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    Ethereum vs. Solana (Round 5,697) 🥊 | Web3 Daily

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    Ethereum vs. Solana (Round 5,697) 🥊 | Web3 Daily



    TL;DR

    Full Story

    July is officially over (can you believe it??) which means we can now take a backwards look at what happened in the crypto markets last month.

    Today we’re going to focus on a battle that’s as old as t…

    Well it’s actually only a bit over four years old – but in crypto years, that’s a long time.

    We’re talking about Ethereum vs. Solana!

    (Specifically, the amount of usage of DEX’s built on Ethereum compared to those built in Solana).

    For the first time ever, Solana beat out Ethereum in terms of overall trading volume for the month (see header image 👆).

    Which is interesting in itself – but what’s more interesting is why this might be the case.

    Ultimately it comes down to three main things:

    Branding! Seriously, if Twitter is anything to go by, the number of times we’ve heard people talking about Solana as a ‘fun’ blockchain to build on is straight up weird.

    Meme coins. The undisputed champion of the current cycle’s narrative so far are meme coins.

    Those developed on the cheaper blockchain options (Solana and Base) have blown up, while classic NFT projects like Bored Apes built on Ethereum have tumbled in value and trade volume.

    Finally: cost, community and creativity. The more the web3 industry matures, the less people seem to be willing to spend money on gas fees.

    Solana is not only 100-1000 times cheaper for gas (transaction) fees over Ethereum (depending on network congestion), these days Solana really doesn’t have any less functionality than Ethereum either.

    Plus, the way Solana has bridged the gap between the developer community and the users is something to admire.

    While this seems like an ad for the Solana blockchain – it’s not!

    Both Ethereum and Solana have their unique place in the web3 ecosystem.

    But data don’t lie!

    And based on the current trajectory, when we extrapolate this data out a few weeks, months or years, it looks like Ethereum could be in for a rough ride.

    Let’s see how things pan out!



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    Major Recession Fears Just Hit (Here’s What’s Driving Them) | Web3 Daily

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    Major Recession Fears Just Hit (Here’s What’s Driving Them) | Web3 Daily



    TL;DR

    Full Story

    Bitcoin, Ethereum, and Solana all shed insane amounts of value last week.

    Why? Bear with us as we cook for a second…

    Imagine if an aircraft had a five minute delay on any steering adjustments made by the pilot…

    (It’d make flying Spirit, or any Boeing airplane, that much scarier).

    Weirdly enough — that’s kind of how the Federal Reserve pilots the US economy with interest rate adjustments.

    Every time they tweak interest rates, it takes — wait for it…

    Eighteen whole months for the effects to show in the economy.

    Which means when economic data starts flashing warning signals, it’s often too late, and the Fed can’t adjust quickly enough to stem any bleeds.

    Over the past year or so, the Fed has been trying to thread a needle that looks like this:

    Weaken the economy enough so that we don’t enter hyperinflation…while also avoiding a recession (aka: pull off a ‘soft landing’).

    Which is kinda like trying to fillet a fish with a hammer.

    About a month back, we started to see signs that the economy was weakening, though only mildly — which is good if we want a soft landing.

    …but over the past week, we saw signs that this economic weakening is accelerating, with data that showed payrolls were lowering while unemployment was increasing at a much faster rate than expected.

    With that fear came a grueling market sell off.

    BTC dumped from ~$70k to ~$57.1k, ETH took a dive from ~$3.4k to ~$2.6k, and Solana shed value from ~$193 down to ~$130.

    Alright, now you know.



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    Retail Investors Can Now Gain Direct Exposure to the Modern Day Gold Rush | Web3 Daily

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    Retail Investors Can Now Gain Direct Exposure to the Modern Day Gold Rush | Web3 Daily



    TL;DR

    Thunder Funder allows retail investors to buy-in to early stage Bitcoin-related companies, while those same companies can crowd raise up to $5M in funds (all while staying compliant with regulations).

    Full Story

    You know the term ‘picks and shovel businesses’?

    It exists because in the Californian Gold Rush of the mid-1800’s, it wasn’t the gold miners that made the greatest fortunes, but the folks providing products/services to the miners.

    (E.g. Wells Fargo, which provided shipping and banking services).

    Yeah, well — pick and shovel businesses are still generating massive wealth for their owners in the modern day.

    See: Jeffrey Preston Bezos’ Amazon, which makes more from its internet services business than it does from its retail business (wild!).

    …and we’re seeing the same thing start to take shape in the crypto space, where the sum of the services supporting crypto are producing higher returns than most cryptocurrencies themselves.

    Which is why this Thunder Funder crowdfunding portal caught our eye.

    Take GoFundMe, tweak it so only Bitcoin-related companies can pitch their products, and you’ll have a pretty good idea of what Thunder Funder is.

    The platform allows retail investors to buy-in to early stage Bitcoin-related companies, while those same companies can crowd raise up to $5M in funds.

    (All while staying compliant with regulations).

    The takeaway:

    Anyone/everyone can now get direct exposure to the modern day gold rush.

    (Not just insiders).



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    What Is Cross-Chain Compatibility? A Deep Dive | Chainlink

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    What Is Cross-Chain Compatibility? A Deep Dive | Chainlink


    Cross-chain compatibility means the ability of different blockchains to recognize and interpret each other’s data and assets, regardless of their underlying architecture.The blockchain ecosystem has become multi-chain, with hundreds of public blockchains, layer-2 networks, appchains, and other networks, and potentially thousands more public and private blockchains with trillions in value flowing onchain in the coming years.

    Given this rapid expansion of disparate onchain ecosystems, the need for seamless cross-chain communication and interaction between blockchains has never been more important. As a result, cross-chain interoperability has become a cornerstone of the blockchain ecosystem, with Chainlink CCIP being established as the universal cross-chain standard across both public and private blockchains. 

    Cross-chain compatibility is the ability of different blockchains to understand each other’s data and assets. In this blog, we explain cross-chain compatibility and how it compares to cross-chain interoperability.

    What Is Cross-Chain Compatibility?

    Cross-chain compatibility means the ability of different blockchains to recognize and interpret each other’s data and assets, regardless of their underlying architecture. This compatibility provides the foundation for a blockchain ecosystem where data and value can flow freely across different networks through cross-chain interoperability.

    Cross-chain compatibility is achieved through the use of cross-chain interoperability infrastructure, such as:

    Protocol-level: A cross-chain interoperability protocol standardizes cross-chain interactions. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) provides a universal framework for connecting blockchains, unlocking a unified Internet of Contracts where data and value can flow seamlessly across a multitude of onchain environments.
    Application-level: Cross-chain applications facilitate the transfer of assets and data between different blockchains. Transporter and XSwap are crypto bridging apps built on Chainlink CCIP that enable users to securely transfer their tokens across blockchains.

    Cross-Chain Compatibility vs. Interoperability

    While often used interchangeably, cross-chain compatibility and interoperability have distinct meanings:

    Cross-chain compatibility—The ability of different blockchains to recognize and interpret each other’s data and assets.
    Cross-chain interoperability—The ability of different blockchains to interact with each other through a blockchain interoperability protocol. Interoperability elevates compatibility to the next level, enabling complex interactions like cross-chain smart contracts.

    Chainlink’s Role in Cross-Chain Compatibility

    Just as TCP/IP is a universal standard that underpins the Internet, Chainlink CCIP serves as a universal standard that underpins the Internet of Contracts. By establishing cross-chain interoperability between blockchains, CCIP also enhances cross-chain compatibility missing from the blockchain ecosystem as native capability.

    Architectural overview of CCIP.

    CCIP establishes a universal connection between public and private blockchains so that arbitrary data, tokens, and/or messages alongside tokens can be sent between chains. CCIP supports Programmable Token Transfers that enable transferring tokens, messages, or both tokens and messages simultaneously within a single cross-chain transaction, enabling complex, multi-step cross-chain transactions.

    CCIP prioritizes end-to-end system security, providing the blockchain ecosystem with native level-5 cross-chain security to unlock a secure multi-chain economy. CCIP utilizes multiple decentralized networks to secure a single cross-chain transaction and incorporates additional security measures, such as the first-of-its-kind Risk Management Network—a separate, independent network that continuously monitors and validates the behavior of the primary CCIP network, adding an extra layer of security by independently verifying cross-chain operations.

    These advanced features and more are why major financial institutions and market infrastructure providers are already collaborating with Chainlink on using CCIP to unlock the potential of blockchain technology and tokenized assets, including Swift, DTCC, ANZ Bank, and Fidelity International and Sygnum.

    Cross-Chain Use Cases Enabled by CCIP

    By standardizing cross-chain interactions, CCIP enables a wide range of use cases that increase cross-chain compatibility, including:

    Cross-chain tokenized assets—Tokenized assets that can be utilized across any blockchain, with key data points moving with them as they move across chains.
    Cross-chain DvP—Cross-chain Delivery vs. Payment (DvP) transactions that ensure that the transfer of assets and the corresponding payment occur simultaneously.
    Cross-chain lending—Lending applications that allow users to deposit collateral on one blockchain and borrow assets on another.
    Cross-chain liquid staking/restaking—Liquid staking tokens (LSTs) and liquid restaking tokens (LRTs) that can be used across multiple networks in the DeFi ecosystem.
    Cross-chain NFTs—NFTs that can be minted on a source blockchain and received on a destination blockchain.
    Cross-chain gaming—Blockchain-agnostic gaming experiences that enable players to transfer in-game assets between chains.
    Cross-chain data storage—Data storage solutions that let users store data on a blockchain and execute computations on it from a different chain.

    Scaling a Compatible Onchain Finance Ecosystem With CCIP

    As thousands of banks continue to launch their own blockchains and DLT networks to tap into the tokenized asset megatrend, the need for a global blockchain interoperability standard that enables secure cross-chain interactions will continue to grow. Additionally, as more DeFi activity moves to rollups and other layer-2 networks, the ability to interact cross-chain will become increasingly essential.

    CCIP provides the universal interoperability standard that allows seamless cross-chain compatibility and interoperability between public and private chains, which is necessary for realizing onchain finance at scale.



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    Season 3 — a new era for L3

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    Season 3 — a new era for L3


    Season 3 is now live on Layer3! Don’t miss out on:

    Onchain adventures for trending ecosystems

    Millions in continuous token incentives

    Exclusive benefits for L3 stakers

    Enter Season 3

    Our Season 3 lineup guides users through three pillars of Layered Staking:

    Passive Rewards: Stake L3 to earn tokens in realtime. Optional lockups multiply rewards, benefiting long-term alignment.

    Protocol Utility: Access exclusive quests, tiered rewards, and other experiences based on your stake history and lockup duration.

    Activity & Stake-Based Distribution: Multiply L3 Airdrop 3 through onchain activity, staking, and a lockup.

    Season 3 encompasses all content on Layer3, and we’re excited to feature emerging protocols like Scroll, Karak, Solana, Zora, and more on crypto’s attention layer.

    Trending ecosystems

    We’re proud to announce our partnership with Immutable and investment from the Immutable-backed Inevitable Games Fund to use Layer3 infrastructure to bring crypto gaming to the mainstream.

    Claim your Immutable Passport — and the first CUBEs plus 50 Gems on Immutable zkEVM. Explore the next-gen Web3 gaming ecosystem today.

    Set up your Immutable Passport



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    Hyperledger Web3j Annual Report 2023-24

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    Hyperledger Web3j Annual Report 2023-24


    Over the past year, Web3j has continued its journey of growth and evolution. This report highlights our major updates, project statistics, new features, and community work. Our goal is to provide a comprehensive overview of the strides we’ve made, the challenges we’ve overcome, and the exciting future ahead.

    Major Web3j Announcement

    Web3j: Now a Hyperledger Project

    The start of 2024 marked a significant milestone with Web3j becoming a Hyperledger Foundation project. This transition marks a significant milestone, enabling us to leverage the Hyperledger Foundation’s capabilities in governing and promoting open source software. This strategic move also underscores Web3 Labs’ commitment to advancing the development and adoption of Hyperledger Besu, the only Ethereum client designed for both mainnet and private network use cases.

    Project Statistics

    As an Open Source project, community engagement is our lifeblood. Here are some key statistics that reflect our progress and community involvement over the past year:

    Contributions (total PRs merged): 80+
    Releases: 9 (v4.10.2 -> v4.12.0) including 3 major releases
    GitHub Stars: 5k (Up from 4.7k)
    Forks: 1.7k (Up from 1.6k)
    Issues: 133
    New Contributors: 19 with a total of 197 Unique Contributors
    Downloads: 5 Million (1.6M in last year, a 47% increase)

     

    Web3j Github Star History to date

    Web3j monthly downloads 2016 – 2024

    Important Updates

    Repository Migration

    With Web3j becoming a  Hyperledger project, the GitHub repository was migrated from the Web3 Labs to Hyperledger organisation. This move is a part of our inclusion in the Hyperledger family and to align with Hyperledger project standards and enhance our development processes.

    Archived Projects

    To streamline our efforts and focus on core components, we have archived several legacy Web3j projects. This decision helps us allocate resources more effectively and improve the quality of our primary offerings.

    List of all the archived Projects.

    Community Calls

    To foster stronger community engagement, we have initiated fortnightly community calls. These sessions provide a platform for developers and users to share insights, ask questions, and collaborate on solutions.

    Subscribe to our Web3j Calendar today and don’t miss out on any contributor calls in the future.

    New Features

    Comprehensive EIP Support

    EIP 4844 Support: We have integrated support for EIP 4844 and became the first web3 library to do so. This integration enables functionalities, including sending blob transactions, obtaining blob transaction fees, and other KZG commitment methods.
    EIP1559 Private Transactions: Support for private transactions under EIP1559 has been added, providing more flexibility and security for transaction handling.
    EIP-2930: Added support for optional access lists, enhancing transaction capabilities.
    EIP- 4895: Support validator withdrawals from the beacon chain to the EVM via a new “system-level” operation type.

    Build and Dependency Updates

    Gradle 8.7 Upgrade: Our build process has been enhanced with the latest Gradle 8.7 upgrade, improving efficiency and compatibility.
    Dependency Updates: All dependencies have been updated to their latest versions, addressing vulnerabilities and enhancing overall project security.

    Language and Platform Enhancements

    Kotlin Version Update: The project now utilizes the latest Kotlin 1.9.10 version, ensuring modern and efficient coding practices.
    Web3j-Android Hotfix: A hotfix has been implemented for Web3j-Android, ensuring compatibility with the latest Android versions.
    CI/CD and Release Process: Simplified and fixed the release process of Web3j after migrating to the Hyperledger GitHub organization.

    Additional Features and Improvements

    JWK Support: We have introduced support for JSON Web Keys (JWK), a significant step towards enhancing privacy and security in digital interactions.
    Bug Fixes and Improvements: Continuous improvements and bug resolutions have been a priority, ensuring a stable and reliable experience for our users.
    Account Abstraction Research: We are actively researching account abstraction support in Web3j, aiming to enhance the flexibility and functionality of our library.
    Integration Tests for Besu Private Transactions: Our testing framework has been enhanced to support integration tests for Besu private transactions, ensuring robustness and reliability.
    ENSIP-15 Normalization: We have implemented normalization as per ENSIP-15, improving compatibility and functionality.
    Web3j-CLI and Web3j-Solidity-Gradle: The Web3j-CLI now includes an ERC721 template creation feature. Additionally, Web3j-Solidity-Gradle supports different source set compilation with various Solidity versions, enhancing development flexibility.
    Web3j-Sokt: We have updated Web3j-Sokt to support the latest Solidity and EVM versions. Web3j-Sockt is responsible for bundling the Solidity compiler with Web3j projects, which enables developers to not have to manage Solidity installations themselves!

    Mentorship and Community Engagement

    Current Mentorship Projects

    Web3j Android: We have started enhancing the Android integration with Web3j, focusing on improving Android support within the Web3j ecosystem, ensuring compatibility and enhancing user experience.
    Project Link and Road Map

    Results of Previous Mentorship Projects

    Performance Analysis of Besu: Our previous mentorship project focused on the performance analysis of Besu using Web3j. This project provided valuable insights and benchmarks, contributing to the optimization of Besu.

    Community Activities

    Conclusion

    The past year has been transformative for Web3j, marked by significant updates, new features, and a growing community. We are excited about the future and remain committed to providing robust and innovative blockchain solutions. To see what we have planned for the future, keep an eye out for our 2024-2025 roadmap, which will be published very soon.

     



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    The National Bitcoin Reserve Bill is Officially Introduced | Web3 Daily

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    The National Bitcoin Reserve Bill is Officially Introduced | Web3 Daily



    TL;DR

    Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve, which will have both short and long-term benefits.

    Full Story

    Let’s cap things off this week with some news which may impact the crypto world in both the short term, and the long term.

    Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve.

    She first announced the bill at Bitcoin 2024 in Nashville last weekend but it wasn’t officially introduced until Wednesday.

    Here’s why this is exciting in the short term:

    Two words: market sentiment.

    While there’s still a long way to go for the bill to actually be approved and implemented, the mere introduction of the bill should have some sort of positive impact on investor confidence around Bitcoin.

    (And as we know, BTC goes up >> everything goes up 🚀)

    And in the long term:

    If passed (which would be monumental for BTC), it would surely lead to wider acceptance of crypto in general, and bring us closer to a world where crypto is just another part of the mainstream financial system.

    (Not sure that’s what every crypto degen wants, but it’s bound to happen).

    Chances are, it would also spur a flurry of other countries also establishing BTC reserves, putting a whole lot more buy pressure on the market.

    Whatever timeframe you look at this, it’s huge news.

    Now we just need the bill to be reviewed, debated, voting on in both the House and the Senate, and signed in by the President.

    Simple 🙃



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    Stablecoins: Boring? Yes. Driving the Mass-Adoption of Crypto? Also Yes. | Web3 Daily

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    Stablecoins: Boring? Yes. Driving the Mass-Adoption of Crypto? Also Yes. | Web3 Daily



    TL;DR

    Tether alone now owns more US government debt than major countries like Germany, the UAE, and Australia — and they’re not only profiting from it, but driving blockchain adoption in the process.

    Full Story

    You know those boring businesses you hear about every now and then that absolutely print money?

    E.g. Hunt Brothers Pizza — the gas station pizza business that makes $540M a year.

    Yeah, well — stablecoins are kinda like that.

    The leading stablecoin, Tether, just reported its earnings and have reeled in $5.2 billion of profit so far this year.

    (How? By taking a small percentage of the money invested into their coin, and re-investing it to eek out a profit — big bank energy).

    Here’s why this is important, and likely to grow:

    The US government generates cash by selling IOU’s (typically to other countries) with set interest rates — and to these other countries, it’s a solid deal, cause the US is seen in the same light as the Lannisters (from Game of Thrones):

    They always pay their debts.

    Problem is…

    There’s only so much US debt that other nation states can/are willing to buy — and the US is forever hungry for fresh cash.

    Stablecoins are the perfect instrument for extending demand for US debt — they increase the reach of the US dollar by allowing users anywhere/everywhere to buy US dollars, instead of their (often less reliable) local currencies.

    And this ain’t some hairbrained theory!

    It’s already happening in real-time. Tether alone now owns more US government debt than major countries like Germany, the United Arab Emirates, and Australia.

    (Quickly driving blockchain adoption in the process).

    We love to see it.



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    DEX’s Are Having Their ‘App Store Moment’ | Web3 Daily

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    DEX’s Are Having Their ‘App Store Moment’ | Web3 Daily



    TL;DR

    In Feb, DEXs were responsible for 4.6% of all crypto trading volume — today, it has risen to 7% (marking a 52% increase) — all thanks to improvements in UI, price, and optionality.

    Full Story

    In the long and winding list of ‘bad takes’ throughout tech history, Steve Ballmer’s reaction to the launch of the iPhone has gotta be top 10.

    (And we will die on this hill).

    “$500 fully subsidized with a plan?? I said that is the most expensive phone in the world!

    …and it doesn’t appeal to business customers because it doesn’t have a keyboard.“

    As we all now know — none of that mattered.

    The iPhone’s touchscreen keyboard worked well enough for email, the user interface was second to none, and its app library was world class.

    And now we’re starting to see a similar shift in users between centralized exchanges (CEXs) and decentralized exchanges (DEXs)

    For the longest time, DEXs really only had two things going for them:

    They were permissionless (no having to upload your ID, address, and phone number to some unknown server that will outlast humanity)

    Self custody came as standard (you held custody of your crypto instead of the exchange)

    Outside of that, they were ridiculously hard to navigate for first-time users, and their fees were not competitive.

    But of late, that’s started to change across the board — and DEXs are not only competing on ease-of-use and price, but…

    They’re also having their ‘App Store moment.’

    CEXs can’t/won’t list the majority of new tokens and memecoins right out of the gate because of regulatory restrictions.

    So all of the hottest new low-cap coins/tokens that you hear folks making life changing money on, across X (Twitter)? That’s all happening on DEXs.

    (Just like all the app development was happening on iPhone circa 2009).

    As a result, we’re seeing a massive uptick in DEX usage.

    In Feb, DEXs were responsible for 4.6% of all crypto trading volume. Today, it’s 7% — marking a 52% increase.

    And sure, a jump from 4.6% to 7% might not feel like a lot…

    But neither did the iPhone’s move from 3.5% of smartphone market share, to 5.4% (back in ‘07 / ‘08).

    The takeaway:

    DEXs are quickly becoming seen as the better option across the board.



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    Yikes! The US National Debt Just Surpassed $35 Trillion (This Is Why We Need Bitcoin) | Web3 Daily

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    Yikes! The US National Debt Just Surpassed Trillion (This Is Why We Need Bitcoin) | Web3 Daily



    TL;DR

    Full Story

    Would you look at that! History was just made.

    But not in a good way.

    For the first time ever, the US national debt surpassed $35 trillion — which equates to over $105k for every living person in the country.

    That’s the bad news 👆

    This is the good news 👇

    The US’ accelerating debt could increase the adoption of Bitcoin and well n’ truly solidify it as a safe haven asset.

    The less valuable the dollar becomes → the more dollars it takes to buy BTC → BTC’s growing price is (as it always has been) its own advertisement.

    Preferably, we never have to get to the point where Bitcoin’s merits are proven to the world thanks to the collapse of the dollar.

    What we will say is this:

    We’re glad to have a ‘life raft’ available if such an event were to take place — one that cannot be manipulated and subject to the same fate as fiat currencies.



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