Degen Chain Suffers Block Reorg

• Degen Chain suffers a block reorg.

• MoonPay supports Stand With Crypto.

• Infinex reaches $45 million in TVL.

• Applications open for the fifth EPF cohort.

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Over the weekend, Degen Chain, an L3 chain built on Arbitrum Orbit, experienced a significant block reorganization involving 500,000 blocks, impacting hundreds of user transactions. The reorg began on Saturday, May 11, at around 2:15 UTC from block 15043908. The issue was traced back to a custom configuration change implemented last week. A block reorg happens when multiple blocks are produced simultaneously, resulting in duplicate chains. Will Papper, Co-founder of Syndicate, which launched Degen Chain, informed users that the chain was temporarily down to address the issue and affected should resubmit their transactions.

MoonPay, a payments provider that facilitates fiat-to-crypto transactions, joined Stand With Crypto, a non-profit dedicated to crypto-policy advocacy. MoonPay's CEO, Ivan Soto, announced in a memo to employees posted on X that the company donated $1 million to the organization, as reported by The Block. The memo highlighted the need to support crypto initiatives in light of increasing regulatory pressure and the upcoming presidential election. Founded by Coinbase in 2023, Stand With Crypto aims to back crypto-supportive congressional candidates and promote innovation. Stand With Crypto has onboarded 480,000 crypto advocates and is targeting one million members by November.

Infinex, a CEX-focused front-end for Synthetix perps, has accumulated $45 million in TVL since opening for deposits this week. Users can now deposit USDC on any of the six supported chains to earn a patron NFT and a share of 377 million Infinex governance points. Deposits are locked for 30 days until the campaign concludes on June 13th. Infinex features embedded wallets, allowing users to onboard with a passkey stored locally on their device. A fresh key pair is generated for each account, which is used on the backend to automatically sign transactions. Additionally, users can add social recovery options via their Google Account, iCloud, or external EVM address.

The Ethereum Foundation is now accepting applications for the fifth cohort of the Ethereum Protocol Fellowship, an apprenticeship program that helps aspiring protocol contributors find their role in core development. The program will run from June through November. Members will have access to mentors from the core development community, a monthly stipend, and access to EthCC and Devcon. Applications close on May 26th. A Town Hall will take place next week.

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