Quick Take
Fuel introduces its FUEL token.
Synthetix acquires the TLX protocol.
Superstate introduces mint and redeem.
Spark deploys $100m in liquidity on Base.
Fuel Introduces FUEL Token
Fuel, an Ethereum Layer 2 Optimistic Rollup, introduced FUEL, its native ERC-20 token on Ethereum. FUEL secures the network’s decentralized sequencer and eliminates user gas fees via an Application Specific Sequencing model. Leveraging Tendermint-based Proof-of-Stake, FUEL decentralizes sequencing, allowing users to earn staking rewards for securing the network. With a total supply of 10 billion tokens, 20% is allocated to the Fuel community, including early participants in the Fuel Points Program. The launch of $FUEL is anticipated within two weeks. Fuel’s parallel transaction execution engine delivers high throughput and scalability, while its architecture allows anyone to operate nodes using consumer-grade hardware.
Synthetix Acquires TLX Protocol
Synthetix successfully acquired TLX, a leveraged token protocol, at an implied valuation of $4 million. The acquisition is part of Synthetix’s strategy to expand into structured vault products. TLX token holders can convert their tokens into SNX at an 18:1 ratio, subject to a vesting period. It marks Synthetix’s second acquisition and its first directly owned, revenue-generating consumer product. The TLX governance council will dissolve, with responsibilities transitioning to the Spartan Council, while the TLX treasury will be merged into Synthetix’s treasury. Synthetix plans to audit TLX products, optimize implementation parameters, and prepare for deployment on Base. A leveraged token incentive program will also be launched in early 2025.
Superstate Introduces Mint & Redeem
Superstate, a Real World Assets protocol, introduced new functionality for minting and redeeming USTB, its tokenized treasury fund. Investors can now mint USTB using USDC in a single transaction or redeem USTB for USDC instantly. While there are no limits on minting, redemption liquidity is initially capped at $10 million. The upgrade builds on Superstate’s previous Continuous Pricing feature, which calculates USTB’s price continuously, updating every second. To support the functionality, the protocol leverages a custom onchain oracle that continuously updates USTB’s Net Asset Value per Share (NAV/S), enhancing DeFi composability. The USTB fund has close to $100 million in TVL.
Other News
ACDC #147 agenda
Spark deployed $100m in liquidity to Base
EigenLayer user testing program
Optimism releases RF6 results
Coinbase Diamond integrates Chainlink
Arbitrum Stylus Sprint ends soon
DWF launches $20m AI fund
Wintermute seeks FLUID loan
ENS reimbursement of eth.limo
eric.eth’s structure for EF/community
