Matrixport View_Technology #11

Matrixport Research

Summary

  • Since the launch of the Beacon chain, the ETH 2.0 developer team has released an updated roadmap containing the latest updates for the network. In 2021, the developer group aims to address three main points and help to increase the usability of ETH 2.0 blockchain.

  • There have been on-going security breaches occurring across the blockchain network.

Public Blockchain: Mainstream Tokens

Latest ETH 2.0 Roadmap and Update

Update ☆☆

  • Ben Edgington, the founder of ConsenSys, wrote an article detailing the future plans and roadmap for Ethereum 2.0

  • In 2021, the developer group for ETH 2.0 aims to target three major points – (1) The merger between ETH 1.0 and ETH 2.0, (2) Sharding, and (3) Light clients

  • For the merger, (1) developers are looking to build the Ethereum network directly on the beacon chain and (2) implement a testnet to turn off Proof of Work within the next few weeks

  • For sharding, developers will focus on the rollup centric roadmap where shards only need to focus on ordering data and process information quicker

  • Lastly, developers wish to build infrastructure for light clients to make the system usable by applications who do not wish to run the full client node

EIP-1559 is Preparing to Go Live on Mainnet (ETH Hard Fork)

Hard Fork Proposal ☆☆

  • EIP-1559, the controversial Ethereum Improvement Proposal that aims to reduce gas cost, is expected to be released in the summer of 2021

  • The proposal involves a transaction pricing mechanism that includes a fixed network charge per block that is burned and dynamically enlarges / reduces the size of the block to deal with temporary congestion

  • EIP-1559 is being tested and integrated by three clients, Besu, Geth and Nethermind, with the other teams joining in the testing at a later stage

Security Incidents

Latest ETH 2.0 Roadmap and Update

Update ☆☆

  • Ben Edgington, the founder of ConsenSys, wrote an article detailing the future plans and roadmap for Ethereum 2.0

  • In 2021, the developer group for ETH 2.0 aims to target three major points – (1) The merger between ETH 1.0 and ETH 2.0, (2) Sharding, and (3) Light clients

  • For the merger, (1) developers are looking to build the Ethereum network directly on the beacon chain and (2) implement a testnet to turn off Proof of Work within the next few weeks

  • For sharding, developers will focus on the rollup centric roadmap where shards only need to focus on ordering data and process information quicker

  • Lastly, developers wish to build infrastructure for light clients to make the system usable by applications who do not wish to run the full client node

EIP-1559 is Preparing to Go Live on Mainnet (ETH Hard Fork)

Hard Fork Proposal ☆☆

  • EIP-1559, the controversial Ethereum Improvement Proposal that aims to reduce gas cost, is expected to be released in the summer of 2021

  • The proposal involves a transaction pricing mechanism that includes a fixed network charge per block that is burned and dynamically enlarges / reduces the size of the block to deal with temporary congestion

  • EIP-1559 is being tested and integrated by three clients, Besu, Geth and Nethermind, with the other teams joining in the testing at a later stage

Security Incidents

DeFi

  • Marqet Exchange discovered a multi-collateral loans bug on Synthetix, where some loans were flagged for total liquidation when only partial liquidation was required. Synthetix is currently fixing the bug and has awarded a bounty to Marqet Exchange for flagging the bug. ☆

  • SushiSwap suffers another attack with hacker stealing 81 ETH. The hacker exploited a transaction that converted 0.05% of the DIGG/WBTC swap fees and stole 24 hours’ worth of fees. ☆

dApps

  • Æternity, a smart contract platform on Ethereum for dApps, released a medium post acknowledging the contribution of its community in thwarting various attacks on the network, and helping to recuperate 29 million stolen Æ tokens in the process. Æternity Network suffered from three major attacks in less than two months. Æternity development team is working to implement hyperchains and use Bitcoin as a parent chain to prevent future attacks. ☆☆

Public Blockchain

  • Privacy-focused Firo cryptocurrency suffered a 51% attack, causing over 300 blocks to be rolled back. The Firo team stated that exchanges suffered a loss from the attack and is currently working with the relevant exchanges to resolve the matter. ☆

Importance level：low-☆; medium-☆☆; high-☆☆☆

Sources: BeInCrypto, Coindesk, CoinMarketCap, IBTC, Synthetix Theblockcrypto analyze by Matrixport

Disclaimer

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