TL;DR
- Lummis and Gillibrand released a bill regulating digital assets in the US
- Devcon VI - Applications open
- Lightclients on solo staking and 'at home' block producers
- Ethereum Builder API Specs
- Mental models for Layer 1 and Layer 2 systems
- Blockchain adoption in the next five years
- Euler's $32 million funding round
Lummis and Gillibrand released a bill regulating digital assets in the US
The major highlight of the bill is the inclusion of a modified version of the Digital Commodity Exchange Act (DCEA), a bill proposed earlier this year in the House, making the CFTC the primary spot market regulator for crypto.
" Bipartisan Responsible Financial Innovation Act Addresses CFTC And SEC Jurisdiction, Stablecoin Regulation, Banking, Tax Treatment Of Digital Assets, And Interagency Coordination, Including An Advisory Committee.
Lummis-Gillibrand Focuses On Flexibility, Innovation, Transparency, and Consumer Protections To Integrate Digital Assets Into Existing Law And Provide Certainty To The Growing Industry."
The bill covers all the major categories you'd expect in a comprehensive package:
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definitions
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taxation
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securities
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commodities
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consumer protection
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payments
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banking
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interagency coordination
Here is the link to an overview of the above sections.
Today, I’m introducing the Responsible Financial Innovation Act alongside @SenGillibrand. The United States is the global financial leader, and it’s absolutely critical the U.S. plays a leading role in this new frontier. https://t.co/PziuTwn8Wd
— Senator Cynthia Lummis (@SenLummis) June 7, 2022
Devcon VI - Applications open
Devcon is finally here, it is one of the largest events in the Ethereum Ecosystem, applications for the same have been released and need to be filled online, ticketing has already started all the details are mentioned here.
Location-Bogotá is one of the most popular cities in Latin America and the capital of Columbia.
Venue- The Agora Bogotá Convention Center.
Applications are open until June 27 23:59:59 UTC.
Lightclients on solo staking and 'at home' block producers
Lightclients is a member at Go Ethereum and he has come up with a thread explaining the scenario post-merge , according to him "there will be a much larger fraction of "at home" block producers than we've seen under proof-of-work. In order for these independent stakers to extract MEV, we need to think differently about our approach to block production"
There is a lot of stuff explained in his thread about MEVs . To learn more about MEVs check this article out
After the merge, there will be a much larger faction of "at home" block producers than we've seen under proof-of-work. In order for these independent stakers to extract MEV, we need to think differently about our approach to block production (thread).
— ً (@lightclients) June 6, 2022
Ethereum Builder API Specs
The Builder API is an interface for consensus layer clients to source blocks built by external entities. Block building is a specialized activity that requires high fixed costs to be an efficient validator. This creates an advantage for staking pools as they can effectively distribute the cost across many validators.
Proposer-builder separation (PBS) fixes this by splitting the roles of a validator into block proposing and block building. However, PBS requires modifications to the Beacon chain and will therefore not be possible at the time of the merge.
The Builder API is a temporary solution that requires higher trust assumptions than PBS but can be fully implemented without modification to the base protocol.
This is explained in a detailed manner in this repository.
Mental models for Layer 1 and Layer 2 systems
When you bridge your assets from Ethereum or any other Layer 1 to any side chain or Layer 2s, you sign a bridge contract which is secured by L1 but if you somewhat disrupt the contract by completing moving to a sidechain then your asset is not secured by Ethereum anymore it is secured by the validators of that chain and this is fairly explanatory but there are still wrong mental models in people's minds about the L1 and L2 which are explained in a blog post by Patrick McCorry.
Blockchain adoption in the next five years
Blockchain technology is developing every single day in full blow and most looking at the trends in the past few years it's certain that it has a pretty exciting future. Here's a thread explaining what could possibly happen in the near future to the new age of the internet.
What will the blockchain landscape look like five years from now? Here's my take on how it will play out. 🧵 👇
— pseudotheos (@pseudotheos) June 6, 2022
Euler's $32 million funding round
Euler Finance is working towards democratising the assets people can lend and borrow and it has announced these funds will be used to diversify the Euler DAO treasury.
We're excited to announce Euler’s $32 million funding round led by @HaunVentures. The new funds will be used to diversify the Euler DAO treasury. pic.twitter.com/NJfwB3KXYi
— Euler Finance (@eulerfinance) June 7, 2022
Read more
Read more about Ethereum in previous Bulletins -Ethereum Bulletin
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