Concerns Over 32MB Data Blobs
Peter Szilágyi says the planned future size update would impact home stakers due to the high bandwidth requirements.
Concerns are raised over 32mb data blobs.
EigenLayer introduces an AVS rewards program.
Fluid DEX launches an NFT pass.
Ethereum.org announces the 2024 translation contest.
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Geth developer Péter Szilágyi raised concerns about Ethereum researchers' plans to increase data blobs to 32mb as part of PeerDAS. While the change is not anytime soon, Szilágyi warned that it would significantly impact local block production, effectively pushing out most home stakers due to the high bandwidth requirements. Szilágyi also criticized Ethereum researchers for being accepting of centralized solutions, highlighting potential conflicts of interest with researchers allegedly running their own MEV relays. He points out that advancements in the private mempool, MEV, and centralized builders contribute to a decline in home stakers and a dwindling public mempool. PeerDAS is a data availability sampling solution that is beneficial for rollups. It leverages existing peer-to-peer components to allow nodes to access parts of blob data without downloading the entire dataset. Although a larger data blob size contributes to scalability, it increases bandwidth requirements for nodes. The initial implementation of PeerDAS is currently slated for inclusion in Pectra.
EigenLayer announced plans to launch an AVS rewards boost program in conjunction with the activation of AVS rewards functionality on mainnet. EigenLayer allocated 4% of its total EIGEN supply to programmatic incentives for restakers and operators. Rewards will be distributed based on the rewards given by AVSs and are separate from the Season 2 Stakedrop allocation. Actively Validated Services (AVSs) leverage the economic security of Ethereum restakers to secure consensus for their own networks, allowing both restakers and node operators to earn rewards for their participation. Since its launch just over a year ago, EigenLayer has become the second-largest protocol on Ethereum by TVL, with over 4.8 million ETH, valued at $15.7 billion.
Fluid, a liquidity layer developed by Instadapp, released the Fluid Pass NFT in preparation for the launch of its DEX. Whitelisted users, including those from Lido, EtherFi, Milady, and Earndrop, can mint the first edition pass. The utility for the NFT will be revealed at a later date, potentially offering early access to the DEX. Fluid DEX is designed for capital efficiency, featuring Smart Debt and Smart Collateral functions. The innovative features allow debt to be converted into trading liquidity, enabling users to earn trading fees to offset borrowing costs. The collateral is deployed in AMM liquidity to generate trading and lending fees. The DEX is set to launch in the coming weeks.
Ethereum.org announced the return of its annual Translatathon program, a community-driven initiative to translate the website into more languages. Individuals and small teams are invited to participate, with translation contributors competing for a share of $30,000 in prizes. Applications are open until August 9th, and the program will run from August 9th to 18th.
ACDC #138 recap
Erigon v2.60.5 release
Abstract Chain goes live on testnet
Gemini suffers a data breach
Eclipse mainnet next week
ethOS v3.0.3 updates
Applications open for GG21
92,000 ETH transfer is staked
Lido introduces custom Dappnode
Aave Proposes Revenue Redistribution
An upgrade to the current safety module that will use Aave v3 aTokens for staking and slashing.
Aave proposes Umbrella Safety Module.
Velodrome introduces GovNFTs.
Umbra Research introduces srAMM.
Virtual Currency Tax Fairness Act.
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Aave published a proposal for implementing the Umbrella Safety Module, an upgrade to the Aave Safety Module that introduces revenue redistribution. The Aave Safety Module provides stakers with rewards in exchange for providing bad debt coverage protection. Umbrella will replace the current safety module, aiming to segregate bad debt coverage, eliminate reliance on secondary market liquidity, and activate slippage-free debt burn coverage. Instead of using stkGHO and stkAAVE tokens, Umbrella will utilize Aave v3 aTokens for staking and slashing. Rewards will also be in their respective aTokens, financed by the local reserve factor collection. The proposal also seeks to launch a program to buy AAVE on secondary markets and distribute it to the ecosystem reserve. Following community feedback, the proposal will proceed to a temp check snapshot vote.
Velodrome introduced GovNFTs, ERC-721 tokens designed to manage the vesting of ERC-20 tokens and enhance governance participation by enabling holders to delegate voting rights even while tokens are locked. GovNFTs aim to help streamline the distribution of Optimism Grants, allowing recipients to vote without having to wait for tokens to vest. The GovNFT portal allows users to connect their wallets to set up delegation preferences. Users can also lock ERC-20 tokens to create a GovNFT. The recipient can then claim tokens as they become available. Velodrome has already distributed OP tokens as GovNFTs to incentivize active governance participation.
Blockchain research company Umbra Research developed a concept for a sandwich-resistant AMM (sr-AMM) as an application-layer solution to combat MEV attacks. In a typical sandwich attack, an attacker front-runs a user's order by purchasing the asset first, allows the victim's trade to execute at the inflated price, and then profits by back-running the transaction with a sale. The sr-AMM design ensures that no swaps execute at a price better than the starting price at the beginning of a trading slot. At the start of each slot window, it resets both prices and liquidity conditions. The sr-AMM keeps the bid price unchanged after a buy order, which disrupts the economic feasibility of sandwich attacks. However, the model does result in a wider trading spread.
CoinCenter director Jerry Brito annunced that the Virtual Currency Tax Fairness Act has been reintroduced in the Senate with bipartisan support, aimed at simplifying the tax implications of small cryptocurrency transactions. The bill proposes to exemption low-value transactions from capital gains tax. It would allow for the exclusion of up to $200 in gains per transaction from taxable income, provided the transaction doesn't involve cash equivalents, business, or investment property.
Farcaster Frames supports Polygon
Coinbase USDT to USDC auto conversion
Zora introduces Sparks unit
Starknet Payment Hub
Bitwise posts ETH banner in NY
Base introduces Onchain Network
Dakota Introduces A Crypto Native Bank
The banking platform features competitive yields, treasury management, and insurance products for stablecoins.
Dakota introduces a crypto-native bank.
Shadow launches a Univ3 dashboard.
Caldera raises a $15 million Series A round.
Polygon CDK integrates the bridged USDC standard.
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Dakota launched its crypto-native banking platform for businesses, offering support for ACH, wire, and crypto transactions. The platform also features competitive yield treasury management, customizable asset allocation, staking management, and insurance products for stablecoins. Dakota was founded by Ryan Bozarth, who previously managed Coinbase Custody. Coinbase Custody is the custodian for 8 of the 9 Spot ETH ETFs. Dakota is now live and available for early customers, including fintech firms, crypto startups, and foundations.
Shadow, a smart contract indexing platform, launched univ3.xyz, a dashboard designed to analyze Uniswap pool activity and liquidity dynamics. The dashboard leverages Uniswap v3 shadow events, which are offchain event logs that provide extensive data and insights beyond what is available in the original onchain contract. Shadow events can be retroactively added to any deployed smart contract without altering its functionality. The process uses a real-time database sync, eliminating the need for RPC calls or external APIs. Shadow aims to simplify data pipelines and provide hosted node infrastructure for anyone looking to build an onchain data indexer.
Caldera, a rollup-as-a-service infrastructure provider, raised a $15 million Series A funding round led by Founders Fund, bringing its total funding to $25 million. The fresh capital will be used to develop the Metalayer, a unifying layer for L2 and L3 chains. The Metalayer enables execution across rollups with a single transaction. Caldera launched a pilot NFT mint on the Metalayer, allowing users to mint NFTs across 18 Caldera rollups on testnet. Caldera supports custom rollup deployments on ZK Stack, OP Stack, Polygon CDK, and Arbitrum Orbit frameworks. Chains deployed on Caldera, such as ApeChain, RARI Chain, and Manta Network, collectively secure over $800 million in TVL.
Polygon CDK has integrated Circle's Bridged USDC Standard, allowing chains deployed on the stack to implement an upgradeable version of bridged USDC. The standard enables smooth future upgrades to native USDC without needing code changes. The integration minimizes liquidity fragmentation by eliminating the need for users to migrate their bridged USDC to native USDC.
Day 1 ETH ETFs recap
Day 2 ETH ETFs hit $1b volume
Base increases gas target
ArbOS 31 activated on Arbitrum Sepolia
Lido DVT cluster update
Crypto Index ETF filed
Beaconcha.in V2 beta update
Polymarket surpasses $1b volume