Developers Determine Pectra Scope
The scope is to that of Devnet 3, which currently includes eight EIPs. EIP-7742 and EIP-7762 are still CFI'd for Pectra, with all other EIPs pushed to Fusaka.
Core devs determine the scope for Pectra.
Synthetix proposes a protocol referendum.
Ethena introduces the UStb stablecoin.
Polygon PoS activates Ahmedabad upgrade.
During this week's ACDE call, core developers determined the scope for the upcoming Pectra hard fork. They decided to keep the scope strictly to that of Devnet 3, which currently includes eight EIPs. EIP-7742 and EIP-7762 are still under consideration for Pectra. All other EIPs that were CFI’d for Pectra have been removed. The excluded EIPs will now be CFI’d for the Fusaka hard fork, the next upgrade following Pectra. Fusaka’s inclusion list includes EOF and PeerDAS. The other EIPs will remain under consideration and will only be added to Fusaka once EOF and PeerDAS are stable on devnet. Notably, Verkle, which was initially planned for Fusaka, has now been pushed to the Amsterdam hard fork.
Synthetix governance introduced its first Synthetix Referendum (SR) proposal, SR-2, which aims to overhaul the current governance framework, reboot the project's vision, and establish a comprehensive 2025 roadmap. The proposal focuses on improving accountability and launching the Synthetix Foundation, with the ultimate goal of restoring Synthetix's relevance in the DeFi ecosystem. Key elements of the overhaul include replacing the existing governance structure with a new seven-member Spartan Council. The near-term roadmap outlines initiatives such as redesigning SNX tokenomics, operationalizing SNaXchain, and deploying Synthetix Perps V3 on Ethereum Mainnet and Solana. SR-2 is currently under discussion in the Synthetix Discord.
Ethena Labs, in collaboration with Securitize, introduced UStb, a new stablecoin backed by tokenized U.S. Treasuries through BlackRock’s BUIDL Fund. The BUIDL Fund is a tokenized asset fund on Ethereum that offers accredited investors onchain access to U.S. Treasuries. Ethena is a decentralized stablecoin protocol known for its synthetic USDe stablecoin, which is backed by assets like stETH and delta-neutral positions in derivatives markets. UStb and USDe will operate as independent products, each with their own distinct risk profile. Currently, USDe, has a market cap of $2.5 billion, while BlackRock’s BUIDL Fund manages over $500 million in assets.
Polygon PoS underwent the Ahmedabad upgrade. The minor upgrade increased the maximum code size from 24KB to 32KB, allowing for more complex smart contract deployments. It also addressed issues related to gas pricing. It also changed token symbol on Polygon PoS from MATIC to POL, and WMATIC to WPOL.
EIP-7762 Impact On Blob Fee Market
The proposed blobspace base fee increase would lead to more predictable blob pricing.
Impact of EIP-7762 on blob fee market.
Commit-Boost nears production readiness.
Celo sees a surge in stablecoin adoption.
Base gas target increases to 11 Mgas/s.
Flashbots researcher Datalaways published an analysis on the impact of EIP-7762, a proposal to increase the minimum base fee in blobspace from 1 wei to approximately 33.55 MWei. The research debunks the misconception that blobs don’t contribute fees to the network, revealing that submitters already pay between $0.10 and $3.00 per blob in mainnet execution fees. The analysis also highlights that the proposed fee increase would reduce the frequency and severity of Priority Gas Auctions (PGAs), leading to more predictable blob pricing. EIP-7762 also addresses the "cold-start problem," where the blobspace fee market is slow to react to rising demand. Datalaways concludes that the impact on market fees will be minimal, with the lowest-cost blobs experiencing a slight increase. Base developers have also expressed their support for EIP-7762.
Commit-Boost, a software tool designed to restore block-building autonomy for Ethereum validators, is approaching production readiness. The tool enables validators to impose conditions and constraints on block construction, providing greater control when outsourcing the task to external builders via MEV Boost. Commit-Boost standardizes how validators approve specific block construction protocols, known as "shapes," helping to avoid fragmentation within the Ethereum ecosystem while reducing associated risks. As an open-source public good, Commit-Boost invites Ethereum stakeholders to participate in testing ahead of a production-ready release later this year.
Celo, an EVM-compatible L1 that is transitioning into an OP Stack L2, is seeing increasing adoption for stablecoin usage on its network. Data from Artemis shows that Celo has now surpassed Tron in daily active addresses for stablecoin transactions. Artemis also highlighted that the growth in transfer sizes across various categories suggests the increase is not driven by spam transactions. The surge in activity is partly due to the rise in mobile payment applications in Africa, such as MiniPay, which enables users to send and receive stablecoins on Celo via their phone numbers. Vitalik Buterin commented on Celo’s progress, emphasizing that global access to basic payments has always been a crucial use case for Ethereum. Celo currently has a TVL of $120 million.
Ethereum Follow Protocol Goes Live
Users can now mint follow lists, follow wallets, block wallets, and view their leaderboard rank on Ethereum Follow Protocol.
Ethereum Follow Protocol goes live.
TrueCoin settles charges with the SEC.
WalletConnect opens airdrop registrations.
Phaver launches its SOCIAL platform token.
The Ethereum Follow Protocol, an onchain social graph for Ethereum, is now live on mainnet and open to all users. The launch allows users to sign in with their Ethereum wallet to follow others, block wallets, and view their leaderboard rank. EFP enables users to create and manage follow lists through EFP List NFTs on Base. The protocol integrates data from ENS records, such as a profile picture, bio, and social links. The release includes a wallet activity feed powered by Interface. Developers can leverage EFP to incorporate rich account data, such as follow lists, into their applications.
TrueCoin LLC and TrustToken Inc., the issuers of the TrueUSD stablecoin on Ethereum, settled with the SEC over charges of defrauding investors by diverting a substantial portion of TUSD reserves into a speculative offshore fund. The companies agreed to settle the charges with the SEC by paying $700,000 in penalties. Despite knowing about redemption issues and having most reserves tied to its offshore fund, the SEC says TrueCoin falsely assured users that the stablecoin was fully backed by U.S. dollars. The penalty for TrueCoin and TrustToken appeared minimal when compared to Binance's $4 billion fine for failing to comply with KYC regulations.
WalletConnect is now accepting user and contributor registrations for its upcoming WCT token airdrop. In the first airdrop season, 50 million WCT tokens will be distributed out of a total 18.5% of the total token supply, allocated for airdrops. Eligibility for the first airdrop is determined by past activity on the WalletConnect Network. For users, eligibility is based on WalletConnect connections and signatures, while for developers, it includes contributions to CAIPs, EIPs, SDKs, and other open-source projects. To participate, users must create a profile, connect their Ethereum wallets via WalletConnect, and optionally link their GitHub accounts. The results for the initial airdrop will be revealed in November. The airdrop is part of WalletConnect's journey towards becoming a fully decentralized network by 2025, with WCT serving as the protocol’s staking and governance token.
Phaver, a Web3 social aggregator designed for Lens Protocol and Farcaster, launched its SOCIAL platform token. Eligible users can now claim their Phaverdrop Season 1 allocation on Base over the next 30 days. The launch unlocks roughly 10% of the token’s 10 billion total supply. SOCIAL tokens can be used to boost Cred Level and Points on the Phaver platform, offering preferential feed visibility.
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EigenLayer Operator wallet submission
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