Vitalik Buterin’s 22-minute proposal expected to go live in the next Ethereum upgrade – DL News

A version of this article appeared in our Decentralized newsletter of May 28. Register here.

general manager, Tim here.

Here’s what caught my attention about DeFi recently:

• Ethereum developers are targeting early 2025 for the next major upgrade.
• DL News speaks to the brain behind the second Solana phone.
• Consensys CEO hints at how the company could go public and make acquisitions.

Ethereum’s Pectra Upgrade

Leading Ethereum developers are targeting the first quarter of 2025 for the network’s next major upgrade.

The plan was solidified in the last Meeting the execution layera bi-weekly gathering of Ethereum developers.

Dubbed Pectra, the hard fork will introduce several new EIPs – or Ethereum Improvement Proposals – with a focus on user-centric improvements.

Perhaps the biggest change planned for Pectra is EIP-7702 from Ethereum co-founder Vitalik Buterin.

The EIP, which Buterin wrote 22 minutesaims to accelerate the adoption of account abstraction.

Join the community to receive our latest stories and updates

Account Abstraction promises to make Ethereum more intuitive and secure to use.

It gives Ethereum wallets the ability to schedule transactions, allowing blockchains to replicate services offered by banks and other money transfer services, such as scheduling payments.

Pectra will also introduce the EVM object format through a group of 11 EIPs to make it easier for developers to introduce new features and deprecate old ones.

The “madness” of the Solana phone

Solana Labs is in full development of its second smartphone, called Chapter 2.

DL News‘ Liam Kelly spoke with Steven Laver, the lead software engineer on the project.

“It has such great energy that the sky is the limit,” Laver said. DL News in a rare interview. “It sounds like crazy, but at the same time it feels like the end result.”

Solana’s plan for Chapter 2 is ambitious.

He wants to free crypto from desktops and the domination of application platforms.

Apple’s App Store removed crypto apps including MetaMask in October. It was later reinstated.

Apple’s App Store and Google’s Play Store charge developer fees between 15% and 30%.

Solana, Laver said, will offer an alternative.

“We are adopting a much lighter policy,” he said. “We’re doing our best to get out of the way.”

Consensys teases its projects

Consensys CEO Joe Lubin says his company could use crypto-native methods to leverage public investments.

“If we make it public in some way, we’ve always tended to use our own technology to do something,” Lubin said. DL News.

Consensys is one of the largest crypto companies. He is behind several widely used tools such as the MetaMask wallet and the Infura infrastructure suite.

In the crypto world, many consider tokenization or project airdrop events – during which a token is created and distributed to its most loyal users – to be akin to initial public offerings.

For years, there have been hints of a MetaMask airdrop. With more than 30 million users, the distribution of a MetaMask token would cause a sensation.

Lubin said Consensys is also considering acquisitions.

“The board just approved something,” he said. “We are very active.”

Besides implying that it was a company in the cybersecurity field, Lubin was coy on the details.

Data of the week

Deposits on Ethereum layer 2 blockchains just reached an all-time high of $47.4 billion, according to data from L2Beat.

(L2Beat)

But in terms of Ether, tokens have been moving out of layer 2 since an all-time high on May 13.

(L2Beat)

Ether rebounds 25% since Bloomberg Intelligence analysts revised their ratings of a spot Ethereum ETF on May 20 helped support the metric.

This week in DeFi governance

VOTE: Redacted name changes in Dinero Protocol

VOTE: Radiant DAO supports protocol extension to Base

VOTE: CoW DAO reduces binding requirements for CoW protocol solvers

Article of the week

DefiLlama dev 0xngmi offers a new lending protocol optimized for staking redeemable assets, like Ether and its liquid staking and re-staking tokens.

What we’re looking at…

The Uniswap DAO will finally vote on whether to modify the protocol so that its fee mechanism can reward UNI token holders.

Do you have a tip on DeFi? Contact us at tim@dlnews.com.

Source