Protocol Village: Blockstream Opens R&D Center in Lugano, Switzerland

Thursday, Nov. 7

Blockstream Opens R&D Center in Lugano, Switzerland

Blockstream, the development firm led by early Bitcoin developer Adam Back, has opened an R&D hub in Lugano, Switzerland, “to foster fintech innovation on Bitcoin’s Liquid and Lightning networks,” according to the team: “The new center aims to significantly increase innovation on layer 2’s by collaborating with local startups and partners, providing resources, mentorship, as well as grants to standout projects. The initiative builds on successful events co-hosted by Blockstream in Lugano and Viareggio, Italy, aligned with its mission to expand Bitcoin’s role in modern finance.” A couple photos were sent over by the team:

Liquid Restaking Protocol Puffer Announces Testnet Launch of Based Ethereum Rollup, ‘UniFi’

PROTOCOL VILLAGE EXCLUSIVE: Puffer Finance, a decentralized native liquid restaking protocol, has announced the testnet launch of UniFi, described as a “based rollup to Ethereum which is low-cost, capable of sub-second transactions and allows asset withdrawal from L2 (UniFi) to L1 (Ethereum) within a minute.” According to the team: “UniFi’s preconfirmations offer a strong improvement over traditional soft confirmations by using Ethereum validators instead of centralized sequencers, ensuring near-instant confirmation times with enhanced reliability, as validators face penalties for failing to include transactions. Puffer Testnet is currently open to builders.”

Cytonic, Layer-1 Chain With ‘MultiVM’ Design, Raises $8.3M in Seed Round

Cytonic, a layer-1 blockchain known as “MultiVM” designed to be open to all technologies used in Web3, has closed its $8.3 million seed round, co-led by Lemniscap and Lattice. According to the team: “Developed by MultiVM Labs, Cytonic is the first layer 1 that runs multiple VM’s within the same network layer using shared storage, addressing blockchain compatibility challenges. Cytonic is compatible with most blockchains like Bitcoin, Ethereum, and Solana, enabling different transaction types to be processed together in a single block. The goal is make on-chain interactions easier while reducing transaction fees and waiting times when moving assets between chains.”

Algorand Preps December Launch of ‘Crypto’s Most Inclusive Staking Rewards Program’

The Algorand blockchain is preparing to roll out what it describes as “crypto’s most inclusive staking rewards program.” According to the team: “Scheduled to go live in December after a consensus mechanism upgrade, ‘block rewards’ will start to be paid, in real-time, to validators successfully proposing blocks to the layer-1 blockchain. The rewards begin at 10 ALGO per block and will decay by 1% every 1 million blocks. Validators will also receive 50% of the transaction fees of the blocks they successfully propose.” (ALGO)

Hyperbridge, Polkadot-Based Blockchain Interoperability Protocol Relying on ‘Coprocessor Model,’ Launches Mainnet

Hyperbridge, a blockchain interoperability protocol, has launched its mainnet on Polkadot, and supports Ethereum, Optimism and BNB Chain. According to the team: “With $2.5 million in seed funding led by the Web3 Foundation and Scytale Digital, it provides secure & scalable cross-chain solutions. Key features include the Gateway token bridge, which leverages zk-proof security for asset transfers, instant multichain liquidity and cross-chain messaging. Hyperbridge supports use cases like unified liquidity pools and multichain expansion for DAOs and stablecoins, positioning itself as a robust infrastructure for DeFi.” According to the project documentation, Hyperbridge relies on the “coprocessor model, where the verification operations are performed offchain and the results are securely reported back on-chain alongside cryptographic proofs of correct execution.”

IllumineX, Non-Custodial Cross-Chain Privacy Solution Supported by Oasis, Launches Compliant-Friendly Wallet That Doesn’t Rely on Mixer

IllumineX, a non-custodial and cross-chain privacy solution supported by the Oasis Network, announced the launch of its privacy-focused and complaint-friendly crypto wallet supporting EVM and non-EVM chains, including native Bitcoin. According to the team: “This launch aims to address the significant privacy challenges facing crypto users today. This is the first and only privacy solution for Bitcoin that does not rely on mixer technology.”

Solv Protocol Introduces Classification System for Underlying Assets of SolvBTC Reserve

Solv Protocol, a Bitcoin staking platform, has introduced a classification system for the underlying assets of its SolvBTC reserve, dividing them into Core Reserve (native BTC, Binance-backed BTCB) and Innovative Reserve (wrapped assets like WBTC, cbBTC), according to the team: “This setup enhances stability and risk management through minting caps and cross-chain rate limits on the Innovative Reserve. Now one of the largest multichain BTC liquid staking token issuers, Solv spans 10+ networks, including Ethereum and BNB Chain, with over 24,000 BTC ($2 billion) in reserves, offering secure, yield-generating opportunities in DeFi.”

Protocol Village is a regular feature of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. Project teams can submit updates here. For previous versions of Protocol Village, please go here.