This week’s developments encompass significant updates from Starknet and a16z, alongside a plethora of pertinent information concerning the Ethereum ecosystem’s project partnerships.

KEY TAKEAWAYS

  • Starknet’s 2023 Roadmap Focuses on Improving Performance and Reducing Transaction Costs.
  • Trust Wallet Addresses Vulnerability and Reimbursement for Affected Users
  • a16z introduces Magi: a New Rollup Client for Optimism
  • Jumper Cross-Chain Bridge Introduces Optional Insurance for Users
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ECOSYSTEM UPDATES

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Starknet’s 2023 Roadmap Focuses on Improving Performance and Reducing Transaction Costs.

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Starknet’s roadmap for 2023 prioritizes improving network performance and user experience. The focus is on increasing throughput and reducing latency, with significant improvements planned for upcoming versions of Starknet. The goal is to support the expected increase in the number of users and developers. Additionally, transaction costs will be reduced dramatically by targeting the main component of transaction cost: L1 (Ethereum) data cost. 

The introduction of Volition will allow developers to build Starknet applications with a hybrid Data Availability (DA) mode: both on-chain and off-chain data. 

Finally, Starknet plans to introduce a fee market to improve network behavior during congestion and switch to constant and shorter block intervals for better UX. The roadmap considers tradeoffs and prioritizes lower transaction costs and higher throughput in the short term, while still prioritizing UX improvements in the long term.

For more details, visit here

Trust Wallet Addresses Vulnerability and Reimbursement for Affected Users

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Trust Wallet, a wallet software provider, emphasizes security and collaborates with experts to identify and fix vulnerabilities quickly. In November 2022, a vulnerability was detected in their open-source library, Wallet Core, which affected the Trust Wallet Browser Extension. 

The vulnerability resulted in a loss of approximately $170,000 USD. Trust Wallet urges affected users to move their remaining balances from vulnerable addresses and assures eligible losses will be reimbursed

For more details, visit here

a16z introduces Magi: a New Rollup Client for Optimism

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The venture capital firm a16z crypto has launched Magi, a new rollup client constructed on the OP Stack. Magi aims to provide an additional consensus client to op-node and diversify the client options available on Optimism. Magi’s primary purpose is to perform the same core functions as op-node by feeding new blocks to the execution client. Additionally, Magi is coded in Rust. 

Although Magi is not yet suitable for production use, it can synchronize with the Optimism and Base testnets. a16z crypto intends to develop Magi publicly and invites other developers to contribute to the client’s growth.

For more details, visit here

Jumper Cross-Chain Bridge Introduces Optional Insurance for Users

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LI.FI’s cross-chain bridge, Jumper, has added an optional insurance feature that enables users to purchase protection against losses during bridge transfers. This insurance safeguards users from various risks such as malfunctions, hacks, vulnerabilities, and slippage errors during in-transit transactions. The cost of insurance ranges between 0.1% and 0.5% of the bridged amount, and it integrates with plans from InsurAce, a multi-chain cover protocol. 

Since its launch, Jumper has insured over 400 users’ assets worth $100k across 600 bridge transactions. If a loss event occurs, insured users must file a claim within seven days. Additionally, Jumper supports cross-chain token transfers across 17 chains.

Additional Notable Events

DeFi, NFT

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