June 21 (Cointime) - Vitalik Buterin, co-founder of Ethereum, has written an article discussing the technical challenges of improving interoperability between Ethereum Layer 1 and Layer 2 solutions.

Odsy Network, a layer 1 blockchain, has raised $7.5 million in funding to develop decentralized crypto wallets. The funding round was led by Blockchange Ventures and valued the firm at $250 million. The goal of Odsy Foundation, based in Zug, Switzerland, is to decentralize access control in Web3 and remove the obstacle of needing multiple wallets to access different networks and applications. Odsy's decentralized wallets (dWallets) are designed to provide access to different Web3 protocols and platforms through transferable signing mechanisms on the Odsy Network with the ability to sign transactions on practically any other blockchain.

The word blockchain carries a lot of weight today, whether it be on Twitter with influencer shilling or the media calling for regulation.

The native token of layer1 blockchain Sui, SUI, will be released once the mainnet goes live on May 3, following token sales on crypto exchanges Bybit, OKX, and Kucoin. Each exchange offered 225 million tokens with a maximum allocation of 10,000 per user, sold for $0.10 each. Sui's blockchain was created by former Meta employees using a programming language called Move, and the first project on the Sui mainnet will be Suiswap, a decentralized exchange and liquidity staking protocol. Sui Network developers, Mysten Labs, signed a deal with Alibaba Cloud to offer its node services and cloud infrastructure to improve user experience.

Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network.

Bear-themed crypto project Berachain, run by pseudonymous co-founders Homme Bera, Dev Bear, Papa Bear and Smokey the Bera, has raised $42m to launch a new Layer 1 blockchain. Polychain Capital led the funding, with Hack VC, Shima Capital, Robot Ventures, Goldentree Asset Management and others participating. Berachain has a tri-token system and aims to allow users to stake tokens while providing liquidity to DeFi protocols simultaneously. The network is being built on the Cosmos SDK, using a "proof of liquidity" consensus mechanism, and will be compatible with the Ethereum Virtual Machine (EVM). Berachain is expected to release a public incentivized testnet in the coming weeks and potentially a mainnet later this year.

Layer-1 protocol Radix has partnered with interoperability protocol LayerZero to integrate LayerZero into the Radix Babylon public network, enabling cross-chain communication and asset transfers. Web3 interoperability allows different decentralized applications and blockchain networks to communicate with each other, increasing functionality, liquidity sharing, and security. The integration is set to launch in the second half of 2023 and is expected to benefit the users of both platforms. Radix Foundation Director Piers Ridyard expressed enthusiasm about the integration, stating that it will showcase the potential of cross-chain interoperability and contribute to a more decentralized Web3 ecosystem.

Despite the challenges of 2022, the African continent's blockchain community has continued to attract significant investments, with blockchain venture funding increasing five-fold on a yearly level.

OKX Wallet, DEX, and NFT Marketplace have supported Sui mainnet as the first multi-chain wallet in the web3 industry.

Aleph Zero, a layer-1 privacy-enhancing blockchain, has announced the launch of a $50 million Aleph Zero Ecosystem Funding Program to support developer teams building on its platform and advance blockchain adoption globally. The program includes grants, incubation, and acceleration at all stages of product development, with successful applicants receiving up to $500,000 per project in grant funding. The Aleph Zero partner network will also provide marketing, branding, UX, product design, and operational support as needed. The program has already produced a range of projects, including Abax, ArtZero, AZERO Domains, DRKVRS, Gatenox, and Interlock. Meanwhile, venture capitalist investment in crypto firms continued to fall in Q1 2023, with $2.4 billion invested by VCs, the lowest sum invested since the last quarter of 2020.