• EigenLayer introduces the $EIGEN stakedrop.

• EigenLayer intersubjective forking protocol.

• SEC investigated ETH as a security in 2023.

• Ethereum reaches 1 million active validators.

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EigenLayer introduced EIGEN, its protocol token coined as the Universal Intersubjective Work Token.  The total supply of EIGEN is 1.67 billion tokens, with 55% allocated for investors and early contributors, while the remaining 45% is allocated for the community. Of the community's share, 5% is allocated for an initial stakedrop. Restakers on EigenLayer can check their eligibility for the first stakedrop at claims.eigenfoundation.org. The stakedrop is based on a snapshot taken on March 15th. Claiming will go live on May 10th; however, the tokens will initially be non-transferable. Users who have restaked on EigenLayer using complex LRT integrations will need to wait until a later date to claim their tokens Transferability of EIGEN tokens is planned to be enabled after the community has a solid understanding of the new protocol design, once payment and slashing mechanisms go live, and once the community stakedrops are completed. Users will also have the ability to stake their EIGEN tokens.

EigenLayer published a whitepaper introducing its Universal Intersubjective Work Token, a new protocol design that provides social consensus as a service. The system allows for token forking in instances where a majority of stakeholders engage in malicious behavior. It addresses intersubjective faults, which are issues that require subjective consensus among observers. While ETH staking targets objective faults with specific use cases, EIGEN staking is designed for more universal applications, addressing intersubjective faults. The protocol incorporates a dual-token system to mitigate risks linked to forking, including a metering system to assess the costs of switching tokens and a compensation mechanism to safeguard users from losses. The framework is currently open to community input.

Recent court documents reveal that the SEC began probing Ethereum's classification as a security in March 2023. The investigation commenced before a house committee meeting where SEC Chair Gary Gensler was unable to classify Ethereum as either a security or a commodity. The SEC authorized its enforcement staff to issue subpoenas and conduct inquiries into individuals. In 2023, Consensys received three subpoenas demanding detailed information on its Ethereum transactions, acquisitions, and its role in the Ethereum Improvement Proposals relating to the Merge. Consensys complied with the requests, producing an extensive 88,000-page report. Despite cooperating, the SEC escalated its scrutiny by issuing a Wells notice to Consensys.

Ethereum has reached a milestone of 1 million active validators securing the network, the highest number since the Beacon Chain was launched. Currently, 32 million ETH are staked, representing 26% of the total supply of Ethereum, valued at just over $100 billion. The increased amount has led to a reduction in the staking APY to approximately 3.5%.

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• Privy x Coinbase Smart Wallet

• EPF study group concludes

• Aevo EIGEN pre-launch

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• Offchain Labs discloses OP vulnerabilities.

• ApeCoin selects Conduit.

• Over 15% of staked ETH is now restaked.

• Renzo announces its second airdrop season.

Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.

Offchain Labs disclosed two security vulnerabilities in Optimism’s fraud-proof system on the OP Sepolia testnet. The flaws were reported to OP Labs on March 22nd. The vulnerabilities could have enabled a malicious actor to either validate a fraudulent claim or invalidate a genuine one within the fraud-proof system. The issues were related to management of time credits in the fraud-proof system, which could have been accumulated by dishonest parties. OP Labs implemented a fix on April 25 via an update deployed on the OP Sepolia testnet. OP Labs is concluding a security audit contest before it proposes deploying the fraud-proof system on mainnet.

ApeCoin selected Caldera's rollup-as-a-service platform to launch ApeChain, a gaming-centric Arbitrum Orbit L3 chain. ApeChain will leverage Caldera's infrastructure and integrated services to manage its L3 chain and enable ApeCoin as the native gas token. Caldera’s toolkit includes a bridge interface, a block explorer, and on/off ramps. In the coming months, ApeChain will roll out several testnets, enabling early gaming partners to begin integrations. The first testnet for ApeChain will operate under chain ID 1798. The partnership comes as Yuga Labs CEO Greg Solano announced a company-wide restructuring, which includes layoffs.

A Dune Analytics dashboard shared by Tom Wan reveals that over 15% of Ethereum staked on the Beacon chain is now restaked through EigenLayer. The amount totals to 4.9 million ETH, valued at approximately $15.42 billion. Out of this, 3.1 million ETH is restaked natively, predominantly through liquid restaking protocols. 1.7 million ETH is restaked via liquid staking tokens, with Lido’s stETH accounting for 1 million stETH of deposits. Of Ethereum's total supply of 122 million ETH, about 26% is staked on the Beacon chain. EigenLayer first began accepting deposits into its protocol in June 2023.

Renzo Protocol, the second-largest LRT protocol by TVL, announced the details for its second points season, following the conclusion of the first season today. Users will be able to claim their REZ tokens from season one starting April 30th at 11:00 UTC. The upcoming Season 2 will allocate an additional 5% of the token's supply to users who earn ezPoints over the next three months. Participants from Season 1 will receive a 10% boost in their Season 2 earnings.

• Uniswap growth proposal

• Introducing Ethereum Blobspace Derivatives

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• Stripe to support USDC payments.

• Consensys sues the SEC.

• The FBI issues a PSA on crypto transmitters.

• Fluidkey launches on Base.

Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.

Stripe has unveiled plans to introduce support for global stablecoin payments, initially supporting USDC on Solana, Ethereum, and Polygon. During the Stripe Sessions annual conference, co-founder John Collison demonstrated the new feature, which allows connections to wallets like MetaMask, Coinbase Wallet, and Rainbow. Transactions in USDC will be settled onchain and will be automatically converted to fiat currency. Businesses interested in adopting crypto payments can join a waitlist to be early adopters of this feature, slated for release this summer. Stripe already supports fiat-to-USDC payouts.

Consensys, a key provider of Ethereum infrastructure, has filed a lawsuit against the U.S. Securities and Exchange Commission, citing the agency’s excessive regulatory overreach. The lawsuit challenges the SEC's inappropriate expansion into regulating Ethereum, asserting that Ethereum is a commodity, not a security. It also seeks to address the disruption caused by the SEC’s actions to those developing on Ethereum. The lawsuit argues that self-custody applications like MetaMask should not be classified as securities brokers. The SEC’s overregulation has stifled growth in blockchain. Coinbase has similarly filed lawsuits against the SEC over the past year.

The FBI issued a public service announcement advising against the use of money-transmitting cryptocurrency services that are not registered as Money Services Businesses (MSB). The agency says that users of the unregistered services might face disruptions if the services are targeted and seized by law enforcement. The warning comes one day after the agency arrested developers behind a privacy-focused Bitcoin wallet. The FBI says users should verify whether a crypto service is registered with the Financial Crimes Enforcement Network (FinCEN) as an MSB and advised users to avoid platforms that do not implement know-your-customer (KYC) requirements.

Fluidkey, a provider of transaction privacy tools, launched a beta version of its app on Base. Users can access the beta release between now and April 27th to register for a privacy-focused fkey.eth ENS subdomain. Fluidkey enhances privacy by automatically rerouting payments made to a private ENS to a new address under the user’s exclusive control. In addition to Base, Fluidkey is also live on Ethereum, Arbitrum, Polygon, and OP Mainnet.

• Base holds second-most USDC

• Magic Eden goes live on Base

• Robinhood supports swaps into Arbitrum

• DeFiSaver supports Compound on Base

• Nethermind v1.26 release

• EigenLayer AVS explorer

• Astaria launches on Mode

• Zora pay with ETH for ERC20 mints

• Movement raises $38m Series A

• AlignedLayer raises $20m Series A

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