• SuperchainERC20 universal token standard.

• EigenLayer activates AVS rewards on mainnet.

• Symbiotic goes live on devnet.

• CoinCenter wins 6050i appeal.

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OP Labs unveiled its plans for bringing native interoperability to the OP Stack, aiming to create a unified Superchain user experience across OP Stack chains. Native interoperability will enable assets, data, and users to be portable between chains. The implementation consists of a cross-chain message-passing protocol, the Superchain ERC20 token standard, a shared fault-proof system, and a network of interconnected chains. SuperchainERC20 is a universal token standard that enables tokens to be portable and fungible across different chains within the Superchain, improving security and eliminating the need for multiple bridged asset versions. OP Labs will launch an initial devnet for the message-passing protocol, followed by a testnet phase, and a mainnet launch for native interoperability next year.

EigenLayer activated rewards for Actively Validated Services (AVSs) on mainnet, allowing restakers and node operators to earn rewards for their contributions. The launch includes a UI update for tracking and claiming rewards. EigenDA will be the first AVS to launch rewards through its Base Rewards Program on August 13th. EigenDA Rewards will start with a 10 ETH pool per month and will gradually increase to cover total estimated operator expenses of $160,000. EigenDA also aims to qualify for future programmatic incentives, which will distribute 4% of the total EIGEN supply. EigenDA is the largest AVS with 3.7 million ETH in delegated stake. The $EIGEN token is expected to become transferable by September 30, 2024.

Symbiotic, a restaking shared security protocol, is now live on devnet, allowing developers to test and integrate its slashing, rewards, and staking architecture. The protocol's flexible modular framework enables networks to customize security parameters, collateral assets, asset ratios, node operator selection, rewards, and slashing mechanisms. Since launching its core contracts and opening for deposits in June, Symbiotic has attracted over $1 billion in TVL. The mainnet launch is anticipated for Q3 2024.

Coin Center won an appeal against the IRS's Form 6050I reporting requirement, which mandated that all business digital asset transactions of $10,000 or more be reported to the IRS within 15 days. The Sixth Circuit Court of Appeals ruled in favor of Coin Center, enabling the case to move forward. Coin Center also highlighted that the revised IRS Form 1099-DA no longer requires unhosted wallet providers to report transactions.

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• deBridge DBR airdrop checker

• Base commemorates one year.

• Universal goes live on Arbitrum.

• Puffer Finance adopts xERC20.

• IRS releases revised Form 1099-DA.

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Base, a layer 2 network by Coinbase built on the OP Stack, has been live for one year. Since opening for all users, Base has surpassed $6 billion in TVL, overtaking OP Mainnet to become the second-largest rollup by locked value. Base has processed over 500 million transactions and generated over 16,000 ETH in sequencer revenue. Throughout the past year, Base has implemented upgrades like EIP-4844, RIP-7212, and enhanced data compression, which have significantly reduced transaction fees. The improvements have brought transaction costs down to as low as $0.01 for most token transfers on the network. To celebrate its first anniversary, Base released a limited-time One Year On Base NFT on Zora.

Universal, a wrapped asset protocol, is now live on Arbitrum. The protocol enables the trading of wrapped versions of non-EVM assets such as SOL, DOGE, and BTC on various chains. Universal uses a mint-and-burn mechanism to address the issues of locked liquidity, without relying on traditional bridging mechanisms. The protocol is operated by Custodians, who custody the the underlying assets, and Merchants, who serve as liquidity providers and facilitate the minting and burning. Universal aims to replicate CEX-level performance and pricing. The protocol is currently in a mainnet beta phase with initial support for 19 assets.

Puffer Finance has adopted the xERC-20 bridge token standard for its liquid restaking token, pufETH. The standard allows for seamless token bridging without requiring multiple representations of the same asset, enabling users to transfer pufETH across chains with minimal slippage. It allows Puffer to support restaking deposits from any chain. xERC-20, also known as ERC-7281, is an extension of the ERC-20 standard. It was developed by the interoperability protocol Everclear (formerly Connext Network). It enables token issuers to manage bridges, set minting limits, and authorize approved bridges to mint the same token representation, allowing protocols to maintain control over their token contracts.

The IRS has issued a revised version of Form 1099-DA, a proposed tax-reporting form that mandates digital asset brokers to report information to the IRS and provide users with a summary of taxes owed. The revision removes the need for detailed information, such as wallet addresses and transaction IDs, to be reported, which were initially required in the first draft. The IRS is open for public comment on the revised draft before it is implemented in 2025.

• ACDC #139 recap

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• ENS announces frENS day

• SEC subpoenas three crypto VCs

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• Franklin Templeton deploys a fund on Arbitrum.

• Superchain members hand over their upgrade keys.

• Hyperlane introduces its HYPE protocol token.

• NounsDAO celebrates its third anniversary.

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Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum One network. The fund provides tokenized access to investments in U.S. Treasury securities and repurchase agreements, with shares trading under the ticker BENJI, maintaining a stable price of $1 per share. Available to both retail and institutional investors through the Franklin Templeton platform, BENJI currently offers a 7-day Effective Yield of approximately 5.27%. The fund has a market capitalization of over $400 million. Arbitrum One is the leading Layer 2 network by TVL with over $14.6 billion in assets. Franklin Templeton is an asset manager with over $1.5 trillion in assets under management.

Superchain members Mode Network, Zora, and Metal L2, have transferred their upgrade keys to the Optimism Security Council. The move advances the chains toward Stage 1 rollup decentralization, which is achieved once they have a functional proof scheme and a multi-sig override mechanism, such as the Security Council. The Optimism Security Council, composed of 13 members, oversees the management of upgrade keys for OP Stack chains within the Superchain. A quorum of approximately 75% of member signatures is required to execute emergency protocol upgrades. OP Mainnet has already reached Stage 1 rollup decentralization and is now progressing toward Stage 2. Base aims to activate fault proofs by the end of the year.

Interchain messaging protocol Hyperlane introduced the Hyperlane Foundation and its native protocol token, HYPE. The foundation's mission is to oversee and expand the Hyperlane network. The HYPE token aims to promote a developer-owned network, aligning the interests of users and developers. The Hyperlane Foundation will establish the Hyperlane Alliance, a group responsible for representing user interests and managing a grants program that rewards significant contributions to the protocol. Hyperlane aims to tackle the fragmentation and security challenges of bridging between rollups by facilitating seamless cross-chain arbitrary messages and contract calls.

Nouns, a generative NFT project that auctions a new NFT every 24 hours, has reached its third anniversary since launching on August 8, 2021. The project has auctioned over 1,000 NFTs, with all proceeds directed into the NounsDAO treasury, which currently holds nearly 5,000 ETH. Each Nouns NFT holder has voting rights on DAO proposals. The Nouns NFTs are in the public domain under a no-copyright reserved license, enabling anyone to create and sell derivatives.

• ACDC #139 takeaways

• Lighthouse v5.3.0 release

• Vitalik adds M31 support to zorch

• Uniswap Wallet swap issues

• Clave launches clv.eth subnames

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