Strawmap updated, Ethereum Foundation restructure, Ethlabs launched
Ecosystem
- Strawmap (strawman roadmap) updated; includes proposed issuance change (snail issuance) potentially in I* upgrade
- Ethereum Foundation restructure, five domain clusters: protocol, access, user, community & institutional layers; 54 fewer staff (~20%)
- Vitalik: budget decreasing ~40%, transitioning to long term oriented endowment based organization; to accomplish Strawmap (third iteration of Ethereum) & increasing EF role in access layer, budget sacrifices include:
- Clients: multi-client model shifting from redundancy to specialization, exploring security strategy of AI assisted formal verification
- Privacy Stewards of Ethereum: PSE winding down; focus on implementing (rather than exploring) ZKP privacy & scaling
- Devcon: likely to be smaller & more spartan
- Beyond-Ethereum megaprojects: Vitalik funding some personally
- EF institutional work: scope reducing
- Tomasz Stańczak (former co-Executive Director): strategically, list is good
- Bastian Aue (interim co-Executive Director) execution of EF mandate:
- EF is for eliminating weaknesses (e.g. EF dogfooding ETH/stablecoins & preventing toxic MEV) and seizing opportunities
- Departures: mix of resignations & terminations due to strategy, role fit, normal change & best contribution elsewhere
- Spinouts: mix of better homes, markets should decide worth, not mandate compatible & useful but not EF work
- Vitalik: budget decreasing ~40%, transitioning to long term oriented endowment based organization; to accomplish Strawmap (third iteration of Ethereum) & increasing EF role in access layer, budget sacrifices include:
- Ethlabs launched, non-profit R&D lab for Ethereum & ETH
- Founding team (ex-EF protocol): Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf & Julian Ma
- Anchor funding by Bitmine, Sharplink & Joe Lubin
- ETH metrics:
- Gas (gwei): 0.3 average, 0 - 14.3 (13 for zero net issuance)
- ETH supply change: 19.5k net issuance (7 days)
- ETHUSD: $1,523 - $1,774 (all time high $4,946, August 24, 2025)
- ETH ETFs: 5.2% of ETH supply
- ETHBTC: 0.026 (0.166 for the Flippening)
Sponsor: MetaMask
MetaMask Developer June Community Call. 🦊
On the agenda:
- Embedded Wallets Mobile SDK releases + v9 deprecation updates
- What’s new with MetaMask Connect v2
- MetaMask Cook-Off Smart Accounts Kit winner presentation
đź“… Thursday, July 2
⏰ 12:00 PM ET
Enterprise
- Baillie Gifford enhanced yield fund (BAGEY): native UK regulated tokenised fund, token is investor holding (not a wrapper)
- UBS & Nethermind two compliance proofs of concept on Sepolia testnet; node configured to apply compliance & risk rules; component routed bundles of approved transactions through relay services directly to select builders for reliable inclusion
- Etherealize: why permissionless infrastructure wins, Ethereum positioned to become settlement layer for global finance
Applications
- ENS DAO: Foundation expansion temp check, transfer treasury from DAO & expand board; protocol control remains with token holders
- Propeller Heads Turbine: settle large trades at low spread, orders run for user selected deadline (minutes/days) & follow market price via oracles
- Uniswap Auctions: configure & launch Continuous Clearing Auctions (CCA) for new & existing tokens directly from web app on mainnet, Arbitrum, Base & Unichain
- Kain Warwick: Synthetix sUSD being wound down, redeemable for SNX with lockup
- Reminder: Octant Epoch 12 (quadratic funding): 25 projects, 200 ETH matching pool, closes June 30
Developers
- Fe v26.2.0 (language): adds immutable contract fields, assert! built-in, const items in impl blocks, bytecode & memory optimizations and defaults to faster compilation rather than optimization
- Nomic Foundation Hardhat 2 being sunset (dev framework): will be updated for Glamsterdam upgrade and bug & security fixes until end of life (earlier of Hegotá upgrade & June 1, 2027); migrate to Hardhat 3
- Leo Alt human readable contract specs in Lean for evm-smith (AI generated bytecode proven in Lean, experimental)
- Application layer standards (ERCs):
Security
- JaredFromSubway MEV bot ~$7.5M exploit via ERC20 allowance drain; banteg analysis
- Gnosis Guild Zodiac post-mortem: ERC1271 signature check accepted signature based only on returned magic value
- Zero Skills Symmetry Sniper (skill): finds asymmetric logic in functions that should mirror each other e.g. deposit/withdraw, mint/burn
All core devs (main protocol calls)
All core devs - consensus (ACDC) #181
- Glamsterdam upgrade (targeting 2026):
- glamsterdam-devnet-6 (spec & Dora the explorer): launched with remaining EIPs (except EIP7688 forward compatible consensus data structures)
- glamsterdam-devnet-7 (spec): targeting 2-3 weeks, adds EIP7688 & updated EIP8282 builder execution requests contracts (external security review required)
- Declined for Inclusion:
- EIP8080 let exits use consolidation queue, due to implementation complexity & time; potentially repropose for Hegotá upgrade
All core devs - testing (ACDT) #84 + execution layer & consensus layer breakouts
Layer 1
- Glamsterdam upgrade (targeting 2026):
- consensus-specs v1.7.0-alpha.11: glamsterdam-devnet-6
- Feel Your Protocol: EIP7928 Block level access lists interactive explainer
- Reminder: Mascot needed, vote on Eth Magicians, closes July 8
- Ethereum improvement proposals (EIPs):
Staking
- Client diversity:
- Consensus layer: Lighthouse ~54% (data may not be accurate)
- Staking market share: Lido 21.5% [Note: dual governance]
- Validators: 886k active (target 128k), 15k accumulating (0x02 withdrawal credentials)
- Client releases:
- Consensus layer:
- Sigma Prime Lighthouse v8.2.0 (high): security vulnerability fixes, beacon nodes append client info to graffiti by default, validators must specify fee recipient, Glamsterdam upgrade work & EIP8136 partial data column support (saves bandwidth, default on Hoodi & Sepolia testnets)
- Status Nimbus v26.6.0 (medium): improves performance & resilience
- Execution layer:
- EF Geth v1.17.4 (maintenance): Clef removed to own repo, Glamsterdam upgrade work & performance improvements
- Lambda ethrex v18.0.0: sync fixes, faster crypto, LEVM hot path optimizations & faster getLogs
- Consensus layer:
Research
- Anders Elowsson: issuance offsets & penalties under low issuance
- Mike Neuder: native zkEVM can scale bandwidth (not just execution), by placing block content into blobs (EIP8142 block in blobs)
- Donnoh: L2 forced transaction mechanism via EIP7805 FOCIL
- Pierre: cryptographic work to enshrine post quantum private ETH
- Clément Lesaege: validator redirected revenue proposal, validators signal a percentage of staking rewards to redirect to recipients, majority triggers mandatory redirect
Layer 2
- L2Beat: Aztec Network now Stage 2
- Base chain stall, invalid block halted production, sequencing now resumed
- Taiko exploit, chain state verification mechanism compromised, bridge to be recollateralized
Regulation
- Bank of England draft stablecoin rules, max 70% in short term UK government debt (interest bearing) & ÂŁ40B cap per stablecoin
- US post quantum executive order, federal agencies must migrate encryption by end of 2030 & authentication by end of 2031
- Garcia brothers plead guilty to $8M crypto kidnapping of family in Minnesota
General
- OpenAI patch the planet, Trail of Bits working with maintainers to investigate & validate vulnerabilities, initial participants include cURL, Go & Python
- LastPass Klue supply chain incident, CRM data (names, phone, email & physical addresses) may be affected; customer vaults unaffected
- Succinct Flock: SNARK for proving batches of boolean computations (standard hashes) at less than 250x cost of computing them, research prototype
- Vitalik: challenge to find document published not under his name, testing claims AI text analysis makes online anonymity untenable
Editor: @abcoathup
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