EIP Fun Weekly #22: Dencun Upgrade
This week we look at the forthcoming Dencun Upgrade and its potential impacts, plus updates on key EIP meetings, new ideas, and more!
Hello everyone! Welcome to read the 22nd issue of EIP Fun Weekly. Let's take a look at what happened in the EIP community this week.
EIP Updates
First, let's review some of the key meetings this week and the formal changes to EIPs.
EIP Editing Office Hour Meeting #27
The EIP Editing Office Hour Meeting is a biweekly gathering for EIP editors and authors to address issues during EIP creation process. If you have any trouble in writing and submitting your EIP, comment in the recurring agenda post of each meeting or directly join the meeting.
EIP Status Change
Here are the EIPs that have been approved for a status change:
Status: Review → Last Call
Abstract: This proposal presents a lockable interface for ERC-721 tokens, which aims to enhance gas efficiency by removing unnecessary events. The interface establishes the framework for creating and managing lockable ERC-721 tokens. It offers a gas-efficient method by triggering a DefaultLocked(bool locked) event during deployment to set the initial lock status for all tokens. Additionally, individual Locked(uint256 indexed tokenId, bool locked) events manage subsequent status changes for specific tokens. The interface also incorporates a view function locked(uint256 tokenId) to retrieve the current lock status of a token, and a view function defaultLocked() to inquire about the default status of a newly minted token.
Status: Review → Last Call
Abstract: An extension of ERC-721, this standard integrates locking capabilities into NFTs, enabling diverse uses while restricting their sale or transfer. The token's owner can lock it by designating a locker address (either an EOA or a contract) with exclusive authority to unlock the token. Additionally, the owner can grant approval for tokenId, allowing the locking of the asset while the designated address holds the token approval. Approved entities can also lock the token, assigning the locker to themselves. These rights are revoked upon token transfer.
Status: Review → Last Call
Abstract: The T-REX token represents an institutional-grade security token standard, offering a comprehensive set of interfaces for the administration and compliant transfer of security tokens. It utilizes an automated on-chain validator system that leverages on-chain identities for eligibility checks.
Status: Review → Last Call
Abstract: This EIP suggests expanding the ERC-721 standard to accommodate multiple metadata URIs per token. It introduces a new interface, IERC721MultiMetadata, which offers methods for accessing the metadata URIs linked to a token, including a pinned URI index and a list of all metadata URIs. The extension is designed to maintain backward compatibility with existing ERC721Metadata implementations.
Status:Draft → Review
Abstract: This proposal introduces fixed-income financial bonds with key characteristics defined to facilitate bond issuance in the primary market and enable buying or selling bonds in the secondary market. The standard also provides cross-chain functionalities for bonds operations and management accross multiple blockchains.
EIPIP Meeting #94
EIPIP stands for “Ethereum Improvement Proposal improvement process”, which intends to bring together experienced developers and experts to facilitate the Ethereum Improvement Proposal improvement process.
Takeaways (Derived from Pooja Ranjan's Summary):
Participants have reached an agreement to maintain the EIP & ERC web page on a single website, with each repository being responsible for controlling the rendering of its respective webpage.
During the discussion, the possibility of renaming the EIP Editing Office Hour to ERC Office Hour was discussed.
EIP of the Week
Then let's take a look together at the applications or developments related to EIPs this week.
New EIP-7531 Resolving Staked ERC-721 Ownership Recognition
When ERC-721 tokens are staked in a pool, there are difficulties related to the ownership of these tokens, especially with older non-lockable NFTs like Crypto Punks or Bored Ape Yacht Club (BAYC) tokens. To tackle these challenges, this proposal, authored by Francesco Sullo, suggests introducing an interface that ensures staked NFTs can still be attributed to their original owners, even after being staked.
Why propose it?
Current solutions have focused on "locking" NFTs while preserving ownership. However, this approach assumes that all NFTs can be locked, which becomes problematic for vintage or pre-existing NFTs like Bored Ape Yacht Club (BAYC) tokens. When these NFTs are staked in a pool, ownership is transferred to the staking pool, thereby restricting original owners' access to privileges or club memberships associated with their NFTs.
To overcome this limitation, we suggest introducing an interface that includes a function enabling identification of the original owner of a staked NFT. This would allow users to determine the original owner of a staked NFT, even if ownership has been transferred to a staking pool.
Further Reading
FEM forum discussion:https://ethereum-magicians.org/t/eip-7531-resolving-staked-erc-721-ownership-recognition/15967
New EIP: NFT Fusing Protocol
This standard proposes an extension to the ERC-721 standard, allowing users to merge multiple NFTs and generate a new NFT based on custom combination rules. The main objective of this proposal, authored by @saitama2009, is to introduce a more interactive and dynamic approach to NFT creation. By enabling the fusion of NFTs, this standard expands the potential use cases and utility of NFTs within the Ethereum ecosystem.
Why propose it?
The current NFT ecosystem lacks a unified method for merging multiple NFTs into a single, new NFT. Although some projects have implemented their own custom solutions, these tend to be project-specific and lack interoperability with other NFTs and platforms. This standard intends to address this issue by establishing a standardized approach for fusing NFTs. Users will be able to combine existing NFTs based on customizable combination rules, fostering innovation, creativity, and enabling new use cases within the NFT space.
Further Reading
FEM forum discussion:https://ethereum-magicians.org/t/draft-eip-nft-fusing-protocol/13959
Anecdote of the Week
Ethereum has undergone multiple upgrades throughout its history. The Bellatrix upgrade focused on transitioning Ethereum's consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS). The Shanghai-Capella upgrade primarily aimed to enable validator withdrawals from the Beacon Chain. Currently, Ethereum is preparing for its upcoming upgrade, known as Cancun-Deneb or Dencun.
Related EIPs
The forthcoming Ethereum Cancun-Deneb upgrade consists of two main components: Deneb, which focuses on the Consensus Layer (CL), and Cancun, which focuses on the Execution Layer (EL). These two parts will bring enhancements and improvements to their respective layers of the Ethereum network.
The Cancun segment of the Ethereum Cancun-Deneb upgrade incorporates the following five pivotal Ethereum Improvement Proposals (EIPs), as per the provided information from Ethereum core developer Tim Beiko:
1. EIP-4844 (Proto-Danksharding): It paves the way for the full implementation of Danksharding, enhancing scalability within the Ethereum network.
2. EIP-1153: This proposal aims to lower the cost of on-chain data storage, thereby optimizing block space.
3. EIP-4788: It enhances the structure of cross-chain bridges and stake pools.
4. EIP-5656: This proposal introduces minor code changes to the Ethereum Virtual Machine (EVM).
5. EIP-6780: It entails the removal of SELFDESTRUCT, potentially terminating smart contracts.
Key Benefits
The Ethereum Cancun-Deneb upgrade is expected to bring significant benefits to the network, such as:
Boosted Scalability: By introducing this technology, the network will be capable of processing a higher volume of transactions at a faster rate. This, in turn, will enhance the performance of Layer 2 solutions that build upon the Ethereum main blockchain.
Reduced Gas Fees: With the adoption of data "blobs" and the implementation of EIP-4844, the upgrade aims to substantially reduce gas fees.
Strengthened Security: Indeed, initiatives like EIP-6780 within the Ethereum Cancun-Deneb upgrade will contribute to reinforcing the network's security infrastructure.
Efficient Data Storage: EIP-1153 plays a vital role in the upgrade by optimizing data storage on the blockchain. This optimization leads to more efficient and cost-effective operations, which is particularly advantageous for Layer 2 solutions that heavily rely on streamlined data management.
Enhanced Cross-Chain Connectivity: The Ethereum upgrade, specifically through the implementation of EIP-4788, aims to enable smoother and more secure interactions between various blockchain networks.
Technical Innovations: With its introduction of minor code modifications through EIP-5656, lays the foundation for future technical advancements within the network.
The Cancun upgrade brings significant improvements to the Ethereum network, making it more adaptable, secure, and user-friendly. Furthermore, it significantly improves the functionality and efficiency of Layer 2 solutions, making Ethereum a more robust and versatile platform for decentralized applications.
Want to know more about the Dencun Upgrade? Check out:
EIP Events
Ethereum Cat Herders Meeting #122
Date & Time - November 21, 2023, at 15:00 UTC
For details about the meeting, you can visit this GitHub issue.
AllCoreDevs Execution Layer Meeting #175
Date & Time - November 23, 2023, at 14:00 UTC
For details about the meeting, you can visit this GitHub issue.
Tokenbound Weekly Dev Call (ERC-6551)
Date & Time - November 23, 2023, at 15:00 UTC
For meeting message and more detail, you may join the official dev working group here.
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