March 12, 2021: ETH Devs BUIDL Fast ⚡🏗️

Reviewing the Optimism Dai Bridge and other development progress

Here are today’s trends to watch from Curve Market Cap

Gas prices are edging higher, but whales DGAF. They just keep dumping their money into Curve pools and NFT auctions.

Julien Bouteloup @bneiluj

Boom guys! $90M USDT to USDC swap on @CurveFinance LP & veCRV Holder Fee: $36,000 Justin soon getting rekt 👀 etherscan.io/tx/0x5e44fe440… | 🦙🦙🦙🦙🦙🦙🦙🦙🦙🦙🦙🦙

beeple @beeple

HAHAHAHAHAH 😱😱😱 youtu.be/S8p1B8NHLFQ

youtu.beWatch Beeple React to the Historic $69.3m Sale of His Digital Work at Christie’sBidding started at just $100 for our single lot online sale of Beeple’s ‘Everydays: The First 5000 Days’, and ended today at a staggering $69,346,250. This m...

Behind the scenes there’s a wild amount of BUIDL-ing happening which could have the long-term effect of lowering gas prices. Of particular excitement is MakerDAO’s solution to 1-week settlement times, an Optimism Dai Bridge that will support near instant transfer proposed by Sam MacPherson.

This is accomplished by logging all pending transactions to a Canonical Transaction Chain stored on L1. This chain still takes a week to settle, but at least it’s readable. Meanwhile, if you need funds immediately, Maker can provide an fDAI token that serves as a claim against the L1 chain while it is still being verified.

Sam MacPherson @sgmacpherson

Unlike side chains, all the data to reconstruct the Optimistic Virtual Machine (OVM) state is present on L1 in what is called the Canonical Transaction Chain (CTC). Anyone can look at this transaction log and reconstruct the OVM state. 2/

Sam MacPherson @sgmacpherson

The Maker protocol can take advantage of this by offering a token (fDAI) which represents a claim on the L1 DAI through a vault which allows locking up fDAI in exchange for newly minted regular DAI. fDAI is then validated by a Maker Oracle which can verify against the CTC. 4/

If you want more info, make sure to mark your calendars for this upcoming call:

David Utro @Davidutro

Sam will be coming on the MakerDAO community call on March 23rd to talk about the Optimism Dai Bridge! Save the date 😋

Sam MacPherson @sgmacpherson

The MakerDAO community is excited to announce the Optimism Dai Bridge which solves the 1 week withdrawal problem for optimistic rollups. Here's how it works: 1/ https://t.co/kur5QzC91j

Fast withdrawals aren’t expected to be ready until at least Q3 of 2021, but it’s a big step towards making Optimism a functional L2 solution.

Will Sheehan @_wilbur4ce_

Slow withdrawals are the #1 thing that limits optimism user's cost of capital, Maker attacking this head on and if it works DAI becomes the liquidity king on L2 forum.makerdao.com/t/announcing-t…

AnthonΞ Sassano | sassal.eth 🏴 @sassal0x

This is absolutely incredible work from the Maker team and it has made me even more bullish on layer 2's (yes, somehow that's possible). I'll say it again: never bet against the Ethereum ecosystem and the people working within it.

Sam MacPherson @sgmacpherson

The MakerDAO community is excited to announce the Optimism Dai Bridge which solves the 1 week withdrawal problem for optimistic rollups. Here's how it works: 1/ https://t.co/kur5QzC91j

Oh, and you're a bigot if you call it ETH2. The politically correct term is “Consensus Layer,” as opposed to the old school “Application Layer.”

dannyryan @dannyryan

Finalized no. 23 [rebranded 'eth2 quick update'!] blog.ethereum.org/2021/03/11/fin… tl;dr below

blog.ethereum.orgFinalized no. 23the Ethereum consensus-layer

There’s been a flurry of activity among Ethereum dev team lately, and some of the moves are inviting criticism. Vitalik proposed a mechanism to allow quicker merging, which could be useful in strong-arming miners into accepting EIP-1559.

Philippe Castonguay @PhABCD

Ethereum miners: "We will 51% attack Ethereum to protest EIP-1559" Vitalik:

A thoughtful thread by Ali Atiia discusses the issues with the potential cartelization of rollups. TRIGGER WARNING: he deadnames the Consensus Layer.

Ali Atiia @aliatiia_

Buterin's Rollup-Centric Roadmap considered dangerous. In this vision, the beacon chain absorbs Eth1 state, and shards provide data-availability to data-hungry rollups who, in this new vision, will do the heavy lifting of compute, hence achieving .../1

ethereum-magicians.orgA rollup-centric ethereum roadmapWhat would a rollup-centric ethereum roadmap look like? Last week the Optimism team announced the launch of the first stage of their testnet, and the roadmap to mainnet. They are not the only ones; Fuel is moving toward a testnet and Arbitrum has one. In the land of ZK rollups, Loopring, Zksync and …

Ali Atiia @aliatiia_

TLDR: -Rollups leech security/liquidity from Eth -Once big enuf they're incentivised to cut-off Eth and host assets & DeFi legos natively -Users won't care bc dis cheaper/better UX -Eth must protect its turf, provide rich execution env, ZK-VM shards, otherwise: DEATH! .../fin

Weekends are for building, so for all we know by Monday all these changes may be ready to ship.

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