It's Wednesday, August 12, 2026.

Derek Chiang joins Ethlabs. Fidelity files to add staking to its FETH ETF. The SEC issues a no-action letter to Franklin Templeton for its onchain fund. And Gnosis votes to transition Gnosis Chain into an Ethereum Economic Zone rollup.

ZeroDev founder Derek Chiang joined Ethlabs to lead the organization's GTM arm for Ethereum protocols. ZeroDev is a wallet infrastructure provider that was acquired by Offchain Labs. ZeroDev powers over 10 million smart accounts across more than 300 applications including Privy, Kraken, and World. The infrastructure leverages account abstraction to power gasless transactions. Chiang is also a co-author of several account abstraction related EIPs. At Ethlabs, he will be bridging the gap between mature Ethereum technologies and their real-world adoption.

Fidelity filed Form S-3 with the SEC seeking approval to add staking to its Fidelity Ethereum Fund (FETH). The Ethereum ETF already holds over 480,000 ETH worth approximately $898 million. Under the proposal, FETH could stake up to 100% of its ETH holdings. The fund would retain 85% of staking rewards, with 15% allocated to three named node operators: Blockdaemon, Figment, and Galaxy Digital. The filing also proposes quarterly cash payouts to shareholders from staking rewards.

Custodians will manage the node operator relationships in consultation with Fidelity as sponsor, with allocation decisions based on each operator's security practices, reputation, experience, and technology. If approved, FETH would bring staking rewards to the spot Ethereum ETF turning a passive ETH holding vehicle into a yield-generating product for institutional investors.

The SEC's Division of Investment Management issued a no-action letter to Franklin Templeton, clearing traditional registered funds to invest in FOBXX. The ruling removes a key regulatory barrier that had prevented institutional fund-of-fund structures from accessing tokenized money market products The Franklin OnChain U.S. Government Money Fund (FOBXX) is an onchain money market fund that invests in US government securities, cash, and collateralized repurchase agreements, maintaining a stable $1 NAV.

Each share is represented by one BENJI token, accessible for both retail investors and institutions. Launched in 2021, FOBXX currently holds $760.8 million in total assets with a 3.72% trailing twelve-month yield. FOBXX is available across multiple chains.

A governance proposal for transitioning Gnosis Chain from a standalone Layer 1 into a ZK-proven chain as part of the Ethereum Economic Zone, is now open for voting. Gnosis says its chain has failed to differentiate from Ethereum by offering the same qualities with less security and liquidity. The transition to an EZZ rollup will bring synchronous composability with Ethereum, allowing a contract on Gnosis Chain to call a contract on Ethereum mainnet and use the result in the same atomic transaction.

The Ethereum Economic Zone (EEZ) framework enables synchronous interoperability between EVM-compatible chains. The transition would result in the wind down of the Gnosis validator set as settlement moves to Ethereum's validators. If approved, a genesis launch is targeted for December 2026 to January 2027. Full composability and real-time ZK proving are expected later in 2027.

In other news, BaiBai launches its PropAMM on Base. Lido Earn enables instant withdrawals. ENS release ENSv2 beta.

Uniswap is hiring for an entry level engineering role. Uniswap redirects fees from Pools test tokens. FWA deploys on Sepolia testnet. And Erigon releases v3.5.5.

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