News Roundup - March 6, 2024

• OP Stack dispute game design.

• SEC Commissioners statement on ShapeShift.

• Wormhole $W token eligibility checker.

• Hop Protocol plans to integrate CCTP.

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OP Labs released a bond-based dispute game mechanism design for the OP Stack. Dispute games are used to facilitate fault detection in a fault-proof system. The proposed mechanism design encourages honest participation by imposing a bond requirement on claims, penalizing dishonest claims with a cost barrier. "Big Bonds" are the initial strategy, setting high ETH-denominated bonds adjusted for gas costs and claim depth to cover costs for honest participants and deterring spam. The fault dispute game marks a step towards further decentralizing the OP Stack through implementation in a future protocol update.

SEC Commissioners Hester M. Peirce and  Mark T. Uyeda issued a statement in regard to enforcement action against crypto exchange ShapeShift. The SEC filed a cease and desist against ShapeShift for not registering as a securities dealer between 2014 and 2021. ShapeShift settled the charges and paid a $275,000 fine. Commissioner Peirce criticized the order for not specifying which assets were deemed securities and the reasoning behind it. She highlighted the ongoing ambiguity surrounding the definition of a security, noting that this uncertainty undermines innovation and places entrepreneurs in a difficult position due to the absence of clear regulatory guidelines.

The Wormhole multichain bridge introduced an eligibility checker tool for its $W token airdrop. The W token has a total supply of 10 billion, and 6.17% of this supply is dedicated to the community airdrop. Users can check their eligibility and W token allocation by checking their wallets across EVM, Sei, NEAR, Kujira, and Evmos chains. The airdrop is based on a snapshot captured on February 6. The distribution of the W token will be in both ERC20 and SPL formats, covering several chains such as Ethereum, Solana, Arbitrum, Optimism, and Base. The criteria for eligibility include interactions with applications within the Wormhole ecosystem, stakers, and certain NFT communities. The W token has not yet been launched.

Rollup-to-rollup bridge Hop Protocol will now support Circle’s Cross-Chain Transfer Protocol (CCTP). Users will be able to bridge native USDC across supported networks on Hop. The Cross-Chain Transfer Protocol allows USDC to be natively burned on a source chain and natively minted on a destination chain, removing the need for USDC liquidity providers on the bridge.

• Lighthouse survey results

• MetaMask integrates Revolut onramp

• L2Beat Blast analysis

• Interface expands L2 support

• Across introduces Across+

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