Ethereum co-founder Vitalik Buterin recently highlighted three significant transitions that are vital for ensuring the long-term sustainability of the Ethereum blockchain. The first of these are scaling Layer 2 solutions such as the current solutions of Optimistic and Zero Knowledge-Rollups which seek to reduce transaction fees. Wallet security is another key point, as the failure to do so could compromise the trust users have for such wallet solutions. Lastly, strong data privacy measures will encourage users to utilize Ethereum's capabilities fully.
Circle, the issuer of the popular stablecoin USDC, rolled out its native USDC on the Layer-2 Ethereum scaling solution, Arbitrum, this week. Users can now swap USDC stablecoins on Arbitrum and avoid the high costs of bridging the token across different chains. A number of key decentralized finance platforms such as Aave, Balancer, Curve, and Trader Joe will support the launch of USDC stablecoins on Arbitrum upon its launch.
Traditional financial institutions such as banks are steadily hopping onto the metaverse bandwagon as part of its efforts to revamp the banking experience in an age of virtual reality while fostering relationships with a digitally native consumer base. Some examples of such finance institutions include JPMorgan which has set up shop in Decentraland under the brand Onyx, and HSBC purchased digital land in The Sandbox to serve clients while providing a different experience for users.
The Ethereum Layer-2 scaling solution that utilizes optimistic rollups have reduced the transaction fees on-chain significantly after the latest Bedrock upgrade. By using optimized batch compression and utilizing Ethereum as a data availability layer, fees have been reduced by 56% which is confirmed by data compiled on the Dune analytics platform.
While there has been an increasing shift from centralized exchanges to decentralized ones in the wake of increasing regulatory actions within the US, the need to motivate users to return to a DEX for trading needs is more crucial than funding liquidity on the platform. Low pricing and gas fees are two such key motivations, although DEXes will need to continue to innovate to retain users and make the platform sustainable.
Onomy Protocol, a Layer-1 blockchain built on Cosmos that aims to build a multi-chain decentralized exchange (DEX), put forth a proposal to integrate Replicated Security features on-chain to create a more robust network. The integration is expected to remove the need for bootstrapping a validator set for those seeking to build app chains, while at the same time facilitating seamless cross-chain communication and interoperability with the Cosmos IBC and EVM-compatible chains.
Vita Inu, one of the first fast, feeless canine-themed memecoin with real world utility, has received substantial support from DWF Labs as part of the latest collaboration between both parties ahead of its VinuChain mainnet, which is a new feeless Layer-1 directed acyclic graph (DAG) chain. The collaboration sees DWF Labs providing over $3 million in monetary support to drive the development of the Vita Inu ecosystem, which will include a lottery application, a decentralized exchange swap, and a major NFT series launch.
The month of May has been a busy month for the EOS ecosystem as the foundation supporting the development of the network released a monthly report detailing at least nine major developments that took place within the ecosystem. Some of the key developments include the open-sourcing of the EOS Ethereum Virtual Machine (EOS EVM) code, mere months after achieving EVM-compatibility on the EOS network. WordProof, a decentralized timestamping solution provider in the ecosystem, has also launched a new WordProof Timestamp plugin for Shopify.
The AI-powered oracle and ecosystem for blockchains, Oraichain, has integrated the Mava application, which is a customer support tool for Web3 applications. More specifically, the project is integrating Mava’s Web3 native chatbot on their Telegram chat to better improve the community experience on the text messaging platform. This gives community members instant support via the chatbot, and it minimizes the risks of users being affected by malicious impersonators and scammers in the chat.
Sensorium Galaxy, a next-generation metaverse and social platform that aims to change digital communications, recently unveiled the results of combining artificial intelligence and neural networks which is a virtual recreation of the famous artist Salvador Dali. Instead of programming a character that recounts the life of the original artist, the team used phantom memory injection and OpenAI to create an AI-driven character that has its own personality in the metaverse.
Apes Go Bananas, a memecoin based on the popular non-fungible token (NFT) projects Bored Ape Yacht Club and HAPE Prime and launched by members of said communities, have recently revised the platform’s NFT Lottery system for a better, fairer experience to their community members. Three different pools - Top-tier, Mid-tier, and Entry-level - will be implemented based on NFT value, and the lottery will be initiated when each NFT prize pool reaches 30 tickets. The lottery ends when there are enough AGB tokens to purchase the lowest-priced BAYC or HAPE NFT on Opensea.
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