Tag: Ethereum Virtual Machine

ENS Launches EVM Gateway, Enhancing Interoperability Between L1 and L2 Chains

by Blockchain News

ENS Domains (ens.eth) recently announced the launch of the EVM Gateway, a significant development in blockchain technology aimed at improving interoperability between Layer 1 (L1) and Layer 2 (L2) chains. This new open-source platform is anticipated to be a foundational element in the next generation of L2 resolvers and marks a key milestone in ENS’s L2 roadmap.

The EVM Gateway, accessible on GitHub, includes a generic Cross-Chain Interoperability Protocol (CCIP)-Read gateway framework and a Solidity library. This innovative framework allows L1 smart contracts to efficiently and securely fetch and verify state information from other Ethereum Virtual Machine (EVM) chains, specifically L2s. This functionality is crucial for enhancing the communication and efficiency across different blockchain layers, fostering a more interconnected ecosystem.

Key features of the EVM Gateway include a modular design for trustless operations, simplicity in operations, and the flexibility to change targets (L2s) by simply swapping the address of a verifier contract. Users can choose to operate their own gateway or utilize an existing one, adding to the platform’s versatility.

The EVM Gateway is already available for early use on the Optimism Foundation’s Mainnet and Goerli, showcasing its practical applicability. In collaboration with the Optimism team, ENS has also introduced a sample decentralized application (dApp) using the EVM Gateway, further demonstrating its capabilities.

In addition to this technological advancement, ENS Domains announced a related event at ETHGlobal in Istanbul, inviting developers to explore the EVM Gateway. The event features a competition with a $4,000 prize pool for the “Best use of ENS on L2” category, encouraging innovation and practical applications of this new technology.

The EVM Gateway offers diverse applications, including fetching state proofs of data on other EVM chains for L1 smart contracts. The repository on GitHub provides detailed information on usage, including guidance on extending contracts with EVMFetcher, making view/pure context calls, and handling callbacks. The repository is divided into several packages, such as evm-gateway, l1-gateway, evm-verifier, l1-verifier, op-gateway, and op-verifier, each targeting different aspects of the gateway’s functionality.

This launch represents just the beginning of a series of innovations from ENS Domains, as the EVM Gateway opens up a realm of possibilities for communication and efficiency between L1, L2s, and decentralized applications (dApps). The blockchain community eagerly anticipates more updates and developments in this space.

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Bitfinex and Polygon zkEVM Facilitate Tether Gold Transactions

by Blockchain News

On Wednesday, October 11, 2023, cryptocurrency exchange Bitfinex announced the enablement of Tether Gold (XAUt) transactions through the Polygon zkEVM transport layer. The new functionality, which became effective from 03:00 PM UTC on the said date, allows Bitfinex customers to deposit and withdraw Tether Gold on the platform utilizing this advanced Layer-2 (L2) Rollup solution.

Following the integration of XAUt onto Polygon zkEVM, this initiative embodies a significant stride toward enhancing transaction efficiency and security. Polygon zkEVM, being in its Beta phase, is acclaimed for its Zero Knowledge (ZK) scaling solution, akin to the Ethereum Virtual Machine (EVM). This equivalency implies that the extensive array of existing smart contracts, developer tools, and wallets can function seamlessly on this layer, thereby broadening the horizon for digital asset transactions and applications.

Polygon zkEVM is engineered to drastically reduce transaction costs by leveraging the prowess of ZK proofs, an aspect that is crucial for the XAUt transactions on Bitfinex. The reduction in transaction costs is achieved through a minimized zkSNARK footprint size in L1, which in turn lowers the total cost of usage for end-users, culminating in an enhanced user experience.

Moreover, the framework promises high performance marked by fast network finality and frequent validity proofs, courtesy of Polygon Zero technology, which is termed as the fastest ZK proof in the world. The Recursive STARK protocol further propels extreme scalability, enabling developers to create a diverse array of decentralized applications (dApps) for varied user experiences.

The security facet of Ethereum is inherited in the L2 realm with an added advantage of L2 batching for scaling. ZK proofs play a pivotal role in ensuring transaction validity and shielding user funds from potential threats. The assurance that the stored information remains immutable adds another layer of trust and reliability to the framework.

The XAUt-Polygon-zkEVM contract address for these transactions is 0xa7Bd526e698a7EE6261982607D7B64cc8e7be0ef. The contract serves as a bridge for these assets on the Polygon zkEVM, devoid of issuance or redemption by Tether. Bridged versions of Tether tokens are categorized as third-party services and technology as per Tether Gold’s Gold Token Terms of Sale and Service.

Despite the correlation, Polygon PoS and Polygon zkEVM are distinct chains. Users are urged to exercise caution and ascertain the accuracy of the token contract address and the chain used for transactions to avert potential complications.

In essence, the collaborative endeavor between Bitfinex and Polygon aims to streamline and secure Tether Gold transactions, reflecting the ongoing efforts to foster a more flexible and secure digital asset ecosystem.

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Astar Network Launches Second Iteration of Smart Contracts

by Blockchain News

Astar Network Launches Second Iteration of Smart Contracts, Supporting Ethereum Virtual Machine and WebAssembly Virtual Machine

Astar Network, a multichain decentralized application (DApp) protocol, has announced the launch of the second iteration of its smart contracts on its mainnet on April 6. This iteration will support both Ethereum Virtual Machine (EVM) and WebAssembly Virtual Machine (WASM VM), and the Astar team claims that having both virtual machines and allowing interactions between the two is a “key success factor” in an emerging layer-1 blockchain.

According to the Astar team, even though the Ethereum network brought about the Web3 revolution through smart contracts, it cannot build the future of blockchain on its own. Therefore, Astar Network is offering an alternative for developers who want to utilize the benefits of both EVM and WASM VM.

To celebrate the launch, the Astar team has invited community members to a panel discussion led by its executives and various Polkadot developers to discuss how WASM can be utilized. The company will also meet with its infrastructure partners who will build the foundations for the WASM environment.

This announcement comes as Ethereum layer-2 scaling solution Polygon has recently released its zkEVM beta to its mainnet, allowing developers to deploy smart contracts at lower costs. Polygon founder Sandeep Nailwal described zero-knowledge (ZK) proofs as the “holy grail of Ethereum scaling.” The release of Polygon’s zkEVM beta and Astar Network’s launch of its second iteration of smart contracts both offer alternative solutions for developers who want to utilize the benefits of Ethereum scaling.

Meanwhile, the Web3 Foundation, the team behind Polkadot, has once again argued that the Polkadot (DOT) token is not a security. On Jan. 26, the firm restated that DOT has already morphed away from being a security and said that the United States Securities and Exchange Commission has welcomed talks with the firm.

In conclusion, Astar Network’s launch of its second iteration of smart contracts that support both EVM and WASM VM offers an alternative solution for developers who want to utilize the benefits of both virtual machines. As the blockchain industry continues to grow and evolve, it is likely that we will see more alternative solutions and protocols emerge to meet the demands of developers and users alike.

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Small-Cap Ethereum Rival Rallies 120% In Less Than a Week As Altcoins Bounce Back

by Dailyhodl

A low-cap Ethereum rival is suddenly making big moves as altcoins and the broader crypto markets begin to show signs of life.

Telos is an EVM (Ethereum Virtual Machine) – compatible blockchain built on top of the EOS.IO network that boasts 10,000 transactions per second.

The Telos EVM aims to be a scalable solution for Solidity-based applications, and users can also run and deploy Ethereum applications.

The project’s website says,

“Unlike other scalable EVMs, Telos EVM is not just a fork of the original Go Ethereum code. It’s an entirely new EVM redesigned from the ground up to take full advantage of the performances that the Telos Native blockchain delivers.” 

Less than a week ago, TLOS, Telos’s native token, was trading near the $0.57 mark. By early morning on February 2nd, TLOS had reached $1.28, which is its all-time high at time of writing. The rally marked a 124% gain while the larger crypto assets recorded modest rallies or traded sideways.

According to Telos, there are already over 100 different projects building on top of its network. In a recent blog post, Telos revealed that it had onboarded BikeChain, which functions as a “100% self-governing ride-sharing mobile Dapp.”

“BikeChain helps make a real difference in the world by pushing towards more environmentally friendly forms of transportation, allowing users to earn while still being influential in the future of BikeChain as a whole.”

In the same blog post, Telos also announced it had integrated with DappRadar, the world’s biggest decentralized application tracker. DappRadar users can now track projects built on Telos as they can with Ethereum (ETH), Solana (SOL) or Binance Smart Chain (BSC).

At time of writing, TLOS is currently trading at $1.09, up 93% in the past seven days, and 2491.8% in the last year.

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Top Crypto Trader Predicts 84,407% Price Explosion for Little-Known Altcoin Built on Ethereum

by Dailyhodl

A long-time crypto trader known as Flood is showing support for an altcoin that helps bridge the gap between different types of blockchain projects.

Flood tells his 194,400 Twitter followers that there are several reasons why he thinks trustless automated market maker Synapse (SYN) has the potential to make insane gains over the next two years.

“Here’s some simple math, the EVM [Ethereum Virtual Machine] smart contract platforms have a combined $700 billion market cap and are projected to reach $12 trillion by 2023.

With Synapse’s superior user experience, hyper-efficient liquidity providing and one of the greatest developer teams in crypto, it’s sure to become the leading cross-chain bridge in the world and capture at least 10% of that market cap, $1.2 trillion, by 2023.

That puts the price target at $2,400 per SYN. Let the bears and fudders (fear, uncertainty and doubters)  sell all they want, I will keep accumulating.”

The Ethereum Virtual Machine is a blockchain-based software platform where developers build decentralized applications (DApps). It eliminates the need for sophisticated hardware while creating smart contracts.

At time of writing, SYN is up over 10% on the day to $2.84. At Flood’s price target of $2,400 per token, that would signify a mind-boggling 84,407% gain for the 181st-ranked crypto asset.

According to the Synapse project website,

“By providing decentralized, permissionless transactions between any L1, sidechain or L2 ecosystem, Synapse powers integral blockchain activities such as asset transfers, swaps, and generalized messaging with cross-chain functionality.”

The SYN token entitles holders to vote on governance issues on the SynapseDAO (decentralized autonomous organization) as well as pays for network gas fees.

Another popular crypto analyst who goes by the name of Smart Contracter is also interested in Synapse.

The pseudonymous Twitter personality says,

“With all the layer ones competing against each other, accumulating something that bridges them all together feels like a picks-and-shovels play to me.

SYN chart looks amazing against ETH here on the weekly and allows you to bridge to almost every single chain from any chain.”

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Source: Smart Contracter/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto.com supports Cronos cross-bridge mainnet beta launch

by Cointelegraph

Cronos has announced the launch of its mainnet beta in a bid to facilitate greater interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems.

The release will enable developers to port decentralized applications (dApps), and smart contracts from Ethereum and EMV-compatible chains to the Cronos network at a low-cost and fast speed due to its Inter-Blockchain Communications (IBC) protocol integration. This will offer accessibility to Crypto.com’s 10 million-strong customer base.

Built upon the Cosmos blockchain and powered by Ethermint — a proof-of-authority consensus mechanism — Cronos operates adjacent to the Crypto.org chain.

In the days prior to the launch, the Cronos team published a Medium blog post to explain the intricate process of bridging assets cross-chain, for instance from Crypto.com’s ecosystem to Cronos, or bridging the platform’s native token CRO from Crypto.org’s chain to the Cronos chain via IBC.

Cronos announced their testnet service in July this year, and have reportedly since facilitated 1.5 million transactions from over 600,000 wallet addresses. At the time, Crypto.com’s CEO and co-founder Kris Marszalek said he expects an “explosion of activity on Cronos,” as well as pledging to foster the success of developers’ projects from inception to deployment.

This advocacy was demonstrated by the launch of a $100 million grant fund by blockchain accelerator Particle B, designed to equally allocate $1 million to one hundred projects deploying their applications on the Crypto.org chain.

Related: Crypto​.com is the #1 app in the Google Play Store in the US

Since launch, the Cronos ecosystem has attracted over twenty validators including Bison Trails, a number of prominent decentralized oracles including Chainlink and Band Protocol, Wallets Metamask and Crypto.com, as well as partnerships with DeFi, NFT and gaming platforms and projects.

The Cronos roadmap going into Q1 and Q2 of 2022 outlines intentions to launch the mainnet version of Gravity Bridge, as well as integrate additional IBC channels and IBC tokens whitelist.