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Vitalik Buterin Proposes EIP-7702

A new standard that allows EOAs to operate as smart contract wallets temporarily during a transaction.

Quick Take

  • Vitalik Buterin proposes EIP-7702.

  • Velodrome launches on Mode.

  • Lyra introduces yield-bearing derivatives.

  • Sablier supports zkSync Era.

This episode is sponsored by Harpie!

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Vitalik Buterin Proposes EIP-7702

Vitalik Buterin introduced EIP-7702 as an alternative to account abstraction EIP-3074. Rather than adding new opcodes, EIP-7702 proposes a new transaction type that allows Externally Owned Accounts (EOAs) to operate as smart contract wallets temporarily during a transaction, with the state of the EOA reverting to its original condition after the transaction. The transaction type under EIP-7702 includes fields for contract_code and a signature. The approach supports the same functionalities as those proposed in EIP-3074, such as batch and sponsored transactions. Although Ethereum core developers previously planned to adopt EIP-3074 in the upcoming Pectra upgrade, EIP-7702 could change development direction as it could better streamline the transition of EOAs into smart contract wallets.

Velodrome Launches On Mode

Velodrome Superchain, a MetaDEX aimed at becoming the primary liquidity and trading hub on the Superhain, is now live on Mode Network as part of its beta release. This launch features support for both stable and volatile asset AMM pools. Users can now explore liquidity pools, swap, or open LP positions on Mode. Mode launched its MODE governance token today, which has a fully diluted valuation of $576 million. In the coming days, liquidity providers will earn MODE token incentives. Projects within the Mode ecosystem can also enhance liquidity for their tokens by allocating incentives to gauges. Over the next 30 to 60 days, Velodrome will roll out Velodrome Superchain 1.0, an initial version of the MetaDEX that incorporates VELO rewards and Slipstream liquidity pools.

Lyra Introduces Yield-Bearing Derivatives

Lyra Finance introduced a new solution that tokenizes yield-bearing derivatives, focusing initially on basis trade and covered call strategies for Liquid Restaking Tokens (LRTs). The approach enables users to deposit LRTs such as EtherFi’s eETH and Swell’s rswETH to earn yields from ETH funding rates in basis trades and from volatility in options selling. The strategies are packaged into ERC-20 tokens that can further be used across DeFi. In the coming weeks, Lyra plans to release both cash and carry and covered call strategies for LRTs and stETH. Operating as a permissionless options platform, Lyra Finance features smart accounts, cross-margin, and cross-asset collateral, all running on Lyra Chain, which is an OP Stack Layer 2 network.

Sablier Supports zkSync Era

Token streaming platform Sablier now supports streams on zkSync Era. Sablier enables users to create token streams featuring linear, cliff, timelock, and exponential locking mechanisms. Sablier also supports voting power on Snapshot from tokens that are streaming. Sablier now supports streams on a total of twelve chains

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