Week in Ethereum News June 22, 2024

Blob fee market issues, SEC drops Consensys case and CertiK withdrew ~$3M from Kraken without authorization

All core devs

All core devs – execution (ACDE) #190:
- Pectra (Prague + Electra) upgrade:
  - pectra-devnet-1: aim to launch next week with subset of clients, will include execution layer triggered withdrawals & current version of EIP7702
  - EIP7702: discussion of delegation designation proposal (revoke by redelegating), breakout #5 June 26
  - EOF: rebasing to build on top of Prague upgrade, EOF readiness tracker

Pectra (Prague + Electra) upgrade, likely targeting Q1 2025

Frangio: ERC721/1155 issue with EOF, safe transfer checks if token recipient is a contract using code size

Osaka + F starname upgrade

Verkle implementers call #19:
- transition tests mostly passing on Geth, support increasing code size limit, testnet relaunch targeting July & preimage distribution discussion

Centralization watch: threatening the value of your ETH

🚨 Lido at 28.78%, still too close to 33.3% threshold
Client diversity (via clientdiversity.org):
- Execution layer: Geth ~55% majority
- Consensus layer: Prysm 38%
- Any client bug over 33.3% could mean loss of finality
Better geographic diversity is optimal, particularly outside of North America & Europe

Layer 1

Blob fee market issues, highlighted by price spike:
- Potuz: market for blobs is broken
- Terence: ideas to fix
- Data viz of slot inclusion rates and analysis of blob market strategies
Dankrad: blob strategies to help self builders
ePBS:
- ePBS breakout #3
- Terence: ePBS FAQ

Research

Anders Elowsson: analysis of burn incentives in MEV pricing auctions
Fork-choice enforced inclusion lists (FOCIL): committee-based inclusion list design

Client Releases

Consensus layer:
- Prysm v5.0.4: fixes p2p peer for Windows users, Beacon API retrieving old blobs & initial sync avoids redundant blob downloads
- Teku v24.6.0: performance improvements & fixes; v24.6.1: fix for v24.6.0 startup failure
Execution layer:
- Nethermind v1.27.0: ~150% improvement to block processing & intra-block cache

For Stakers

EIPs/Standards

EIPs (Ethereum improvement proposals):
- EIP discussions proposal, highlight updates, reviews & outstanding issues
ERCs (application layer standards):
- ERC7725: Exponential curves
- ERC7726: Common quote oracle
- Guide to writing an ERC
EIP.tools: view & search EIP/ERCs

Stuff for developers

Foundry afterInvariant hooks: test state at end of an invariant test run
Transience (Solidity library): manage transient storage
Vyper v0.4.0: adds module system (code reuse via composition), Venom optimizer pipeline & archive creation of a build for sharing
Sneko: terminal GUI for compiling Vyper & Solidity contracts
Alloy v0.1: rewrite of ethers-rs & Solidity type system in Rust
Revmc: EVM bytecode to native code compiler
ethPandaOps: build an L2 devnet using Kurtosis ethereum-package
Viem
- NonceManager: manage/generate nonces for a local accounts transactions
- Deployless Calls: call a function on a contract that hasn’t been deployed
Vacp2p stealth address kit v0.2.0: adds pallas & vesta, bw6_761 & baby_jub_jub curves
Relayscan bids archive: builder bids for all relays, uploaded nightly, CC0 license

Security

Kraken balance inflation vulnerability disclosed & patched
- CertiK withdrew ~$3M over 5 days before reporting, funds now returned

Ecosystem

Devcon: ticket raffle & auction live on Arbitrum, 20 tickets for highest auction bids, 184 tickets for raffle winners, minimum entry is 0.08 ETH

Enterprise

Job listings: $600 for 4 issues (75 char limit). Pay using 3cities. Questions? abcoathup at-gmail

Onchain stats

Fees (via ultrasound.money):
- Gas: 1.9 to 95.6 gwei, 6.5 gwei average; zero net issuance at 23.5 gwei
- Blob gas: spiked to 8,405 gwei; 251 ETH burnt
- 12.5k ETH net issuance this week
ETHUSD: $3,387 – $3,632, currently $3,511, all time high $4,878
ETHBTC: currently 0.055 (Flippening at ~0.16)

Regulation/business/tokens

END OF SERVICE: plan to deprecate Week in Ethereum News

(new/changes in bold)

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