Quick Take

• Spire Labs launches a Based L3.

• Ithaca introduces Proto.

• Market response to reciprocal tariffs.

• Eigen summer fellowship

Spire Labs Launches Based L3

Spire Labs launched a based L3 appchain on testnet with synchronous composability. A based L3 is a chain that leverages the L2’s existing sequencer instead of running its own centralized sequencer. It allows the L3 to interact with the L2 as if it were a native smart contract, enabling synchronous composability. The implementation is lightweight, cost-effective, and reduces infrastructure overhead. Spire Labs is an infrastructure provider building the Based Stack, an open-source framework that lets developers launch customizable appchains on Ethereum, advancing scalability and interoperability across L2s and L3s.

Ithaca Proto Library Demos

Ithaca released demos for Porto, a new TypeScript library that simplifies the integration of authentication, crypto payments, and account recovery into applications. Porto is modular, supports the latest account abstraction standards like EIP-7702 and RIP-7212, and works across web, mobile, and desktop platforms. The library includes an EIP-1193-compatible provider and integrates with popular tools like Wagmi and Privy. Key features include embedded onboarding with passkeys and WebAuthn, privacy-preserving identity using ZK Passport, built-in access controls, stealth addresses, ERC-7683 cross-chain compatibility, and multi-path recovery.

Market Cap Dips Below $1.5 Trillion

The price of ETH dropped to a low of $1,431 earlier today, a level not seen since January 2023, as market volatility surged in response to the Trump administration’s ongoing reciprocal tariffs. The broader crypto market saw over $1.5 billion in liquidations, pushing total market capitalization below $1.5 trillion. At the time of writing, ETH has rebounded slightly, trading at $1,585.

Other News

• Eigen summer fellowship

• Lens Chain releases Dev Dashboard

• Fee structure for EXECUTE-precompile

• Fed holds emergency meeting

• Interop Testing Call #32

• Read: Rollups & Preconfs

• Base distributes Builder rewards

• Local Ethereum roundup

• Etherealize on Bankless

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