Protocol Village: Pyth's New 'Express Relay' Aims for Decentralized Solution to MEV

The latest in blockchain tech upgrades, funding announcements and deals. For the period of July 11-17.

AccessTimeIconJul 12, 2024 at 5:21 p.m. UTC

July 11: Pyth, a blockchain oracle protocol, has officially launched its newest product, Express Relay, on mainnet, according to the team: "The launch introduces a novel decentralized solution to the long-standing problem of MEV in processing liquidations and market-efficiency enhancing transactions in DeFi – once thought to be an inevitable characteristic of on-chain finance. The primitive connects DeFi protocols directly with a network of established searchers through protocol-controlled auctions for events like liquidations. Searchers who have already integrated include Flow Traders, Wintermute, Auros, Flowdesk, Caladan, Tokka Labs and Swaap Finance."

pyth express relay (before)
Schematics aim to illustrate how Pyth's new Express Relay could implemented a decentralized solution to the problem of maximal extractable value, or MEV.
Schematics aim to illustrate how Pyth's new Express Relay could implemented a decentralized solution to the problem of maximal extractable value, or MEV.

'Simple Distributed Validator Technology' Module From SSV, Lido Now Deployed

July 11: The Simple Distributed Validator Technology (DVT) Software Module, powered by SSV.Network, has been deployed and is ready for deposits, according to the team: "The Simple DVT module aims to diversify the set of node operators connected to and utilizing the Lido protocol while enhancing resilience, distribution and security. This development also sets the stage for more scalable and permissionless DVT-based modules in the future. This launch represents a significant step towards a more decentralized, secure, and accessible Ethereum staking ecosystem, with potential ripple effects across the entire crypto space."

RECRD, SocialFi Platform Allowing Monetization for Creators, Raises $4M Led by Sui Foundation

July 11: SocialFi platform RECRD has emerged from stealth with an investment of $4 million led by the Sui Foundation, according to the team. Other investors include Mitch Lowe, co-founding executive of Netflix; Mitch Richmond, six-time NBA All-Star; Jeffery Shoonover of; Alphabit Fund and DNA Fund. According to the team: "RECRD allows monetization for creators, users and brands through a unique patent-pending engagement model built on dynamic video reactions called REBNDS (rebounds). This along with the DeFi integration powered by the Sui blockchain, are at the core of RECRD’s ambition to disrupt the $250 billion creator economy." (SUI)

Coinbase Unveils Web App to Track Personal On-Chain Wallets

July 17: Jumping in on a continued effort by wallet makers to simplify access and user experience, particularly for newcomers, Coinbase (COIN) is introducing an app that lets users manage all of their on-chain wallets and activities in one place, the company announced Thursday. The app will allow users to connect multiple wallets and let them buy, swap, send, stake or mint coins from their wallets. Adopters of the app will also be able to interact with each other.

Coinbase Wallet web app (Coinbase)
Coinbase Wallet web app (Coinbase)

Swiss Bank Sygnum Announces 'Connect' as 24/7 Settlement Network

July 11: Switzerland-based Sygnum Bank, describing itself as "a global digital asset banking group," announced the launch of Sygnum Connect, its 24/7 multi-asset instant settlement network. According to a press release: "The network settles fiat, digital assets and stablecoin transactions for institutional investors, liquidity providers, stablecoin issuers, brokers and selected exchanges." According to the team, "This multi-asset service effectively solves the T+1 synchronization problem for thousands of institutions. Instant settlement could significantly reduce counterparty risk and increase capital market efficiency. Sygnum has already onboarded 2,000+ institutional clients, including Revolut, Worldpay, BNP Paribas, BNY Mellon, EToro."

Sonic, Gaming-Focused L2 on Solana, Partners With Neon Stack for EVM Compatibility

July 11: Sonic, a gaming-focused layer-2 network atop Solana, has partnered with Neon Stack to bring EVM compatibility to the Sonic Virtual Machine (SVM). According to the team: "This collaboration allows Ethereum developers to launch EVM-powered dapps on Sonic's HyperGrid L2, designed for high-volume Web3 games with settlements on Solana L1. Davide Menegaldo of Neon Stack highlighted the expansion of Sonic's market, while Sonic's CEO Chris Zhu emphasized onboarding EVM-based Web3 games to Solana's ecosystem. The partnership aims to unite Ethereum and Solana ecosystems, leveraging HyperGrid technology for scalable, fast and secure gaming dapps."

XPortal by MultiversX Rolls Out New Features, Allows Users to 'Top-Up' Debit Cards With SOL

July 11: XPortal, describing itself as "the financial super app by MultiversX," announced new features for the Solana ecosystem experience. According to the team: "Users can now top-up xPortal Debit Cards with SOL, manage 20+ SPL tokens and access leading Solana dApps like Jupiter Exchange and Raydium Protocol via xPortal’s Discover section. These updates strengthen xPortal’s role in bridging digital and physical financial realms, facilitating seamless transitions from crypto to cash for BTC, ETH, EGLD, SOL and MATIC holders."

Animoca Brands Launches Validator on Core Chain

July 11: Core, a Bitcoin-powered layer-one blockchain for EVM-compatible smart contracts, announced that Animoca Brands has launched a validator on the Core Chain. According to the team: "This move underscores Animoca Brands’ belief in Core blockchain’s potential and a commitment to supporting the Core network's security and decentralization. By becoming a validator, Animoca Brands is actively participating in the governance and stability of Core, highlighting its trust in the vision to unlock over $1.3 trillion of trapped liquidity on Bitcoin."

SKALE's 'Pacifica V3' Upgrade to Double Transaction Throughput

July 11: SKALE, the gas-less EVM-compatible modular blockchain network, launched the Pacifica V3 upgrade, "which accelerates block mining speed by 108% and increases transaction throughput by 122%," according to the team: "Leveraging its unique modular AppChain architecture, this upgrade brings significant advancements to SKALE Network's capabilities, including improved transaction speed and predictability, enhanced network performance and improved developer tools."

Fireblocks Adds First Clutch of Crypto Safekeeping Firms to Its Global Custodian Program

July 11: Crypto custody firm Fireblocks named Zodia Custody, Komainu, CloudTech, Zerocap and Rakkar as the five firms to join its Global Custodian Partner Program, the companies said on Thursday. The global custodian program provides crypto institutions that use Fireblocks technology with local third-party crypto safekeeping options in their appropriate jurisdiction, be that in the U.K., Australia, Singapore, the UAE and Japan.

Anomaly Secures Spot in Google for Startups Cloud Program, Raises $1.45M

July 11: Anomaly has secured a spot in Google for Startups Cloud Program, and announced an oversubscribed pre-seed funding round, raising $1.45 million from Decasonic, Shima Capital and Break Orbit. According to the team: "The company enhances blockchain gaming UX with account abstraction for easy onboarding.Its AI-powered SDK allows quick creation and deployment of mini-games on social platforms. Anomaly uses Google Cloud Storage and Global Load Balancers for efficient, secure scaling. The program will help to reduce deployment lead times and drive innovation with AI for Web3."

Protocol Village is a regular feature 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. Project teams can submit updates here. For previous versions of Protocol Village, please go here. Also please check out our weekly The Protocol podcast.

Edited by Bradley Keoun.


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Bradley Keoun

Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.