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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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Network News

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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Alibaba Founder-Backed Ant Group to Integrate Circle’s USDC on Its Blockchain

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The international arm of Ant Group, the company backed by Alibaba founder Jack Ma, plans to bring Circle’s USDC stablecoin onto its proprietary blockchain.

The rollout will start once U.S. regulators certify the dollar-pegged token under the new federal rules, Bloomberg reported, citing people familiar with the deal.

The move would give USDC a link to a network that processed more than $1 trillion in global payments last year, a third of them settled on-chain. That scale could make Ant the largest overseas corporate user of a U.S.-issued stablecoin.

Ant International is also applying for stablecoin licenses in Singapore, Hong Kong and Luxembourg, according to the report. The group wants regulated digital dollars, central bank digital currencies and tokenized bank deposits to sit side by side on its platform.

The company’s blockchain currently supports tokenized assets from various financial institutions and has reportedly been working with the People’s Bank of China (PBOC) on the country’s central bank digital currency (CBDC), the digital yuan.

Circle shares rose nearly 3.8% in pre-market trading to $208.

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This One Metric Suggests Bitcoin Has Plenty of Room Left to Run

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Bitcoin (BTC) reached new all-time highs just above $112,000 on Wednesday, although the increase was only marginal compared to the previous peak. Despite the wave of bullish corporate adoption, with public companies adding bitcoin to their balance sheets.

On-chain data suggests that bitcoin has more room to run when compared to previous cycle highs. One useful metric in this analysis is the MVRV Z-Score, which helps evaluate whether bitcoin is overvalued or undervalued relative to what could be considered its fair value.

Unlike a traditional z-score, the MVRV Z-Score uniquely compares the market value to the realized value. When the market value, calculated as the network’s valuation based on the spot price multiplied by supply, sits significantly above the realized value, which reflects the cumulative capital inflow into the asset, this has historically signaled market tops [red zone]. Conversely, when the market value is well below the realized value, it has often indicated market bottoms [green zone].

The MVRV Z-Score is defined as the ratio between the difference of market cap and realized cap, and the standard deviation of market cap, expressed as [market cap minus realized cap] divided by the standard deviation of market cap. The standard deviation is calculated cumulatively from the first available data point to the present day, making it a long-term measure.

Currently, the MVRV Z-Score sits at 2.4. In past bear market lows, bitcoin has registered scores below zero, as seen in 2015, 2019, and 2022. Meanwhile, cycle tops have historically occurred when the score reaches 7 or higher, as was the case in 2017 and 2021, according to Glassnode data.

Although this is just one data point, it indicates that bitcoin still has significant potential for further upside compared to previous cycles.

MVRV-Z Score (Glassnode)

Read more: This Chart Points to a 30% Bitcoin Price Boom Ahead: Technical Analysis

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Australia’s Central Bank to Explore Developing Wholesale Tokenized Asset Markets

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The Reserve Bank of Australia (RBA) will explore the development of wholesale tokenized asset markets alongside an array of industry participants.

«Project Acacia» will use stablecoins, pilot wholesale central bank digital currency (CBDC) and bank deposit tokens in 24 use cases of tokenizing a range of asset classes, such as fixed income and private markets.

Tokenization refers to the process of minting assets such as bonds and equities as tokens that can be bought, sold and traded on blockchains, with the aim of making processes faster, cheaper and more transparent.

The Australian Securities and Investments Commission (ASIC) is also providing regulatory relief in order to streamline the pilot, which will involve the testing of tokenized asset transaction between participants and other selected financial institutions, the RBA announced on Thursday.

Issuance of pilot wholesale CBDC for testing the use cases will take place on different blockchain platforms, such as Hedera and R3 Corda.

Participants in Project Acacia include Fireblocks, Northern Trust and Australian banks Commonwealth Bank, Australia and New Zealand Banking Corporation (ANZ) and Westpac.

The project is the a sign of the Australian government’s plans to integrate digital assets into its economy being put into practise.

The Australian Treasury published a whitepaper in March, describing how the government planned to embrace tokenization, real-world assets and wholesale CBDCs to make financial markets more efficient.

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