Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

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EigenLayer prepares for EIGEN token transfer restrictions lift on Sept. 30

  • EigenLayer will lift EIGEN token transfer restrictions on September 30, 2024.
  • Stakeholders must observe a 7-day withdrawal period to unstake EIGEN tokens.
  • Pre-market values EIGEN tokens at $3.4, with TVL dropping from $20B to $12B.

EigenLayer, a prominent restaking protocol, is set to remove transfer restrictions on its native EIGEN token, enabling stakeholders to trade and transfer their tokens starting on September 30.

This significant update comes after months of anticipation, particularly following the protocol’s recent token distributions.

EIGEN token remain non-transferable

EigenLayer has been at the forefront of crypto innovation, allowing users to stake their ether (ETH) to secure third-party networks and other validated services. The platform’s native token, EIGEN, which was launched in April, plays a pivotal role in this ecosystem.

However, up until now, EIGEN tokens remain non-transferable due to restrictions in place following two major “stakedrop” events. The tokens remained locked, and stakeholders could not transfer or trade them.

With the lifting of these restrictions, EIGEN holders, including those who received airdropped rewards, will now have the ability to manage their assets freely.

For those who have staked their tokens, EigenLayer clarified that a mandatory 7-day withdrawal period must be observed for unstaking EIGEN. This adds a minor delay before tokens can be fully withdrawn and traded.

EigenLayer has experienced significant funds outflow

In pre-market trading, derivatives of the EIGEN token have been valued at approximately $3.4, with a fully diluted valuation of $5.4 billion.

However, despite the initial success, EigenLayer has experienced a significant outflow of funds in recent months, reducing its total value locked from $20 billion in June to $12 billion.

As the transferability date approaches, the platform’s future trajectory remains closely watched by the crypto community.

The post EigenLayer prepares for EIGEN token transfer restrictions lift on Sept. 30 appeared first on CoinJournal.

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Google Cloud rolls out new blockchain RPC service

  • Google Cloud announced the new blockchain remote procedure call service on Sept. 17
  • The blockchain RPC service is compatible with Ethereum and offers up to 100 requests per second.
  • Google Cloud targets developers in the web3 space, aiming to scale development and deployment of decentralized applications.

Google’s cloud computing platform has announced the launch of a new Remote Procedure Call service aimed at supporting developers in the web3 space.

According to details in an announcement, Google Cloud’s blockchain RPC service is fully-compatible with Ethereum. Developers will leverage the new service for a cost-effective, scalable and reliable access to blockchain data.

The RPC service targets developers building decentralized applications across the Web3 ecosystem, from startups to large enterprises. All these will have the opportunity to leverage Google Cloud’s reliability and performance, the company said.

“Google Cloud’s Blockchain RPC offerings deliver fast response times – exactly what you’d expect from them,” Kyle Quintal, head of engineering at 0xArc, said in a statement.

“Coupled with the fact that Google Cloud follows the EIP1474 standards and has the free-tier option, we integrated its service into our system right away and haven’t looked back,” Quintal added.

Initial support for Ethereum

Other than offering a free tier, the Blockchain RPC allows for up to 100 requests per second. While it will initially support the Ethereum mainnet and testnets, Google Cloud plans to expand the service to more blockchain networks over the next one year.

Google Cloud will host a webinar aimed at discussing its new RPC product on October 10, 2024

This is Google Cloud’s latest Web3 push, with recent inroads including the addition of 11 blockchain networks to its public datasets program ‘BigQuery.’

The platform has also inked partnerships with multiple blockchain platforms, including Polygon, Sui and Fantom.

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Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024

  • DBS Bank to launch OTC crypto options trading linked to BTC and ETH in Q4 2024.
  • Clients can hedge against volatility through options and structured notes.
  • DBS continues integrating blockchain and Web3 for institutional-grade access.

Singapore’s DBS Bank is set to launch over-the-counter (OTC) crypto options trading and structured notes in the fourth quarter of 2024.

This initiative aims to cater to the needs of institutional clients looking for ways to manage the volatility associated with major digital assets like Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.

DBS’s crypto options and structured notes

According to DBS, clients who wish to gain exposure to cryptocurrencies can now do so through options trading and structured notes.

A crypto options contract derives its value from the price of underlying digital currencies. It enables traders to lock in the right, but not the obligation, to buy or sell an asset at a predetermined price at a future date.

By purchasing put options, for example, clients can secure the ability to sell Bitcoin at a fixed price, regardless of market conditions at the time of execution, thus providing a layer of protection against price drops. This flexibility is particularly useful for investors seeking to manage the volatility of their crypto portfolios.

In addition to options, DBS will offer structured notes, which are debt securities whose returns are tied to the performance of underlying assets.

Structured notes provide investors with more customized opportunities, allowing them to capitalize on market movements while potentially reducing risk through tailored financial products.

DBS expanding its digital asset services

Announced on September 17, 2024, DBS’s new offerings will give institutional investors access to advanced financial products linked to BTC and ETH.

These products, which include crypto options contracts and structured notes, are designed to allow investors to hedge against the market fluctuations that have historically characterized the cryptocurrency space.

With this move, DBS is expanding its digital asset services to include more sophisticated strategies, aligning itself with the growing demand for institutional-grade access to digital assets.

According to Jacky Tai, DBS’s group head of trading and structuring, institutional clients are increasingly allocating funds to digital assets, and this expansion provides them with a new channel for incorporating advanced strategies into their portfolios.

DBS’s commitment to offering “trusted institutional-grade access” to digital assets is in line with its broader mission of integrating blockchain technology and Web3 infrastructure into its financial services.

As Singapore continues to lead in the global adoption of digital assets, DBS Bank remains at the forefront, leveraging regulatory support and technological innovation to provide cutting-edge solutions for its clients.

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Ethereum developers consider rolling out Pectra upgrade in two phases

  • Ethereum devs consider splitting the Pectra upgrade into two phases for a 2025 launch.
  • The first phase is targeted for release by February, with June seen as a deadline.
  • Pectra upgrade includes the Prague (execution) and Electra (consensus) layer upgrades.

Ethereum developers are contemplating a split of the much-anticipated Pectra upgrade into two phases to ensure they launch something as early as possible to meet the community’s expectations.

During a meeting on September 12, developers discussed the potential of launching the first phase of Pectra by early 2025, with a February target being deemed feasible.

“There is broad agreement that if we split, the idea is to ship Pectra one as quickly as possible, with early next year as our target,” a developer shared at the Ethereum execution layer meeting. Another developer echoed this optimism, noting that a February release seems realistic given the potential split.

Developer Danno Ferrin suggested that the split would only be sensible if the first phase could be delivered in the first quarter of 2025, while Ethereum researcher Ansgar Dietrichs warned that if the first phase is not shipped by June, the upgrade would be considered a failure. According to Dietrichs, “a split where we still only ship the first half in June would be a failure.”

Industry experts share this sentiment, with Galaxy crypto researcher Christine Kim noting that the split is highly likely due to the complexity of the Pectra upgrade. She also indicated that the scope of the upgrade could change significantly if developers opt for a two-phase release.

What is the Ethereum Pectra Upgrade?

The Pectra upgrade, which combines two major components — the Prague upgrade focused on the execution layer and the Electra upgrade targeting the consensus layer — promises to significantly improve the scalability and operational efficiency of Ethereum blockchain.

However, the complexity of the upgrade has led to discussions about splitting it into two separate hard forks.

Despite the challenges, there remains widespread optimism in the Ethereum community. Both Ethereum researcher Christine Kim and educator Sassal have remarked that Pectra is shaping up to be one of the largest upgrades in Ethereum’s history, with Sassal calling it the biggest upgrade to date.

A final decision on the Pectra upgrade split is expected to be made at the next Ethereum All Core Developers (ACD) meeting on September 19.

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Starknet approves new staking mechanism with dynamic STRK minting curve

  • Starknet community approved a dynamic minting curve for STRK tokens.
  • The minting curve adjusts token supply based on staking participation levels.
  • Starknet Foundation can modify minting parameters to manage inflation and rewards.

The Starknet community has successfully passed a proposal to implement a dynamic minting curve for STRK tokens, a significant move to balance staking incentives with token supply.

Nearly 98.94% of voters supported the new staking mechanism, which aims to offer more control over token inflation while incentivizing user participation. It makes Starknet the first major Ethereum Layer 2 (L2) to roll out staking functionality.

The new minting curve included in the approved proposal is based on “Proposal 2” by Professor Noam Nisan, with slight modifications. It will adjust the minting rate according to staking participation levels.

James Strudwick, executive director of the Starknet Foundation, described the approval as a game-opCEO of StarkWare, and echoed these sentiments, noting that the approval “gives the community a real stake — both literally and figuratively — in its future.”

How the dynamic minting curve works

The dynamic minting curve will adjust the token minting rate (M) based on the staking rate (S) and a constant (C), initially set at 1.6. The formula allows the token supply to be fine-tuned according to how many users are staking, preventing inflation when staking levels are high and encouraging participation when engagement is low.

Additionally, the Starknet Foundation or a designated monetary committee will be responsible for adjusting the minting parameters. This includes the ability to modify the constant (C) within a range of 1.0 to 4.0, depending on staking trends.

Any changes to minting rates will require public announcements and a two-week notice period for community review, ensuring transparency.

With this dynamic system in place, Starknet hopes to foster a more engaged community and incentivize long-term network participation, helping to ensure the stability and growth of the platform.

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