From our Protocol Village column, what’s new in the world of blockchain tech upgrades and news?
This week, we saw the launch of XION, a new blockchain network that seeks to bring more artists and creatives into the fold. The project comes from the minds of artists Rik Lander and Archie Archambault, and is designed to operate as a tool for creatives to publish and sell their work via a blockchain-based marketplace. The network also boasts a unique “burnt Banksy” feature, where users can purchase a piece of a Banksy artwork and then burn it to create a new digital asset. The project launched with a live performance by Burnt Banksy in Brooklyn on Wednesday, which saw a physical Banksy artwork burned and recreated as a digital asset on the XION blockchain.
This week, Ethereum’s highly anticipated upgrade, Dencun, was finally implemented, marking the blockchain’s biggest technical shift in over a year. As reported by CoinDesk’s Margaux Nijkerk, the upgrade aims to reduce fees for Ethereum users through “proto-danksharding,” a feature that optimizes the network for layer 2 rollup networks such as Optimism and Arbitrum. However, some developers express concern that this shift could fragment the Ethereum ecosystem and potentially harm its competitive edge against other blockchain networks.
In the latest issue of The Protocol, our weekly newsletter exploring the technology behind crypto, we cover various topics such as Ethereum’s upgrade, the rise of decentralized physical infrastructure networks (DePIN), and the surge in digital asset investment funds. Additionally, our Protocol Village column highlights new developments in the world of blockchain technology.
Speaking of Ethereum’s upgrade, one of the main changes with Dencun is “proto-danksharding,” which adds new lanes to the Ethereum highway to increase transaction capacity and reduce fees for layer 2 chains. While this is seen as a positive step, some developers are concerned about the potential long-term consequences of this approach.
Moving on to DePIN, this emerging trend combines the physical world with blockchain technology to solve real-world problems like supply chain inefficiencies and unused compute resources. With improved blockchain tech and growing interest from investors, DePIN projects like Akash and Render are gaining traction and could potentially offer solutions to the age-old question of where the use cases for crypto are.
In terms of digital asset investment funds, there has been a significant surge in weekly inflows, reaching a record high of $2.7 billion and bringing the total for the year to $10.3 billion. This has primarily been driven by Bitcoin, but there is also growing interest in other cryptocurrencies like Solana.
Finally, our Protocol Village column highlights the launch of XION, a new blockchain network designed to empower artists and creatives by providing a marketplace to publish and sell their work. The network also features a unique “burnt Banksy” feature, where users can purchase a piece of a Banksy artwork and then burn it to create a new digital asset. The project launched with a live performance by Burnt Banksy in Brooklyn, showcasing the intersection of art and blockchain technology.
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