This year, Ethereum waved goodbye to miners and saw big scalability improvements. The ecosystem also faced record-shattering hacks and heightened fears around centralization and censorship. skesslr reviews 2022 in this week’s Valid Points newsletter.
For Ethereum’s validators and users, itexactly what sorts of activities would be considered illegal under OFAC’s rules, which bar “facilitating” or “servicing” sanctioned parties. For instance, even if it’s clearly illegal for users to shuffle funds through Tornado Cash, is it illegal for validators to “attest” to the validity of blocks containing those transactions?
Moreover, some blockchain developers thought that OFAC, by sanctioning a smart contract, violated free speech. For those who believe Ethereum should be a “credibly neutral” platform, blocking off sanctioned transactions in any form amounted to a kind of censorship – even if, for now, those transactions can still find ways onto Ethereum’s ledger, albeit at a slight delay relative to other transactions.
Along with certain validators, Flashbots – and some of the more popular third-party “relayers” that deliver blocks to validators using Flashbots’ MEV-Boost program – have taken actions that curtail the ability for Tornado-linked transactions to make it onto the Ethereum ledger. According to – a watchdog group that tracks Ethereum censorship – around 70% of the blocks that get added to Ethereum’s network each day are OFAC-compliant, meaning they are assembled to exclude transactions from OFAC-sanctioned addresses.for the Ethereum community towards the tail end of 2022, and one expects to see it become even more relevant as users, validators and regulators formulate a clearer viewpoint on what financial compliance should mean for Ethereum and other blockchains.
This past year also saw a rise in the popularity of layer 2 rollup networks like Arbitrum and Optimism. Thesechains, which both launched in 2021, are slightly more expensive than sidechains like Polygon, but they provide stronger security guarantees to users – meaning they have special systems in place to ensure that the transactions they pass down to Ethereum’s base chain haven’t been spoofed or tampered with.
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