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Decentralizing the Next Layer of Ethereum Infrastructure with Anti-Slashing & ZK-Readiness

Decentralizing the Next Layer of Ethereum Infrastructure with Anti-Slashing & ZK-Readiness

At the Scaling Summit Singapore, a pivotal conversation unfolded on the Ethereum Stage, where builders, researchers, and visionaries gathered to confront one of the ecosystem’s most pressing dilemmas: How do we scale Ethereum without sacrificing its foundational ethos of decentralization? Moderated by Luca Donno, a researcher at L2Beat, the panel featuring Amir (Puffer Finance), Mike Massari (Redstone), Ian Wallis (Linea), and Anndy Lian (Intergovernmental Blockchain Advisor) delved into the tension between idealism and pragmatism in blockchain infrastructure.

The Centralization Conundrum

The discussion opened with a stark reality: while decentralization remains Ethereum’s “biggest asset,” market forces often incentivize centralization for speed and user experience. As Amir of Puffer Finance noted, “If you look at where biggest asset holders are now parking their assets… they’re trusting Ethereum for a reason.” He pointed to USDT and USDC 45% and nearly 100% of their supplies, respectively, reside on Ethereum precisely because of its trustless nature.

The path to mass adoption is rarely pure. Luca framed the dilemma: “We were very much in a situation in which decentralization was the most important thing… Now it’s not anymore. That is not the focus of institutions.” This shift demands a recalibration. Anndy Lian, speaking from a macroeconomic lens, admitted bluntly: “Most users, including VCs like myself, you know, we don’t really care [about decentralization]… we want to make money.” His candid remark underscored a broader truth user incentives today prioritize yield and UX over ideological purity.

But the panelists agreed: decentralization must remain the north star, even if the journey begins with centralized stepping stones. “It is okay to start slightly more centralized,” Amir argued, “but having decentralization on the roadmap as the main goal is the only way we can scale the entire blockchain to its full capacity.”

Anti-Slashing: Guardrails for a Risky Landscape

A key innovation discussed was anti-slashing a critical safeguard in the era of liquid staking tokens (LSTs). With LSTs now dominating Ethereum’s staking landscape, systemic risk looms large. As Luca observed, many protocols hold more LSTs than native ETH, creating concentration points that threaten network security.

Amir explained how Puffer Finance addresses this: “We didn’t stop at permissionless restaking. We launched bonded validators operators must stake their own capital. If slashing occurs, it’s their money on the line.” This “skin in the game” model, combined with hardware-based anti-slashing modules (like trusted execution environments, or TEEs), prevents malicious or accidental validator misbehavior. “These modules act like a Ledger wallet,” Amir said, “but even more restricted you can only sign permitted transactions.”

Mike Massari echoed the sentiment: “The moment you detach risk from the person managing the capital, you create systemic risk.” Anti-slashing, therefore, isn’t just technical it’s economic alignment.

Ian Wallis added context from Linea’s perspective, noting their plan for a “native yield” bridge that stakes ETH directly, reducing reliance on dominant LST providers like Lido. “We’re consulting closely with the Ethereum Foundation,” he said, emphasizing collaboration over competition in securing the ecosystem.

ZK: Promise, Peril, and Patience

The conversation then turned to zero-knowledge (ZK) technology the cornerstone of Ethereum’s scaling roadmap. While optimistic about ZK’s potential, the panelists acknowledged its immaturity. “ZK is still experimental,” Luca warned, citing recent bugs in foundational libraries like Circom and Halo2. “A multi-billion-dollar bug on Ethereum L1 could shatter trust in the entire paradigm.”

Amir, however, offered a solution in progress: “We’re researching 2FA for ZK running a full Ethereum client inside a TEE alongside the ZK prover. If outputs mismatch, you halt the transaction.” This dual-verification approach could catch bugs before they cascade.

Ian, whose team at Linea operates a ZK-EVM rollup, remained bullish: “Compare where we were five years ago to now we’re light years ahead. ZK improvements are coming quarterly.” He pointed to Swift’s recent partnership with Linea as validation: “If the kings of centralized finance see potential here, that’s an endorsement.”

Anndy Lian urged patience: “Give the technology time. The big boys are coming. Adoption will follow.”

Toward a Redistributed Future

Ultimately, the panel converged on a shared vision: Ethereum must evolve progressively. As Luca summarized, “We shouldn’t decentralize for decentralization’s sake but where user funds are at stake, decentralization equals security, and security equals good UX.”

The road ahead involves balancing short-term pragmatism with long-term principles. Whether through anti-slashing economics, ZK verifiability, or middleware that enforces decentralization standards, the goal remains clear: build infrastructure that can onboard trillions not just billions without compromising Ethereum’s soul.

As Amir put it: “If we want to bring repo markets or supply chains onchain, it has to be fully decentralized and secure. Hyperliquid won’t cut it for JP Morgan.”

In that spirit, the Scaling Summit didn’t just showcase technology it reaffirmed a covenant: scale with integrity, or don’t scale at all.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Global markets freeze as Trump-Putin summit fails: What’s next?

Global markets freeze as Trump-Putin summit fails: What’s next?

The muted risk sentiment stems mainly from the fading prospects of a swift resolution to the Russia-Ukraine conflict, a situation exacerbated by President Donald Trump’s recent comments during a press briefing following his summit with Russian President Vladimir Putin.

Trump explicitly stated that a ceasefire remains out of reach for now, emphasising the complexities involved in negotiations. This remark came on the heels of their meeting in Anchorage, Alaska, last Friday, where discussions centred on the ongoing war but yielded no concrete agreements, leaving markets on edge as they anticipate potential ripple effects on energy prices and supply chains.

The summit itself unfolded at Joint Base Elmendorf-Richardson, with both leaders exchanging cordial greetings yet parting without breakthroughs on key issues like territorial concessions or security guarantees for Ukraine. Putin described the talks as productive, highlighting areas of mutual interest, while Trump later conveyed to Ukrainian President Volodymyr Zelenskyy that Putin seeks further gains, urging Kyiv to consider a deal.

Zelenskyy’s subsequent trip to Washington for direct talks with Trump underscores the urgency, but the absence of immediate progress has dampened hopes that had built up in recent weeks. This impasse reflects a broader pattern in international relations under Trump’s second term: a pragmatic, deal-oriented approach that prioritizes American interests but often prolongs uncertainty.

Investors respond to such developments with hesitation, as prolonged instability in Eastern Europe threatens to disrupt global trade routes and inflate commodity costs, particularly for energy-dependent economies. I believe this situation demands vigilance, as any escalation could trigger sharper market corrections than the sideways trading we witnessed yesterday.

Turning to the financial markets, US equities exhibited a lack of direction on Monday, with the S&P 500 edging down by a mere 0.01 per cent, the NASDAQ Composite inching up 0.03 per cent, and the Dow Jones Industrial Average slipping 0.08 per cent. Traders adopted a wait-and-see posture ahead of upcoming retail earnings from major players like Walmart and Home Depot, alongside Federal Reserve Chair Jerome Powell’s highly anticipated address at the Jackson Hole Economic Symposium later this week.

Powell’s remarks could provide clarity on interest rate trajectories, especially as inflation data continues to moderate. Treasury yields experienced modest increases in a subdued session, with the two-year note rising one basis point to 3.76 per cent and the ten-year benchmark climbing similarly to 4.339 per cent. These movements align with broader expectations of a steady Fed policy, though they also signal underlying concerns about fiscal deficits and potential policy shifts under the current administration.

The US dollar index strengthened by 0.3 per cent, benefiting from the uptick in yields and its safe-haven appeal amid geopolitical jitters. Gold prices held relatively firm, dipping just 0.1 per cent to settle at US$3,333 per ounce, as buyers balanced inflation hedging against the dollar’s gains.

Brent crude oil, however, advanced 1.1 per cent to US$66 per barrel, a rebound attributed directly to the unresolved tensions from the Alaska summit. The lack of progress on Ukraine has reignited fears of supply disruptions from Russian exports, even as OPEC maintains production discipline.

In Asia, contrasts emerged vividly: Chinese stocks surged, propelling the Shanghai Composite Index up 0.8 per cent to its highest close since August 2015, fueled by retail investors pivoting from bonds to equities amid improving domestic sentiment and policy support from Beijing. Early trading today showed mixed openings across Asian indices, mirroring the uncertainty, while US equity futures pointed to a similarly ambivalent start.

In my view, these dynamics illustrate a bifurcated global economy, where US caution stems from policy anticipation and external risks. At the same time, China’s gains highlight internal momentum that could buffer against broader slowdowns. I see potential for Asian markets to outperform if geopolitical pressures ease, but sustained dollar strength might cap gains in emerging economies.

Amid this backdrop, the cryptocurrency sector stands out as a beacon of optimism, with institutional adoption accelerating at a pace that defies the broader market’s tentativeness. Japanese investment firm Metaplanet made headlines by acquiring an additional 775 Bitcoin for US$93 million, elevating its total holdings to 18,888 Bitcoin valued at approximately US$2.17 billion.

This move cements Metaplanet’s status as the seventh-largest corporate Bitcoin holder worldwide and exemplifies its disciplined accumulation strategy initiated in 2024. Despite Bitcoin’s recent price dip below US$115,500, Metaplanet’s stock rose 4 per cent, reflecting investor confidence in its low-leverage approach, which boasts a 12 per cent unrealised gain and debt over-collateralised by a factor of 18.67.

Other corporations follow suit, such as Strategy, adding 430 Bitcoin worth US$51.4 million, treating the asset as a hedge against inflation and currency debasement. These actions signal a maturation in corporate treasury management, where Bitcoin transitions from a speculative bet to a core balance-sheet component. I argue that this trend bolsters financial stability for these firms, as diversified holdings mitigate risks from traditional assets vulnerable to interest rate fluctuations.

The influx of capital into digital asset investment vehicles further underscores this shift, with last week’s inflows reaching US$3.75 billion, the fourth-highest on record and a sharp recovery from prior weeks’ lull. Assets under management hit an all-time high of US$244 billion on August 13, driven predominantly by products from iShares and similar issuers. Ethereum captured the spotlight, drawing a record US$2.87 billion in inflows, comprising 77 per cent of the total and pushing its year-to-date figure to US$11 billion.

This dominance relative to assets under management, 29 per cent for Ethereum versus 11.6 per cent for Bitcoin, highlights shifting investor preferences toward Ethereum’s utility in decentralised finance and smart contracts. Bitcoin inflows, at US$552 million, paled in comparison, though short-Bitcoin products saw minor gains of US$4 million.

Other altcoins benefited too: Solana attracted US$176.5 million, XRP US$125.9 million, Sui US$11.3 million, Chainlink US$1.2 million, and Cardano US$0.8 million, while multi-asset funds added US$0.4 million. Litecoin and Ton faced outflows of US$0.4 million and US$1 million, respectively. Geographically, the US dominated with 99 per cent of inflows at US$3.73 billion, followed by Canada (US$33.7 million), Hong Kong (US$20.9 million), Australia (US$12.1 million), and Switzerland (US$4.2 million); Sweden and Brazil saw outflows of US$49.9 million and US$10.6 million.

This surge aligns with broader institutional momentum, as evidenced by recent ETF flows where Ethereum products outpaced Bitcoin on certain days, with BlackRock and Fidelity leading the charge. Public companies now hold over US$160 billion in crypto, doubling since April, with Bitcoin at US$147 billion, Ethereum at US$10 billion, and Solana at US$1 billion.

Firms like BitMine Immersion Technologies aim to raise billions more for Ethereum acquisitions, targeting significant portions of its supply. In my opinion, this institutional embrace validates cryptocurrencies as legitimate assets, fostering price stability through reduced volatility over time. However, the subsequent week’s market slide reminds us of inherent risks, where sharp corrections can erase gains swiftly.

A pivotal development amplifying this trend is President Trump’s impending executive order, set for signing this Thursday, which aims to integrate alternative assets like Bitcoin ETFs and private equity into 401(k) retirement accounts. The order directs Labor Secretary Lori Chavez-DeRemer to reassess guidance under the Employee Retirement Income Security Act of 1974 (ERISA), collaborating with the Treasury and Securities and Exchange Commission to facilitate access.

This reverses Biden-era restrictions and reinstates evaluations from Trump’s first term, potentially unlocking trillions in retirement savings for crypto and other alternatives. The crypto industry, a major donor to Trump’s reelection, stands to gain immensely, especially following his earlier orders establishing a Bitcoin reserve and easing enforcement.

I view this as a transformative step toward democratising wealth-building, allowing everyday Americans to participate in high-growth assets previously reserved for the elite. I caution that the volatility of cryptocurrencies poses risks to retirement security; regulators must implement safeguards like allocation caps to prevent overexposure.

All in all, these events paint a picture of a world where traditional and digital finance converge amid geopolitical headwinds. Geopolitical stalemates, such as the Russia-Ukraine conflict, inject uncertainty, tempering equity gains and boosting safe havens. However, the crypto sector’s resilience, bolstered by corporate buys, record inflows, and policy support, offers a counter-narrative of innovation and opportunity.

In my assessment, investors should diversify thoughtfully, embracing crypto’s potential while hedging against global risks. This moment could herald a new era of inclusive finance, but only if balanced with prudence to weather inevitable storms. As markets evolve, the interplay between politics and economics will define the path forward, and I remain cautiously optimistic that strategic adaptations will yield long-term prosperity.

 

Source: https://e27.co/global-markets-freeze-as-trump-putin-summit-fails-whats-next-20250819/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin soars to US$116K: Is US$200K next thanks to Trump?

Bitcoin soars to US$116K: Is US$200K next thanks to Trump?

Global risk sentiment has cooled recently, and the reasons are pretty clear. Investors are getting nervous about an overheated market, a phrase that surfaces when asset prices surge quickly, sometimes too quickly, sparking fears of a looming correction. After a robust rally across multiple markets, many are opting to lock in gains rather than push their luck.

This shift is evident in the US stock markets, which ended mixed overnight. The S&P 500 slipped 0.1 per cent, the Dow Jones dropped 0.5 per cent, while the Nasdaq climbed 0.4 per cent. To me, this divergence paints a picture: tech enthusiasts are still betting big, but other sectors are retreating, hinting at wider unease. It feels like a party where some are still grooving, yet others are inching toward the door.

Meanwhile, the Bank of England made waves on Thursday, trimming interest rates by 25 basis points to four per cent. The decision squeaked through with a 5-to-4 vote, underscoring the economic tightrope they’re walking. Governor Bailey shed some light, suggesting borrowing costs could keep drifting down since inflation might not linger.

However, he tempered that with a warning, noting the next cut’s timing remains up in the air. I see this as the BOE’s balancing act, supporting growth without rekindling inflation. For markets, this blend of decisiveness and hesitation adds complexity. Investors crave certainty, and Bailey’s cautious tone likely didn’t soothe many jitters.

US treasuries and the dollar’s dance

In the bond world, US Treasuries stumbled on Thursday after a tepid 30-year auction. Lackluster demand drove yields higher across the curve: the 30-year yield edged up 0.6 basis points to 4.826 per cent, the 2-year yield rose 1.4 basis points to 3.728 per cent, and the 10-year yield increased 1.2 basis points to 4.250 per cent.

What’s triggering this sell-off? I’d argue it’s investors reassessing their positions. Weak demand for long-term bonds often signals worries about future inflation or doubts about growth. People want more yield to commit their cash, and that ripples outward. This ties into those overheated market concerns, suggesting some are gearing up for turbulence.

The US Dollar Index throws in a curveball. It held steady on Thursday but dipped again on Friday, marking six straight sessions of losses, the longest streak since March 2024. A softening dollar stands out because it cuts both ways. It can boost US exports and pad corporate profits, yet it also hints at waning global faith, perhaps a drift from dollar assets. Combined with the Treasury sell-off, I wonder if investors are hunting for safer or juicier returns elsewhere.

Gold, oil, and Asian markets

Commodities offer their own narrative. Gold rose 0.8 per cent to US$3,396 per ounce, capitalising on the dollar’s slide. It’s a textbook play, when the dollar weakens, gold steps up as a safe haven. I view this as investors playing defence amid the uncertainty clouding stocks and bonds.

On the flip side, Brent crude fell 0.7 per cent to US$66.43 per barrel. Traders appear to be on edge, awaiting a Trump-Putin meeting. Given Russia’s oil clout, any news there could jolt supply and prices. I’d bet this dip is more about anticipation than a demand shift.

Asian stock markets sparked some optimism, ticking up at Friday’s open. US equity futures also hinted at a firmer stateside start. After Wall Street’s mixed cues, this feels like a cautious bounce. It suggests some are wading back in, perhaps thinking the profit-taking has peaked or that moves, like the BOE’s cut, might stabilise things. Still, it’s too early to call it a turnaround, more like a breather.

Bitcoin’s moment in the spotlight

Now, let’s focus on Bitcoin, which surged 1.87 per cent to US$116,731 in the last 24 hours, outpacing the broader crypto market’s 3.27 per cent gain. That’s a notable leap, and I think three key factors are at play: US policy shifts, corporate strategies, and technical signals. Let’s unpack them.

  • US policy tailwinds

US policy is shaking things up. Trump’s push to allow crypto in 401(k) accounts is ambitious. If it happens, it could tap into US$9 trillion in retirement funds for crypto. That’s massive, and it’s got institutions buzzing. Picture millions funnelling retirement savings into Bitcoin, and it’s a demand explosion. There’s also a draft executive order aiming to prevent banks from freezing out crypto firms.

Regulatory murkiness and banking woes have long hampered crypto’s mainstream rise, so this could open the floodgates for institutional cash. Plus, the GENIUS Act, targeting stablecoin rules, is on my radar. If it passes, it could bolster crypto stability. To me, these moves scream institutional green light, and Bitcoin’s price reflects that hope.

  • Corporate Bitcoin strategies

Companies are diving in deep. Cipher Mining has launched new Texas facilities, achieving a 16.8 EH/s capacity and holding US$112 million in Bitcoin. That stash strengthens the network and shrinks supply. Less Bitcoin floating around with steady or rising demand typically lifts prices.

Then there’s WiMi, a Nasdaq firm, pouring US$212 million into Bitcoin derivatives and short-term crypto bets. That’s not just hodling, it’s a calculated play, showing corporates are embracing crypto strategically. This is Bitcoin maturing from a fringe asset to a balance-sheet staple, a bullish sign.

  • Technical breakout setup

The charts are buzzing too. Bitcoin’s been forming a bullish flag since peaking at US$123,000 in July, a sharp rise followed by a consolidation, hinting at another jump. Support is solid at the 50-day moving average of US$113,154, a level traders obsess over.

Breaking US$117,350 could target that US$123,000 high again. The RSI at 56.55 suggests room to climb, though the MACD at -444.94 flashes bearish caution. I think it’s a toss-up: a breakout could ignite a rally, but a drop below US$113,000 might spark a pullback. Traders are likely salivating over the possibilities.

My point of view

So, what’s my take? The global market’s in an odd place, edgy but not collapsing. Profit-taking and the Treasury sell-off signal hedging, not a mass exodus. The BOE’s cut and Bailey’s wariness fit a world where inflation lingers like a stubborn guest. Gold’s rise and the dollar’s dip are classic safe plays, while oil’s drop feels like geopolitical suspense. Asian markets and US futures show grit, but I’d need more to call it a trend.

Bitcoin’s the one I can’t shake. Those US policy shifts could rewrite the game, drawing in big money like never before. Corporate moves from Cipher and WiMi reinforce that heavyweights are buying in. The technicals are tantalising, poised for a move, but direction’s unclear.

I’m bullish long-term, the fundamentals are compelling, yet I’d urge traders to watch those levels closely. We’re at a junction where macro nerves collide with crypto’s breakout shot. My hunch is Bitcoin’s got staying power, but the broader market’s still sorting itself out. Stay sharp.

 

Source: https://e27.co/bitcoin-soars-to-us116k-is-us200k-next-thanks-to-trump-20250808/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j