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RIP-7212 Goes Live On Polygon PoS

Polygon is the first network to implement the rollup standard.

Quick Take

  • RIP-7212 goes live on Polygon PoS.

  • Base postpones planned maintenance.

  • DeFi Saver introduces automated debt payback.

  • Nethermind releases a post-mortem.

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RIP-7212 Goes Live On Polygon PoS

Rollup Improvement Proposal (RIP) 7212 has been successfully implemented on Polygon PoS mainnet as part of the Napoli Hardfork. Polygon is the first network to implement the standard. RIP-7212 introduces a new standard for secure and cost-effective signature verifications using the secp256r1 elliptic curve. The standard aims to improve account abstraction by significantly lowering the costs associated with signature verification, leveraging common technologies like WebAuthn. Polygon has further plans to incorporate more RIPs in future network upgrades. zkSync, Optimism, and Kakarot ZKEVM have also pledged to adopt RIP-7212.

Base Postpones Bridge Maintenance

Coinbase's Layer 2 rollup, Base, has postponed planned maintenance for testing the pausability features on its native bridge. The maintenance requires a temporary pause in withdrawals from the native bridge for about an hour. The update was pushed to March 27th at 11AM PST. The delay comes amid a surge in activty on the network. Base has seen over 1 million daily transactions over the past week. The influx in activity has caused the median gas fee on Base to increase from a few cents to upwards of a dollar. The network’s TVL has nearly doubled in the past month, making Base the fifth largest Layer 2 by TVL with $1.6 billion in locked assets.

DeFi Saver Automated Debt Payback

DeFi Saver introduced a new feature that enables automatic debt repayment for loans on the CurveUSD lending protocol. The feature allows users to set a health ratio threshold and a crvUSD repayment amount to automatically trigger the loan repayment. The feature aims to avoid the risk of hard liquidations. This automated repayment will execute even if the funds available are below the configured amount. It will not execute if the required payback amount surpasses 50% of the transaction's gas costs. DeFi Saver also offers an automated leverage management tool for CurveUSD positions. DeFi Saver is a DeFi dashboard aggregator.

Nethermind Consensus Issue Post-Mortem

Nethermind released a post-mortem for its consensus bug on January 21st, which caused validators to incorrectly mark valid blocks as invalid. The bug led to validators going offline, missing out on block validations and attestations. The root of the issue was traced to a smart contract transaction containing a revert opcode that caused transactions to fail by using up all its gas, creating a discrepancy in the block hash and breaking network consensus. Nethermind says it plans to enforce stricter requirements for changes affecting EVM and consensus mechanisms.

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