Researchers Advise Gradual Gas Limit Increase
Significant increases beyond 36 million gas could lead to unintended consequences or network instability, suggesting for a more gradual increase.
Quick Take
Ethereum researchers advise a gradual gas limit increase.
Ethena's USDe overtakes USDS by market cap.
Daimo introduces Daimo Pay.
Coinbase to evaluate Celo hard fork support.
Researchers Advise Gradual Gas Limit Increase
Ethereum researcher Toni Wahrstätter shared insights on the potential implications of significantly increasing Ethereum's block gas limit. While some community members have advocated for raising the limit from its current 30 million to as high as 60 million, Wahrstätter noted that rapid increases beyond 36 million gas could lead to unintended consequences and network instability. Wahrstätter suggested deferring substantial gas limit increases until after the Pectra hardfork, which is expected to provide critical enhancements and empirical data needed to determine future gas limit increases. Increasing the gas limit does not require a hard fork. Validators can simply adjust their node configurations to implement the change.
USDe Overtakes USDS By Market Cap
Ethena’s yield-bearing stablecoin, USDe, has surpassed MakerDAO’s USDS stablecoin in market capitalization. USDe now holds a market cap of about $5.5 billion, surpassing USDS at $5.2 billion. The overtake follows MakerDAO's controversial rebranding to Sky. USDe is an overcollateralized stablecoin backed by BTC, staked ETH, and hedged positions in derivatives markets. Ethena markets USDe as an "Internet Bond," designed to emulate U.S. treasury bonds in the digital economy. USDe has become the third-largest stablecoin by market cap, following USDC in second place and Tether in first.
Daimo Introduces Daimo Pay
Daimo, a fiat-to-crypto onramp provider, introduced Daimo Pay, a new solution for single-click crypto payments using any token across almost any chain. With Daimo Pay, projects like ethOS can accept payments in any cryptocurrency and seamlessly convert them into fiat dollars deposited directly into a bank account. Both the contracts and SDK for Daimo Pay are open-source and publicly accessible. Since its beta launch, Daimo Pay has facilitated over $2 million in transaction volume. Developers can now integrate cross-chain, cross-token payment functionality into their applications, offering users a seamless experience by abstracting the complexities of bridging.
Coinbase To Evaluate Celo Hard Fork
Coinbase announced that it will evaluate its decision to support Celo's upcoming hard fork, which marks the network's transition to an OP Stack Layer 2. Earlier this month, Coinbase faced criticism for announcing it would not support the hard fork, urging users to withdraw their Celo tokens to avoid losing access to their funds. The Celo hard fork has also been postponed from January to a later date in 2025.
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