Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx
The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...
Etherlink: The Enshrined Layer 2 EVM Smart Rollup Is Set for Mainnet Launch in March 2024
Etherlink, the Tezos blockchain’s latest Layer 2 solution, is set to redefine the landscape of decentralized applications (DApps) with its upcoming mainnet launch in March 2024. This EVM-compatible, optimistic rollup distinguishes itself from other external Layer 2 platforms like Arbitrum, Optimism, and Polygon, due to its unique enshrinement within the Tezos blockchain.
By: XTZ News
29 November 2023
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Etherlink, the Tezos blockchain’s latest Layer 2 solution, is set to redefine the landscape of decentralized applications (DApps) with its upcoming mainnet launch in March 2024. This EVM-compatible, optimistic rollup distinguishes itself from other external Layer 2 platforms like Arbitrum, Optimism, and Polygon, due to its unique enshrinement within the Tezos blockchain. This integration not only ensures a seamless connection with the blockchain but also brings a plethora of benefits, making Etherlink a standout in the blockchain ecosystem.
Tezos Blockchain Enshrinement
Etherlink is fundamentally different from other Layer 2 solutions due to its enshrinement in the Tezos blockchain. Unlike its counterparts, which function as external additions, Etherlink is implemented at the Tezos protocol level. This integration means that Etherlink is recognized by the Tezos protocol as a special entity, with specific privileges and features that are not available to smart contract-based rollups. The benefits of this enshrinement include more gas-efficient Layer 1 activities and standardization of communication between Layer 1 and rollups, facilitating cross-rollup communication even among rollups with different execution environments.
The Etherlink Difference
Etherlink offers several advantages over some existing Layer 2 solutions. Most existing rollups are not fully decentralized and involve smart contracts, whereas Etherlink, as a Tezos rollup, is enshrined in the Tezos Layer 1, making it more secure and free from smart contract-associated risks. It is fully decentralized, allowing anyone to interact with it through the rollup inbox or even run a rollup node to verify its state. Moreover, Etherlink is upgradable through Tezos’ on-chain governance, ensuring that its future is decided by the community rather than a few entities.
Just Some Advantages Of Etherlink
Enshrined Smart Rollup: As an enshrined smart rollup, Etherlink is integrated directly at the protocol level of the decentralized Tezos blockchain. This integration means that the only point of failure is the Tezos validators, not the sequencer. It ensures quick time-to-L1 finality, leveraging Tezos’ 2-block finality guarantee, which is a significant advantage over other Layer 2 solutions.
Decentralized Sequencer: Etherlink’s state-of-the-art consensus mechanism offers best-in-class censorship resistance. This decentralized sequencer ensures fair and unbiased processing of transactions, setting a new standard in the realm of blockchain technology.
Very Low Fees: A standout feature of Etherlink is its incredibly low transaction fees. With costs as low as $0.01 per transaction for ERC-20 at approximately 200 TPS, it significantly undercuts the higher fees often associated with other blockchain platforms.
MEV Protection: Etherlink provides Miner Extractable Value (MEV) protection out-of-the-box. This feature, facilitated by its Decentralized Sequencer, ensures that all users experience fair transaction ordering, enhancing the integrity and fairness of the platform. MEV protection guards against front-running and transaction reordering by miners or validators. This is vital for traders and investors as it ensures their transactions are executed in a fair manner, preventing potential losses from manipulation.
EVM Compatibility and Low Latency: Etherlink builds on the decentralization of L1 Tezos to offer an EVM-compatible solution with distributed sequencing from day one. This implementation ensures low latency with sub-second confirmation times and maintains a fair ordering of transactions for all users.
Admin Key Elimination: One of the key advantages of Etherlink is its lack of admin keys, which often represent a central point of control and potential vulnerability in other blockchain systems. By eliminating these admin keys, Etherlink enhances its security profile and decentralization, ensuring that control over the network cannot be compromised by single points of failure. This structure supports a truly decentralized model, aligning with blockchain’s foundational principles of reducing reliance on central authorities and improving system resilience.
The Current Status of Etherlink
An EVM-compatible Smart Rollup has been available on Ghostnet, Tezos’ permanent testnet. This rollup allows Ethereum accounts and smart contracts to be deployed and executed on Tezos, offering a seamless experience for developers familiar with Ethereum’s environment.
For the deployment of the EVM rollup, XTZ has been chosen as the native token and test XTZ is being used on Ghostnet. This facilitates transactions within the Etherlink ecosystem and aligns with the overarching Tezos infrastructure.
The EVM rollup is currently in alpha, with active efforts to make it feature-complete and bug-free. The development process is open for community involvement, and the rollup is subject to frequent upgrades to enhance its features and stability.
To progress the EVM from its alpha state to a production-ready solution, further testing and community feedback are essential. Ethereum and Solidity developers are encouraged to experiment with the Ghostnet deployment and contribute to its development.
Yann Régis-Gianas, a software engineer at Nomadic Labs praised the Etherlink team for their quick and steady progress, acknowledging the availability of the Etherlink MVP on the Tezos public testnet on November 20th and emphasizing the project’s focus on smart rollups and EVM compatibility.
Marigold also recently expressed support for Etherlink by running a dedicated operator node and acknowledged the launch of Etherlink’s MVP on Ghostnet.
Marigold proudly supports Etherlink with a dedicated 'operator' node 💪
Congratulations to all the teams involved in the initiation of an https://t.co/0wO9mmkgfc MVP on Ghostnet on November 15th!
Since then, our infra team runs an operator node that you can access on this… https://t.co/pmW3T5emRW
YPSONO is the new community lead for Etherlink and the Etherlink Discord channel is available here.
The Road Ahead
The roadmap leading to the mainnet launch is marked by significant milestones:
Testnet Alpha (December 2023): Features a provisional centralized sequencer, Oracle price feeds from two providers, subgraphs from two providers, and a LayerZero Bridge.
Testnet Beta (February 2024): Transition to a provisional decentralized sequencer, full explorer launch, ETHDenver Hackathon participation, and the selection of seven initial geographically distributed Sequencer Operators.
Mainnet Launch (March 2024): This key phase will see the launch of significant partner apps and the opening of applications for the ecosystem fund.
As Etherlink prepares for its mainnet launch in March 2024, it not only stands as a technological advancement but also as a symbol of the collaborative and innovative spirit within the Tezos community. By offering a unique, integrated approach to Layer 2 solutions, Etherlink is poised to become a key player in the future of decentralized applications and blockchain technology.
In a significant stride toward enhancing the Tezos ecosystem, the Tezos Foundation has extended its support to Blockscout, a reputable open-source block explorer. This backing aims to fortify Etherlink, a prominent EVM-compatible Layer-2 blockchain built on Tezos, by providing a dedicated mainnet and testnet block explorer. Concurrently, RedStone Oracles has integrated into the Etherlink ecosystem, heralding a new era of DeFi expansion.
Etherlink, the Tezos blockchain’s latest Layer 2 solution, is set to redefine the landscape of decentralized applications (DApps) with its upcoming mainnet launch in March 2024. This EVM-compatible, optimistic rollup distinguishes itself from other external Layer 2 platforms like Arbitrum, Optimism, and Polygon, due to its unique enshrinement within the Tezos blockchain.
One might wonder, how do you visually represent a million transactions taking place every second? Developers at Elevated Labs adopted a novel approach for this. Their demonstration involved a series of 5-megapixel images displayed sequentially on a webpage. Each pixel’s color in the images was determined by three transactions (one transaction per each RGB color component). Therefore, every single 5-megapixel image is the result of 15 million transactions. As these transactions were processed, the image transformed, with a complete overhaul every 15 seconds. Thus, in each 15-second window, 15 million transactions were executed, which translates to the touted one million transactions per second.
The Tezos Foundation and Magic, the Wallet-as-a-Service provider, have announced a groundbreaking collaboration aimed at revolutionizing the accessibility and usability of Web3 technologies. This strategic partnership will utilize the pioneering decentralized Tezos blockchain and marks a significant milestone in the journey towards a more inclusive and user-friendly decentralized web experience.
Tezos, a leading blockchain platform renowned for its self-amending capabilities and community-driven governance, has successfully activated Oxford 2, its fifteenth core protocol upgrade. The Oxford 2 upgrade includes enhancements to Smart Rollups and chain security and ensures Tezos remains at the forefront of blockchain innovation.
Nomadic Labs recently spotlighted the launch of Izikap, a novel SaaS platform developed by the Xelians group. This platform, operating on the Tezos blockchain, represents a significant advancement in the digitalization and management of company registers. The introduction of Izikap marks a paradigm shift from traditional paper-based systems to a more efficient, digital, blockchain-powered approach.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.
The Tezos Foundation and Magic, the Wallet-as-a-Service provider, have announced a groundbreaking collaboration aimed at revolutionizing the accessibility and usability of Web3 technologies. This strategic partnership will utilize the pioneering decentralized Tezos blockchain and marks a significant milestone in the journey towards a more inclusive and user-friendly decentralized web experience.
OpenPad, a well-regarded platform known for its innovative approach to project management and decentralized ecosystem funding, is taking a significant leap forward. OpenPad has recently announced its deployment on Etherlink, a Layer 2 EVM-compatible Smart Rollup built on the Tezos blockchain.
In a significant stride toward enhancing the Tezos ecosystem, the Tezos Foundation has extended its support to Blockscout, a reputable open-source block explorer. This backing aims to fortify Etherlink, a prominent EVM-compatible Layer-2 blockchain built on Tezos, by providing a dedicated mainnet and testnet block explorer. Concurrently, RedStone Oracles has integrated into the Etherlink ecosystem, heralding a new era of DeFi expansion.
