Web3 infrastructure and digital certificate network Galxe (GAL) said on Wednesday that it is building its own L1 smart contract platform Gravity and migrating all its products to the new blockchain. The first version of the network, built on the Arbitrum Nitro technology stack, will be launched in June to test cross-chain settlement in an open and transparent manner. The Gravity mainnet has native staking and re-staking functions and is scheduled to go online in the second quarter of 2025.
The Galaxe team said that the reason for creating Gravity is that the platform’s user base has grown significantly over the past three years, currently with 20 million users and 100 million transactions per month, so a more efficient and scalable solution is needed to manage cross-chain interactions between the 34 blockchains supported by Galxe.
Golden Finance reported that the research team of investment bank TD Cowen believes that following the approval of Bitcoin, the approval of the Ethereum ETF is also inevitable. Jaret Seiberg of TD Cowen Washington Research Group wrote in a report that this is six months faster than we expected, but once the SEC approves a cryptocurrency futures ETF, this decision is also inevitable. The next product launched within a year may be a basket of cryptocurrencies, which may be just Bitcoin and Ethereum, but it may also be more. However, this approval does not mean a comprehensive change in the SEC's overall attitude towards cryptocurrencies, as Gary Gensler, chairman of the committee who is critical of cryptocurrencies, issued a highly critical statement opposing the passage of cryptocurrency legislation that could weaken the agency's power.
Vitalik said that Ethereum's original EVM design chose 256-bit processing instead of 64 or 32 bits. The original design was too complex for 256 bits, which is very inefficient and can generate a lot of redundant data on the blockchain even when performing simple tasks. In addition, Vitalik said that Ethereum's switch from the proof-of-work consensus mechanism to the proof-of-stake consensus mechanism in 2022 should have been done earlier. Vitalik also mentioned: "The automatic log of Ethereum transfers should have existed from the beginning, and it only took us 30 minutes to complete the coding, but it became an EIP." EIP-7708, submitted by Vitalik on May 17, will make this precise change. Vitalik also said that if he re-chooses, he will use SHA-2 to encrypt Ethereum instead of the current encryption algorithm called Keccak.
