Christine Kim
@christine_dkim
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Research @galaxyhq . Formerly @CoinDesk . Disclaimer:
Joined June 2018
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Pinned Tweet
gm, first pectra devnet incoming in ~2 weeks. eip 7549 proving to be more complex to implement than initially scoped out. and new eip to address front running attacks against staking pools presented by
@_vshapovalov
&
@dapplion
👇
0
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Ethereum devs agreed on the scope of Shanghai today. It’s going to be:
- staked ETH withdrawals
- big EOF implementation
- warm coinbase
- push0
- limit and meter initcode
- time based EL forking
- getpayloadV2 and getpayloadbodiesbyrange
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Today, Ethereum core developers gathered for their 96th fortnightly Consensus Layer (CL) call. This was the last call developers agreed to have post-Merge before going on an extended break. Short thread on what was discussed 🧵
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Ethereum developers are targeting March 2023 for the activation of Shanghai and staked ETH withdrawals. In my latest report, I give a detailed overview of how staked ETH withdrawals will be enabled on Ethereum. Here's the tldr🧵
(Thread inspired today by
@kellyjgreer
👑)
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This week, Eth devs set tentative dates for activating Cancun/Deneb on all three public Ethereum test networks.
The schedule for testnet upgrades is as follows:
· Goerli fork on January 17
· Sepolia fork on January 31
· Holesky fork on February 7
A March mainnet activation for…
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Two big zkEVM announcements are expected tomorrow from the
@zksync
and
@0xPolygon
teams. This on top of the Alpha launch announcement by the
@Scroll_ZKP
today.
Sounds like several zkEVM projects are very close to launching on Ethereum. That’s a game changer for Eth scalability.
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Yesterday, Ethereum core developers discussed at length different attack vectors against the protocol's censorship resistance following the Merge upgrade and what strategies should be taken to uphold the protocol's integrity in the face of potential state level opposition.
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A successful Merge = chain finalizes. Sure, participation rate dropped and looks like there may have been an issue with one of the clients but the Merge worked. We'll likely see minor issues like this with the upgrade on mainnet too but the point is, the Merge worked.
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Since the genesis of Ethereum, the network has undergone 18 hard fork upgrades, 15 on the execution layer, and 3 on the consensus layer. On average, Ethereum core developers have shipped 2.5 hard forks per year over the last 7 years.
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Flashbots just announced their new project to address centralization and censorship concerns around MEV extraction on Ethereum. This project is code named SUAVE.
#DevconVI
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gm, updates from acde
#174
:
- the first dencun goerli shadow fork was launched on monday, upgrade went smoothly, but more shadow forks with larger validator sets will be needed to properly test and analyze block+blob latencies
🧵
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ethereum's open source everything ethos is v underrated, there's public calls that anyone can join about almost every major area of development for the eth protocol, not to mention that all the topics discussed on these calls usually link back to several public documents,…
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🧶 Recap of the Ethereum All Core Developers’ Call today, starting with the topic of difficulty bomb timing.
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a few notes from yesterday's eth dev call:
- devnet 10 will be deprecated next week
- devs will launch devnet 11, a longer-lived testnet for dencun
- devs will also shadow fork goerli next week
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gm,
it's been 105 days since the activation of EIP-1559, Ethereum's fee market upgrade.
let's take a look at how the network has been faring since 👇
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The MEV supply chain on Ethereum is ripe for disruption because of a lack of robust financial incentives. There are a handful of solutions to the MEV problem being worked on for implementation in 2023.
Let's dive in.🤿
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🕯summoning the spirit of the dankshard 🕯
Join me this Friday at 10am (ET) to learn about KZG ceremonies, why they’re important for Ethereum and how they work.
I’ll be joined by
@trent_vanepps
and
@CarlBeek
from the Ethereum Foundation.
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Introducing the ultimate guide for how to watch next week's Ethereum Merge upgrade 🐼
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What's going into the next Ethereum upgrade, Cancun? 🦜
Yesterday, Ethereum devs agreed to include *three additional EIPs* alongside EIP 4844 (proto-danksharding) in Cancun.
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goerli : ✅
sepolia : ✅
holesky : ✅
next boss : mainnet
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Next Monday, devs are planning to shadow fork Ethereum mainnet to test the Merge.
@TimBeiko
emphasized the outcome of this shadow fork will be important to deciding Merge timing.
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gm, eth devs decided yesterday to push cancun/deneb activation on the goerli testnet to jan.
why this matters: assuming public testnet forks are spaced at least 2 weeks apart, there's a high chance now that mainnet activation of cancun likely won't happen until march and some…
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Another week, another
#Ethereum
ACD call to summarize. 🧵Thread below on the highlights from today’s bi-weekly developers meeting. Tldr, there’s loose agreement to prioritize EIP 3540, 3670, and 3860, the EVM upgrades, first for the Shanghai upgrade after the Merge.
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gm, it's Friday, the sun is out, and i've got a brand new research report out on everyone’s favorite topic: the Ethereum Merge Upgrade. some key takeaways and charts from the report below:
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Now that withdrawals are fully underway on Ethereum, there's been some confusion about what to make of the withdrawals activity we're seeing. Here's some common misconceptions to avoid: 🧵
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happy new year! yesterday, eth devs had their first acd call of 2024. it was a jam-packed one, full of debate and discussion about the dencun + petra upgrades.
let's get into it 🧵🧵
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WELCOME TO THE INFINITE JUNGLE! 🍃🐆
A new podcast about the evolution of Ethereum.
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📬NEW REPORT ALERT 📬
This one is on EIP 4844, proto-danksharding, the most important code change going into the next Ethereum upgrade, Cancun/Deneb.
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Today is my last day as a reporter for CoinDesk. I’ll be transitioning into a new role in the company as a research analyst. Thank you to everyone who helped educate, teach and mentor me in this reporting role. (1/2)
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Woah. This is transaction censorship on the protocol level by Ethereum's biggest mining pool,
@etherchain_org
.
Ethermine, the largest Ethereum miner, stopped including Tornado router transactions over a week ago
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Ethereum core developers wrapped up another meeting today about the forthcoming Merge and Shanghai upgrades .
Some notes from the meeting below 👇
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gm ☀️🦜
it's been over a week since shanghai and ethereum devs have not stopped to rest even for a day. 🥲
yesterday's ACDC call was almost entirely about planning for the next major upgrade cancun/deneb.
full call notes:
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Yesterday, I sat down and read the Cosmos 2.0 whitepaper ⚛️ The changes proposed are extensive and while they do obviously benefit $ATOM holders, the ambitious vision for a revamped Cosmos Hub is bound to face delays and introduce new technological risks to the protocol.
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Dencun activation on Holesky testnet incoming tomorrow at 6:34 AM (ET)/11:34 (UTC). It's the last Eth testnet that will be upgraded before mainnet. Devs expected to pick a mainnet date shortly after Holesky upgrade.
Countdown clock:
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A few updates on Merge testing from the CL call today:
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Some news I've been resisting sharing for a while now, today is my last day
@CoinDesk
. 🥲
I'm so grateful to everyone at the company who has helped me soar as a reporter, research analyst and manager.
I'll miss working with you all dearly but it's time for me to move on.
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On today's ACDE call, Ethereum devs agreed to schedule the Shanghai upgrade on the Goerli testnet for March 14th at epoch 162304. Goerli is the final public testnet where devs will test staked ETH withdrawals before activating the code change on mainnet.
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Coming at you with another 🧶 summarizing the latest Ethereum All Core Devs (ACD) call.
Livestream link here:
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If the launch of Shanghai on Goerli goes over smoothly, Ethereum stakeholders can expect a mainnet launch of the upgrade during the 2nd week of April.
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More research. More Ethereum. More kick-ass analysis on crypto with the talented team at
@glxyresearch
. 🪐💫
Let's goooo! 🚀
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It has been roughly 40 hours since the activation of Shanghai. Since the upgrade:
- 185,000 withdrawals have been processed
- 173,000 BLS credential changes
- 304,000 ETH distributed
- $ETH is up ~7%, as is $LDO, $RPL
- # of exiting validators is holding steady at ~17,000
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Since activation,
#EIP1559
has saved users a total of $844 million in transaction fees through base fee refunds. Shout-out to
@Amberdataio
for helping me get this data. 🙌
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Ethereum developers are on track to launch the Shanghai/Capella upgrade on the Sepolia testnet on February 28. After Sepolia, developers will launch the upgrade on one more public testnet, Goerli, before activating Shanghai on mainnet.
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Notes from yesterday's Eth dev call, ACDC
#125
:
- the last cancun/deneb goerli shadow fork launched yesterday, initial analysis was positive, all systems go for goerli fork next wed 🚀
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🐼 The long-awaited Merge upgrade finally went live on Ethereum yesterday after several years of research and development. The upgrade went better than expected and yet ETH price has trended lower since Merge activation. Why?
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Excluding partial withdrawals, the cumulative number of new staked ETH deposits has surpassed the number of full withdrawals by 72% as of April 27, 2023, indicating that more validators have entered Ethereum than exited since the activation of Shanghai.
H/t:
@hildobby_
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SEC Commissioner, Kara Stein: "If the markets begins to move towards blockchain technology, I think regulators do need to be in a position to lead, harnessing its benefits and responding quickly to potential weaknesses."
#InvestinginAmerica
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.
@TimBeiko
beat me to the punch this week with his summary of the ACD call today. Still, I figure better late than never to add my perspective on the call. 🧶
Another merge-heavy
@ethereum
#allcoredevs
today 😁 TTD, beacon chains, Ropsten, difficulty bomb, we covered it all!
Agenda:
Stream:
Recap below ⤵️
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Reminder: Dencun upgrade will be activated on the Sepolia testnet tomorrow, Jan 30, at 5:51 PM (ET)/22:51 (UTC).
Reply with a 🙋♀️if you're ready for the upgrade!
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i don’t get why everyone’s hyped about this
@eigen_da
news, 99% of getting restaking right depends on the economics, balancing risk with reward, there’s still no risk (ie slashing) or reward (ie AVS payouts) live on
@eigenlayer
, SO there’s no restaking really happening yet imo
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Here are two views on total ETH staked by
@nansen_ai
and
@coinmetrics
. The one by Nansen suggests deposit inflows are beating withdrawal outflows and the one by CM suggests the opposite.
They're both correct and I want to explain why: 🧵
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Ethereum core devs concluded their 143rd ACD call today. It was a short one! Only one hour long. Devs discussed ongoing preparations for the Merge and notably, MEV-Boost.
My notes on the call here:
HackMD version of my notes coming shortly.
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So to recap, post-Bellatrix, a few stats:
- network participation rate is 94.94%
- number of active validators is 403766
- number of offline validators 17743
- and client diversity for consensus layer clients page will be updated tomorrow so we can check again then
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A few updates from today’s Ethereum ACD call:
- EIP4488 (reduction in calldata gas costs which would make rollups cheaper to execute) won’t be implemented before the merge because devs think it’ll delay the merge
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"It is of utmost importance that the broader Ethereum community participates in [discussions about changes to validator economics,] and this time, the broader Ethereum community should not be caught off guard."
My first op-ed for
@CoinDesk
:
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I am increasingly of the opinion that EIP 4844, proto-danksharding, is not really an upgrade to Ethereum's scalability but the scalability of rollups built on top of Ethereum.
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gm gm, eth devs set a date for dencun mainnet activation today on acdc
#127
. dencun mainnet activation is scheduled for *march 13*. final client releases to be shared in two weeks time by *feb 22*.
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gm, here with another update on the eth cancun/deneb upgrade:
- devnet
#12
now hosts all EL/CL client combinations, incl. prysm
- devs say they are on track to launch a goerli shadow fork before the end of the year
- cont...
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Quick update from ACD call today:
- Cancun/Deneb upgrade on Sepolia and Holesky testnets remain scheduled for activation on Jan 30 and Feb 7, respectively.
- Client releases for both upgrades will be bundled and shared in a blog post next Tues.
- Full writeup from today's call…
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💫10 charts to illustrate the impact of the Merge on Ethereum 100 days later💫
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gm, a few updates from the eth dev call yesterday, acdc
#121
:
- devnet 11 is up and running
- goerli shadow fork today
- devnet 12 launch probably not till early december
- goerli public testnet launch not likely until after the holidays (my opinion)
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Another Friday, another Eth dev call summary. 👇
As you've probably heard, devs picked tentative dates for the Merge on this call. They also gave a detailed post-mortem of the Goerli testnet and updates on the circuit breaker discussion around MEV-Boost.
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Today, Ethereum developers gathered for ACDE call
#154
. On the call, they discussed the updated timeline for Shanghai.
Full call notes here:
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27
127
Notes from the Ethereum CLC meeting today 🪡
FYI, there were no updates on Merge or difficulty bomb timing. But there were some cool client updates.
First up on the call, devs discussed how the 3rd shadow fork of Ethereum mainnet went.
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It's Fri-YAY 🎉And that means all the time in the world to chill out and read... about ETHEREUM 2.0 HELLO so for that very important agenda item, I present to you my 22-page research report on all things Eth2. Enjoy ~
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the easier following ethereum protocol development can be, the better. this is one of my main goals hosting infinite jungle, writing the acd summaries, and publishing deeper dive research reports. staying up to date about ethereum and its evolution should be easy and accessible!
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Yesterday, Eth devs debriefed the Dencun Goerli hard fork, confirmed timeline for upgrading Sepolia and Holesky testnets, and agreed on 3 EIPs as likely for inclusion in the Prague/Electra upgrade.
Full call summary:
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Ethereum core developers wrapped up their 142nd ACD call today.
Agenda:
Livestream:
My recap of the meeting below 👇🪡
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LRTs are the new LSTs. Close to 50% of ETH+LSTs locked in EigenLayer are staked by LRTs and of the LRTs, $eETH dominates by making up 36% of LRT token supply.
Data:
@hashed_official
@DuneAnalytics
@DefiLlama
Links:
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Quick updates from ACDC
#126
:
- Devs agreed to prioritize EIP 6110 (Supply validator deposits on chain), EIP 7002 (Execution layer triggerable exits), and EIP 7549 (Move committee index outside attestation) in Electra.
- They also agreed to remove EIP 6914 (Reuse validator…
10
19
117
Today, Ethereum core developers working on consensus layer (CL) software clients such as
#Prysm
,
#Teku
,
#Lighthouse
, and
#Nimbus
gathered for their 87th bi-weekly Zoom call. Summary notes on what they discussed start here 🧵
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quick notes from the eth dev call this morning, acdc
#128
:
dencun 🐡
- all client teams, except lodestar, have released final software versions for the dencun upgrade
- these versions plus the dencun-ready candidate client for lodestar are currently being tested on one last…
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gm, another friday, another ethereum dev call summary ✨
this week, devs discussed the order of testnet upgrades for dencun, no indication of a formal timeline or schedule yet.
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The Galaxy Research team is on fire this week! Another new report drop. 🚨
This one is about RWAs and their integration in major DeFi protocols like
@MakerDAO
,
@fraxfinance
, and
@aave
. RWAs are fueling new innovations in DeFi.
Learn more:
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This week, Ethereum developers came to consensus about a few outstanding issues related to EIP 4844 (proto-danksharding) implementation.
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TIL Ethereum validators have earned about 973,269.30 ETH since the launch of the Beacon Chain. Here's why that matters for staked ETH withdrawals.🧵
Shout-out to
@waltjsmith
for inspiring this thread.🙌
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Coming at you with another Ethereum dev call writeup.
This week,
@dankrad
presented findings from a big data experiment testing the effects large-sized blocks on mainnet Ethereum.
More below 👇
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GM ☀️ Ethereum devs celebrated a successful Dencun upgrade and re-discussed various Pectra EIPs including EIP 3074 (AUTH and AUTHCALL Opcodes), EIP 7547 (Inclusion Lists), EIP 7623 (Increase Calldata Cost) and more!
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14
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GM ☀️ The Dencun upgrade is going live on Ethereum tomorrow. On this week's Infinite Jungle ep, I talk about the increasing complexity of Eth upgrades and chat with
@terencechain
about the latest design for inclusion lists and ePBS. 🐆
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A few late night thoughts in light of the recent Bloxroute/Lighthouse kerfuffle:
(TLDR, closed source MEV software matters about as much to Ethereum as open source client software and this isn’t good.)
🧵🧶🪡
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i appeal to you eth community, let's try and get maxeb included in electra! it's an important code change for the health of ethereum and here's why:
[1:25 - 13:45]
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gm ☀️ yesterday, eth devs discussed last minute preparations for the mainnet dencun upgrade. according to
@metrikaco
and roughly 50% of nodes appear ready for the upgrade next wed.
full call writeup:
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We're back baby!
After a two-week hiatus, Ethereum devs reconvened for the first ACD call of 2023. They discussed planning around Shanghai and most notably, they agreed to punt EOF implementation from the upgrade.
Full summary of the call here:
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yesterday, eth devs decided to add two new eips to prague.
1. EIP 3074 (AUTH and AUTHCALL opcodes), enables greater programmability in eoas
2. EIP 2935 (Save historical block hashes in state), has future benefits for verkle implementation
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gm, happy friday, ethereum devs wrapped up another acde call yesterday.
full writeup of the call here:
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gm gm, another eth dev call writeup coming at youuu ✨
yesterday, devs talked about a new deneb release for CL clients, v1.4.0-beta.3, dubbed "the summoning" 🧙
this release includes mainnet kzg configs and a new gossip rule to help prevent blob spam 🐡
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fwiw, based on how smoothly sepolia went today, id say odds of a mainnet activation for dencun in march is now 70%, up from 60%.
odds only get stronger if holesky upgrade next wednesday also goes smoothly!
After ACDE
#179
, I am impressed and slightly alarmed at Eth devs commitment to the Dencun testnet timeline. Based on the unchanged timeline for testing Dencun, I think a mainnet activation for the upgrade by the end of March is now looking likely (60%).
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Yesterday, Ethereum devs agreed to include MaxEB in Electra. They are continuing to scope out inclusion lists for the upgrade as well and will make a final call on whether to add it to Electra in 1-4 weeks.
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A few thoughts on
@jon_charb
's proof of governance piece: 🧵
PoS doesn't always lead to a more decentralized outcome than direct voting mechanisms that elect some number of known validators/sequencers/block producers.
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19
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Devnet
#8
is live. EIP 4788 deployment strategy has been tentatively finalized. Holesky testnet on track for mid-Sept launch. EIP editors have agreed to move forward with the ERC/EIP repo split.
Read more from yesterday's Eth dev call 👇
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