More than 12k validators are pending activation for staking on the Beacon Chain.
Optimism will be rolling out calldata compression this week.
Ethereum netflows on exchanges decrease as the merge approaches.
GitPOAP, poaps for software contributions, is set to launch on April 7th.
Ethereum Stakers Increase As Merge Approaches
More than 12k validators are pending activation for staking on Ethereum's Beacon Chain. It equates to roughly 384k ether that will enter into the deposit contract. At a rate of 4 validators per epoch, it will take an estimated 15 days to activate the 12k validators. It marks the highest level of pending validators since the launch of the Beacon Chain in February 2021.
Interest in ethereum staking has risen as The Merge, ethereum’s transition to PoS, is anticipated to occur in June 2022. After the merge, daily issuance of new ETH will be reduced by 90% from 2 ETH per block to less than 0.2 ETH per block (dependent on number of validators). PoS validators are currently earning about 4.8% APR on staked ether. The Merge is also expected to reduce the chain’s energy consumption by more than 99%.
GitPOAP Github Contribution POAPs
GitPOAP, a platform that integrates POAP issuance into GitHub, is set to launch on April 7th. The project aims to commemorate software contributions in the form of POAPs, allowing developers to mint POAPs based on their GitHub activity. GitPOAP will issue retroactive POAPs for historical contributions to open source ethereum centric projects.
Users will be able to connect their wallet and log in with GitHub on gitpoap.io, where they can determine their eligibility and mint POAPs. Starting out, the team will hand-select projects to issue GitPOAPs, but will eventually open the platform for self-service, enabling anyone to onboard their repo & issue POAPs for contributors. POAP is a Proof-of-Attendance Protocol for issuing digital achievement badge NFTs.
Optimism Calldata Compression
Optimism will be rolling out calldata compression live to mainnet on March 24th as part of the Bedrock upgrade. Optimism stores transactions in calldata, which represents the primary cost for users. Transaction fees are expected to decrease by as much as 30-40% with the implementation of an algorithm for compressing transaction data.
Optimism will be using Zlib, a software library used for data compression, to compress batched-ethereum transactions. The L2 network plans to implement Zstandard, real-time data compression, at a later date. Optimism advised developers syncing from L1 to upgrade their DTL to at least version 0.5.20.
EIP-4844 “Blob Transactions”
Optimism Engineer liam.eth has launched eip4844.com, a website detailing an ethereum improvement proposal that introduces “blob” transactions. EIP-4844 intends to bring down L2 rollup fees significantly by using “blob-carrying transactions” which contain a large amount of data that cannot be accessed by EVM execution.
The data from blob transactions is part of the beacon chain and is fully downloaded by all consensus nodes. Verifying a blob simply requires checking that the blob is available through data availability sampling. The data is short-lived for approximately 1 month in an effort to keep disk use manageable. Ethereum developers are working on preparing EIP-4844 for deployment in the Shanghai hard fork, which will occur after The Merge.
Ethereum Outflowing From Exchanges
Less than 20% of ether’s supply is held on exchanges, according to analytics website CryptoQuant. It marks the lowest level held in exchanges since 2018. More than 25% of ether’s supply is locked up in smart contracts. The Beacon Chain’s PoS deposit contract accounts for 8.5% of locked supply and it will remain locked until after The Merge.