• Ethereum turns 9.

• Linea supports ENS domains.

• Compound proposes a staking product.

• Movement integrates Polygon’s AggLayer.

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9 years ago today, Ethereum was launched as the first smart contract blockchain. On July 30, 2015, the Ethereum genesis block was mined into existence, referred to as the Frontier launch. Frontier, the first mainnet release of Ethereum, provided miners with a block reward of 5 ETH per block.

Linea, an EVM-equivalent ZK-rollup by Consensys, now supports ENS domain name resolution on its network. The implementation leverages EIP-3668, a standard that allows contracts to request external offchain data in a call or transaction. Known as CCIP Read, the standard enables Linea to retrieve ENS domains. Linea is the first zkEVM to implement CCIP Read. Developers on Linea can also use this standard to retrieve cross-chain data. The integration supports the use of human-readable domains across all ENS-compatible dapps on Linea and significantly reduces gas fees for managing ENS domains. To date, over 2 million domains have been registered on ENS.

Compound Protocol Head of Growth, Bryan Colligan, has proposed the launch of a new Staked Compound Product to replace Proposal 289. The new staking product will allocate 30% of market reserves to staked COMP holders in proportion to their stake, with funds sourced from fees collected through liquidity provision and borrowing. Over the weekend, an individual named Humpy approved a proposal for the transfer of 499k COMP tokens, worth $25 million, from the Compound treasury into a multi-sig wallet controlled by his team. Proposal 289 intended to use the funds to establish a yield-generating DeFi vault. The new Staked COMP product will be managed by the Compound DAO, rather than by Humpy, who has agreed to cancel Proposal 289.

Movement, a network of MoveVM-based layer-2 chains, has committed to integrate with Polygon’s AggLayer. The integration facilitates unified liquidity for MoveVM chains and bridges the Move and EVM ecosystems, enhancing interoperability. Six initial MoveVM projects will connect to the AggLayer and will leverage Celestia for data availability. Move is an alternative smart contract programming language. Movement is currently live on testnet.

• Polynomial Chain integrates sUSDe

• Blackbird launches a Base L3 chain

• Coinbase offers zero-fee Base transfers

• Uniswap x Circle research paper

• Ethereum Stories short-film

• Ethereum ETF dashboard

• Verkle Call #22 notes

• SEC enforcement against Bitclout

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• Compound suffers a potential governance attack.

• Maverick v2 goes live on Scroll.

• Aave launches a custom Lido pool.

• Base reaches a new peak in TPS activity.

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A proposal to transfer 499k COMP tokens, worth $25 million, from the Compound treasury into a third-party controlled multi-signature wallet has narrowly passed with about 51% approval. The proposal was led by Humpy, who is the leader of a gorup called the Golden Boys. As per the proposal, the tokens will be used in a DeFi vault named goldCOMP, aiming to generate yield for its depositors. The approval follows an initial failed attempt on May 6th. OpenZeppelin noted that a significant number of COMP token delegations, needed to pass the proposal, originated from recent exchange withdrawals. The approved vote not only takes substantial treasury funds but also gives the Golden Boys' significant control over COMP governance. In response, Compound governance has initiated precautionary measures, including transferring timelock admin rights and adjusting risk parameters to guard against potential governance attacks.

Maverick Protocol launched its V2 liquidity protocol on Scroll Mainnet, featuring code optimizations for gas efficiency and enhanced token rewards for stakers. The DEX supports custom liquidity ranges for tailored positioning. Maverick incorporates a Dynamic Distribution AMM that significantly improves capital efficiency. Maverick also introduces "boosted positions" that channel liquidity incentives directly to specific positions rather than distributing them across the entire pool. Users contributing liquidity on Maverick can earn Marks points from Scroll. The ZK Rollup now ranks as the 5th largest rollup by TVL, with $1.3 billion in assets.

Aave governance approved the deployment of a custom Lido stETH and wstETH pool on Aave V3, marking the first custom pool instance. The new market allows the Aave DAO to fine-tune collateralization and interest rate parameters within the isolated Lido market, accommodating for unique risk profiles. The pool supports stETH leverage loopers, e-mode, and an isolated market that minimizes cross-collateral risk from other tokens. The launch aims to increase liquidity and optimize borrowing dynamics, contributing to TVL. Lido’s liquid staking tokens currently constitute about 30% of the total Aave V3 Ethereum market. Lido plans to launch incentives for liquidity providers in the new market.

Base, the L2 rollup by Coinbase, achieved a new peak in transaction activity, averaging 50 transactions per second over the weekend. Data from Growthepie shows that Base saw over 665,000 daily active addresses on the network. Base also saw a new record of 650,000 active smart accounts over the last week. Base is the second largest rollup by TVL with $7.2 billion.

• Devcon second ticket wave

• Jonathan Mann sues the SEC

• DEX marketshare hits ATH

• Lido CSM reaches 200 nodes

• U.S. Gov. moves $2b Bitcoin

• Sen. Lummis Bitcoin reserve

• Trump remarks on Bitcoin

• Crypto becomes largest Super PAC

• Liquorice raises $1.2m

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• Concerns are raised over 32mb data blobs.

• EigenLayer introduces an AVS rewards program.

• Fluid DEX launches an NFT pass.

• Ethereum.org announces the 2024 translation contest.

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Geth developer Péter Szilágyi raised concerns about Ethereum researchers' plans to increase data blobs to 32mb as part of PeerDAS. While the change is not anytime soon, Szilágyi warned that it would significantly impact local block production, effectively pushing out most home stakers due to the high bandwidth requirements. Szilágyi also criticized Ethereum researchers for being accepting of centralized solutions, highlighting potential conflicts of interest with researchers allegedly running their own MEV relays. He points out that advancements in the private mempool, MEV, and centralized builders contribute to a decline in home stakers and a dwindling public mempool. PeerDAS is a data availability sampling solution that is beneficial for rollups. It leverages existing peer-to-peer components to allow nodes to access parts of blob data without downloading the entire dataset. Although a larger data blob size contributes to scalability, it increases bandwidth requirements for nodes. The initial implementation of PeerDAS is currently slated for inclusion in Pectra.

EigenLayer announced plans to launch an AVS rewards boost program in conjunction with the activation of AVS rewards functionality on mainnet. EigenLayer allocated 4% of its total EIGEN supply to programmatic incentives for restakers and operators. Rewards will be distributed based on the rewards given by AVSs and are separate from the Season 2 Stakedrop allocation. Actively Validated Services (AVSs) leverage the economic security of Ethereum restakers to secure consensus for their own networks, allowing both restakers and node operators to earn rewards for their participation. Since its launch just over a year ago, EigenLayer has become the second-largest protocol on Ethereum by TVL, with over 4.8 million ETH, valued at $15.7 billion.

Fluid, a liquidity layer developed by Instadapp, released the Fluid Pass NFT in preparation for the launch of its DEX. Whitelisted users, including those from Lido, EtherFi, Milady, and Earndrop, can mint the first edition pass. The utility for the NFT will be revealed at a later date, potentially offering early access to the DEX. Fluid DEX is designed for capital efficiency, featuring Smart Debt and Smart Collateral functions. The innovative features allow debt to be converted into trading liquidity, enabling users to earn trading fees to offset borrowing costs. The collateral is deployed in AMM liquidity to generate trading and lending fees. The DEX is set to launch in the coming weeks.

Ethereum.org announced the return of its annual Translatathon program, a community-driven initiative to translate the website into more languages. Individuals and small teams are invited to participate, with translation contributors competing for a share of $30,000 in prizes. Applications are open until August 9th, and the program will run from August 9th to 18th.

• ACDC #138 recap

• Erigon v2.60.5 release

• Abstract Chain goes live on testnet

• Gemini suffers a data breach

• Eclipse mainnet next week

• ethOS v3.0.3 updates

• Applications open for GG21

• 92,000 ETH transfer is staked

• Lido introduces custom Dappnode

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