Linea Halts Amid Velocore Exploit
Linea paused its sequencer and censored transactions from a Velocore attacker to prevent further withdrawals and help safeguard stolen funds.
Linea temporarily halts amid an exploit.
Biden vetos the repeal of SAB-121.
OP Labs update on baseline decentralization.
Matter Labs withdrawals ZK trademark applications.
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Line, an EVM-equivalent ZK-rollup by ConsenSys, temporarily halted block production on its L2 network as part of an initiative to recover stolen funds from DeFi protocol Velocore. Over the weekend, an attacker manipulated pool fee calculations to simulate large withdrawals and used a flash loan to drain all variable AMM pools on Velocore across zkSync and Linea. Linea reported that the attacker had bridged 700 ETH out of Linea using a third-party bridge. In response, Linea paused its sequencer and censored transactions from the attacker to prevent further withdrawals. Velocore has reported losses of $6.8 million and is currently in negotiations with the attacker. Linea's sequencer has resumed operations since the halt.
President Joe Biden vetoed the repeal of SEC Staff Accounting Bulletin (SAB) 121, a regulation that mandates custodians to account for the crypto assets in their possession as their own, requiring significant reserves to back the assets. The requirement makes it harder for custodians, including banks, to custody crypto assets. Biden argued that repealing the rule would restrict the SEC’s ability to establish necessary safeguards. However, the rule has been labeled as illegal for violating the Administrative Procedures Act. Congress sucessfully voted to repeal SAB-121 in mid-May with bipartisan support. Biden previously declared his intention to veto the repeal even before the congressional vote took place.
OP Labs released a progress update in achieving baseline decentralization, a status characterized by Permissionless Output Proposals (PoPs) and decentralized control over bridge upgrades, both which are now live on the OP Sepolia testnet. Permissionless Output Proposals enable users to transfer assets from Layer 2 to Layer 1 without relying on a sequencer. Decentralizing bridge upgrade control allows users to verify their withdrawals through a dispute game system. The Security Council will still be able to intervene in the dispute system during emergency situations. Pending OP governance approval for mainnet, the upgrades will reduce centralized control and enhance user autonomy.
Matter Labs, the developer of zkSync, has chosen to withdraw its ZK trademark applications. The company concluded that establishing a universally accepted and neutrally perceived group, as initially envisioned, would be unachievable. According to The Block, zkSync is expected to release its native token later this month.
Connext rebrands to Everclear
Vote to onboard weETH on Sparklend
CoW Swap expanding to L2s
HAI supports rETH
Onchain Summer OP incentives
ERC-6900 resource site
RPL tokenomics changes
Nillion incentivized testnet
PeerDAS Added To Pectra Upgrade
PeerDAS would activated in its own epoch, separate from Pectra. The strategy aims to avoid delaying Pectra, allowing PeerDAS to be activated later if needed.
PeerDAS added to the Pectra upgrade.
Uniswap FND delays a fee switch vote.
Matter Labs proposes the ZK Pledge.
Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.
Ethereum client teams have agreed to incorporate PeerDAS EIP-7594 into the upcoming Pectra upgrade. PeerDAS will be activated in its own epoch, separate from Pectra. The strategy aims to avoid delaying Pectra, with a decision on whether PeerDAS activates concurrently with Pectra or at a later date to be made in the future. PeerDAS is a data availability sampling solution that leverages existing peer-to-peer components, allowing nodes to access parts of blob data without downloading the entire dataset. This feature is especially beneficial for rollups. Pectra will be a packed upgrade, with eight EIPs confirmed for inclusion. EOF, which includes 11 EIPs, is likely to be part of it, and now PeerDAS.
The Uniswap Foundation postponed an onchain vote to implement Uniswap Protocol Governance, an upgrade that would introduce functionality for a protocol fee switch. Originally scheduled to go live this morning, the vote was delayed following the completion of three audits and a successful temp check vote on Snapshot in March. Just hours before the planned vote, the Foundation announced a delay until further notice, citing a newly identified issue that requires further investigation, although specifics about the issue were not disclosed. The upgrade is designed to allow a portion of pool fees to be directed toward users who have staked and delegated their UNI tokens. While this proposal would enable the fee switch functionality, activating it would require a separate, subsequent vote. Over the past three years, several attempts to introduce a fee switch have faced rejection.
Matter Labs, the company behind zkSync, introduced the ZK Pledge, a proposal aiming to ensure that the term "ZK" remains accessible and shielded from trademark squatters. The initiative seeks the establishment of a new community-managed legal entity to hold ZK-related trademarks, which then would issue free trademark licenses to all. Matter Labs has not agreed to retract its existing ZK trademark applications, but the company has committed to financially supporting the new entity and intends to transfer the ZK trademarks to it. The proposal comes after public criticism from the founders of Polyhedra, StarkWare, Scroll, and Polygon, who called out Matter Labs for attempting to claim the ZK trademark.
225m ARB proposal vote
EIP-7716: defend solo staker viability
zkSync Criticized For ZK Trademark
Founders from Polyhedra, StarkWare, and Polygon, have co-signed a memo urging Matter Labs to withdrawal its ZK trademark applications.
zkSync scrutinized over its ZK trademark.
CoW Protocol introduces an MEV Scanner.
Base proposes the Fjord network upgrade.
Base announces Base Camp.
Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.
Matter Labs, the company behind zkSync, is facing scrutiny for submitting trademark applications for the term "ZK" in connection with encryption software. StarkWare noted that Matter Labs has already used the application status to persuade exchanges to assign the "ZK" ticker to zkSync. A dispute first emerged between zkSync and Polyhedra Network over the "ZK" ticker for their respective tokens. Founders from Polyhedra, StarkWare, and Polygon, have co-signed a memo urging the withdrawal of the trademark applications. In response, Alex G, co-founder of Matter Labs, claimed the action was a defensive step to protect users from bad actors. He further clarified that Matter Labs is seeking to work with the Ethereum Foundation to ensure the term “ZK” remains in the public domain.
CoW Protocol introduced MEV Scanner, a new tool for checking if a specific wallet has been impacted by MEV. The tool can be used across X, Telegram, and Discord, enabling users to query the bot with their Ethereum wallet address to receive an MEV report. The scanner evaluates the amount of MEV extracted from an address and identifies the most affected AMM contract . The development of the MEV Checker was supported by the CoW Grants Program. To date, over $1.3 billion has been extracted from users through MEV on the Ethereum mainnet. Last year CoW Protocol introduced MEV Blocker, a free RPC service that directs transactions through a private mempool, shielding users from MEV attacks.
Roberto Bayardo, a Base engineer, proposed the Fjord network upgrade for the OP Stack. The upgrade includes the introduction of EIP-7212, which utilizes the secp256r1 elliptic curve for secure and efficient signature verifications, reducing gas costs significantly for smart wallet applications. Additionally, the upgrade incorporates Brotli compression to decrease data availability costs. EIP-7212 has already been implemented on Polygon and is expected to be supported by other L2s like Arbitrum and zkSync. The Fjord upgrade aims to further reduce overall transaction fees on OP Stack chains. Pending approval from Optimism Governance, the upgrade is scheduled to be implemented on July 10, 2024.
Base unveiled Base Camp, a special two-day gathering starting on on July 31st in Idyllwild, California, to celebrate the one-year anniversary of the Base mainnet launch. The event is designed for builders who have either received Base grants or made substantial contributions to the Base ecosystem. Base Camp will feature a series of vision-setting sessions, lightning talks, live performances, and networking opportunities. Applicants accepted into the event will receive complimentary lodging, dining, and a ticket to FWB FEST 2024.