• RetroPGF rounds for 2024.

• Tornado Cash trail begins in the Netherlands.

• Angle Protocol introduces USDA.

• CFTC classifies ETH as a commodity.

Optimism Announces 2024 RetroPGF Rounds

Optimism announces new RetroPGF rounds for 2024. A Tornado Cash trail begins in the Netherlands. Angle Protocol introduces USDA. And the CFTC classif...

https://castbox.fm

Listen on: Apple | Castbox | Spotify | YouTube | Lens

Optimism unveiled a new phase for Retroactive Public Goods Funding (RetroPGF), introducing category-specific rounds in 2024. A total of 850 million OP tokens, which represent 20% of the total supply, have been allocated to funding public goods. 40 million OP tokens have already been awarded during the second and third RetroPGF rounds, which supported Optimism Collective Intents. Projects across any OP Chain, including Base, Mode, and Zora, are now eligible for retro funding. RetroPGF 4, set to commence in May, will target Onchain Builders. RetroPGF 5, scheduled for August, will focus on contributions to the OP Stack. In the same month, RetroPGF 6 will reward improvements in governance. RetroPGF 7 will take place in October, marking the final round for 2024, which will focus on rewarding development tooling projects.

Alexey Pertsev, a developer who helped write open-source code for Tornado Cash, has started a trial in the Netherlands. Pertsev is accused of facilitating money laundering through Tornado Cash, with Dutch officials alleging that he failed to prevent international hacking groups from laundering money on the platform. Pertsev was arrested on August 10th and was held in custody for nine months before being released on bail in April 2023. Crypto educator Eléonore Blanc, who has been closely monitoring the trial, reported that Pertsev spent the morning responding to questions from the judges regarding PepperSec’s liability, governance, and the Tornado Cash compliance tool. If convicted, the case sets a dangerous precedent for open-source developers.

Angle Protocol introduced USDA, a stablecoin pegged to the U.S. dollar and backed by Real-World Assets (RWA) and DeFi assets. USDA holders who stake their tokens in Angle’s stUSD savings solution will earn a variable yield. According to Angle, users will be able to seamlessly convert between USDC and USDA. The new stablecoin shares the same framework as EURA, Angle's Euro-pegged stablecoin. USDA will be integrated into the Morpho Blue lending protocol, allowing users to lend and borrow the stablecoin. The yield will stem from the stablecoin's yield-bearing backing and the interest paid from USDA borrowers. USDA is not yet live but is expected to launch in April, subject to a governance vote.

In a legal action targeting KuCoin, the CFTC has reiterated its classification of ETH as a commodity, a perspective that diverges from the SEC's undefined stance on ETH. The CFTC's complaint alleges that KuCoin engaged in the facilitation of commodity futures transactions without the required registrations and did not enforce proper KYC procedures.

• Google displays ETH balances across chains

• Coinbase commits to store more on Base

• BuidlGuidl launches a grants program

• Munchables exploited for $62m

• Phi unveils Phi Protocol

• Optimism GovScore tool

• ERC-20 Base migration tool

• BasePaint integrates Relay

• Polygon ZK-EVM weekend outage

• EIP-3074 explained

🔗 Website | 🎙 Podcast | 🎥 YouTube | 🐦 X | 🌿 Lens | Farcaster

• Optimism Superchain Developer Console.

• Securitize formally introduces the BUIDL fund.

• EigenLayer outlines liquid restaking risks.

• Sablier raises a $4.5 million seed round.

Optimism Superchain Developer Console

Optimism launches the Superchain Developer Console. Securitize formally introduces the BUIDL fund with BlackRock. EigenLayer outlines the risks of li...

https://castbox.fm

Listen on: Apple | Castbox | Spotify | YouTube | Lens

Optimism launched the Superchain Developer Console, a new resource portal designed for developers building on the Superchain. The console includes resources for all seven Superchain members, including access to testnet funds, funded paymasters, Safe smart wallet integrations, quick start guides, and personalized UX feedback. The console features dedicated support channels for developers, up to $200 in contract deployment rebates, and marketing support opportunities. Alchemy, Gelato, Quicknode, and Thirdweb are also offering promotional credits for Superchain builders. The initiative aims to ignite growth and reduce the operational costs for developers.

Securitize formally announced its partnership with BlackRock to launch the BlackRock USD Institutional Digital Liquidity Fund, a tokenized fund on Ethereum that offers accredited investors with access to USD yield. Coined as BUIDL, the fund offers a stable asset that is pegged to the US dollar and backed by U.S. Treasuries. BUILD is rebasing and accrued yield is distributed to investors as new tokens onchain. Securitize says it enables for onchain ownership and trading of fund shares, providing instant settlement and transparency to investors. Initial fund partners include Coinbase, BitGo, Anchorage, and Fireblocks. Mountain Protocol is also tapping into the fund as a seed client.

EigenLayer released an article outlining the risks involved with Liquid Restaking Tokens (LRTs), which are created by independent protocols that use native restaking on EigenLayer to provide a liquid solution. The article notes that while LRTs introduce innovation, they also add complexity and risk to the restaking ecosystem. The article notes that LRT projects could be under risk-taking pressure to compete with each other. EigenLayer highlights risks related to looping and leveraged strategies that could amplify losses, as well as the issues arising from liquidity challenges and unclear unstaking processes, resulting in losses when users are forced to sell their assets in markets with low liquidity.

Token streaming platform Sablier raised a $4.5 million seed funding round. The company intends to use the funds to grow its team, enhance its existing product suite, and launch a new payment platform dubbed Sablier V3. Sablier enables users to create token streams featuring various locking mechanisms, such as linear, cliff, timelock, and exponential. Sablier also supports voting power from streaming governance tokens. Data from DeFiLlama indicates that Sablier's TVL in its V1 and V2 releases is $5.3 million.

• Google supports ENS domains in search

• Arbitrum Security Council nominations vote

• And Succinct raises $55m

• Synthetix PYTH distribution details

• Optimism Grants Cycle 19 roundup

• Gravita launches Ascend 2

• Ethereum Staking Endgame

🔗 Website | 🎙 Podcast | 🎥 YouTube | 🐦 X | 🌿 Lens | Farcaster

• Max Effective Balance added to Electra.

• Patched Ethereum security vulnerability disclosed.

• Frax Finance releases a fee switch proposal.

• Espresso Systems raises a $28 million Series B.

EIP-7251 Max EB Added To Electra Upgrade

Developers agree to add Max Effective Balance to Electra. Developers disclose a security vulnerability that existed on Ethereum. Frax Finance release...

https://castbox.fm

Listen on: Apple | Castbox | Spotify | YouTube | Lens

Ethereum core developers agreed to include Increase Max Effective Balance EIP-7251 in the Electra upgrade. Also called Max EB, the update allows validators to hold an effective balance between 32 and 2,048 ETH. Currently, any validator balance above 32 ETH is not actively staked and does not earn attestation and validation rewards. With the increase, validators will now earn consensus layer rewards for balances over 32 ETH. Any balance above 32 ETH will be subject to slashing. The update also reduces the operational overhead for large stakers by minimizing the number of validators required. Core developers also considered Inclusion Lists EIP-7547 for inclusion in the Pectra upgrade.

Ethereum core developers disclosed a security vulnerability that existed on Ethereum mainnet from the Merge until the recent Dencun hard fork. The bug could have been exploited to execute a denial-of-service attack. It emerged due to differing message size limits for RPC communications that were established after the Merge. The vulnerability allowed the creation of blocks exceeding RPC size limits for some clients while remaining valid for others, disrupting consensus. It could cause a chain split leading to potential reward losses for block proposers. Developers addressed the bug by standardizing and increasing the RPC message size limitations for all clients.

Frax Finance founder Sam Kazemian introduced a proposal under the Frax Singularity Roadmap that unveils a new tokenomics model, focusing on activating a protocol fee switch to enhance value distribution to veFXS holders. The model entails enabling the fee switch, which directs 50% of the generated yield back to veFXS holders—the token granted for locking the native FXS token. The remaining 50% will be allocated to purchase Frax assets for pairing in the FXS Liquidity Engine (FLE). The proposal comes after the protocol achieved a 100% Collateral Ratio (CR). The roadmap also includes the Flox Blockspace Incentives, designed to incentivize user and developer engagement with the Fraxtal Layer 2 network.

Espresso Systems, a shared sequencing infrastructure provider, raised a $28 million Series B funding round led by a16z Crypto. Espresso Systems targets the issue of liquidity fragmentation within the multi-rollup ecosystem. The Espresso Sequencer is designed to facilitate atomic transactions across rollups. Espresso Systems plans to allocate the new funds towards expanding its team and launching the Espresso Sequencer to mainnet.

• Coinbase partners with BlackRock

• Hyperlane introduces Yield Routes

• Polygon introduces a dapp launchpad

• Euler launches a $1.25m audit competition

• Kwenta hits $55m volume on Base

• Delv releases hyperdrive docs

🔗 Website | 🎙 Podcast | 🎥 YouTube | 🐦 X | 🌿 Lens | Farcaster