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Ethereum’s Vitalik Buterin said the ecosystem was at risk if decentralization was just a catchphrase

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Welcome to the protocol, CoinDesk’s weekly wraps of the most important story of cryptocurrency tech development. I’m Margaux Nijkerk, Tech & Protocol Reporter of CoinDesk.

In this issue:

Vitalik Buterin: Ethereum at risk if decentralization is just a catchphrase
Bitcoin Layer-2 Botanix Mainnet Debuts, Cuts Block Times to 5 Seconds
XRPL EVM Sidechain is Live, which unlocks Ethereum Dapps on the XRP ecosystem
Securitize, Redstone Pilot ‘Trusted Single Source Oracle’ to secure the tokenized fund NAVS

Network news

Buterin: Crypto needs to be mature: Ethereum co-founder Vitalik Baterin wants the crypto industry to grow rapidly-emphasized that the industry is in a “point of inflection.” Speaking in front of a packed room At the Ethereum Community Conference, in Cannes, France, Blerin used his keynote to deliver a clear check of fact: Decentralization, he was arguing, must have evolved from a catchphrase to a concrete set of user guarantees-or risk to become another hollow promise. While the industry has become major in endorsements from major corporations and political numbers, builders need to return to the key ideals of the ecosystem surrounding decentralization and buildings for the needs of users, Baterin said. With his typical jeans and relaxing dark t-shirt uniforms, Blerin laid out practical “trials” that he said that every crypto project should be passed. This includes 1) the walking test. If the company behind an application is missing, do users maintain their possessions? And 2) The Insider attack test: How much damage can rogue insider or compromise front-ends cause? And 3) If it has a trusted computing base: How many lines of code should be trusted to protect users’ funds or data? He warned that there were so many Layer-2 networks, Defi projects and “decentralized” front-ends relying on hidden rear, instant upgrades or insecure interfaces that could be stuck and hacked. – Margaux Nijkerkk Read more.

Bitcoin Layer-2 Botanix is Live: The Mainnet of Botanix, a network designed to bring the Ethereum-equivalent utility to the Bitcoin ecosystem, has lived live, which has fallen to the time needed to add new blocks to five seconds from 10 minutes. The network is compatible with Ethereum Virtual Machine (EVM). Botanix is one of the many projects that attempts to measure the bitcoin blockchain and make it a more pleasant place for Decentralized Finance (Defi) by enhancing its utility and programmability. Others include rootstock, stacks and bob (“Build on bitcoin”)that everyone adopted the Bitvm computing paradigm That can make complex calculations proven to Bitcoin, which puts ways for the allocation of intelligent-contract, similar to Ethereum’s. Expanding the Bitcoin utility will allow developers to take advantage of the value held at BTC, which Dwarfs that in all other digital assets. – Jamie Crawley Read more.

XRP Ledger EVM-Sidechain Mainnet launches: Ripple officially introduced Ethereum Virtual Machine of XRP Ledger (EVM) Sidechain to Mainnet on a bid to improve ecosystem interoperability and allow developers to deploy their Ethereum-based Decentralized application (DAPPS) with XRPL. Progress adds compatible with EVM Smart contracts while maintaining a connection to XRPLproviding access to ecosystem developers at a low cost, Ripple said in a blog post. It is designed to eliminate the trade-off between EVM compatibility and its own benefit of XRPL, opening the door for DAPPs that rely on the XRP payment infrastructure. The sidechain operates as a separate blockchain in parallel and connected to the XRP ledger over the Axlar Bridge, an interoperability protocol. The native token of XRPL, XRP, will serve as a native gas token for sidechain. – Margaux Nijkerkk Read more.

Securitize, Redstone Release of New Oracle Model Whitepaper: Securitize, one of the largest tokenized assuer issues, and the Oracle Provider Redstone released a WhitePaper they say introducing a new model for safe validation of net asset value (NAV) The data on-chain, which is customized specifically for tokenized private funds. The model, who called the trusted single resource oracle (TSSO)is designed to meet a major space in decentralized finances (Defi) Infrastructure: How reliable to prove that every NAV update is actually derived from trusted resources-and not tampered at the moment it is on-chain. In the traditional crypto market, oracles pulled data from many price feeds to guard against manipulation or errors. But for private funds, the NAV is calculated by a fund manager. This creates a unique problem: there is no way to double-check the number by combining the market. For defi protocols that rely on accurate collateral values, the one point of trust is a sticky point. The TSSO’s framework solves it by creating a cryptographically linked NAV updates chain, according to Whitepaper. Each update includes a safe digital signature, a timestamp, a reference to the previous note, and a hash that comes together in order. The system uses two keys: a cold stored “root key” for major updates and a “chain key” for small, routine changes that remain within tight thresholds. This design aims to balance high security with a practical need to refresh NAV data without constant work. – Margaux Nijkerkk Read more.

In other news

Digital Brokerage Robinhood (Hood) has a slate of new crypto offerings, including its own blockchain network based on arbitrum and tokenized stock trading. This week’s firm debuted the token stock offer, released at the Ethereum Layer-2 Arbitrum, for European users, which provides access to more than 200 US equality and ETFs with trade around the time of the weekend. In the launch, Robinhood expanded its EU-dedicated app with tokenized stock in an “all-in-one investment app powered by crypto,” the company said. The firm also confirmed that it was building its own layer-2 blockchain network optimized for tokenized assets. The chain will support 24/7 trading, self-custody and cross-chain bridging of tokenized assets. A release date is not disclosed, but people who are familiar with this matter say it can live later this year or early next year. – Christian Sandor Read more.
German Bank (Db) is planning to dedicate a crypto -keeping service next year’s crypto, Bloomberg first reported. Germany’s largest bank has enrolled a cryptocurrency exchange Bitpand to help develop the offer, according to the report, citing people familiar with this matter. DB’s involvement in Crypto keeping up to date is mainly by Swiss Custodian Taurus, where the bank is the same Investors and a Client. It is unclear how this relationship develops that DB should start its own service indoors. Other bank crypto initiatives were to concentrate on stablecoins, along with its asset management subsidiary DWS is planning to issue an euro stablecoin As part of a joint adventure with flower and galaxy entrepreneurs (Glxy). – Jamie Crawley Read more.

Regulation and policy

In passing the US Senate a bill means to advance most of President Donald Trump’s policy agenda, the last minute change to A big good bill excludes a proposal to clarify and lighten the crypto taxation. Although Senator Cynthia Lummis has changes In the US approach to taxing cryptocurrency transactions, including the removal of taxes that capture capital in small activity, it was not among the amendments to the narrowing of narrowly passed by a 50-50 vote on Tuesday where Vice President JD Vance had to step in to break the tie. Senators worked on Tuesday night arguing the amendment after the amendment, most of which failed, on their journey to a Republican victory. But the amendment of Lummis is not among them, despite the 11-hour lobbying efforts from the digital assets industry. – Jesse Hamilton Read more.
New York Attorney General Letitia James rang an alarm in the US Senate Senate bill, warning Congress on June 30th of the Genius Act – at least currently standing – “do (es) do not contain the necessary guards to protect the American public.” In an eight-page letter, James encouraged Congress to slow down efforts to pass Stablecoin law and “take the time needed to draft the law to improve change while protecting our banking system of envy in the world.”- Cheyenne Ligon Read more.