Here are some recent developments in the crypto space over the past few days.
Ethereum’s scaling protocols have driven the use cases for zero-knowledge proofs in 2023, ZK Validator, a zero-knowledge validation company, reported. It said Ethereum protocols predominate the usage of zero-knowledge rollups with significant launches.
The node infrastructure operator’s “State of ZK Q2” report highlights the crucial launches of ZK-powered layer 2 applications or ZK-proofs for scaling compared to other market segments.
ZK-proofs are encryptions that let one party demonstrate to another that some information is accurate without disclosing any data. They offer a remedy for trust and privacy in digital settings and have played a crucial role in scalability for layer-1 blockchain technologies.
A survey of 18,000 listeners of the Zero Knowledge Podcast produced vital assessments of ZK-proof applications for the community. Forty-two per cent of the respondents said “ZK for Scaling” would expand the fastest over the next 12 months.
Coinbase-backed Base Project Launches Mainnet For Builders
Coinbase has launched the Base's layer-2 mainnet, allowing builders to deploy contracts. It plans to onboard users onto the network in August. According to a blog post by its developers on July 13, the mainnet is currently “open for builders.” To give additional time for user onboarding, the development team is allowing builders access to the network before it goes live to the general public. The Base has likewise revealed that the network's open launch will occur in August.
On February 23, Coinbase officially revealed the development of the Base network. The network plans to employ the OP Stack software with a layer-2 Ethereum. According to a release, the Base mainnet now has two operational block explorers and an official RPC node that can be used to read data and transmit transactions. It said the network has been active since July 2 and has handled over 1 million transactions.
XRP Becomes 4th Largest Crypto After Ripple's Partial Win Over SEC
XRP’s market capitalization surged by over $21 billion in just three hours following Ripple Labs' partial victory with the Securities and Exchange Commission (SEC) on July 13. Within hours following the decision, XRP's market capitalization increased by $21.2 billion to $46.1 billion, moving up from seventh place and surpassing Circle's USD Coin and Binance's BNB token. However, Ripple’s market cap decreased to $42.5 billion later.
The sharp increase in XRP price followed the District Court for the Southern District of New York’s ruling in a lawsuit involving Ripple Labs and the SEC that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”