EIGEN Token Is Now Transferable
EIGEN is a Universal Intersubjective Work Token that provides social consensus as a service and plays a role in protocol governance.
EIGEN becomes transferable.
Vitalik proposes metrics for Ethereum alignment.
Ethereal proposes a DEX on Ethena.
Arbitrum One reaches a billion transactions.
EIGEN, the native token of the EigenLayer protocol, is now transferable, with a total supply of 1.67 billion and an initial circulating supply of about 200 million EIGEN. EIGEN is a Universal Intersubjective Work Token that provides social consensus as a service and plays a role in protocol governance. It can also be staked to provide economic security for Actively Validated Services (AVSs). Following the unlock, EIGEN traded at an initial price of about $4 and a fully diluted valuation of around $7 billion, according to Coingecko data. EIGEN was initially launched as a non-transferable token on May 10, 2024. The unlock comes after the completion of key milestones, including the activation of AVS rewards on mainnet. Disclosure: ETH Daily received a retroactive airdrop as part of the podcasts category.
Ethereum creator Vitalik Buterin published a new post discussing how to make Ethereum alignment more transparent and measurable. He notes that client teams, researchers, and developers are all working toward their own visions of Ethereum, which can lead to fragmentation. Buterin outlined the concept of Ethereum alignment and proposed metrics to help unify the ecosystem. The alignment metrics encompass values, technology, and economic incentives. The measurable criteria include the use of open-source licenses, adhering to ERC standards, ensuring decentralization and security, and contributing positively to both Ethereum and the broader world.
Ethereal introduced a new Ethena governance proposal for the launch of an integrated decentralized exchange (DEX) for spot and perpetual futures on the upcoming Ethena Network, using USDe as the native asset. The proposal includes a commitment to allocate 15% of future Ethereal governance tokens to circulating ENA holders. The proposal requests that Ethereal be integrated into Ethena’s reserve management system from the start to facilitate spot and futures trading backed by USDe collateral. Ethereal will function as an L3 appchain settling on the Ethena Network. A testnet launch is anticipated in Q4 2024.
Arbitrum One surpassed 1 billion transactions on its Layer 2 network. The achievement comes just three years after the rollup launched to mainnet on August 31, 2021. Arbitrum One remains the leading rollup by total value locked, with over $14 billion in assets. Arbitrum One is currently a Stage One rollup with active fraud proofs but is not yet fully permissionless.
Base block outage post-mortem
GG22 OSS applications
Shape goes live on mainnet
Jerry Brito steps down from CoinCenter
Jesse joins Coinbase exec team
US vs Storm amicus brief
Judge Denies Tornado Cash Dismissal
Judge Failla denied a motion to dismiss the indictment against Roman Storm, an open-source software developer for Tornado Cash.
A judge denies Tornado Cash case dismissal.
Impact of increasing the blob target.
Hyperdrive goes live on Base.
Aerodrome surpasses $1 billion in TVL.
U.S. District Court Judge Katherine Polk Failla denied a motion to dismiss the indictment against Roman Storm, an open-source software developer. His trial is scheduled for December. In August 2023, Storm was indicted on charges of money laundering, sanctions violations, and operating an unlicensed money-transmitting business related to the Tornado Cash privacy tool. Essentially, he faces charges for actions carried out by third parties who used the decentralized privacy tool. Storm's legal defense team is still accepting donations through Juicebox, needing approximately $2.5 million to support extensive legal research for the case.
Ethereum core developer Potuz highlighted a division of opinions between client developers and researchers regarding a proposal to increase the blob target. Potuz, who supports the increase, pointed out that some folks remain silent despite having opinions, particularly after Vitalik Buterin voiced his support for the change. Researcher Ben Edgington raised concerns about how the increase might affect bandwidth requirements, particularly for home stakers with slow internet connections. He emphasized the lack of adequate compensation for including blobs in blocks, as blob fees are burned, and suggested giving home stakers the flexibility to set a minimum tip per blob. A blob target increase allows more data to be included in each block, reducing costs and improving scalability. Ethereum community member Ryan Berckmans proposed an initiative to research validator bandwidth requirements to better understand the risks associated with changes like increasing the blob target.
Hyperdrive, an AMM for trading fixed and variable interest rates, is now live on Base. Users can access fixed-term pools, provide liquidity to earn trading fees, benefit from variable rates on idle funds, and trade against others on the protocol. Hyperdrive features like on-demand terms, single-sided liquidity, and continuous liquidity provision. To earn a fixed interest rate, users can purchase interest tokens at a discount, which mature to their full value or can be sold at a discount before maturity. For a variable rate, users pay the fixed rate to the pool and receive capital equal to the discount on their interest tokens.
Aerodrome, an AMM and liquidity layer developed by Velodrome, reached $1 billion in total value locked (TVL), representing over 50% of the total TVL within the DeFi ecosystem on Base. Aerodrome's governance and reward mechanics are inspired by Curve Finance. Users can lock AERO tokens to receive veAERO, which grants voting power for pool incentives. veAERO holders are rewarded with a share of protocol trading fees proportional to their votes.
Geth v1.14.10 release
Charon v1.1.1 release
Coinbase asset recovery supports Base
Fileverse introduces Offline Mode
Celestia Blobstream upgrades to SP1
CZ is released from prison
SEC charges Mango Markets
Introducing Truth oracle
uniBTC post mortem
Developers Determine Pectra Scope
The scope is to that of Devnet 3, which currently includes eight EIPs. EIP-7742 and EIP-7762 are still CFI'd for Pectra, with all other EIPs pushed to Fusaka.
Core devs determine the scope for Pectra.
Synthetix proposes a protocol referendum.
Ethena introduces the UStb stablecoin.
Polygon PoS activates Ahmedabad upgrade.
During this week's ACDE call, core developers determined the scope for the upcoming Pectra hard fork. They decided to keep the scope strictly to that of Devnet 3, which currently includes eight EIPs. EIP-7742 and EIP-7762 are still under consideration for Pectra. All other EIPs that were CFI’d for Pectra have been removed. The excluded EIPs will now be CFI’d for the Fusaka hard fork, the next upgrade following Pectra. Fusaka’s inclusion list includes EOF and PeerDAS. The other EIPs will remain under consideration and will only be added to Fusaka once EOF and PeerDAS are stable on devnet. Notably, Verkle, which was initially planned for Fusaka, has now been pushed to the Amsterdam hard fork.
Synthetix governance introduced its first Synthetix Referendum (SR) proposal, SR-2, which aims to overhaul the current governance framework, reboot the project's vision, and establish a comprehensive 2025 roadmap. The proposal focuses on improving accountability and launching the Synthetix Foundation, with the ultimate goal of restoring Synthetix's relevance in the DeFi ecosystem. Key elements of the overhaul include replacing the existing governance structure with a new seven-member Spartan Council. The near-term roadmap outlines initiatives such as redesigning SNX tokenomics, operationalizing SNaXchain, and deploying Synthetix Perps V3 on Ethereum Mainnet and Solana. SR-2 is currently under discussion in the Synthetix Discord.
Ethena Labs, in collaboration with Securitize, introduced UStb, a new stablecoin backed by tokenized U.S. Treasuries through BlackRock’s BUIDL Fund. The BUIDL Fund is a tokenized asset fund on Ethereum that offers accredited investors onchain access to U.S. Treasuries. Ethena is a decentralized stablecoin protocol known for its synthetic USDe stablecoin, which is backed by assets like stETH and delta-neutral positions in derivatives markets. UStb and USDe will operate as independent products, each with their own distinct risk profile. Currently, USDe, has a market cap of $2.5 billion, while BlackRock’s BUIDL Fund manages over $500 million in assets.
Polygon PoS underwent the Ahmedabad upgrade. The minor upgrade increased the maximum code size from 24KB to 32KB, allowing for more complex smart contract deployments. It also addressed issues related to gas pricing. It also changed token symbol on Polygon PoS from MATIC to POL, and WMATIC to WPOL.