Ethereum Bulletin #20

Application-specific rollups will be built on L3, Maker Governance has voted to add rETH as a new collateral type, Gray Glacier Upgrade Announcement, Circle launched EURO Coin, Immutable is launching web 3 games, Starksheet landing page is live, 3AC is liquidated by three major central exchanges

Ethereum Bulletin #20


Application-specific rollups will be built on L3

The most popular Layer 1 blockchains are Ethereum and Bitcoin, however as the number of users grows, we need a scalability solution, which are the Layer 2s and 3s. These layers combine the data provided to them into a single transaction on mainnet, reducing traffic and transaction processing time. Here is a thread that explains why L3 rather than L2 will be used to build application-specific rollups. In essence, users "moving up the stack" and the execution layer becoming L2 are the most likely causes of the same; application-specific rollups will probably be on L3.

Maker Governance has voted to add rETH as a new collateral type in the Maker Protocol

As DAOs are the Decentralised Autonomous Organisations hence the decision was made completely democratically by a voting mechanism results of which are:

• 40,858 MKR voted YES (winning option)

• 22,163 MKR voted NO.

• 0.22 MKR voted ABSTAIN.

rETH is the Rocket Pool staked ETH.

Gray Glacier Upgrade Announcement

At block 15,050,000, the Ethereum network will undergo the Gray Glacier fork to push back the difficulty bomb. Ethereum Difficulty Bomb a.k.a the "Ice Age", refers to a mechanism that increases the difficulty level of puzzles in the Proof-of-Work mining algorithm. This increases block production time and makes it difficult for miners to continue mining, this has been delayed because earlier it was reaching sooner than expected.

Read more about Gray Glacier Upgrade in this article.

If you run a node or validator, make sure to upgrade soon.

Circle launched EURO Coin

This is going to be a stable coin like USDC with a value of a EURO but similar security, liquidity, and transparency that the market has come to expect from Circle. EURO coin has already gone live on Ethereum mainnet as EUROC, and will be accessible to mint and redeem on June 30th.

Immutable is launching web 3 games

Immutable has just started a number of projects and is expanding rapidly. With yet another fascinating project—or rather, projects—which will be web 3 games, they are beginning their new chapter. They believe that gaming will provide the next billion web 3 users, thus they are giving these games security and scalability by constructing them on Layer 2s.

Starksheet landing page is live

Based on StarkNet, Starksheet is a spreadsheet where each sheet is a collection and each column is a dynamic NFT. Granular cell ownership and limitless data are provided by the cell as an NFT. They have built a landing page that draws inspiration from a music project and an evident cryptocurrency project (they said). Here's the linkfor the page.

3AC is liquidated by three major central exchanges

Due to the bear market, Three Arrows Capital is in debt and has accepted loans from numerous centralised and decentralised companies in the past that they are unable to recoup. FTX, Deribit, and bitMEX have now opted to liquidate the already struggling corporation because they are unable to repay the debts.

Grants Round 14 is officially live and we're participating

Individuals can apply for financing for a public goods project they are working on through Gitcoin Grants. Quadratic Funds (QF) are used by Gitcoin Grants to distribute extra funding from a matching pool to the most influential projects based on the number of contributors.

We are happy to share that the EtherWorld team is also participating in the GR14 and you may support us by donating as low as 1 DAI [here]

Read more

Read more about Ethereum in previous Bulletins -Ethereum Bulletin

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