MultiversX (EGLD)

[pmbug]

I'm keeping tabs on EGLD and lately it seems like every time I look, the news is quite bullish. By all accounts, they have great/innovative tech powering amazing cost/scalability. Looks like adoption/recognition is growing to match.

 

[pmbug]

I really like what I've been reading lately about EGLD. Definitely one to watch IMO.

...
We have revised our transaction selection mechanism. Transactions will now be chosen based on their price per gas unit, while the total amount of gas per block is capped. Non-executable transactions will be excluded from selection. Furthermore, we’ve transitioned away from relying on notifications to detect nonce gaps. Instead, the mempool now has direct access to query the blockchain state, ensuring more efficient and accurate transaction processing going forward.
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MultiversX Protocol: Release: Spica Patch 1 - v1.8.6

Release: Spica Patch 1 - v1.8.6

multiversx.com

~~~

The Spica v1.8.0 release marks a significant milestone for the MultiversX network, introducing long-awaited updates that open new avenues for NFT enthusiasts and gaming development. This release also includes new opcodes that enhance onboarding scenarios, providing advanced tools for developers and allowing for the usage of passkeys. Additionally, the third iteration of relayed transactions will significantly lower costs for relayers, making it easier to onboard new users without requiring them to hold any tokens or EGLD.

MultiversX Governance

Governance Voting Portal. Enabling ideas to turn into proposals, as holders become governors of MultiversX.

governance.multiversx.com

This video highlights EGLD's potential:

 

[pmbug]

Today I learned that MultiversX has developed something called Sovereign Chains almost 6 months ago:

Sovereign Chains - MultiversX

Build and deploy custom L2s or Appchains. Enable new types of use cases made possible by scalable, efficient, secure and dedicated blockchains - powered by the Sovereign Chain SDK.

multiversx.com

MultiversX will be hosting a conference in South Korea in April 2025 (xDay Global 2025) to promote the Sovereign Chains platform to developers working across the whole crypto ecosystem.

I've only skimmed a bit of the topic, but it sounds like the Sovereign Chains allows developers to build whatever they are currently building on Ethereum, Solana, etc. on the Sovereign Chain platform and open the project to interoperability across all supported chains while using MultiversX as the backbone for transactions (for scalability and speed). If I understood that correctly, it could be a huge driver for MultiversX growth.

Overview:

 

[pmbug]

I found this to be an accessible and fairly comprehensive look at what MultiversX is and what it is likely to become:

MultiversX Sharding: AI-ready Infrastructure

An in-depth analysis of MultiversX's architecture - engineered to tackle any challenge.

www.astrarizon.com

 

[pmbug]

The MultiversX X account has posted several tweets indicating that the principle developers are here in the USA, attended Trump's Crypto Ball and have been meeting with administration peeps. They are establishing a base here in the USA to take advantage of the change in regulatory environment:

 

[pmbug]

Enhance...

I am so glad you are here and doing what you can for our blockchain. I say our, because for many of us, MultiversX has become embedded into our lives, it’s more than just a blockchain in so many ways. From the outside of this event we’ve only seen one thing coming out of this crypto ball. Liquidity exiting and moving into $TRUMP. I just sat and watched because I believe $EGLD is bigger regardless of our weak valuation.

No puzzles please, just a straight up answer. Is MultiversX opening shop in the States and becoming U.S. based blockchain?

 

[pmbug]

0/ On MultiversX, its future, and taking the lead

A thread, some fresh thoughts and perspectives.

– grab a of tea or coffee, it’s a bit longer than a tiktok vid –

1/ Some ideas we’ll cover:

1. 2024 – the year of the grind
2. xPortal & xMoney – next steps, direction and strategy
3. MvX – the big upgrade:

(a) US focus and priority

(b) Roadmap for 2025: Shard. Increase bandwidth, reduce latency

(c) Big network speed upgrade – sub-second finality – coming live 2025

(d) Economics & funding upgrade: big upgrade to be proposed, shared, discussed Q2/Q3, embedding growth at the heart of the network

(e) Interoperability & Lightspeed Chains (prev Sovereign Chains): Lightspeed kit will be ready at the end of Q1, one strategic Lightspeed Chain launch primed for 2025

(f) Introducing a dynamic North Star: driving immediate focus, coordination, alignment, through “Global Autonomous Markets”

4. Concluding thoughts: on building, investing, contributing to extraordinary value creation
...
9/ United States: The New Frontier

First, 2025 will be the year American growth accelerates.

We are going all-in on America. No other place offers this kind of momentum, funding, regulatory advancements, government openness, and support that is conducive to our growth.

This is America's Golden Age - the start of one of the biggest potential booms for the American economy—and we intend to be at the frontier of it.

We have already begun this process, with many strategic meetings and discussions underway.

More specifically, we are now actively working to appoint a new foundation president, heavily focused on the US, with the intention to have this finalized by the end of Q1/Q2 2025.

10/ Network Speed is coming, with sub-second finality

Second, 2025 will be the year network speed is elevated.

For the past year, everything has been prepared, setting the ground for the biggest network upgrade in MultiversX’s history.

From its inception, MultiversX had unparalleled bandwidth and scalability, thanks to its breakthrough sharding technology.

Now, it's time to take the entire architecture to the next level with the most awaited and compelling network, UX and ecosystem improvement: sub-second finality.

This will change the game, enabling even better user experience, more streamlined costs, and even higher bandwidth for the entire network.

This big milestone is targeted for Q3 2025.

11/ Economic Upgrade, accelerating growth

Third, 2025 will be the year of a major new economic upgrade.

For the past years, we’ve been gathering a lot of research and feedback to refine and expand EGLD’s economics by embedding network growth at its core. The lessons we've learned have yielded several new ideas and insights, all of which will be consolidated into a new economics upgrade proposal.

This upgrade will bring (a) stronger incentives for validators and stakers, (b) new liquidity flywheel incentives, (c) new builder season incentives, and (d) new marketing and business development incentives – all aligned for a big-league play.

If we want to truly play the American game, accelerate and grow the pie significantly, this will be a crucial milestone, bringing a renewed wave of growth on all key verticals.

We aim to present a proposal and engage in community-wide discussions about the new phase of EGLD economics in Q2/Q3 2025. We are very much looking forward to your ideas and thoughts on this subject via the Agora.
...

More (long):

Thread by @beniaminmincu on Thread Reader App

@beniaminmincu: 0/ On MultiversX, its future, and taking the lead A thread, some fresh thoughts and perspectives. 🧵 – grab a ☕ of tea or coffee, it’s a bit longer than a tiktok vid – 1/...

threadreaderapp.com

 

[pmbug]

 

[pmbug]

MultiversX dev rants about poor security design in the crypto space (outside of MultiversX naturally):

One developer machine was affected by the hackers, this have pushed a new javascript app, a malicious one which targeted directly the ByBit contract.

So the whole security of the transactions, of everyone using Safe / other services are actually relying on a single DEV / single machine run by a DEV who has access to deploy a new javascript small binary ...

THIS IS MADNESS.

AND THE MADNESS CONTINUES:

"The Safe{Wallet} frontend remains operational with additional security measures in place. However, users need to exercise extreme caution and remain vigilant when signing transactions.
Safe commits to lead an industry-wide initiative to increase verifiability of transactions, which is an ecosystem-wide challenge.
Safe remains committed to security, transparency, self-custody, and pushing the industry forward."

So it is called Safe, but you still need to do a full cybersecurity course to use it, and still you can make mistakes. Imagine how many things ByBit has in its OpSec, how many cybersecurity people there. If they cannot keep their funds safe, how do you think normal people can?

The SIMPLE ANSWER: NO, THEY CAN'T.

EVM is not secure.
EVM is not secure.
EVM is not secure.

And now we will still see people saying that EVM has nothing to do with this. IT HAS EVERYTHING TO DO WITH THIS.

With better base, better execution model, with safer transaction models, the whole system gets much more safer. Users are safe, developers are safe, the system is safe.

If SAFE could not make its own system safe, how can a normal person use EVM chains safely? The answer: they can't.

Pretty mad about the state of security, especially when there are tens of ways of making things 100X better.

"The user is at fault" - always. At every single wallet drain. Even if the whole token standard with approve and transferFrom was demonstrated countless times that is wrong. Still everyone on EVM using it because of "market effects", nobody cares about the users.

"the dev is at fault" - always. At every single reentrancy fault - even if it was a language problem. At every single underflow / overflow issue - even if there is not support for better math.

In order to be able to use EVM chains, you first need to go through a half semester security course, higher a cyber security operation guy, and still fall into all kinds of traps.

Yeah, "there is nothing wrong with proxy + delegateCall as upgrade", you just need to remember what "operation" means - if it is 1 / 0 and one hundreds of other of "small details".

It is simply wrong. It is catastrophic.

How to solve again this, the MultiversX way:

1. Contracts can be set to upgradable/non upgradable. Fully programatic upgradability, with clear function which calls the update of code, no delegateCalls.

2. The Wallet can actually interpret and show what the user is going to execute. In a clear message. Even txData is easily readable by human eyes. The final signature is done directly from the wallet which clearly shows out what are you going to sign, like Update/Transfer/Execute or any combination.

3. No ugly txData which is hard to decipher. Like literally, on your own device, being your own PC, phone, ledger: this happens in SILO, in your own machine, the wallet/ledger code is interpreting the TXDATA, it does not depend on an explanation sent by a microservice running on some server.

4. No ERC-20 token standards, no smart contract based token standards, no approve and transferFrom mechanism, but everything is native assets, everything is clear around TransferAndExecute atomically.

5. On-chain guardians for every wallet, thus you have an extra layer of security, which can be linked to any cold wallet, which again shows out clearly what you are going to sign.

6. Against, the wallet interprets and explains what you are going to sign, as a manifest, in clear english. The wallet/ledger code is interpreting the TXDATA, it does not depend on an explanation sent by a microservice running on some server.

Time to build and use the network where it is really safe.

 

[pmbug]

 

[pmbug]

Visualize this: At a shop, you hand a $20 bill for a $10 item. The merchant gives you the item but keeps the surplus, leaving you shortchanged.

That would be totally unfair, right?

In Web3, sandwich attacks follow a similar pattern and hurt regular users at a rampant scale. The damage likely amounts to billions of dollars annually.

So, what can be done to minimise this industry-plaguing issue? But first, what really happens behind the curtain for a better view. Sandwich attackers:

1) Monitor public mempool data
2) Identify pending inefficient trades w/ fat slippage
3) Frontrun with priority fee
> this pushes the price up closer to the slippage limit of the victim, who ends up with fewer tokens received
4) Backrun in quick block succession


The attack’s effectiveness is tied to how probable a successful frontrun is.

Validators are incentivized to prioritize transactions with higher fees, which is a normal game theory behavior.

However, the unfair advantage comes when the prioritisation is also applied to the execution order within the block.

️At MultiversX, we see this as the root problem and the key to addressing it.

To make sandwich attacks and other harmful MEV types less feasible, we’ve implemented deterministic random transaction ordering since 2022.

With it, validators no longer have control over arranging and sequencing transactions. The randomness source is unbiased, verifiable and taken from the previous block header.

Try a sandwich attack on MultiversX and, by chance, you might end up being the one sandwiched
...

 

[pmbug]

Andromeda is the first major upgrade in a two-step roadmap to drastically reduce transaction time to finality on MultiversX. This release redesigns consensus mechanisms, finalization rules, and cross-shard execution, significantly improving the efficiency, security, and scalability of the network.
...
4. Conclusion

Andromeda represents a major milestone in improving transaction speed, security, and cross-shard execution in MultiversX. By eliminating confirmation blocks, removing equivocation risks, and streamlining network propagation, this upgrade lays the foundation for Supernova.

Key benefits of Andromeda

Transaction finality is now instant—no need for confirmation blocks, if there exists a consensus proof, the block is final.
Cross-shard execution is 2× faster—cutting total steps from 6 blocks to 3 blocks.
No risk of equivocation—finalization is decentralized, eliminating leader control.
Faster network propagation—proofs spread in parallel, reducing delays.
Cross-chain verification is simpler—fixed validator sets remove unnecessary metadata.
Prepares the network for Supernova, enabling 600ms block times and parallel execution.

With Andromeda and Supernova combined, MultiversX will achieve a 20× improvement in transaction finality, making it one of the fastest, most scalable and secure blockchain networks in existence.

MIP 25: Removing confirmation blocks (Andromeda)

1. Introduction Andromeda is the first major upgrade in a two-step roadmap to drastically reduce transaction time to finality on MultiversX. This release redesigns consensus mechanisms, finalization rules, and cross-shard execution, significantly improving the efficiency, security, and...

agora.multiversx.com

Per MultiversX head of engineering on X, Andromeda internal testing is almost finalized and they plan to move it to public testnet on 27 March.

 

[pmbug]

I tested out the "EGLD > AshSwap > sEGLD > Hatom Unstake > EGLD" process described in post #10 and it works. I claimed the reward after the 10 day waiting period and it was a bit more than what I might have earned if I had left my EGLD staked via regular staking. I repeated the process just now and am now waiting for a new 10 day unlock on a reward that will be 10x what the previous reward was.

I had checked on the possible reward size yesterday and was a bit disappointed because it was actually showing me a slight loss instead of reward. Looks like the arbitrage value can fluctuate a good bit and you just need to be diligent or lucky to capture a decent reward.