The Ethereum Name Service’s forthcoming Namechain will be based on Linea, a zero-knowledge rollup.
ENS Labs, the company behind the Ethereum Name Service, said Tuesday that it picked Linea’s technology to build its upcoming layer-2 network, Namechain.
Story continues below
Linea is a zero-knowledge rollup that came out in July 2023 and was built by Ethereum infrastructure giant Consensys. It is the seventh-largest rollup network, according to L2Beat, with $1 billion locked in its ecosystem.
ENS Labs said it picked Linea to build its network for two reasons. “One is sort of values alignment,” said Nick Johnson, the founder and lead developer of ENS. The other has to do with speed.
Rollups are a special type of blockchain where one can transact faster and at a lower cost. There are two kinds of rollups: optimistic and zero-knowledge. Optimistic rollups use optimistic proofs, which have a seven-day window to dispute transactions before they are finalized (proofs are assumed to be “optimistic” that no one will dispute their contents). Zero-knowledge rollups, by contrast, use zero-knowledge cryptography, seen by many as a superior technology, to secure proofs and finalize those proofs within minutes.
ENS has been described as “the phone book for Web3,” but a more precise analogy is the web’s domain name service (DNS). The domain name “CoinDesk.com” is easier to remember and type than a numerical IP address. Similarly, ENS handles like parishilton.eth, which the namesake heiress acquired in 2021, are more relatable than the strings of letters and numbers that make up Ethereum wallet addresses.
For this service, “we need fast finality,” Johnson said. That’s because “you want to be able to update your ENS name and have the chain reflect it in the smallest interval possible. And to do that and have it remain decentralized and secure, we need fast finality, and optimistic roll-ups can’t deliver that,” Johnson said.
The news comes as other major crypto projects announce their intentions to roll out layer-2 networks, though unlike ENS, some of the biggest names in blockchain have tapped Optimism’s OP Stack to build out their networks.
ENS will be one of the first major projects to build out a layer-2 blockchain based on Linea’s technology (Linea is also building a layer-2 network for blockchain wallet application Status.)
The team behind Linea said last month that it plans to issue a Linea token. Both Johnson and Nicolas Liochon, the founder of Linea, told CoinDesk that there are no concrete plans yet for how that token would be used in the Namechain ecosystem.
Liochon said having the Namechain team working on the Linea stack will help strengthen and decentralize the L2 protocol.
“We really want to have multiple organizations contributing to Linea, and we work on having more organizations too, as a way to make [the network] more secure,” he said. “So really, we want to have multiple teams so there’s no centralization point.”
Also: ENS picks tech for its L2; Bitcoin’s Runes Get an AMM
Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Marc Hochstein, CoinDesk’s deputy editor-in-chief for features, opinion and standards.
In this issue:
Story continues below
Solana was the biggest draw for new crypto developers in 2024
No wonder: Solana’s transaction volume is off the charts
Coinbase alums take next step toward no-code blockchain development
Kraken’s ‘Ink’ layer-2 goes live
Avalanche activates biggest-ever upgrade
Ethereum’s ENS picks Consensys’ tech for its L2
Bitcoin’s Stacks L2 gets an automated market maker for Runes
Most Influential 2024: EigenLayer’s Sreeram Kannan
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Network News
NEW DEVS ❤️SOLANA: The Solana ecosystem, ground zero for the memecoin craze, was the most popular blockchain among new developers this year, according to a report released last week by Electric Capital. In July, this community became the first since 2016 to bring on board more devs than Ethereum. Solana attracted 7,625 new developers in 2024, the most of any chain and a little over 1,000 more than Ethereum. The results underscore the challenge Ethereum faces as rival smart contract platform Solana’s low fees and fast transactions attract investment and talent. Read more.
SPEAKING OF SOLANA: Solana’s network activity has lit up as the Pudgy Penguins NFT project debuted its native token, PENGU, on the programmable blockchain. Solana registered a total transaction tally of 66.9 million Tuesday, the highest daily volume since its inception in 2020, according to data source Artemis. To highlight how busy it was, Solana’s transaction count eclipsed the total of all other major chains combined. Read more
THE INK IS DRY: Kraken, the seventh-largest crypto exchange, said its layer-2 rollup network, built on top of the Ethereum blockchain, has gone live. The network, called Ink, is Kraken’s answer to Base, the highly successful blockchain launched by rival exchange Coinbase. Like Base, Ink is based on the OP Stack, a customizable framework that lets developers build their own rollups using Optimism’s technology. The team had originally planned for Ink to go live in early 2025, so the launch of its main network is ahead of schedule. Read more
AVALANCHE UPGRADE: Avalanche, a layer-1 blockchain launched in 2020 that’s now the tenth-largest by total value locked (TVL), activated its highly anticipated Avalanche9000 upgrade Monday, marking the ecosystem’s biggest technical changes to date. The network has been prepping for these changes for months, with new features that will cut the costs for sending transactions, operating validators and building applications on the network. Leaders at Avalanche previously said that part of the goal with the upgrade is to attract developers to Avalanche and encourage them to create customized blockchains using its technology, known as subnets, or “L1s.” Read more.
A BOON FOR RUNES: Crypto degens have a new – and, if all goes according to plan, faster, cheaper and safer – way to trade Runes, the Bitcoin ecosystem’s answer to memecoins. An automated-market maker (AMM) for the Runes protocol went live on Wednesday on Stacks, following the unveiling of the layer-2 network’s native BTC-backed asset sBTC on Tuesday. It’s the first AMM for such tokens on Stacks. The teams behind decentralized exchange (DEX) Bitflow Finance and Bitcoin bridge Pontis developed the AMM. Runes launched in April and spurred a flurry of activity, paying 78.6 BTC ($8.18 million) in fees in the first 90 minutes. However, less than a month later, this excitement waned considerably, with fees dropping more than 50%. Bitflow’s aim is for its AMM to help Runes scale and address some of the shortcomings holding it back. Read more.
ENS PICKS L2 TECH: ENS Labs, the company behind the Ethereum Name Service, has picked Linea’s technology to build its upcoming layer-2 network, Namechain. Linea is a zero-knowledge rollup that came out in July 2023 and was built by Ethereum infrastructure giant Consensys. It is the seventh-largest rollup network, according to L2Beat, with $1 billion locked in its ecosystem. Rollups are a special type of blockchain where one can transact faster and at a lower cost. There are two kinds of rollups: optimistic and zero-knowledge. Optimistic rollups use optimistic proofs, which have a seven-day window to dispute transactions before they are finalized. Zero-knowledge rollups, by contrast, finalize proofs within minutes. ENS has been described as “the phone book for Web3,” but a more precise analogy is the web’s domain name service (DNS). The domain name “CoinDesk.com” is easier to remember and type than a numerical IP address. Similarly, ENS handles like parishilton.eth, which the namesake heiress acquired in 2021, are more relatable than the strings of letters and numbers that make up Ethereum wallet addresses. For this service, “we need fast finality,” said Nick Johnson, the founder and lead developer of ENS. That’s because “you want to be able to update your ENS name and have the chain reflect it in the smallest interval possible. And to do that and have it remain decentralized and secure, we need fast finality, and optimistic roll-ups can’t deliver that.” Read more.
NO CODE, NO PROBLEM? Patchwork, a startup focused on simplifying blockchain and smart-contract development founded by former Coinbase employees, has released the next version of its low-to-no-code tools for building decentralized applications (dapps). Currently linked to Coinbase’s Base and backed by Coinbase Ventures, the “Create-Patchwork” picks-and-shovels approach lowers the barriers to building blockchain applications and attaching data to them. Following the trend toward easily generated content, the complex world of blockchains and smart-contract design is on a path to no-code applications, or a “text-to-app” experience. Create-Patchwork is the first of several features the team plans to roll out in early 2025 and a foundational step to enable creators to generate contracts and applications in seconds using natural language inputs. “Patchwork is an Ethereum protocol that makes it really easy to build dynamic on-chain applications,” co-founder Kevin Day said in an interview. “It lets on-chain things own other on-chain things, and it allows anyone to attach programmable data to on-chain things.” Read more
EIGENLAYER’S SREERAM KANNAN: KING OF THE PROFESSOR COINS
EigenLayer founder Sreeram Kannan at ETH Denver 2024 (Danny Nelson/CoinDesk)
For a crypto founder who’s attracted so much controversy, Sreeram Kannan is surprisingly sanguine.
In a wide-ranging interview after his selection as one of CoinDesk’s “Most Influential” figures in crypto for 2024, the EigenLayer founder was generous with his time, chatting more than an hour beyond our scheduled slot. I was surprised at his openness because the last time we spoke, a colleague and I had just published an investigation into potential conflicts of interest at his company, Eigen Labs, and in the interim Kannan had disavowed our reporting point-by-point on a Blockworks podcast.
This time, Kannan emerged in a different light. Whatever his misgivings about CoinDesk’s past coverage, they didn’t seem top-of-mind.
What emerged wasn’t the portrait of a defensive tech founder, but rather that of a driven, thoughtful academic-turned-entrepreneur still adjusting to a spotlight few in this industry ever enjoy. Instead of bitterness or evasion, I found ambition, reflection and a quiet kind of excitement.
Kannan seemed as astonished as anyone by how swiftly EigenLayer had transformed from a concept into one of crypto’s most talked-about experiments, telling CoinDesk that he continued to view EigenLayer as a “scrappy startup.”
Over the past 12 months, EigenLayer — which allows emerging blockchain applications to borrow Ethereum’s robust security — went from a relative unknown to an industry heavyweight. The platform raised more than $100 million from venture firms including Andreessen Horowitz and, before even fully launching, drew hundreds of millions of dollars in deposits from crypto users seeking extra yield. Many were incentivized by a viral points program that investors hoped would translate into a lucrative future token airdrop.
EigenLayer’s success during the bear market was striking, and Kannan may have played a larger role than any other entrepreneur in revitalizing decentralized finance on Ethereum. But not everything went according to plan. Industry critics took issue with the EIGEN token distribution plan — which locked up tokens for months and barred claimants from certain geographies — as well as the platform’s slower-than-expected feature rollout and concerns about “rehypothecation,” or the reuse of collateral for multiple purposes. In August, the CoinDesk investigation (that Kannan disputed in the podcast) raised questions about EigenLayer’s conflict-of-interest policies, which may have allowed employees preferential access to tokens powered by its platform.
None of this seemed to derail Kannan’s intellectual ascent. Beyond running Eigen Labs, he still holds a position as an affiliate professor of electrical and computer engineering at the University of Washington, and his theory of “restaking” — letting people reuse staked Ethereum assets to secure other networks — has sparked a wave of innovation and copycats. He’s become a familiar face on the conference circuit, where he unpacks his vision of blockchains as tools for solving humanity’s endless “coordination problems.”
Blockchains, Kannan says, “are the biggest upgrade to human civilization since the U.S. Constitution.”
CLICK HERE FOR THE FULL PROFILE BY COINDESK’S SAM KESSLER:
Money Center
‘Wrapped’ in intrigue
Coinbase Says It Nixed wBTC Because Justin Sun Posed ‘Unacceptable Risk’
WBTC Episode ‘Reopened Old Wounds’ of Centralized Failures: Bitcoin Builders Association
Deals and grants
Stablecoin Payments Platform BVNK Raises $50M to Fuel U.S. Expansion
RWA-Focused Plume Raises $20M from Brevan Howard, Others Ahead of Mainnet Launch
Custody Firm Taurus Partners With Temenos Bringing Crypto Wallets to Thousands of Banks
Regulatory and policy
Next U.S. Senate Banking Chair Calls Crypto ‘Next Wonder’ of World
Calendar
Jan 9-12, 2025: CES, Las Vegas
Jan. 15-19: World Economic Forum, Davos, Switzerland
January 21-25: WAGMI conference, Miami.
Jan. 24-25: Adopting Bitcoin, Cape Town, South Africa.
Jan. 30-31: PLAN B Forum, San Salvador, El Salvador.
Sadece iki hafta içinde gerçekleşmesi planlanan Opside alfa öncesi test ağı için teşviklerin yakında başlatılacağını büyük bir memnuniyetle müjdeliyoruz.
Sadece iki hafta içinde gerçekleşmesi planlanan Opside alfa öncesi test ağı için teşviklerin yakında başlatılacağını büyük bir memnuniyetle müjdeliyoruz.
Bu önemli adım, bizi Opside ana ağının çok beklenen lansmanına doğru itiyor. ZKP Madenciliğinin benzersiz özelliğine sahip öncü bir ZK-RaaS ağı olarak, tüm değerli topluluk üyelerimizi yolculuğumuzun bu heyecan verici bölümüne aktif olarak katılmaya davet ediyoruz.
Alfa öncesi test ağı, Opside’ın gelişiminde, özellikle de hibrit bir PoS ve PoW mutabakat mekanizmasının tanıtılmasında önemli bir ilerlemeye işaret ediyor. Hem doğrulayıcılar hem de madenciler alfa öncesi test ağına katılmaya, çabalarına katkıda bulunmaya ve karşılığında sadakat puanları kazanmaya davet ediliyor. Bu sadakat puanları, ana ağın lansmanını takiben ana ağ tokenleri olarak kullanılabilecektir.
Dahası, Opside Layer 3, geliştiricileri resmi rollup launchpad aracılığıyla kendi ZK-Rollup’larını oluşturma kabiliyetiyle donatıyor. Geliştiriciler ayrıca dApp’leri ZK-Rollup’larına özgürce dağıtabilir ve yenilikçi konseptleri sadece birkaç dakika içinde gerçeğe dönüştürebilir!
Opside Alfa Öncesi Test Ağına Katkıda Bulunmak
Genel Kullanıcılar
Opside’ın Pre-alpha Testnet’inin piyasaya sürülmesinden sonra, genel kullanıcılar zincirler arası işlemler, transferler ve dApp etkileşimleri gibi çeşitli işlevleri deneyimleyebilecekler. Belirli görevleri tamamlamak da kullanıcılara sadakat puanları kazandıracak! Opside Pre-alpha Testnet’in ilk aşamasında, kullanıcı testi için yalnızca sınırlı sayıda dApp’ın mevcut olacağını lütfen unutmayın. Bununla birlikte, test ilerledikçe, artan sayıda dApp dağıtılacak ve test ağında yayınlanacaktır. Ayrıca kullanıcıların üstlenebileceği daha fazla gizli görevi de açıklayacağız, bu yüzden bizi izlemeye devam edin!
En son haberler için Opside Discord’a katılmanızı şiddetle tavsiye ederiz: discord.gg/opside
PoS Doğrulayıcı
Opside, tüm düğüm doğrulayıcılarını Opside ağının güvenliğini ve istikrarını korumaya katılmaya çağırıyor ve her katılımcının ağın genel sağlığında oynadığı kritik rolü vurguluyor. Merkezi olmayan bir sistem olarak Opside, ağın potansiyel tehditlere karşı sağlam kalmasını ve platformda gerçekleştirilen işlemlerin hem güvenli hem de verimli olmasını sağlamak için doğrulayıcılarının kolektif çabasına güveniyor.
Validator ön başvuru faaliyetini 2 Mayıs’ta başlattık ve şu ana kadar 50’den fazla farklı ülkedeki kullanıcılardan 6.000’in üzerinde başvuru aldık. Validator ön başvuru faaliyeti halen devam etmektedir. İncelemeyi geçen başvuru sahipleri, Discord kanalında testnet token’larını talep edebilecek ve Ön-alfa testnet yayına girer girmez düğümler kurabilecekler.
Daha fazla ayrıntı için lütfen bkz:
Opside PoS Validator Ön Uygulama Faaliyeti: https://twitter.com/OpsideZK/status/1653231640385306624
Opside, tüm madencileri Opside ekosistemine katılmaya ve ZK-Rollup’taki işlemler için ZKP (Zero-Knowledge Proof) üretmek üzere bilgi işlem gücü sağlamaya davet ediyor. Bu, özellikle ölçeklenebilir, verimli ve gizliliği koruyan işlemler alanında Opside ağının performansını ve güvenliğini ilerletmek için kolektif bir çabanın önemini vurgulamaktadır.
Alfa öncesi test ağı aşamasında, Opside ilk olarak CPU Madenciliği kullanarak test uygulayacak ve ardından bir sonraki alfa test ağı aşamasında GPU Madenciliğini kullanıma sunacaktır. PoW CPU Madenciliğinin, Alfa Öncesi test ağının başlatılmasından yaklaşık iki hafta sonra halka açık testlere başlayacağı unutulmamalıdır. Ayrıntılar resmi duyurulara göre belirlenecektir.
PoW Miner ön başvuru etkinliğini 9 Mayıs’ta başlattık ve etkinlik halen devam ediyor. Tüm madencileri ve madencilik havuzlarını Opside’a katılmaya, bilgi işlem güçlerine katkıda bulunmaya ve karşılığında sadakat puanları kazanmaya davet ediyoruz.
Daha fazla ayrıntı için lütfen bkz:
PoW Madenci Ön Uygulama Faaliyeti: https://twitter.com/OpsideZK/status/1655513641352044545
Opside, dünya çapındaki geliştiricileri benzersiz ZK-Rollup’larını Opside Layer3 platformunda hızlı ve sorunsuz bir şekilde kurmaya davet ediyor. EVM uyumlu bir ağ olarak Opside, Solidity’de geliştirilen tüm merkezi olmayan uygulamalar için hızlı dağıtım ve maliyetsiz geçiş avantajı sunar.
Opside, istisnai dApp geliştiricilerini veya ekiplerini takdir etmek için, gelecekteki mainnet token ödülleri şeklinde teşvikler sağlamayı taahhüt eder. Bunlar, Opside’ın ağındaki yenilik ve mükemmelliği teşvik etme ve ödüllendirmeye olan bağlılığını gösteren kapsamlı bir dahili inceleme ve onay sürecinin ardından verilecektir.
Resmi Opside Geliştirici Hibeleri: https://opside.network/grants
Sadakat Puanları
Pre-alpha Testnet, Opside’ın kapsamlı üç katmanlı ağ mimarisinin halka açık ilk gösterimine işaret ediyor ve ekosistemdeki tüm rolleri kapsayan geniş bir test yelpazesini kapsayan bir etkinlik.
Alfa Öncesi Test Ağındaki her katılımcı, ekosistemdeki özel rollerine bakılmaksızın, test ağına katkılarından dolayı sadakat puanları şeklinde ödüllendirilecektir. Katılımcılar gerçek zamanlı sıralamalarını Lider Panosu üzerinden rahatlıkla takip edebilecek ve sıralamalarını akranlarıyla paylaşıp karşılaştırarak dostça bir rekabet ortamı yaratabilecekler.
Ayrıca, bu aşamada kazanılan her sadakat puanı gelecek için değer taşımaktadır – bu puanlar Opside Mainnet’in başarılı bir şekilde kullanıma sunulmasının ardından Mainnet Token’larına dönüştürülmeye uygun olacaktır.
Yolculuk Başlıyor
Yolculuğumuzun bu önemli aşamasına başlarken, kendimizi işimize adamış topluluğumuza en içten teşekkürlerimizi sunuyoruz. Sarsılmaz desteğiniz, yorulmak bilmeyen katkılarınız ve coşkulu katılımınız Opside ağını ileriye taşıyan can damarıdır. Opside alfa öncesi test ağının başlatılması sadece ekibimiz için bir zafer değil, aynı zamanda kolektif çabalarımızın gücünün de bir kanıtıdır.
Önümüzdeki heyecan verici fırsatlar ve zorluklar karşısında, her paydaşın gelişebileceği canlı, işbirliğine dayalı bir ekosistemi teşvik etme taahhüdümüzü bir kez daha teyit ediyoruz. Birlikte, ZK-RaaS ağlarının geleceğine öncülük ediyor ve yeni bir ölçeklenebilir, verimli ve gizliliği koruyan işlemler çağını başlatıyoruz.
Sizi bu heyecan verici yolculukta bize katılmaya, Opside’ın geleceğini şekillendirmede rol oynamaya ve kolektif başarımızın ödüllerini paylaşmaya içtenlikle davet ediyoruz. Yenilikler yapmaya ve mümkün olanın sınırlarını zorlamaya devam ederken, birlikte ulaşacağımız olağanüstü kilometre taşlarını heyecanla bekliyoruz.
Opside hikayesinin bir parçası olduğunuz için teşekkür ederiz. Bu belirleyici andan en iyi şekilde yararlanalım ve Opside Mainnet’e doğru unutulmaz bir yolculuğa çıkalım!
