The Baking Sheet - Issue #205

From Paris to Austin, Seattle, Singapore, and Portugal -- Tezos is for Everyone

Tick, Tock, Next Block: Tezos is firing on all cylinders this week

Tezos at Consensus and TezCon: A Week Packed with Exciting Events

Welcome to this week’s edition of the Baking Sheet! It’s been a jam-packed week with Tezos making waves at two major events: Consensus 2024 and TezCon. Let's dive into what you can expect.

Tezos at Consensus 2024

☀️ Join us on the last day of #Consensus2024! The Tezos community is ready to welcome you at Booth 1801. Swing by to chat about gaming, NFTs, the upcoming Paris upgrade, exciting DeFi projects on Etherlink, and more. Our team is eager to share the latest developments and hand out some awesome new swag.

Consensus 2024, held in Austin, Texas, brings together the brightest minds in blockchain technology and digital assets. Don’t miss out on the opportunity to connect with industry leaders, developers, and enthusiasts as we explore the future of blockchain and its applications.

For more details and the full agenda, check out the Consensus 2024 website.

Tezos at TezCon Seattle

Following Consensus, the excitement continues with TezCon Seattle, where the Tezos community will gather to discuss the latest advancements and share insights into the future of the Tezos ecosystem. This event is a fantastic opportunity to network with fellow Tezos enthusiasts, learn from leading developers, and explore innovative projects built on Tezos.

  • Date & Time: Saturday, June 1, 3:30 PM - 7:30 PM PDT

  • Location: Seattle NFT Museum, 2123 1st Avenue, Seattle, WA 98121, United States

This is your opportunity to connect with the vibrant community of creators and enthusiasts driving the future of NFTs.

🎟️ RSVP now! Secure your spot by clicking on the event link and join us for an awesome night with the Tezos community.

Paris B Implementation Nears: Critical Updates

As we wrap up Consensus 2024, it's time to look ahead to another crucial event for the Tezos ecosystem. The Paris B upgrade is set to be implemented in just 4 days, marking a significant milestone for Tezos. However, recent developments have highlighted the need for immediate action to ensure a smooth activation.

Nomadic Labs has announced the discovery and resolution of three potentially critical issues in Paris B. While these issues do not threaten network security or liveness, they are serious enough to warrant immediate attention. To address these, Nomadic Labs highly recommends that all bakers and node operators upgrade to Octez v20.0, which includes fixes for Paris B.

What You Need to Know About Paris B

Here are the key features included in the Paris B upgrade:

  • Reduced Block Times: Faster transactions to enhance network performance.

  • Data Availability Layer (DAL): Improvements to throughput and scalability, benefiting Smart Rollups.

  • Adaptive Issuance and Staking: Refinements to the economic mechanisms ensuring long-term sustainability and security.

  • Adaptive Slashing: A nuanced approach to penalizing protocol violations, aligned with severity and intent.

Details of the Issues and Fixes

  • First Issue: Concerns the computation of rewards when a baker is overstaked. Thanks to Inference for raising this issue and collaborating throughout the process.

  • Second Issue: Triggered when staking after changing bakers, causing the failure of subsequent unstake requests.

  • Third Issue: Affects Smart Rollups' WASM PVM, significantly increasing the computational cost of refutation games (Layer 2 fraud proofs), though they remain feasible.

Paris B 2 is included in Octez v20.0 as a user-activated protocol-override. This means that nodes running v20.0 (and higher) will automatically activate the Paris B 2 patch instead of Paris B on June 4th, before block #5,726,209.

To all bakers and node operators: ensure a smooth activation by upgrading to Octez v20.0. For more information and assistance with upgrading, visit the Nomadic Labs announcement and the Tezos Agora forum.

Join the Conversation: Tezos Town Hall Launches Next Week!

Wrapping up this week's headlines is an exciting announcement for the Tezos community. Join us for the very first Tezos Town Hall next week! This new monthly event will bring together community members from around the Tezos ecosystem to discuss the latest developments, share insights, and answer your questions.

Event Details

June's Town Hall will feature an impressive lineup of speakers from the Tezos community:

  • Arthur Breitman: Co-Founder of Tezos

  • Robin Maxe: COO of Trilitech

  • Yuriy Gusev: Head of Engineering at Nomadic Labs

  • David Tng: Managing Director of TZ APAC

  • Johann Tanzer: Director of Engineering at Tezos Commons

The event will be moderated by Katie Hegarty, Chief of Staff at Trilitech.

This is a fantastic opportunity to hear directly from the leaders driving the Tezos ecosystem, ask your questions, and engage with fellow community members. Don't miss out on this chance to be part of the conversation and stay informed about the latest advancements and initiatives within Tezos.

Mark your calendars and join us on June 4 at 12 PM UTC for the first Tezos Town Hall!

It’s genuinely exciting to see the Tezos ecosystem coming together and communicating across different platforms. The presence at major events like Consensus 2024, which appeals to the broader crypto community, and grassroots events like TezCon, tailored for dedicated Tezos enthusiasts, really highlights the passion and dedication within the community. This kind of engagement shows how Tezos is actively building connections and making an impact at all levels.

This Week in the Tezos Ecosystem

Launch of tzBTC 2.0: A New Era for Bitcoin on Tezos

As we transition from the headlines, let's dive into the latest news from the Tezos ecosystem. The highly anticipated tzBTC 2.0 has officially launched, ushering in a new era for Bitcoin on Tezos. Decentralized, transparent, and now even more cost-effective, tzBTC 2.0 is making waves with 1025 BTC (70M USD) in total value locked (TVL). You can get yours here.

Acurast Integration Enhances tzBTC 2.0

tzBTC 2.0 leverages Acurast’s confidential compute to orchestrate Bitcoin multi-signature wallets and interactions in a smart contract environment. This integration enhances the security and functionality of tzBTC, offering a robust solution for Bitcoin holders looking to interact with the Tezos blockchain.

For the community, engagement is key to success. Join the discussions and stay updated:

Community Insights: Why tzBTC is a Game Changer

One of Tezos community members, Rossa774.tez, provided an excellent summary of why tzBTC is a significant addition to the Tezos ecosystem. Here’s what he had to say:

  1. Interoperability: Bridging BTC onto tzBTC allows Bitcoin holders to leverage the benefits of the Tezos blockchain, such as smart contracts and decentralized applications (dApps). This interoperability can unlock new use cases for Bitcoin.

  2. Reduced Fees and Faster Transactions: By moving Bitcoin onto the Tezos blockchain, users can benefit from Tezos' low transaction fees and faster block times, making transactions more cost-effective and efficient.

  3. Enhanced Security and Transparency: TzBTC is backed 1:1 by actual BTC held in multi-signature addresses, ensuring that each tzBTC token is fully collateralized. The transparent nature of the Tezos blockchain and the involvement of the Bitcoin Association Switzerland as a third-party overseer add to the integrity and security of the system.

  4. Access to DeFi and Staking Opportunities: Bridging BTC onto tzBTC opens up opportunities for Bitcoin holders to participate in decentralized finance (DeFi) platforms and staking mechanisms available on the Tezos blockchain. This allows users to earn additional yield on their Bitcoin holdings.

  5. Multi-Chain Functionality: TzBTC 2.0 aims to extend the reach and functionality of the token across multiple blockchains, which could further enhance liquidity and utility for Bitcoin holders.

  6. No Central Issuer: The multi-signature concept of tzBTC enables a trust-reduced setup with no central issuer, making it more decentralized and resilient against single points of failure.

In summary, bridging BTC onto tzBTC can provide Bitcoin holders with increased flexibility, security, and access to a wider range of applications and services within the Tezos ecosystem.

Teletubbies Arrive on Tezos with MetaPals Partnership

Psst! Have you heard? The Teletubbies have arrived on Tezos!

MetaPals has partnered with WildBrain to bring the iconic 90s characters to life on the Tezos blockchain. Celebrate this milestone by joining in the fun and minting your very own Teletubby companion.

Get started here: Mint Your Teletubby.

Next up, let's talk about OpenPad's latest milestone. OpenPad has successfully integrated Etherlink into its ecosystem, an EVM-compatible layer-2 blockchain powered by Tezos Smart Rollup technology. This integration brings immense potential to the OpenPad ecosystem, offering enhanced performance, reduced costs, and greater accessibility to users.

Integration Highlights

  • Network Integration

  • Decentralized Governance

  • Enhanced Scalability

  • Lower Transaction Costs

  • Robust Security

With this integration, projects built on Etherlink are now ready to launch on OpenPad. This milestone represents a significant step forward, providing users with a more efficient and secure platform for their projects.

Learn more about this integration from one of our own, William McKenzie, who dives into this collaboration here.

Next up, let's talk about Etherlink's recent update on their participation in the DeFi Catalyst Accelerator (DCA) in Singapore. Etherlink has posted an exciting video showcasing the first two weeks of the accelerator program. You can watch the video here.

The DCA is a DeFi-focused accelerator program designed to support startups building on Etherlink and Tezos. The program kicks off with a 2-week in-person bootcamp in Singapore, followed by 4 weeks of remote support. Here’s a closer look at what this program entails:

Highlights of the DeFi Catalyst Accelerator

  • Mentorship & Guidance: Participants receive targeted support from the Core DeFi team of the Tezos ecosystem and experienced mentors in the space. This guidance helps startups validate ideas, focus their time and resources, complement their teams, and eventually raise money from a network of VC partners.

  • $200k Funding: Startups have the potential to receive an investment of $200k to support their journey while they raise their seed round.

  • Expert Sessions: The program includes DeFi-specific working sessions on UI/UX, product development, core engineering, liquidity, security, and legal matters, conducted by experts in their respective fields.

  • Network Turbocharged: Multiple in-person networking opportunities are hosted for the benefit of the cohort, including an evening with leading Asia-based Web3 investors and meetups with the Web3 community in Singapore.

Program Structure

  • Week 1-2 (Singapore): Participants meet mentors, the cohort, and the local ecosystem, collaborating intensively with mentors on various aspects of their projects. They also engage with the Web3 VC and builder community in Singapore, validating their ideas and starting the budgeting process.

  • Week 3-6 (Remote): The program continues with mentorship and lectures focused on building in crypto and growing their products. Startups begin working on early MVP designs for both the UI and backend of their applications or services.

  • End of Week 6: The program culminates with an Investor Committee presentation, where startups present their products to leading VCs and experts for potential investment.

Sectors of Focus

The DCA aims to bring on-chain projects with a financial angle to the community. This includes but is not limited to, sectors like user-friendly Web 2.5 DeFi platforms, crypto neobanks, digital asset management platforms, automated strategy vaults, sports betting, real-world assets (RWA), and innovative trading marketplaces.

Etherlink's involvement in the DeFi Catalyst Accelerator is a testament to the vibrant and supportive ecosystem within Tezos. The progress made during these initial weeks is promising, and we look forward to seeing the innovative projects that emerge from this program.

Stay tuned for more updates as Etherlink and other participants continue their journey in the DeFi Catalyst Accelerator!

This Week in Tezos Development

Tezos’ Data-Availability Layer: Enhancing Smart Rollups Throughput

In the latest update from Nomadic Labs, the Paris 1 protocol introduces the Data Availability Layer (DAL) on Tezos Mainnet, significantly boosting throughput and data bandwidth for Tezos Smart Rollups, especially Etherlink. This enhancement is a major step forward in improving network efficiency and scalability. To participate in the DAL, community members and bakers are encouraged to review the latest post detailing hardware specifications and requirements.

Key Details

  • Roles in the DAL:

    • Slot Producers: Publish data into the network.

    • Attesters: Ensure the availability of the published data.

    • Bootstrap Nodes: Assist in peer discovery based on topics.

    • Slots Observers: Help with slot reconstruction and amplification.

  • Minimal Requirements for DAL Attester Nodes:

    • Bakers with 0.5% to 15% of Total Stake:

      • Machine Type: e2-small (ssd) to c2-standard-4 (ssd)

      • CPU: 2.25 GHz to 3.1 GHz

      • RAM: 2 GiB to 4 GiB

      • Disk Space: 20 GiB

      • Bandwidth (Upload): 250 KiB/s

      • Bandwidth (Download): 250 KiB/s to 1 MiB/s

  • Minimal Requirements for Slot Producers:

    • Machine Type: n2-standard-2

    • CPU: 2 vCPUs

    • RAM: 4 GiB

    • Disk Space: 500 GiB

    • Bandwidth (Upload): 2.5 MiB/s

    • Bandwidth (Download): 0.5 MiB/s

  • Security Recommendations:

    • Operate DAL nodes and Tezos bakers on separate IP addresses to avoid leaking the baker’s IP.

    • This can be set up using most cloud storage solutions without the need for separate physical machines.

For more detailed information on these requirements and how to set up your node, check out the full post here.

Seeing the Data Availability Layer come to life is really exciting. It’s not just a technical upgrade; it’s a step towards making the Tezos network more efficient and resilient. If you’re a baker, your role in this is crucial. By running an attester node, you’re helping to ensure that our network can handle more data and do it more effectively. Personally, I can’t wait to see what opportunities arise with Tezos Smart Rollups with DAL supercharging the scalability for apps.

TezBake (BakeBuddy) Update: Octez 20.0 Support Released

In preparation for the Paris protocol activation on June 4th, TezBake (also known as BakeBuddy) has released an important update with Octez 20.0 support. This update is mandatory for all bakers to ensure compatibility with the upcoming protocol changes.

Key Details

  • Mandatory Update: Octez 20.0 is required to support the Paris protocol, activating on June 4th.

  • Upgrade Command:

    • To update your baker using TezBake, run: tezbake upgrade -a

    • To verify the version after the upgrade, run: tezbake version --all

  • Upgrade Methods:

    • If you don't have the latest TezBake (v0.15.1-beta) or are still using bb-cli, it's highly recommended to use the "C" upgrade method.

    • Otherwise, use the "A" method as shown above.

  • Full Update Instructions: For comprehensive instructions, refer to the TezBake update guide.

  • Post-Update Check:

    • Always check your node's operation using TezBake and TzKT's schedule view. How to Monitor

    • Monitor the real-time performance of your baker using TezWatch on Discord.

  • Re-Run Update Command: If you've updated your TezBake node in the last 24 hours, please run the update command again to ensure your xtz.node version is 0.28.3.

Keeping your baking setup up-to-date is crucial for the smooth operation of the Tezos network, especially with the Paris protocol activation just around the corner. The TezBake update ensures that all bakers are ready for these changes, maintaining the network’s reliability and security. It’s great to see such proactive measures being taken to support the community. Make sure to follow the update instructions closely and verify your node's performance to stay ahead.

🔴 Now Streaming: Artist Spotlight | Michael Beets

Michael Beets, the mind behind Here and Now, an immersive experiences platform, discusses his background in immersive experiences and live cinema. He shares his passion for bringing people together through experiences and taking audiences on journeys. Beets explains how his experimentation with Web3 and NFTs was sparked by the cancellation of his projects during the COVID-19 pandemic. He emphasizes the importance of creating meaningful experiences around art and the need for surprise and innovation in the space. Beets also discusses the evolution of the Tezos community and the challenges and opportunities in the NFT space.

Now Streaming Everywhere:

Upcoming Tezos Events

🚀 Tickets are now available! Secure your spot at Tezos' annual conference, TezDev, the premier gathering for builders, partners, and enthusiasts in the Web3 space. This year, we're excited to host the event in Brussels, a hub for technology and innovation, and just a short distance from EthCC.

Why attend Tez/Dev?

  • Connect and Network: Meet and engage with the global Tezos community

  • Learn from the Experts: Gain insights from leading voices in the industry through talks, workshops, and panel discussions.

  • Explore New Developments: Discover the latest innovations and projects happening on Tezos.

Event Highlights:

  • Location: Brussels, Belgium – the heart of Europe and a beacon for tech innovators.

  • Date: Happening on July 11th — The full agenda will be provided soon. Stay tuned!

🎟️ Grab your ticket today to ensure you don't miss out: Grab a ticket here!

Join us at Tez/Dev 2024, where the future of Tezos unfolds. We look forward to welcoming you to Brussels and sharing an unforgettable experience.
Join us at Tez/Dev 2024 in Brussels!

Tezos Meetup #2 in Porto

After the success of our first meetup, we are excited to return to Invicta city for another night of networking, fun, and engaging discussions about everything that's best in Tezos!

Join us for an evening where Tezos enthusiasts, developers, and community members can connect, share ideas, and explore the latest developments in the Tezos ecosystem.

  • Date: June 1, 2024

  • Time: 7:30 p.m.

  • Location: Selina, R. das Oliveiras 61, Porto

The event is supported by Tezos Commons