Optimism, the Ethereum layer-2 project, has recently made a significant technological advancement that fills a crucial gap in its system. The missing piece, known as “fault proofs,” is essential for challenging malicious transactions within the project. This development marks a significant milestone for Optimism, as it now aligns with other layer-2 rollup networks that utilize similar proof technology, such as Arbitrum.
The addition of fault proofs means that users who deposit funds into Optimism will no longer have to rely solely on the platform’s security council to return their funds. Instead, they can now trust Ethereum’s security, providing a more robust and secure system for users. Despite this enhancement, the Security Council will remain in place as a backup in case the fault-proof system encounters any issues.
In other news, the crypto lending sector is experiencing a resurgence following a challenging period known as the crypto winter. Several major players in the industry faced financial difficulties in 2022, but the sector has bounced back with the rise in digital asset prices. This recovery has been fueled by factors such as spot bitcoin exchange-traded funds (ETFs) and creditors recovering assets from bankrupt companies.
Additionally, various blockchain projects have made significant strides in recent weeks. Biconomy, a Web3 infrastructure company, introduced a new “Delegated Authorization Network” (DAN) that enables the safe delegation of on-chain activities to AI agents. Ripple Labs announced the launch of its XRPL EVM Sidechain, providing Ethereum compatibility to the XRP Ledger. Lido DAO has partnered with Mellow Finance and Symbiotic to introduce new yield-generating opportunities for users.
On the Solana network, validators are taking action against economic attacks targeting crypto traders. Over 30 validator operators were removed from the Solana Foundation Delegation Program for allegedly facilitating these attacks. The ongoing enforcement actions aim to combat practices like sandwich attacks, where bots exploit traders for profit by frontrunning and backfilling trades.
In the financial sector, Ava Protocol secured $10 million in seed funding to develop its Eigenlayer AVS for private autonomous transactions on Ethereum. Squads Labs raised $10 million in a Series A round and unveiled a smart wallet for public testing on iOS. Polygon launched a Community Grants Program worth 1 billion POL tokens over the next 10 years to support developers in its ecosystem.
Overall, these developments highlight the ongoing innovation and progress within the blockchain and crypto space. As projects like Optimism continue to address key challenges and improve their technology, the industry is poised for further growth and advancement in the future.