[ANN] Ethereum: Welcome to the Beginning

[JollyGood]

If you stumble upon a vulnerability or bug you could be inline for a huge bounty. According to Ethereum Foundation the maximum bounty reward has been increased to $250,000.

The previous highest paid was $50,000 to a user who reported Lighthouse beacon nodes crashed after receiving BlocksByRange messages containing large counts which caused the attack. The report can be read here

[FP91G]

Ethereum’s staking rewards hit a record 8.6% post-Merge, with validators earning $46 million in the first week of May, citing the memecoin craze responsible.
Validators earned $46 million in the first week of May due to an increase in the staking rewards rate, which is a metric for validators’ annualized yield. According to data, validators earned 24,997 Ether in the week, representing a 40% increase over the previous week’s income of $33 million, when 18,339 ETH were distributed as rewards.

https://cointelegraph.com/news/ethereum-validators-earn-a-record-46m-as-staking-rewards-rate-surges

[zasad@]

https://twitter.com/AltCryptoGems/status/1656293008139010049?
"mewWatch: the number of $ETH validators who behave in accordance with the U.S. Treasury Department's sanctions policy has dropped to 27% from a record 79% in November 2022."


Apparently the gingerbread is over!


https://www.ethnews.com/is-ethereum-founder-vitalik-buterin-planning-a-sell-off-fortune-move-sparks-imminent-sell-off-speculations/
Wallet addresses linked to Ethereum founder Vitalik Buterin are on the move, sparking fears of a possible selloff.
Recent transfers show Buterin’s wallet moving 3,500 ETH worth about $6.56 million to another address.

[Mrpumperitis]

We all love ETH in some way...but this is something to be worried about....
The Ethereum mainnet was unable to fully confirm transactions for about 25 minutes on Thursday, with blocks getting proposed but not being finalized. Users of the blockchain saw that their transactions were going through. However, during the 25-minute span, they were at risk of being altered because of the malfunction.18 hours ago

btc core...clogged up, slow, very expensive...unusable
ETH..downtime...for just under 30mins...slow...expensive..unusable

Its time for people to wake up...
BCH with the new upgrade will be like OG BTC and ETH POW combined with super speed(near instant) and ultra low fees(fractions of a cent)...No need for POS.
BCH will be the most powerful and decentralized smart contracts platform in the world.
There will be dex's like Uniswap...stablecoins...RWA'S.... Grin
This will be the place to build smart contracts without the worry of supply controlled by VC's on POS chains....
BCH 3 days till the biggest upgrade in its history.

https://www.binance.com/en/support/announcement/binance-will-support-the-bitcoin-cash-bch-network-upgrade-5b99b3ffdb4f4954aa5896ad269c5433

[becoin]

BCH 3 days till the biggest upgrade in its history.

Nobody is using this coin. Blocks are empty and it is generally dead.

[Mrpumperitis]

The Ethereum blockchain suffered from a technical issue on Friday that caused the network to stop finalizing blocks for over an hour, the second such outage in the past 24 hours and it could happen again.

[zasad@]

The Ethereum blockchain suffered from a technical issue on Friday that caused the network to stop finalizing blocks for over an hour, the second such outage in the past 24 hours and it could happen again.

https://btcbit.net/news/ethereum_developers_have_released_a_patch_to_fix_network_failures
"The Ethereum Foundation developers have released a software update for Prysm and Teku clients to prevent further network outages.

Large-scale failures occurred on May 11 and 12, when the Ethereum network faced the problem of block finalization twice in a day. The first incident lasted 25 minutes, and the second more than an hour. There are speculations that this could be related to ether staking and MEV bots. The Ethereum Foundation claims that they are still investigating the reliable cause of the failures. Most likely, it is in high load on some clients.

Superphiz, an Ethereum developer and Beacon Chain consultant, assured via Twitter that the impact of the disruption is minimal and does not pose a threat to users. Transactions were not stopped, the blockchain continued to work, and failures did not affect network activity in any way."

[FP91G]

In a tweet on May 17, 2023, Sheffield said that Visa would continue researching and experimenting with account abstraction and EIP-4337 in the days ahead.

His comments were confirmed by a team member who said that the payments company is actively exploring the potential of smart contracts and the future of programmable money and payments.

As part of its experiment on the Goerli testnet, Visa will look at how it can further take advantage of EIP-4337 in deploying a functional paymaster smart contract to evaluate its utility.
https://www.newsbtc.com/news/ethereum/visa-deploys-paymaster-smart-contract-on-ethereum-testnet/

[theskillzdatklls]

So wild. Right now there are 62,900 ETH validators waiting to deposit in queue taking 34 days 1 hour.

At the same time, there are 22 ETH validators exiting to withdraw in queue taking minutes.

Withdrawals were like the most bullish thing possible, apparently.

[zasad@]

https://www.msn.com/en-us/money/savingandinvesting/edcon-2023-emphasizes-mass-ethereum-layer-2-adoption-vitalik-buterin/
"As one of the largest gatherings of the Ethereum and blockchain communities, the EDCON 2023 (Community Ethereum Development Conference) started on May 19 and ends on May 23, 2023.
EDCON 2023 features keynote addresses, technical seminars, and panel discussions on Blockchain Regulation, Layer 3, Decentralized Society, Decentralized Governance, and the Network State, amongst others.

EDCON 2023 has assembled the brightest minds of the Ethereum community, including Vitalik Buterin (co-founder of Ethereum), Balaji Srinivasan (author of the Network State), Scott Moore (co-founder of Gitcoin), Primavera De Filippi (Blockchain researcher at CNRS and the Berkman Klein Center at Harvard University), Tim Beiko (Ethereum Foundation), Barry Whitehat (Ethereum Foundation), Cy Li (Director of De University of Ethereum), among others. "

[FP91G]

On a May 31 episode of the Show Me The Crypto podcast, Ver — labeled “Bitcoin Jesus” for his early Bitcoin advocacy — said that despite Ethereum’s scaling issues and the other layer-one “clones” that have popped up in its wake, the Ethereum ecosystem is still where the action is:

“Even though Ethereum doesn’t have the biggest market cap compared to Bitcoin, I think Ethereum is the front-runner in terms of driving worldwide adoption.”
https://cointelegraph.com/news/roger-ver-ethereum-catalyst-for-crypto-adoption

[zasad@]

https://cointelegraph.com/news/dormant-ethereum-ico-wallet-awaken-years
"The wallet received 8,000 ETH after participating in Ethereum’s ICO (initial coin offering) in 2015 and remained inactive until May 27. On that day, its owner began with a cautionary transfer of 1 ETH to a new wallet. One minute later, they transferred the remaining 7,999 ETH to the new wallet address.

At the time of writing, the ETH stash is worth approximately $14.7 million.

This transaction was first noticed by blockchain analytics service Lookonchain, which informed its 219,000 Twitter followers of the transfer."
https://etherscan.io/address/0x6ccb03acf7f53ce87aadcc21a9932de915f89804

[JollyGood]

https://cryptonews.com/news/after-eight-years-of-dormancy-long-forgotten-ethereum-ico-wallet-resurfaces-with-15-million-worth-of-funds.htm

At the time of the ICO 1x ETH was sold for around $0.31 therefore the 8000 ETH would have cost the owner around $2480 back in 2017. Those 8000 ETH are now worth around $15 million today.

The article suggests the funds may have been dormant on a Ledger and since Ledger launched their Recover service many people have been taking crypto off Ledgers as a safety precaution.

[FP91G]

Ethereum developers agreed Thursday on the full scope of the network's upcoming upgrade, called “Dencun.”
The upgrade, also known as a hard fork, expected later this year, includes five Ethereum Improvement Proposals (EIPs) that designed to add more storage for data and reduce fees.
At the heart of this upgrade is EIP-4844, more commonly known as proto-danksharding. This feature will scale the blockchain by making more space for “blobs” of data, which then is expected to decrease gas fees for layer 2 rollups.
The other EIPs that made the cut are:
EIP-1153 - to reduce fees for storing data on-chain, and therefore improve blockspace.
EIP-4788 - to improve designs for bridges and staking pools.
EIP-5656 - to add minor code changes related to the Ethereum Virtual Machine.
EIP-6780 - to get rid of code that could terminate smart contracts.

https://www.coindesk.com/tech/2023/06/08/ethereum-developers-cement-final-lineup-of-changes-in-dencun-upgrade/

[zasad@]

https://www.theblock.co/post/235386/ethereum-developers-consider-raising-validator-limit-from-32-to-2048-eth
"Ethereum core developers are considering raising the maximum validator balance from 32 ETH to 2,048 ETH per validator.
The proposal was discussed during the most recent Ethereum core developer consensus meeting."

https://www.galaxy.com/research/insights/ethereum-all-core-developers-consensus-call-111/
"Outside of EIP 6988, developers discussed the following three EIPs for inclusion in Deneb:

EIP 7044: A code change to improve the staking user experience. The EIP would ensure that signed validator exits are valid in perpetuity. The EIP proposed by Lodestar (CL) developer “Dapplion” has already been merged into Deneb specifications.

EIP 7045: A code change to enhance chain security. The EIP would expand the attestation slot inclusion range from a rolling window of one epoch to two epochs. The EIP proposed by Ethereum Foundation researcher Danny Ryan is undergoing more discussion and a final review.

EIP 4788: A code change to improve the staking user experience. The EIP would expose roots of Beacon Chain blocks containing information about chain state inside of the Ethereum Virtual Machine (EVM) for trust-minimized access by decentralized application (dapp) developers. The EIP proposed by Ethereum Foundation researcher Alex Stokes was greenlit for inclusion in Cancun and Deneb during ACDE #163."

[Wapinter]

How many more updates before tx fee comes down to $1

[zasad@]

How many more updates before tx fee comes down to $1

If you are talking about commissions for transferring ethereum coins, then the cost of a transaction is now no more than $ 2.
https://etherscan.io/gastracker
The Ethereum ecosystem also works with smart contracts, and the more smart contracts your transaction uses, the more fees you pay.
I recommend using Tier 2 solutions where there is a lot of liquidity.
Statistics
https://defillama.com/

[FP91G]

The introduction of Ethereum's staking withdrawal functionality in mid-April has sparked a surge in interest for liquid staking tokens.
Among liquid staking providers, Lido has established overwhelming dominance, boasting the highest supply, liquidity, and integration network effects, all of which solidify its position in the market.
A new trend has evolved in regard to the DeFi integration of liquid staking tokens. Liquidity pools associated with liquid staking are witnessing a decline in locked value, as capital migrates towards use as collateral in lending protocols.
https://insights.glassnode.com/the-week-onchain-week-27-2023/

[zasad@]

https://finance.yahoo.com/news/ethereum-developers-propose-circuit-breaker-035532537.html
Ethereum Developers Propose ‘Circuit Breaker’ To Deter Hackers
Samuel Haig(C)

"Ethereum developers have proposed a circuit breaker mechanism that would halt token outflows exceeding a predetermined limit as a security measure.

EIP-7265 would allow developers to specify the value of withdrawals that triggers the circuit breaker, and whether that takes the form of delayed settlement after a cooldown or completely revert attempted outflows. The feature could prevent hackers from immediately draining the assets of exploited DeFi protocols and protect users against losses."


https://github.com/ethereum/EIPs/pull/7265

"This standard outlines a smart contract interface for a Circuit Breaker that triggers a temporary halt on protocol-wide token outflows when a threshold is exceeded for a predefined metric. This circuit breaker does not assume the structure of the underlying protocol, and mainly serves as a pass-through vehicle for token outflows. In order to maintain correct internal accounting for integrated protocols, and to provide maximum flexibility for developers, developers can specify if the circuit breaker contract should delay settlement and temporarily custody outflows during the cooldown period, or revert on attempted outflows.

Example implementation of a circuit breaker
Interface
'ProtectedContract' Contract to be inherited by DeFi contract for CB best practices"

[FP91G]

Ethereum Improvement Proposal 1153 is set to change the way Ethereum (ETH) blockchain processes the data. As a more advanced storage function, it will make the second largest blockchain more gas efficient than ever before.

Here's how Ethereum (ETH) becomes more gas efficient with EIP-1153
Uniswap v4, a much-anticipated release by the world's most popular DEX Uniswap, will rely on EIP-1153 "Transient Storage Opcodes," the new thread says. Therefore, it will allow traders and liquidity providers to save on gas fees.
https://cryptonews.net/news/ethereum/21305186/