- Aave adds support for rETH.
- Paxos is ordered to halt BUSD issuance.
- Sepolia Shapella upgrade scheduled for Feb. 28th.
- Curve proposes EMA-enabled oracles for stablecoin pools.
Optimism Highlights 🔴✨
Contract Secured Revenue (CSR) On Optimism
OP Labs software engineer Kelvin Fichter shared the idea of bringing Contract Secured Revenue (CSR) to Optimism through a new op-chain. Contract Secured Revenue (CSR) is a mechanism that rewards contract creators based on the percentage of gas used by their contracts. The higher the gas spend, the higher the compensation. The implementation would build a custom L3 using the OP Stack, a set of modular components for building custom blockchains. According to Fichter, an indexer can be created as an L3 on Optimism Mainnet, which would be used to track contract gas spend. In addition, data from the indexer would be fault-provable via Cannon.
Aave V3 Supports rETH On Ethereum Market
Rocket Pool’s liquid staking derivative rETH is now live on the Aave V3 Ethereum Market. Users can now supply rETH as collateral to borrow up to 67% in LTV. Aave governance approved rETH with a cap of 10,000 rETH. The addition marks the third liquid staking derivative token on Aave V3 ahead of Lido’s wstETH and Coinbase’s cbETH. Support for e-mode on rETH, which provides a higher LTV, has not yet been approved by Aave.
Paxos Ordered To Halt BUSD Issuance
Paxos, the stablecoin issuer behind BUSD, is ending its relationship with Binance and is halting the minting of new BUSD tokens under the direction of the New York State Department of Financial Services. The decision comes after a lawsuit from the SEC, which alleges that BUSD is an unregistered security, according to the WSJ. Paxos will continue to manage BUSD dollar reserves and says existing tokens remain fully backed and redeemable through at least February 2024. According to Reuters, the NYDFS claims Paxos failed to conduct periodic risk assessments and due diligence checks on Binance needed to stop "bad actors from using the platform."
Shapella Upgrade Scheduled For February 28th
Ethereum’s Shapella upgrade on the Sepolia testnet has been scheduled for February 28th at approximately 4:00 AM UTC. Shapella is a catch-all phrase that describes Shanghai and Capella, which are upgrades to Ethereum’s execution and consensus layers. Sepolia marks the second testnet to undergo the upgrade. Once executed, developers will schedule the Shapella upgrade for Goerli, the third and final testnet upgrade ahead of Mainnet. Shapella enables staking withdrawals, which have been highly prioritized ahead of EOF and EIP-4844 implementations. The upgrade on Ethereum Mainnet is currently planned for the end of Q1 2023.
Curve Stablecoin Pool Oracle Implementation
A Curve proposal for enabling new stablecoin pools with a price oracle implementation is now open for voting. The proposal seeks to add Exponential Moving Average (EMA) enabled oracles on two coin pair assets. EMA oracles are cumulative and use historical price data. According to Curve, the change is required for its crvUSD stablecoin to function autonomously.