Optimism Successfully Upgrades To Bedrock

The upgrade introduces support for running custom rollup chains on the OP Stack.

Optimism Successfully Upgrades To Bedrock

Quick Take

  • Proposal to launch $GHO on Ethereum mainnet.
  • Optimism successfully upgrades to Bedrock.
  • Coinbase faces a lawsuit from the SEC.
  • Sushi introduces a DEX aggregator.

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Optimism Highlights 🔴✨

Optimism Successfully Upgrades To Bedrock
Optimism successfully upgraded OP Mainnet to Bedrock. The upgrade introduces support for running custom rollup chains on the OP Stack, coined as "The Superchain." Bedrock also reduces transaction fees through optimized batch compression, improves deposit times, and enables simpler node infrastructure. The OP sequencer experienced downtime for roughly three hours during the upgrade. Most ecosystem infrastructure has also been restored. At the time of writing, Archival Node Operators are still in the process of uploading archival datadir from the legacy system. New versions of op-node and op-geth were also released for node operators. Since the upgrade was performed as a hard fork rather than a regenesis, chain data from the legacy system will remain available.

Aave Proposal For $GHO Mainnet Launch

Aave Companies published a proposal seeking to launch its native GHO stablecoin on Ethereum Mainnet. The stablecoin will be over-collateralized and backed by multi-collateral assets, allowing users on the Aave V3 Ethereum market to mint $GHO against their supplied assets. The proposal also seeks two initial facilitators. Facilitators are entities that are granted the power to mint and burn GHO tokens up to a certain limit. The two facilitators include the Aave V3 Ethereum Facilitator, which will allow depositors to borrow GHO against their collateral, and the FlashMinter Facilitator, which will facilitate flashloans to be paid back in the same block.

Revenue generated from GHO loans is also allocated to the Aave DAO, which will also be responsible for adjusting the GHO interest rate. The proposal also specifies a 30% borrow discount rate for eligible stkAAVE holders. Plans for GHO were first proposed in July 2022, followed by a testnet deployment in February 2023. Approval on a subsequent proposal is still needed before GHO is launched.

SEC Charges Coinbase With Securities Violations

Coinbase is facing a lawsuit from the SEC for allegedly operating as an unregistered securities exchange, broker, and clearing agency. The lawsuit also alleges violations related to Coinbase Prime and Coinbase Wallet, as well as securities violations relating to Coinbase Staking and the sale of over 13 assets identified as securities by the SEC.

The SEC is seeking for Coinbase to pay civil penalties and permanently halt any services deemed in violation. Coinbase CEO Brian Armstrong commented on the lawsuit, echoing Binance in describing the SEC’s action as “regulation by enforcement.” The action was followed by a string of lawsuits from more than 10 states.

Sushi Introduces DEX Aggregator

SushiSwap introduced a new DEX aggregator in an effort to attract more users to the platform. Sushi says the aggregator provides better prices and support for a larger range of tokens. Sushi hopes to drive higher volume, resulting in increased swap fees for liquidity providers. The project's roadmap, unveiled earlier this year, included the development of a DEX aggregator.

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