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OP Stack Reaches Stage 1 Decentralization

A milestone activated by the launch of Fault Proofs on OP Mainnet

Quick Take

  • The OP Stack reaches Stage 1 decentralization.

  • ZKsync unveils a governance framework.

  • Blobstream goes live on Ethereum mainnet.

  • UwU suffers a $20 million exploit.

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OP Stack Reaches Stage 1 Decentralization

The OP Stack has reached Stage 1 decentralization, a milestone facilitated by the launch of Fault Proofs on OP Mainnet, which enables permissionless validation. The activation permits ETH and ERC-20 token withdrawals without the need for third parties. Any user can challenge invalid withdrawals through a dispute game mechanism. In Stage 1, rollups are equipped with functional proof schemes and a multi-sig override mechanism, such as the Security Council. The next milestone, Stage 2, will introduce a multi-proof system. As outlined by Vitalik, Stage 2 is the final step in rollup decentralization, where the Security Council cannot change the chain's state root. OP Stack chains on the Superchain, including Base, Mode, and Zora, are next to activate fault proofs.

ZKsync Announces Governance Token

ZKsync revealed plans for a native token to govern the ZKsync protocol. Token governance will be part of a three-component governance framework. The Token Assembly will enable ZKsync token holders to delegate, propose, and vote on protocol upgrades. The second component is a twelve-member Security Council. The ZKsync Security Council will review protocol upgrades and can pause the protocol during emergencies. The third component is the ZKsync Guardians, a group of five appointed individuals who can veto, initiate, and approve emergency measures concerning the network's operation. Since launching its mainnet in March 2023, ZKsync Era has facilitated over 350 million transactions across 6 million wallet addresses. The protocol's initial version, zkSync Lite, launched on mainnet in June 2020. ZKsync plans to release further details about its token allocation and delegation processes this week.

Blobstream Goes Live On Mainnet

Blobstream, a data availability streaming solution by Celestia, is now live on Ethereum mainnet. Blobstream allows developers to deploy L2 rollups that leverage Celestia for data availability. A smart contract on Ethereum functions as an onchain light client responsible for verifying the validity of data sent by Celestia's light clients. Rollups using Blobstream as their data availability layer benefit from an independent gas market for blobspace. Blobstream is still in an experimental release phase.

Uniswap Acquires Crypto The Game

Uniswap Labs acquired Crypto The Game, an onchain survival game that launched earlier this year. The game operates as a "winner takes all" competition, consisting of daily challenges spanning a 10-day period. Users enter the game by placing a wager in ETH, which is added to the overall prize pool. Players can play in the game or trade their game assets on secondary markets. In its second season, the game amassed a prize pool of 72 ETH, which the winner donated to support the Tornado Cash defense case. The CTG team is joining Uniswap Labs to continue developing the game with the upcoming launch of Season 3. Uniswap aims to enhance the onchain experience for its users by integrating new elements with its existing product suite.

UwU Suffers $20 Million Hack

UwU Lend, a DeFi lending protocol on Ethereum mainnet, suffered an exploit that led to nearly $20 million worth of assets being drained. According to Peckshield, a price oracle was exploited, allowing the attacker to manipulate prices in USDe paired pools. The attacker siphoned off ETH, WBTC, and several stablecoins and later swapped the stolen assets into ETH. Following the incident, UwU Lend paused its protocol to investigate the situation.

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