Quick Take
SEC ends its ETH 2.0 investigation.
OP Stack supports Alt-DA Mode.
Instadapp introduces Fluid DEX.
Kraken infinite money glitch.
EigenLayer opens phase 2 claims.
This episode is sponsored by Harpie!
Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.
SEC Closes Ethereum Investigation
Consensys announced that the SEC is closing its investigation into Ethereum 2.0, which is the network's shift to proof-of-stake consensus. Last year, the SEC opened an investigation probing Ethereum's classification as a security, issuing multiple subpoenas to Consensys for detailed information about Ethereum transactions and its involvement in EIPs related to the Merge. The decision to end the investigation comes after Consensys filed a lawsuit against the SEC for overstepping its regulatory purview. Additionally, the SEC is facing increasing political pressure amid the forthcoming election. Consensys says the victory marks a new direction for cryptocurrency regulation in the U.S.
OP Stack Supports Alt-DA Mode
Optimism introduced support for Alt-DA Mode on the OP Stack, enabling the use of alternative data availability layers instead of Ethereum L1. In Alt-DA Mode, transaction batches are posted to alternative DA layers such as Celestia, EigenDA, and Avail. While a data commitment hash is still posted to Ethereum L1, the input state is maintained in an alternate DA chain. Alt-DA Mode allows DA Layer teams to manage a DA Server, which facilitates all interactions with the OP Stack and handles custom logic and key management. Alt-DA Mode is designed to reduce transaction costs by using a data market that is independently priced from Ethereum blobspace. Alt-DA Mode in an early-stage release.
Instadapp Introduces Fluid DEX
Instadapp introduced Fluid DEX, a capital-efficient DEX built atop the Fluid Liquidity Layer. The new DEX introduces the ability to leverage both debt and collateral through two innovative features: Smart Debt and Smart Collateral. Smart Debt deploys borrowed funds into trading liquidity, enabling users to generate trading fees that can potentially offset or exceed the costs of borrowing. Smart Collateral, on the other hand, allows users to deploy their collateral to provide AMM liquidity, earning both trading and lending fees. Fluid DEX also integrates a single auto-rebalancing range order system that allows for diverse liquidity ratios and fees, supporting unique trading vault strategies. Governed by $INST holders, Fluid DEX is set to launch by the end of July.
Certik Siphons $3m From Kraken Glitch
Kraken disclosed a critical bug on its exchange, which was initially identified by an external party. Dubbed the "infinite money glitch," the bug allowed users to immediately credit their accounts with unverified deposits, effectively enabling them to inflate their balances artificially. While the bug has been addressed and fixed, Kraken says it was exploited by a security research firm to withdraw $3 million. The Chief Security Officer of Kraken reported that the firm involved has yet to return the funds and demanded negotiations about potential payout amounts. CertiK, a security audit firm, later admitted to being the entity that withdrew the funds. Criticism followed as CertiK conducted 30-40 transactions under the guise of "testing" the vulnerability, far exceeding what would have been necessary to demonstrate the flaw. Kraken is now handling the incident as a criminal matter.
EigenLayer Phase 2 EIGEN Claims
The EigenLayer Foundation opened claims for the second phase of its initial stakedrop, enabling users of complex LRT integrations such as Kelp, Pendle, and Equilibrium, to claim their EIGEN tokens. The stakedrop is based on a snapshot taken on March 15th. While EIGEN tokens are initially non-transferable, users can stake and delegate their tokens. Users have until September 7th, 2024, to claim their tokens. The foundation plans to release details about a second season in the coming weeks.
Other News
Flashbots MEV Boost Bids Archive
LayerZero airdrop checker
Aave to launch on zkSync
Martin Shkreli DJT scheme
Introducing MAV V2
