This report provides weekly updates on various blockchain projects. Key highlights include Ethereum’s challenges with node centralization, Arbitrum’s proposal for a short-term incentive program, Solana’s collaboration with Hong Kong University of Science and Technology and its million-dollar hackathon, dYdX’s community approval for adopting dYdX V4 and migrating to dYdX Chain, and MetaMask’s new ‘Sell’ feature. Other updates include Yuga Labs’ rewarding Decrypt series, MakerDAO’s proposal for allocating funds for tokenized U.S. Treasury products, Lido on Solana’s request for financial support, ParaSpace’s release of the ParaX whitepaper, and Mina Protocol’s introduction of ZK smart contracts.
Ethereum’s Node Centralization Challenge
- Vitalik’s Concern: Ethereum co-founder Vitalik Buterin has highlighted node centralization as a major challenge for the Ethereum network, with most nodes currently run through centralized services.
- Proposed Solution: Vitalik suggests that reducing and simplifying the cost of running nodes, with statelessness playing a crucial role, could help address this issue.
- Long-term Challenge: Completely solving this technical problem might take up to 20 years, according to Vitalik.
Arbitrum’s Short-Term Incentive Program Proposal
- Proposal Overview: The Arbitrum Incentives Working Group has proposed the “Arbitrum Short-Term Incentive Plan” (AIP), aiming to allocate a maximum of 75 million ARB tokens from the DAO treasury as rewards to active participants in the Arbitrum protocol.
- Voting Process: The proposal will go through two rounds of voting, consisting of a financial proposal and an application process.
- Community and Project Promotion: An additional 37,000 ARB tokens will be reserved for community and project promotion-related operational budgets.
Solana’s Collaborations and Hackathon
- Collaboration with HKUST: The Solana Foundation has announced a collaboration with the Hong Kong University of Science and Technology (HKUST) Cryptocurrency and FinTech Laboratory, providing support for the establishment of Solana-based blockchain gaming courses and student innovation projects.
- Visa’s Stablecoin Settlement Pilot: Visa is expanding its stablecoin settlement pilot program to include Solana, sending USDC to specific merchants through the Solana network.
- Hyperdrive Hackathon: Solana has announced the Hyperdrive Hackathon, featuring a prize pool of $1 million in seed funding and covering various tracks such as DePIN, artificial intelligence, DeFi, payments, DAOs, and more.
- Monitor Ethereum’s Node Centralization: Stakeholders should keep an eye on Ethereum’s efforts to address node centralization, as it could have significant implications for the network’s decentralization and security.
- Consider Arbitrum’s Incentive Program: Active participants in the Arbitrum protocol should consider the potential benefits of the proposed short-term incentive program.
- Explore Opportunities with Solana: Developers and innovators should explore opportunities presented by Solana’s collaborations and hackathon, which could provide valuable resources and funding.