**Written by: Christine Kim

Compilation: Luccy, BlockBeats

In addition to preparing for Pectra Devnet 0 long wick candle, the developers discussed new EIP proposals, discussion and analysis of existing EIPs, and impact analysis of smart contracts and transactions. Among them, the discussion of EIP 7702 attracted a lot of attention from attendees, and the proposal was seen as a potential replacement for EIP 3074.

Christine Kim, VP of Research at Galaxy Digital, gave a detailed note on the highlights of the meeting, which BlockBeasts compiled as follows:

On May 9, 2024, Ethereum developers gathered at Zoom for the All Core Developers ution (ACDE) call #187 session. The ACDE Conference Call is a bi-weekly series of meetings led by Tim Beiko, Head of protocol Support at the Ethereum Foundation, where developers discuss and coordinate changes to the Ethereum Execution Layer (EL). This week, the developers discussed preparations for Pectra Devnet 0, updates to the EIP 3074 implementation, and the urgency of converting serialization methods on EL from MPT to SSZ.

Pectra Devnet-0 update

Barnabas Busa, developer operations engineer at the Ethereum Foundation, said his team is testing the client configuration of the first Pectra developer-focused testnet network and will work to ensure a stable configuration of Pectra Devnet 0 by Monday, May 13. According to the Pectra Devnet 0 readiness tracker, the Geth, Nethermind, and EthereumJS client teams have fully implemented the Pectra code specification.

During the call, Justine Florentine, a developer at Besu, said that all of the Pectra EIPs have been implemented on Besu, but his team is still working on debugging the code. Andrew Ashikhmin, the developer of Erigon, said that his team has already started processing all EIPs except EIP 7002, which is EL triggerable withdrawals. The Reth team posted a link to their implementation tracker in a Zoom chat, showing that their work on EIP 7002 is still pending, as is the Erigon team.

On the CL client side, Grandine's developer, Saulius Grigatis, said that all EIPs had been implemented, but when running with the EL client, his team ran into some bugs. Reps from the Lighthouse team said they were close to having a full implementation ready for Pectra Devnet 0 and noted that the specification in the engine API needed to be updated. Mikhail Kalinin, a developer at Teku, said he is working on adding these updates to the engine API specification.

Mario Vegas from the EF testing team said the developers are working on adding test cases for EIP 3074, AUTH and AUTHCALL Operation Code, and several other EIPs.

EIP-3074 update

Although developers have agreed to keep EIP 3074 in the specification of Pectra Devnet 0, an alternative EIP has been discussed to replace it, EIP 7702. Geth developer "Lightclient" summarized the latest breakout session on EIP 3074, in which participants discussed which changes to prioritize in the Pectra upgrade are related to improving user control account Programmability. According to Lightclient, all participants agreed that full native account abstraction is still a few years away from being implemented on Ethereum. However, there is disagreement as to whether this means prioritizing changes to externally owned account (EOAs) or migrating EOAs to smart contracts Wallet. On May 8, the day before this ACDE call, Ethereum co-founder Vitalik Buterin proposed a new EIP, EIP 7702, which will enable Ethereum to support a new transaction type to enable EOAs to operate like smart contracts Wallet during a single transaction. According to Lightclient, participants from EIP 3074 breakout sessions were generally positive about EIP 7702. However, he later added that there are still important details to work out about EIP 7702. For example, details about how EIP 7702 transactions are reversed and how to scale the gas cost for such transactions remain unclear.

If EIP 7702 is accepted and included in the Pectra upgrade, it will be considered as a replacement for EIP 3074 because EIP 7702 achieves similar results to EIP 3074 but does not create new Operation Codes on Ethereum and improves the ease of static analysis of new EOA behavior. EF researcher Ansgar Dietrichs suggested in a Zoom chat that EIP 7702 be considered for inclusion in Pectra and that a formal decision on whether to replace EIP 3074 with 7702 should be made in about 2 to 4 weeks. It was clear from the developers' discussion of EIP 7702 on the conference call that further work was needed before the proposal could be considered ready for implementation. Nethermind developer Ahmad Mazen Bitar noted that the work already done for EIP 3074 may not be reused to implement 7702. Beiko confirmed that developers should still move forward with the implementation of EIP 3074 for Devnet 0 and revisit the Devnet-1 specification later.

EIP-7685, SSZ, and EIP-6110

The developers then discussed some of the concerns raised by Nimbus developer Etan Kissling about EIP 7685, namely generic execution-layer requests. In a GitHub comment under this week's conference call agenda, Kissling asked if there was a need for a proposed design for a common execution layer request, and if this opportunity could be better used to switch to SSZ, a serialization format that developers have wanted to update on the execution layer since the Merge upgrade. The longest execution layer client team on the conference call supports keeping EIP 7685 in Pectra, and if there are any obstacles from including EIPs in operation, such as optimistic synchronization of clients, then revisit the design.

Turning to the topic of SSZ, Kissling explained that the new design format for the Common Execution Layer request is based on the traditional serialization formats MPT and RLP, so it will have to be updated when developers transition to SSZ. He points out that if developers continue to create new MPT/RLP data structures, delaying the move to SSZ will only result in more long work for developers. However, there was no strong support from the execution client team to include EIP 7495, the SSZ Stable Container, in Pectra. One developer named "Dustin" wrote in a Zoom chat that the decision to postpone the SSZ transition was "crazy" and that the issue of the SSZ library working poorly in EL was "a serious problem".

Regarding EIP 6110, the on-chain supply validator deposit, Kissling asked questions about deposit ordering. Kalinin said he agrees that the issue is "a significant concern" and that he will work with major staking pools to investigate more deeply.

EOF Update

Danno Ferrin, an independent Ethereum protocol developer, and Alex Beregszaszi, head of research at EF Solidity, share updates on EOF implementation efforts. The background is that EOF is a series of code changes to improve the EVM Virtual Machine (EVM) that developers are considering for inclusion in the Pectra upgrade. The meta-EIP of the EOF has been finalized. The developers have also simplified the process of creating transactions in the EOF and are working on a client-side implementation of the EOF.

EIP-7623 update

A developer who used the screen name "William Morris" on the conference call raised concerns about the change in the gas cost of calldata storage in EIP 7623. He explained that the changes will allow some users to transact by dropping their transactions to reduce fees, encouraging the creation of a secondary market for gas discounts so that second-tier rollups (L2s) and other participants can transact on the network more cheaply. He recommends an alternative EIP, EIP 7703, which addresses these issues by increasing the calldata cost at a flat rate.

Buterin said that while Morris' concerns are legitimate, the likelihood of creating a secondary market for calldata as a result of EIP 7623 is not high, as the number of users who choose to participate in such a marketplace will be extremely limited. Buterin noted that the main players affected by EIP 7623 are Layer 2 development team Starkware and inscription creators. He added that while the total addressable market for the secondary calldata market is small, the upper pump short of limiting the maximum block size through calldata is extremely high, as it allows developers to increase the blobgas limit and thus extend Ethereum ability to support L2. Vitalik also said that flattening the calldata cost would also have a harsher impact on L2 and other stakeholders than the current EIP, as Morris suggested. Buterin shared longing thoughts on blob gas pricing in a blog post ahead of the call.

EIP 7623 co-author Toni Wahrstätter agrees with Buterin, saying that he believes that from a utility standpoint, longest L2 does not create a secondary market for calldata. "From a practical point of view, this is not very feasible, especially considering that such a market requires trust and a high degree of coordination between participants. Imagine that, as L2, you want to publish your data to L1, but you don't know which Address will publish the data and where the data will end up. From a utility standpoint, you need to customize the index and so on. So, I don't think it's very feasible," says Wahrstätter.

Reth developer Georgios Konstantopoulos asked if developers are looking into the possibility of increasing blobgas limits if EIP 7623 is included in Pectra. Without increasing the blob gas limit as EIP 7623 increases, Konstantopoulos says the EIP "doesn't solve longing of the problem." EF researcher Dankrad Feist suggests raising the blob gas limit to the point where Ethereum's maximum block size remains the same, meaning that the shorts released as the cost of calldata increases will be filled with blobs (binary large objects). EF researcher Ansgar Dietrichs said the EIP is useful not only when combined with an increase in blob gas limits, but also from a security perspective, as it may ensure that the network is not destabilized by blocks containing the largest number of transactions and blobs.

Regarding the analysis of the impact of EIP 7623 on smart contracts and transactions, Wahrstätter said that his proposal would not affect 98% of users. Beiko also mentioned that Parithosh Jayanthi, Developer Operations Engineer at EF, may be doing a more in-depth analysis of how specific the blobgas limit will be, taking into account EIP 7623.

New replacement for EIP 7609

During the call, a developer with the screen name "Charles C" proposed a new EIP to prevent re-entrancy attacks in smart contracts. Charles said the proposal, which creates two new Operation Codes to secure smart contracts, is an alternative to a proposal he previously submitted called EIP 7609, which aims to reduce the base cost of TLOAD/TSTORE in Pectra. Charles said he wasn't sure why EIP 7609 wasn't being considered for Pectra and was still gathering feedback from developers on how to prevent re-entrancy in a cost-effective way. He points out that current solutions, such as OpenZeppelin's Reentrancy Guard and TLOAD/TSTORE Operation Code, are too expensive for decentralized application developers to use by default. Beiko suggested that developers give feedback to Charles on this new EIP on the Ethereum Magician Forum.

**ERC-4337 is the Application Layer standard for account abstraction, EIP-3074 is a protocol layer standard that directly modifies the EVM, and EIP-7702 is somewhat somewhere in between, giving EOA a temporary smart contracts. **

EIP-3074 was included in Ethereum's next hard fork plan in April this year, and the proposal aims to bring a more convenient experience to users by allowing externally owned accounts (EOAs) to delegate transaction authority to smart contracts. However, this feature has also raised concerns in the community, with members of the long concerned that if the signature is misused, the entire account funds will be put at risk, providing an opportunity for phishing attackers. To further enhance security, Vitalik Buterin recently proposed EIP-7702 as an alternative to EIP-3074, which has generated a lot of discussion in the community.

EIP-7702 introduces a new transaction type to improve account abstraction. This new transaction type allows externally owned accounts (EOAs) to temporarily adopt the features of smart contracts during the transaction process and then return to their original state after the transaction is completed. So what account abstraction is the difference between ERC-4337, EIP-3074 and EIP-7702?

ERC-4337: Account Abstraction Standard for the Application Layer

ERC-4337: Using Alt Mempool for account abstraction. **ERC-4337 was proposed by Vitalik as a Application Layer standard with the primary goal of enabling smart contracts account to have the characteristics of EOA active transactions. It introduces a smart contract called EntryPoint so that the smart contracts can behave like the user's account, which means that the user operates smart contracts similar to the account to manage their assets and transactions. This enables complex logic such as longest signatures, automated execution of transactions, and more.

MAIN FEATURES:

No Hard Fork Required: ERC-4337 does not need to be implemented through a Hard Fork and does not require any modifications to Ethereum's protocol. Compatibility: This approach is compatible with existing EOA systems, making the transition smoother. Goal: Implement account abstraction so that smart contracts can act as accounts to process and verify transactions. Essence: Let smart contracts account have the characteristics of EOA actively initiating transactions.

EIP-3074: Authorization and Proxy Execution

**EIP-3074: AUTH and AUTHCALL Operation Code. **EIP-3074, proposed by Ethereum researcher SamWilsn, Go Ethereum developer Matt Garnett, and others without Vitalik's involvement in the drafting of this proposal, is a method that allows EOA to delegate its permissions to smart contracts, introducing two new Operation Codes: AUTH and AUTHCALL, allowing smart contracts to perform operations on behalf of EOA, such as batch processing transactions and sponsoring gas fees. This is a big change for Ethereum's Virtual Machine.

MAIN FEATURES:

Delegation mechanism: EOA can authorize a smart contract through the AUTH Operation Code, and then let the smart contracts perform operations on its behalf through AUTHCALL. Security Risk: The delegation mechanism can lead to security issues, as it can lead to the theft of funds if authorized to a malicious contract. Goal: Enhance the functionality of EOA by allowing EOA to temporarily grant its permissions to smart contracts. Essence: Upgrade the EVM and add two Operation Codes.

EIP-7702: EOA for temporary smart contracts

**EIP-7702: Set an EOA account code for a transaction. **Vitalik, as the first author, just published this proposal on May 7th. As an alternative to EIP-3074, EIP-7702 introduces a mechanism that allows EOA to temporarily adopt smart contracts functionality during transactions. With this approach, EOA can convert EOA into smart contracts Wallet during a single trade execution and revert to a normal state after the trade ends. And because EIP-7702 already provides a framework for temporary changes to EOA code, it becomes relatively simple to implement EIP-5003 on top of EIP-7702 (which allows EOA to be permanently converted to smart contracts account), and a permanent EOA-to-smart contracts transition can be achieved by setting the code not to be cleared after the transaction ends.

MAIN FEATURES:

Temporary Conversion: During a transaction, EOA's smart contracts code is temporarily given the ability to perform a specific operation. High compatibility: EIP-7702 is highly compatible with the smart contracts Wallet code of ERC-4337, and can directly leverage the smart contracts code already written and deployed for ERC-4337, so that existing account abstraction work can be reused and avoid fragmenting the existing account system. No need to introduce new Operation Codes: Although EIP-7702 is also a protocol layer standard compared to EIP-3074, it temporarily applies smart contracts code in transactions and does not require permanent changes to the Ethereum Virtual Machine. Objective: Combine the features of EIP-3074 and ERC-4337 to provide a more flexible and compatible account abstraction scheme. Essence: Temporary application of smart contracts code.

EIP-7702 provides a way to implement EIP-3074-like functionality without introducing new Operation Codes, while better preparing for the implementation of account abstraction endgame. account abstraction endgame of account abstraction refers to a foreseen future state in which all account on a Ethereum use smart contracts Wallet to manage assets and transactions, rather than relying on traditional EOA. This common account use of smart contracts Wallet is known as the "endgame" of account abstraction. EIP-7702 not only solves current problems, but also ensures long-term effectiveness and usability by designing for compatibility with possible future account models.

Original Author: Haotian (X: @tmel0211)

Recently, a series of factors, including @eigenlayer's Airdrop expectations, @RenzoProtocol's underperformance after launch, and other Restaking's Fomo sentiment drop, have undoubtedly cooled down Restaking's stake track. How do you see the current state of the restaking industry and the possible changes in the future? Next, I would like to briefly share a few points:

1. The Restaking track has indeed experienced a long period of irrational prosperity and development, from the points war to ETHFI, Renzo, Puffer, Swell, etc., which are pinned on high market expectations, and then stake track has fallen into a "lock-Liquidity" data show mode of grabbing native ETH and LST credentials, as if who can attract more long assets to lock in, who can create greater expected value in the future, and therefore get a higher valuation to enter the market?

In my opinion, this value estimation standard is outrageous, ignoring an essence, locking LST vouchers such assets can not create incremental value for points, the AVS network market situation behind can be opened, and truly creating benefits is the beginning of value appearance. Obviously, under the irrational emotion, everyone's expectations and focus are not on the landing Application Layer AVS, but instead of the high expectations exchanged for absorbing draw attention and assets, and cannot be effectively support; **

2. Eigenlayer's hasty issuance of tokens, and the proposed innovative paradigm of intersubjective, in fact, this token issuance seems to me to be specifically for "fire fighting and cooling". **Because if the Restaking points Lego war is further demonized, the pressure on Eigenlayer will also be exponentially amplified, and once Eigenlayer develops in the future, it will trigger a chain resonance crisis in the stake industry. **

The expected landing of Eigenlayer's issuance of Token will obviously cool down the Fomo atmosphere such as the points war, and let the market focus on the rise nature of the support point AVS network effect of the stake.

3. AVS (Active Verification Service), simply put, is to screen out some Node from the tens of thousands of Node operators and operators in Ethereum, and do some corresponding software, hardware and technical service capabilities enhancement, so that these validators can maintain their original Ethereum Consensus on the basis of adding some service capabilities to maintain network security such as other Rollups, and then obtain the possibility of additional income. (equivalent to abstracting some "mining pools" from a large number of "miners" and then doing some business development)

The AVS network can be understood as doing some "middleware" service enhancement in the basic Infra layer of Ethereum, so that some nodes can unite and do Decentralization Sequencer, Decentralization Oracle and other service capabilities "encapsulation" and commoditized output. **Theoretically, as long as the capability boundary of the nodes under the jurisdiction of AVS is large enough, as long as it is within the framework of Ethereum's large Consensus, the application landing scenarios that can be expanded will be very considerable. **

In layman's terms, these middleware networks originally required external consensus construction to access, but now they directly allow Ethereum's underlying infrastructure to have such service capabilities, and it can represent a certain Ethereum security Consensus. **AVS Node Enhancement Application Paradigm can be regarded as a potential direction for Ethereum to increase business expansion capabilities, but its focus is on the enhancement of Node service capabilities, as well as the real landing of AVS network service capabilities and the transformation of benefits. **Instead of the secondary stake re-stake and integral war expected attributes brought by AVS.

4. In fact, AVS Node enhanced application paradigm, which is also reflected outside the Ethereum network: for example: @MarlinProtocol can provide rental Computing Power support for some AI model training demanders through distributed Node augmentation; Another example: @FlareNetworks enhances its off-chain distributed Oracle Node capabilities, allowing Oracle Node to directly integrate with the EVM network and on-chain ecosystem, opening up the narrative direction of Oracle as A Service. (Take the shorter time to follow up the analysis and interpretation in detail)

**After strengthening and enhancing the capabilities of these Node operation and maintenance parties that were originally behind the scenes, they can bring a wider range of business rise capabilities to the original chain. **

In retrospect, Eigenlayer originally did stake just to provide basic security capabilities for its EigenDA (the first AVS), but it never thought that it would open the "Pan long Magic Box" of the stake: on the negative side, if it is not guided and controlled, the false prosperity of the stake will further ETH the potential Liquidity crisis of the network; On the positive side, from the perspective of AVS Node capability enhancement, Restaking will indeed inject a new narrative direction and imagination shorter into the Blockchain ecosystem.

This is the future of the re-stake track, without it.

Note: If you lack a systematic understanding of the Restaking re-stake track, it is recommended to subscribe to the 10,000-word research report of web3 caff, a panoramic dismantling of the re-narrative track led by Eigenlayer, the principles behind it and the development trend, etc.

Author: Nan Zhi, Odaily Planet Daily

Optimism announced that L3s built with the OP Stack can now join the Superchain, and L3s can build on the OP Stack and share revenue with the Optimism Collective, giving them access to the Superchain builder network and being eligible for retro grants, airdrops, rise events, and more. In this article, Odaily breaks down this change and the story behind it.

Interpretation of the development plan

Basic Concepts and Announcement Analysis

First of all, what is the OP Stack? The OP Stack is an open standard code library that supports superchain development, not limited to L2 chain and DApp developers (well-known examples include Base, Zora Network, etc.), but also can be used by the L3 ecosystem.

Another important question, what is a superchain? Superchain is one of Optimism's visions, conceived as longest decentralization L2 chain networks (now including L3) that share security, communication layers, and the Open Source OP Stack. These chains are standardized and network resources are interchangeable to enhance chain interoperability and enable developers to create DApps that target the entire superchain.

Optimism's latest announcement can be understood as that developers who use the OP Stack to build L3 can also join Optimism's superchain development map and enjoy the benefits of overall ecological development. For these L3s, the immediate benefits include retro grants, airdrops, and rising activities, and these L3s will return a portion of their revenue to the Optimism Collective.

However, it should be noted that the current OP Stack technology for L3 is not fully mature, especially in terms of interoperability.

**Application requirements are forcing technological change? **

Why is Optimism making this change? The official announcement lays out a long story about the technology and vision, but in reality it may be the most important:

L3 can provide a new, more cost-effective way for chain and DApp developers to build. We're already seeing this trend with Base, which is rapidly expanding support for L3 on top of what it is.

It is not difficult to see that this place should point to the L3 Degen on the Base on-chain. And the story behind this goes back to what happened on Warpcast 1 month ago:

Binji Pande, head of NFT at Optimism, asked: "Why DEGEN L3 uses Arbitrum Orbit technology instead of OP Stack." (Note: Arbitrum Orbit is a chain development tool launched by the Arbitrum team.) ）

Degen co-developer Syndicate replied at the bottom of the article: "The ability to support custom gas tokens is a big advantage!" (OP Stack doesn't support custom gas Tokens, so we don't.) ）

Zain Bacchus, Head of Product at OP Labs, then replied, "Custom Gas Token will go live this quarter."

**Any other updates? **

This update includes custom gas Token and Plasma mode.

First, the OP Stack will support L3 custom gas tokens, and projects that build communities around existing L2 native tokens can now leverage their tokens as gas tokens to grow their communities into L3 ecosystems. This also drops the cost of entry for new users, eliminating the need to deposit gas tokens into L2 through expensive L1 operations and then enter L3, simply performing low-cost L2 deposit operations in L3.

The optionality of the data availability (DA) layer is another key module for developers to build low-cost chains. The Plasma pattern allows all developers to choose their own DA layer on top of using the OP Stack to drop Transaction Cost while minimizing security headaches and management costs. The OP Stack will integrate longest data availability tiers over time.

Going forward, this opens up a framework for L3 developers to participate in the superchain ecosystem and help shape the future of scalability, while also benefiting from the contributions of other builders.

Conclusion

At the moment when all kinds of chains are blowing out, whether it is L1, L2 or L3, it is no longer scarce, when the "gold digger" is long, being a "shovel seller" is the most stable and effective way to operate. From this latest announcement, it can be seen that Optimism is actively adapting to the market demand, aiming to make the OP Stack the ultimate weapon to realize the vision of the superchain.

Recently, a series of factors, including the Airdrop expectations of @eigenlayer, the underperformance of @RenzoProtocol after its launch, and other drop of Restaking's Fomo sentiment, have undoubtedly cooled down Restaking's stake track. How to see the current situation of the restaking industry and the subsequent possibilities of changes? Next, I would like to briefly share a few points:

1. The Restaking track has indeed experienced a long period of irrational prosperity and development, from the points war to ETHFI, Renzo, Puffer, Swell, etc., which have been pinned on high market expectations, and then stake track has fallen into a "lock-Liquidity" data show mode of grabbing native ETH and LST credentials, as if whoever can attract more long assets to lock in will be able to create greater expected value in the future, so as to get a higher valuation to enter the market?

In my opinion, this value estimation standard is outrageous, ignoring an essence, locking LST vouchers such assets can not create incremental value for points, the AVS network market situation behind can be opened, and the real creation of income is the beginning of value appearance. Obviously, under irrational emotions, everyone's expectations and focus are not on the landing Application Layer AVS, but instead of high expectations in exchange for absorbing draw attention and assets, and cannot be effectively support;

2. Eigenlayer's hasty token issuance and proposed an innovative paradigm of intersubjective, in fact, this token issuance seems to me to be specifically for "fire fighting and cooling". Because if the Restaking points Lego war is further demonized, the pressure on Eigenlayer will also be exponentially amplified, and once Eigenlayer is in the future development process, it will trigger a chain resonance crisis in the stake industry.

The expected landing of Eigenlayer's issuance of Token will obviously cool down the Fomo atmosphere such as the points war, and let the market focus on the rise nature of the AVS network effect, which is the support point of the stake.

3. AVS (Active Verification Service), simply put, is to screen out some Node from the tens of thousands of Node operation and maintenance providers in Ethereum, and do some corresponding software, hardware and technical service capabilities to enhance their capabilities, so that these validators can maintain their original Ethereum Consensus on the basis of adding some new service capabilities to maintain network security such as other Rollups, and then obtain the possibility of additional revenue. (equivalent to abstracting some "mining pools" from a large number of "miners" and then doing some business development)

The AVS network can be understood as doing some "middleware" service enhancement in the basic Infra layer of Ethereum, so that some nodes can unite and can do the "encapsulation" and commoditization output of service capabilities such as Decentralization Sequencer and Decentralized Oracle. Theoretically, as long as the capability boundary of the nodes under the jurisdiction of AVS is large enough, as long as it is within the framework of Ethereum's large Consensus, the application landing scenarios that can be expanded will be very considerable.

In layman's terms, these middleware networks originally required external consensus construction to access, but now they directly allow Ethereum's underlying infrastructure to have such service capabilities, and it can represent a certain Ethereum security Consensus. The AVS Node Strengthening Application Paradigm can be regarded as a potential direction for Ethereum to increase its business expansion capabilities, but its focus is on the enhancement of Node service capabilities, as well as the real implementation of AVS network service capabilities and the transformation of benefits. It is not the subsidiary stake re-stake and integral war expected attributes brought by AVS.

4. In fact, AVS Node enhanced application paradigm, which is also reflected in the Ethereum network: for example, @MarlinProtocol can provide rental Computing Power support for some AI model training demanders through distributed Node enhancement; Another example: @FlareNetworks enhances its off-chain distributed Oracle Node capabilities, allowing Oracle Node to directly integrate the EVM network with the on-chain ecosystem, opening up the narrative direction of Oracle as A Service. (Take the shorter time to follow up the analysis and interpretation in detail)

These Node operation and maintenance parties, which were originally behind the scenes, can bring a wider range of business rise capabilities to the original chain.

Looking back, Eigenlayer originally did stake re- just to provide basic security capabilities for its EigenDA (the first AVS), but it never thought that it would open the "Pan's long Magic Box" of the stake: on the negative side, if it is not guided and controlled, the false prosperity of the stake will further ETH the potential Liquidity crisis of the network; On the positive side, from the perspective of AVS Node capability enhancement, Restaking will indeed inject a new narrative direction and imagination shorter into the Blockchain ecosystem.

This is the future of the re-stake track, without it.

By Paul Veradittakit, Partner, Pantera Capital

Translation: 0xjs@ Golden Finance

Points:

• Protocol Morpho is moving beyond traditional protocols such as Compound to transform the Decentralized Finance landscape and demonstrate the power of its innovative lending model.
• Initially leveraging the Morpho Optimizers for direct peer-to-peer lines of credit, Morpho has now expanded to include Morpho Blue, which uses a peer-to-pool model that combines the best of both worlds to improve efficiency.
• Both models address the inefficiencies of traditional pool-based systems, such as underutilization of capital. The Morpho Optimizers optimize the direct match between lenders and borrowers, while Morpho Blue provides a separate pool of loans with a higher loan-to-value ratio.
• Morpho's total borrowing value has reached a significant milestone, with Morpho Blue quickly catching up, accounting for a significant portion of Morpho's total value locked (TVL) in a short period of time.

Introduction

Decentralized Finance is revolutionizing the way we think about financial services, challenging traditional banking and lending structures with groundbreaking innovations. Among the various protocols on Ethereum, Morpho stands out, recently surpassing Compound in total lending value. This achievement not only highlights the effectiveness of Morpho's innovative lending model, but also marks a broader shift in digital asset management across the Decentralized Finance space. Originally known for its peer-to-peer lending through Morpho Optimizers, Morpho has been further developed with the launch of Morpho Blue, a model that augments traditional pool-based lending systems to provide more efficient and adaptable financial solutions.

Overview of the current Decentralized Finance landscape

Decentralized Finance is built on top of the modern financial landscape, introducing Blockchain-based solutions that redefine how credit is obtained and offered. The industry is dominated by platforms such as Aave and Compound, which facilitate billions of dollars in transactions through dynamic lending models. Here, users deposit digital assets into public pools that others can borrow from, creating a vibrant ecosystem in which liquidity is maintained and assets are actively exchanged.

Despite its success, the traditional pooled lending model is not without its drawbacks, especially when it comes to handling capital efficiency. A significant portion of deposited assets remain idle, unable to generate returns and leading to system inefficiencies.

Morpho addresses these inefficiencies head-on with its peer-to-peer (P2P) lending model. By directly matching lenders and borrowers, Morpho not only optimizes capital utilization, but also increases the Intrerest Rate offered to both parties. Its system covers matching engine on top of existing protocol such as Aave and Compound, enabling users to enjoy the benefits of an established pool of funds with the added benefit of a potential direct match. If direct matching is not feasible, users can still benefit from the liquidity of the underlying pool, ensuring that Morpho retains the fundamental benefits of a pool-based model while innovating its functionality.

The Rise of Morpho

Looking at Morpho's progress, a significant milestone was achieved when its total borrowing value climbed to $903 million, surpassing Compound's $865 million. It's not just a numerical victory; This is a testament to the protocol's ability to enhance the lending experience, reflecting the growing need for more direct financial interactions within the ecosystem rise

In the beginning, this rise was driven by Morpho Optimizers, the first version of Morpho built on top of Aave and Compound and designed to address the inefficiencies of these platforms by creating peer-to-peer lines of credit between funding providers and borrowers.

However, the newer product, Morpho Blue, has begun to catch up significantly, accounting for 40% of Morpho TVL in just three months. Morpho Blue employs a peer-to-money pooling model similar to Aave and Compound, but in a more efficient manner, characterized by independent loan pools with higher loan-to-value ratios and higher utilization.

Implications and future implications

The rise of Morpho has had far-reaching consequences. With the rise of P2P lending, we may see a shift in the Decentralized Finance financial market to be more competitive and efficient. However, this evolution will require the industry to address new challenges, such as managing the complexities of peer-to-peer interactions and ensuring strong security measures are in place for long wick candles against potential risks. Designed to address the fragility and inefficiencies of the current collective lending model, Morpho Blue is a simple, immutable primitive that separates the core lending protocol from the Risk Management and user experience layers, creating an open marketplace for risk and product management. With permission-free market creation and customizable risk profiles, Morpho Blue offers a flexible alternative to the one-size-fits-all model in Aave and Compound. Over time, Morpho Optimizers will be deprecated as Morpho Blue continues to expand its reach and reshape the DeFi landscape.

Founder of Morpho

At the helm of Morpho Labs are co-founders Paul Frambot and Merlin Egalite, whose combined expertise is taking the platform to new heights. Paul has a background in Blockchain and Distributed Systems at Ecole Polytechnique, and Merlin is an experienced software developer from Centrale Supélec who is driving Morpho to become a secure, open, and resilient lending protocol.

Conclusion

Morpho's success vividly illustrates the dynamic nature of Decentralized Finance and its potential for continued innovation. By challenging established financial models and introducing more efficient solutions, Morpho is thriving. It is paving the way for a new era of Decentralized Finance. Going forward, the continuous development of Decentralized Finance platforms like Morpho will undoubtedly help shape the future financial landscape.

Original author: dt

Original editor: Lisa

Recently encryption market has pullback, the Mainstream Token in the market have been fall, and the alts Liquidity has dried up, only the Solana on-chain Memecoin is still full of vitality and has become the only dynamic place in the market, the data shows that the number of new SPL coin per day has reached a new high, and the revenue of the one-click coin platform Pump.fun has broken a new high and even flipped Solana on-chain volume for a time Ether Mainnet becoming the Blockchain with the highest volume of on-chain DEX .

In addition to paying attention to community topics, the most important thing to trade Memecoin is actually the analysis of on-chain data, so the demand for Solana on-chain data tools is becoming more and more rise, ** this week Dr.DODO will introduce three tools to help you manage on-chain assets or track on-chain Address and long TG Bot widgets, let's become a Solana on-chain master together. **

GMGN.ai

Although Dextools, Dexscreener and GeckoTerminal have supported Solana, GMGN provides faster on-chain and more real-time data, as well as support Pump.fun line chart services, in addition to Address tracking, Holdings management and SmartMoney/KOL Wallet exploration and other functions. It basically meets the various basic functions required by on-chain players, and it is also the most popular Solana on-chain tool website for mainstream Degen users.

Source: GMGN.ai

AlphaVybe

AlphaVybe is an asset management dashboard and a visual on-chain browser tool website, in addition to tracking Address Token asset Holdings data, it also has the function of analyzing Token data, and the biggest difference is the visual Address interaction data, compared to crawling solscan data when doing on-chain Address tracking, AlphaVybe can display the Address of all interactions in one graph, which is more readable.

Although the asset dashboard function is not as real-time as GMGN.ai data, and AlphaVybe can only read out the value of mainstream ecosystem coin long, it is basically unsurpassed by AlphaVybe's visualization function in Address tracking.

Source:

Step Finance

Step was one of the first projects to start a Solana on-chain data kanban, and it was successfully launched as early as the last round of Bull Market FTX was once benchmarked against Debank, but the project was on the verge of death after the collapse of FTX and has not been updated for a long time, but it has also made a lot of updates after the market picked up in Solana.

At present, it provides functions such as asset dashboard and historical transaction records, in addition to long wick candle sub-products for on-chain Token analysis, which can analyze Token chips Liquidity and other information more visually.

Source:

TG Bot

TG Tranding Bot has been fully introduced in previous issues of CryptoSnap, so I won't repeat it, but here are some useful tracking channels.

on-chain Address Tracking Notifications:

After setting the tracking Address, when the Address has transaction dynamics, you can know it as soon as possible, and the following TG BOT services are similar, and you can choose the one that is pleasing to the eye.

• Cielo
• EtherDrop
• Solana Ray
• GMGN.ai

Hot Trend Coin Notification:

• SOL TRENDING: You can see what coin on-chain the most popular and long people are playing at the moment, but at the same time, the spam information is also long.
• Solana Early Birds: The new coin notification channel produced by the Pepeboost team, which is different from the ordinary new coin channel The Early Birds channel has added a judgment mechanism for Satoshi Wallet entry to reduce the bombardment of spam information, but at the same time, because the new opening Token itself is high-risk, it is suitable as a reference for playing with small and small participation.
• Pump: Produced by the GMGN team, long wick candle the notification channel of the new coin on the Pump.fun, which can filter out the most popular coin on Pump, and it is also a very useful channel to participate in with a small amount of money.

Author's point of view

Having basic on-chain analysis ability is a very important element as an on-chain player, especially Memecoin earth dog players, Memecoin has no fundamentals to study so the only thing to look at is the structure of chip distribution, whether there is Satoshi money entry, whether there is a project side rat trading, etc., blind participation in earth dog coin risk is quite high, and after learning basic on-chain analysis can increase a lot of winning rate, I hope everyone can become Solana after using the above tools On-chain master players, make a lot of money together.

Former U.S. President Donald Trump has announced his intention to ensure that his campaign accepts Crypto Assets donations. Trump's announcement of this new strategic direction indicates that he will accept Crypto Assets as a source of funding for his campaign.

It is reported that Trump is expected to be the Republican candidate for the next US presidential election, scheduled for November 2024. His announcement not only has a potentially positive impact on the Crypto Assets space, but could also have a long-term impact on how election funds are raised.

By accepting Crypto Assets donations, Trump's campaign could appeal to a broader donor base, including tech-friendly voters and international supporters. The move also demonstrates Trump's willingness to adopt innovative fundraising tools to increase the impact and competitiveness of his campaign.

Trump Pushes Crypto Assets Donations

In a series of videos shared on Frank Degods' NFT creator and influencer's X platform, Trump addressed collectors who had purchased his "portrait" NFT collection at a party that took place on a day off during his trial.

Attendees purchased at least 47 NFT each, and each NFT sold for $99. In his speech to these NFT buyers, Trump emphasized that they began to participate in the NFT market before it became widely popular, and he also claimed that they had succeeded in making the NFT market hot again. It shows that Trump and his team have a positive attitude towards early participation in the NFT market and a sense of accomplishment in promoting NFTs.

Speaking about his campaign, Trump said that if his supporters are unable to donate through Crypto Assets at this time, he will take certain steps to ensure they can do so in the future. In addition, Trump criticized US President Joe Biden for showing a poor understanding of Crypto Assets and called on Crypto Assets advocates to choose to vote for him. It shows that Trump has taken a positive stance on the issue of Crypto Assets and is trying to attract voters who have a positive attitude towards Crypto Assets.

Asked if he would support keeping Crypto Assets businesses in the United States, Trump firmly reiterated his commitment. He noted that he would be committed to taking steps to try to stop Crypto Assets companies that are considering moving out because of hostility to the industry. He further stated that if Crypto Assets is to be widely accepted, then it should remain in the country as part of the U.S. economy.

After Trump mentioned the "Jeo Boden" meme Token inspired by US President Joe Biden, the price of the Token pumped by more than 45% according to CoinGecko.

After learning that the market capitalization of the BODEN Token reached $240 million, Trump expressed his skepticism. He believes that this amount is too large for a single Token, noting that he is not optimistic about such investments.

Trump's shift in Crypto Assets support

Electric Capital co-founder Avichal Garg applauded Donald Trump's shift in stance on Crypto Assets. Garg spoke highly of the work done by Trump's team of advisers, believing that their performance was excellent. He also added that if President Joe Biden continues to hold an anti-Crypto Assets stance, then public sentiment towards Crypto Assets could shift from anti-SEC Chairman Gary Gensler to anti-Biden, and possibly even extend to anti-Democrats.

This view suggests that the attitude of political leaders towards Crypto Assets could have a significant impact on the perception of the industry as a whole, and that this change in sentiment could have an impact on the upcoming elections.

In late 2022, Trump received his first Crypto Assets Token after issuance Trump's digital trading card NFT series. The project, which leverages Trump's identity, image and branding, issuance a total of 45,000 NFT, priced at $99 each.

Trump received royalties on sales through his first issuance of a series of NFTs and took a percentage of the proceeds from transactions on the secondary market. The project has been a remarkable success compared to the overall NFT market, with the current reserve price of these NFTs already exceeding $200, reflecting the strong demand for its NFT collection in the market and outperforming other NFT products in the market in terms of value retention or rising.

Original|Odaily

Author|Wenser

Recently, Spectral, an on-chain agent machine intelligence network, announced the launch of the first quarter Airdrop of SPEC Tokens, with a total supply of 100 million Tokens, and 8% of the total Airdrop Distribution Tokens in the first quarter, that is, 8 million Tokens, calculated according to the highest average price of $90 per piece on May 6, which is equivalent to the total value of the project of $720 million, of course, this is only the calculation of the limit, Circulating Supply, Liquidity and Coin Price are difficult to support such a volume of a project. At the time of writing, the SPEC Token price was $6.1, Liquidity was $2.9 million remaining, and the market capitalization had fallen back to around $16.7 million. **When the explosive attention brought by the airdrop gradually fades, it may be the best time to review a "serious project". Today, Odaily takes a closer look at the long behind the Spectral project. **

SPEC Token Season 1 Airdrop Analysis

On May 6, Spectral officially released an announcement announcing the official launch of the first quarter Airdrop, with a total of 8% of the SPEC Token supply used for the first quarter distribution, and a total of 52, 992 addresses eligible for the first distribution.

SPEC Token Airdrop Demographic Segmentation: Platform Users, AI Contributors, NFT Community

According to the announcement, the SPEC Token Airdrop in the first quarter mainly includes four categories of people:

• Early adopter of Spectral;
• Data scientists and Open Source AI developers;
• Generate art collectors and community members;
• AI and Web3 supporters.

In addition, the core developers who have made significant contributions to the development of Ethereum and built the Decentralization infrastructure that is important for the development of AI also have a certain Token Airdrop share.

SPEC Tokenomics: Community, Contributors, Investors

In the specific allocation of 100 million SPEC Tokens, the division ratio of Spectral can be called simple and crude, wherein:

• 40% of the community, that is, 40 million SPEC Tokens, 10.3% of TGE Tokens are unlocked online, Cliff is unlocked for 12 months, then 10% is unlocked every month, and the Vesting period is 30 months;
• Core contributors account for 22%, that is, 22 million SPEC Tokens, TGE Tokens are unlocked 0 when they are listed, Cliff is unlocked for 12 months, then 10% is unlocked every month, and the vesting time is 30 months;
• Investors account for 38%, that is, 38 million SPEC Tokens, TGE Tokens are unlocked at the launch of 0, Cliff is unlocked for 12 months, then 10% is unlocked every month, and the Vesting period is 18 months.

It can be seen that Spectral is quite generous in the distribution of returns to the core contributors and investors of the project, and the main distribution rhythm is "community first - even unlocking".

SPEC Token Distribution Model

Notable Airdrop Objects: AI tool users, blue-chip NFT holders, Farcaster active users

Combined with the Token Airdrop list and the Airdrop check interface, we can find that in addition to regular Spectral platform users, past contributors, and active community users, users of the well-known AI tool platform Huggingface, Pudgy Penguin NFT holders, Artblocks NFT holders, and active users of Farcaster also have different proportions of SPEC Token Airdrop shares.

Active Farcaster users receive 8.125% of the SPEC Token Airdrop based on 10+ likes, 10+ followers, 10+ posts on Farcaster, and between 10 between January and May 2024 and 200 contract interactions on Base from January 2024 to May 2024* ）。 The real-life example that 182 SPEC can be exchanged for 1200+ USDT once again makes the gold content of Farcaster's status as an active user rise.

In addition, AI platform users, digital art collectors and creators, data scientists, machine learning engineers and other groups have also become an important role for Spectral to mention and call for joining the ecological construction long the Token Airdrop Airdrop announcement long.

Spectral Project Background: A $30 million on-chain AI agency platform

Looking back at the past development history of the Spectral project, the explosion of AI can be said to have provided a new "breakthrough" for the project, and then reached the next turning point.

Spectral: From Programmability reputation protocol to on-chain AI agent platform

From the current official introduction, the Spectral project positions itself as a machine intelligence network, allowing users to build on-chain AI agents and participate in the on-chain agent economy, and its main products are ChatGPT-like AI conversation tools - Spectral Syntax and Nova, which can help users create on-chain agents and access decentralized machine learning inference of smart contracts, and these tools are integrated through Inferchain to ensure transparency and decentralization.

Back in November 2021, when Spectral announced the completion of its first round of funding, it was also a Programmability reputation protocol based on Ethereum, mainly used to assess credit risk in Web3, with the help of an on-chain credit scoring system, providing lenders with an improved mechanism for assessing borrower risk, and granting users full control over their identities and pseudonyms on the Blockchain.

However, in a place like Web3 that emphasizes "Don't Trust, Just Verify", limited by the complexity and Anonymity of the Decentralization network, on-chain credit assessment is a difficult and "thankless" task, so although the project later received a new round of financing in August 2022, the long asset credit risk Oracle Machine (MACRO) scoring system created by it is still difficult to be understood and strongly recognized by the Depth of the market and users.

In March 2024, Coindesk reported that Spectral launched an artificial intelligence application called Syntax, which can help anyone launch smart contracts for Ethereum and dozens of other blockchains, and users can compile, debug, and deploy AI-generated Solidity code. NFTs, arbitrage bots, and transaction aggregation are all possible use cases for the technology. And Spectral CEO Varghese believes that Crypto Assets retail traders, rather than experienced programmers, will become the main users of Syntax.

It was only at this point that Spectral officially completed its transformation from a Programmability reputation protocol to a on-chain AI agent platform, and the otherwise slightly obscure product positioning became more understandable: a platform that helps users implement smart contracts AI programming. **

This is the more long story that follows. After all, simplicity is power, and complexity often leads to misunderstandings. **

Spectral Syntax product interface

Investment institutions: Polychain Capital, General Catalyst, Social Capital and other longest star institutions

In November 2021, Spectral closed a $6.75 million funding round led by Polychain Capital, Mike Novogratz's Galaxy Digital, Chamath Palihapitiya's Social Capital, ParaFi Capital, Edge & Node Ventures (The Graph), MetaPurse Ventures participated.

In August 2022, Spectral closed a $23 million funding round led by General Catalyst and Social Capital, with participation from Samsung, Gradient Ventures, Section 32, Franklin Templeton, Circle Ventures, Jump Capital, and others.

To date, the company has raised about $30 million in financing.

Spectral official website interface

Spectral next development and potential Airdrop speculation

Based on the above information, for Spectral, the possible development direction of the subsequent project and the potential Airdrop opportunities mainly lie in the following two aspects:

Spectral development direction: one-click coin issuance platform or smart contracts education platform

So, on the basis of the existing technology accumulation and project development, Spectral may consider launching a "one-click coin platform" that is more in line with the existing needs of the market, referring to platforms such as Pump.fun and Rug.fun, and earning corresponding issuance fees while compiling, reviewing, and on-chain AI agents' smart contracts writing, reviewing, and long Deployment provides more long data set accumulation and technical support.

In addition, another development direction of Spectral may also try to build a smart contracts education platform, which coincides with the development of public goods in the Ethereum ecological network. According to Electric Capital's 2023 Developer Report data, in 2023, only 22, 411 active Open Source developers contribute to the encryption space every month, and the number of monthly active developers has dropped by 24%, if Spectral can make some efforts in developer education, it is expected to contribute to the rise of Blockchain network developers.

Spectral product demo interface

Spectral Potential Airdrops: Season 1 Airdrops for Objects and Platform Credits

After the first season of Airdrop gradually came to an end, Spectral's subsequent potential Airdrop mainly focused on 2 parts: First, it is to continue the object-oriented idea of Airdrop in the first quarter, especially Huggingface platform users, Farcaster active users and other groups, which may still be an important allocation object of potential Airdrop; Second, according to the Spectral Syntax interface, users can currently obtain platform points by inviting new users to deploy smart contracts, in order to seek the possibility of obtaining Airdrops in the future.

Summary: Token prices may continue to fall, and the long-term trend depends on the performance of project financing

On the whole, the latest positioning of SPECTRAL's project has certain innovative value, and the previous financing performance is also relatively bright, but the overly simple and crude tokenomics model and the tool platform with a certain threshold may not be able to promote the continuous pump of its SPEC Token price, and the long-term trend of the development trend and Token price of the follow-up project still depends on the follow-up financing performance of the project.

On the eve of the upcoming AGI release of ChatGPT 5, perhaps we also need to think more long about the better combination of AI and Web3 and the presentation of applications.

Odaily reminds users to carefully choose investment targets and pay attention to asset safety. ***

The Crypto Assets market continued to Fluctuation on Thursday, with Bitcoin regaining $62,000 support after midday, alts long pump, with meme zone s related to the U.S. election leading the pump trend.

Bitcoin rebounded from a daily low of $60,623 in the early morning and pumped 3.4% to a daily high of $62,663 before falling back to the $62,500 support level. At the time of writing, BTC is trading at $62,395, a 24-hour pump of 1.15%.

The alts market was pump fall mixed on the day, market capitalization the long of the top 200 Token all recorded pump. Akash Network (AKT), Livepeer (LPT) and Arweave (AR) pumped by 17.4%, 15.3% and 11.9%, respectively. Render (RNDR) and Toncoin (TON) both pumped 11%. FTX Token (FTT) fall the most, down fall 7%, Tellor (TRB) fall 5.4%, and GuildFi (GF) fall 4.2%.

"Bitcoin has rebounded from its recent lows this morning and is poised to challenge its previous peak of $65,000," Secure Digital Markets analysts said. Overall volume, including spot and derivation markets, fell for the first time in seven months, down 44% to $6.58 trillion. The decline was attributed to heightened geopolitical tensions and reduced investment in U.S.-listed Spot ETF, which cast a shadow over the Crypto Assets market. ”

The U.S. labor market continued to cool, with the latest jobless claims coming in at 231,000, up 22,000 from the previous week and the highest level since August, pushing U.S. stocks pump. This suggests that many long see this as a positive sign that one or long rate cuts are still possible in 2024, although long Fed officials have recently reiterated the possibility that Intrerest Rate need to remain high for longer, citing resistance to Inflation.

However, Bert Dohmen of Dohmen Capital Research said that the recent sharp rise in the M2 money supply means that the Fed will not be able to achieve the expected rate cuts this year, and investors should start preparing for this possibility.

Dohmen said the Fed is "caught between a rock and a rock" as they are forced to finance a record deficit in Treasuries while continuing to fight stubbornly high inflation. "The Fed was forced to step on the gas pedal to finance the record deficit of the US Treasury," he said. "They know it's going to trigger Inflation, but they don't have a choice."

At the close, the S&P, Dow Jones, and Nasdaq were all pump, pump 0.51%, 0.85%, and 0.27%, respectively. The dollar index falls 0.5% from its daily high to 105.218 at press time as the market improved, while the US 10-year Treasury yield falls 142 basis points from its daily high to 4.457%.

Rebound strongly from memecoin MAGA

After US Republican presidential candidate Donald Trump commented on Crypto Assets yesterday, the Trump-themed meme coin MAGA (TRUMP) surged 78% on May 9, with its 24-hour volume jumping 620% to $281.8 million, and TRUMP has a market capitalization of $281.8 million, ranking 248th on CoinGecko. At press time, the Token became the 13th largest meme coin by market capitalization.

Mr. Trump's presidential campaign does not currently accept encryption donations, but he said he was open to it during an impromptu audience Q&A at a dinner yesterday. When asked, "Can we donate with Crypto Assets?" He replied: "If you can't do it (donate with encryption), I'll make sure you can."

TradingView data shows that MAGA is trading at $6, pump 46% in the last 24 hours.

Other Token related to U.S. politics also pump on May 9, led by Donal Tremp (TREMP), which recorded a triple-pump Token and pump 136% in the last 24 hours. Independence Token (RFKJ) — the Token dedicated to supporting the presidential election of Robert F. Kennedy Jr. — pumped 24.4% over the same period.

The meme coin achieved a huge rise in 2024, becoming the encryption narrative with the highest returns in the first quarter.

According to anonymous X user Crypto Koryo, CoinMarketCap listed a record 138 ERC-20 MEME coins in April 2024, a 666% rise from 18 in April 2023.

"The number of Memecoin ERC-20 Tokens will rise parabolically in 2024," the analysts said. Last month, 138 new memecoins were registered on CoinMarketCap, compared to 18 in April 2023. ”

As of press time, there are more than 2,230 memecoins included on CoinMarketCap, with a total market capitalization of over $52,325, representing 2.15% of the global Crypto Assets market capitalization.

The overall market capitalization of Crypto Assets is currently $2.31 trillion, with Bitcoin dominating 53.3%.

"The next rising may have begun"

Market analyst Rekt Capital said the next rise may have already begun, as "the end of a long-term downward trend of more than -20% correction over the past year and a half has often been the key to future price reversals."

He added that "following last week's descending candlestick, Bitcoin is still only supporting the range lows," a fact that suggests the bottom may have arrived.

Twitter mega V il Capo Of Crypto also believes that Bitcoin could form a solid support base at current levels and could start moving higher soon. "After deviating from the range lows, the price rebounded, hit the resistance level and is now retraced into an interesting supporting area, which could form the first higher low," he wrote on Twitter. ”

"The price is between $59,000 and $61,000 with strong demand and the indicator looks big long bullish, so there could be Rebound, and if BTC breaks above the $65,000 resistance level, I will be looking for $68,000 to $69,000 as the first target and $74,000 to $75,000 as the second target," the analyst said. ”

By Jason Choi

Compiler: Deep Tide TechFlow

I read some blogs about meme VCs. There are some interesting points in it and sincere respect to all bloggers.

But I personally think that the existence of these articles is exactly why people trade memes. No, memes aren't a cultural Trojan horse at the moment, and I don't think they're even a particularly effective go-to-market strategy.

I understand the need to describe memes in this form in order to make partners feel comfortable – and I've had partners too. But let's face it, you and I trade memes for one thing: "Fuck it".

Let me explain. It's just a continuation of a larger trend you're seeing in developed countries around the world: the future promised to older generations is no longer available to young people. The dream of my parents' generation was to have a good and stable job, buy a house, and raise two children. When I was a college student, the most common dream was to become a billionaire tech founder. **

Why?

On the one hand, because everyone has watched "Social Web" and completely missed the point of the movie, worshipping Zuckerberg as an idol. (It's the same with The Wolf of Wall Street, but that's another topic.)

But it could also be because the median house price has pump 80% since 1985 after Inflation factor, and the house-price-to-income ratio for households is long twice that of our grandparents.

It may also be because 50% of people today earn less than their parents at the age of 30, compared to more than 90% in 1940.

It may also be because the world seems to be richer than ever, but somehow young people inherit less than half of what it used to be.

Or maybe it's because just working hard and being a good employee no longer gives you the same opportunities as your parents.

So, if there's no way to move up the social ladder and you're just barely making ends meet, why not give it a try and see if you can become the next dropout billionaire entrepreneur?

Then, Crypto Assets are like an extension of Trenbolone. Today, nearly two-thirds of young adults believe that the stock market is a great way to build wealth. But 90% of young people are penniless because of the pumping cost of living and cannot invest at an average rate of return of 7% per year.

So, because of the huge Fluctuation of Crypto Assets, you'll hear stories of people getting rich overnight, and it's coming out like an unresolved game – if you're Satoshi early enough and maybe a little daring, you have a chance to make a good living.

To the outside world, this is longer more decent than casinos, and for us Satoshi boys and girls, it stimulates their wisdom more.

You might say, "Well, actually... Since the Dutch tulip bulb merchant in the 1600s, humans have been attracted to the speculative game of 'making quick money'! You should read Devil Takes the Hindmost"

But the point I'm trying to make is that phenomena that have historically been driven by greed are now more and more long driven by despair. Want to feel the vibe? Talk to 2 long 0-year-olds in Hong Kong, South Korea, the United States, and more.

In order to live comfortably, young people must make life decisions that are further and further away from the risk curve.

And they know that much of this is due to the financial decisions made by the previous generation.

Now, this generation also wants to take the encryption game away from them through regulation.

They canceled the ICO on the grounds of protecting you, so when the coins finally listed, you were able to buy them at 500 times the seed price.

They call it "rat poison" while charging generous fees from customers who buy Crypto Assets.

Oh, these customers? Yes, the same cabal – pumping billions into venture capital funds in an attempt to privatize increasingly long games.

That's why people trade memes.

Yes, it's greed, it's "buying tokens that don't have a massive oversupply", a gambling game designed for the ADHD generation who grew up with their brains corrupted by smartphones.

But it's also a "fuck it - nothing else works" attitude.

But more importantly, it's a "fuck it" – a counterattack to a generation they think has failed.

But more importantly, the phrase "fuck it" is being uttered by young people to a generation that they believe has failed them. It is this generation that is now trying to take away what seems to give them a way out, through incomprehensible regulations and increasingly privatization opportunities.

Maybe I'm wrong.

Maybe meme really is the next great go-to-market strategy for startups.

This article is from "SBF maintains his innocence as he trades rice in jail"

Original Author: Jesse Coghlan

Compilation: Odaily Planet Daily Husband How

This is SBF's first face-to-face conversation with the media since being incarcerated at the Brooklyn Metropolitan Detention Center (MDC) in August 2023. SBF spoke with Puck News' William Cohan in an interview published May 9, organized by SBF's mother, Barbara Fried.

According to the interviews, SBF's diet is predominantly vegetarian. Because MDC's vegetarian meals made other inmates feel "smelly like feces," he lived mainly on beans and rice, and rice had "become a trading coin within MDC." SBF even jokingly stated: "Arbitrage opportunities in prison are longer better than his previous life as a high-frequency trader." ”**

According to Puck News, SBF has lost a lot of long, losing 25 pounds (11 kilograms) and "no longer that fat, less neurotic, less restless, and no more bags under the eyes." And during the interview, SBF stared into Cohan's eyes almost all the time, which he had rarely seen before. And, he sadly admits that he has "learned to disguise himself" and is doing well.

SBF's living quarters are large open-plan dormitories that MDC once built for female inmates and live with 35 other male inmates — half of whom, according to reports, are murderers who have compromised with the government. However, according to SBF, life in prison was very boring, with only four TVs and a tablet without an internet connection for entertainment, and he had to play games on the tablet. Although there are long murderers who live with the cellmates, SBF does not worry about his own safety, but often does not sleep well because of his cellmates' frequent wake-up calls - they always ask SBF if he has long small amount of rice **** and wants to barter. **

Although SBF's prison life is rich and longing because of "rice", he has never given up on exonerating himself and has always insisted that he is a "scapegoat". Last month, SBF filed a notice saying he was appealing fraud and Money Laundering charges.

In addition, SBF talks to his new lawyer for an hour or so almost every workday – after taking approved prescription medications, SBF is very clear in communication.

SBF insisted in the interview that he was framed as a scapegoat for FTX's bankruptcy and argued that his only negligence was to put FTX in a position vulnerable to bank bank runs and malicious actions by competitors, and that reasonable penalties should be civil, not criminal.

Journalist Cohan noted that SBF still does not believe that it has committed a crime and portrays itself as an innocent participant who has not been given enough opportunity to consult with prosecutors. And SBF is not sorry for being convicted of helping embezzle approximately $8 billion in client funds.

**SBF stressed that the team of lawyers who handed over the company to FTX was responsible for convicting him of the company's bankruptcy; If he had stayed in the leadership role at FTX, the company would not have gone bankrupt, but would have been a thriving company worth $80 billion. He added that after his lawyer convinced him that there was a conflict of interest in running both the trading company and FTX, he should have worked harder to find someone other than his ex-girlfriend Caroline Ellison to lead Alameda, or simply ignore them and continue to run both companies.

SBF has asked to remain with MDC until he files an appeal, which should be in July. But by law, SBF can be transferred at any time, most likely in a California state jail away from his parents. **If this happens, SBF could travel across the U.S. in four months on a prison bus to reach the prison in California. **

Written by Vishal Kankani, Investment Team Leader, Multicoin Capital

Translation: Golden Finance xiaozou

May 9, 2024 Multicoin announced that it is leading a $7 million seed round of Bitcoin native app platform Arch. Arch unlocks the potential of no-bridge DeFi (Decentralized Finance) on the world's most valuable Blockchain Bitcoin. Also participating in this round are OKX Ventures, Big Brain Holdings, Portal Ventures, CMS Holdings, Tangent, and others.

For nearly a decade, Bitcoin has operated like digital gold. While there was talk of enhancing smart contracts more long than a decade ago, efforts have been futile, in part because a large portion of the Bitcoin community believes that the trade-offs could jeopardize Bitcoin ultimate mission to become the largest non-sovereign coin.

The prevailing view in the Bitcoin community at the time was to abandon all programmability and innovations related to the scaling of other chains to maximize their potential without sacrificing the ultimate vision of a non-sovereign coin. The emergence of Ethereum and other smart contracts platforms is optimistic about this opportunity.

Smart contracts platforms have been around for a decade. Some smart contracts primitives, such as DEX exchanges, lending markets, and stablecoins, have achieved their own product-market fit. They are seen as a fundamental part of a well-functioning Blockchain ecosystem.

Prior to the Taproot upgrade in November 2021, Bitcoin's smart contracts capabilities were very limited. The Taproot upgrade makes it easier for developers to write complex scripting features by increasing the witness field shorter to about 4MB. This allows developers to script the following:

• Atomic swap transactions
• Multi-signature wallet
• Conditional payment

Later, in July 2022, Casey Rodarmor released the "Ordinal Theory," a satoshs numbering scheme that allows individual satoshs to be tracked and transferred, unlocking the ability for users to "inscribe" arbitrary data directly into Bitcoin transactions, including images, text, games, and more, unlocking full-chain NFTs on Bitcoin. These NFTs don't have to be jpegs or songs, but can also be proofs of state for other chains.

The impact of the Taproot upgrade and the Ordinal theory is so great that developers are experimenting with Bitcoin on a large scale for the first time in a long time.

1. Bitcoin development status

At the time of writing, there are longest teams working on various studies – rollups, drive chains, sidechains, and many more – to scale Bitcoin and make it more Programmability. Most of the long in these projects refer to themselves as "Bitcoin Layer 2", which in some cases is a rather broad term. Some of these projects are available today, while others are yet to achieve breakthroughs in the future, such as BitVM, OP_CAT, etc.

In this area, teams have a clear set of design trade-offs. A few important variables related to design are:

• Hosted mode
• Programmability *Extended

In our view, in the short term, the first two points are the right trade-offs:

• Build natively on Bitcoin – can support interaction with Decentralized Finance without the constraints of additional trust assumptions other than Bitcoin.
• Focus on making Bitcoin more Programmability in self-custody mode.

The typical bitcoiner should be a security freak. When it comes to Not your keys, not your coins, Bitcoin users are the most paranoid on the planet. Bitcoin holders should not be expected to move their BTC to a new multisignature, give up even a little bit of self-custody, or worse, take the risk of bridges. We are convinced of this because WBTC and tBTC have been around for longest years, but cumulatively account for less than 1% of the total amount of Bitcoin. There simply isn't enough market demand to take on the risk of bridges/centralization and realize programmability benefits.

Also, we see that most of the TVL on Ethereum resides on L1 instead of L2 like Base, Arbitrum, or Optimism.

To truly unlock Decentralized Finance on Bitcoin, developers need to come to the user's home base – Bitcoin L1.

Why focus more on BTC Programmability than scalability?

As a developer, if all you want is to create a fast Blockchain, there are quite a few alternatives like Solana with a thriving developer ecosystem and more mature market infrastructure. Even with the most forgiving lens on the current state of Bitcoin technology, we are not ready to achieve a high-throughput chain without sacrificing custody, which, as mentioned above, is not possible for longest bitcoiners. In this regard, most long developers who build on Bitcoin are "allied with Bitcoin" and want to build the world's most secure Blockchain, not a multisignature masquerading as L2. Within Bitcoin's current technical capabilities, we believe the right order of action is to prioritize Programmability and push further along the roadmap for speed and scale.

2, Bitcoin native application on Arch

Arch is building the first Bitcoin native application platform. The Arch network is currently in beta and is expected to go live on Mainnet in a few weeks.

Arch, a decentralization execution layer focused on enhancing Bitcoin's programmability, makes several interesting trade-offs in Bitcoin expression design:

• It acknowledges that holders of large long Bitcoin will not abandon escrow to multisignature (almost all Bitcoin L2 are trusted long sign).
• The core architecture allows spot trading takers to interact with the application without taking on new trust assumptions; However, makers will face additional trust assumptions (makers are typically professional profit-seekers who explicitly take risks, rather than principled users who hold Bitcoin for self-sovereign reasons).

Technically, Arch introduces smart contracts-like functionality to Bitcoin Layer 1 through a complex architecture that leverages a decentralized network of validators Node and a purpose-built zero-knowledge Virtual Machine (zkVM) – ArchVM. The following is the general lifecycle of a transaction (technically related) on the Arch network:

• ZKVM: The core of the Arch network is ZK-SNARKs (ZK proofs), where ZK-SNARKs verify transactions and ensure provably secure application execution. ZKVM is a dedicated virtual machine that executes applications and generates encryption proofs that prove the correctness of execution. It is powered by Risc0.
• Decentralization validators Network: The generated ZK proof is then verified by Arch's Decentralization validators Node network. The network plays a vital role in maintaining the integrity and security of the platform. By relying on a decentralization architecture, Arch works to ensure that the verification process is not only secure, but also resistant to censorship and central point failures.
• Integration with Bitcoin Layer 1: Once the ZK proof is verified, the validator network can sign unsigned transactions. These transactions, including state updates and asset transfers determined by the application logic, are eventually passed back to Bitcoin. This final step completes the execution process, and all transactions and status updates are finalized directly on the Bitcoin Blockchain.

While other projects are positioning themselves as Layer 2, we think Arch is clearly Bitcoin native. Arch uniquely positions itself as a Bitcoin native application platform, running directly on Bitcoin Layer 1. Arch's direct manipulation of Bitcoin's main layer eliminates the complexity and inefficiencies typically faced by L2 solutions, allowing users to directly benefit from Bitcoin's security and liquidity while exploring Arch's ability to scale.

3. Develop and build on Arch

In the short term, Decentralized Finance applications (such as lending, DEX exchanges, and Ordinal marketplaces) are clearly possible to build on Arch. It would be longer to be able to swap asset swaps, collateralize lending, and earn BTC yield without trust.

Also, it would be great if high-end collectibles could fully reside on the most valuable Blockchain (Bitcoin) known to man. We expect that the world's largest digital collection will reside on Bitcoin, which in itself is a huge technological breakthrough that will usher in the era of Internet-native finance. Xu long Ordinals collectors clearly value this.

Several projects in the Bitcoin ecosystem have already started migrating to Arch. Recently, Bitcoin lending marketplace Liquidum began to integrate liquidity pools, leveraging Arch to support instant liquidity lending and fungible token pools – while Bitcoin, or even Discrete Log Contracts (DLC), does not offer native support. As of this writing, there are longest 20 projects developing on Arch's devnet, involving stablecoins, DEX exchanges, lending markets, and more. With the growing excitement about Bitcoin, the Arch Foundation plans to support the growth of the ecosystem and fund a range of projects with the upcoming Hacker Marathon.

4, the next chapter of Bitcoin

Supported by the Taproot upgrade and Ordinal theory, we are witnessing unprecedented interest in the Bitcoin ecosystem. For the first time in 15 years, there has been an active and tangible effort to make Bitcoin more Programmable without compromising its vision of a non-sovereign coin.

Arch is the first Bitcoin-native application platform to unlock bridge Decentralized Finance on the world's most valuable Blockchain Bitcoin. Arch emerged as a direct response to the Bitcoin community's desire to leverage Bitcoin's underlying security and Liquidity to enable more complex applications, as seen in other Programmability on-chain such as Ethereum and Solana. By providing a Bitcoin Programmability platform, Arch aligns with the vision and principles of the Bitcoin community and provides an innovative approach that enhances Bitcoin utility while maintaining Bitcoin integrity.

Arch invites people to take a fresh look at the world's largest and most secure Blockchain, bringing the advancements and innovations of other blockchains back to Bitcoin.

WisdomTree, the issuance of Bitcoin spot trading-traded funds (ETF) in the United States, announced the expansion of its WisdomTree Prime app to users in the New York area.

Expansion of custody and stablecoin services

On the heels of WisdomTree's recent concession from the New York State Department of Financial Services (DFS), the company was granted limited purpose trust status under the New York Banking Act.

The charter authorizes asset management firm WisdomTree to conduct custody of digital assets, including the provision of digital wallet services, the issuance and trading of stablecoins approved by the New York State Department of Financial Services (DFS), and the management of reserves of these stablecoins through its newly formed subsidiary, WisdomTree Digital Trust.

According to the asset manager's statement, the trust charter and additional authorizations granted to WisdomTree Digital Trust have enabled WisdomTree Digital Trust to enhance its customer protection measures, particularly with regard to the safe custody of assets.

WisdomTree Prime App & Visa Debit Card Debuts in New York

The launch of the WisdomTree Prime app in New York coincided with the recent launch of the WisdomTree Prime Visa debit card issuance by Stride Bank.

According to the Bitcoin ETF issuance agency, users will be able to use the card to make purchases using their existing balance in their digital Wallet wherever Visa is accepted, essentially bridging the gap between personal financial management and digital asset investments.

Will Peck, head of digital assets at WisdomTree, is excited about the company's achievements:

"Since we debuted in state-specific app stores last summer, we've gained significant momentum in longest areas, including the launch of new digital funds, payment capabilities, and partnerships with regulators like the New York State Department of Financial Services. Our goal is to empower consumers to use digital assets in their daily financial lives. We are excited to provide access to the app to retail investors in New York as we recognize the rapid rise of the digital asset market in the region, which we believe will have a significant impact on WisdomTree Prime." ”

In addition to its launch in New York, the WisdomTree Prime app has been launched in longest states, including Connecticut, Delaware, Idaho, Louisiana, Maine, Nevada and Ohio, bringing the total number of states covered to 41.