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Ethereum ERC-4337 Account Abstraction Grant Round Recipients Announced

by Blockchain NewsSeptember 7, 2023

The Ethereum Foundation has officially unveiled the 18 recipients of the ERC-4337 Account Abstraction grant round. This milestone event marks a significant stride towards enhancing the capabilities of the Ethereum network and underscores the Foundation’s dedication to supporting projects that are set to redefine the blockchain landscape.

The ERC-4337, known as Account Abstraction, introduces a groundbreaking concept that has the potential to revolutionize smart contract accounts. It enables these accounts to become more versatile, efficient, and customizable, thus opening the door to a myriad of possibilities for developers and users alike.

Among the standout recipients of the ERC-4337 Account Abstraction grants is ZeroDev Kernel. Spearheaded by Derek Chiang and Taek Lee, ZeroDev Kernel has developed a smart contract account named Kernel, which is purpose-built for use in Account Abstraction wallets. What sets Kernel apart is its compatibility with ERC-4337, efficiency optimizations, and modularity. It’s currently the most widely adopted AA account across major Ethereum Virtual Machine (EVM) networks, including Ethereum, Polygon, Arbitrum, Optimism, and Base.

Etherspot’s Skandha Bundler has also been recognized for its groundbreaking contributions. This project introduces a unique mempool designated for activities performed by Account Abstraction wallets, along with an innovative concept called a “bundler” that streamlines user operations. Etherspot’s bundler, Skandha, has already made its mark on six testnets and eleven mainnets, demonstrating the broad reach of Account Abstraction’s potential impact.

MynaWallet is another remarkable grant recipient, working on a Contract Account that integrates with the Japanese Government-Issued ID Card (Myna Card). This integration allows users to seamlessly make token payments, transfer NFTs, and execute various transactions without needing to have an in-depth understanding of cryptocurrencies. MynaWallet’s project has the potential to make crypto accessible to millions of Japanese residents, potentially inspiring similar initiatives worldwide.

Blocto is contributing to the development of ERC-4337 by sharing 4337-specific RPC methods through Web3.js, simplifying dApp development. This move supports the growth of a user-centric ecosystem while aligning with the goals of Account Abstraction.

Silius, on the other hand, presents a modular and highly efficient ERC-4337 bundler implementation in Rust. Its modular approach and support for emerging features align with the broader ERC vision and contribute to the Rust Ethereum Ecosystem’s development.

These grant recipients represent just a fraction of the diverse range of projects supported by the ERC-4337 Account Abstraction grant round. Each project brings its unique perspectives and solutions to the Ethereum ecosystem, promising to pave the way for a more accessible, functional, and user-friendly blockchain environment.

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OKX NFT Adds Base, Linea Support, Beyond Ethereum, Optimism, Polygon

by Blockchain NewsSeptember 6, 2023

OKX, a key player in the Web3 technology landscape, broadened its NFT Marketplace’s capabilities by integrating support for Base and Linea blockchains on September 5, according to press release shared with Blockchain.News. This move follows the company’s earlier decision to include Base and Linea in its wallet services, thereby extending the marketplace’s compatibility to 17 different blockchains.

OKX has already supported NFTs on Ethereum, Solana, Binance Smart Chain, Polygon, OK Chain, Immutable X, Aptos, Optimism, Klaytn, Arbitrum and Avalanche Chain.

Base and Linea: A Technical Overview

Base, an Ethereum Layer 2 (L2) solution, is built on the open-source Optimism Stack. It aims to tackle the blockchain trilemma of scalability, security, and decentralization by offering interoperability and composability for participating rollups. The inclusion of Base also brings liquidity from OpenSea, a major NFT marketplace, into the OKX ecosystem.

Linea, a project by ConsenSys, employs Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) cryptography technology. The Ethereum L2 solution is designed to enhance transaction throughput while maintaining a secure environment, aligning with the broader push for scalability in the Ethereum network.

OKX’s Multichain Strategy

The OKX NFT Marketplace is notable for its extensive multichain support, accommodating over 11 blockchain networks. It serves as a centralized hub for NFT transactions, including buying, selling, trading, and collecting, making it one of the most comprehensive platforms in the Web3 space. Major NFT marketplaces like OpenSea, LooksRare, and Magic Eden are among those supported.

Strategic Implications

While OKX has been known for its partnerships with high-profile brands and athletes, including Manchester City F.C. and McLaren Formula 1, the company’s core focus remains on technological innovation. Its recent global brand campaign, “The System Needs a Rewrite,” underscores its commitment to challenging the status quo through Web3 technologies.

The integration of Base and Linea is more than a mere addition of new features; it’s a strategic move that could have ripple effects across the NFT and blockchain sectors. By supporting a diverse range of blockchains, OKX positions itself as a versatile platform capable of adapting to the evolving needs of the Web3 community.

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Tagged : Base / Ethereum / LINEA / News / NFT / Okx / Optimism / Polygon

USDC will integrate into Polkadot, NEAR, Base, Cosmos’ Noble, and Optimism this September

by Blockchain NewsSeptember 2, 2023

Circle, the company behind the USDC stablecoin, is set to expand its digital dollar to six new blockchain ecosystems. The move comes as part of Circle’s “Stable September” initiative and aims to provide developers and businesses with a more versatile and secure stablecoin experience. The expansion will increase USDC’s native availability from nine to fifteen blockchain ecosystems.

Multi-Chain Expansion of USDC

Circle has announced that it will extend the reach of its USDC stablecoin to five new blockchain ecosystems in September, including Base, Cosmos via Noble, NEAR, Optimism, and Polkadot. A sixth addition, Polygon PoS, is slated for October. This expansion follows Circle’s recent launch of its Cross-Chain Transfer Protocol (CCTP) on mainnet and the introduction of its Web3 Services pillar and Programmable Wallets.

According to Circle, “the expansion of USDC to six new blockchain ecosystems enables developers to build on a stable foundation with a fully reserved digital dollar they can trust.” This move is expected to offer businesses and their users a “faster, safer, and more efficient way to send, spend, and exchange value around the globe.”

Supporting Blockchains Detailed

Base

Base is an Ethereum Layer 2 solution designed to onboard the next million developers and billion users. It is built on OP Stack in collaboration with Optimism and is currently incubating at Coinbase. Base aims to serve as an easy-to-use bridge for Coinbase users.

NEAR

NEAR is a high-performance blockchain that offers frictionless user onboarding and a unique scaling solution built on sharding technology. The integration of USDC into NEAR aims to “empower developers to integrate stablecoin payments flows into JavaScript or Rust-based decentralized applications.”

Noble

Noble is an appchain in the Cosmos ecosystem focused on simplifying asset ownership and transfer within the Inter-Blockchain Communication (IBC) ecosystem. USDC issued on Noble will be accessible to dozens of appchains via a seamless IBC integration.

Optimism

Optimism is an Ethereum Layer 2 solution that utilizes Optimistic Rollup technology to improve transaction throughput. The integration is expected to result in “significantly faster and lower-cost USDC transactions.”

Polkadot

Polkadot aims to facilitate an internet where independent blockchains can exchange information in a trustless manner. Circle plans to bring USDC to Polkadot via the Asset Hub parachain.

Polygon PoS

Polygon PoS complements Ethereum’s decentralized security and aims to appeal to the general public while maintaining decentralization.

Conclusion

The expansion of USDC to six new blockchains is a significant step in Circle’s commitment to delivering a stablecoin with the “widest reach, developer optionality, and the simplest, most secure user experience.” With this move, Circle continues to solidify its position as a leader in the stablecoin market.

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Tagged : Base / Cosmos / Near / News / NOBLE / Optimism / Polkadot / USDC

Native USDC Integration on Base Blockchain

by Blockchain NewsAugust 30, 2023

Circle has announced the upcoming launch of native USDC on the Base blockchain. The announcement, part of Circle’s #StableSeptember series, outlines the benefits and implications of this integration for both developers and users.

Key Takeaways

– Native USDC will be the “official form” of USDC for the Base ecosystem.

– The token aims to replace the currently circulating bridged USDbC liquidity originating from Ethereum.

– Native USDC will be “fully reserved and always redeemable 1:1 for US dollars,” according to Circle’s official blog.

– The launch will facilitate institutional on/off-ramps.

The Official Form of USDC

According to the official blog post from Circle, native USDC issued by Circle will be considered the “official form” of USDC within the Base ecosystem. The token address for this native USDC is 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913. This move is expected to gradually shift liquidity from the bridged USDbC token, which has its roots in Ethereum and holds the token address 0xd9aAEc86B65D86f6A7B5B1b0c42FFA531710b6CA.

Liquidity and Transition

The blog post also mentions that over time, native USDC liquidity “may replace” the currently circulating bridged USDbC liquidity. Base will collaborate with ecosystem apps to offer a smooth, optional transition from USDbC to native USDC. Importantly, there will be “no immediate changes to Base Bridge,” which will continue to operate as usual.

Institutional On/Off-Ramps

One of the key benefits cited is the enablement of institutional on/off-ramps. While the blog does not delve into specifics, the 1:1 redeemability for US dollars suggests a level of stability and trust that could attract institutional investors.

Upcoming Launch Details

Details about the launch, including the ecosystem apps that will support the swap from USDbC to native USDC, will be shared by @BuildOnBase on the launch day. A tweet from Coinbase confirmed that both native and bridged USDC will “continue to coexist on Base.”

Summary of Coinbase’s Base Network

Base, incubated within Coinbase, is an Ethereum Layer 2 (L2) network designed to offer a secure, cost-effective, and developer-friendly environment for building on-chain applications. Launched on February 23, 2023, in testnet phase, Base is developed in collaboration with Optimism and is built on the open-source OP Stack. It aims to provide enhanced scalability, faster transaction speeds, and reduced gas fees, all while maintaining the security measures of Ethereum’s mainnet. Base also offers seamless integration with Coinbase’s ecosystem, giving developers access to 110 million verified users and over $80 billion in assets. Despite rumors, Coinbase has clarified that they do not currently plan to issue a new network token for Base; ETH will serve as the native gas token.

Implications and Future Outlook

The integration of native USDC into the Base ecosystem could have far-reaching implications. It not only offers a more stable and official stablecoin option but also potentially streamlines transactions and lowers costs. As #StableSeptember unfolds, more details are expected to emerge, shedding light on how this move will shape the Base ecosystem and beyond.

In summary, the upcoming native USDC launch on Base is a noteworthy development in the stablecoin arena, offering benefits like enhanced liquidity and institutional access. As the launch date approaches, all eyes will be on how this integration impacts the Base ecosystem and the stablecoin market at large.

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Tagged : Base / Blockchain / Circle / Coinbase / News / USDC

Base Unveils Its Decentralized Superchain Vision Powered by OP Stack

by Blockchain NewsAugust 24, 2023

Base, the Ethereum Layer 2 (L2) solution incubated at Coinbase, recently spotlighted its unwavering dedication to decentralization, aligning seamlessly with the Superchain vision. Born out of a collaboration with the Optimism Collective, Base utilizes the open-source OP Stack, aiming to bring a billion users and a million developers into the blockchain ecosystem. This ambitious goal is anchored in the principle of decentralization, seen as the linchpin for a global, open, onchain economy.

The OP Stack, maintained by the Optimism Collective, is the open-source development stack that powers Optimism. It comprises various software components that together form Optimism’s backbone, designed as a public good for both Ethereum and Optimism ecosystems. The stack’s primary focus is on creating a shared, high-quality system for generating new L2 blockchains.

This coordination on shared standards helps avoid repetitive software creation in isolated silos. While the current core of the OP Stack is infrastructure for L2 blockchains, it extends to tools like block explorers, governance systems, and more. The Bedrock release of the OP Stack supports the Optimism Superchain, a proposed network of L2s sharing security, communication layers, and a common development stack.

The choice of the OP Stack as the foundation is strategic. Recognized as a universally accessible asset, it beckons every developer. As teams like Base and OP Labs converge, the mission is clear: reinforce the OP Stack. This shared aspiration with the Optimism teams paints a picture of Ethereum’s future—a “Superchain” of interconnected rollups and L2s.

Base’s commitment to decentralization isn’t just theoretical. The platform is on a quest to decentralize its core while bolstering the OP Stack. With technical advancements on the horizon, Base aims to transition from a Stage 0 to a Stage 2 L2, a categorization attributed to Ethereum’s co-founder, Vitalik Buterin. This collaboration with the Optimism Collective promises to elevate the OP Stack’s trifecta of scalability, reliability, and decentralization.

On the technical front, Base’s roadmap is laden with milestones. From refining op-geth and op-node for enhanced scalability to backing the op-reth initiative for diversified clients, the path is well-defined. Additionally, the advent of “Pessimism” is set to amplify the OP Stack’s monitoring prowess.

Base’s allegiance to the “Law of Chains” is steadfast. This framework sketches out standards for Superchain protocols, emphasizing neutrality and a decentralized security model. It also offers a protective shield for users and operators. Base’s launch strategy is meticulously crafted to obliterate centralization bottlenecks.

In a philanthropic stride, Base pledges to allocate a portion of its sequencer revenue to the Optimism Collective. This contribution is earmarked as either 2.5% of Base’s sequencing revenue or 15% of L2 transaction profits after accounting for L1 data submission costs. Moreover, Base’s foray into onchain governance is commendable, with prospects of acquiring up to 2.75% of the OP token supply over six years.

In conclusion, Base’s fervor for the Superchain vision is palpable. In synergy with the Optimism Collective, the objective is lucid: establish a robust foundation for the OP Stack and the Superchain, heralding a new era in the blockchain realm.

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Tagged : Base / Coinbase / Decentralized / News / OP STACK / SUPERCHAIN

Coinbase Identifies Four Key Innovations for its Layer-2 Network

by Blockchain NewsMarch 27, 2023

Coinbase, a leading cryptocurrency exchange, has outlined four critical innovations that should be built on its newly launched layer-2 network, Base. The exchange believes that the implementation of these innovations will help to strengthen the network and enhance user experience. The network is powered by the layer-2 network Optimism and secured by Ethereum, and the innovations include an on-chain reputation system, an on-chain limit order book exchange, tools for the decentralized finance (DeFi) ecosystem, and inflation-pegged “flatcoins.”

Coinbase is one of the largest cryptocurrency exchanges globally, and it launched its layer-2 network, Base, approximately a month ago. The network is secured by Ethereum and powered by Optimism, another layer-2 network. Coinbase is now looking to add new features to the network to enhance its functionality and user experience.

The first innovation identified by Coinbase is an on-chain reputation system. This system will allow users to build a reputation on the network based on their actions, and it will help to incentivize good behavior while deterring bad actors. With the implementation of an on-chain reputation system, users will be able to trust each other more, and this will increase the adoption of the network.

The second innovation is an on-chain limit order book (LOB) exchange. This feature will allow users to trade cryptocurrencies with a higher degree of control over their orders. By using an LOB exchange, users can set specific price targets and ensure that their orders are executed at the desired price. This innovation will help to improve the trading experience for users and increase liquidity on the network.

The third innovation is tools that will make the decentralized finance (DeFi) ecosystem safer. DeFi has gained significant popularity in recent years, but it is still a relatively new and untested market. Therefore, it is crucial to have tools in place that can mitigate risks and increase the security of the DeFi ecosystem. Coinbase’s tools will aim to enhance the security of DeFi applications and protect users from potential hacks and scams.

Finally, Coinbase has identified inflation-pegged “flatcoins” as another critical innovation that should be built on its layer-2 network. Flatcoins are stablecoins that are pegged to the inflation rate of a specific country or region. By using flatcoins, users can protect their funds from inflation while also maintaining stability. Coinbase believes that the implementation of flatcoins will increase the use case for cryptocurrencies and make them more accessible to a broader range of people.

In conclusion, Coinbase’s layer-2 network, Base, has the potential to become a significant player in the cryptocurrency market. By identifying these four critical innovations, Coinbase is positioning itself as a leading innovator in the space. As the network continues to grow, it will be exciting to see how these new features will shape the future of the cryptocurrency market.

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Tagged : Base / Coinbase / DeFi / FLATCOINS / LAYER-2 NETWORK / News

Bitcoin Bull Run on First Base in First Inning, Says Galaxy Digital’s Mike Novogratz

by DailyhodlJanuary 4, 2021

The CEO of the crypto management firm Galaxy Digital says Bitcoin’s current bull cycle has barely begun.

In a new interview with Currency.com, Mike Novogratz says he expects other large insurance companies like MassMutual, which recently invested $100 million into BTC, to follow suit – pushing the price to as high as $150,000 in 2022.

“There’s scores of insurance companies. They’re all going to come. We’ve got a couple big asset managers only. One guy bought $600 million yesterday. I was talking to him. He’s like, ‘Well how far are we ahead or behind?’ I was like, ‘You’re on first base in the first inning.’

So we’re going to see these movements in these institutional buckets over the next couple years. I think $50,000 this year may be easy and $100,000 or $150,000 the next. That’s just as the money moves in.”

Novogratz says he also expects younger generations to continue to lead the way among retail investors and make an even larger impact once baby boomers begin shifting wealth to their kids.

“There’s also a giant wealth transfer coming. The baby boomers are going to die and they’re going to finally give the money back to millennials and Gen Z. Millennials and Gen Z, 50% of people your age meet their significant other online. 50% of marriages today are started online. My age – zero…

Why older people have a harder time with crypto? Why they need to buy their Bitcoin through funds or through brokerages instead of just going on and getting the Square app and buying their Bitcoin. So they’re coming to buy it now, but as they transfer their money to a generation who’s going to be much more comfortable with crypto and digital stuff, then you’re really going to see total adoption.”

Novogratz has long said he thinks Bitcoin will attain 10% of the market cap of gold, which would place BTC’s market cap at about $1 trillion. Now, he says Bitcoin could grow much larger.

“We’re now 3% of gold. That was a target. My next target was 10% of gold. But if you think about the way the world works, as we get to 10% of gold, people are going to think, why are we only 10% or gold? We should be 20% of gold. We should be 50% of gold. We should be the same as gold. We should be more than gold.”

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