Fuel Introduces FUEL Token
$FUEL is expected to launch in the coming weeks and will be used to secure the network’s decentralized sequencer through staking.
Fuel introduces its FUEL token.
Synthetix acquires the TLX protocol.
Superstate introduces mint and redeem.
Spark deploys $100m in liquidity on Base.
Fuel, an Ethereum Layer 2 Optimistic Rollup, introduced FUEL, its native ERC-20 token on Ethereum. FUEL secures the network’s decentralized sequencer and eliminates user gas fees via an Application Specific Sequencing model. Leveraging Tendermint-based Proof-of-Stake, FUEL decentralizes sequencing, allowing users to earn staking rewards for securing the network. With a total supply of 10 billion tokens, 20% is allocated to the Fuel community, including early participants in the Fuel Points Program. The launch of $FUEL is anticipated within two weeks. Fuel’s parallel transaction execution engine delivers high throughput and scalability, while its architecture allows anyone to operate nodes using consumer-grade hardware.
Synthetix successfully acquired TLX, a leveraged token protocol, at an implied valuation of $4 million. The acquisition is part of Synthetix’s strategy to expand into structured vault products. TLX token holders can convert their tokens into SNX at an 18:1 ratio, subject to a vesting period. It marks Synthetix’s second acquisition and its first directly owned, revenue-generating consumer product. The TLX governance council will dissolve, with responsibilities transitioning to the Spartan Council, while the TLX treasury will be merged into Synthetix’s treasury. Synthetix plans to audit TLX products, optimize implementation parameters, and prepare for deployment on Base. A leveraged token incentive program will also be launched in early 2025.
Superstate, a Real World Assets protocol, introduced new functionality for minting and redeeming USTB, its tokenized treasury fund. Investors can now mint USTB using USDC in a single transaction or redeem USTB for USDC instantly. While there are no limits on minting, redemption liquidity is initially capped at $10 million. The upgrade builds on Superstate’s previous Continuous Pricing feature, which calculates USTB’s price continuously, updating every second. To support the functionality, the protocol leverages a custom onchain oracle that continuously updates USTB’s Net Asset Value per Share (NAV/S), enhancing DeFi composability. The USTB fund has close to $100 million in TVL.
ACDC #147 agenda
Spark deployed $100m in liquidity to Base
EigenLayer user testing program
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Researchers Advise Gradual Gas Limit Increase
Significant increases beyond 36 million gas could lead to unintended consequences or network instability, suggesting for a more gradual increase.
Ethereum researchers advise a gradual gas limit increase.
Ethena's USDe overtakes USDS by market cap.
Daimo introduces Daimo Pay.
Coinbase to evaluate Celo hard fork support.
Ethereum researcher Toni Wahrstätter shared insights on the potential implications of significantly increasing Ethereum's block gas limit. While some community members have advocated for raising the limit from its current 30 million to as high as 60 million, Wahrstätter noted that rapid increases beyond 36 million gas could lead to unintended consequences and network instability. Wahrstätter suggested deferring substantial gas limit increases until after the Pectra hardfork, which is expected to provide critical enhancements and empirical data needed to determine future gas limit increases. Increasing the gas limit does not require a hard fork. Validators can simply adjust their node configurations to implement the change.
Ethena’s yield-bearing stablecoin, USDe, has surpassed MakerDAO’s USDS stablecoin in market capitalization. USDe now holds a market cap of about $5.5 billion, surpassing USDS at $5.2 billion. The overtake follows MakerDAO's controversial rebranding to Sky. USDe is an overcollateralized stablecoin backed by BTC, staked ETH, and hedged positions in derivatives markets. Ethena markets USDe as an "Internet Bond," designed to emulate U.S. treasury bonds in the digital economy. USDe has become the third-largest stablecoin by market cap, following USDC in second place and Tether in first.
Daimo, a fiat-to-crypto onramp provider, introduced Daimo Pay, a new solution for single-click crypto payments using any token across almost any chain. With Daimo Pay, projects like ethOS can accept payments in any cryptocurrency and seamlessly convert them into fiat dollars deposited directly into a bank account. Both the contracts and SDK for Daimo Pay are open-source and publicly accessible. Since its beta launch, Daimo Pay has facilitated over $2 million in transaction volume. Developers can now integrate cross-chain, cross-token payment functionality into their applications, offering users a seamless experience by abstracting the complexities of bridging.
Coinbase announced that it will evaluate its decision to support Celo's upcoming hard fork, which marks the network's transition to an OP Stack Layer 2. Earlier this month, Coinbase faced criticism for announcing it would not support the hard fork, urging users to withdraw their Celo tokens to avoid losing access to their funds. The Celo hard fork has also been postponed from January to a later date in 2025.
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EIP-7834: Separate Metadata Section For EOF
The proposal seeks to separate metadata from executable bytecode, enhancing source code verification.
Proposal for a separate metadata section for EOF.
The first Quadratic Accelerator round goes live.
Aztec Network Noir 1.0 pre-release.
Snapchain data layer for Farcaster.
Ethereum developers proposed EIP-7834, which introduces a dedicated metadata section within the Ethereum Object Format (EOF) to separate metadata from executable bytecode. The change enhances source code verification, establishes a structured and extensible approach to metadata handling, and eliminates conflicts and runtime issues by ensuring metadata is immutable. The proposal also adds two optional fields to the EOF header to support the metadata section. The Ethereum Object Format (EOF) is a set of EIPs designed to provide an opt-in container for EVM bytecode, enabling improved code validation and support for new features.
The Quadratic Accelerator launched the first round of its fundraising program, featuring a $250,000 matching pool for eight initial projects in the round. Eligible users can contribute to the projects and become stakeholders by receiving a protocol token allocation. Contribution caps have been implemented to ensure fair distribution among participants. The tokens received will remain locked for one year, fostering community-driven token economies. The Quadratic Acceleration Protocol introduces an innovative tokenization mechanism, combining Augmented Bonding Curves (ABC) with Quadratic Funding (QF) to enable equitable token distribution for early-stage projects.
Aztec Network unveiled the pre-release of Noir 1.0, the latest version of its high-level programming language designed for writing zk proofs. Noir streamlines zk application development, prioritizing privacy, developer accessibility, and versatility. With its Rust-inspired syntax, Noir features a rich type system and modern control flow. Noir also supports multiple proof systems and is already used to power over 600 projects. Aztec Network, the privacy-focused protocol behind Noir, enables private, client-side smart contract execution with public verifiability. The full release of Noir 1.0 is expected in the coming year, progressing towards the mainnet launch of Aztec Network.
Farcaster builder Varun Srinivasan introduced Snapchain, a high-performance data layer for Farcaster, designed to synchronize apps seamlessly. Snapchain is built in Rust and delivers throughput exceeding 10,000 transactions per second (TPS), with the capacity to support millions of daily users. Offering unlimited transactions for a fixed yearly fee, Snapchain eliminates the friction of micro-fees. Currently in its alpha release, Snapchain is targeting a full launch in Q1 2025.