The Protocol: Berachain Follows Ethereum’s Pectra Upgrade With ‘Bectra’
This week in cryptocurrency tech development saw significant updates across various sectors. Berachain, a Layer-1 blockchain, launched its Bectra hard fork, mirroring Ethereum’s Pectra upgrade. This allows over 100 applications to utilize enhanced user and developer tools, including smart account functionality for improved transaction management. However, Berachain’s different consensus model means it didn’t adopt Pectra’s consensus changes.
Meanwhile, the Ethereum Foundation announced layoffs within its research and development team, part of a restructuring focused on scaling, blob space expansion, and user experience improvements. This follows ongoing criticism regarding the foundation’s management and strategic direction.
Elon Musk’s announcement of XChat, a messaging app with purported “Bitcoin-style” encryption, was met with skepticism from the tech community. Experts pointed out the inaccuracies in Musk’s description of Bitcoin’s cryptographic mechanisms.
A significant security incident emerged with reports suggesting Taiwanese exchange BitoPro suffered an $11 million exploit in May, involving the theft of assets across multiple blockchains and subsequent laundering through privacy protocols. The exchange has yet to publicly acknowledge the breach.
In other news, the Trump Organization denied any involvement with a purported “$TRUMP Wallet” crypto project, despite claims associating it with the former president. World Liberty Financial, a Trump family-backed firm, distributed $47 worth of its USD1 stablecoin to WLFI token sale participants.
Regulatory developments include charges against 25 individuals in France related to crypto-related kidnappings, and ongoing discussions in the U.S. Congress regarding stablecoin regulation, with some key differences between the Senate and House bills needing to be resolved before legislation can pass. Upcoming events include Berlin Blockchain Week, Permissionless, EthCC, and numerous others throughout the year.
