Welcome to The Protocol, a weekly summary by CoinDesk on critical cryptocurrency tech developments.
Headlines:
- Ethereum’s Final Pectra Test is Live
- Hyperliquid Streamlines Token Transfers for DeFi
- The Celo Chain Completes Migration to Layer-2
- Bitcoin’s DeFi Expansion Faces Challenges
Ethereum’s Pectra Test Live!:
The long-awaited test for Ethereum’s Pectra upgrade took place on Wednesday, marking a significant shift in the blockchain’s functionality. This test on the new Hoodi test network comes after prior tests on Holesky and Sepolia did not finalize as planned. Developers set up Hoodi to provide one final testing chance before the Pectra upgrade is activated on Ethereum’s mainnet. Notably, this upgrade introduces enhanced user-friendly features, including smart contract functionality in wallets, allowing users to pay fees in various cryptocurrencies. If successful, the upgrade will proceed after a month of monitoring.
— Margaux Nijkerk
Hyperliquid Simplifies Token Movement:
The DeFi space benefits from a recent technical update from Hyperliquid, which enables seamless transfers of tokens on the HyperCore and HyperEVM platforms. These improvements connect users directly to trading assets without the need for intermediary services, thus facilitating easier transactions in the crypto ecosystem.
— Shaurya Malwa
Celo Blockchain’s Transition to Layer-2 Complete:
Celo has completed its transformation to an Ethereum Layer-2 chain, a pivotal development after almost two years of preparation. This move aims to deliver faster and more efficient transactions via Optimism’s OP Stack, setting a potential precedent for other Ethereum-compatible chains.
— Margaux Nijkerk
Bitcoin’s DeFi Prospects and Fork Challenges:
With Bitcoin developers exploring zero-knowledge (ZK) proofs for enhanced DeFi capabilities, concerns over the necessary soft fork indicate significant challenges ahead. Edan Yago, a Bitcoin veteran, emphasized the complexities involved in modifying a blockchain that already holds vast amounts of value, underscoring the risks associated with such changes.
— Jamie Crawley
In Other News:
- U.S. Senator Kirsten Gillibrand warned against a weakened stablecoin legislation in a recent statement. She advocated for tight regulations to ensure innovation and protect investors from financial crises.
Upcoming Events:
- April 8-10: Paris Blockchain Week
- April 30-May 1: Token 2049, Dubai
- May 14-16: Consensus, Toronto
Stay tuned every week for the latest updates from the cryptocurrency landscape.
