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Uniswap UNI Delegate Rewards Proposal

The mechanism would collect protocol fees and distribute them to actively participating UNI token holders and stakers.

Quick Take

  • UF proposes a UNI rewards mechanism.

  • Optimism Ecotone network upgrade.

  • Initial EIPs for Pectra.

  • Zircuit launches LRT restaking.

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Uniswap UNI Rewards Mechanism Proposal

Uniswap Foundation Governance Lead Erin Koen published a proposal seeking to introduce a mechanism that rewards UNI token holders for delegating and staking their tokens. The rewards mechanism aims to revitalize Uniswap governance by incentivizing active delegation. The mechanism would introduce two new smart contracts to the Uniswap protocol for the permissionless collection of protocol fees and their distribution to actively participating UNI token holders. A Snapshot vote for the proposal will go live in one week on March 1st, followed by an onchain proposal vote on March 8th, assuming no blockers arise. Following the proposal’s release, Uniswap's UNI governance token has seen its price surge by over 50% in the past 24 hours. Previously, GFX Labs had put forward a proposal to activate a fee switch for Uniswap, but the proposal did not progress due to regulatory concerns.

Optimism Ecotone Network Upgrade

Optimism announced the Ecotone network upgrade, an update for OP Stack chains that incorporates EIP-4844 blob transaction support. The upgrade is set to go live on March 14th at 00:00 UTC, one day after the Dencun upgrade on the Ethereum mainnet. Blobs represent a new storage solution with a distinct fee market, separate from traditional transaction gas fees. Blobs will dramatically decrease rollup data availability costs, with Optimism predicting reductions by as much as 80x. The Ecotone upgrade also integrates Dencun L1 extensions, such as support for transient storage, memory copy, self-destruct only in the same transaction, and the BLOBBASEFEE opcode. OP Stack node operators will need to prepare their nodes for the upgrade.

Developers Select EIPs For Pectra

Ethereum core developers agreed to include EIP-6110, EIP-7002, and EIP-7549 in the Pectra upgrade, which is the next upgrade after Dencun. EIP-6110 seeks to embed validator deposits directly into the Execution Layer, simplifying the deposit process. EIP-7002 introduces a method for validators to exit the beacon chain using 0x01 withdrawal credentials. EIP-7549 proposes to enhance the efficiency of Casper FFG clients by excluding certain committee information from consensus votes. Additionally, developers are exploring the possibility of adding inclusion lists EIP-7547. More complex proposals like verkle tries have been deferred to the Osaka upgrade to avoid delaying Pectra, which will potentially go live by the end of the year.

Zircuit Launches LRT Restaking

Zircuit, an EVM-compatible ZK-Rollup, has opened deposits for its restaked-restaked ETH protocol, offering Zircuit points for LRT deposits. Assets deposited are funneled into a staking pool. The protocol currently supports deposits for ezETH, rswETH, rsETH, LsETH, and stETH. The assets will be migrated to the Zircuit rollup following its mainnet launch.

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