Recently, significant developments have attracted attention for several altcoin projects. Developer suggestions were especially critical. Here are the details…
Altcoin Uniswap developer made a proposal for financing
Decentralized cryptocurrency exchange (DEX) Uniswap is calling for an on-chain vote to approve a second tranche of funding worth $74 million for its developer, the Uniswap Foundation. The proposed second tranche of funding, which includes a 10% buffer for price volatility, is estimated to be worth $62 million and will be decided by an on-chain vote scheduled for October 4. The allocated funds are earmarked for a variety of ecosystem support initiatives, including developer assistance, research funds, and more.
Additionally, the Foundation announced some future plans, specifically focused on further developing the Hooks ecosystem. According to the official announcement, they aim to develop the Hooks ecosystem by the end of 2023. This initiative includes providing grants to multiple teams to create a v4 SDK, develop hook best practices, training resources, security standards, and libraries.
EIP-7514 proposal attracted attention
Ethereum developers have put forward a new update proposal called EIP-7514, which aims to alleviate the excessive burden on the Ethereum consensus. The suggestion submitted by Dapplion and Tim Beiko will be included in the upcoming Dencun update. EIP-7514 proposes limiting the epoch churn limit and updating it to allow a superlinear increase in the maximum confirmatory growth rate. This proposal is a response to the rapid growth in Ethereum staking, which currently stands at 27 million ETH, accounting for 22.53% of the total ETH supply.
Approximately 32.26% of these staked ETH assets are managed through cryptocurrency platform Lido, raising concerns about centralization. Ethereum co-founder Vitalik Buterin warned about the pressure on the Ethereum consensus in a blog post last May. The purpose of the proposal is to extend the time it takes for staked ETH to reach the 50% threshold by reducing the churn limit to 8. It is estimated that this extension will add approximately a year before a new hard fork follows Dencun. Reducing the Churn Limit is expected to add more time before reaching the 50% threshold.
Altcoin METIS wants to switch to Optimism
On September 28, Ethereum Layer 2 network Metis announced plans to migrate from the current on-chain storage layer provided by Memo Labs to the original Optimistic Rollup format. This strategic move aims to increase data availability and facilitate the upcoming Metis sequencer repository. By launching a pioneering initiative, Metis aims to become the first layer 2 network to decentralize its sequencers, reducing the risk associated with a single point of failure.
Lybra DAO is coming
On October 1, LSD stablecoin protocol Lybra Finance will announce Lybra DAO. This development empowers esLBR and LBR holders to actively participate in Lybra’s decision-making processes by submitting governance proposals and voting. A minimum of 10,000 esLBR is required to submit a DAO bid and these bids will be processed through Tally. Voting will begin two days after the proposal is submitted. All LBR/esLBR holders have the right to vote and during voting, LBR is automatically converted to esLBR and 1 LBR equals 1 vote. Each proposal will have a 7-day voting period. If the DAO approves a proposal, it will be automatically executed by Time Lock 2 days after the end of the voting period. This is a significant step towards decentralized governance in the Lybra Finance ecosystem.
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