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The Protocol: Vitalik Buterin’s Latest Proposal – Transaction Gas Cap

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Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter.

In this issue:

  • Vitalik Buterin’s New Proposal Seeks 16.7M Gas Cap on Ethereum to Rein In Transaction Bloat
  • Jack Dorsey Unveils Bitchat: Offline, Encrypted Messaging Inspired by Bitcoin
  • Volkswagen ADMT Taps Solana-Based Hivemapper Bee Maps for Driverless Data
  • Eigen Labs Axes 25% of Staff to Focus on Building EigenCloud
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NEW ETHEREUM PROPOSAL FROM VITALIK BUTERIN: A new Ethereum proposal, co-authored by Vitalik Buterin and Toni Wahrstaetter, aims to impose a hard cap on the maximum gas a transaction can consume in a move developers say could strengthen network stability and make the chain more viable for certain applications. The proposal, EIP-7983, suggests limiting individual transactions to 16,777,216 gas (2²⁴) — a sharp change from the current design, which technically allows a single transaction to consume the gas allocation of an entire block. As a design choice, that introduces several performance and security challenges. When a single transaction consumes nearly all the available gas, it disrupts the distribution of workloads across the network and tends to make block execution less efficient. So the proposed cap is expected to simplify engineering challenges and aligns with Ethereum’s shift toward modularity, though it may require splitting large transactions. — Shaurya Malwa Read more.

JACK DORSEY UNVEILS BITCHAT WHITEPAPER: Jack Dorsey, founder of Twitter (now X) and fintech company Block (SQ), published a whitepaper for Bitchat, a decentralized messaging protocol that enables fully encrypted communication without the internet. Bitchat would operate over Bluetooth Low Energy (BLE), allowing nearby devices to form a mesh network that relays messages hop-by-hop, according to the whitepaper. When a message is sent, it would travel across nearby devices acting as temporary nodes until it reaches its recipient, making it resilient in offline or censored environments. While not making explicit references to Bitcoin, the cryptocurrency or the blockchain, Dorsey describes Bitchat as a «decentralized, peer-to-peer messaging application,» evoking connections to the Bitcoin whitepaper’s intro in which it was described as a «peer-to-peer version of electronic cash.» — Jamie Crawley Read more.

SOLANA HIVEMAPPER AND VOLKSWAGEN TEAM UP: Volkswagen ADMT, the carmaker’s autonomous-vehicle testing subsidiary, tapped Hivemapper’s Bee Maps to support its self-driving operations with real-time mapping data. Street-level imagery collected by Bee Maps contributors using Hivemapper cameras will be used to help validate Volkswagen’s self-driving technology in an effort to boost the curbside precision of autonomous pick-ups and drop-offs, a Bee Maps spokesperson told CoinDesk. The deal highlights the growing adoption of crowdsourced geospatial data as autonomous ride-sharing firms look for more precise, up-to-date mapping infrastructure. It also showcases the growth of decentralized physical infrastructure networks (DePIN), which use blockchain incentives to crowdsource real-world data collection. Hivemapper is one of the best-known DePIN projects in the Solana ecosystem. According to the Wall Street Journal, Volkswagen’s autonomous driving unit has been testing its ‘Robotaxi’ fleet in recent months. In April, the company also announced a partnership with Uber to launch the service in U.S. markets, with pilot operations set for late 2025 and a wider rollout planned for 2026. — Margaux Nijkerk Read more.

EIGENLABS LAYS OFF STAFF AMID RESTRUCTURE: Eigen Labs, the main developer firm behind restaking protocol EigenLayer, cut its workforce by 25%, losing 29 roles, as CEO Sreeram Kannan said he restructured the company to focus on developing EigenCloud, which he called a “verifiable” alternative to existing, opaque cloud services. The Seattle-based startup said the dismissals were not a cash-crunch response. The news comes as the firm has dealt with its fair share of blowback, from not having certain key mechanisms in place at the launch of its main product, to having leading Ethereum Foundation figures receive big payouts for advisory roles. EigenLayer was once one of the buzziest projects in crypto, reaching $20 billion in total value locked in June 2024. It now has $12 billion. — Francisco Rodrigues Read more.

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In Other News

  • Bit Digital (BTBT) is now the owner of more than 100,000 ether (ETH) after swapping out its bitcoin stack along with a $172 million capital raise for even more of the world’s second-largest crypto. From a holding of 24,434 ETH as of the end of March, Bit Digital now has some 100,603 ETH ($189.2 million) making it one of the largest corporate ETH holders, the company said. Bit Digital revealed its plans to focus solely on ETH staking last month in a move that wasn’t entirely unexpected given the more challenging environment bitcoin miners have experienced since last year’s halving. — Jamie Crawley Read more.
  • U.S. President Donald Trump’s Media & Technology Group (NASDAQ: DJT) filed to list a crypto exchange-traded fund (ETF) that would track a selection of digital assets, the latest in a string of such efforts tied to the Trump brand. The proposed «Truth Social Crypto Blue Chip ETF» would hold a portfolio of five tokens: bitcoin (BTC), ether (ETH), solana (SOL), XRP (XRP) and cronos (CRO), according to a filing with the SEC. Eighty-five percent of the fund’s holdings would be split between bitcoin and ether. Solana would make up 8%, cronos 5% and XRP 2%. — Helene Braun Read more.
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Regulatory and Policy

  • The U.S. Treasury Department’s Office of Foreign Asset Control’s (OFAC) sanctions against privacy tool Tornado Cash cannot be discussed at the upcoming trial of developer Roman Storm, a federal judge ruled. At a status conference in Manhattan on Tuesday, District Judge Katherine Polk Failla initially waffled on whether she would allow expert witnesses to testify about the sanctions, which were first imposed in August 2022, removed this March and subsequently found illegal by a Texas court. After hearing arguments from both prosecution and defense, Failla decided to grant Storm’s motion in limine moving to prohibit testimony about the sanctions entirely, arguing that it would simply be too confusing for a jury to do what she described as the “mental gymnastics” of understanding why the sanctions were imposed and ultimately removed. — Cheyenne Ligon Read more.
  • The U.S. Department of Justice (DOJ) charged two individuals for their role in OmegaPro, a crypto and investment Ponzi scheme that defrauded investors of over $650 million. Michael Shannon Sims, a founder and promoter of OmegaPro, and Juan Carlos Reynoso, who led OmegaPro’s operations in Latin America and some parts of the U.S., were charged on conspiracy to commit wire fraud and money laundering, according to documents published. OmegaPro was an international investment scheme that collapsed in 2022. In 2024, Andreas Szakacs, the co-founder of the scheme, was arrested in Turkey for his involvement with OmegaPro. — Parikshit Mishra Read more.
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Bitmine Immersion Stock Sheds Another 20% After $2B ATM Offering

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Shares of Bitmine Immersion Technologies (BMNR), the ether (ETH) treasury strategy firm helmed by Fundstrat’s Thomas Lee, slid 20% Thursday, extending a 40% drop from the previous day, as the company disclosed plans to raise up to $2 billion through a stock sale agreement.

The selloff comes on the heels of Bitmine closing a $250 million funding round and securing an at-the-market (ATM) stock offering deal with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing. Cantor will act as the lead agent, selling shares directly into the market over time at the company’s discretion.

The decline follows a parabolic run for Bitmine, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee as chairman of the board.

However, CoinDesk last week reported that the price action could mirror a similar arc seen with Sharplink Gaming (SBET), another ETH treasury play, whose stock skyrocketed then plunged 90% after early investors began selling.

BMNR is down 65% since the report.

Read more: Tom Lee’s Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink’s Plunge Warrants Caution

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Crypto for Advisors: Advisors, the Final Frontier

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Today’s Crypto for Advisors newsletter is written by me! Join me as I reflect on the growth of the crypto industry. Then, Kim Klemballa from CoinDesk Indices answers questions on advisors’ minds when it comes to pricing and benchmarking the asset class in “Ask the Expert.”

I hope you enjoy our newsletter. Thank you for letting me be your steward. Thanks to all the amazing contributors who share their stories week after week. I look forward to where we will be in 2 years.

Webinar alert: Explore the digital asset market and ways to access the crypto asset class beyond bitcoin. Join Ric Edelman of DACFP, David LaValle of Grayscale Investments and Andrew Baehr of CoinDesk Indices for an informative Webinar on July 16 from 1-2 p.m. ET. Live webinar only. CE credits available. Learn more and register today.

Sarah Morton

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Two Years In, and Just Getting Started

Two years ago, I took on the role of editor for Crypto for Advisors at a pivotal moment. It was mid-2023, and the cryptocurrency industry was in the midst of a deep winter. The collapse of major lending platforms and the implosion of FTX had sent shockwaves through the markets. The U.S. regulatory climate was hostile, marked by enforcement-first tactics, and confidence was shaken.

But even then, the undercurrents of something bigger were impossible to ignore. Fast forward to today, and we’re standing on the edge of what Bank of America calls a “once-in-a-millennium transformation.” They’re not talking about memes or speculation. They’re talking about the reshaping of global financial infrastructure, economic models, and digital ownership — and it’s being driven by crypto.

An Ode to Bitcoin: The Genesis

“Bitcoin belongs in the same breath as the printing press and artificial intelligence.” — Bank of America:

Bitcoin, born in the aftermath of the 2008 financial crisis, created something revolutionary: a decentralized, fixed-supply digital currency. It belonged to no government, no corporation, and no central authority.

From there, a movement began. Early adoption saw students tinkering with GPUs, developers building wallets, entrepreneurs launching exchanges, and miners chasing cheap power around the globe. A technological and economic revolution took shape.

Today, we’re seeing bitcoin ETFs from the world’s largest asset managers — BlackRock, Fidelity and Grayscale being the top three by AUM — and even nation-state adoption as countries like the U.S. and UAE race to become global crypto hubs. It’s an unparalleled acceleration of financial innovation.

The Rise of Ethereum and Smart Contracts

Bitcoin sparked the fire, but Ethereum — and the smart contract innovation it introduced — brought utility, programmability, and the ability to tokenize everything: real estate, carbon credits, fine art, identity, equities, and even yield-generating protocols.

While Bitcoin and Ethereum dominate headlines, tens of thousands of digital assets exist. And while investing grabs the spotlight, blockchain is quietly transforming supply chains, intellectual property, finance, and more.

Public companies are adding crypto to their balance sheets. Over 140 public firms have announced bitcoin reserves. Exchanges like Coinbase and Kraken will offer tokenized equities, while retail platforms like Robinhood expand their crypto products. Access points are multiplying: direct-to-consumer platforms, ETFs (now in the hundreds), tokenized funds, and direct ownership. And the list keeps growing.

The Landscape Has Changed — Are You Adopting?

Only a handful of advisors were very early adopters but that’s slowly evolving. There’s broadening recognition of the opportunity — to support clients, protect relationships, and win new business. It’s becoming increasingly common to hear from advisors that they are winning clients simply because they’re willing to talk about bitcoin.

On the other hand, the lack of regulation, prohibitive firm policies, digital assets volatility behavior and overall uncertainty with a new asset class has caused hesitancy. Moreover, advisors have a lot to pay attention to —- and now learning a new — and always changing — asset class is added to the list! Despite all of this, clients want to access digital assets. Recent Coinshares survey data highlights that clients want the help of their advisors and expect them to be knowledgeable in digital assets. More than 80% of the respondents answered that they would be more likely to work with an advisor that offers digital asset guidance, and 78% of non-crypto investors say they’d turn to an advisor if crypto support were available. Notably, almost 90% said they planned to increase their crypto exposure in 2025.

A Call to Action

Blockchain is an infrastructure, crypto is more than an asset class and the technology extends well beyond investing.

The industry is maturing,regulation is advancing andthe world’s largest institutions are developing on blockchain. As U.S. Treasury Secretary Scott Bessent said recently, “Crypto is the most important phenomenon happening in the world today.”

You don’t need to be a crypto trader or blockchain developer. But if you’re a fiduciary — a guide, a planner — you owe it to your clients to understand what’s happening. Education is key.

In two years of curating this newsletter, I’ve watched sentiment shift from skepticism to curiosity to strategic integration. And we’re just getting started. I’m thrilled to be here with you on your crypto journey. Connect with me for ideas on future topics you’d like to see addressed.

Sarah Morton, chief strategy officer, MeetAmi Innovations Inc.

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Ask an Expert

Q. Why is the same digital asset priced differently on each exchange?

A. Equities “plug in” to an exchange, allowing for one, centralized price. Crypto, on the contrary, is “decentralized.” This means there’s not one “plug” to price a digital asset. While crypto prices are based on supply and demand (as well as other factors), each exchange operates independently and therefore prices can vary between different exchanges.

Q. How can I find reliable pricing data for digital assets?

A. There are many digital asset index and data providers. Look for pricing that (1) comes from a reputable and trusted provider with a proven track record in digital assets, (2) has a transparent and rules-based approach to construction, and (3) lays out thoughtfully constructed criteria for how the pricing is captured. The index methodology is incredibly important. For example, if selection criteria of an index included “trading on more than one eligible exchange” with eligibility thoughtfully designed, then in the case of the FTX collapse, FTT (the exchange token of FTX) wouldn’t have made it into the index. Thoughtful construction can rule out bad actors.

Q. Why are people using bitcoin to measure the entire digital asset landscape?

A. While bitcoin now accounts for 65% of the total digital asset market, there were times bitcoin was less than 40% of the market. One asset should not be a benchmark for the entire asset class. Diversification is key for institutional investors to manage volatility and capture broader opportunities. Effective benchmarking must serve multiple constituencies—enabling performance evaluation, supporting investment strategies, and setting industry standards for everyone.

Indices such as CoinDesk 5 (CD5), CoinDesk 20 (CD20), CoinDesk 80 (CD80), CoinDesk 100 (CD100) and CoinDesk Memecoin (CDMEME) were constructed to meet the needs of those looking to benchmark, trade and/or invest in the ever-evolving digital asset landscape.

Kim Klemballa, CoinDesk Indices

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ICP Surges 4% on Strong Volume and Developer Momentum

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Internet Computer (ICP) posted a strong 4.3% gain in the 24-hour trading period into Thursday, climbing from $4.96 to $5.16, with a high of $5.19. The price action was fueled by significant trading activity and accelerating developer momentum, positioning ICP as one of the top-performing infrastructure tokens of the session.

The breakout took shape between 18:00 and 21:00 UTC on July 9, when ICP surged from $4.95 to $5.19. Volume peaked at 886,937 units at 19:00, far exceeding the 24-hour average of 388,671 units, according to CoinDesk Research’s technical analysis model. This strong inflow of buying interest established a new resistance band around $5.22, which traders are now watching closely for potential continuation, the model showed.

Support levels held firm at $4.90–$4.93, with secondary support forming between $5.11 and $5.14. Price consolidation above $5.15 reflects strong structural integrity and reinforces the likelihood of another attempt at resistance in the near term.

Beyond price action, ICP recorded 431.3 daily GitHub events in the month of June, according to data by Santiment, exceeding the likes of NEAR and Filecoin by some distance and suggesting sustained development engagement.

Technical Analysis Highlights

  • Price range: $4.96-$5.19, a 4.3% gain with a $0.28 swing.
  • Volume spike: 886,937 units traded at 19:00 UTC, more than double the daily average.
  • Support levels: $4.90–$4.93 (primary), $5.11-$5.14 (secondary).
  • Resistance zone: $5.18-$5.22 marks the next breakout challenge.
  • Developer strength: ICP leads with 431.3 daily GitHub events, reflecting continuous ecosystem growth.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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