• EtherFi launches its ETHFI token airdrop.

• EF final reminder to migrate from Goerli.

• Gnosis Chain unveils uRamp.

• Aavegotchi selects Base as settlement layer.

EtherFi ETHFI Airdrop Goes Live

EtherFi launches its ETHFI token airdrop. The Ethereum Foundation issues a final reminder to migrate away from Goerli. Gnosis Chain unveils uRamp. An...

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The Ethereum Foundation released a final reminder advising users and developers to migrate from the Goerli testnet to either Sepolia or Holesky testnets as soon as possible. Goerli was initially set to be completely phased out by April 13. However, the majority of node operators on Goerli have already decommissioned their validators. Network participation on Goerli has dwindled to below 5%. Goerli hasn't achieved finality since March 5th, which is the last time it reached a participation rate of over 66%. According to data from Beaconcha.in, Goerli stopped processing blocks on March 12th. Holesky is the first Ethereum testnet to be merged from Genesis and designed for testing validation and staking.

EtherFi, the largest liquid restaking protocol by TVL, launched its ETHFI governance token airdrop alongside its Liquid yield-vault product. Eligible users who restaked ETH on EtherFi can now claim a share of 68 million ETHFI tokens. Users received a median of 175 ETHFI tokens. ETHFI has a total token supply of 1 billion. Roughly 27 million tokens were allocated to EtherFi partners. 55% of the token supply is allocated to investors and the core team behind the protocol. At the time of writing, ETHFI is trading at $3.29, which brings its Fully Diluted Valuation to $3.2 billion. An additional 5% of the token’s supply is allocated to a second airdrop season.

Gnosis Chain unveiled uRamp, a fiat gateway that enables users to convert euros from their bank account into the EURe stablecoin on Gnosis Chain. The conversion is facilitated through Monerium, a regulated Electronic Money Institution and issuer of the EURe token. uRamp leverages LI.FI's liquidity aggregation to support asset conversion across Gnosis Chain, Polygon, and Ethereum. uRamp uses the IBAN standard for direct fund transfers between users' wallets and their Euro bank accounts, bypassing the need for centralized exchanges. uRamp also offers conversion capabilities for multiple EVM-compatible assets, including xDAI, wxDAI, GNO, MATIC, USDC, USDT, and WETH.

Aavegotchi, a blockchain game that integrates DeFi and NFT elements, has chosen Base as the settlement layer for Gotchichain. Originally developed using Polygon's tech stack, Gotchichain is an L3 chain designed specifically for gaming, set to support the Aavegotchi Gaming Console. The launch of Gotchichain is planned for the second quarter of 2024.

• Base doubles tx volume post-Dencun

• Arbitrum Security Council elections

• PartyDAO explains ticker situation

• Judge finds SEC bad faith conduct

• Attacknet tool release

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• OP Stack fault proofs on OP Sepolia.

• Alchemix goes live on Arbitrum One.

• Uniswap research on L2 network efficiency.

• Senators request SEC not approve crypto ETFs.

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OP Labs will incorporate permissionless OP Stack fault proofs into the OP Sepolia testnet through an upcoming upgrade scheduled for Tuesday, March 19th. Bridges, centralized exchanges, and developers using custom withdrawal solutions on the OP Stack will need to make logic changes due to the introduction of breaking changes. As a result of the fault-proof integration, withdrawals between OP Sepolia and Sepolia will now require a seven-day processing period. The OP Stack fault proof system consists of three main elements: the Fault Proof Program (FPP), the Fault Proof Virtual Machine (FPVM), and a dispute resolution game protocol.

Alchemix Finance, a self-repaying lending protocol, is now live on Arbitrum One. Users can now deposit into alUSD or alETH vaults to borrow against their assets. Alchemix uses yield earned on collateral to repay loans. Supported collaterals include aUSDC, aDAI, aUSDT, yvUSDC, yvDAI, aETH, yvWETH, and Lido’s wstETH. The deployment on Arbitrum makes Alchemix more accessible with lower network fees and a 50% lower Loan-to-Value (LTV) ratio compared to mainnet. There are initial deposit caps set at $100k for USDC and 200 ETH for stETH. Alchemix’s alUSD stablecoin will remain backed by liquidity on Ethereum Mainnet.

Uniswap released research on the advantages of Uniswap transactions on Layer 2 networks. The research revealed that 97.5% of transactions under $125,000 performed better on L2s over Ethereum. L2s also demonstrated 75% greater liquidity concentration than Ethereum, leading to increased capital efficiency for liquidity providers. Thanks to lower transaction costs, liquidity providers can more frequently rebalance their Uniswap positions. On average, liquidity providers operating across the full price range on L2s enjoyed roughly 20% higher arbitrage profits than on mainnet. The research data predates the Dencun hardfork, hinting at even greater efficiencies with the introduction of blob transactions.

U.S. Senators from Rhode Island and California have requested SEC Chairman Gary Gensler to not approve any ETFs associated with cryptocurrencies other than Bitcoin. They argue that other cryptocurrencies lack the necessary trading volumes, suggesting that their markets are not adequately developed to back financial instruments. In response, Coinbase's legal officer, Paul Grewal, pointed out Ethereum's deep market liquidity, noting that only two stocks in the S&P 500 have higher trading volume. The SEC is set to decide on a spot Ethereum ETF by May 23rd. The first spot Bitcoin ETF was approved earlier this year.

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• EigenLayer roadmap to mainnet.

• Arbitrum activates ArbOS upgrade.

• Clique introduces the compute coordination network.

• EF announces the venue for Devcon VII.

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EigenLayer unveiled its roadmap for the mainnet deployment of its protocol and EigenDA. EigenLayer is currently in the second of three launch phases. The first phase, which introduced restaking, went live on mainnet in June 2023. The second phase, which integrates operators into the protocol, is currently live on testnet. EigenLayer is transitioning its stage 2 testnet from Goerli to Holesky. In the coming weeks, EigenLayer will temporarily pause its web application and mainnet smart contracts to integrate operators onto mainnet, allowing for a gradual operator registration process. Next will follow the launch of EigenDA, initiating the third launch phase by introducing the first Actively Validated Service. Operators will then have the opportunity to opt into serve EigenDA. The final step involves enabling the onboarding of additional AVSs, marking the complete launch of EigenLayer on mainnet.

The ArbOS 20 upgrade, also known as Atlas, is now live on Arbitrum mainnet, introducing support for Ethereum Dencun EIPs to Arbitrum One and Arbitrum Nitro. The update significantly reduces Layer 2 transaction costs, offers cheaper transient data storage, and lowers memory copying costs. No action is required for application developers on Arbitrum. Arbitrum Orbit chains must deploy Atlas independently to incorporate the Dencun updates. A further reduction in L1 data posting fees will activate at 1:00 AM EST on Tuesday, March 19th, as part of Atlas. Arbitrum Stylus, a WASM-compatible programming environment, will launch to mainnet later this year.

Attestation protocol Clique introduced the Compute Coordination Network, a system designed to allocate offchain compute tasks to multiple providers, tailored to specific application requirements. The network facilitates the integration of data from both onchain and offchain sources and features an auction-based mechanism for the selection of compute resource. Clique has also raised an $8 million Series A funding round led by Polychain.

The Ethereum Foundation announced the venue for Devcon VII, which is set to be held at the Queen Sirikit National Convention Center (QNSCC) in Bangkok, Thailand, from November 12 to 15, 2024. The surrounding week, from November 9 to 17, will mark Devcon week, featuring a range of unofficial side events in the vicinity. Devcon is the world’s largest gathering of Ethereum developers.

• Relay supports routes to RARI

• Gnosis supports EURC.e

• ACDE #183 Recap

• Expect blob prices to increase

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