Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter.
In this issue:
- Eclipse Launches $ES Airdrop, Distributing 15% of Token Supply
- Risc Zero’s ‘Boundless’ Incentivized Testnet Goes Live
- Bitcoin Devs Float Proposal to Freeze Quantum-Vulnerable Addresses — Even Satoshi Nakamoto’s
- Aethir and Credible Introduce First DePIN-Powered Credit Card
Network News
ECLIPSE TOKEN GENERATION EVENT: Eclipse, the layer-2 that combines technology from the Ethereum and Solana blockchains, shared that it has gone live with an airdrop of its $ES token. The team behind the network announced that the initial distribution will occur over the next 30 days, with a total of 1 billion $ES tokens minted. Of this supply, 15% is allocated for the airdrop and liquidity provisions to core community members and developers who have supported the network from the beginning. Furthermore, 35% will support ecosystem growth and research and development efforts aimed at scaling the network. Contributors will receive 19% of the supply, including team members, which includes a four-year vesting period and a three-year lockup schedule. The remaining 31% is designated for early supporters and investors, who will also be subject to a three-year lockup schedule to commit to Eclipse’s long-term roadmap. — Margaux Nijkerk Read more.
RISC-ZERO “BOUNDLESS” INCENTIVIZED TESTNET GOES LIVE: Boundless, the decentralized zero-knowledge (ZK) compute marketplace powered by RISC Zero, has launched its incentivized testnet (referred to as “Mainnet Beta”) on Base, Coinbase’s Ethereum layer-2 network. With this incentivized testnet, developers can build and test applications in an environment that closely resembles a fully live protocol. The network has garnered early support from industry leaders such as the Ethereum Foundation, Wormhole, and EigenLayer. This decentralized marketplace for zero-knowledge compute connects developers in need of zero-knowledge proofs—those working on rollups, bridges, or privacy-focused applications—with a distributed network of independent “ZK provers or miners.” This model allows anyone with the appropriate hardware to contribute computing power and be rewarded for their cryptographic efforts. — Margaux Nijkerk Read more.
NEW BITCOIN PROPOSAL TO FREEZE QUANTUM-VULNERABLE ADDRESSES: A new Bitcoin draft proposal aims to achieve what has long been deemed unthinkable: freezing coins secured by legacy cryptography—including those in Satoshi Nakamoto’s wallets—before quantum computers can compromise them. Co-authored by Jameson Lopp and crypto security researchers, this draft introduces a phased soft fork that positions quantum migration as a ticking clock. Failing to upgrade will render coins unspendable, including the estimated 1.1 million BTC tied to early pay-to-pubkey addresses, such as those belonging to Satoshi and early miners. The authors articulated that this proposal marks a drastic shift in Bitcoin’s history, just as the threat from quantum computing represents a unique challenge to Bitcoin’s cryptographic foundations. — Shaurya Malwa Read more.
THE FIRST DEPIN POWERED CREDIT CARD: Aethir, a decentralized GPU cloud network, has collaborated with Credible Finance, a lending protocol, to launch what is being described as the first credit card and loan product powered by a decentralized physical infrastructure network (DePIN). This initiative aims to provide Aethir’s native ATH token holders and node operators access to stablecoin credit without the necessity of liquidating their tokens, representing a significant step in merging on-chain infrastructure with real-world financial capital. The product, which launched on Wednesday, allows eligible users to collateralize their ATH tokens to secure a revolving credit line or pre-load a no-fee card with ATH or stablecoins on Solana. Loan approvals and limits will be determined by Credible’s AI-driven credit engine, which assesses users’ on-chain activity, asset holdings, and transaction histories. — Margaux Nijkerk Read more.
In Other News
- Ripple has expanded its institutional custody services into the Middle East, partnering with UAE-based tokenization platform Ctrl Alt to support Dubai’s government-led real estate digitization initiative. This partnership will utilize Ripple’s custody infrastructure to store the tokenized property title deeds issued by the Dubai Land Department (DLD) on the XRP Ledger (XRPL). — Shaurya Malwa Read more.
- SharpLink Gaming (SBET), the Nasdaq-listed firm with a crypto treasury strategy focused on ether (ETH), announced on Tuesday that it has become the largest corporate holder of ETH, now holding 280,706 ETH valued at approximately $840 million based on current pricing. The firm raised $413 million through the distribution of over 24 million shares between July 7 and July 11, as revealed in a press release. They acquired a total of 74,656 ETH over the past week at an average price of $2,852 each, with approximately $257 million remaining from the fundraising designated for future ETH acquisitions. — Kristzian Sandor Read more.
Regulatory and Policy
- The House of Representatives convened on Tuesday but did not vote on a procedural motion to advance three crypto bills. A further vote was expected on Wednesday as the House’s process towards passing digital assets legislation encountered a brief delay due to objections from members of the House Freedom Caucus regarding the legislative process under Senate dominance. Despite the procedural hiccup, the legislation continues to enjoy strong bipartisan support, raising hopes for successful advancement in upcoming voting sessions. — Jesse Hamilton, Stephen Alpher, & Nikilesh De Read more.
- A 12-person jury has been seated for the criminal trial of Tornado Cash developer Roman Storm, with opening arguments set to commence later this afternoon at the Thurgood Marshall courthouse in Lower Manhattan. The jury, composed of seven women and five men with diverse backgrounds, will determine whether the U.S. Department of Justice can prove beyond a reasonable doubt that Storm engaged in conspiracy to commit money laundering, conspiracy to violate U.S. sanctions, and conspiracy to operate an unlicensed money transmitting business. — Cheyenne Ligon & Nikilesh De Read more.
Calendar
- July 16-18: Web3 Summit, Berlin
- Sept. 22-28: Korea Blockchain Week, Seoul
- Oct. 1-2: Token2049, Singapore
- Nov. 17-22: Devconnect, Buenos Aires
- Dec. 11-13: Solana Breakpoint, Abu Dhabi
- Feb. 10-12, 2026: Consensus, Hong Kong
- May 5-7, 2026: Consensus, Miami
