Ethereum Bulletin #14
Summary of the Ropsten Merge, 20 million OP tokens stolen, Energy consumption statistics of blockchains, Legal wrappers for DAOs, Overview of token distribution over the years, Grants Round 14 is officially live
TL;DR
- Summary of the Ropsten Merge
- 20 million OP tokens stolen
- Energy consumption statistics of blockchains
- Legal wrappers for DAOs
- Overview of token distribution over the years
- Grants Round 14 is officially live
Summary of the Ropsten Merge
Ropsten testnet has been merged yesterday at around ~16:00 UTC. It went pretty smoothly with no major issues except for a slight inconvenience caused because 14% of validators had downtime at the transition
- 9% -- nimbus-team config issue, fixed with CLI change and redeploy
- 1.8% -- known concurrency bug in nethermind, required a reboot for some nodes
- 2.5-3% -- nimbus-besu web-sockets problem, swapped to use http
These were just small issues which were observed and eventually overcome.
Summary of the Ropsten testnet merge: ? pic.twitter.com/xHBManCuruJune 8, 2022
20 million OP tokens stolen
OP tokens are part of Optimism's layer 2 ecosystem, and a company called Wintermute had a wallet that was eligible for 20 million OP tokens, but the wallet address they provided was based on Layer 1, which means that if something like this happens, attackers can easily gain access to those tokens and deploy them to layer 2, where they can obviously sell them and earn profit.
Read the thread below to learn more about the situation's technicalities.
Last weekend an attacker was able to gain control of the Optimism addresses that correspond to various Gnosis Safe multisigs on Ethereum that had not yet been deployed to Optimism. A quick thread on security in the multi-chain world ~~June 8, 2022
Optimism itself shared a document explaining the situation!
Hey folks--in the interest of transparency, we'd like to share some details about an ongoing situation:https://t.co/915vIgRIJG
Summary below ??June 8, 2022
Energy consumption statistics of blockchains
As you might have come across people saying things like cryptocurrencies are dangerous for the environment as they use up a lot of energy which is partially true the Proof of Work consensus protocol onto which the largest blockchains like Bitcoin and Ethereum run puts in a lot of energy for processing each transaction as it has computational complexity and each and every node competes to complete the transaction in the shortest time possible and the one node that wins gets the miner's fees.
The estimated electricity consumption in Terra Watt Hour (TWh) is listed below. Look over the thread.
electricity consumption estimates
world: 25,000 TWh
Bitcoin: 204 TWh (0.82% of world)
Ethereum: 85 TWh (0.34% of world)
sources: statista and digiconomisthttps://t.co/rPFISs5tdLhttps://t.co/brrTKeiIj5https://t.co/XZ2FBE3mDmJune 9, 2022
Legal wrappers for DAOs
The matrix analyses the legal organisations available for DAOs based on a number of factors, including creation requirements, member liability, securities regulations, and tax considerations. It's not meant to take the place of the critical legal guidance that each DAO should seek on its own, but rather to serve as a generic resource for projects as they weigh their alternatives.
Read the whole paperhere.
Overview of token distribution over the years
Many projects create their own tokens, from which they can determine what percentages to keep for their core team members and how much to utilise in airdrops and other activities. A thread and a graphic depicting the trends over time can be seen below.
Thinking about launching a token in this market?
Or granting future tokens to employees and investors?
We did some analysis on the latest tokenomics benchmarks and trends to help you plan your critical token decisions. pic.twitter.com/zXX35AH3wUJune 8, 2022
Grants Round 14 is officially live
Individuals can apply for financing for a public goods project they are working on through Gitcoin Grants. Quadratic Funds (QF) is 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 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
Related articles
Ropsten testnet is all set for The Merge
Ethereum Rinkeby Testnet deprecated
Ethereum Testnets after The Merge
Ethereum Mainnet Shadow Forking: An Overview
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