Web3 Shots: Polychain Capital Raises $200M; Blockchain Advances in Banking; Vitalik on Ethereum Account Abstraction

July 18, 2023

Polychain Capital Raises $200M for Fourth Crypto VC Fund Amid Staff Changes

Polychain Capital, a leading venture capital firm in the crypto sector, has secured approximately $200 million in the initial close of its fourth fund, Fortune reported. The firm's fundraising efforts are still ongoing with an ultimate target of $400 million for the fund. Amid shifting investment priorities, Polychain has parted ways with three members of its research team. The company is yet to comment on its future hiring plans.

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Shinhan Bank and SCB TechX Complete Second Stablecoin Trial on Hedera

South Korea's second-largest bank, Shinhan Bank, and SCB TechX, the tech division of Thailand's oldest bank, Siam Commercial Bank, have successfully completed their second stablecoin transaction trial on Hedera, a public distributed ledger network. The trial achieved real-time settlement and foreign exchange rate integration across Thai Baht, New Taiwan dollar, and South Korean won. The proof of concept is Ethereum Virtual Machine-compatible, potentially allowing participation from other EVM-based stablecoins such as USDT and USDC. Byunghee Kim, the chief of Shinhan’s blockchain division, noted that stablecoins provide a quick, reliable, and low-cost method for cross-border value transfer, enhancing financial inclusion and access to financial services.

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Vitalik Explores the Evolution of Account Abstraction at EthCC

In a riveting talk at EthCC, Ethereum's co-founder, Vitalik Buterin, delved into the history and progress of account abstraction (AA) within the Ethereum ecosystem.

Tracing back from its origins, Buterin highlighted the initial concepts of Multisig and Externally Owned Accounts (EOA), the subsequent limitations, and how multi-sigs had a harder time getting their deposits seen by exchanges. He then outlined the initial forays into AA with EIP 86, addressing the complications it introduced, such as multi-invalidation.

Buterin continued to detail the evolutionary journey of AA through the years, including the key highlights of proposals in 2017, verification-time access restriction in 2018, and the complexities of EIP 2938 in 2020. Alongside, he acknowledged alternative AA strategies such as the Gas Station Network and Argent Wallet Logic, and their attempts to tackle issues such as paying fees with ERC20s.

Recent developments such as EIP-3074 aimed to improve user experience.  The new goal now: multiple calls per transaction for user experience.EIP-4337 in 2021 echoed the principles of EIP 2938, but outside of the base protocol. Currently, the target use case is Rollups.

Today, AA challenges mainly revolve around enshrinement for efficiency and anti-censorship. This calls for an EIP to enable existing EOAs to upgrade to contracts, AA on L2s, integration with existing tech and wallets, and standardisation.

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This article is for informational purpose only. No investment or financial advice.


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