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Ethernity has launched its testnet for Ethernity Chain. It's a layer two solution for entertainment brands. The chain is now part of Optimism's Superchain ecosystem. Ethernity Chain aims to be the entertainment layer in the Superchain. It joins big names like Coinbase's Base and Worldcoin. The Superchain uses Optimism's OP stack. It shares fees with the Optimism collective. The new chain tackles entertainment industry issues head-on. It's packed with consumer-friendly features. These harness Web 3.0 benefits. They also simplify complex processes. AI-powered DRM is a key feature. It protects intellectual property on-chain. This is crucial for safeguarding digital assets. Urv Goel from Optimism Unlimited is pumped. He said, "By joining the Superchain, Ethernity becomes part of a community of builders dedicated to scaling Ethereum and giving back to the ecosystem." The testnet is now live. Developers can start building and testing apps. Several entertainment projects are already on board. More launches are coming soon. Marcelo Pham, Ethernity's co-founder, chimed in. "Our goal is to bridge the gap between traditional entertainment and blockchain technology," he stated. Ethernity has some solid backup. Gelato is providing infrastructure support. They're offering Web 3.0 cloud services too. These enable zero gas UX and connect apps to Web 2.0 APIs. A developer grant program is in the works. It'll offer funding and resources. Marketing and technical support are part of the deal. Ethernity's no newbie to the entertainment scene. They've already brought big names like Lionel Messi onto the blockchain. Now, they're gearing up for the next level.

Irys, a data provenance startup, has launched a new layer-1 blockchain. The platform aims to provide integrated data storage solutions for developers building onchain products. The new blockchain supports multiple networks. These include Ethereum, EVM-compatible chains, Solana, Aptos, and Avalanche. Josh Benaron, Irys founder and CEO, stressed the need for permanent data solutions. He said, "Data integrity should be based on technological guarantees — but it's not." Benaron highlighted the risks of centralized data infrastructure. He pointed out potential issues with digital bank accounts and social media. The new protocol uses a dual-ledger system. Data is first stored in a "submit ledger" before moving to an immutable "publish ledger". Irys combines proof-of-work with staking to incentivize miners. This approach aims to ensure correct data storage. The move challenges traditional IT systems. Currently, these systems are highly centralized. Amazon Web Services dominates the market. Visual Capitalist data shows 30% of internet users interact with AWS-hosted sites daily. This concentration gives AWS and similar platforms significant control. They can potentially censor content or delete user data. Onchain storage has been prohibitively expensive. A 2022 study found storing 500 kilobytes on Ethereum cost $20,000. Costs have decreased since Ethereum's Dencun upgrade. However, storing large files remains pricey. This situation has created opportunities for alternative solutions. Platforms like Arweave, Internet Computer, and InterPlanetary File System aim to reduce reliance on Big Tech. Irys's launch is a big deal in this space. It's another player trying to shake things up in the world of data storage. The startup is betting on blockchain tech to solve real-world problems. It's a gutsy move, but only time will tell if it pays off.

Ethereum's onchain activity is booming, despite its price hovering around $3250, while we all hoped for $4000 since ETFs were approved. Layer 2 blockchains are driving this growth. They're transforming how transactions work on Ethereum. Users and investors are flocking to these solutions. The numbers are eye-popping. Ethereum and Layer 2 chains saw onchain activity jump 127% in early 2024. More users and higher transaction volumes are behind this surge. A Coinbase and Glassnode report highlights the trend. Daily active addresses on Ethereum and L2s hit record highs. Vitalik Buterin, Ethereum's co-founder, calls L2s the "ultimate playground for action". He's not wrong. These platforms are attracting individuals and profit-hungry institutions alike. L2 chains like Linea, Base, and Arbitrum are killing it. They boast 1.8 million active daily addresses. These solutions offer cheap transactions before finalizing them on Ethereum. It's a win-win for efficiency and security. The Ethereum Dencun upgrade in March 2024 was a game-changer. It slashed transaction fees by 58% in Q2. This happened even as transaction numbers went up. Lower costs made Ethereum more accessible. Users jumped at the chance to get involved. Ethereum's versatility is another draw. Lending, staking, and trading are just a few use cases. The report authors reckon adoption will keep growing. Existing apps are maturing, and new ones are popping up left and right. BlackRock's getting in on the action too. They've launched Ethereum spot ETFs. These products faced some hurdles, but investors are biting. The iShares Ethereum Trust ETF (ETHA) scooped up 77,000 ETH in days. That's about $277 million, folks. This move by BlackRock is a big deal. They're already top dogs in the Bitcoin ETF market. Now they're doubling down on crypto. It shows how traditional finance and blockchain are getting cozy. Nate Geraci from the ETF Store thinks staking in Ethereum ETFs is inevitable. He reckons it's a question of when, not if. That's good news for the Ethereum ecosystem. But it's not all smooth sailing. Tron's nipping at Ethereum's heels with 81 billion transactions. Competition in crypto is heating up. Blockchain innovation isn't slowing down anytime soon. Buckle up, it's gonna be a wild ride.

Rootstock, a Bitcoin layer 2 solution, has made a splash. They've verified a SNARK proof on-chain. This could be huge for zero-knowledge proofs on Bitcoin. The verification happened Thursday on Rootstock's mainnet. They'd already nailed it on the testnet a day earlier. Rootstock used BitVMX for this feat. It's their tweaked version of BitVM. BitVM is a computing model. It aims to bring Ethereum-style smart contracts to Bitcoin. SNARK stands for Succinct Non-Interactive Argument of Knowledge. It's a mouthful, right? Basically, it lets you prove you know something without spilling the beans. This move is a big deal for BitVMX. It shows the system can challenge and validate SNARK verifiers on-chain. Rootstock's team was pretty chuffed. They said in an email, "This breakthrough opens the door for replicating this process with any program compiled to the RISC-V architecture." They're using BitVMX's general-purpose virtual CPU for this. It's some serious tech. The implications could be far-reaching. Zero-knowledge proofs on Bitcoin? That's new territory. It's not just about Bitcoin, though. This could impact the whole blockchain scene. Will other platforms follow suit? Only time will tell. But Rootstock's definitely made waves with this one.

Ethereum and its layer-2 networks are experiencing a massive uptick in user activity. Daily active addresses skyrocketed by 127% in the first half of 2024. This growth stands in stark contrast to Bitcoin's performance. The leading crypto, which is clearly becoming dominated by so-called HODLers, saw a 20% drop in daily active addresses during Q2. What's driving this shift? It's all about the L2s. Layer-2 networks, built on top of Ethereum, are designed to speed up transactions and keep fees low. They're like Ethereum's cooler, faster cousins. These solutions process transactions on separate chains before sending the data back to Ethereum for final recording. Linea, Base, and Arbitrum are leading the L2 pack. Together, they boast a whopping 1.8 million daily active addresses. That's no small potatoes. Vitalik Buterin, Ethereum's co-founder, called L2s "the ultimate playing field for action" back in May. He wasn't wrong. Institutional players and NFT enthusiasts are flocking to these networks in droves. The numbers don't lie. Ethereum and L2 transactions jumped 59% in Q2 2024. But here's the kicker: most of that growth happened on L2s. They're outpacing Ethereum itself by a long shot. "The move onchain is driven by a variety of use cases," according to a recent report. "We expect to see adoption grow as existing use cases mature and innovative new ones take hold." It's not all sunshine and rainbows for Ethereum, though. Total transaction fees on the network dropped by 58% in Q2. But don't panic – this was actually by design. The Dencun upgrade in March slashed fees, making the network more user-friendly. Meanwhile, Bitcoin's been having a rough go of it. Daily active addresses fell 20% in Q2, and daily active entities dropped 16%. It's looking a bit like yesterday's news compared to Ethereum's L2 party.