Bankless 8 Major Releases of EthCC 2023
Bankless EthCC 2023 8 Major Releases
Original Title: 8 Big Launches from EthCC 2023
Original Author: William M. Peaster
Original Source: bankless
Translation: Kate, Marsbit
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A large part of the BanklessHQ team is currently attending the EthCC conference in Paris, where many top projects in the Ethereum community are sharing some exciting updates. The atmosphere is full of positive energy!
With so many releases and first-time appearances to pay attention to, today we will delve into the 8 announcements from EthCC 2023 that we are most interested in.
– Bankless team
Hello, friends! Having just passed in Paris, the Ethereum community is full of vitality with the grand opening of EthCC 2023.
The event is known for its in-depth exploration of the technical aspects of Ethereum and its ecosystem, and has become a popular platform for major announcements, which is no exception this year.
In today’s article, we will take you through the biggest developments at EthCC 2023 (in no particular order)!
1. Lens V2
At EthCC, Lens Protocol has just introduced the details of their V2 upgrade, which includes a lot of new features. It seems that this will be a big step towards realizing the vision of Lens, which is an open and decentralized network social layer.
Zooming in, the core of Lens V2 is the concept of open operations, which allows users and developers to “bring their own smart contracts” to perform any external smart contract operations on any Lens published content, even cross-chain activities.
In addition, Lens V2 introduces a new Profile Manager system that supports the ERC-6551 token standard, which is “token-bonded accounts” that allow users to store NFTs in other NFTs. So now you can store all the collected content directly in your Lens profile. Crypto social is growing!
Uniswap has released the new UniswapX system at EthCC, which is an open-source protocol aimed at bringing crypto trading into the next generation.
In short, UniswapX relies on a new Dutch auction mechanism, namely Dutch Orders, where the price of the trading order starts higher than the current market price and gradually decreases over time, incentivizing “fillers” to execute the order immediately after making a profit.
In other words, the UniswapX system outsources its complex on-chain and off-chain routing requirements to these third-party fillers, or market makers. This is a dynamic design aimed at helping traders find the best possible prices. Additionally, UniswapX aims to improve the trading experience in other significant ways, such as through gasless transactions, costless failed transactions, and preventing maximum extractable value (MEV).
Learn more: Read the new UniswapX whitepaper
(Editor’s Note: Uniswap is indeed a sponsor of Bankless, but the inclusion of UniswapX in this list has nothing to do with its sponsorship and is solely decided by the author of this article.)
3. Chainlink CCIP
Another highlight of EthCC this week is Chainlink, the leading data oracle network in the crypto economy, announcing the launch of Cross-Chain Interoperability Protocol (CCIP) on the mainnet.
The protocol aims to facilitate seamless communication between different blockchain networks, initially supporting Ethereum, Optimism, Polygon, and Avalanche, and has been adopted by other DeFi giants such as Aave and Synthetix.
Chainlink co-founder Sergey Nazarov and other members of the Chainlink team compare CCIP to “the TCP/IP of finance,” aiming to create a more powerful and flexible DeFi ecosystem. One example of this system comes from the new Synthetix Teleporter system, which uses the protocol to burn and mint sUSD on Ethereum and Optimism networks.
Learn more: Chainlink Cross-Chain
4. Starknet Application Chains
We have seen many L2 teams eager to take advantage of the benefits of permissionless development on their Rollup stacks.
Optimism has Superchain, Arbitrum has Orbit, zkSync has Hyperchains. While each strategy may have varying degrees of open-source code or different underlying architectures, they all embody similar principles. Although the Starknet team typically chooses to “show, not tell,” they break the spell of this ecosystem by adding Starknet to this list. “Application Chains” was just announced at EthCC, and the first Starknet application chain will soon be launched on the mainnet.
These application-specific blockchains will allow teams to create customized chains while retaining the benefits of the public Starknet, such as its native account abstraction and extremely high TPS, while avoiding its congestion and being able to implement functions not supported by public chains, such as unique fee market logic.
5. Gnosis LianGuaiy + Gnosis Card
Ready to spend some magical internet money without a bank? To this end, Gnosis has just launched Gnosis LianGuaiy and Gnosis Card at EthCC. The former is a decentralized payment network that connects web3 to mainstream payment systems, while the latter is a Visa debit card that can be directly linked to self-custodied wallets on-chain.
Particularly with Gnosis Card, the idea is to allow users to enjoy the best of both worlds: the ability to self-custody cryptocurrencies at all times while still being able to easily spend from your holdings (and without having to first send funds to your CEX account to sell for USD, withdraw to your bank, and then transfer to your LianGuaiy LianGuail application, etc.).
As for Gnosis LianGuaiy, the system will use a combination of Gnosis Chain as the L1 “user savings account” and a new custom L2 based on Polygon Supernet for “user spending account”.
Learn more: register at gnosisLianGuaiy.com
6. Mantle Mainnet Alpha
This week, L2 project Mantle Network released its mainnet alpha version at EthCC. The early stage of this system aims to provide developers with a platform to build and test their applications before the full network launch.
Regardless of what happens in the future, Mantle is worth paying attention to in the current L2 landscape due to its modularity: it relies on its own transaction execution, Ethereum L1 for settlement, and EigenLayer for maintaining data availability (DA). This modular approach is undoubtedly an attempt in the Ethereum scalability scene, and Mantle is breaking ground here.
7. Linea Mainnet Alpha
Speaking of L2 mainnet alpha, on July 18th at EthCC, the ConsenSys team officially joined the scalability circle and opened Linea zkEVM alpha version to the public.
This “zkEVM” style is the next great frontier of the L2 ecosystem, combining zero-knowledge (zk) proofs with a full Ethereum Virtual Machine (EVM) equivalent, achieving high accessibility and scalability.
In addition, Linea has significant distribution advantages, thanks to its important L2 position in popular ConsenSys projects such as MetaMask and Infura. Therefore, it will be very interesting to see the level of activity this emerging network can reach now that it finally has a chance to showcase itself.
8. Expanding the Impact of EVM
The Ethereum conference is not just for the Ethereum community! Teams from ecosystems around the world take this opportunity to showcase their development achievements, especially those related to Ethereum.
Tezos and Solana are both working to make it easier for Ethereum developers to migrate to their chains and announced their improvements during EthCC. Tezos launched Etherlink at EthCC, which is an EVM-compatible solution. Meanwhile, Solana announced Solang, a compiler that allows developers to write smart contracts in Solidity on Solana.
Solidity is the native language of Ethereum, and Tezos and Solana are taking steps to allow developers to write contracts in this language. These chains intend to compete with Ethereum for users! Recognizing the moat created by EVM and providing flexibility for developers to write code in Solidity is a necessary step to attract Ethereum-native dApps to deploy smart contracts.
The progress announced at this year’s EthCC conference is driving forward the development of the Ethereum ecosystem on all fronts. As we continue to track these developments and their impact on the wider cryptocurrency field, it is clearer than ever that the future of Ethereum will evolve in various directions, from DeFi to web3 social networking!