EIP Fun Weekly #30: Dencun Upgrade
Get the latest updates on EIP discussions about Dencun upgrade,upcoming meetings, and more.
Hello everyone! Welcome to read the 30th 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 #30
EIP Status Change
Here are the EIPs that have been approved for a status change on the EIP Editing Office Hour Meeting this week:
ERC-7439: Prevent ticket touting
Status:Last Call→FinalAbstract: This standard builds upon ERC-721 and establishes defined functions that outline the responsibilities of ticketing agents or event organizers in preventing the exploitation of audiences in the ticket scalping market. Additionally, it enables customers to safely resell their tickets through authorized ticket resellers.ERC-7572: Contract-level metadata via contractURI()
Status:Undefined→DraftAbstract: This specification establishes a standard for contractURI() to provide contract-level metadata. This feature proves valuable for dapps and offchain indexers as it enables them to easily display comprehensive information about a contract, including its name, description, and image, without the need for individual or manual specification for each dapp.
ERC-7590: ERC-20 Holder Extension for NFTs
Status:Undefined→DraftAbstract: This proposal recommends extending ERC-721 to facilitate the seamless exchange of ERC-20 tokens. By enhancing ERC-721, it permits individual tokens to handle and trade bundled ERC-20 fungible tokens within a single NFT contract. This is achieved by introducing methods for depositing ERC-20 tokens into a specific NFT and allowing the owner of the NFT to transfer them out. To address front-running concerns, a transfer out nonce is included.
AllCoreDevs Consensus Layer Meeting #125
Takeaways:
Cancun/Deneb Goerli Shadow Fork #2
The Ethereum Foundation testing team introduced a shadow fork of the Goerli testnet on Jan 11, before Cancun/Deneb's activation on Goerli on Jan 17. Final client releases for the Goerli upgrade were tested on Goerli Shadow Fork (GSF) #2, showing positive analysis on blob and block propagation. For more on client releases and Cancun/Deneb specs, check the Ethereum Foundation blog post from Jan 10.
Fork Choice Filtering Change
During the ACDC #114 and ACDC #115 discussions, it was agreed to make minor changes to the CL fork choice specifications, which client teams must implement around the time of Cancun/Deneb mainnet activation. Mikhail Kalinin from the Teku client team suggested two options: gradually merging the changes over the next few weeks or implementing them at an epoch fork boundary like Cancun/Deneb activation. However, developers decided to promptly merge the changes, showing their confidence in quickly incorporating them in upcoming releases.
OpenAPI Type Definitions for Beacon API
This week, Dapplion, a Lodestar developer, confirmed the completion of the canonical mapping of SSZ to JSON for all Beacon API routes. This simplifies the code, reduces its length, and will be advantageous for future forks and SSZ implementation. Dapplion also proposed transitioning from OpenAPI to SSZ, with no objections, and will coordinate with the relevant teams for a smooth transition.
Modify Attestation Subnet Calculations
During the discussion, developers discussed a minor change to long-lived attestation subnets (attnets) used by staking node operators. Age Manning, a Lighthouse developer, suggested using the node-id prefix to enhance node discovery on subnets, but also pointed out possible networking and attack-related drawbacks. Ryan suggested exploring implementation strategies and gathering feedback through a pull request (PR), mentioning that the proposal would necessitate a hard fork. Pop Chunhapanya was asked to lead the effort.
EIP of the Week
Then let's take a look together at the applications or developments related to EIPs this week.
EIP-7540: Asynchronous ERC-4626 Tokenized Vaults
This extension to ERC-4626 introduces support for asynchronous deposit and redemption processes, referred to as "Requests." It includes new methods for initiating and checking the status of these Requests. Existing methods like deposit, mint, withdraw, and redeem from ERC-4626 are used for executing Claimable Requests. The decision to add asynchronous flows for deposits, redemptions, or both is left to the discretion of the implementations.
What’s its potential (use cases)?
EIP-7540 introduces support for asynchronous deposit and redemption flows, referred to as Requests. It extends the functionalities of ERC-4626 by adding new methods for asynchronously requesting deposits and redemptions, as well as for viewing the status of these Requests.
The EIP allows implementations to choose whether to add asynchronous flows for deposits, redemptions, or both.
The proposal also emphasizes the importance of user experience and suggests the introduction of a standard discovery mechanism to help users and front-end applications better understand the duration and delay of asynchronous operations.
Further Reading
https://ethereum-magicians.org/t/eip-7540-asynchronous-erc-4626-tokenized-vaults/16153/15
EIP-6065: Real Estate Token
This proposal establishes a framework for integrating physical real estate and property onto the blockchain, expanding upon the EIP-721 standard. It introduces crucial functionalities for representing real-world assets like real estate.
The key objectives of this standard include ensuring the universal transferrability of the NFT, attaching private property rights to the NFT, and enabling the simultaneous transfer of property rights alongside the NFT transfer.
The token itself includes essential information such as a hash of the operating agreement that outlines the NFT holder's legal property rights, unique identifiers for the property, details about any outstanding debts and foreclosure status, and the address of the property manager.
What’s its potential (use cases)?
EIP-6065 proposes a new standard for utility tokens on the Ethereum blockchain. It introduces a set of core functionalities, including token transfers, allowances, and approval mechanisms.
The main focus of this standard is to provide a well-defined and standardized approach for utility tokens, ensuring interoperability and ease of use across different platforms and applications.
By following EIP-6065, token issuers can ensure consistency and compatibility with existing token standards, enhancing the overall user experience for utility token holders.
Further Reading
https://ethereum-magicians.org/t/updated-eip-6065-real-estate-token/11936
Anecdote of the Week: Dencun Upgrade
Throughout its history, Ethereum has experienced several upgrades. The Bellatrix upgrade specifically targeted the transition from Proof of Work (PoW) to Proof of Stake (PoS) for Ethereum's consensus algorithm. On the other hand, the Shanghai-Capella upgrade aimed to facilitate validator withdrawals from the Beacon Chain. Presently, Ethereum is in the process of preparing for its forthcoming upgrade, also referred to as Cancun-Deneb or Dencun.
Related EIPs
The upcoming Ethereum Cancun-Deneb upgrade consists of two main components: Deneb and Cancun. Deneb is dedicated to the Consensus Layer (CL), while Cancun focuses on the Execution Layer (EL). These components will bring significant enhancements and improvements to their respective layers of the Ethereum network.
As explained by Ethereum core developer Tim Beiko, the Cancun segment of the Ethereum Cancun-Deneb upgrade will include the implementation of five important Ethereum Improvement Proposals (EIPs).
1. EIP-4844 (Proto-Danksharding) enables the full implementation of Danksharding, improving scalability in the Ethereum network.
2. EIP-1153 aims to reduce the cost of on-chain data storage, optimizing block space.
3. EIP-4788 enhances the structure of cross-chain bridges and stake pools.
4. EIP-5656 introduces minor code modifications to the Ethereum Virtual Machine (EVM).
5. EIP-6780 involves the removal of SELFDESTRUCT, which has the potential to terminate smart contracts.
Key Benefits
The Ethereum Cancun-Deneb upgrade is anticipated to deliver several notable advantages to the network, including:
Boosted Scalability: By implementing this technology, the network's capacity to handle a higher volume of transactions at a faster pace will be significantly improved. This, in turn, will enhance the performance of Layer 2 solutions that are built on top of the Ethereum main blockchain.
Reduced Gas Fees: The upgrade, which involves the adoption of data "blobs" and the implementation of EIP-4844, is specifically designed to significantly decrease gas fees.
Strengthened Security: Initiatives like EIP-6780 within the Ethereum Cancun-Deneb upgrade play a crucial role in strengthening the network's security infrastructure.
Efficient Data Storage: EIP-1153 plays a crucial role in the upgrade by optimizing data storage on the blockchain. This optimization results in more efficient and cost-effective operations, which is particularly beneficial for Layer 2 solutions that heavily rely on streamlined data management.
Enhanced Cross-Chain Connectivity: The Ethereum upgrade, facilitated by the implementation of EIP-4788, aims to enhance the compatibility and security of interactions between different blockchain networks, allowing for smoother and more seamless integration.
Technical Innovations: By introducing minor code modifications through EIP-5656, the Ethereum upgrade establishes a strong foundation for future technical advancements within the network. These modifications pave the way for potential innovations and improvements to be built upon in the future.
The Cancun upgrade introduces notable enhancements to the Ethereum network, enhancing its adaptability, security, and user-friendliness. Moreover, it greatly improves the functionality and efficiency of Layer 2 solutions, making Ethereum a more powerful and flexible platform for decentralized applications.
Want to know more about the Dencun Upgrade? Check out:
EIP Events
Ethereum Cat Herders Meeting #125
Date & Time - January 16, 2024, at 16:00 UTC
For details about the meeting, you can visit this GitHub issue.
EIPIP Meeting #98
Date & Time - January 17, 2024, at 14:00 / 17:30 UTC
For details about the meeting, you can visit this GitHub issue.
AllWalletDevs #20
Date & Time - January 17, 2024, at 18:00 UTC
You may join their discord server here.
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