EIP Fun Weekly #67: Solana vs. Ethereum: The Unexpected Rivalry Heating Up!

With Solana making waves and gaining institutional attention, is Ethereum's reign as the top blockchain facing new competition? Let's dive into the latest developments shaking up the crypto space.

Oct 07, 2024

Hello everyone! Welcome to read the 67th 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.

AllCoreDevs Execution Layer Meeting #197

The AllCoreDevs meetings alternate weekly between ACDC (consensus layer focus) and ACDE (execution layer focus) to guide Ethereum protocol forks. Core EIPs related to protocol changes are typically discussed here more with developers than editors.

Takeaways

Pectra Devnet 3 Updates

EF Developer Operations Engineer Parithosh Jayanthi reported a fix for the Teku-Erigon bug on Devnet 3. A Lighthouse state root mismatch and increased block propagation times during validator deposits are still under investigation.
Developers tested the network's capacity by creating 100,000 deposits on Devnet 3, resulting in increased block propagation times. This issue is being addressed by Teku developer Mikhail Kalinin.
Jayanthi suggested addressing outstanding issues related to the MEV workflow before launching Pectra Devnet 4, aiming for a launch in two weeks.

BLS Precompiles Repricing

Developers discussed repricing the BLS precompiles in EIP 2537. Geth developer Jared Wasinger suggested a 20% increase in cost, supported by Besu, Nethermind, and Erigon developers.
Beiko recommended finalizing the repricing in Devnet 4 and asked Wasinger to formalize the proposal. Client teams are expected to complete their benchmarks by the next ACD call.

EL-Triggerable Requests Simplification

Kalinin shared a proposal to simplify EL-triggerable requests, such as validator withdrawals, which garnered widespread support.
The proposal would supersede previous proposals and require updates to EIP 6110, 7251, 7002, and 7685. Felix Lange prioritized these updates for implementation on Pectra Devnet 4.

Pectra Contract Audit RFP

The Ethereum Foundation (EF) is seeking third-party security audits for smart contracts in three Pectra EIPs. Bids are due by October 11, 2024.

Pectra Split

Developers debated whether to include a blob capacity increase in Pectra. Vitalik Buterin and Dankrad Feist supported the increase, citing the need for Ethereum scaling. Others, like Potuz and Teku developers, raised concerns about node performance.
Beiko suggested proceeding with the limited scope of Pectra and revisiting the blob-related EIPs later, potentially before the Fusaka upgrade.

EIP of the Week

Then let's take a look together at the applications or developments related to EIPs this week.

ERC-7683: A Unified Standard for Cross-Chain Intents
The proliferation of multiple blockchains (rollups and appchains) has led to ecosystem fragmentation. Blockchain interoperability is crucial for communication, asset transfers, and connection across these diverse networks.

Why Proposed It?

Purpose:

Simplify Cross-Chain Transactions: ERC-7683 provides a standard interface for cross-chain trade execution, easing asset transfers between blockchains.

Key Benefits:

Interoperability: Facilitates seamless interaction between different blockchains.
Improved User Experience: Simplifies cross-chain actions, reducing complexity for users.
Lower Entry Barriers: Easier for new fillers to join, lowering transaction costs and risks of centralization.

Key Components in Cross-Chain Trade Execution with ERC-7683

Swapper (User): Signs an off-chain message (CrossChainOrder) defining the trade order.
Filler (Entity): Completes and settles the trade on the destination chain.
Settlement Contract: Verifies and resolves cross-chain trades, handling execution across networks.

ERC-7710: Smart Contract Delegation Interfaces

Proposes a standard for smart contracts to delegate capabilities to other contracts or EOAs, empowering flexible and scalable interactions.

Why propose it?

Purpose:

Enhance Flexibility: Simplifies the process for contracts to delegate authority, enabling dynamic and cost-effective interactions.
Reduce Complexity: Standardizes delegation, reducing gas costs and the need for custom intermediary contracts.

Key Benefits:

Improved Security: Ties delegation to ERC-1271 for secure authorization, preventing unauthorized actions.
Interoperability: Compatible with ERC-4337, ensuring seamless integration with existing Ethereum infrastructure.

Anecdote of the Week: Solana vs. Ethereum: The Unexpected Rivalry Heating Up!

Lately, there’s been some buzz about Solana potentially soaring to 50% of Ethereum’s market cap. It is said by Market Vector that Solana is processing over 3,000% more transactions than Ethereum and boasts 1,300% more daily active users while keeping low fees.

Meanwhile, Solana has been turning heads with recent institutional recognition, including big announcements from Citibank and Franklin Templeton during the Solana Breakpoint event in Singapore. These financial giants are integrating Solana into their services, making it clear that they see the potential in this up-and-comer.

Furthermore, the report suggests that Solana’s currently undervalued, sitting at just 22% of Ethereum’s market cap. If things go well, Solana could even hit $300 per token! Some analysts have even labeled it as one of the “big three” alongside Ethereum and Bitcoin, with whispers of Solana ETFs making the rounds.

While Solana is making waves, let’s remember who paved the way for this innovation. Ethereum, as is known to all, remains the rock in the ever-changing tides of crypto. With its robust network, rich history, and constant evolution, Ethereum is here to stay, proving time and time again that it’s not just about the hype—it's about lasting impact. Keep an eye on Solana, but let’s keep cheering for Ethereum as it continues to lead the charge!

Further reading:
https://siamblockchain.com/2024/09/26/solana-has-the-potential-to-surge-market-cap-could-hit-50-of-ethereum-institutional-investors-flock-to-invest/

https://www.chainfeeds.xyz/feed/detail/a860beb3-e4d4-4118-86f4-5010b00a9917

EIP Events

Consensus-layer Call 143

Date & Time: Thursday 2024/10/3 at 14:00 UTC

For more details about the meeting agenda, you can visit this: https://github.com/ethereum/pm/issues/1158

AllCoreDevs Execution Layer Meeting #198

Date & Time: Oct 10, 2024, 14:00-15:30 UTC

For more details about the meeting agenda, you can visit this: https://github.com/ethereum/pm/issues/1163

That's all for this week from EIP Fun. EIP Fun is created and supported by LXDAO and ETHPanda. We aim to serve as the “layer 2” of the EIP ecosystem, simplifying and accelerating the adoption of EIPs.

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