EthHub Weekly #119
Compound liquidity mining begins, zkSync launched, EPNS announced, ConsenSys launches eth2 staking service and much more!
|Anthony Sassano||Jun 22, 2020||4|
👨🌾 Farming All the Yield
Well, that was an absolutely crazy week in Ethereum, wasn’t it? If you’ve somehow missed it, the concept of “yield farming” entered the mainstream crypto lexicon this week with the launch of Compound’s liquidity mining program and the Synthetix/Curve yield farming partnership. Eric and I will be diving very deep into this new trend on this weeks recap podcast - be sure to subscribe so that you don’t miss it!
Gitcoin Grants Round 6 is now live! You can now have your donation matched by up to 100’s of times during this matching round. If you’d like to support EthHub, you can do so here (or fund the Ethereum “state media” here). You can also support my efforts with The Daily Gwei here.
Lastly, a Chinese version of EthHub is now available - a big thanks to ECN for making this possible!
Have a great week everyone!
News of the Week
President Donald Trump ordered Treasury Secretary Steve Mnuchin to focus on a clampdown on Bitcoin over negotiating a trade with China, former national security adviser John Bolton reportedly claims.
In a terse exchange about imposing sanctions and tariffs with China, Trump reportedly told Mnuchin: “Don’t be a trade negotiator,” ordering him instead to: “Go after bitcoin [for fraud].”
“If you don’t want me on trade, fine, your economic team will execute whatever you want,” Mnuchin retorted. The exchange comes from an excerpt from Bolton’s new book, obtained by the Washington Examiner.
The conversation is said to have happened in May 2018, around the time investors were cheering bitcoin on after it rose 33% against the dollar. It’s unclear from the excerpt what specifically led Trump to order Mnuchin to crack down on bitcoin and whether the two men had been talking about cryptocurrencies beforehand.
The Ethereum Foundation followed up on its 2019 gift to the United Nations Children’s Fund (UNICEF) this week with a second cryptocurrency donation.
UNICEF crypto portfolio manager Cecilia Chapiro said the fund is now accepting applications from startups in emerging markets to receive investments via this second donation of roughly 1,125 ETH.
“We are still looking for big donors … also from a technical expertise perspective, we’re always matching our startups with mentors in the space,” said UNICEF blockchain lead Christina Lomazzo. “We’ve not received any more bitcoin, beyond what we got from the Ethereum Foundation [in 2019].”
There’s no set number, but Chapiro expects to find five to 10 attractive startups for equity-free investments worth $100,000 each. The fund is in talks with other prospective donors, but so far none that could be named for this article.
EPNS is a decentralized protocol for sending notifications on the Ethereum network. You can get notified from all sorts of apps on both desktop and mobile - early access is also open now (just DM the team).
Anthony’s note: Had a really fun call with the founders behind this project - I think it’s a key missing piece from Ethereum and I can’t wait to see how it develops!
Lots of updates this week from TXRX including a case study where eth2 validator privacy was broken, an update on patching up the eth2 spec, building out the first phase 1 eth2 client and more.
Your bi-weekly update from the PryLabs team covering the recent launch of their eth2 onyx testnet, the usual code updates, some security updates and much more.
ConsenSys Codefi is launching an Ethereum 2.0 staking-as-a-service platform with institutional functionality for exchanges, custodians, funds, wallets and other potential customers. Binance, Crypto.com, DARMA Capital, Huobi Wallet, Matrixport, and Trustology are the first companies to join the Codefi Staking Pilot Program.
WBTC.Cafe is a basic dApp that provides one of the easiest ways for average users to acquire WBTC with real BTC. The Cafe facilitates a native BTC user experience, so all you have to do is send in real BTC and you receive WBTC.
Reddit and the Ethereum Foundation are holding a scaling “bake-off” where developers are able to compete by sending Reddit their Ethereum layer 2 scaling solutions.
zkSync is built using Matter Labs’ zkRollup technology: a combination of cutting-edge research in zero-knowledge proofs with on-chain data availability. zkSync can massively reduce costs to send ETH and ERC20 tokens while gradually enabling VISA-scale throughput of up to 2,000 TPS.
Users can now “mine” COMP tokens by lending and borrowing from the Compound protocol. These tokens are able to be used in governance to manage the platform as it now belongs to the community.
With this pool, speculators can farm SNX, REN, CRV and BAL tokens using their tokenized BTC on Ethereum.
Following the large fee transactions that occurred a couple of weeks ago, lead Geth maintainer Peter announced that in Geth 1.9.16+, there will be a default setting that refuses to accept any transactions with a fee of more than 1 ETH.
DeFi Pulse Registry wants to keep DeFi safe and to do this they are rolling out 3 categories of new metrics: economic risks, centralization risks, and security risks associated with different DeFi protocols.
HackFS is a 30 day virtual hackathon that focuses on decentralized storage dapps, dev tools, DeFi integrations and more.
The database is organized by project, and collects up all the audit reports, bounty programs and security contact information that the ConsenSys Diligence team could find.
You can now connect to mobile dapps using your mobile wallet without scanning a QR code. Currently supported wallets include Rainbow, MetaMask, Argent and Gnosis Safe. It was also announced that the WalletConnect beta is now over.
Polymarket is an information markets platform, where speculators bet on the world's most highly-debated topics — producing actionable insight on the matters most important to society. You can now trade USDC-based information markets on coronavirus, politics and crypto using the platform.
USD++ is a stablecoin index deployed to PieDAO that is designed for medium to long term holding.
The Berlin upgrade, testnet YOLO, Eth2.0 version 0.12.1, and more covered in this update from the Cat Herders.
Updates on the core spec and implementation, security audits, testnets and more from the Nimbus team this week.
Another update from Alexey this week on new changes and features for Turbo-Geth.
Community Member Spotlight
This week we’re highlighting the great work of Sam Sun!
Sam is a security auditor currently working with Trail of Bits. Sam is well known within the Ethereum community as the “white hat hacking” hero who has found many vulnerabilities in popular applications on Ethereum and responsibly disclosed them. You can read his write-ups about that on his blog here.
Sam also has an active Gitcoin Grant that you can donate to here.
Keep up the great work Sam!
Guide #1: Starting with Bankless (highly recommend checking this out)
What Are Ethereum Users Paying Fees For? (recommended read)
What is an Ethereum Core Developer? (recommended read)
DeversiFi: Bringing Ethereum to Serious Traders - Into the Ether
EIP-1559 and the blockspace market - Uncommon Core
Meme of the Week
Looking for Work?
Top jobs listed on Cryptocurrency Jobs this week:
Data Scientist - 0x
Account Executive - Coinbase
Senior DevOps Engineer - Curv
QA Automation Engineer - Paradigm
+100’s more on the Cryptocurrency Jobs website!
Protect Your Crypto
Buy a hardware wallet: