Weekly Editors' Picks Weekly Editors' Picks (1119-1125)
"Weekly Editor's Picks" is a "functional" column of Odaily. On the basis of covering a large amount of real-time information every week, a lot of high-quality in-depth analysis content will also be released, but they may be hidden in the information flow and hot news, and pass you by.
Therefore, every Saturday, our editorial department will select some high-quality articles that are worth spending time reading and collecting from the content published in the past 7 days. You bring new inspiration.
Now, come and read with us:
"Weekly Editor's Picks" is a "functional" column of Odaily. On the basis of covering a large amount of real-time information every week, a lot of high-quality in-depth analysis content will also be released, but they may be hidden in the information flow and hot news, and pass you by.
Now, come and read with us:
Security and Risk Control
Cobo CTO: Defects and Improvement Ideas of Merkle Tree Reserve Proof
The development and regulation of Web 3 must simultaneously achieve two goals: protect consumer privacy, despite blockchain’s default transparency; and reduce the risk of illicit financing in the interests of national security.
Ethereum and scaling
FTX Hearing Held Today, How Should Chinese Creditors Protect Their Rights?
The most urgent task for Chinese creditors is to be selected into the creditor committee, preserve the evidence, and entrust professional American lawyers to complete the registration of creditor's rights in a timely manner. Xiao Sa's team believes that the key to whether FTX can be saved is whether it can find enough external funds and reach a consensus with the creditor committee at the same time (it is reported that there may be 100,000 to 1 million creditors worldwide).
A detailed explanation of the two foundations of Ethereum: block proposal and MEV-Boost
In the Ethereum system, a node is a computer that runs two software, the execution layer client (manages EVM) and the consensus layer client (manages PoS). And MEV-Boost is additional node software that enables nodes to obtain blocks from the block relay. It can build blocks automatically all the time, or it can look at block headers and get blocks from professional block builders. The purpose of the MEV-Boost system is to separate the difficulty of building blocks, knowledge/capital/experience from the economic rewards of proposing blocks. When a proposer is selected to propose a block in a slot, he can share the rewards provided by MEV simply by selecting the block with the highest bid.
The problem with MEV-Boost is the relay, not only the builder needs to trust the relay, but also the proposer. There are two solutions: Enshrined Proposer-Builder Separation (Enshrined Proposer-Builder Separation) - write the concept of MEV-Boost into the Ethereum core protocol, which will eliminate the need for relays in the network and allow We are able to verify everything cryptographically without leaking block information early; turning the trusted components of MEV-Boost into a trustless system powered by Ethereum.
The author first stated his judgment on the opportunities in various subdivisions of DeFi, and compared them horizontally, he believes that Liquidity Staking and Derivatives have huge room for growth in the future.
Liquidity staking can attract users due to: 1) Simple operation and no threshold; 2) Liquidity release (depth, usage and anchoring of derivatives). SSV is not Lido's competitor actually, the relationship between the two is upstream and downstream. SSV is equivalent to the middleware between the Ethereum consensus layer and the verification node. Any node operator may choose SSV for the purpose of decentralization and reducing trust assumptions. In other words, DVT technology is almost a product that can potentially serve the entire Ethereum staking ecosystem.
New ecology and cross-chain
The article introduces the current mainstream off-chain expansion solutions in detail from four aspects: development timeline, technical principles, advantages and disadvantages, and applications.
On-chain expansion and off-chain expansion are not a competitive relationship, but a symbiotic relationship, and 1 + 1>2. Different off-chain solutions correspond to different usage scenarios and needs. The two development paths of off-chain expansion technology are: diversification of application scenarios and upgrading of security assumptions. Optimistic Rollups and ZK Rollups are the current mainstream off-chain expansion solutions. The ecological construction of off-chain expansion solutions and its own infrastructure construction are complementary. Rollups on top of rollups using the same technology will not bring significant expansion. Layer 3 can be Rollups for specific applications or Validium.
New ecology and cross-chain
The ultimate decentralized application is the application chain?
Today's public chain solutions face problems such as the mismatch of performance and operating costs on the chain, fragmented liquidity, and limited customizability, which virtually limit the diversity and scale expansion of applications on the chain. From decentralized applications to customized application chains is a feasible way to realize business scale from 1 to 100, and dYdX is making valuable attempts.
The main reasons driving the project to become an application chain are performance and cost, customizability, and value capture. The main challenges of becoming a Lisk include a lot of groundwork, security, limitations of composability, and fragmented liquidity.
Connected Contracts led by Moonbeam is helping more cross-chain interoperability protocols move from the commonly used EVM compatibility to native multi-chain business expansion; "Containerized app chain" is an important step for Moonbeam to achieve interoperability and become a Web 3 cloud infrastructure; Prime Protocol provides a liquidity fragmentation solution.
Bankless: An article discussing Optimism's vision for modular expansion OP Stack
The OP Stack is a standardized set of open-source modules that can be assembled into a custom chain (what Optimism calls an "OP Chain") to serve any specific blockchain use case. The design of the OP Stack allows code forking in a way that is easier than current efforts, as developers can easily abstract away the various components of the blockchain and modify it by plugging in different modules. All OP chains can enjoy atomic cross-chain composition as long as they voluntarily opt into the same set of shared sequencers (unique entities that generate blocks on each OP chain).
If OP chains might not want to run their own sequencer, they can pay a fee to use Optimism's shared sequencer which they trust. This opens up another monetization model for Optimism, not just dapps currently on the Optimism chain.
DeFi
Scroll has EVM equivalence and makes very minor changes to the way Gas costs are structured. Scroll also uses a fork of Geth for its sequencer, allowing it to inherit the battle-tested system while achieving the best compatibility with Ethereum. This means that developers can easily apply any new upgrades to Geth, whereas other zkEVMs may require increased code complexity to upgrade.
NFT, GameFi and Metaverse
There are also gold mines in the small pool of Uniswap V3, and LPs on the gold rush road show their talents
On the one hand, LP mines in small and medium-sized coin pools because these coin pools bring higher handling fees due to the scarcity of liquidity; The risk brought by the AMM curve, or the use of the "grid" mode of the AMM curve to automatically sell high and buy low, can be regarded as a disguised way of speculating in coins. In addition, institutions will also provide a large amount of liquidity for mining pools of native utility coins and stable coins issued by them to improve market liquidity.
The Boring Ape plummeted, is it an aftershock of FTX or a precursor to a thunderstorm in the NFT market?
DAO
Regarding Yuga Labs and BAYC, the market mainly questions two points: whether Alameda Research, a subsidiary of FTX, holds a large number of BAYC positions; whether Yuga has a large amount of funds deposited on FTX. But the actual impact is not great. According to the current statistical results, more than 80% of NFTs are not affected.
Web 3.0
Owocki: Sybil Attack Characteristics, Design Spaces, and Open Discussion
The four common types of witches are: script kiddies, individual witches, rational economic actors, and organized witches. Criteria for an ideal approach to the Sybil attack problem include: complexity of large social systems, need for privacy-centricity and sovereignty, need to avoid plutocracy, collusion, need to build system defenses, need to build network effects, through modularity and Forkability enables innovation and prevents capture, decentralization facilitates innovation and prevents capture, the evolutionary nature of the game. Use cases that can be unlocked after solving the sybil attack problem are: quadratic funding, quadratic voting, Gini coefficient measurement, universal basic income, one-person-one-vote DAO, data collection, and anti-sybil airdrops.
The authors believe that consumers increasingly want more ownership and control over their identities and data, and while this may lead to brands having less control over consumers in the short term, through Web 3 interoperability, Web 3 Brands will gain an incredible advantage.
hot spots of the week
NIKE created .SWOOSH to be a platform where NIKE, signed athletes, creators and fans can co-create and trade future digital assets. These assets will be wearable in-game, unlocking access to some offline events and even limited-edition products. .SWOOSH, enabling NIKE to establish a new form of community engagement for consumers and add entirely new revenue streams and product lines to their existing business.There are four main ways brands can enter Web 3: build stronger, more invested communities; composable commerce; leverage new distribution channels; and build true, multi-dimensional commerce experiences.secondary titlehot spots of the weekIn the past week, FTX willInitiates a strategic review of its global assets，,expressExchanges should take steps to ensure their stolen funds are returned to bankruptcy estates, the bankruptcy attorney saidIt could take years, if not decades, for creditors to get their money back from FTXThe creditor of FTX’s largest single claim is BitFuFu’s subsidiary，, FTX hacker addresses one after anotherTransfer out ETH, FTX lawyer: To raise bankruptcy funds,FTX Plans to Sell Its Well-Functioned Business UnitA large number of FTX encrypted assets were stolen or lost；
, SBF issued a letter of apology to FTX internal employees:Collateral Worth $60 Billion Shrunk to $9 Billion in a Year，DCG, FTX's first bankruptcy hearing:Cash Balance of $1.24 Billion, Millions of CreditorsSeeked $1 billion emergency loan,Bloomberg:Owned over $1.1 billion to subsidiary Genesis，, and asked not to disclose, sources with knowledge of the matter: GenesisEmergency Funding Target Has Been Dropped From $1 Billion to $500 Million, Binance Has Denied Its Funding Request,Bloomberg:Genesis has $2.8 billion in outstanding loans on its balance sheet, about 30% of which are issued to related parties such as parent company DCGDCG CEO to shareholders: Never sold my DCG stock，, grayscale:；
All assets are safely stored in CoinbaseCustody, but the specific address information will not be disclosed, affected by the bankruptcy of FTX,；BlockFi Has Suspended Customer Lending OperationsThe Ren 1.0 network will be closed within 30 days, and the official suggestion is to bridge Ren assets back to the original chain as soon as possibleIn addition, in terms of policies and macro markets, affected by the bankruptcy of FTX,；
Senators Ask Fidelity to Eliminate 401(k) Bitcoin Retirement PlanDeputy Director of the Administration and Inspection Department of the State Administration of Foreign Exchange": It is necessary to promote the integration of virtual currency supervision into laws and regulations,"Russian lawmakers are working on amendments to launch a national cryptocurrency exchange，In terms of opinions and voices, V God:FTX events aregreat tragedy，CZ：, offers lessons for cryptocurrencies，Vitalik issued an article discussing the security of CEX，: Hope to technically make the exchange close to non-custodial, V God:，EIP-4844 is a key step towards massive L2 fee reduction，Binance will implement V God's new ideas and open source for the industry，Zhu Su：All Binance cryptocurrencies are fully backed by reserves, supporting sound regulation of the industry，Bitcoin is not dead, we are still here；
Binance plans to grow headcount to 8,000 by the end of the yearWill set aside $1 billion to buy distressed assets, make another bid for Voyager assetsFTX crash set crypto industry back 7-8 yearsThe collapse of CeFi began in 2020，In terms of institutions, large companies and leading projects, Binance launched，Industry recovery initiative and published rules, published$1 Billion Industry Recovery Fund Wallet Address，, informed sources said，ConsenSys updates the privacy policy and will collect IP addresses and ETH addresses of MetaMask users during transactions，Curve releases code and white paper for its stablecoin crvUSD，Justin Sun spends about US$1 billion to acquire about 60% of Huobi through Baiyu Capital，Huobi Announces New Chinese Name "Huobi"，CoinListConsenSys updates the privacy policy and will collect IP addresses and ETH addresses of MetaMask users during transactions
Curve releases code and white paper for its stablecoin crvUSDPorsche official website launches NFT page and creates Twitter account with Ethereum symbol，Porsche official website launches NFT page and creates Twitter account with Ethereum symbol...well, another week of ups and downs.
With "Editor's Picks of the Week" seriesPortal。
See you next time~
