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The Protocol: Ethereum’s Final Pectra Test Goes Live

Published

3 дня ago

26 марта, 2025

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Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Ben Schiller.

In this issue:

Ethereum’s Final Pectra Test Goes Live

Hyperliquid Eases Token Transfers for DeFi

Celo Migration to Layer-2 Network Is Done

Bitcoin DeFi Expansion Faces Fork Dilemma

This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.

Network news

IT’S ALIVE! ETHEREUM PECTRA TEST: The final dress rehearsal for Ethereum’s upcoming Pectra upgrade occurred Wednesday, as the blockchain’s biggest changes in over a year were tested an additional time following a series of mishaps. The upgrade on the new Hoodi testnet was closely watched given that two previous tests, on the Holesky and Sepolia test networks, failed to finalize properly. Following those tests, developers created a new testnet, Hoodi, to give ecosystem players, particularly staking providers, one more testing opportunity before the Pectra upgrade hits Ethereum’s mainnet. The test involved passing Hoodi a series of code changes meant to make Ethereum more user-friendly for both end-users as well as developers. One of those changes adds smart contract functionality to wallets, allowing wallet software developers to build new convenience-oriented features, like the ability to pay transaction fees in cryptocurrencies other than ether (ETH). Testnets act as copies of a main blockchain, and are used by developers to run through any major code changes in a low stakes environment, giving them a place to patch out any bugs before they reach mainnet. Hoodi was the last of three testnets to run through a simulation of Pectra. Developers previously agreed that if all went well on Wednesday, Pectra would be monitored for around 30 more days and then, finally, activated on Ethereum’s mainnet. — Margaux Nijkerk Read more.

HYPERLIQUID EASES TOKENS FOR DEFI: The decentralized finance (DeFi) sector is among the biggest drivers of value accrual and revenue creation for crypto projects, but its complexity often leaves users tangled in a web of blockchains, bridges, wallets and tokens. A technical update by Hyperliquid is making that process easier for both developers and users, with the direct linking of tokens on HyperCore and HyperEVM platforms now being possible. HyperCore is its native platform for spot assets (think tokens you can trade directly), and HyperEVM, an Ethereum Virtual Machine (EVM) network that executes smart contracts on Ethereum. Tokens on HyperCore, dubbed “Core spot,” can be linked to their counterparts on HyperEVM and are called “EVM spot.” Once linked, users can transfer them using simple actions — like a “spotSend” on HyperCore or a standard ERC-20 transfer on HyperEVM. By letting tokens move directly between them — without a third-party intermediary — developers can create products that cut out the technical chops required to move assets, which is easy for heavy crypto users, but may be challenging for beginners. — Shaurya Malwa Read more.

CELO MIGRATION to LAYER-2: The Celo blockchain’s long-awaited plan of becoming an Ethereum layer-2 chain has been completed, ending an almost two-year process, the main organizations behind the network said Wednesday. The transition ends a long journey beginning back in July 2023 for the layer-1 blockchain that included a community vote in July 2024 and a fierce competition, won by Optimism, among layer-2 networks out to convince the Celo ecosystem to build with their technology. The improved network — like other layer 2s — offers faster and cheaper transactions on top of Ethereum’s mainnet. The blockchain is powered by Optimism’s OP Stack, a customizable framework that lets developers build layer-2 networks based off of Optimism’s technology. According to Rene Reisberg, the CEO of the Celo Foundation, the migration is the first of its kind in the Ethereum ecosystem, and will probably be used as a blueprint for other EVM-compatible blockchains that are looking to become a layer-2 network. — Margaux Nijkerk Read more.

BITCOIN DEFI FACES FORK DILEMMA: Bitcoin developers looking to expand the blockchain’s decentralized finance (DeFi) capabilities are likely to be considering zero-knowledge (ZK) proofs, functionality that’s not currently available and which require a so-called soft fork, or new version of the software, to introduce them. That’s a problem, according Edan Yago, a Bitcoin veteran of over a decade and core contributor to smart contract operating system BitcoinOS (BOS). «Forking a blockchain, especially one with $2 trillion worth of value on it, is like open-heart surgery,» he told CoinDesk in an interview. ZK proofs are a cryptographic method of proving the validity of statements while maintaining privacy through not revealing any information about it. The functionality is not available in Bitcoin’s software, but could be made so through proposed implementations like OP_CAT and OP_CTV. Yago said developers should be able to find ways of enabling them on Bitcoin without any kind of fork. «The burden of proof is on developers to demonstrate that there is no other way of accomplishing this through clever engineering,» he said. This is what BOS hopes to achieve through the BitSNARK, a Bitcoin rollup protocol that is part of the family of computing paradigms being developed to scale the original blockchain. These emerged following the introduction of BitVM by Robin Linus in October 2023, which set out a framework for how Ethereum-like smart contracts could be enabled on Bitcoin. BitcoinOS has now open-sourced what Yago describes as a «fully production-ready» BitSNARK protocol, meaning developers now have access to ZK verification on Bitcoin and can connect it to other blockchains like Ethereum, Solana and Cardano. — Jamie Crawley Read more.

In Other News

In a two-hour interview with CoinDesk Senior Anchor Christine Lee, Strategy Executive Chair Michael Saylor discusses a U.S. Bitcoin strategic reserve, why securities holders keep him sleepless, and his own economic immortality. — Christine Lee reports.

Crypto start-up Plasma has revealed the technical features of its blockchain, which is designed for fast and efficient global stablecoin transfers, using a HotStuff-inspired consensus mechanism. — Omkar Godbole reports.

Regulatory and policy

U.S. Senator Kirsten Gillibrand (D-N.Y.), one of the leading Democrats supporting crypto legislation, warned the industry against pushing for a “watered-down” version of the long-awaited stablecoin legislation currently moving through the Senate, arguing that stringent regulations are necessary to foster innovation and protect investors from bank runs like the one on Silicon Valley Bank in 2023 and the collapse of crypto exchange FTX in 2022. — Cheyenne Ligon report.

Calendar

April 8-10: Paris Blockchain Week

April 30-May 1: Token 2049, Dubai

May 14-16: Consensus, Toronto

May 20-22: Avalanche Summit, London

May 27-29: Bitcoin 2025, Las Vegas

June 30-July 3: EthCC, Cannes

Oct. 1-2: Token2049, Singapore

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Terraform Labs to Open Claims Portal for Investors on March 31 

Published

6 часов ago

29 марта, 2025

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Terraform Labs, the firm behind the collapsed Luna token and the TerraUSD stablecoin, will open a portal on March 31 to allow investors to file claims for crypto losses tied to the company’s downfall and subsequent bankruptcy.

The online system, operated by claims administrator Kroll, is part of the company’s court-supervised wind-down process. Investors have until April 30 at 11:59 p.m. ET to submit claims through claims.terra.money. Late submissions will not be considered, meaning those who miss the deadline forfeit their right to any recovery, according to a Medium post.

Eligible claims must be tied to specific cryptocurrencies listed in the case documents and held during the period surrounding the Terra ecosystem’s collapse. Notably, assets with less than $100 in on-chain liquidity and certain others—like Terra 2.0’s Luna—will not qualify.

Claimants must also submit proof of ownership. The preferred method is read-only API keys from exchanges, which the administrator considers more reliable than screenshots or manually uploaded documents. The post adds that those using manual evidence may face extended review periods or risk their claims being denied altogether.

Once filed, claims will be reviewed and verified. Initial decisions will be shared within 90 days after the deadline and approved claims will be eligible for pro rata distributions once processing concludes.

The Terra ecosystem collapsed in 2022, leading to the largest destruction of wealth in just three days in the cryptocurrency space’s history. LUNA’s market capitalization plunged from over $41 billion to $6 million in that period.
Read more: Terraform Labs, Do Kwon Agree to Pay SEC a Combined $4.5B in Civil Fraud Case

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Bitcoin Miner MARA Starts Massive $2B Stock Sale Plan to Buy More BTC

Published

6 часов ago

29 марта, 2025

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Bitcoin mining company MARA Holdings (MARA) is launching a fresh $2 billion stock offering to buy more bitcoin, continuing its plan of buying BTC in the open market through capital raise while sticking to its «Hodl» strategy.

According to a Form 8-K and a new prospectus filed with the U.S. Securities and Exchange Commission (SEC), MARA entered into an at-the-market (ATM) equity program with a group of investment banks including Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, and others. The proceeds of the offering, which will see brokers selling shares of the miner from time to time, will be used mainly for the acquisition of bitcoin in the open market.

«We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,» MARA said in its prospectus.

This new fresh stock sales plan follows a previous ATM offering that targeted up to $1.5 billion for the miner.

MARA has adopted Michael Saylor’s strategy of raising funds through equity and convertible bond offerings and buying bitcoin in the open market. The miner now holds 46,376 BTC in its treasury, making it the second-largest bitcoin stash among publicly traded companies, behind Strategy’s 506,137 BTC.

The plan to buy bitcoin in the open market was adopted by the miner last year, even though a miner can theoretically mine bitcoin at a discount to the spot price. The industry became challenging after last year’s halving cut mining rewards by half, squeezing profit margins on the back of rising costs. This made buying bitcoin in the open market, alongside mining, a relatively better strategy for the miners.
Read more: Bitcoin Mining Is So Rough a Miner Adopted Michael Saylor’s Successful BTC Strategy

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FTX to Begin $11.4B Creditor Payouts in May After Years-Long Bankruptcy Battle

Published

8 часов ago

29 марта, 2025

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FTX, the collapsed cryptocurrency exchange once helmed by Sam Bankman-Fried, plans to begin paying its main creditors at the end of May, Bloomberg reported based on court proceedings in Delaware this week.

The company has gathered $11.4 billion in cash to distribute to thousands of parties affected by its 2022 bankruptcy, with the first payments to major creditors set for May 30.

These include institutional investors and firms that held crypto on FTX’s platform. Smaller creditors with claims below the $50,000 mark have already begun receiving distributions.

FTX’s collapse left a financial crater and a trail of frustrated creditors—many of whom expected to be repaid in crypto, not dollars. Since the bankruptcy, the price of bitcoin has more than quadrupled, intensifying frustrations among those waiting for their assets back.

The task of unwinding FTX’s balance sheet has been slowed by a large number of claims, many of them reportedly questionable. Andrew Dietderich, a bankruptcy attorney for the firm, told the court that FTX has received “27 quintillion” claims, Blloomberg reported, many of which are duplicates or outright fraudulent.

Interest payments are compounding the urgency. While FTX earns only a modest return on its cash, legitimate creditors are entitled to 9% interest annually on unpaid claims. The longer it takes to pay, the more the company could owe.