The L1 Weekly Report is published every Friday, focusing on the development of Layer 1 blockchains. If you have any suggestions, feel free to contact [email protected].

Bitcoin

• Un-FE’d Covenants: Char-ting a new path to Emulated Covenants via BitVM Integrity Checks
  • The paper proposes an oracle-assisted model to implement Bitcoin covenants without native protocol changes.
  • It combines off-chain computation, key management, and a BitVM-style incentive structure to enforce covenants.
  • The approach aims to provide a practical and flexible system for deploying advanced covenant functionality on Bitcoin.
• Latest Bitcoin Blocks by Mining Pool

Ethereum

• SOLO: Liquid Staking for Solo Validators
  • SOLO is a proposed protocol for solo validators on Ethereum that aims to reduce entry barriers and increase liquidity.
  • It allows minting liquid staking tokens against a validator’s stake, enabling lower-cost participation and borrowing against staked assets.
  • The protocol includes dynamic leverage adjustment to prevent concentration of stake and maintain network security.
• What I would love to see in a wallet
  • Vitalik Buterin outlines desired features for Ethereum wallets, focusing on security and privacy.
  • He discusses improving cross-L2 transaction use experience and account security measures.
  • The post emphasizes the need for wallets that protect users from both developer malice and personal mistakes.
• We should be moving beyond EOAs, not enshrining them even further
  • EIP 3074 partially achieves account abstraction but doesn’t fully address all benefits of smart contract wallets.
  • There’s a discussion on improving cross-L2 transactions and account security in Ethereum.
  • Suggestions include making AUTH and AUTHCALL precompiles and planning for a post-AA cleanup of EOAs.
• PeerDAS with significantly less bandwidth consumption
  • A new proposal aims to reduce PeerDAS bandwidth consumption by 56.2%.
  • It achieves this by ensuring nodes receive only one copy of most sampled columns.
  • The proposal combines with IDONTWANT to further optimize bandwidth usage.
• Dynamic Blob Targets for Better Blob Pricing
  • The post discusses a proposal for dynamic blob targets to improve blob pricing in Ethereum.
  • It suggests using a PID controller to set target blobs based on the average of actual blob counts.
  • The proposal aims to stabilize blob prices and encourage full use of network capacity.

Aptos

• The Stablecoin Era Arrives on Aptos
  • Tether’s USDT and Circle’s USDC have launched on Aptos, increasing the stablecoin market cap by $100M.
  • Stablecoins now contribute nearly 40% of Aptos’ $1 billion in Total Value Locked (TVL).
  • Aptos is establishing itself as a key platform for global finance and decentralized financial innovation.

Sui

• Phantom is coming to the Sui ecosystem