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🚢Consensys To Launch Linea Mainnet At EthCC

The Defiant

DeFi Daily

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Consensys, a key player in the Ethereum ecosystem, plans to launch its Linea mainnet at EthCC in Paris. Next, we look into the escalating tensions between the top liquid staking providers, Lido and Rocket Pool, over allegations of centralization.

We then explore the reinvigorated activity around Ordinals, thanks to a significant fee reduction from a new token standard. In the legal realm, we look at the unusual case of the San Francisco Courts seizing control of Fei Protocol's Discord server amid a class-action lawsuit.

Finally, we unpack Circle's attempt to streamline the Web3 experience with the launch of its programmable Wallet-as-a-Service platform.

✍️ In today’s newsletter:

  • Linea zkEVM to launch mainnet next week
  • Liquid staking leaders spar over centralization
  • Ordinals inscriptions surge after BRC-69 drops fees
  • Fei's Discord server seized by US court
  • Circle launches programmable Web3 wallet

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Layer 2

Consensys To Launch Linea zkEVM Mainnet At EthCC

TLDR Consensys is set to launch the alpha mainnet of its Layer 2 network, Linea, with support for over 100 protocols, dApps, and tools. It's a zkEVM rollup, meaning it supports code written for the Ethereum Virtual Machine and uses zero-knowledge proofs for enhanced privacy and performance.

SO WHAT Ethereum's Layer 2 ecosystem continues to grow, and heightened competition could stimulate further innovation and adoption of Ethereum-based applications. However, Linea joins a crowded field, with competing offerings from zkSync, Polygon and other top scaling teams.


SPONSORED POST

“Phat Contract: Smart Contracts. Now Smarter.“

Phala Network, a leading computation infrastructure platform recently released Phat Contract, an off-chain program running on Phala Network which helps users to connect smart contracts anywhere while the app gains internet access.

Phat Contract is the optimal solution for implementing Web3 Functions.
In web3, ensuring efficient interaction with massive off-chain data while maintaining trustworthy and secure information has become exceedingly challenging. Therefore, Phat Contract enables smart contracts to extend their capabilities to the rich off-chain world, making smart contracts even smarter.

Use cases of Phat Contract are:

  • SocialFi developers can enable their smart contracts to read data from any API, including user profile stats like followers, posts, comments, and post stats.
  • Cross-chain DEX aggregators that enable users to swap tokens between various blockchains while ensuring the best possible price and minimal slippage in one-click.
  • Self-owned oracles where any smart contract can access a wide range of data from both on and off-chain data sources.

Phala launched a no-code experience for Phat Contract that allows developers to deploy pre-built templates for specific use-cases called Blueprints. The first Blueprint is a LensAPI Oracle, which makes it easier than ever to deploy a programmable web3 oracle in the Lens ecosystem and unlock the full potential of web3 social applications.

You can check out Phat Contract templates here.


Liquid Staking

Lido and Rocket Pool Duel Over Centralization Concerns

TLDR The rivalry between leading liquid staking providers, Lido and Rocket Pool, is escalating due to concerns around governance and decentralization. Lido's team pointed out that Rocket Pool's Protocol DAO has an Externally Owned Account (EOA) with the power to alter any parameters, a setup they argue goes against the norms of permissionless protocols. In response, Rocket Pool stated that they're aware of the EOA issue and are addressing it in their upcoming Saturn upgrade.

SO WHAT This clash reflects ongoing broader debates around decentralization in the crypto space, which are critical for trust, security, and the democratic decision-making process. It also highlights the challenges in striking a balance between decentralization and operational efficiency.


Bitcoin

Ordinals Inscriptions Surge Following BRC-69 Launch

TLDR The activity around Ordinals, an inscription method enabling the creation of NFT-like assets on Bitcoin, has spiked following the launch of BRC-69, a token standard that significantly reduces the fees associated with inscribing Ordinals.

SO WHAT Ordinals have fueled an uptick in Bitcoin's on-chain activity, adding to Bitcoin's strong performance in 2023. If Bitcoin can host more complex applications like NFTs, it could potentially broaden its use cases, increase on-chain activity, and further cement its position as the leading cryptocurrency.


SPONSORED SHOUTOUT

EthCC[6], Europe's largest annual Ethereum conference in Paris, France, is less than a week away!

Happening from 17-20 July, this year will see a record-breaking 5000 attendees, more than 300 industry leaders on the speaker line-up, and over 200 side events happening throughout the week.

Check out the full agenda here. See you there!


Enforcement

Fei Protocol's Discord Seized By San Francisco Court Amid Class Action Suit

TLDR The Discord server associated with Fei Protocol, a halted decentralized stablecoin project, has been seized due to a class action lawsuit. The lawsuit claims the project's FEI and TRIBE tokens were unregistered securities.

SO WHAT A proposed settlement could provide $17.85 million to those who bought FEI or TRIBE tokens during the project's Genesis Event. This unusual action of court intervention on a Discord server highlights the growing legal scrutiny in the DeFi sector.


Infrastructure

USDC Issuer Circle Launches Programmable Web3 Wallet

TLDR Circle has introduced a programmable Wallet-as-a-Service platform that allows developers to integrate wallets into their decentralized applications (dApps). It also offers customization options such as features for NFT or digital asset transactions. The wallet utilizes Multiparty Computation (MPC) to split a wallet's private key into pieces controlled by multiple entities.

SO WHAT This development signifies Circle's attempt to make the crypto and Web3 spaces more accessible for everyday users, particularly those without prior knowledge or experience with digital asset management. However, the use of MPC and "developer-controlled" wallets does raise questions about the trade-off between convenience and security.


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🌍 ELSEWHERE

  • Hedge funds grow more cautious on crypto after turmoil ( Reuters)
  • UK to Exclude 'Unbacked’ Cryptocurrencies From Digital Securities Sandbox Initiative ( Decrypt)
  • Coinbase Jumps to Highest Since August on Bitcoin ETF Momentum ( Bloomberg)