USD0++ Devalues Amid Redemption Change
The drop follows Usual Protocol's announcement introducing a new redemption floor of 0.87 USD0 per USD0++
The USD0++ token devalues amid a redemption change.
CFPB proposes rulemaking for crypto wallets.
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USD0++, a liquid derivative of USD0 that earns yield, has devalued from its long-standing $1 price. The drop follows Usual Protocol's announcement introducing a new redemption floor of 0.87 USD0 per USD0++, assigning its value akin to a zero-coupon bond with a four-year maturity. The change replaces the previous 1:1 redemption option. Usual Protocol allows users to stake USD0, its dollar-pegged stablecoin backed by treasury assets, to mint USD0++, a token that earns rewards in $USUAL tokens over a four-year lock-up. Following the announcement, significant holders, including Gauntlet, began exiting their USD0++ positions. The price of USD0++ reached a new low of about $0.91. Next week, users will be able to redeem USD0++ for USD0 at the 1:1 rate, but this requires forfeiting accrued rewards.
The Consumer Financial Protection Bureau (CFPB) proposed new rulemaking to extend the Electronic Fund Transfer Act (EFTA) to include cryptocurrency wallets. Under the proposal, wallet providers would be held responsible for unauthorized transactions, including those resulting from fraud, theft, hacking, or leaked credentials. The proposal does not clarify on whether it applies exclusively to custodial wallets managed by third parties or also includes self-custody wallets controlled directly by users. In response, Coin Center released an analysis highlighting concerns about the rule’s constitutional implications, its vagueness, and its potential overreach. Public comments on the proposed rulemaking are being accepted until March 2025.
Pectra on mainnet anticipated in March
EIGEN town hall on 16th January
Veil supports Coinbase Verification
USDC goes live on Sonic
Last Network acquires Astaria
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CoW AMM Goes Live On Base
Anyone can deploy pools on Base using the CoW AMM pool creator.
The CoW AMM goes live on Base.
Vote to deploy Arbitrum BoLD on mainnet.
Core devs name the Gloas CL upgrade.
Boost launches Boost V2.
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CoW Protocol deployed its MEV-Capturing CoW AMM on Base, protecting liquidity providers from losses due to MEV attacks such as Loss Versus Rebalancing (LVR). LVR is the largest source of MEV, even bigger than frontrunning and sandwich attacks combined. Anyone can deploy pools on Base using the CoW AMM pool creator. The CoW AMM uses batch auctions to auction the right to rebalance the pool at the correct market price, with the amount paid by the winning solver being distributed to the pool's liquidity providers. It ensures that the total value of a pool’s reserves remains balanced. CoW AMM is optimal for pools that trade between non-stable token pairs.
A proposal by the Arbitrum DAO to transition Arbitrum One and Arbitrum Nova to the Arbitrum Bounded Liquidity Delay (BoLD) dispute resolution protocol is now open for voting. BoLD introduces faster and more reliable dispute resolutions, fixed delays for assertion confirmations, enhanced censorship resistance, and improved security. The upgrade will enable interactive fraud proofs and allow permissionless validation on Arbitrum One. The milestone will also secure green status for Arbitrum's State Validation slice on L2Beat’s Risk Rosette framework, signaling progress toward achieving Stage 2 rollup status. Voting for the proposal ends on January 23, 2025.
Ethereum core developers have chosen "Gloas" as the name for the consensus layer upgrade after Fulu. For Ethereum upgrade names, execution layer upgrades are named after Ethereum event host cities, while consensus layer upgrades are named after stars. A version of the two names is then combined for coupled upgrades. Currently, core developers are focused on finalizing devnets for Pecta before moving on to testnet forks. The subsequent upgrade, Fusaka, which combines Fulu and Osaka, is planned after Pecta. EIP-7773 is the Meta EIP assigned for the Gloas/Amsterdam upgrade outlining EIPs for inclusion and the overall fork scope.
Boost, a token incentive distribution platform, has launched Boost V2, introducing features like dynamic rewards, pegged incentives, and budget accounts. The update also extends functionality, allowing users to incentivize nearly any action on any smart contract by specifying a contract address, function, or event signature. With dynamic rewards, creators can offer larger incentives to their most active users. Pegged incentives tie reward amounts to fixed USD or ETH values, reducing exposure to token price volatility.
ElizaOS goes live on Arbitrum
25% of validators signal gas increase
Introduction to Chain Abstraction
Silo deploys on Sonic
L2Beat changes TVL to TVS
OP S7 election voting goes live
Coinbase subpoenaed by CFTC
Phala Launches OP Succinct L2
Phala Network provides cryptographic computing and Trusted Execution Environment (TEE) services tailored for smart contract developers.
Phala launches its OP Succinct L2.
Derive unveils an AI-powered terminal.
Revolut becomes a Pyth data publisher.
Aave celebrates five years.
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Phala Network launched its OP Succinct L2 network on Ethereum using Conduit’s Rollup-as-a-Service platform. Coined Phala 2.0, the network combines optimistic and ZK rollup properties, with Ethereum serving as its settlement and data availability layer. OP Succinct enables sub-cent transaction fees, fast finality, and reduced proving times. It also minimizes the seven-day withdrawal delay to just minutes. Phala Network provides cryptographic computing and Trusted Execution Environment (TEE) services tailored for smart contract developers. By handling all hardware-related complexities, Phala allows developers to focus on deploying AI-ready infrastructure and AI agents.
Derive, formerly known as Lyra Finance, unveiled Derive Pro, an AI-powered trading terminal designed to enhance the crypto trading experience. Developed in collaboration with Messari, the platform integrates an AI copilot to simplify trading for users. Derive Pro leverages Messari's inference API to provide real-time news updates. The terminal features custom AI models capable of translating market views into executable trades, offering tailored strategies for spot, perpetuals, and options trading. It also supports single-click, gasless transactions through smart accounts, and added support for L2 networks. Derive Pro is set to launch in Q1 2025.
Revolut, a global digital banking provider, partnered with Pyth Network as a data publisher. Leveraging Pyth's oracle technology, Revolut will share its proprietary price data, expanding its presence into the decentralized finance ecosystem. Pyth Network, which powers DeFi applications with reliable off-chain price feeds, receives data from participants like exchanges and market makers.
The Aave lending protocol celebrated its fifth anniversary today. First launched on January 8, 2020, Aave played a pivotal role in kickstarting DeFi Summer and has since become the largest DeFi protocol with over $34 billion in TVL across 11 networks, 13 markets, and a user base of 2.3 million. Aave is working toward Aave V4, expected to go live later this year.
ACDC #148 agenda
Vitalik on eth core dev prioritization
Consensus to focus on EOF/PeerDAS
Arbitrum Nitro v3.3.2 release
Unichain testnet activates fault proofs
TLX to SNX migration is live
$655m liquidated 24 hours
XMPT network-level consent
Uniswap FND impact report
Moby private key incident
iden3's Poseidon hash fn is broken