Mastercard Web3 Card Launched, Vitalik Backed ERC-7683, Rhinestone Raises $5M Funding, OP Labs Superchain Interoperability

This initiative, developed in partnership with industry leaders such as MetaMask, aims to offer users the ability to make card purchases worldwide, wherever Mastercard is accepted, while maintaining full control over their digital assets until the moment of purchase.

Self-service wallets, which allow users to hold their own assets without relying on centralized exchanges, have grown in popularity. However, spending cryptocurrencies directly from these wallets has historically been difficult due to the need to convert assets to traditional currency via exchanges. Mastercard’s Web3 card program solves this problem by enabling direct purchases from self-service wallets, eliminating the need for intermediaries.

The card program incorporates essential security measures such as Mastercard’s dispute management process, chargeback protections, and compliance with know-your-customer (KYC) and anti-money laundering (AML) protocols. It also offers features such as visibility into transaction history and the ability to reverse transactions.

The Web3 card is currently being tested with a select group of users in the UK and Europe, with the potential to extend financial inclusion globally.

By merging the decentralized and traditional financial worlds, Mastercard’s initiative represents an important step towards the widespread adoption of crypto, providing greater financial freedom and inclusivity.

Vitalik Buterin Supports New ERC-7683 Cross-Chain Standard

Vitalik Buterin has endorsed a new proposal put forward by DeFi protocols Uniswap and Across, which aims to introduce a new Ethereum standard: ERC-7683.

This proposal aims to bring secure and efficient cross-chain decentralized exchanges across the entire Ethereum ecosystem, especially for multi-chain applications running on Ethereum Layer 2 and other scaling solutions.

Buterin called the proposal “an open standard for cross-chain order marking,” explaining how it will facilitate transactions between Ethereum and its scalable networks.

The proposal describes how assets involved in a transaction will be placed in a vault on one chain until the counterparty validates their transaction on the other chain. Smart contracts will oversee this automated process, using mechanisms such as batching and Merkle proof to ensure the efficient execution of cross-chain transactions.

The introduction of the CrossChainOrder structure and the ISettlementContract code are key elements of this proposal, aimed at further streamlining cross-chain transactions.

The proposal highlights the motivation to create a standard that allows cross-chain intent systems to interoperate and share infrastructure, thereby improving user experience and fostering competition for transaction execution.

Rhinestone Raises $5M to Improve Programmable Smart Accounts

Rhinestone, a startup focused on building modular smart account infrastructure, has secured $5 million in seed funding, led by crypto-focused investment firm 1kx.

The funding round also saw participation from industry leaders such as CoinFund, Lattice, Heartcore, Circle Ventures, and several angel investors. This funding brings Rhinestone’s total funds raised to $5.42 million.

Rhinestone’s mission is to transform smart accounts (digital wallets governed by smart contracts) into more interoperable, secure and feature-rich platforms.

Unlike traditional wallets like MetaMask or Coinbase Wallet, Rhinestone Smart Accounts operate as programmable platforms, allowing for a wider range of activities directly within the user’s account.

Rhinestone is developing tools that allow developers to enhance the functionality of smart contracts through standalone modules. The startup is also working on a platform that allows developers to distribute and monetize these modules, expanding the capabilities of smart contracts without compromising self-protection or security.

With this new funding, Rhinestone plans to expand its team and further develop its smart account infrastructure. The company’s vision is that in the coming years, smart accounts will become the dominant interface for various actors in the chain, supported by modular extensions that open up new capabilities.

OP Labs Unveils Strategy to Solve Superchain Interoperability Challenge

OP Labs has presented a comprehensive approach to solving interoperability within the Superchain, a key step towards improving the user experience across the entire Ethereum ecosystem.

The initiative focuses on integrating native interoperability into the OP stack, enabling seamless movement of assets and data across chains without relying on the slower and more expensive Ethereum Layer 1.

The current multi-chain setup faces challenges including asset and user fragmentation, and high operational costs for developers. By standardizing cross-chain communication via message passing protocols and introducing the SuperchainERC20 token standard, OP Labs aims to unify these disparate elements into a cohesive and scalable network.

Key milestones in the roadmap include the upcoming launch of a devnet for the message passing protocol, followed by a testnet phase, and finally, the deployment of native interoperability on the mainnet. This development is expected to reduce latency and slippage while increasing security, making the superchain more accessible and efficient.

OP Labs’ vision extends beyond the Superchain, aiming to create a unified Ethereum ecosystem where assets and data flow freely, driving broader adoption and innovation.

With these developments, the Superchain is set to become a more connected and user-friendly blockchain landscape, fostering growth and reducing barriers for developers and users.

Cronos zkEVM Launches as First Chain on ZKsync Era Mainnet

Cronos Labs has launched the Cronos zkEVM alpha mainnet, becoming the first chain to go live on the ZKsync technology stack alongside the Era Chain. This launch expands the Cronos ecosystem, which already includes the Cronos POS and Cronos EVM blockchains, managing over $6 billion in assets.

Developed in collaboration with Matter Labs, Crypto.com, and various dapp partners, Cronos zkEVM brings the chain into Ethereum’s layer-2 zk staking space. It features zkCRO, a liquid staking CRO token as its primary gas token, and supports flexible transaction fee payments via a native account abstraction.

Integrated with the ZKsync elastic chain, Cronos zkEVM enables efficient cross-chain transfers without layer-1 transactions.

To boost adoption, Cronos is offering a “triple yield” opportunity, combining staking, DeFi yields, and ZK token incentives. The alpha phase will last until September 2024, with more dapps expected to join.

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