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Crypto && Coffee 143

Technology Recap:


  • Arkham Intelligence notes that an unknown address that accumulated more than ~$3B worth of Bitcoin in the last 3 months, making them the 3rd largest Bitcoin wallet, belongs to Robinhood Markets Inc.. 

  • Matt Morehouse posted to the Lightning Dev mailing list the summary of a vulnerability that was recently disclosed and is now addressed. The vulnerability was around DoS vectors that affected all node implementations. 


  • The Holesky public testnet is going live on September 15th, 2023 – the anniversary of The Merge. It will enable the Shapella upgrade shortly after launch and then will upgrade to Dencun in the coming weeks. 

  • An Ethereum core dev from the R&D team published an article on a new protocol that allows networking nodes to prove they are an Ethereum validator without revealing which one they are. 

  • The Client Diversity dashboard has been refreshed with proper breakdown of Consensus Clients and Execution Clients. A majority of the data is sourced via Ethernodes, Execution-Diversity, Sigma Prime, Miga Labs, and Rated.Network.

  • Terence of Prysmatic Labs teases a new EIP-4844+ which includes a 3/6 blob erasure code, client storage updates, new data recovery network, and more. 

  • Christine Kim of Galaxy publishes the latest update on Dencun testing. This includes all Execution Layer and Consensus Layer clients being on-boarded to Devnet8 and more! 

Other Chains: 

  • The BNB Smart Chain (BEP-20) enabled network upgrade and hard fork will take place at block height 31,302,048 at approximately 07:30 UTC on August 30th, 2023. This upgrade is inline with the BSC mainnet Plato and Hertz hard fork.

  • StarkWare open-sources their powerful STARK Prover, code-named Stone. During the Starknet Summit which is taking place in San Francisco, CA they are giving full deep dives into the Prover’s code. 

  • Jesse Pollak, creator of Coinbase’s Base layer-2, gave a TL;DR on Base’s decentralization plans with the OP Stack. 

  • EigenLayer shares 12 early projects that are building with EigenLayer including Espresso Systems, other actively validated services (AVS) and more!

  • Operation Solo Stakers proposed their fist Ethereum mainnet block using DVT (Distributed Validator Technology) validators with solo stakers running from their home. 

  • Shutter gives details on completing the first two deliverables for their Optimism OP Grant which aims at building a shielded mempool using threshold encryption for the modular OP Stack. 

  • Chainlink Staking v0.2 is on track to launch in Q4 of this year. 

  • Risc Zero introduces Zeth: a fully open-source type 0 zkEVM. They are using the term “type 0 zkEVM” because this is focused around zkEVMs for layer-1s such as Ethereum. Not focused solely on layer-2 protocols. 

  • Chainlink shares an article on The Role of Layer-2 Rollups and Chainlink in Scaling the Ethereum Ecosystem

  • Brantly shares a proof of concept on how Ethereum accounts could follow each other similar to social media following via the Ethereum Follow Protocol. 

  • Ethena Labs announces their first end-to-end integration with Bybit, Lido Finance, and Copper. This will allow Lido’s stETH collateral to combine with institutional-grade custody solutions. 

  • Osmosis announces their integration with Notifi to deliver a seamless Web3 experience. 

Hacks | Vulnerabilities | Exploits:

  • On August 22, 2023 Balancer received a critical vulnerability report affecting a number of their V2 Pools. Emergency mitigation procedures were executed to secure the majority of their TVL. Full details here

  • ZachXBT shares that over the past four months, ~$13.3M has been stolen as a result of 54 SIM swaps targeting people in the crypto space. 

  • Addison Spiegel in collaboration with Curve Finance and fellow whitehats dives into how they saved ~$6M of LPs money through two rescues in the wake of the Vyper reentrancy exploits. 

Mainstream Recap:

  • Tornado Cash founder Roman Storm was arrested by the FBI, while co-Founder Semenov was added to the OFAC sanctioned list via the U.S. Department of Treasury. 

  • The D.C. Circuit ruled in favor of Grayscale in their lawsuit challenging the U.S. Securities and Exchange Commission (SEC)’s decision to deny GBTC’s conversion to an ETF.

  • The U.S. Securities and Exchange Commission (SEC) charges LA-based Impact Theory, LLC. with conducting an unregistered offering of crypto asset securities in the form of NFTs. 

  • Coin Center released an article on their initial thoughts around the Tornado Cash indictments and how that could potentially criminalize the publication of software code. 

  • Coinbase will suspend trading of USDT, DAI and RAI stablecoins for Canadian users starting August 31st, 2023 after the exchange expanded its services in the country. 

  • Brian Klein, who has previously represented crypto individuals and companies such as the issuers of the EOS token, is now defending Roman Storm and helped get him out on bail. He notes that the case has dangerous implications for all developers. 

  • Peter Johnson, Co-Head of Venture at Brevan Howard Digital, shares his top 10 takeaways from The Relentless Rise of Stablecoins

  • London-based liquidity provider B2C2 has acquired French market making firm Woorton in a deal that grants B2C2 access to Woorton’s regulatory licenses, allowing it to operate in the EU. 

  • The Stellar Development Foundation has joined the Bytecode Alliance, an industry group promoting the development of WebAssembly (Wasm). 

This Week’s Cup of Coffee:

This week, we are headed to Portland, Oregon for a cup of Honduras Ovidio Gomez from Proud Mary Coffee. This single origin from the Santa Barbara region of Honduras brings bright tasting notes of green apple, lime and hints of stone fruit. This delicate roast is amazing when brewed via espresso! Sip up and enjoy!! 

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