Layer 2
Optimism and Arbitrum flip Ethereum in combined transaction volume
Ethereum layer-2 on-chain activity has been increasing to the extent that the leading two networks now process more transaction volume than mainnet Ethereum. Layer-2 networks Arbitrum and Optimism have seen an increase in transactions over the past three months. Comparatively, aside from a few spikes, transactions on the Ethereum network have declined by around 33% since late October, according to Etherscan. This has enabled the two L2s combined to flip Ethereum for this metric, according to Dune Analytics data. The chart shows Ethereum processed over 1.06 million transactions on Jan. 10, whereas Arbitrum and Optimism combined processed over 1.12 million transactions. Additionally, Optimism has now surpassed Arbitrum in terms of daily transactions following a steady uptrend in activity sin...
Ethereum scaling network Arbitrum set for major upgrade on Aug. 31
Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades on Wednesday, set to increase transaction throughput, slash transaction fees and simplify cross-chain communication between Arbitrum and Ethereum. Referred to as the “Nitro” upgrade, Arbitrum reconfirmed the date of the upgrade in a Twitter post on Aug. 29, confirming that the upgrade will take effect on Aug. 31 at 10:30 AM Eastern Time, while noting a two to four hours of network downtime period is to be expected. Reminder — Arbitrum One is upgrading to Nitro on Wednesday 8/31. There will be 2-4 hours of planned network downtime, starting 10:30 AM ET / GMT-4. 2️⃣ days until Nitro! — Arbitrum (@arbitrum) August 29, 2022 Abritrum is an Ethereum layer-2 scaling solution that utiliz...
Ethereum is like the best and worst parts of New York: Grayscale
Digital asset manager Grayscale has published a report on smart contract platforms in which it likens the Ethereum (ETH) blockchain to the best and worst parts of New York City. The report examines the granddaddy smart contract network Ethereum in comparison to newer competing blockchains such as Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Cardano (ADA) and Stellar (XLM). The report comes in the wake of the firm launching a crypto fund dedicated to smart contract platforms excluding Ethereum. In a section titled “digital cities,” Grayscale analyzed Ethereum, Avalanche and Solana. The firm compared Ethereum to the Big Apple, noting that they both share similarities with issues that arise from their stature: “Ethereum is like New York City: it is vast, expensive, and congested in certain...
Ethereum is like the best and worst parts of New York: Grayscale
Digital asset manager Grayscale has published a report on smart contract platforms in which it likens the Ethereum (ETH) blockchain to the best and worst parts of New York City. The report examines the granddaddy smart contract network Ethereum in comparison to newer competing blockchains such as Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Cardano (ADA) and Stellar (XLM). The report comes in the wake of the firm launching a crypto fund dedicated to smart contract platforms excluding Ethereum. In a section titled “digital cities,” Grayscale analyzed Ethereum, Avalanche and Solana. The firm compared Ethereum to the Big Apple, noting that they both share similarities with issues that arise from their stature: “Ethereum is like New York City: it is vast, expensive, and congested in certain...
Fantom Foundation issues clarification statement about departure of Andre Cronje and Anton Nell
Recently, media outlet Rekt.news made striking accusations about Fantom Opera, a layer-1 blockchain, after the foundation’s technical adviser Andre Cronje and senior solutions architect Anton Nell announced they were leaving the crypto space entirely. Almost immediately, concerns from the community arose after Nell tweeted, “There are around ~25 apps and services that we are terminating on 03 April 2022.” In the now-deleted Rekt article, it alleged the following: “Fantom, Solidly, SpookySwap, Abracadabra, Geist: multiple projects all entwined into a system designed to extract maximum value for a small set of insiders who are now steadily exiting the stage.” However, on Friday, the Fantom Foundation published a statement regarding alleged “factual inaccuracies,” “debunked claims” ...
Coinbase exec says major Ethereum scaling improvements coming soon
Coinbase Chief Product Officer Surojit Chatterjee is the latest to publish his predictions for the crypto industry in 2022 and he foresees major advances in the scaling of Ethereum. Industry leaders, analysts, and investors are sharing their 2022 predictions for the crypto ecosystem, and Coinbase’s Surojit Chatterjee is confident that Ethereum will be at the forefront of Web3 and the crypto-economy as it scales. The CPO shared his predictions in a company blog post on Jan. 4 in which he stated that Ethereum scalability will improve but alternative layer 1 networks will also see traction. “I am optimistic about improvements in Eth scalability with the emergence of Eth2 and many L2 rollups.” He added that newer layer 1 networks focused on gaming and social media will also emerge. Chatterjee ...
Polygon upgrade quietly fixes bug that put $24B of MATIC at risk
Ethereum-based layer two scaling network Polygon has quietly fixed a vulnerability that put almost $24 billion worth of its native token MATIC at risk. According to a Dec. 29 blog post from Polygon, the “critical” vulnerability in the network’s Proof-of-Stake (PoS) Genesis contract was first highlighted by two whitehat hackers on Dec. 3 and Dec. 4 via blockchain security and bug bounty hosting platform Immunefi. All you need to know about the recent Polygon network update.✅A security partner discovered a vulnerability✅Fix was immediately introduced✅Validators upgraded the network✅No material harm to the protocol/end-users✅White hats were paid a bounty https://t.co/oyDkvohg33 — Polygon | $MATIC (@0xPolygon) December 29, 2021 The vulnerability put more than...
Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal
Polygon (MATIC), a layer-two network designed for scaling and application infrastructure development on Ethereum (ETH), has been making the rounds among blockchain enthusiasts as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative up to integrating with Opera’s web browser to make its decentralized apps accessible to 80 million Android mobile users, the network’s momentum is going strong. But partnerships and business aside, the technological capacities of the network, especially when compared to Ethereum, are also attracting the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked about the extent of the n...
