GM Digest #347 — zkSync Elastic | Blobstream Zero | Balancer v3
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Elastic Chain
• The @zksync 3.0 protocol upgrade, launched on June 7, 2024, transforms ZKsync from a single Ethereum L2 into "The Elastic Chain," a network of interoperable ZK Chains
• This upgrade reconfigures the L1 bridge into a shared router contract, supporting over 20 new ZK Chains planned for launch in 2024
• Elastic Chain Architecture consist of "ZK Router" that manages network state, chain registrations, and shared liquidity, and "ZK Gateway" that facilitates interoperability, proof composition, state diff compression, and faster finality
• Elastic Chain's main competitors are the OP Superchain and Polygon's AggLayer
Blobstream Zero
• @RiscZero's Blobstream Zero, developed in collaboration with @celestiaorg, is a next-gen zkVM-based bridge that connects Celestia's modular DA layer to Ethereum, Optimism, Bitcoin, Solana, and other chains
• This bridge allows rollups and applications to prove and verify Celestia's data availability on any chain
• The RISC Zero zkVM allows seamless integration into existing zkVM-based modular blockchains like Optimism and Solana, enabling a new class of applications called ZK Coprocessors. These scale dApp functionality and performance by offloading execution using ZK proofs, optimizing compute and DA
• Blobstream Zero will be fully open-sourced and permissionless, allowing any developer to generate ZK proofs locally and customize the bridge
Balancer v3
• @Balancer v3 architecture utilizes EIP-1153 for transient accounting and offers features such as yield-bearing token support and boosted pools
• The v3 vault includes several key improvements. It manages variable decimals for easier fixed-point math and standardizes rate management for yield-bearing tokens
• Additionally, it ensures atomic updates of token balances and total supply, supports complex operation chains to improve integrator experience, standardizes swap fee implementation, allows external developers to earn from swap fees and yield, and supports native pool pausing
• Custom pools and hooks remain a vital aspect of Balancer v3, allowing developers to extend pool types throughout their lifecycle
• Boosted pools in v3 increase capital efficiency by leveraging yield-bearing tokens directly, reducing gas costs. The introduction of Buffers facilitates efficient swaps through a two-token liquidity pool model, enhancing the functionality of boosted pools
• To support developer engagement, Balancer DAO offers grants of up to 150k $BAL for projects building on Balancer v3 and a Hooks Bounty Program to encourage the development of new hooks with bounties
Bittensor Goes into Safe Mode
• Earlier today, the @bittensorcom team announced that they are investigating an attack on a number of Bittensor wallets over the last 3 hours
• 2 hours later, the team announced that the chain is in safe mode for at least the next 24 hours. This means that all transactions and transfers are now paused while the root cause of the attack is investigated
• $TAO is down 12.6% for the past 24 hr
GHO Lands on Arbitrum
• @aave announced that GHO is now on the @Arbitrum network as part of its phased GHO cross-chain expansion strategy to make GHO more accessible and affordable
• Powered by @Chainlink’s CCIP, GHO becomes a borrowable asset in the Aave Arbitrum pool, providing additional use cases for GHO. Through the clever lock-and-mint model enabled by CCIP, every GHO token minted on an L2 like Arbitrum will have an equivalent amount locked up on Ethereum, keeping the total supply in check
• The expansion does not stop on Arbitrum and will be expanding to other networks based on community proposals and DAO voting
Introducing Layer3 Protocol
• @layer3xyz introduced Layer3 Protocol, an omnichain identity and incentives protocol
• By using CUBEs, user activity across many ecosystems will be unified into a single tokenized credential. By aggregating omnichain identity, CUBEs enable highly targeted, efficient distribution of incentives
Misc News
• @particle_trade $PTC token and airdrop claim are now live
• @marginfi hints of a new product — mrgnswap which allow traders to long/short newly created meme coins with leverage
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*