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ERC-404 Experimental Token Standard

The standard blends features of ERC-20 and ERC-721.

Quick Take

  • bloXroute builder posts invalid blocks.

  • HAI announces KITE airdrop.

  • ERC-404 experimental token standard.

  • Succinct introduces the Succinct Network.

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This episode is sponsored by Harpie!

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Invalid Blocks Posted On Ethereum Mainnet

bloXroute's max profit MEV relay encountered an issue, leading to the posting of nine invalid blocks to Ethereum Mainnet. The issue was due to a bug that failed to detect the incorrectly built blocks. The MEV relay did not prompt a demotion of the builder responsible for the improperly formatted blocks, allowing the faulty builder to persist operations. To resolve the issue, bloXroute disabled the builder's ability to make optimistic submissions, a feature that allows verification to be skipped before block submission. Ethereum execution clients rejected the invalid blocks, ensuring they were not added to the chain. The value of the lost blocks amounts to roughly 1 ETH, which bloXroute has committed to paying.

HAI Announces KITE Airdrop

HAI, a multi-collateral RAI fork on Optimism, announced its criteria for the distribution of its KITE governance token. Those eligible for the KITE airdrop include individuals who minted Reflexer’s RAI stablecoin and deposited into Aave, participated in the HAI testnet, or have cast a vote on an Optimism governance proposal with at least 50 OP. The claim period for the KITE token begins on February 12th. Users can sign up as delegates for the KITE DAO, which will be responsible for managing the KITE treasury, adding new collateral types, adjusting stability fees, and setting protocol parameters. HAI is a control-pegged stablecoin initially backed by ETH collateral.

ERC-404 Experimental Token Standard

Pandora Labs released a new Ethereum token standard named ERC-404, blending the features of ERC-20 and ERC-721 standards to facilitate native fractionalization and enhance liquidity for NFTs. The standard features a continuous mint and burn mechanism to support both full and fractionalized token transfers. As the first implementation of ERC-404, Pandora Labs launched a generative collection of 10,000 avatars known as the Replicants. The dual functionality of ERC-404 allows the Replicants to traded on both DEXs as well as NFT marketplaces. ERC-404 is still in an experimental phase and has not undergone auditing. It’s also been described as gas inefficient.

Succinct Introduces Succinct Network

Succinct introduced the Succinct Network, an application-specific blockchain designed for generating ZKPs powered by a unified proof supply chain. Succinct Network provides proof generation infrastructure for ZK-based applications. It features censorship resistance, fast finality, and chain sovereignty. Succinct Network is currently in an alpha phase with a testnet launching in the coming months.

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