• Safe unveils the Safenet processor network.

• Fluid proposes a rebrand.

• EF ESP announces Q3 allocations.

• Arbitrum One hits $20 billion in TVL.

Safe unveiled Safenet, a transaction processor network designed to address the challenges of liquidity fragmentation and enhance cross-chain transaction capabilities. Targeting the ambitious goal of managing the world’s GDP onchain, Safenet can function on top of various blockchains, including Ethereum, alt-L1s, L2s, and even offchain networks such as Visa and Binance. The network will feature fast execution, unified asset balances, offchain channels, and customizable security policies. The alpha version of Safenet is slated for release in the first quarter of 2025. Safenet plans to launch across the entire Safe ecosystem, encompassing over 200 apps and the Safe{Wallet}, in the second half of 2025. Safe is the leading smart wallet provider, with more than 30 million accounts securing over $100 billion in assets.

Fluid, a DEX developed by InstaDapp, released a proposal aiming for a rebrand and strategic enhancements to accelerate growth in the new DeFi protocol. The proposal includes a buyback program that could use up to 100% of the protocol's revenue for buybacks. It sets a goal of achieving a $10 billion market size by late 2025 and plans to establish protocol-owned liquidity on the DEX. Since its mainnet launch in October 2024, Fluid has rapidly grown to a $1 billion market size. The Fluid DEX introduces innovative features such as Smart Debt and Smart Collateral, which allow users to convert their debt into trading liquidity by using it as collateral in AMM pools. The proposal is now open for community discussion.

The EF Ecosystem Support Program released an allocation update of projects that received funding in Q3 2024. A total of $12.8 million was allocated to 75 different projects. The grant categories include community education, cryptography, developer tooling, consensus layer, execution layer, and protocol support. Grant recipients include client teams, account abstraction teams, and Ethereum Protocol Fellowship. The EF Ecosystem Support Program (ESP) runs several initiatives focused on providing both financial and non-financial support to teams. Users building projects that enhance Ethereum can visit esp.ethereum.foundation to view funding opportunities.

For the first time, Aritrum One hit $20 billion in TVL. The milestone coincides with a recent rise in the price of ARB, alongside the overall market. ARB makes up nearly a quarter of the TVL given the token’s market cap of $4.3 billion. Arbitrum is not only the largest L2 by TVL, but it also holds the most bridged ETH among L2s. Base has risen as a competing rollup, which is now the second-largest rollup by TVL with over $12 billion in assets on the network. The overall TVL across all L2s has reached an ATH of $54.65 billion.

• Vitalik: What I would love to see in a wallet

• Everclear proposes token migration

• Succinct Network whitepaper

• Aztec Privacy-First CBDCs report

• ENS introduces Public Goods Builder Grants

• Optimism Superchain Registry

• Kain: Infinex V2

• Introducing Unclouded

• Alex Mashinsky pleads guilty

• Ethereum Beacon Chain turns four.

• EF launches ETH Rangers program.

• Jon Charbonneau on Ethereum’s North Star.

• Coinbase Onramp integrates Apple Pay.

December 1, 2024 marks four years since Ethereum’s Beacon Chain launched on mainnet, with its genesis block created on December 1, 2020. At its inception, the Beacon Chain saw approximately 500,000 ETH deposited on the first day. Today, over 34 million ETH—representing 28% of the total ether supply—is staked on the Beacon Chain, supported by more than 10,000 node operators. The Beacon Chain has achieved 100% uptime since its launch. On September 15, 2022, it merged seamlessly with Ethereum's execution layer, marking Ethereum's complete transition from Proof of Work to Proof of Stake. Reflecting on the anniversary, Ethereum researcher Justin Drake expressed optimism for Ethereum's future, highlighting the potential for incremental Layer 1 improvements in the years ahead.

The Ethereum Foundation's Protocol Security Research Team and Ecosystem Funding Initiative launched ETH Rangers, a new program offering $25,000 stipends to individuals and projects improving security within the Ethereum ecosystem. Eligible work includes vulnerability research, the creation of educational resources, pro-bono incident handling, audits, and tooling development. The program aims to support and incentivize Public Goods Security Work within the Ethereum ecosystem.  The application period for the first wave runs from November 21, 2024, to December 31, 2024, with recipients announced on January 20, 2025. The Ethereum Foundation is also looking to hire two Security Engineers.

Jon Charbonneau published an article analyzing Ethereum’s lack of a "North Star" and proposed strategies for establishing a vision. He notes Bitcoin’s focus on digital gold, Solana’s emphasis on high-performance global finance, and Celestia’s goal of enabling unstoppable applications. Charbonneau argues that a well-defined and unified purpose is crucial for Ethereum to maintain its leadership. The article outlines competing visions for Ethereum, including whether its primary objective should be to excel as sound money, a cutting-edge technology platform, or a mix of both. He advocates for more decisive, top-down leadership to set a clearer direction, aligning infrastructure development with user-driven use cases and engaging more deeply with the applications shaping Ethereum’s ecosystem. Charbonneau suggests prioritizing the "world computer" vision, calling for aggressive Layer 1 scaling to enhance Ethereum’s performance while preserving its decentralization ethos.

Coinbase launched an Apple Pay integration for fast and seamless fiat-to-crypto purchases. The feature enables instant transactions, lightweight KYC requirements, and simplifies the entire process, taking just seconds. Coinbase Onramp also offers free USDC on and off-ramping transactions. With over 60 million Apple Pay users in the U.S., developers can integrate one-click-buy functionality into their apps. Existing apps using Coinbase Onramp automatically gain access to the feature.

• ZKsync introduces SSO

• ZKsync begins ZIP-002 vote

• Pectra introduces new system contracts

• Celestia 8MB blocks live on Arabica testnet

• Consensus to increase blob count

• EF ZK Funding grants

• 40 invalid blocks incident

• Camelot modular incentive system