Jameson Lopp, a prominent figure in the Bitcoin community, deliberately “griefed” one of Bitcoin’s testnets by generating three years’ worth of blocks in a single week to highlight a vulnerability, sparking outrage among fellow Bitcoin developers. Using just 20 lines of code and about worth of electricity, Lopp’s action, intended to draw attention to […]
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Solana Advances Congestion-Alleviating Central Scheduler Feature to Testnet
Anza, a dev collective behind Solana, recommended the adoption of Agave v1.18.12 into the blockchain’s devnet and testnet. This new version of the mentioned client ships with a central scheduler that aims to reduce congestion by increasing fee collection and reducing conflicting transactions. Anza is calling for increased testing on this functionality. Anza Calls for […]
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Arbitrum Launches Fraud Proofs In Testnet: Why Is ARB Down?
Arbitrum, the largest Ethereum layer-2 scaling solution by total value locked (TVL), is taking steps towards decentralization. In an update on April 16, Offchain Labs–Arbitrum developers–said they have deployed the permissionless version of their fraud proofs, dubbed Bounded Liquidity Delay (BOLD), to testnet.
Ethereum Layer-2s Are Popular, But There Is A Big Problem
Ethereum layer-2 solutions have been gaining prominence over the years. According to L2Beat data on April 17, these platforms control over billion of assets. Protocol developers and users can send transactions cheaply through Arbitrum, Optimism, Base, and other alternatives.
However, while they are popular and command billions in TVL, most of these platforms’ fraud proofs are being developed. Typically, when users transact all chains, all transactions must be confirmed by a web of miners or validators, depending on the consensus mechanism.
This differs in layer-2 options, which must reroute transactions and process them off-chain. There is no way of proving whether queued transactions are valid before being batched and confirmed on-chain.
The fraud proofs, such as those presented by Arbitrum and other optimistic rollup solutions, are designed to address a critical issue in layer-2 solutions. Specifically, once live and integrated into Arbitrum, BOLD will serve as a safety net, ensuring the validity of transactions processed off-chain. This mechanism is crucial in maintaining the integrity of transactions while enabling efficient off-chain processing.
In compliance with blockchain principles, BOLD will be decentralized. As such, the community will run nodes, which differs from the current setup. As it is, transaction validation in Arbitrum is centralized, and only a few validators are tasked with this.
Arbitrum Deploys BOLD In Testnet, ARB Prices Falling
With BOLD in the testnet, Arbitrum is opening up its rails so that anyone can participate in network security and validate withdrawals back to Ethereum. This move will be critical in building a more decentralized ecosystem and making the platform more robust.
Arbitrum becomes the first Ethereum layer-2 to launch its fraud proofs in testnet. In a post on X, Ryan Watts of Optimism also notified the community that plans are underway to create a decentralized fraud-proof system for the second-most largest layer-2 by TVL.
Even with this major milestone, ARB prices are stable and under pressure.
Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why
The token is down 50% from March 2024 highs at spot rates and remains under immense selling pressure. If buyers reverse the April 12 and 13 sell-off, the token might recover strongly, racing towards .5.
Solana Developers Test Congestion Fixes in Testnet, Introduce Measures to Prioritize Traffic
Anza, a collective of developers focused on the Solana blockchain, has produced a fix that aims to reduce the congestion that the network has been experiencing. The new version of Solana, now being tried in testnet, includes a feature called stake-weighted quality of service (SWQOS), that prioritizes transactions from higher quality validators. Solana Gears up […]
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Stacks Accelerates Toward Mainnet With Strategic Nakamoto Testnet Rollout
The layer two (L2) project Stacks has officially released its public Nakamoto Testnet, offering a refined testing ground for developers and signers ahead of the mainnet launch. Stacks Introduces Nakamoto Testnet for Comprehensive Pre-Mainnet Testing In a significant step forward for the Stacks ecosystem, the Nakamoto Testnet has been introduced, providing a formal and public […]
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Avalanche Rumbles: AVAX Eyes To Reclaim $50 As Upgrade Fuels Optimism On Testnet
In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted mark.
Avalanche Booms: Durango Upgrade Ushers Growth
Presently, the AVAX price confidently stands above the 50% retracement level at .91, signaling a robust support level within the market range spanning from .00 to . Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.
This is a big opportunity for Avalanche builders and validators to learn all the ins and outs of Durango
Going live right here on X or on YouTube this Wed. at 12pm ET
https://t.co/811uVwOIg9
— Avalanche
(@avax) February 12, 2024
The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.
This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.
Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to .95, effectively filling the current market range.
In a more bullish scenario, the gains might extend to .92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.
AVAX: On-Chain Metrics Signal Sustained Growth
Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.
As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.
Featured image from Pixabay, chart from TradingView
Ethereum’s Dencun Upgrade Goes Live on Holesky Testnet, Eyes Mainnet Launch
Ethereum’s Dencun upgrade has successfully navigated the final testing phase on the Holesky testnet, introducing proto-danksharding to dramatically lower transaction fees on its layer-two solutions, with eyes now firmly set on a mainnet launch. Ethereum’s Dencun Upgrade Triumphs in Holesky Testnet, Sets Sights on Mainnet The Dencun upgrade has successfully completed its final testing phase […]
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Ethereum’s Dencun Upgrade Successfully Launches on Goerli Testnet After Initial Hiccups
The Ethereum network has successfully implemented the Dencun upgrade on its Goerli testnet. This achievement comes as a part of Ethereum’s ongoing effort to introduce cost-effective data storage solutions on its blockchain.
Dencun Upgrade Triumphs on Goerli Testnet After Initial Delay
The highly anticipated Dencun upgrade, also known as “Cancun-Deneb,” successfully went live on the Goerli testnet on Jan. 17, following a brief four-hour delay caused by a technical glitch.
The upgrade encountered an unexpected hiccup as it failed to finalize on the testnet within the expected timeframe. Ethereum core developer Parithosh Jayanthi confirmed the successful finalization of the chain a few hours later, after a bug was identified and swiftly patched.
The goerli fork finalized!
https://t.co/LIa3d4Ml5H
After the fix was patched in, the validators came back online and the chain started finalizing again. The MEV circuitbreaker automatically disables and mev-blocks have started flowing through as well.
Yay client diversity! https://t.co/cLz3ZRxnXq
— parithosh |
(@parithosh_j) January 17, 2024
The Dencun upgrade marks a pivotal step in Ethereum’s strategy to introduce a new, cost-effective method of data storage on its main blockchain. This development is a part of a three-phase approach, with the next phases involving upgrades to the Sepolia and Holesky testnets in the coming weeks. The use of testnets like Goerli is vital in the blockchain community, as they serve as platforms to rigorously test applications and significant upgrades before their implementation on mainnets.
The implementation of Dencun on the mainnet promises substantial benefits. The core feature of Dencun, “proto-danksharding,” is set to enhance data availability capacity and reduce transaction costs for layer-2 blockchains, such as Optimism, Base, Polygon zkEVM, and others, which have gained popularity as alternatives for processing transactions on the main Ethereum network. However, the growth of these networks has been limited due to high data costs under the existing framework. Additionally, it will introduce limitations on self-destruct operations and enable new features for bridges and staking pools.
The initial delay in Dencun’s launch was attributed to a chain split caused by a bug in the Prysm implementation of Ethereum, preventing it from syncing with other nodes. Ethereum developer Tim Beiko noted that the fork occurred around 6 am UTC, and the issue was promptly addressed by the development team.
Jayanthi praised the efficiency of their debugging systems in swiftly resolving the issue, stating, “We went from fork -> issue -> triage -> fix -> finality in under 4h.”
As for the Dencun’s testing schedule, the next critical milestone is set for Jan. 30 with its implementation on the Sepolia testnet, followed by the Holesky testnet on Feb. 7. The date for the upgrade’s deployment on the mainnet is yet to be announced.
Which layer-2 will benefit the most from the eventual deployment of this upgrade to mainnet? Share your thoughts and opinions about this subject in the comments section below.
Solana (SOL) Breaks Multi-Month Trend As Firedancer Hits Testnet
The Solana price is currently experiencing a breathtaking rally. Since marking a bottom below on December 29, the SOL price has risen more than 395%. And news from the Solana Breakpoint conference, which is currently being held in Amsterdam from October 30 to November 3, 2023, further fueled the price yesterday. In the last 24 hours, the price has risen 7.5%, and a whopping 23% in the last seven days.
Firedancer Launched On Solana Testnet
Central to the current excitement is the launch of Firedancer on Solana’s testnet. This new validator client, designed for the Solana blockchain, promises to significantly improve the scalability of the network, diminish latency times, and overall enhance network performance.
The brain behind Firedancer Solana is Jump Crypto, a division of the Jump Trading Group, dedicated to pioneering solutions in the blockchain space. Their vision for Firedancer is comprehensive. It is designed to refine the Solana network across all tiers, starting from its foundational consensus mechanism to its broadest performance metrics. Ultimately, Firedancer aims to scale Solana to one million transactions per second (TPS).
Highlighting the criticality of Firedancer to the future roadmap of Solana, Dan Albert, Executive Director of the Solana Foundation, proclaimed during his live stage appearance at the conference, “These guys have been hustling hard. Really did a lot of work, working around the clock in the last couple of weeks and I am really excited to announce that right now the first version of Firedancer is live on testnet.”
The first version of @jump_firedancer
Live on testnet.
Right now.
Watch @DanPaul000 share the news live on the @SolanaConf stage.
Only at #Breakpoint2023. Watch the livestream: https://t.co/51G659GtUO pic.twitter.com/llaHoiendH
— Solana (@solana) October 31, 2023
Validating this enthusiasm, Raoul Pal, CEO and co-founder of Real Vision Group and former Goldman Sachs executive, expressed his bullish outlook, stating:
Firedancer is a VERY big deal, not just for Solana but for blockchain technology overall. It is a quantum leap in speed (10x faster than the fastest blockchain today) whilst increasing security and robustness of the Solana Virtual Machine [SVM]. We’re eagerly awaiting its migration to Mainnet in the summer of 2024.
Pal further encapsulated the potential of Solana and Firedancer in a recent conversation with Scott Melker. He opined, “I’ve been observing the charts, particularly Solana versus ETH (SOL/ETH) and Solana versus Bitcoin (SOL/BTC), and it unmistakably resembles a rocket ship in its ascent. It’s truly astonishing.”
SOL Price Breaks Multi-Month Trend
However, in the midst of this euphoria, some analysts urge caution. With SOL’s price surging to touch a 1-year high of .88 yesterday, analyst Pentoshi offered a sobering perspective, noting, “SOL takes out these equal highs at the top of the range and in the next couple weeks likely a chance to refuel at the mid-range at .xx.”
In addition, the 1-day chart shows that SOL broke out of an ascending trend channel (black) in a very bullish manner. SOL rose yesterday above the late October high of .78, which the price marked just before it plummeted in the wake of FTX’s collapse, losing more than 68% in four days.
The next few days will be all about closing above .78 for the SOL bulls. If this succeeds, the Fibonacci extension level of 1.618 at .85 could be the next major target. Otherwise, a correction toward the 0.786 Fibonacci retracement level at .18 could be in the cards.
Stellar To Release Protocol 20 Testnet Upgrade, Will XLM Rally?
On September 20, Stellar, a blockchain platform designed to facilitate fast and low-cost cross-border transactions using its native currency, XLM, will release the testnet upgrade of Protocol 20. With this launch, the protocol prepares for the eventual mainnet activation of the Soroban smart contracts platform.
Stellar Prepares For Protocol 20 And Smart Contracts
According to a document on September 18, the testnet upgrade aims to release candidate versions of Stellar Core and Horizon. Stellar is a blockchain network and relies on a network of nodes for transaction validation and to ensure the network is secure. Validators running are kept in sync using the Stellar Core since it acts as the backbone of the entire network, safeguarding the integrity of the blockchain.
Stellar Horizon is an interface that simplifies interaction between applications and developers with the mainnet through APIs. By eliminating the complexities of interacting with the blockchain, Horizon makes it easier for users to deploy applications.
Once the stable version is released, Validators will vote on the day when tested upgrades are integrated into the mainnet. The blockchain developer has acknowledged that the Protocol 20 upgrade will bring about new settings, which will require more discussion and adjustments through voting. The Stellar Network will provide a timeline for implementing these changes before rolling them out on the mainnet.
Soroban And The 0 Million Incentive
Stellar describes Soroban as a smart contracts platform designed for “scale and sensibility” and “integrates with and works alongside the existing Stellar blockchain.” The portal is currently being tested in Stellar’s testnet, Futurenet.
Stellar claims that some of the network’s core features, such as multi-core scaling and an optimized fee model, make their smart contracts superior since all the “pesky serialization loops” have been eliminated. Unlike Ethereum layer-2 platforms like Arbitrum or Polygon, which operate separately, Soroban will fully integrate with Stellar and remain open source.
The Stellar Development Foundation rolled out a 0 million Adoption Fund to incentivize Soroban adoption. This program, they explained, is an “umbrella for many programs that support all levels of Soroban adoption, some of which have launched and some of which have yet to launch.”
XLM prices are firm and have been one of the top-performing assets in the past three months. To illustrate, the coin surged from .08 in June and more than doubled, reaching .18 in late July.
However, the coin has since retraced, dumping by around 40%. However, the uptrend remains looking at the candlestick arrangement in the daily chart. Whether this upgrade will support XLM is yet to be determined.