We are welcoming you to our weekly digest! Here, we discuss the latest trends and advancements in account abstraction, chain abstraction and everything related, as well as bring some insights from Etherspot’s kitchen.
The latest news we'll cover:
*Hemi Labs Raises $15M to Bridge Bitcoin and Ethereum
*Bundle.rs Launch: Compare Top ERC-4337 Bundlers Easily
*Vitalik Buterin Highlights Crypto’s Growing Usability at Token2049
*ERC-4337 Launches New Bug Bounty Program with Rewards up to $250,000
*Ethereum Developers Consider Splitting Pectra Upgrade Early 2025
Please fasten your belts!
Hemi Labs Raises $15M to Bridge Bitcoin and Ethereum
Hemi Labs, co-founded by Bitcoin developer Jeff Garzik and blockchain security expert Max Sanchez, has secured $15 million in a funding round led by Binance Labs, Breyer Capital, and Big Brain Holdings.
The startup aims to create a modular blockchain network, Hemi, designed to integrate Bitcoin and Ethereum seamlessly. This innovative approach will combine Bitcoin’s security and Ethereum’s programmability into a “supernetwork,” opening new opportunities for dApps and cross-chain asset movement.
Breyer Capital, known for its early investments in Facebook and Spotify, and Web3 investor Big Brain Holdings, joined forces with other major players, including Crypto.com, HyperChain Capital, and Jihan Wu of Bitdeer, to support Hemi’s vision. “Hemi is transforming how Bitcoin and Ethereum interact,” said Sam Kim of Big Brain Holdings, emphasizing the platform’s potential to reshape blockchain technology.
Hemi’s key innovations include the Hemi Virtual Machine (hVM), which integrates a full Bitcoin node into the Ethereum Virtual Machine, and the Hemi Bitcoin Kit (hBK), enabling smart contracts to interact directly with Bitcoin’s state. The project also introduces a novel Proof-of-Proof (PoP) consensus mechanism, which imports Bitcoin’s security to other networks.
With a mainnet launch scheduled for late 2024, Hemi aims to address long-standing interoperability challenges and unlock new possibilities for blockchain applications.
Bundle.rs Launch: Compare Top ERC-4337 Bundlers Easily
Bundle.rs has officially launched, providing users with a comprehensive way to compare popular ERC-4337 bundlers for Account Abstraction.
This comparison tool allows developers and users to explore leading bundlers, such as Skandha by Etherspot, Rundler by Alchemy, Alto by Pimlico and more.
The platform allows users to easily compare key features such as shared mempool support, supported EntryPoints, multi-chain compatibility, and whether the bundlers are hosted or self-hosted.
Vitalik Buterin Highlights Crypto’s Growing Usability at Token2049
At Token2049 in Singapore, Ethereum co-founder Vitalik Buterin emphasized that while cryptocurrencies are no longer in their early stages, they are only now becoming truly usable. Buterin noted that Bitcoin has been around for 15 years and Ethereum for over a decade, but only recently have transaction fees and user experiences improved to the point where crypto is practical for mainstream use.
In his keynote, Buterin highlighted Ethereum’s journey from high transaction fees — which once reached $50 — to today’s near-zero costs, thanks to upgrades like EIP-1559 and the maturation of layer-2 networks such as Optimism and Arbitrum. He also praised the evolution of decentralized application interfaces, showcasing how platforms like Firefly now rival traditional Web2 interfaces in usability.
Buterin likened blockchains to “digital concrete,” allowing for the creation of “persistent digital structures” that are as strong and resilient as physical concrete. He argued that crypto should not be forced into a binary choice between decentralization and practicality. Instead, it can embrace both, providing secure, decentralized systems that are also user-friendly.
“Eat both pills. Be purple,” Buterin concluded, urging the community to prioritize both decentralization and mainstream usability.
ERC-4337 Launches New Bug Bounty Program with Rewards up to $250,000
ERC-4337, in collaboration with HackenProof, has launched an exciting bug bounty program, offering rewards of up to $250,000 for identifying vulnerabilities in the protocol. The initiative aims to enhance the security of the ERC-4337 standard by incentivizing security researchers and ethical hackers to discover critical bugs.
The bounty rewards are categorized based on the severity of the vulnerabilities:
*Critical: $100,000 — $250,000
*High: $25,000 — $50,000
*Medium: $5,000 — $10,000
*Low: $1,000 — $2,000
Critical vulnerabilities include bugs that can cause significant financial damage, such as executing unauthorized transactions or stealing deposits. High severity involves issues like on-chain censorship or griefing of ERC-4337 components. Medium severity covers off-chain DoS vectors that could disrupt the mempool.
The program also highlights the importance of adhering to strict testing guidelines to ensure no harm is done to services, infrastructure, or user data. Researchers are expected to localize their testing to personal accounts and avoid compromising personal data or degrading services.
All reports of valid findings must be submitted within 24 hours of discovery through the HackenProof platform.
Ethereum Developers Consider Splitting Pectra Upgrade Early 2025
Ethereum developers are contemplating splitting the highly anticipated Pectra upgrade into two parts, aiming for a faster release. Splitting the upgrade into two may be a safer option as smaller forks typically carry less risk, developers noted. The first phase could be ready by early 2025, with February as the initial target.
“There is broad agreement that if we split, the idea is that we want to ship Pectra one quicker, or as quick as possible, early next year should be our target,” a developer stated during the Ethereum execution layer meeting on Sept. 12. Another developer added, “Feb feels realistic with a split Pectra.”
The Pectra upgrade combines the Prague upgrade, focused on the network’s execution layer, and the Electra upgrade, impacting the consensus layer. Ethereum developers will make a final decision on the split during the next All Core Developers (ACD) call.
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