“Flashbots aims to maintain a fair playing field for the extraction and democratization of MEV by reducing entry barriers to allow anyone to participate. Without a MEV solution such as Flashbots, market forces would result in MEV extraction being monopolized by a small number of highly-capitalized entities.
Ethereum was built around the fact that miners can run neutral software out of the box that maximizes revenues and network security. Flashbots helps maintain this property in the face of MEV while also providing the ability for users to protect their transactions from front running, sandwiching, and other risks.
Prior to Flashbots’ launch in early 2021, the Ethereum network suffered from chain congestion due to bidding wars between bots. These bots have now mostly been pushed out of the transaction pool.
In Ethereum, over 90% of miners have adopted Flashbots; however, as we approach eth2 and the transition to PoS, adoption will reset to 0. As such, for the health of the Ethereum ecosystem, it is imperative that validators also adopt an MEV solution for Ethereum post-merge. To assist in this adoption, we are pleased to announce the Flashbots Eth2 Working Group.
Flashbots maximizes the MEV revenue received by validators while eliminating the need for validators to actively extract MEV. Running Flashbots significantly increases the reward rate for validators. We have estimated that at the current 250k validators (8m ETH staked) can expect increased validator rewards by approximately 60%.
The initial proposal for the Flashbots eth2 architecture called MEV-Boost is available for feedback on ETHResearch and the working group is moving forward to integrate and test the solution with eth2 clients.”
“The rise of the Metaverse and Web 3.0 are set to disrupt multiple sectors including the billion-dollar global fashion industry. As the world moves from physical to digital, traditional fashion design can transform into virtual wearables that can be leveraged in both augmented reality (AR) and in real life.
While Kaspar is aware that digital wearables are being leveraged in decentralized gaming environments today — such as the NFTs utilized in Decentraland — she explained that in the next two years wearable fashion will be more interactive. For instance, Kaspar recently demonstrated how virtual NFT earnings and other accessories can be worn during video interviews.
Kaspar further mentioned that a “wear-to-earn” model will thrive in AR environments. In order to build long-term relationships with consumers, Kaspar noted that designers will pay consumers to wear their virtual items. Kaspar believes that the wear-to-earn model will eventually be bigger than play-to-earn.
Brands will compensate customers for wearing pieces by giving them access to exclusive items or airdropping fashion pieces to their virtual wallets. The more time you spend using the avatar, the more players can earn.”
“StarkNet is a permissionless decentralized Rollup operating as an L2 network over Ethereum. StarkNet allows any dApp to achieve unlimited scale for its computation, without compromising Ethereum’s composability and security.
Among other features, StarkNet Alpha enables general computation smart contracts that support composability, both with other StarkNet contracts and via L1<>L2 messaging with L1 contracts.
We invite you to start writing your own applications over StarkNet. If you are ready to deploy, please follow this onboarding process; created to ensure all developers are well aware of the preliminary state of the system.”
“When money was invented, it was impossible to accurately measure everything that went into making a product and even more impossible to display that information to everyone who ever came in contact with that product. Now it is technologically possible to record, track and report much more information than our computers can process.
The big question is: What should we be measuring? Below I give one example of what we could be measuring as a starting point for thinking about how the replacement for money could more accurately represent value. The example would be useful if the purpose of the economy were to optimally redistribute the resource commonly known as “food.” Communities and nations could optimize these types of measures to reduce hunger.
New “currencies” might track:
- How many people went without a meal each day, based on region, town and neighborhood.
- Distance food traveled. Distance could be a proxy for ecological impact, nutritional value and support for local producers.
- Amount of food wasted in any given region.
- Amount and location of food nearing its expiration date.
- Crops that will go unused/unharvested for any reason (market forces, weather, shortage of labor).
- Empty space in people’s cars traveling the route from the food about to expire to where people went without a meal yesterday.
It’s fairly easy to see how a combination of distributed ledger technology, self-sovereign identity, zero knowledge proofs and supply chain transparency could be combined to create a suite of measures that are simple yet indicative of the outcomes that people truly want in their economies.
While it’s not obvious how society outgrows money, it is obvious that we need to re-calibrate our value-measurement and resource-reallocation systems. Blockchain offers us the opportunity.”
“In its infancy, Ethereum has largely become host to marketplaces for trading and lending crypto assets (Uniswap and Aave) and buying or selling digital art (OpenSea). The introduction of second-layer platforms built on top of Ethereum, like Arbitrum and Optimism, and technological solutions like ZK rollups, will drag down transaction fees and open Ethereum to decentralized social media platforms like Reddit.
Crypto assets, including ether, are still much more reflexive to demand than stablecoins and dollars, making them a better investment than a currency (for now). However, the larger the Ethereum ecosystem grows, the better the currency ether becomes.
Currently, speculators far outweigh actual blockchain users, but a blossoming ecosystem is changing that as ether can be used for DeFi, NFTs, validation, social media and more. In fact, in Coinbase’s Q3 earnings report, the company highlighted that it has seen a major shift toward people actually making use of blockchain technology by taking their tokens off exchanges.
If today’s trends are carried into tomorrow’s future, the world will be more financialized than ever. It’s too early to tell whether this will be a net positive for humanity, but crypto and DeFi have given a glimpse into the good and bad that come with tokenization.
Airdrops and equity distribution (when done correctly) have distributed wealth much more freely and fairly than corporations have done, historically. However, the other side is equally true as scams and exploits show how greed can be magnified through tokenization and the anonymous economy.
For good or bad, the definition of money will continue to become murkier as the digital economy grows, just as it did with the creation of credit cards and online payments and the move away from paper money.”
See Also: The World Bitcoin Will Build
“Emerging economies represent a huge opportunity for Ethereum.
I had doubts about whether EF would work well with a team from the United Nations. I felt they were a very traditional, big organization with conventional ways of doing things. But Chris shared a couple of lists of goals that they wanted to achieve using blockchain technology, and that blew my mind.
He and his team understood the importance of public blockchains, as well as the tradeoffs of various protocols. This was the moment when I felt confident that there was an opportunity for both groups to have an impactful partnership. UNICEF has a network, and resources that we did not have, with ongoing work in more than 190 countries, and collaboration with diverse stakeholders including NGOs, businesses, startups, and governments. They were also looking for new ways to change from the inside, and to embrace innovation.
The CryptoFund is the first vehicle in the entire UN ecosystem – and possibly the public sector at large – to receive, hold, and use crypto, and it makes investments in support of technology startups within developing countries that are aimed at improving the lives of children. These startups receive tokens and use them without converting to fiat currencies, within the goal of developing open-source, digital public goods. To date, 2,527 ETH and 8 BTC have been contributed, and 18 investments have been made.
At the same time, the CryptoFund is trying to tackle a key challenge for organizations like UNICEF – one of transparency and accountability. Traditionally, donors and other stakeholders don’t have access to a real-time, tamper-proof view of how a charity spends its money. In the case of the CryptoFund, every transaction the CryptoFund makes is visible on its website with a corresponding link containing immutable transaction details on blockchain explorers.
I cannot emphasize enough how influential this project has been – not only for the humanitarian sector and governments, but even to the world. It has raised awareness and let the public see how it is possible for a large, established and international organization to adopt public blockchains in efficient and transparent ways. I have heard so much positive feedback and truly hope that other traditional organizations like UNICEF feel more confident making use of these public goods too.”
“The “FTX’s Key Principles for Market Regulation” blog consists of a 10-points proposal aiming to help U.S. regulators build a crypto-centric regulatory framework. The policy recommends the market-structure choices made by several leading crypto exchanges and suggests its implementation across all jurisdictions.
Out of the 10 key principles, one of the recommendations calls for an alternative regulatory approach that proposes a unified regulatory regime for spot and derivatives marketplaces. FTX also explains the need for a direct membership market structure, i.e, allowing entities to perform regulated trades without the involvement of a third party. FTX also pointed out the need for regulating stablecoin issuance:
A platform operator that permits the use of stable coins for settlement of transactions should be required to explain the standards the platform operator uses in deciding which stable coins it permits for such purposes.”