gm, readers.
At Automata we work on protecting privacy and fairness. And in this newsletter, we find more reasons to talk about it. Explore headlines and catch up on the biggest crypto news in Web3 privacy.
Op-Ed:
- Private stablecoins: The essential foundation for on-chain commerce in Web3
Zooming into ZK:
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ZKasino users granted 72 hours to reclaim $33M in Ether amidst controversy over conversion to ZKAS
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ENS proposes transformation into Layer 2 blockchain with potential ZK rollups integration
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Polygon Labs introduces pessimistic proofs via SP1 zkVM, enhancing cross-chain security and streamlining ZK development
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Polygon Labs co-founder Sandeep Nailwal takes on new role as CBO to advance ZK solutions
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StarkWare unveils ZKThreads to enhance dApp scalability and prevent fund lockups, averting FTX-like disasters
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Taiko, Ethereum Layer-2 rollup with ZK Proofs, goes live on Mainnet with Vitalik Buterin's inaugural block proposal
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Cysic secures $12M in Pre-A funding round for ZK hardware acceleration project
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Horizen Labs introduces ZkVerify, a dedicated network for ZK Proof verification
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Solana-based DEX Zeta markets announces ZX, a Layer-2 solution for trustless on-chain settlement
We dive into the details, so you don’t have to:
ZKasino has given its users a 72-hour window to retrieve their deposited ether (ETH) after a month-long wait. The on-chain casino, which received $33 million in ETH deposits from over 10,000 users last month, allows users to bridge back their ETH at a 1:1 ratio. However, users who choose to do so will forfeit their reward allocation. This decision follows backlash from users who were unaware that their deposits would be converted to ZKAS, the platform’s native token, instead of being returned as promised. The controversy intensified when on-chain data revealed that ZKasino had sent the $33 million to staking platform Lido.
Polygon Labs, in collaboration with Succinct Labs, has introduced a new type of ZK proof called pessimistic proofs, developed using the SP1 zkVM. These proofs enhance cross-chain security within the AggLayer network by ensuring that no single chain can compromise the deposits of others and that every chain truthfully produces its new state, verified by a ZK-proof or consensus mechanism. The integration of SP1 with Rust and Plonky3 simplifies ZK development, allowing developers to use standard languages without custom ZK circuits, thus speeding up development times.
https://x.com/0xPolygon/status/1795504524427165910
StarkWare has unveiled ZKThreads, a new scaling framework aimed at preventing fund lockups and enhancing the scalability of dApps. Developed in collaboration with Cartridge, ZKThreads addresses fragmentation issues by providing a standardized environment for easily verified applications. This innovation builds upon StarkWare's vision of "fractal scaling," introducing a complementary approach to layer-based scaling in the blockchain space.
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This newsletter is for informational purposes only. It is not intended to be a substitute for professional financial advice or interpreted as investment advice. Cryptocurrencies are volatile assets and you should always do your own research before making any informed decisions when investing or trading.