Q1 2023 Roundup: Synthetix V3, XPortal, FEVM, Optimism’s Bedrock
The cryptocurrency industry never sleeps, and exciting developments happen every month. In some cases, developers even move project upgrades ahead of schedule. Below are some examples of recent and future changes paying attention to.
Synthetix V3 Is Here Early
The initial plan was to launch v3 of the Synthetix protocol in early March 2023. However, the developers pushed the upgrade to the Ethereum and Optimism mainnet a week earlier. The successful deployment follows a security audit by several peers to ensure everything works as expected. In addition, there will be further upgrades to introduce more functionality over the coming months and years. A core component of the new version is to back Synthetix V2 through the “legacy market”. In addition, users can migrate V2 positions to V3 without interrupting their market collateralization.
Unfortunately, no markets are currently associated with the new protocol version. Its primary purpose is generating debt positions in dollar-denominated stablecoins used in integrated markets. Perpetual futures markets will come to V3 shortly. Finally, the new upgrade serves as a foundation for cross-chain functionality and scaling, integrating CCIP for cross-chain stablecoin transactions and establishing a liquidity layer for L1, L2, L3, and appchain networks.
Maiar Will Become XPortal
Several changes are scheduled for the Elrond (EGLD) ecosystem. The first one is the transition from Maiar – one of the leading ecosystem wallets – to XPortal. However, the name change goes much further than a new brand and logo. XPortal aims to become a “SuperApp” connecting finance with Web3 and the metaverse. XPortal will emphasize digital payments, social activities, virtual world interaction, avatars, and an app store.
That might sound very “techy”, but the objective is to onboard users regardless of technical know-how. Users can access various tools to start – or continue – their digital journey involving cryptocurrency and blockchain technology. There’s also a championship with big prices tied to the XPortal launch. It requires users to invite as many people as they can to increase their winning odds. XPortal should go live on February 28, 2023.
Filecoin EVM (FEVM) Launch
As the focus shifts to the “Chinese coins“, one will eventually encounter Filecoin. It is a prominent and promising venture, although one with big boots to fill. One of its upcoming changes involves the Filecoin EVM, of FEVM. The current plan is to launch this upgrade on March 14, 2023, barring any major issues and hiccups. Bringing a virtualized Ethereum Virtual Machine as a runtime to the Filecoin Virtual Machine can have some exciting consequences. Developers can deploy on either the Filecoin Virtual Machine, FEVM, or both.
The upgrade also affects developers outside of the Filecoin ecosystem today. Web3 builders can bring their “actors” to the Filecoin blockchain through a growing set of tools, software packages, and coding languages. In addition, they can unlock the native Filecoin storage solutions natively. In addition, Filecoin’s development team will work on improving the FEVM performance over the coming months, as there is much progress to be made.
Optimism Gets Bedrock
Many people show outspoken excitement for Layer-2 networks and blockchains. Ecosystems like Optimism and Arbitrum enhance the overall Ethereum experience with lower fees and higher throughput. Optimism’s team intends to go one step further with its Bedrock upgrade, scheduled to launch on March 15, 2023. It is the first official release of the “OP Stack” and provides various benefits. It lowers network fees further through optimized batch compression and a data availability layer. That also leads to shorter deposit times (down to 3 minutes), better node performance, and higher proof modularity.
Under the hood, Bedrock is as close to the vision for Ethereum as possible. That includes removing several “deviations”, including a custom ERC20 representation of ETH-based balances and the one-tx-per-block model. All of these changes will help make Optimism more efficient and appealing to users and builders. That is a core aspect in the ongoing L2 “wars”, as standing out among the sea of competitors is crucial.
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