We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, as well as bring some insights from Etherspot’s kitchen.
The latest news we’ll cover:
- Etherspot Launches ERC-7579 Modular SDK for Enhanced Web3 Development
- Kaia Launches Mainnet and Partners with LINE to Boost Web3 Adoption in Asia
- Vitalik Buterin Reveals 2023 Ethereum Foundation Spendings
- Unlocking Ethereum’s Future: NYC Sessions Discuss Data Availability and Chain Abstraction
Please fasten your belts!
Etherspot Launches ERC-7579 Modular SDK for Enhanced Web3 Development
Etherspot has launched its new ERC-7579-compliant Modular SDK, bringing innovative tools to developers looking to build customizable and scalable dApps in the Web3 ecosystem. This SDK is designed to support Modular Accounts, a concept within Account Abstraction that allows greater customization for users and developers through composable plugins or modules.
Modular Accounts represent a new standard in AA, where each module acts as a smart contract that extends the core functionality of a smart account. The ERC-7579 standard focuses on interoperability and flexibility, offering developers the freedom to choose their level of complexity and security.
The Etherspot Modular SDK allows for the integration of various modules, such as social recovery, session keys, and token spending limits, enhancing both security and user experience.
For instance, session key modules enable pre-approved transactions within a dApp, streamlining user interactions while maintaining security. The smart contracts are rigorously audited by Web3 auditing firms like KALOS and Shieldify, ensuring reliability and trustworthiness.
To further simplify module integration, Rhinestone has been developing a modular marketplace. This marketplace will allow developers to discover and integrate suitable modules into Smart Accounts and create their own modules. Rhinestone is already developing essential modules for this marketplace, facilitating faster development and deployment of unique features.
In addition, Etherspot has been working on a Modular Store on the PillarX (PX) platform, where both developers and users can access a range of modules to improve their account abstraction experience within PX. The initiative aims to drive innovation and interoperability in the Web3 space, providing a robust ecosystem for creating advanced dApps.
The adoption of ERC-7579 compliance reflects Etherspot’s commitment to fostering a flexible and secure Web3 environment.
Kaia Launches Mainnet and Partners with LINE to Boost Web3 Adoption in Asia
On August 29, the Kaia DLT Foundation launched the Kaia mainnet, an EVM-based blockchain that integrates the strengths of Klaytn and Finschia. Supported by major Web3 partners like Kakao and LINE NEXT, Kaia aims to be the fastest and most efficient blockchain, with processing speeds of around one second and low gas fees, enhancing Web3 accessibility across Asia.
In tandem with the mainnet launch, the foundation unveiled Kaia Wave, a program in collaboration with LINE NEXT to support Web3 developers. This initiative leverages the NEXT WEB SDK, enabling the creation of Mini Dapps directly within LINE Messenger.
By utilizing LINE’s extensive user base in countries like Japan, Taiwan, Thailand, and Indonesia, Kaia Wave seeks to connect Asian and global Web3 partners, fostering broader adoption.
Young-su Ko, CEO of LINE NEXT, described the Kaia mainnet launch as a pivotal step in expanding the Asian Web3 ecosystem. Sangmin Seo, Chairman of Kaia DLT Foundation, emphasized new partnerships and marketing strategies to advance blockchain technology.
Vitalik Buterin Reveals 2023 Ethereum Foundation Spendings
Vitalik Buterin, co-founder of Ethereum, and Josh Stark, a spokesperson for the Ethereum Foundation, have published a detailed breakdown of the foundation’s spending for 2023 in response to community inquiries. The report highlights the foundation’s financial commitments to various initiatives supporting the Ethereum ecosystem.
The largest portion of spending, at 36.5%, was allocated to “new institutions” — organizations and entities that strengthen Ethereum’s ecosystem. Layer-1 (L1) research and development accounted for 24.9% of expenditures, covering grants to external teams and internal projects like Go-Ethereum (Geth), Solidity development, Devcon, and the Robust Incentives Group.
Community development emerged as the third-largest expense category, consuming 12.7% of the foundation’s budget. The remaining 25.9% was distributed among applied zero-knowledge work (10.4%), internal operations, layer-2 research, and the developer platform.
The spending breakdown comes amid criticism from Kain Warwick, a prominent DeFi developer, who accused the Ethereum Foundation of neglecting decentralized finance by allocating only a small fraction of its budget to this area. Buterin responded by emphasizing his focus on sustainable DeFi projects, distancing himself from short-term schemes like liquidity farming.
In line with its commitment to education and ecosystem growth, the Ethereum Foundation, alongside ETH Kipu, has also launched initiatives to teach blockchain technology and Solidity programming in high schools in Argentina, aiming to nurture the next generation of Ethereum developers.
Unlocking Ethereum’s Future: NYC Sessions Discuss Data Availability and Chain Abstraction
The Rollup project has released the first episode of its NYC Sessions, featuring a deep dive into data availability (DA) and Ethereum’s future as a modular blockchain.
Hosts engage with Teddy Knox of EigenDA to explore the nuances of Ethereum scaling and the evolving demand for DA blockspace.
The discussion highlights EigenDA’s role as the largest Availability Set (AVS) and its partnerships with high-throughput Layer 2s like MegaETH Labs, LayerN, and Celo. These collaborations are expected to drive significant demand for EigenDA’s blockspace, essential for Ethereum’s continued evolution as a settlement layer.
The conversation also touches on chain abstraction, envisioning a future where gas costs are abstracted, enabling seamless on-chain interactions akin to web browsing.
For those interested in Ethereum’s scalability and modular developments, this episode offers insightful technical discourse and debate. Watch the full video to gain a better understanding of how data availability and modular solutions are shaping the future of Ethereum.
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