Welcome to the Ethereum Chinese Weekly Digest, your go-to source for the latest Ethereum ecosystem updates, technical insights, and industry trends. This edition covers pivotal developments from the past week, including Ethereum core developer meetings, rising Blob market fees, and the liquidation of Curve's founder.
Key Sections
- Industry News Roundup
- In-Depth Analysis
1. Industry News Roundup
Blockchain Highlights
- Vitalik Buterin emphasized that sync atomic composability is overrated, suggesting solutions like ERC-3770 adoption and cross-L2 swap protocols (source).
- Base announced Sepolia testnet upgrades, introducing fault proofs by mid-July (Base docs).
- Paradigm open-sourced Revmc, an EVM compiler boosting performance by 1.85x–19x (GitHub).
Funding & Trends
- $232M raised across 14 deals (June 15–21), led by infrastructure and asset management sectors (MarsBit report).
- Solana’s DEX volume surged to 24% market share, per Pantera Capital data.
On-Chain Metrics
- Ethereum L2/L3 TPS hit a record 246.18 (21.2M daily transactions), driven by gaming-focused L3 Xai (L2BEAT).
- ZKsync Era’s TVL spiked 68% post-airdrop, but active addresses dropped 50% (The Block).
2. In-Depth Analysis
Ethereum Core Dev Meeting: Pectra Testnet Progress
Developers discussed:
- Validator merges via Execution Layer (EL) triggers.
- EIP-7702 replacing EIP-3074, with debates on revocation mechanisms.
- EOF implementation delayed for Devnet 1 but slated for future tests.
Rising Blob Fees: Market Inefficiencies
- Blob Base Fees surged, raising L2 costs. Experts like @potuz_eth cited fee structure mismatches (thread).
- Proposed fixes include EIP-7706 adjustments and mempool rule tweaks.
LayerZero’s ZRO Airdrop Fallout
- 200K addresses flagged as Sybils, causing a 91% drop in on-chain activity.
- Controversial "donation-proof" mechanism sparked backlash (PANews).
Curve Founder Liquidation Crisis
- **Michael Egorov’s $141M CRV loans** were liquidated, causing 25% CRV price drops and $1M+ bad debt on Llamalend (analysis).
CertiK vs. Kraken Security Spat
- CertiK accused of exploiting Kraken’s bug to extract $3M, sparking industry-wide scrutiny (details).
FAQs
Q: Why did Blob fees spike suddenly?
A: Fee structures misaligned with transaction types, creating market inefficiencies. Adjustments like EIP-7706 may help.
Q: What’s next for LayerZero after the airdrop?
A: Restoring user trust and boosting on-chain activity remain critical challenges.
Q: How does EIP-7702 improve Ethereum?
A: It replaces EIP-3074 with a more flexible auth model, though revocation complexities persist.
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Credits:
- Web3BuidlerTech | ETHPanda | LXDAO
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