• OP Stack fault proofs on OP Sepolia.

• Alchemix goes live on Arbitrum One.

• Uniswap research on L2 network efficiency.

• Senators request SEC not approve crypto ETFs.

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OP Labs will incorporate permissionless OP Stack fault proofs into the OP Sepolia testnet through an upcoming upgrade scheduled for Tuesday, March 19th. Bridges, centralized exchanges, and developers using custom withdrawal solutions on the OP Stack will need to make logic changes due to the introduction of breaking changes. As a result of the fault-proof integration, withdrawals between OP Sepolia and Sepolia will now require a seven-day processing period. The OP Stack fault proof system consists of three main elements: the Fault Proof Program (FPP), the Fault Proof Virtual Machine (FPVM), and a dispute resolution game protocol.

Alchemix Finance, a self-repaying lending protocol, is now live on Arbitrum One. Users can now deposit into alUSD or alETH vaults to borrow against their assets. Alchemix uses yield earned on collateral to repay loans. Supported collaterals include aUSDC, aDAI, aUSDT, yvUSDC, yvDAI, aETH, yvWETH, and Lido’s wstETH. The deployment on Arbitrum makes Alchemix more accessible with lower network fees and a 50% lower Loan-to-Value (LTV) ratio compared to mainnet. There are initial deposit caps set at $100k for USDC and 200 ETH for stETH. Alchemix’s alUSD stablecoin will remain backed by liquidity on Ethereum Mainnet.

Uniswap released research on the advantages of Uniswap transactions on Layer 2 networks. The research revealed that 97.5% of transactions under $125,000 performed better on L2s over Ethereum. L2s also demonstrated 75% greater liquidity concentration than Ethereum, leading to increased capital efficiency for liquidity providers. Thanks to lower transaction costs, liquidity providers can more frequently rebalance their Uniswap positions. On average, liquidity providers operating across the full price range on L2s enjoyed roughly 20% higher arbitrage profits than on mainnet. The research data predates the Dencun hardfork, hinting at even greater efficiencies with the introduction of blob transactions.

U.S. Senators from Rhode Island and California have requested SEC Chairman Gary Gensler to not approve any ETFs associated with cryptocurrencies other than Bitcoin. They argue that other cryptocurrencies lack the necessary trading volumes, suggesting that their markets are not adequately developed to back financial instruments. In response, Coinbase's legal officer, Paul Grewal, pointed out Ethereum's deep market liquidity, noting that only two stocks in the S&P 500 have higher trading volume. The SEC is set to decide on a spot Ethereum ETF by May 23rd. The first spot Bitcoin ETF was approved earlier this year.

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• EigenLayer roadmap to mainnet.

• Arbitrum activates ArbOS upgrade.

• Clique introduces the compute coordination network.

• EF announces the venue for Devcon VII.

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EigenLayer unveiled its roadmap for the mainnet deployment of its protocol and EigenDA. EigenLayer is currently in the second of three launch phases. The first phase, which introduced restaking, went live on mainnet in June 2023. The second phase, which integrates operators into the protocol, is currently live on testnet. EigenLayer is transitioning its stage 2 testnet from Goerli to Holesky. In the coming weeks, EigenLayer will temporarily pause its web application and mainnet smart contracts to integrate operators onto mainnet, allowing for a gradual operator registration process. Next will follow the launch of EigenDA, initiating the third launch phase by introducing the first Actively Validated Service. Operators will then have the opportunity to opt into serve EigenDA. The final step involves enabling the onboarding of additional AVSs, marking the complete launch of EigenLayer on mainnet.

The ArbOS 20 upgrade, also known as Atlas, is now live on Arbitrum mainnet, introducing support for Ethereum Dencun EIPs to Arbitrum One and Arbitrum Nitro. The update significantly reduces Layer 2 transaction costs, offers cheaper transient data storage, and lowers memory copying costs. No action is required for application developers on Arbitrum. Arbitrum Orbit chains must deploy Atlas independently to incorporate the Dencun updates. A further reduction in L1 data posting fees will activate at 1:00 AM EST on Tuesday, March 19th, as part of Atlas. Arbitrum Stylus, a WASM-compatible programming environment, will launch to mainnet later this year.

Attestation protocol Clique introduced the Compute Coordination Network, a system designed to allocate offchain compute tasks to multiple providers, tailored to specific application requirements. The network facilitates the integration of data from both onchain and offchain sources and features an auction-based mechanism for the selection of compute resource. Clique has also raised an $8 million Series A funding round led by Polychain.

The Ethereum Foundation announced the venue for Devcon VII, which is set to be held at the Queen Sirikit National Convention Center (QNSCC) in Bangkok, Thailand, from November 12 to 15, 2024. The surrounding week, from November 9 to 17, will mark Devcon week, featuring a range of unofficial side events in the vicinity. Devcon is the world’s largest gathering of Ethereum developers.

• Relay supports routes to RARI

• Gnosis supports EURC.e

• ACDE #183 Recap

• Expect blob prices to increase

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• Dencun goes live on Ethereum mainnet.

• zkSync marks the first L2 to activate blobs.

• Swell announces its ZK-EVM restaked rollup.

• EtherFi unveils plans for a payments L2 network

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The Dencun upgrade has been successfully deployed on Ethereum Mainnet, bringing blob transactions to the network. Blobs represent a Type 3 transaction and offer an alternative data storage solution. Blobs are temporarily stored in the consensus layer for a duration of 18-21 days. With an independent gas market for blobs, they provide a more cost-effective data availability for rollups. The Dencun upgrade was initiated at beacon epoch 269568 and finalized a few hours later without issues. The upgrade also brings transient storage EIP-1153, beacon block root in the EVM EIP-4788, MCOPY EIP-5656, SELFDESTRUCT only in same transaction EIP-6780, valid signed voluntary exits EIP-7044, increase max attestation inclusion slot EIP-7045, add max epoch churn limit EIP-7514, and BLOBBASEFEE opcode EIP-7516.

zkSync became the first L2 to enable blob transactions on its network, offering significant cost reductions for its users. Token swaps now incur a cost of about 44 cents, and sending tokens costs around 18 cents on zkSync. Starknet was also swift to add blob transaction support to its rollup within hours of the activation on mainnet. The Ecotone hardfork by Optimism, which brings blob support, was activated approximately 10 hours after the mainnet activation. Superchain members such as Base, OP Mainnet, Zora, and Mode now support blobs. Arbitrum is set to roll out its ArbOS upgrade on March 14th, which will extend blob support to Arbitrum rollup chains, with a further reduction in fees scheduled for March 18th.

Swell Network unveiled plans to introduce a new ZK-EVM L2 network built on Polygon CDK. The network will use AltLayer’s restaked rollup framework, aiming to enhance rollup services using EigenLayer. The framework incorporates decentralized sequencing, verification, and fast finality using EigenLayer's Activley Validated Services (AVSs). Focusing on liquid restaked assets, Swell's L2 network will feature native restaking yield and integrations with LRTfi. It will use rswETH as its gas token and will be governed SWELL token holders. The network will use EigenDA for data availability. Swell Network is a liquid restaking token protocol with over $1 billion in total value locked (TVL). AltLayer is a rollup as a service infrastructure provider.

EtherFi introduced Stake, Liquid, and Cash, a new product suite leveraging its liquid restaking protocol. Stake, EtherFi’s first product, streamlines staking and re-staking into one service. Liquid, set to launch on Monday, March 18th, is a managed DeFi strategy vault for deploying ETH into DeFi apps with managed risk. Cash, which is in development, will allow users to spend and borrow against their EtherFi balances. Cash will feature an MPC-wallet mobile app and a connected credit card, alongside a planned Layer 2 solution for payment processing and dispute resolution. EtherFi plans to complete its suit development over the next year.

• ArbitrumDAO $400m gaming proposal

• Fxhash goes live on Base

• ETH Global London Hackathon

• The Future of Kwenta

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