Latest Ethereum News

Austin Federa Leaves Solana to Co-Found DoubleZero Protocol Austin Federa, the former Strategy Lead at Solana Foundation, has made the tough decision to leave the project after four years. In a statement on Dec. 4, Federa expressed the difficulty of his decision but highlighted his excitement for his new venture. He is co-founding DoubleZero, a new protocol and network focused on managing high-performance, permissionless networks. DoubleZero is not a traditional layer 1 or layer 2 protocol but an innovative N1 network designed to optimize blockchain operations by increasing bandwidth and reducing latency. According to Federa, DoubleZero aims to support tens of millions of transactions per second and serve as a neutral base layer infrastructure for high-performance blockchains. The project will operate as a permissionless network of dedicated fiber and subsea cables, involving independent contributors. The network will provide filtration and verification services through network devices running open-source code, offering improved efficiency and spam prevention in transactions.

The Lit Datil Mainnet Beta has made significant strides since its launch, showcasing the potential of decentralized key management in enhancing Internet security and functionality. Over the past two months, ecosystem partners have actively utilized the platform to develop innovative applications. The integration of Multi-Party Computation Threshold Signature Schemes (MPC + TSS) and Trusted Execution Environments (TEEs) has enabled developers to manage keys effectively while performing secure computations. The recent upgrade to the Datil network has introduced Programmable Signing, allowing for seamless transaction signing across various blockchain networks, including Ethereum and Bitcoin. The growth metrics of the Lit network reflect its increasing adoption and utility. With over 90,000 signature requests generated using Lit PKPs and more than 50,000 using Wrapped Keys, the platform has secured over $200,000 in total value. The total number of keys created has surpassed one million, indicating a robust user engagement. Additionally, the network has processed nearly 25 million requests since its inception, demonstrating its capability to support a diverse range of applications, from decentralized finance (DeFi) to autonomous AI agents and private data marketplaces. Looking ahead, the Lit team is focused on enhancing the platform's capabilities with new features such as longer-running Lit Action jobs, additional signature schemes, and improved performance through horizontal scaling. The anticipated launch of the v1 Mainnet in early 2025 will further solidify Lit's position in the blockchain ecosystem, introducing a live network token and additional functionalities. As the journey continues, users can expect exciting engagement opportunities through upcoming questing campaigns, fostering a vibrant community around Lit's innovative solutions.

In an effort to enhance user engagement, BingX has launched a comprehensive guide for its users to participate in the 4EVERLAND airdrop initiative. This guide emphasizes the importance of the User ID (UID), which serves as a unique digital identifier on the BingX platform. The UID is crucial for account verification and the accurate distribution of rewards, ensuring that users receive their airdrop benefits seamlessly. By linking their BingX UID to the 4EVERLAND platform, users can confirm task completion and eligibility for rewards, thereby streamlining the entire process. To assist users in locating their UID, the guide provides two straightforward methods applicable to both mobile and web platforms. For mobile users, they can easily find their UID by signing into the BingX application, tapping on the profile icon, and accessing their profile page where the UID is displayed. Web users can retrieve their UID by logging into the BingX website, clicking on their account avatar, and viewing the UID prominently at the top of their account information. This accessibility ensures that all users can participate in the airdrop without complications. Additionally, the guide outlines the steps to find the Ethereum deposit address, which is essential for users looking to engage with the airdrop. Users are advised to verify the accuracy of their UID to avoid any delays or misdirected rewards. It is also crucial for BingX users to complete all required tasks to qualify for the airdrop benefits. For any questions or support, users are encouraged to reach out to BingX or 4EVERLAND customer service representatives for assistance.

The emergence of Web3 technology is set to revolutionize the computing landscape, with European company Metavisio leading the charge by announcing the world's first Web3 laptop. Developed by its subsidiary, Thomson Computing, this innovative device will feature a built-in cold storage crypto wallet designed to securely store cryptocurrency private keys offline, thereby minimizing hacking risks. While specific technical specifications and a release date are yet to be disclosed, the laptop is expected to cater to a diverse audience, including students, gamers, and general users. The proprietary operating system, dubbed "Web3 OS," is anticipated to be completed by the first quarter of 2025, with initial support for Ethereum Virtual Machine (EVM) networks, Bitcoin, XRP, and Bittensor, and plans for future compatibility expansion. In addition to its advanced security features, Metavisio's Web3 laptop aims to gamify user engagement by rewarding users with token airdrops for completing specific tasks, contingent upon a KYC process. Pricing for the laptop is projected to range from €499 ($523) to €2,000 ($2,100), making it accessible to a wide range of consumers. Stephan Français, Founder & CEO of Metavisio and Thomson, emphasized that this laptop is designed for a future where users have complete ownership of their digital experiences, laying the groundwork for empowering the next billion users in the Web3 ecosystem. The announcement of the Web3 laptop comes amidst a surge in Web3 mobile devices, with Solana recently unveiling its Seeker smartphone, which has already garnered 140,000 presales. Other notable entries include XProtocol's Ethereum phone, XForge, and Jambo's JamboPhone 2, priced at $299 and $99 respectively. These developments highlight a growing trend towards integrating blockchain technology into everyday devices, signaling a significant shift in how consumers interact with digital assets and applications in the evolving Web3 landscape.

Crust Network has recently made significant strides in its technical progress and ecosystem collaboration within the Polkadot framework. Notably, the platform now supports initiating place order transactions from the Polkadot Crust Parachain, which are automatically converted into orders on the mainnet. To address the rising gas fees on Ethereum, the bridge fee for transferring $CRU from the Crust mainnet to Ethereum has increased from 10 $CRU to 30 $CRU. Additionally, a bi-directional XCMP channel has been established between Crust and Bifrost, enhancing cross-chain capabilities. The team is also testing a customized Crust IPFS image based on the latest IPFS code and exploring solutions for a non-TEE lightweight mining client. In terms of ecosystem collaboration, Crust Network is actively engaging with various projects within the Polkadot ecosystem. Although Polkadot is developing a native service for object storage, third-party services like Apillon via CrustNetwork are currently available. The launch of the Polkadot ecosystem dashboard on Token Terminal marks a significant milestone. Furthermore, GoPlausible is leveraging CrustNetwork to provide permanent, decentralized storage, ensuring data security and accessibility. The Crust Parachain has opened an HRMP channel with Bifrost, facilitating seamless data and asset transfers between the two parachains. A massive airdrop event co-hosted by Crust and other networks is also on the horizon, promising exciting opportunities for the community. Community engagement remains a priority for Crust, as evidenced by their sponsorship of offline meetups for the Chainspace Community and participation in various events, including the Global AI+DePIN Exhibition in Bangkok. Crust has also been active in promoting creative initiatives, such as an AI-generated song contest and an AI Music Video Challenge, fostering a vibrant community spirit. As Crust continues to innovate and collaborate within the Polkadot ecosystem, it is poised to redefine decentralized storage solutions for Web3, offering users trustless and user-controlled data management tools.

In recent developments within the cryptocurrency market, Bitcoin's dominance has seen a decline, as Ethereum and Bitcoin begin to reverse their trends. Notably, pro-crypto nominee Bessent has been selected for a position in the Treasury, indicating a potential shift towards more favorable policies for the crypto sector. Analysts like Van Eck predict that Bitcoin could reach $180,000 in this cycle, further fueling optimism among investors. Additionally, the Chicago Board Options Exchange (CBOE) is set to launch Bitcoin ETF-linked options in December, which could enhance market accessibility and liquidity. Meanwhile, the crypto community is facing challenges as the streaming platform PumpFun has come under fire for its content during live broadcasts. In a positive note for the industry, ZA Bank in Hong Kong has initiated crypto trading services, marking a significant step towards mainstream adoption in the region. Furthermore, Aethir has announced a $100 million investment in new crypto AI projects, showcasing the intersection of artificial intelligence and blockchain technology. This aligns with Salesforce CEO's vision of AI's future being dominated by agents. In other news, Cantor Fitzgerald has acquired a 5% stake in Tether, solidifying its position in the stablecoin market. However, Polymarket has decided to block French traders, reflecting ongoing regulatory challenges. The SEC commissioner is set to leave following Gensler's tenure, which may lead to changes in regulatory approaches. As the decentralized science (DeSci) movement draws parallels to early DeFi in 2019, the Monad project has rolled out its testnet, signaling continued innovation in the blockchain space.

NVIDIA, a leading player in GPU technology, is set to announce its Q3 fiscal year 2024 earnings on November 20. This announcement is highly anticipated within the cryptocurrency market, particularly for AI-focused tokens such as Render (RENDER), Grass (GRASS), and PAAL AI. Render has recently undergone a migration and rebranding from Ethereum to Solana, positioning itself as a prominent AI coin. Currently trading at $7.67, RENDER has shown a 3.75% increase over the past week, indicating growing investor confidence. Analysts suggest that if NVIDIA's earnings exceed expectations, RENDER could potentially rise to $8.83, with a bullish scenario reaching $11.86. However, there are concerns about a possible 'sell the news' effect that could lead to a price drop to $5.47 if enthusiasm diminishes. Grass (GRASS), another AI token, has faced challenges, declining by 24.31% in the last week and currently trading at $2.36. It is positioned within a descending wedge pattern, which typically signals a potential breakout. The support level for GRASS is at $2.30, with resistance levels at $3.29 and $3.91. The token's RSI indicates oversold conditions, but weak trading volume suggests limited buying pressure. A strong performance from NVIDIA could shift sentiment positively for GRASS, while disappointing earnings may exacerbate its downward trend. PAAL AI has experienced a volatile week, currently trading at $0.1878 after a significant recovery of 25.20%. This follows a drastic drop of 70% due to concerns surrounding a proposed merger with the ASI Alliance. The merger announcement led to a rapid sell-off, driven by worries over the token conversion ratio and a lengthy vesting period. Transparency regarding the merger is crucial, as highlighted by industry figures. The performance of NVIDIA's stock could greatly influence PAAL AI's trajectory, with potential for a rally or further decline depending on market demand and investor sentiment.

As we look ahead to 2025, the cryptocurrency landscape is poised for significant evolution, particularly with the emergence of blockchains like Solana, SUI, and Bitcoin. Following the FTX crash, many investors have turned their attention back to Solana, which offers a unique advantage over Ethereum by providing faster and cheaper transactions. With only 5% of the global population currently owning cryptocurrency, experts believe we are still in the early stages of this digital revolution. While Bitcoin remains the dominant force in the market, Ethereum's influence is waning, primarily due to its congested layer 2 solutions, which may hinder its performance in the upcoming cycle. Solana is rapidly gaining traction, boasting impressive statistics such as a transaction speed of 1,500 transactions per second (tps) and surpassing Ethereum and Tron in total economic value locked. The upcoming Firedancer update is expected to enhance its capabilities further, potentially reaching 1 million tps. Additionally, the SUI blockchain is emerging as a strong contender in the decentralized physical infrastructure networks (DePIN) space, offering solutions for the Internet of Things. With a focus on real-time, secure interactions among interconnected devices, SUI is attracting developers and projects like Karrier One and Chirp Wireless, which aim to revolutionize wireless access and decentralized telecom. The current narratives in the crypto space include real-world assets, AI, GameFi, and meme coins, with a particular emphasis on DePIN. Bitcoin continues to outperform other asset classes, reinforcing its position as a leading investment choice. As the cryptocurrency market evolves, the belief in Web3 remains steadfast, with many anticipating a bullish trend in the near future. For those still exploring the crypto landscape, the message is clear: the opportunity to invest in transformative technologies is ripe, and the time to act is now.

On November 12, 2024, zkVerify announced the launch of a decentralized proof verifier for Space and Time’s Proof of SQL ZK coprocessor on the SXT Chain. This innovative solution aims to enhance the speed and cost-effectiveness of SQL data verification, particularly for data-intensive applications. By utilizing zkVerify’s capabilities, organizations can validate their ZK-proven SQL queries more efficiently than traditional Ethereum verification methods. The integration of zero-knowledge proofs allows for secure validation of SQL queries against data stored on the SXT Chain, ensuring accuracy without the need for a central authority. The SXT Chain addresses the limitations of traditional smart contracts, which often struggle to access external or historical transaction data. By functioning as a decentralized database, it aggregates data from major blockchains such as Ethereum, Bitcoin, and Polygon, enabling trustless, cross-chain data processing. This capability allows smart contracts to efficiently query and analyze data, which is crucial as concerns about data manipulation and AI-generated content continue to rise. With zkVerify’s technology, organizations can prove data integrity while keeping the underlying information confidential, a significant advancement for sectors like finance and healthcare. Rob Viglione, CEO of Horizen Labs, emphasized that zero-knowledge proofs transform trust in digital systems by providing mathematical assurance of data integrity. The zkVerify platform is designed to facilitate rapid and cost-effective verification of ZK proofs across various blockchain networks, thereby enhancing the performance of existing systems and unlocking new opportunities within the Web3 ecosystem. As the verifier becomes available for testing on the zkVerify testnet, it paves the way for more sophisticated decentralized applications, including DeFi platforms and advanced data analytics solutions.

The Solana network is making significant strides in closing the gap with Ethereum, as highlighted by a bullish report from hedge fund Syncracy Capital. According to the report published on November 12, 2024, Solana's real economic value (REV) reached 111% of Ethereum's REV in October 2024, a dramatic increase from just 1% a year prior. This metric, which encompasses transaction fees and maximal extractable value (MEV) tips paid to validators, indicates a robust economic activity on the Solana network. Additionally, Solana's total application revenue (TAR) was reported at 109% of Ethereum's, showcasing its growing popularity and the increasing fees paid to protocols and applications built on the blockchain. The surge in Solana's economic activity can be largely attributed to the recent memecoin mania, which has seen several new memecoins gain traction within the ecosystem. Notable examples include Goatseus Maximus (GOAT), which achieved a market cap of $400 million in just one week, alongside other significant performers like SPX6900, Apu Apustaja, and FWOG. This influx of interest has resulted in heightened network volumes, fees, and total value locked (TVL), with Solana's TVL reaching a two-year high of over 42 million SOL, while Ethereum's TVL remained stagnant at 17.7 million ETH. Despite the excitement surrounding Solana's memecoin activity, there are concerns regarding its long-term sustainability. Syncracy Capital views this speculative trend as a necessary stress test for the network's reliability, drawing parallels to the early days of DeFi on Ethereum in 2020. Solana has faced challenges with outages since its inception, including a notable five-hour service interruption in February 2024. The network is also attracting decentralized infrastructure protocols, with four unicorns in the DePIN sector. Looking ahead, the Solana Foundation plans to release the full version of the Firedancer upgrade in 2025 to support its growing activity and infrastructure demands.