?? Welcome to Web3 Decoded! ?? - Vol. 38
Embark on an exhilarating exploration of the decentralized frontier with Web3 Decoded, your go-to source for staying informed and inspired in the crypto realm. Every week I will uncover the latest breakthroughs, trends, and innovations shaping the landscape of Web3. Together let's explore the untapped potential of Web3, beyond the buzzwords.
?? Major News and Developments ??
PayPal-backed Magic Labs and Polygon have launched “Newton,” a new cross-chain network that aims to simplify cross-chain dapp usage. Newton will allow developers to create dapps that operate across chains without needing separate wallets. Magic Labs will integrate Newton with its Passport wallet for a unified user experience.
Bluesky now has more than 14.5 million users in total. The majority of the new users on the decentralized social network are from the US. Bluesky added 500,000 new users in one day after X announced it would allow blocked users to still see posts from the person that blocked them. The app recently added features like pinned posts, support for posting videos, and the ability to send DMs.
Pennsylvania State Representative Mike Cabell has proposed a bill allowing the state treasury to invest up to 10% of its funds in Bitcoin as a hedge against economic volatility. This could amount to a multibillion-dollar investment.
Coinbase Wallet is set to introduce a “tap-to-pay” crypto feature, aiming to compete with Cash App, Venmo, and PayPal. It plans to expand the feature to 50 countries by 2025 and enable users to link bank accounts and process stablecoin transactions. Ethereum L2 Base is working on achieving layer-2 interoperability within the next six months to streamline cross-chain transactions.
Coinbase CEO Brian Armstrong is set to meet with Donald Trump to discuss personnel appointments as the president-elect forms his administration. Armstrong will be advocating for pro-crypto policies following regulatory clashes with the SEC.
?? Crypto and AI ??
AltLayer has unveiled Autonome, a no-code platform for creating and deploying autonomous AI agents with a Trusted Execution Environment (TEE). Autonome is designed to advance the “Verifiable Agentic Web,” where AI agents have access to onchain interactions. The platform will include a Build Studio that leverages Coinbase Developer Platform's AgentKit, allowing developers to create model-agnostic AI agents that can autonomously manage assets, adapt to market conditions, and interact with decentralized protocols.
AI will be the catalyst for driving crypto into mainstream adoption. Crypto infrastructure is uniquely suited for a future dominated by AI agents due to its ease of payments, wallet creation, and open standards for agent-to-agent interactions. This article highlights three areas of development: agents for automated trading, infrastructure projects bridging off-chain and onchain environments, and consumer-facing applications.
?? Ethereum Ecosystem ??
A new proposal suggests enhancing Ethereum's fee mechanism by implementing local fee markets that apply multipliers to transactions involving frequently accessed addresses consuming more than 1/16th of a block's gas. It would build upon EIP-1559 by introducing dynamic fee multipliers that compound when addresses exceed the threshold. While it aims to improve network fairness and congestion management, potential challenges include implementation complexity and resistance from popular applications.
The blob market has entered a new competitive phase. It has generated $11M in fees since its inception. 11.8% of fees were from priority fees, while the rest of the ETH was burned. L2s have profited nearly $20 million from the cost savings from blobs, with some achieving 99% profit margins on transaction fees. Fees could see a similar increase if the blob count doubles, though increased competition and proposed changes like EIP 7762 could impact profitability and fee dynamics.
?? Solana Ecosystem ??
Pump.Science has launched as Solana's first DeSci platform. Backed by the Solana Foundation, it introduces a gamified approach to longevity research through tokenized compounds like Urolithin A and Rifampicin. The platform features a market cap-based progression system for testing compounds across different organisms, from worms ($69k+) to human trials ($10m+), with live-streamed experiments providing real-time data. Future developments include enhanced testing capabilities, research funds, AI agent integration, and a product marketplace.
Blockworks' new Solana dashboard provides comprehensive data access, including Total Economic Value (TEV) stats, validator and staker cash flows, as well as detailed transaction activity and segmentation.
?? Enlightenment and Insights ??
The post-US election landscape marks a pivotal moment for crypto, with regulatory clarity and bipartisan support potentially enabling U.S. crypto builders to focus on innovation rather than survival. Key areas of development include stablecoins revolutionizing global payments, Ethereum's future advancements like the proposed “beam” chain for improved scalability and security, and broader adoption of blockchain technology by governments and institutions.
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