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ZERO Network Testnet Goes Live

An EVM-compatible rollup built on ZKsync’s ZK Stack that leverages a custom paymaster to sponsor user transactions.

Quick Take

  • ZERO Network launches on testnet.

  • MegaETH raises a $20m seed.

  • Stripe supports USDC on Base.

  • Coinbase sues the SEC and FDIC.

This episode is sponsored by Harpie!

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ZERO Network Testnet Goes Live

Zero Network, an EVM-compatible rollup built on ZKsync’s ZK Stack, is now live on testnet. Zero Network aims to overcome the UX barrier of gas fees by leveraging ZKsync’s native account abstraction with a custom paymaster implementation. The paymaster abstracts gas fees for users by allowing dapps to either sponsor the fees or accept fee payments in any ERC-20 token. Zerion will sponsor transactions on Zero Network executed through its mobile and browser extension wallet. Zerion also introduced Onchain DNA, a spam prevention feature to distinguish transactions between real users and bots. To incentivize dapps to deploy on its chain, Zerion is offering grants, API credits, and access to its user base. Initial protocols launching on the network include 1inch, Phi, Reservoir, Bebop, and Safe.

MegaETH Raises $20 Million Seed

MegaETH, an EVM-compatible L2 blockchain, raised a $20 million seed round led by Dragonfly Capital. The round also included angel investments from Vitalik Buterin and Joseph Lubin. Coined as a Real-Time Blockchain, MegaETH claims to offer 100,000 TPS throughput,  millisecond-level latency, and high compute capacity. MegaETH settles transactions on Ethereum L1 and leverages EigenDA for data availability. The use of high-performant sequencer hardware, parallel execution engines, and optimized state access enables its scalability. MegaETH uses a sophisticated state trie design to reduce IO operations and bandwidth consumption. It also uses a multidimensional gas pricing mechanism. MegaETH is currently live on devnet with plans to launch a public testnet later this year.

Stripe Support USDC On Base

Stripe is integrating support for USDC on Base to its crypto payouts product. The feature enables businesses on Stripe to pay individual recipients in crypto, starting with USDC. The service simplifies the process by managing the conversion from fiat to crypto and allows recipients to link a crypto wallet for fund transfers. Stripe is also expanding its fiat-to-crypto onramp to include USDC on Base for U.S.-based customers. As part of a collaboration, Coinbase will integrate Stripe’s fiat-to-crypto onramp into its self-custodial Coinbase Wallet.

Coinbase Sues SEC And FDIC

Coinbase filed lawsuits against the SEC and the FDIC, citing a lack of transparency and accusing them of withholding public information. The lawsuits, filed under the Freedom of Information Act (FOIA), aim to attain the release of documents concerning closed SEC investigations and letters from the FDIC that advised financial institutions to pause crypto-related activities. The lawsuit targeting the SEC emphasizes the agency's inconsistent rulings and contradictory statements regarding digital assets. Coinbase is seeking to enforce its FOIA requests, aiming to hold the financial regulators accountable and push for greater regulatory clarity.

Gravita Introduces GravETH

Gravita launched gravETH, its own LST derivative created in collaboration with StakeWise and NodeSet. The LST was deployed using a custom StakeWise vault that uses validators managed by solo node operators via NodeSet. NodeSet connects staking protocols to more than 250 geographically dispersed solo node operators. GravETH has a standard commission rate of 10%. Gravita plans to support gravETH as collateral on its borrowing protocol.

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