Welcome to the protocol, CoinDesk’s weekly wraps of the most important story of cryptocurrency tech development. I’m Ben Schiller.
In this issue:
- Ethereum’s Pectra’s final test is live
- Hyperliquid makes the token shift for Defi
- Celo’s move to the Layer-2 network is over
- The bitcoin defi expansion faces fork dilemma
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Network news
It’s alive! ETHEREUM PECTRA TEST: The final clothing training for the upcoming PECTRA of Ethereum’s PECTRA took place on Wednesday, as the biggest changes to the blockchain in one year have been tested with additional time following a series of mishaps. Upgrading the new Hoodi Testnet is strictly watched as provided that Two previous trialsIn the holesky and sepolia test networks, it failed to end properly. Following those trials, Those who have developed have created a new testnet. The test is involved in the passage of the hoodi a series of code changes which means that Ethereum is easier to use for both end-users as well as developers. One of those Changes increase The function of the smart contract with the purse, which allows wallet software developers to develop new features focused on comfort, such as the ability to pay transaction fees to cryptocurrencies other than Ether (ETH). The testnets act as copies of a major blockchain, and the developers use it to run any major code changes in a low stake environment, giving them a place to patch any bugs before they reach Mainnet. Hoodi was the last of the three testnets to run on a simulation of Pectra. Developing It used to be That if everything went well on Wednesday, Pectra would track for about 30 more days and then, finally, activated at Ethereum’s mainnet. – Margaux Nijkerkk Read more.
Hyperliquid makes tokens happy for Defi: The decentralized financial sector (DEFI) is among the largest accrual value drivers and revenue creation for crypto projects, but its complexity often leaves users voluntarily on a web of blockchains, bridges, purses and tokens. A Technical update by hyperliquid That process makes it easier for both developers and users, with direct linking tokens to Hypercore and Hyperevm platforms that are now possible. Hypercore is its native platform for spot assets (think of tokens you can trade directly), and Hyperevm, an Ethereum Virtual Machine (EVM) network that conducts smart contracts with Ethereum. Hypercore tokens, called the “core spot,” can be attributed to their counterparts in Hyperevm and called “EVM spot.” When linked, users can move them with simple actions-such as a “spotepend” to hypercore or a standard ERC-20 transfer to Hyperevm. By letting the tokens directly between them-without a third-party mediator-developers can create products that cut the technical chops needed to move the properties, which is easy for heavy crypto users, but can be a challenge for beginners. – Shaurya Malwa Read more.
Celo’s move to layer-2: Celo Blockchain’s long -awaited plan to become an Ethereum Layer-2 chain was completed, ending for nearly two -year process, major organizations behind the network said Wednesday. The move ends A long journey Beginning Back in July 2023 For Layer-1 blockchain that included a community vote in July 2024 and a fierce competition, won optimismOn the Layer-2 networks to convince Celo’s ecosystem to build with their technology. The improved network – like the other 2s layers – offers faster and cheaper transactions at the top of Ethereum mainnet. Blockchain is activated by the OP stack of optimism, A customizable plot That allows developers to develop layer-2 networks based on optimism technology. According to Rene Reisberg, the CEO of the Celo Foundation, the move is the first of its kind to the Ethereum ecosystem, and will probably be used as a blueprint for other EVM-compatible blockchains looking to become a network-2 network. – Margaux Nijkerkk Read more.
Bitcoin Defi is facing fork dilemma: Bitcoin developers looking to expand blockchains Decentralized Finance ) That’s a problem, according Edan Yago, a Bitcoin veteran of more than a decade and core contributor to the smart contract operating system bitcoinos (BOS). “Making a blockchain, especially the one with a $ 2 trillion value here, is like open-heart surgery,” he told CoinDesk in an interview. ZK proofs are a cryptographic form that proves the validity of the statements while maintaining privacy by not revealing any information about it. The function is not available in bitcoin software, but can do so Suggested implementations such as OP_CAT and op_ctv. Yago said developers should find ways to enabilize them with Bitcoin without any kind of fork. “The burden of proof is to the developers to show that there is no other way to accomplish this through smart engineering,” he said. This is what Bos hopes to achieve by Bitsnark, a bitcoin Rollup protocol That is part of the family of computing paradigs built to measure the original blockchain. The following appeared Robin Linus’s Bitvm introduction in October 2023that set a framework for how Ethereum-like smart contracts with Bitcoin can be enabled. Bitcoinos is now there open-sourced What Yago described as a “fully production-ready” Bitsnark protocol, meaning developers now have access to ZK verification with Bitcoin and can connect it to other blockchains such as Ethereum, Solana and Cardano. – Jamie Crawley Read more.
In other news
- In a two -hour interview with CoinDesk senior anchor Christine Lee, Strategy Executive Chair Michael Saylor discussed a US Bitcoin strategic reserve, why security holders, and his own economic immortality, keep him. – Christine Lee Report.
- The crypto start-up plasma has revealed the technical features of its blockchain, which is designed for fast and efficient global shifts of Stablecoin, using a hotstuff-inspired mechanism. – Omkar Godbole Report.
Regulation and policy
- U.S. senator Kirsten Gillibrand (DN.Y.), one of the leading democrats who supports crypto law, warns the industry against pushing a “watery” version of long -awaited stablecoin currently moving to the Senate, focusing that strict regulations are required to stimulate change and protect investors from the bank runs as one of the silicon -ranks of the bank runs from the bank runs as one of the silicon -ranks of the bank runs as one of the silicon. Valley Bank in 2023 and the collapse of the Crypo expleation FTX at the Silicon Valley Bank in 202 in 2022. – Cheyenne Ligon Report.
