OP Stack fault proofs on OP Sepolia.
Alchemix goes live on Arbitrum One.
Uniswap research on L2 network efficiency.
Senators request SEC not approve crypto ETFs.
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OP Labs will incorporate permissionless OP Stack fault proofs into the OP Sepolia testnet through an upcoming upgrade scheduled for Tuesday, March 19th. Bridges, centralized exchanges, and developers using custom withdrawal solutions on the OP Stack will need to make logic changes due to the introduction of breaking changes. As a result of the fault-proof integration, withdrawals between OP Sepolia and Sepolia will now require a seven-day processing period. The OP Stack fault proof system consists of three main elements: the Fault Proof Program (FPP), the Fault Proof Virtual Machine (FPVM), and a dispute resolution game protocol.
Alchemix Finance, a self-repaying lending protocol, is now live on Arbitrum One. Users can now deposit into alUSD or alETH vaults to borrow against their assets. Alchemix uses yield earned on collateral to repay loans. Supported collaterals include aUSDC, aDAI, aUSDT, yvUSDC, yvDAI, aETH, yvWETH, and Lido’s wstETH. The deployment on Arbitrum makes Alchemix more accessible with lower network fees and a 50% lower Loan-to-Value (LTV) ratio compared to mainnet. There are initial deposit caps set at $100k for USDC and 200 ETH for stETH. Alchemix’s alUSD stablecoin will remain backed by liquidity on Ethereum Mainnet.
Uniswap released research on the advantages of Uniswap transactions on Layer 2 networks. The research revealed that 97.5% of transactions under $125,000 performed better on L2s over Ethereum. L2s also demonstrated 75% greater liquidity concentration than Ethereum, leading to increased capital efficiency for liquidity providers. Thanks to lower transaction costs, liquidity providers can more frequently rebalance their Uniswap positions. On average, liquidity providers operating across the full price range on L2s enjoyed roughly 20% higher arbitrage profits than on mainnet. The research data predates the Dencun hardfork, hinting at even greater efficiencies with the introduction of blob transactions.
U.S. Senators from Rhode Island and California have requested SEC Chairman Gary Gensler to not approve any ETFs associated with cryptocurrencies other than Bitcoin. They argue that other cryptocurrencies lack the necessary trading volumes, suggesting that their markets are not adequately developed to back financial instruments. In response, Coinbase's legal officer, Paul Grewal, pointed out Ethereum's deep market liquidity, noting that only two stocks in the S&P 500 have higher trading volume. The SEC is set to decide on a spot Ethereum ETF by May 23rd. The first spot Bitcoin ETF was approved earlier this year.
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