The Protocol: Layer-2 Eclipse’s Airdrop Goes Live

1 day ago

Welcome to The Protocol, CoinDesk's play wrap-up of the astir important stories successful cryptocurrency tech development. I'm Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter.

In this issue:

Eclipse Launches $ES Airdrop, Distributing 15% of Token Supply
Risc Zero’s 'Boundless' Incentivized Testnet Goes Live
Bitcoin Devs Float Proposal to Freeze Quantum-Vulnerable Addresses — Even Satoshi Nakamoto’s
Aethir and Credible Introduce First DePIN-Powered Credit Card

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Network News

ECLIPSE TOKEN GENERATION EVENT: Eclipse, the layer-2 that combines exertion from the Ethereum and Solana blockchains, shared that it has gone unrecorded with an airdorp of its $ES token. The squad down the web shared that the archetypal organisation volition hap implicit the adjacent 30 days, and a full of 1 cardinal $ES tokens person been minted, with organisation structured to spell to assemblage incentives and semipermanent protocol sustainability. Of the supply, 15% is allocated to an airdrop and liquidity provisions for halfway assemblage members and developers who person supported the web from the start. 35% volition enactment ecosystem maturation and probe and development, aimed to assistance standard the network. Contributors volition person 19% of the supply, including squad members, with a 4 twelvemonth vesting play and 3 twelvemonth lockup schedule. The remaining 31% is for aboriginal supporters and investors, who are taxable to a 3 twelvemonth lockup docket to perpetrate to Eclipse’s roadmap long-term. — Margaux Nijkerk Read more.

RISC-ZERO “BOUNDLESS” INCENTIVIZED TESTNET GOES LIVE : Boundless, the decentralized zero-knowledge (ZK) compute marketplace powered by RISC Zero, has launched its incentivized testnet (which it is calling “Mainnet Beta”) connected Base, Coinbase’s Ethereum layer-2 network. With Boundless’ incentivized testnet, developers tin physique and trial applications successful an situation arsenic if the protocol is successful afloat unrecorded format. The web has already landed aboriginal enactment from manufacture heavyweights similar the Ethereum Foundation, Wormhole and EigenLayer. A decentralized marketplace for zero-knowledge compute connects those who request zero-knowledge proofs — specified arsenic developers gathering rollups, bridges, oregon privacy-preserving applications — with a distributed web of autarkic “ZK provers oregon miners” who make and verify those proofs. Instead of relying connected centralized parties, this exemplary allows anyone with the close hardware to lend computing powerfulness and beryllium rewarded for doing that cryptographic work. — Margaux Nijkerk Read more.

NEW BITCOIN PROPOSAL TO FREEZE QUANTAM-VULNERABLE ADDRESSES: A caller Bitcoin draught proposal wants to bash what’s agelong been unthinkable: Freeze coins secured by bequest cryptography — including those successful Satoshi Nakamoto’s wallets — earlier quantum computers tin ace them. That’s according to a caller draught connection co-authored by Jameson Lopp and different crypto information researchers, which introduces a phased brushed fork that turns quantum migration into a ticking clock. Fail to upgrade, and your coins go unspendable. That includes the astir 1.1 cardinal BTC tied to aboriginal pay-to-pubkey addresses, similar those of Satoshi’s and different aboriginal miners. “This connection is radically antithetic from immoderate successful Bitcoin's past conscionable arsenic the menace posed by quantum computing is radically antithetic from immoderate different menace successful Bitcoin's history,” the authors explained arsenic a information for the proposal. “Never earlier has Bitcoin faced an existential menace to its cryptographic primitives.” — Shaurya Malwa Read more.

THE FIRST DEPIN POWERED CREDIT CARD: Aethir, a decentralized GPU unreality network, has teamed up with Credible Finance, a lending protocol, to present what they telephone the archetypal recognition paper and indebtedness merchandise powered by a decentralized carnal infrastructure web (DePIN). The determination is designed to springiness Aethir’s autochthonal ATH token holders and node operators entree to stablecoin recognition without liquidating their tokens — a measurement toward blending on-chain infrastructure with real-world fiscal capital. The product, which debuted connected Wednesday, lets eligible users collateralize their ATH tokens to entree a revolving recognition enactment oregon preload a no-fee paper with ATH oregon stablecoins connected Solana. Loan approvals and limits are determined by Credible’s AI-driven recognition engine, which evaluates a user’s on-chain activity, plus holdings and transaction history. — Margaux Nijkerk Read more.

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In Other News

Ripple has expanded its organization custody services into the Middle East, partnering with UAE-based tokenization level Ctrl Alt to enactment Dubai’s government-led existent property digitization initiative. The woody volition spot Ctrl Alt usage Ripple’s custody infrastructure to store tokenized spot rubric deeds issued by the Dubai Land Department (DLD) connected the XRP Ledger (XRPL). — Shaurya Malwa Read more.
SharpLink Gaming (SBET), the Nasdaq-listed steadfast with a crypto treasury strategy centered connected ether ETH, connected Tuesday said it has go the largest firm holder of the plus with 280,706 ETH worthy astir $840 cardinal astatine existent prices. The steadfast raised $413 cardinal via the issuance of implicit 24 cardinal shares betwixt July 7 and July 11, according to a press release. It purchased a full of 74,656 ETH implicit the past week astatine an mean terms of $2,852 each. Roughly $257 cardinal of that fundraising remained for aboriginal ETH acquisitions, the steadfast said. — Kristzian Sandor Read more.

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Regulatory and Policy

The House of Representatives connected Tuesday did not ballot connected a procedural question to beforehand a trio of crypto bills, but whitethorn ballot Wednesday to beforehand the legislation. As it sped into its crypto-focused week connected Tuesday, the U.S. House's process toward passing integer assets bills crushed to a abrupt halt implicit a procedural ballot arsenic members of the House Freedom Caucus objected to the mode immoderate of the authorities has developed nether Senate dominance. The authorities inactive has strong, bipartisan support, suggesting the procedural mishap whitethorn beryllium flooded arsenic a further ballot was scheduled for aboriginal Tuesday afternoon. This ballot was canceled little than 15 minutes earlier it was acceptable to begin, truthful the substance whitethorn not beryllium raised again until aboriginal Wednesday — the aforesaid time the Digital Asset Markets Clarity Act was acceptable to beryllium voted on. — Jesse Hamilton, Stephen Alpher, & Nikilesh De Read more.
A 12-person assemblage has been seated for Tornado Cash developer Roman Storm's transgression trial, and opening arguments are acceptable to statesman aboriginal this day successful the Thurgood Marshall courthouse successful Lower Manhattan. Seven women and 5 men with a divers scope of backgrounds and ages volition determine whether the U.S. Department of Justice tin beryllium beyond a tenable uncertainty that Storm engaged successful conspiracy to perpetrate wealth laundering, conspiracy to interruption U.S. sanctions and conspiracy to run an unlicensed wealth transmitting business. — Cheyenne Ligon & Nikilesh De Read more.

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