged in data analysis;

6. Third-party indexing protocols such as The Graph.

Danksharding  Data Availability Sampling (DAS)

Merge is imminent: explain the latest technical route of Ethereum

Image credit: https://notes.ethereum.org/@hww/workshop_feb_2022

In Proto-Danksharding, we mentioned that the new transaction format makes the block actually larger, and Rollup also accumulates a large amount of data, which nodes need to download to ensure data availability.

The idea of ​​DAS is: if the data can be divided into N blocks, and each node downloads K blocks randomly, it can verify whether all the data is available without downloading all the data, which can greatly reduce the burden on the node. But what if a block of data is lost? It’s hard to find that a block is missing just by downloading K blocks randomly.

In order to realize DAS, erasure coding (Erasure Coding) technology is introduced. Erasure code is a coding error-tolerant technology. The basic principle is to segment the data, add certain checksums, and associate each data segment. Even if some data segments are lost, the complete data can still be calculated by an algorithm. .

If the redundancy ratio of the erasure code is set to 50%, it means that only 50% of the block data is available, and anyone in the network can reconstruct all the block data and broadcast it. An attacker would have to hide more than 50% of the blocks if they wanted to deceive a node, but as long as multiple random samplings are done, this rarely happens. (For example, assuming 30 random samples of blocks, the probability that these blocks all happen to be hidden by an attacker is

Merge is imminent: explain the latest technical route of Ethereum

Since nodes do not download all data, but rely on erasure codes to reconstruct data, it is first necessary to ensure that erasure codes are correctly encoded, otherwise data cannot be reconstructed with incorrectly encoded erasure codes.

In this way, KZG Polynomial Commitments are further introduced. Polynomial Commitments are a simplified form of a “representative” polynomial, which is used to prove that the value of a polynomial at a specific position is consistent with the specified value, without including all the data of the polynomial. In Danksharding, the verification of erasure codes is realized by adopting KZG commitment.

Of course it would be easy if we could put all the data in one KZG promise, but building this KZG promise, or rebuilding this data once parts of it are not available – both are huge resource requirements. (In fact, the data of a single block requires multiple KZG commitments to guarantee) and also in order to reduce the burden on nodes and avoid centralization, Danksharding further splits the KZG commitments and proposes a two-dimensional KZG commitment framework.

After we solve the above problems in turn, relying on DAS, nodes or light clients only need to download K data blocks randomly to verify that all data is available; in this way, even after the introduction of “large blocks”, it will not Too much burden on the node.

(Note: In particular, the erasure coding algorithm used in Danksharding is Reed-Solomon coding; KZG commitment is a polynomial commitment scheme published by Kate, Zaverucha and Goldberg. It will not be expanded here, readers interested in the algorithm principle can Self-extension. Also, the solution to ensure the correctness of erasure codes is fraud proofs used in Celestia)

Block Proposer and Builder Separation (PBS)

In the current situation, PoW miners and PoS validators are both block builders (Builders) and block proposers (Proposer) – in PoS, validators can use MEV profits to acquire more new validator seats , so that there are more opportunities to realize MEV; in addition, large verification pools obviously have a stronger MEV capture ability than ordinary validators, which leads to serious centralization problems. Therefore, PBS proposed to separate Builder and Proposer.

The idea of ​​PBS is as follows: Builders build an ordered list of deals and submit bids to the Proposer.Proposers only need to accept the list of deals with the highest bids, and no one can know the specifics of the deal list until the winner of the auction is selected.

This separation and auction mechanism introduces the “involution” between the game and the Builder: after all, each Builder has different capabilities to capture MEV, and the Builder needs to weigh the relationship between the potential MEV profit and the auction bid, so that the actual This reduces the net income of MEV; regardless of whether the block submitted by the final Builder can be successfully produced, the Proposer needs to pay the bidding fee. In this way, the Proposer (in a broad sense, the set of all validators, randomly re-selected within a certain period of time) is equivalent to sharing a part of MEV’s income, which weakens the centralization of MEV.

The advantages of PBS in addressing MEV have been described above, and there is another reason for introducing PBS. In Danksharding, the requirements for the Builder are: calculate the KZG proof of 32MB data in about 1 second, which requires a CPU of 32-64 cores; and broadcast 64MB of data in a P2P manner within a certain period of time, which requires 2.5Gbit/ s bandwidth. Obviously validators cannot meet such a requirement.

So PBS separates the two. Proposer still acts as a general validator node, responsible for selecting transaction lists and broadcasting block headers; while Builder, as a special role, is responsible for the above work and building transaction lists.

Merge is imminent: explain the latest technical route of Ethereum

Image source: https://ethresear.ch/t/two-slot-proposer-builder-separation/10980

In October last year, Vitalik proposed a dual-slot PBS scheme (note: each slot is 12 seconds, which is the time unit of the beacon chain), but the specific PBS scheme is still under discussion.

Censorship Resistant List (crList)

Merge is imminent: explain the latest technical route of Ethereum

Image credit: https://notes.ethereum.org/@hww/workshop_feb_2022

But PBS also poses a problem, if a certain Builder always bids the highest price (even willing to pay the financial loss) to win the auction, then he actually has the ability to review transactions and can selectively exclude certain transactions from being included in the auction. in the block.

To this end, Danksharding further introduced the anti-censorship list crList (ie Censorship Resistance List) , that is, the Proposer has the right to specify a transaction list, which must be included by the Builder; after winning the auction, the Builder needs to prove that the transactions in the crList have been is included (or the block is full), otherwise the block will be considered invalid.

summary

Merge is imminent: explain the latest technical route of Ethereum

Image credit: https://notes.ethereum.org/@hww/workshop_feb_2022

Combining the aforementioned Data Availability Sampling (DAS), Block Builder and Proposer Separation (PBS), and Censorship Resistant List (crList) yields the complete Danksharding. We found that the concept of “sharding” has actually been diluted. Although the name of Sharding has been retained, the actual focus has been on support for data availability.

So what are the advantages of Danksharding compared to the original sharding?

(Dankrad himself listed 10 advantages of Danksharding here, we choose two to explain in detail)

In the original shard, each individual shard has its proposers and committees, which vote on transaction verification within the shard respectively, and all voting results are collected by the proposer of the beacon chain, which is difficult to do in a single shard. Completed within the slot. In Danksharding, there is only a committee on the beacon chain (a generalized validator set, randomly re-selected within a certain period of time), and this committee verifies the beacon chain blocks and shard data. This is equivalent to simplifying the original 64 groups of proposers and committees into one group, greatly reducing the complexity of both theoretical and engineering implementation.

Another advantage of Danksharding is the possibility of synchronous calls between the Ethereum main chain and zkRollup. As mentioned above, in the original shard, the beacon chain needs to collect the voting results of all shards, which will cause a delay in confirmation. In Danksharding, the block and shard data of the beacon chain are uniformly authenticated by the committee of the beacon chain, that is, transactions in the same beacon block can instantly access the shard data. This stimulates the imagination of more composability: for example, the distributed AMM (dAMM) proposed by StarkWare, which can Swap or share liquidity across L1/L2, so as to solve the problem of liquidity fragmentation.

After Danksharding is implemented, Ethereum will become Rollup’s unified settlement layer and data availability layer.

Closing Thoughts

Merge is imminent: explain the latest technical route of Ethereum

In the above figure, we make a summary of Danksharding.

To sum up, we can roughly see that in the next 2 to 3 years, the direction of the Ethereum roadmap is very obvious – around the service Rollup. Although it is still unknown whether the roadmap will change in the process: Danksharding is expected to be implemented in the next 18-24 months, while Proto-Danksharding will be implemented in 6-9 months. But at least we have made it clear that Rollup, as the basis for the expansion of Ethereum, occupies a certain dominant position.

Based on the outlook proposed by Vitalik, here we also propose some predictive thinking and conjectures:

  • One is a multi-chain ecosystem similar to Cosmos. In the future, there will be a multi-rollup competition pattern on Ethereum, and Ethereum will provide them with security and data availability guarantees.

  • Second, the cross-L1/Rollup infrastructure will become a rigid requirement. Cross-domain MEV will bring more complex arbitrage combinations, similar to the dAMM mentioned above, which brings richer composability.

  • Third, the ecological application of multi-Rollup will surpass Ethereum itself. As the positioning of Ethereum takes the second place, as the data availability layer of Rollup, we guess that more applications will be migrated to Rollup (if the second point is true); or at least applied on both Ethereum and Rollup.

References:

https://consensys.net/blog/blockchain-explained/the-roadmap-to-serenity-2/

https://www.web3.university/article/ethereum-sharding-an-introduction-to-blockchain-sharding

https://ethereum-magicians.org/t/a-rollup-centric-ethereum-roadmap/4698

https://vitalik.ca/general/2021/12/06/endgame.html

https://notes.ethereum.org/@vbuterin/proto_danksharding_faq

https://twitter.com/pseudotheos/status/1504457560396468231

https://ethos.dev/beacon-chain/

https://notes.ethereum.org/@vbuterin/pbs_censorship_resistance#How-does-proposerbuilder-separation-PBS-work

https://notes.ethereum.org/@fradamt/H1ZqdtrBF

https://cloud.tencent.com/developer/article/1829995

https://medium.com/coinmonks/builder-proposer-separation-for-ethereum-explained-884c8f45f8dd

https://dankradfeist.de/ethereum/2021/10/13/kate-polynomial-commitments-mandarin.html

https://members.delphidigital.io/reports/the-hitchhikers-guide-to-ethereum

https://vitalik.ca/general/2019/09/22/plonk.html

Part.2 Investment and financing events

Merge is imminent: explain the latest technical route of Ethereum

Mysten Labs plans to close $200 million Series B financing, led by FTX Ventures

* infrastructure

Mysten Labs, the Web3 infrastructure startup founded by four former Meta engineers, is in talks for at least $200 million in Series B funding led by FTX Ventures at a target valuation of $2 billion, and investors have so far paid the The round has committed at least $140 million. Mysten Labs received $36 million in financing from a16z and other institutions in December last year, and plans to launch Sui, a PoS blockchain network, whose mainnet will be launched later this year, along with a native token.

Gnosis Safe changed its name to Safe and announced the completion of US$100 million in strategic financing, led by 1kx, with participation from IOSG Ventures and others

* DeFi

Digital asset management platform Gnosis Safe has changed its name to Safe and completed a $100 million financing round led by 1kx. Other investors include IOSG Ventures , Tiger Global, A&T Capital, Blockchain Capital, Digital Currency Group, Greenfield One, Rockaway Blockchain Fund, ParaFi , Lightspeed, Polymorphic Capital, Superscrypt, LongHash Ventures and 50 other strategic partners and industry experts. 

Morpho Closes $18M Funding Led by a16z and Variant

* DeFi

DeFi lending protocol Morpho completes $18 million round led by a16z and Variant, with participation from Nascent, Semantic Ventures, Cherry Ventures, Mechanism Capital, Spark Capital, Standard Crypto, Coinbase Ventures, Daedalus, Stake Capital, Re7, AngelDAO, Atka 80 institutional and individual investors including Capital, Faculty Capital, Nima Capital, Fasanara, Spaceship DAO, GCR, Project A, Cryptoast, Alven, xAnge, Daphni, TLC, Templiers, etc. Morpho, which combines Compound and Aave’s liquidity pool model with peer-to-peer lending to improve yields, has launched the Morpho-Compound market, and will launch the Morpho-Aave market in the coming weeks.

Contango closes $4 million financing, led by ParaFi

*  DeFi

Contango, an expiring futures protocol incubated by Alpha Venture DAO, announced the completion of a $4 million round led by ParaFi, with additional investors including incubator dlab and Advanced Blockchain AG, as well as Coinbase Ventures, Spartan Group, AngelDAO, Cumberland, GSR Markets, Amber Group and CMS Holdings, etc., and angel investors Juan and Andrew (MakerDAO), Michael (Fantom Foundation), etc. Born during HackMoney in the summer of 2021, Contango is building an open-source DEX that offers expiring futures with no order book or liquidity pool. When a trader opens a position on Contango, the protocol borrows on the fixed-rate market, converts it on the spot market, and then lends on the fixed-rate market, with the protocol providing physical delivery at maturity.

ZKX completes $4.5 million in financing, with participation from StarkWare, Alameda Research and others

* DeFi

StarkNet-based derivatives trading protocol ZKX completes a $4.5 million seed round from investors including StarkWare, Alameda Research, Huobi, HashKey, Gate.io, Amber Group, Crypto.com, Polygon co-founder Sandeep Nailwal and DragonFly Capital general partner Ashwin Ramachandran et al. Founded in 2021, ZKX plans to use the financing to further develop the main product, including its open source protocol.

DEXILON completes $2 million financing

* DeFi

DEXILON, the Cosmos ecological decentralized derivatives protocol, announced the launch of a test network and completed a $2 million seed round of financing. Participating investors include GSR Markets, Youbi Capital, Fenbushi Capital, Ledgerprime and Cipholio Ventures. DEXILON plans to launch derivative contracts for non-encrypted assets such as metals, energy, and foreign exchange. Its clearing model draws on the strategy of large-scale transactions in the traditional financial field to prevent the secondary market from being affected.

Polysynth closes $3 million financing

* DeFi

Polygon’s decentralized derivatives platform, Polysynth, has completed a strategic financing of US$3 million. Participating investors include LedgerPrime, QCP Capital, Sandeep Nailwal, Jaynti Kanani, Brevan Howard, Jump Capital, Hashed, DeFi Alliance, Smape, etc. This round of financing will be used to develop new products, conduct audits, improve security, and recruit engineers and designers. Polysynth announced in November 2021 that it had completed a $1.5 million seed round of financing from Jump Capital, DeFi Alliance, Hashed and others.

Zamp closes $25 million financing, led by Sequoia Capital

* DeFi

Zamp, the crypto banking and payments startup launched by former Uber executive Amit Jain, announced the completion of $25 million in financing, led by Sequoia Capital, Uber CEO Dara Khosrowshahi, SoftBank COO Marcelo Claure, Polygon founder Sandeep Naliwal, Coinbase Board of Directors Member Gokul Rajaram, former Facebook executive Kirthiga Reddy, Juspay and Hyperface founder Ramanathan RV, and Reckitt Benckiser CEO Laxman Narasimhan participated in the investment. Amit Jain also previously served as managing director of Sequoia Capital India, and people familiar with the matter said Zamp was valued at nearly $160 million.

Empiric Network closes $7 million financing, led by Variant

* Oracle

Empiric Network, a decentralized oracle based on StarkNet, has completed a $7 million financing, led by Variant, and participated by Alameda, CMT, Flow Traders, Gemini, Jane Street, StarkWare, Polygon co-founder Sandeep Nailwal, etc. The funds raised will be mainly used for recruiting and expanding development teams.

“YGG Japan” completed $2.8 million in financing, Animoca Brands and others participated in the investment

* DAO

Yield Guild Games (YGG) Japanese subsidiary DAO “YGG Japan” completed $2.8 million in financing, Infinity Ventures Crypto (IVC), Animoca Brands, Yield Guild Games, YGG SEA, Akatsuki, double jump.tokyo Inc., CryptoGames Inc., Ariva Studios, Kiii and Days participated in the investment, and the funds raised will be used to build a portal to introduce more Web3 games to Japanese gamers, and will also invest in NFTs and token assets for some blockchain games. Founded in March 2022, “YGG Japan” is currently seeking to collaborate with Japan’s top game publishers and IP holders to raise awareness of blockchain games.

Merkle Manufactory closes $30 million financing, led by a16z

* Social agreement

Merkle Manufactory, a Web3 social protocol development company, completes $30 million financing, led by a16z, Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, A Capital, Todd and Rahul’s Angel Fund, Coinbase Ventures, Mischief, Ansa Capital, Haystack, Ribbit Capital, Chapter One, Multicoin Capital, Offline Ventures, Archetype, Canonical Crypto, Proof Group, Floodgate, Balaji Srinivsasan, 6529, Ray Tonsing, etc. participated in the investment, and the funds raised will be used to continue the development of the Web3 social protocol Farcaster. Launched by former Coinbase executive Dan Romero, the Merkle Manufactory has been testing Farcaster with customers and is currently working on a second version of its protocol, which it aims to launch later this year.

Hang completes $16 million Series A financing, led by Paradigm

* NFT

Hang, an NFT membership platform, has completed a $16 million Series A financing led by Paradigm, with participation from Tiger Global, 35 Ventures, Night Ventures and Warby Parker, as well as Allbirds founder Good Friends. The funds will be used to expand the product and team, Hang said. Hang’s membership program leverages NFTs to incentivize customers with rewards and perks, and has partnered with brands such as Budweiser and Pinkberry.

Supermojo closes $6 million financing

* NFT

NFT “buy now, pay later” platform Supermojo completes a $6 million seed round led by BH Digital, DRW Venture Capital, Intersection Growth Partners and Neuberger Berman, with participation from Sfermion, Arca, Gemini, Everyrealm, Arrington Capital, BlockFi Ventures , Circle Ventures, Crossbeam Venture Partners, Draper, FJ Labs, FBG Capital, OP Crypto, Red Beard Ventures and Ripple. Founded by former Ripple executives Sarhangi and Craig DeWitt, Supermojo offers a buy now pay later (BNLP) service for NFTs.

Hologram closes $6.5 million financing, led by Polychain Capital

* Metaverse

The avatar company Hologram has completed a $6.5 million financing, led by Polychain Capital, and participating investors include Nascent, Inflection, The Operating Group, Quantstamp, Neon DAO, Foothill Ventures, South Park Commons, and individual investors include the American rock band Linkin Park. Park) member Mike Shinoda et al. This round of financing will be used to recruit engineers and artists, among others. Hologram aims to collaborate with brands, online communities and individual creators to create unique identities in the Metaverse. Its current partners include Anata NFT, Cool Cats, Deadfellaz and Crypto Coven.

Arkive Closes $9.7M Funding Led by Offline and TCG Crypto

* Digital Museum

Arkive, a digital museum, completed $9.7 million in financing, led by Offline and TCG Crypto, with participation from NFX, Freestyle Capital, Coinbase Ventures, Not Boring Capital, Precursor, Chainforest, and Pantera Capital partner Paul Veradittakit. Arkive is a digital museum in the form of a DAO. Its members communicate through Discord and use their Ethereum wallets to vote on which collections to buy, display, and then mint the corresponding collections NFT, historical origin, identity verification, quality and condition will be recorded. On the blockchain, anyone can verify on-site in museums and galleries.

Generalist Capital completes $12.25 million in financing, with participation from DCG, Polygon, etc.

* Fund financing

Mario Gabriele, founder of the technology community The Generalist, tweeted that he has established a $12.25 million investment fund Generalist Capital, a16z co-founders Marc Andreessen and Chris Dixon, Multicoin Capital co-founders Tushar Jain and Kyle Samani, Digital Currency Group, Polygon , LayerZero and others participated in the investment, and the funds raised plan to invest in about 20 companies in the next 18 months, focusing on cryptocurrencies, financial technology, and emerging markets.

Animoca Brands closes $75.32 million financing at $5.9 billion pre-money valuation

 * Fund financing

Hong Kong-based game developer and venture capital firm Animoca Brands has raised $75.32 million at a pre-money valuation of $5.9 billion from investors including Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, Generation Highway Ltd, Cosmic Summit Investments Limited, etc. Animoca Brands will use the new funds to continue strategic acquisitions, investments and product development, and to advance the Metaverse, among other things. In January, Animoca Brands announced the completion of a $358.8 million funding round led by Liberty City Ventures.The new financing is the second tranche of the $358.8 million round.

Lightspeed Raises $7.1 Billion Through Four Funds, Launches Crypto Fund Lightspeed Faction

* Fund financing

Four funds under Lightspeed Venture Partners have raised a total of $7.1 billion, including three in the US and one in India. In addition, Lightspeed has partnered to launch an early-stage crypto fund, Lightspeed Faction, although no funding information has been disclosed for the fund. According to “Fortune” magazine, citing a source, Lightspeed Faction has completed an initial fundraising of $325 million and is expected to eventually raise a total of $400 million.

Multicoin Capital Launches New Fund of $430M

* Fund financing

Multicoin Capital has launched a new $430 million venture capital fund, Venture Fund III, which it plans to invest primarily in projects that “have the potential to reshape the consumer-facing market.” Last year, Multicoin launched a second $100 million VC fund focused on Web3 projects based on the Solana blockchain.

Part.3 IOSG post-investment project progress

Former U.S. Ambassador to China and Former U.S. Embassy Chief of Staff in Beijing Join Mask Network ‘s Nonprofit Division as Strategic Advisor

* SocialFi

Former US Ambassador to China and Iowa Governor Terry Branstad and former US Embassy Chief of Staff in Beijing Steven Churchill have officially joined Mask Network’s nonprofit sector as strategic advisors. The pair will provide strategic advice to the Mask Network team, address regulation, help support future strategies, and expand Mask Network’s global reach.

cBridge has supported the asset cross-chain of Layer2 network Godwoken on Nervos

* Cross-chain

The cross-chain payment network cBridge launched by Celer Network has realized the bridging support for the EVM compatible Layer2 network Godwoken on Nervos. Users can now use cBridge between Ethereum and Nervos Godwoken to cross USDT, USDC, ETH, WBTC and DAI. Chain transfer, cBridge will support more assets in the future, and use the Celer message cross-chain (Celer IM) framework for general message cross-chain. Godwoken is a 100% EVM compatible Optimistic Rollup launched by Nervos, which allows instant transactions with low gas fees while inheriting Layer 1 security.

StarkWare plans to launch StarkNet tokens this September and distribute them over the next year and a half

* Layer2

StarkWare, a zero-knowledge proof technology development company, plans to launch StarkNet tokens on the chain in September this year, with a total of 10 billion tokens. The tokens will be used for governance and serve as network payment fees and mortgage assets. The StarkNet Foundation is currently being established. Will also shoulder the mission of maintaining StarkNet as a public good. To achieve this goal, StarkWare plans to distribute tokens to the company’s investors, employees and advisors, as well as community developers, contributors and end users over the next year and a half, in order to align the long-term incentives for core contributors and investors with StarkNet The community’s interests are aligned, and all tokens allocated to core contributors and investors will be subject to a 4-year lock-up period, a linear release, and a one-year cliff (i.e. the period before tokens are unlocked).

ConsenSys ‘ Quorum blockchain service is live on Microsoft Azure Marketplace

* infrastructure

The Quorum blockchain service launched by ConsenSys has been launched on the Microsoft Azure Marketplace. The service simplifies the development, management and governance of Quorum-based blockchain networks, so enterprises can focus on workflow logic and application development. Based on the service, enterprises can create and manage its own blockchain network.

Arbitrum launches Nova, a new chain based on AnyTrust technology and firstly open to developers

* Layer2

AnyTrust, a new second-layer network on Ethereum launched by the Arbitrum development team Offchain Labs, has been launched on the main network Arbitrum Nova and is open to developers. Developers can request access right away, and it will be open to users soon. According to reports, Nova aims to be the preferred solution for games and social applications, while Arbitrum One will continue to focus on DeFi and NFT projects. Among them, Nova is a new chain built on AnyTrust technology, while Arbitrum One is an existing chain built on Optimistic Rollup technology. Arbitrum One has always put all transaction data on Ethereum, and Nova uses the data availability committee to Cost savings are achieved and data is only put back on-chain if the committee fails to complete its work, and Nova is fully EVM compliant.

Part.4 Industry pulse

Ethereum Developers: Ethereum Merger Upgrade Date Expected to be September 19, But Not Finalized

* Ethereum

According to an image posted on Twitter by ethereum developer superphiz.eth, the planned implementation date for the ethereum merger is September 19. superphiz.eth said the event table has not yet been finalized.

Ethereum completes ninth shadow fork, Goerli testnet merger expected next month

* Ethereum

Ethereum has completed its ninth shadow fork, which is 15 hours ahead of schedule and focused on testing the update and the version used in the recent Sepolia hard fork. Parithosh, a development engineer at the Ethereum Foundation, said that the advance of the shadow fork was due to the fact that the TTD (Total Terminal Difficulty) prediction tool cached a large amount of historical data, and various estimation methods will be used thereafter. Additionally, the merger of Ethereum’s last testnet, Goerli, is expected to take place next month.

DEX Aggregator ParaSwap Lists Arbitrum

* DeFi

The DEX aggregator ParaSwap is listed on Arbitrum. The supported DEXs include GMX, SushiSwap, Balancer, etc.

GameStop Launches NFT Market Public Beta, Powered by Loopring Layer 2 Network

* GameFi

Video game and related products retailer GameStop (GameStop) NFT market open beta is online, which is based on Ethereum and supported by the Loopring Layer 2 network. GameStop’s NFT marketplace went live in beta in March, and a full NFT marketplace is coming soon.

Rainmaker Games launches gaming-focused cross-chain NFT marketplace

* GameFi

Rainmaker Games, a blockchain game aggregation platform, announced the launch of an NFT cross-chain marketplace. Rainmaker CEO Will Deane said in an interview that players can browse a list of mainstream GameFi NFTs in the marketplace, including guides, strategies and reviews. Rainmaker is currently aggregating dozens of Web3 games in this NFT marketplace. In addition, Deane revealed that Rainmaker has started a new round of financing, and the company currently has about 20 employees. Rainmaker Games closed a $6.5 million seed round in December with participation from Animoca Brands, Alameda Research, Polygon Studios, CoinFund, Republic Realm, SkyVision Capital and Merit Circle.

Magic Eden launches Magic Venture, a VC arm focused on Web3 games

* NFT

NFT marketplace Magic Eden on Solana launches Magic Venture, a venture capital arm focused on Web3 games, and has appointed several employees to its gaming arm Eden Games, including Tony Zhao, a former key member of Tencent’s games business development and investment team, as its head of gaming investments .

Data: As of March this year, MetaMask has reached 30 million monthly active users

* wallet

As of March 2022, MetaMask has reached 30 million monthly active users, and as of the first quarter of this year, the United States, Brazil and the Philippines are leading in NFT, DeFi and blockchain games, while the fastest growing countries have started using Web3 Including Morocco, United Arab Emirates, Philippines, Turkey and China.

Circle discloses cash and Treasury reserves worth $55.7 billion

* Stable coins

USDC issuer Circle released a monthly report that showed it held $55.7 billion worth of cash and Treasury bonds in an unaudited report. The reserves include $13.58 billion in cash held at Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank, Silvergate Bank and eight US Bancorp banks. In addition, Circle disclosed that Leqi holds $42.12 billion in three-month Treasury bills, a list showing 19 bonds due between July 5 and September 29 this year. Circle said that the USDC in circulation is currently worth $55.57 billion. Circle co-founder and CEO Jeremy Allaire said that in the future, it will seek permission from partner banks to disclose cash holdings at each bank and enable daily public reporting of assets.

Shanghai’s “14th Five-Year Plan” for Digital Economy Development: Enhance new digital infrastructure such as Web3.0, blockchain, and Metaverse

* Policy supervision

The General Office of the Shanghai Municipal Government recently issued the “14th Five-Year Plan for the Development of Shanghai’s Digital Economy”. In the document, the promotion of new digital infrastructure stated that it would advance the layout of a new generation of network forms, and explore multi-platform OpenID (Digital Identity Framework), distribution Web3.0 (third-generation World Wide Web) key technologies such as distributed data storage, decentralized DNS (domain name resolution system), and end-to-end encrypted communication, accelerate breakthroughs in distributed network core technologies, and strengthen 6G, IPv6 (Internet Protocol version 6) ), Wi-Fi6 (sixth generation wireless network technology), quantum communication and other forward-looking research and development and deployment, and build a third-generation Internet technology application ecosystem for data interconnection.

Putin signs bill banning payments with digital financial assets in Russia

* Policy supervision

Russian President Vladimir Putin has signed a bill banning payments using digital financial assets. The legislation requires exchange operators to refuse to process transactions that facilitate the use of digital financial assets DFA (the legal category currently covering cryptocurrencies) as “currency substitutes.” The ban also applies to Utility Digital Rights (UDRs). In addition to banning the use of digital financial assets for direct payments, the bill also requires platform operators offering transaction services to reject any transaction that could lead to the use of DFA as a payment instrument in lieu of the Russian ruble. The new legislation will enter into force 10 days after publication in the Russian Government Gazette.

Bank for International Settlements CPMI and International Organization of Securities Commissions Jointly Publish Stablecoin Regulatory Guidance

* Policy supervision

The Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) jointly issued a guideline for the regulation of stablecoins, “Application of the Principles for Financial Market Infrastructures to stablecoin arrangements”.The guidance emphasizes that if a stablecoin performs a transfer function and regulators deem it important to the financial system, it should adhere to the Principles of Financial Market Infrastructures (PFMI), just as different instruments performing that function must adhere to these principles, which are financial International standards for market infrastructure, and countries will decide for themselves whether to put them in place.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/merge-is-imminent-explain-the-latest-technical-route-of-ethereum/
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