• The blob market experiences a spike.

• ENS releases the ENSv2 roadmap.

• LayerZero launches its ZRO airdrop.

• Tally introduces the Tally Protocol.

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The Ethereum blob market experienced a spike earlier today, causing the base fee for blobs to temporarily surge to over 7,000 gwei. Blocknative CEO Matt Cutler explained that this spike led Layer 2 Type 3 batch postings to incur higher costs compared to using calldata. He pointed out that many Layer 2s ended up overpaying multi-ETH fees for blob transactions. Arbitrum was able to adapt during the surge by switching to calldata usage, thanks to its dynamic fee mechanism. According to data from Hildobby’s Dune analytics dashboard, the average number of blobs per block has exceeded the target of three in the past 24 hours. Blobs, also known as Type 3 transactions, are specifically designed for data storage. Data from ultrasound.money shows that over 250 ETH has been burned from blob base fees in the last 7 days.

ENS Labs released a project plan for ENSv2, the next version of the protocol designed to extend the naming service to L2. The project plan outlines a five-phase strategy for upgrading the protocol. The first phase focuses on upgrading and standardizing name resolution from ENSv1 to ENSv2. The second phase involves the development of new core ENS contracts for L1 and L2. In the third phase, ENS core infrastructure will be deployed on either an existing or a newly established L2 network. The fourth phase includes implementing the new contracts on L1 and L2 and synchronizing them with the legacy system. The fifth phase will transition to the new contracts for resolution and re-enables registrations. ENSv2 aims to address the scalability and cost issues associated with Ethereum L1 by providing users with a scalable, low-cost solution, and improved UX features for managing their domains.

Cross-chain messaging protocol LayerZero launched its ZRO token airdrop, enabling 1.2 million eligible addresses to claim a share of 185 million ZRO tokens. The total supply of ZRO is 1 billion, with 8.5% allocated to the retroactive airdrop. Users can claim their ZRO tokens on multiple blockchains including Ethereum, Arbitrum, Optimism, Base, Polygon, BNB Chain, and Avalanche. Of the total ZRO supply, 57.7% is reserved for core team members and partners, which are subject to a three-year vesting period. Excluding the airdrop, approximately 30% of the total token supply remains available for the community. Eligible users can claim their tokens until September 20, 2024. ZRO is currently trading at around $3.50, giving it a Fully Diluted Valuation of $3.5 billion.

Prior to the launch of the ZRO token, the LayerZero Foundation announced a "proof of donation" requirement, mandating that users donate $0.10 for each ZRO token claimed. The collected funds will support the Protocol Guild, a group of core Ethereum contributors. Users must first provide the donation in USDC, USDT, or ETH to be able to claim their ZRO tokens. If all airdropped tokens are claimed, the donation is expected to raise $18.5 million for the Protocl Guild. LayerZero faced criticism for the requiriment over its mandatory nature, akin to a tax.

Onchain governance platform Tally introduced the Tally Protocol, a new smart contract layer created to boost the functionality and economic value of governance tokens. The protocol allows governance token holders to stake and restake their tokens to mint Tally Liquid Staked Tokens (tLSTs). tLSTs allows users to earn rewards while maintaining their governance power. The Tally Protocol aims to reactivate dormant voting power and incentivize active governance participation for DAOs.

• ACDE #190 recap

• Verkle updates

• Teku v24.6.0 release

• Lens Network cross-chain

• CertiK returns funds to Kraken

• Introducing The Bazaar rollup

• SEC ends its ETH 2.0 investigation.

• OP Stack supports Alt-DA Mode.

• Instadapp introduces Fluid DEX.

• Kraken infinite money glitch.

• EigenLayer opens phase 2 claims.

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.

Consensys announced that the SEC is closing its investigation into Ethereum 2.0, which is the network's shift to proof-of-stake consensus. Last year, the SEC opened an investigation probing Ethereum's classification as a security, issuing multiple subpoenas to Consensys for detailed information about Ethereum transactions and its involvement in EIPs related to the Merge. The decision to end the investigation comes after Consensys filed a lawsuit against the SEC for overstepping its regulatory purview. Additionally, the SEC is facing increasing political pressure amid the forthcoming election. Consensys says the victory marks a new direction for cryptocurrency regulation in the U.S.

Optimism introduced support for Alt-DA Mode on the OP Stack, enabling the use of alternative data availability layers instead of Ethereum L1. In Alt-DA Mode, transaction batches are posted to alternative DA layers such as Celestia, EigenDA, and Avail. While a data commitment hash is still posted to Ethereum L1, the input state is maintained in an alternate DA chain. Alt-DA Mode allows DA Layer teams to manage a DA Server, which facilitates all interactions with the OP Stack and handles custom logic and key management. Alt-DA Mode is designed to reduce transaction costs by using a data market that is independently priced from Ethereum blobspace. Alt-DA Mode in an early-stage release.

Instadapp introduced Fluid DEX, a capital-efficient DEX built atop the Fluid Liquidity Layer. The new DEX introduces the ability to leverage both debt and collateral through two innovative features: Smart Debt and Smart Collateral. Smart Debt deploys borrowed funds into trading liquidity, enabling users to generate trading fees that can potentially offset or exceed the costs of borrowing. Smart Collateral, on the other hand, allows users to deploy their collateral to provide AMM liquidity, earning both trading and lending fees. Fluid DEX also integrates a single auto-rebalancing range order system that allows for diverse liquidity ratios and fees, supporting unique trading vault strategies. Governed by $INST holders, Fluid DEX is set to launch by the end of July.

Kraken disclosed a critical bug on its exchange, which was initially identified by an external party. Dubbed the "infinite money glitch," the bug allowed users to immediately credit their accounts with unverified deposits, effectively enabling them to inflate their balances artificially. While the bug has been addressed and fixed, Kraken says it was exploited by a security research firm to withdraw $3 million. The Chief Security Officer of Kraken reported that the firm involved has yet to return the funds and demanded negotiations about potential payout amounts. CertiK, a security audit firm, later admitted to being the entity that withdrew the funds. Criticism followed as CertiK conducted 30-40 transactions under the guise of "testing" the vulnerability, far exceeding what would have been necessary to demonstrate the flaw. Kraken is now handling the incident as a criminal matter.

The EigenLayer Foundation opened claims for the second phase of its initial stakedrop, enabling users of complex LRT integrations such as Kelp, Pendle, and Equilibrium, to claim their EIGEN tokens. The stakedrop is based on a snapshot taken on March 15th. While EIGEN tokens are initially non-transferable, users can stake and delegate their tokens. Users have until September 7th, 2024, to claim their tokens. The foundation plans to release details about a second season in the coming weeks.

• Flashbots MEV Boost Bids Archive

• LayerZero airdrop checker

• Aave to launch on zkSync

• Martin Shkreli DJT scheme

• Introducing MAV V2

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• Synthetix V3 goes live on Arbitrum.

• A vote to deploy GHO cross-chain goes live.

• Ronin introduces its zkEVM on Polygon CDK.

• Devcon opens its raffle ticket auction.

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.

Synthetix V3, the latest version of the derivatives trading protocol, is now live on Arbitrum One with initial support for ETH, ARB, and USDC deposits. Synthetix is distributing ARB LTIP rewards to early liquidity providers. Synthetix V3 introduces multiple collateral types, cross-margin trading, enhanced account-based access controls, and revamped liquidation mechanisms. The launch also includes USDx, a stablecoin native to Arbitrum. Over the upcoming weeks, Synthetix plans to extend its collateral options to include sUSDe, USDe, stETH, and weETH. Synthetix Perps V3 will go live once the protocol achieves sufficient liquidity on Arbitrum. The deployment marks the fourth chain on Synthetix V3, following Ethereum, OP Mainnet, and Base.

A proposal to deploy Aave's GHO stablecoin natively on other blockchains, starting with Arbitrum, is now live for a governance vote. The initiative aims to improve the liquidity, accessibility, and cross-chain interoperability of the GHO stablecoin. The deployment will leverage the Chainlink Cross-Chain Interoperability Protocol (CCIP), which uses a lock/burn and release/mint mechanism for bridging. Ownership of the bridge contract will be transferred to the Aave DAO, allowing it to manage liquidity flow limits, interest rates, and risk parameters. GHO can be borrowed against any collateral on Aave V3. To date, users have minted over 85 million GHO. stAAVE holders also benefit from a 30% discount on the GHO borrow rate. The voting period will conclude on June 21st.

The Ronin Network, a L1 blockchain designed for gaming, introduced Ronin zkEVM, a new Layer 2 network built using Polygon's CDK. Ronin zkEVM aims to offer low network fees and fast processing times to support the high transaction throughput demands of gaming applications. It uses ZKPs for transaction validation. Transactions will be settled on Ronin mainnet, ensuring secure data availability for its Layer 2 chain. The Ronin zkEVM will support the use of any ERC-20 token available on the Ronin network for gas fees. It can also tap into Polygon’s AggLayer to access unified liquidity. The first zkEVM chain is anticipated to launch in Q1 2025.

The raffle auction for Devcon VII tickets is now live, offering attendees the opportunity to bid on 184 discounted tickets priced at 0.08 ETH each. Participants need to verify their Gitcoin passport with a score over 20 to ensure Sybil-resistance. The auction is hosted on Arbitrum and will conclude on July 9th. Devcon VII is set to take place in Bangkok, Thailand, from November 12-15.

• LayerZero airdrop checker

• ConsenSys updates privacy policy

• Base increases gas target

• Amended ETH ETF S-1

• $750m in upcoming unlocks

• Introducing Time Fun

• Morpho goes live on Base

• Camp L2 joins the Superchain

• Velodrome to launch on FRAXTAL

• Silo goes live on OP Mainnet

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