Progress update
▪️ We've successfully migrated all smart contracts on Fusion, excluding $XCHNG
▪️ The completion delay is attributed to CEXs requiring additional time to gather user addresses
▪️ To prevent potential issues, we've decided to grant extra time for CEXs to finalize preparations
▪️Withdrawals and deposits on Fusion are expected to open on all platforms on Feb 2nd, aligning with the CEXs' timeline
Just a Reminder for 2024... 🐉
Keep your eye on Derivatives in DeFi. 👀
At #SmartCon, organized by @chainlink, our CTO and Co-Founder @0xpedro_eth explained why it's such a Hot topic right now👇
Ethereum's scalability has been a hotly discussed topic for a while, and the introduction of L2s brought significant advancements.
Now, a new upgrade is nearing its release, poised to turbo-boost scalability in L2s.
Get ready for #Ethereum's next big development: EIP-4844: Proto-Danksharding!
Proto-Danksharding, a proposal developed by Vitalik Buterin and other developers, is set to enhance speed and efficiency while preserving decentralization.
It introduces a new data space attached to Ethereum blocks, specifically tailored for Layer 2 rollups.
These spaces have a name: Blobs!
More on Blobs
Proto-Danksharding introduces a pivotal feature to Ethereum's infrastructure: the blob-carrying transaction. This innovative transaction type is akin to a regular transaction but with an important addition – it carries an extra piece of data known as a Blob.
Blobs can be seen as exclusive lanes on a highway, specifically reserved for roll-up traffic.
This setup eases congestion on the main Ethereum roadway, allowing for smoother and more efficient transaction processing.
Blobs represent a transformative approach to handling roll-up transactions, offering distinct advantages and functionalities:
✦ Dedicated Storage Space for Rollups: Rollups, which previously had to "fight" for space within blocks, often facing high costs and slower processing times, now have their own storage space in Blobs.
✦ Temporary Data Stores: Functioning as chunky, temporary repositories for roll-up transactions, Blobs are attached to Ethereum blocks but are distinct from the primary blockchain data.
This separation is crucial for enhancing the processing efficiency of the main Ethereum chain, which is no longer encumbered by the bulk of rollup data.
✦ Transient Nature: Blobs are not a permanent fixture in the Ethereum blockchain. They have a lifespan of approximately 30 to 90 days, after which they are automatically purged from the system.
This transient characteristic ensures that the Ethereum blockchain remains lean and free from the bloat of outdated rollup data.
✦ Size and Cost-Efficiency: Blobs are considerably large, approximately 125 kB each, and offer a more economical alternative compared to similar amounts of call data.
However, it's important to note that the data within Blobs is not directly accessible for EVM execution.
Instead, the Ethereum Virtual Machine can only view a commitment to the Blob, ensuring a balance between functionality and efficiency.
Benefits brought by Proto-Danksharding
✦ A surge in both general-purpose and niche, application-specific rollups.
This diversification is possible because of the reduced operational costs, making it feasible for more tailored solutions to emerge on Ethereum!
✦ Potential to improve communication between different rollups.
✦ EIP-4844 is poised to make Ethereum more scalable, efficient, and diverse. It's a significant step towards addressing the blockchain trilemma, balancing speed, security, and decentralization.
✦ A more robust environment for building DApps for devs, with reduced gas fees and improved transaction throughput.
Conclusion
EIP-4844 represents a significant advancement for both Optimistic and ZK (Zero Knowledge) rollups, enhancing their functionality while maintaining seamless integration with the main Ethereum chain.
By enabling rollups to batch transactions in blobs, this upgrade facilitates their submission to Ethereum, thereby bolstering security and reducing the cost per transaction!