Welcome to the Protocol, Coindesk’s weekly wrapping of the most important stories in cryptocurrency tech development. I am Margaux Nijkerk, Coindesk’s Ethereum reporter.
In this number:
- Ethereums Holeky Testnet ends – finally
- Starknet to settle down on both Bitcoin and Ethereum
- From Ethereum’s engine room to Wall Street: Danny Ryan’s new mission
- Japanese tech -giants Sony and Line go together
This article is mentioned in the latest edition of the Protocol, our weekly newsletter exploring the technology behind Crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Network news
Ethereum Holesky TestNet ends – finally: Ethereums Holeky Testnet achieved finality almost two weeks after the pectra upgrade, overcoming a client software configuration error that had prevented finality since February 24. The achievement comes as Ethereum developers who kept deciding when Pectra would go live on Mainnet Blockchain, which thus delays Big Upgrade. – Shaurya Malwa Read more.
Starknet to settle on Bitcoin and Ethereum: One of the most important projects aimed at increasing the speed of the Ethereum network is to increase its work with the world’s original blockchain: Bitcoin. Ethereum Layer-2 Starknet, in partnership with BTC Wallet Xverse, aims to deliver a “full defi experience to Bitcoin users.” Xverse said it will “achieve Bitcoin’s defi-starter”, through integration with Starknet in the 2nd quarter of 2025, in an e-mail message seen by Coindesk. The StarkNet Foundation has published a new Bitcoin timetable that described how Starknet would remain fully active in Ethereum, while “became Bitcoin’s execution layer” with the goal of scaling the network “from 13 TPS to thousands.” Developers have increasingly investigated how to press security and deep reserves held in BTC to strengthen the wider defi and blockchain world. The challenge has been how to address Bitcoin’s relative lack of programmability compared to Ethereum and others. – Jamie Crawley Read more.
From Ethereum’s engine room to Wall Street: Danny Ryan’s new mission: Danny Ryan, formerly an important researcher at the Ethereum Foundation, left the EC in September, but went into conversations a few months later to join the organization as its new leader. In January, Ryan ended “mutually separating ways” with the foundation, and in March he announced that he would join Etherealize, an organization that focused on bringing Ethereum to Wall Street. In a sincere interview with Coindesk, Ryan said he was doing the move because he believes Ethereum is at a technological bending point: “Ethereum is much larger than the EC. It’s not just a few changes at EC that will do or break Ethereum as a whole.” – Margaux Nijkerk Read more.
Japanese tech giants Sony and Line go together: Sony’s blockchain division brings the Japanese social media giant line into the web3 world with plans to adapt more popular mini-apps to Sony’s Søgeium network, the company announced. Line reports approximately 200 million active users across its platform and the deal will bring four line-based games or “mini-apps” to Soneium: Sleepagotchi, Farm Frens, Puffy Match and Pocket Mob. The integration is intended to facilitate features such as rewards in the game and purchase. Soneium went live in January, and at that time the team said they hoped to bridge web2 users into the web3 room. Blockchain is a Layer-2 on top of Ethereum using Optimisms up stack technology.– Margaux Nijkerk Read more.
In other news
- The US Representative House beat an IRS rule that would have introduced information collection rules for decentralized units. The vote supported by a Bipartisan group that included 71 Democrats is a great victory for defi. Nik they report.
- We may need to wait a little longer for new crypto -Tfs in the US applications have been filed with a number of new devices, including to XRP, Solana (SOL), Dogecoin (DOGE) and LITECOIN (LTC). But a decision on these is not likely until President Trump’s election to run the agency, Paul Atkins, is confirmed by the Senate. No consultation is planned yet. Helene Braun reports.
- In a huge systemic victory for the crypto industry, the Office of Comptroller of the Currency (OCC) said that federally regulated banks can participate in various cryptocurrency activities without prior approval. OCC has also drawn a requirement for banks to report liquidity risks related to crypto. Sam Reynolds reports.
