Zora Secondary Markets For NFTs
The protocol upgrade allows NFTs to be traded as ERC-20 tokens on Uniswap, creating a more efficient market for collectors.
Zora introduces secondary markets.
Arbitrum Orbit supports USDC for gas payments.
Polynomial Superchain goes live.
Candide introduces a Safe recovery module.
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Zora, an NFT tooling platform, launched a protocol upgrade that introduces secondary markets for NFTs. The release enhances post-mint value for creators and collectors by providing instant liquidity via Uniswap, creating a more efficient and liquid market for NFTs. It also features built-in secondary market rewards for creators. The default NFT mint fee has been lowered to 111 Sparks, equivalent to 0.000111 ETH. From the fee, 10% is allocated to a Uniswap liquidity pool for the NFT. The functionality is implemented through an extension of ERC-1155 called ERC20z. The standard allows NFTs to be wrapped into ERC-20 tokens or unwrapped back into ERC-1155 tokens, enabling seamless trading via Uniswap.
Arbitrum Orbit, a tech stack for deploying L2 and L3 chains, now supports bridged USDC as a custom gas token. USDC is also supported as a gas token option when deploying Orbit chains using rollup-as-a-service platforms AltLayer, Caldera, and Conduit. Arbitrum Orbit allows developers to build using WASM smart contracts, including in languages such as C++ and Rust. While chain developers can assign any ERC-20 token for gas payments, using USDC provides users with minimal price volatility, increased liquidity, and improved accessibility. Developers who use USDC for their chain’s gas token may also qualify for Circle’s USDC Grant Program, which offers up to $100,000 in funding.
Polynomial Superchain, an OP Stack chain developed by the perpetual swaps exchange Polynomial Protocol, is now live and open for deposits. Users can participate in an Initial Liquidity Event by depositing and staking USDC, sDAI, and sUSDe. Users who have earned retroactive points can claim them by making a deposit to the chain. The liquidity raised from the event will support Polynomial Trade, the protocol's flagship perpetual futures exchange. The derivatives-focused rollup features a native liquidity layer, allowing applications to access shared network liquidity. Withdrawals for the network are not yet live.
Candide Labs introduced a Social Recovery Module for Safe smart accounts, featuring ERC-4337 compatibility and support for gas payments via Paymasters. The module allows for multiple guardians, custom recovery periods, and the use of externally-owned accounts as guardians. Developers can integrate the module into their applications to enable users to set up account recovery during the account creation process.
SP1 Production Ready zkVM
The general-purpose zkVM by Succinct Labs is now available for developers to use.
Succinct SP1 is production-ready.
Erigon introduces OtterSync.
Optimism introduces Kona fault prover.
Viem experimental support for EIP-7702.
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SP1, a general-purpose zkVM by Succinct Labs, is now production-ready. SP1 facilitates the development of zero-knowledge proofs using Rust, enhancing code maintainability, auditability, and adaptability. According to Succinct Labs, SP1 can process proofs up to 10 times faster and cheaper than competing zkVMs. SP1 has secured over $1 billion in TVL and processed over 10,000 proofs. It is used by Polygon to generate pessimistic proofs on the AggLayer and is built on Polygon's Plonky3 proving system. Verifying an SP1 proof on Ethereum requires only 275k gas. SP1's code is open-source and available for developers to use.
Erigon introduced OtterSync as part of its Erigon 3 alpha 2 release. OtterSync is a new synchronization algorithm that speeds up the setup of both full and archive Ethereum nodes. OtterSync shifts the initial synchronization load from the CPU to network bandwidth. The efficiency is achieved by downloading state data through secondary protocols like BitTorrent instead of direct execution. OtterSync enhances data distribution and verification processes, reducing the frequency of required software updates while improving data availability and maintaining the integrity of the network. The alpha 2 release also brings improvements to chain tip performance, disk usage, and block importing times. Erigon 3 is an all-in-one EVM node that supports both execution and consensus layers.
Optimism introduced a new fault-proof program named Kona and a virtual machine called Asterisc as part of its multi-proof system. Kona enhances the verification processes and secures reliable state transitions throughout the growing network of OP Stack chains. The Asterisc VM is designed to authenticate the execution of RISC-V programs using interactive fraud-proofs. The multi-proof system follows the principle of client diversity in Ethereum, by adding redundancy to enhance fault tolerance and remove single points of failure. Optimism initially enabled fault proofs on mainnet in June, advancing it to a stage 1 rollup. Kona and Asterisc are currently in a development phase and are not yet production-ready.
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Aave Generates $6 Million In Revenue
The revenue came from liquidation events amid the market turmoil over the weekend.
The price of ETH plummets 20%.
Aave generates $6 million in revenue.
Vitalik on cross-L2 interoperability.
Devcon VII general ticket wave 3.
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Over the weekend, the price of ETH plummeted by 20%, dropping from just over $3,000 to a low of $2,200 this morning. The sharp decline led to a surge in gas fees on Ethereum mainnet, pushing ETH to be deflationary. The last time ETH was deflationary was just before the Dencun upgrade, although ETH has remained net deflationary since the Merge in 2022. The price drop is part of a broader market sell-off affecting both stocks and crypto assets. Bitcoin also dipped below $50,000. Japan’s Nikkei index had a significant decline of 12.4%, the largest drop on the exchange since Black Monday in October 1987. The market turmoil followed the Bank of Japan’s recent move to raise interest rates on the Yen to 25 basis points.
According to Aave founder Stani Kulechov, the lending protocol generated $6 million in revenue over the weekend amid the market turmoil. The revenue came from liquidation events, which occur when a borrower’s health factor falls below the liquidation threshold. Aave remained operational without outages amid liquidations of $1 billion across the crypto markets. The Aave V3 Ethereum market alone liquidated over 1,000 positions and more than $220 million in debt. The largest single liquidation involved $7.4 million worth of WETH to cover a $10 million USDC loan, which generated $800k for the protocol. Aave is the third largest protocol on Ethereum, with over $10 billion TVL.
During the Base Camp summit, Ethereum creator Vitalik Buterin emphasized that the next challenge for the Ethereum community to solve is cross-L2 interoperability. Base lead Jesse Pollak inquired about what the community should focus on given EIP-4844 is live and the advancements made in account abstraction. Buterin highlighted that cross-L2 interoperability would address account abstraction issues and the fragmented experience across Ethereum's extended chains. He suggested that contributors focus on the cross-chain address standard ERC-3770, cross-chain intents standard ERC-7683, and CCIP Read standard ERC-3668. He added that people will be surprised by how quickly we get a smooth user experience across Ethereum.
General ticket sales for Devcon VII will go live on Tuesday, August 13th at 16:00 UTC. General Admission tickets are priced at $599 with discounts available for past attendees, public goods projects, open-source contributors, and local SEA builders. Devcon VII is the largest Ethereum developer conference, set to take place in Bangkok, Thailand, from November 12-15.
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