• DAI Savings Rate increase to 15%.

• Gnosis releases 3.0 roadmap.

• Delv releases a Hyperdrive update.

• EspressoSys introduces the Based Espresso.

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MakerDAO governance approved an accelerated proposal to increase the DAI Savings Rate (DSR) to 15%, a 3x leap from its current rate of 5%. The DSR yield is paid by the protocol’s stability fees on Collateral Debt Positions (CDP), in which the new proposal also raises the stability fees for ETH, wstETH, and WBTC collateral types. The APY for borrowing DAI via the Maker’s Spark Lend market will also see an increase to 16%. The proposal is a strategic move to address the volatile market conditions and rising interest rates that have led to a demand shock for DAI. The changes are scheduled for implementation on Sunday, March 10, 2024, at 19:55 UTC.

Gnosis released its Gnosis 3.0 roadmap, a new phase focused on transforming payments and financial infrastructure through a collective of aligned projects interconnected by the GNO token. Gnosis 3.0 shifts from infrastructure to applications that bridge the gap between onchain capabilities and real-world services. Gnosis 3.0 includes ventures such as Gnosis Pay and Gnosis Wallet, focusing on integrating with traditional financial systems. Gnosis began as a prediction market platform in 2015 that later transitioned into building Ethereum infrastructure, including Safe, CoW Protocol, Karpatkey, and Gnosis Chain.

Delv, a fixed and variable yield protocol, shared an update on Hyperdrive, its upcoming AMM designed to enhance capital efficiency and address the issue of fragmented liquidity in the market. Hyperdrive will feature on-demand terms, single-sided liquidity, and continuous liquidity provision. Hyperdrive users will be able to deposit assets for a fixed return, with the ability to sell their position early at the current market rate, deposit for variable yields by covering the fixed rate with an upfront margin payment or partake as a liquidity provider to collect trading fees. Delv is in the process of launching Hyperdrive on testnet.

EspressoSys introduced Based Espresso, a marketplace for auctioning sequencing rights to a shared proposer. Based Espresso allows rollups to auction their sequencing rights to either based rollup, validium, or Ethereum L1 proposers. Rights to shared sequencing include participating in an auction for slots allocated to shared proposers, which in turn selects the entities for proposing the upcoming blocks for rollups, and a shared finality gadget that finalizes the proposed blocks and issues preconfirmations. Proposers who purchase the rights to be a shared proposer benefit from economic incentives such as MEV and arbitrage.

• Kwenta Perps V3 beta launch on Base

• 50% of nodes appear ready for Dencun

• Ethstorage pledges 1% to Protocol Guild

• Arbitrum DAO proposal to help tornado cash legal

• Teku v24.3.0 release

• Fraxtal added to L2 Beat

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• Arbitrum Orbit L3 chains on Base.

• Unblock Crypto EIP-6963 initiative.

• Velodrome launches Slipstream clAMM.

• Base will support Dencun from day one.

  Mint NFT

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Infrastructure service provider Conduit introduced support for deploying Arbitrum Orbit Layer 3 chains using Base as the settlement layer. Conduit's rollup-as-a-service platform offers customizable rollup configurations, granting teams the ability to configure the rollup framework, data availability solution, and settlement layer options. Arbitrum Orbit is a tech stack for the deployment of L3 appchains on Arbitrum AnyTrust chains and features the capability to use custom gas tokens. The L3 chains are designed to reduce computational costs and provide dedicated block space. Conduit offers the deployment of L3 chains on either the testnet or mainnet.

Over 16 ecosystem projects joined forces to launch unblockcrypto.org, an initiative seeking to further adoption of EIP-6963, a standard for wallet connection to dapps. EIP-6963, which was finalized in October 2023, enables the discovery of multiple injected wallet providers and addresses existing conflicts with EIP-1193 wallets. Wallet extensions load in an unpredictable sequence when multiple wallets are installed. Zerion, WalletConnect, Rainbow, MetaMask, and Coinbase Wallet, among others, now support EIP-6963 to address this issue. Users can participate in the unblock crypto initiative by minting a commemorative NFT, with proceeds going to EIP authors.

Velodrome, an Optimism-native DEX , launched Slipstream, a new concentrated liquidity AMM designed for low-volatility and high-volume token pairs. Slipstream aims to capture a bigger share of daily trading volume on Optimism. Concentrated liquidity pools provide liquidity providers with exposure to higher volume and fees. LPs on Velodrome can now deposit into clAMM pools with VELO emissions ramping up in the coming weeks. The Slipstream implementation is based off of UniV3. The clAMM features a fee algorithm that adjusts according to market volatility. Velodrome is the largest DEX on Optimism by TVL with over $140 million in assets.

Base announced that its Layer 2 rollup will support the Dencun upgrade from day one. Dencun represents the next upgrade for Ethereum, featuring EIP-4844, a proposal that dramatically lowers the data availability costs for rollups by up to 99%. The Dencun upgrade is scheduled to activate on Ethereum-mainnet on Wednesday, March 13th, at 13:55:35 UTC. Dencun will be implemented on OP Stack chains shortly after as part of Optimism’s Ecotone upgrade. Coinbase has played a role in contributing to the core development of EIP-4844.

• EigenLayer launches a bug bounty competition

• ETH Global announces the Frameworks hackathon

• SP1 v0.0.2 release

• Besu v24.3.0 release

• Gitcoin reaches $60 funded

• ezETH goes live on Mode

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• OP Stack dispute game design.

• SEC Commissioners statement on ShapeShift.

• Wormhole $W token eligibility checker.

• Hop Protocol plans to integrate CCTP.

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OP Labs released a bond-based dispute game mechanism design for the OP Stack. Dispute games are used to facilitate fault detection in a fault-proof system. The proposed mechanism design encourages honest participation by imposing a bond requirement on claims, penalizing dishonest claims with a cost barrier. "Big Bonds" are the initial strategy, setting high ETH-denominated bonds adjusted for gas costs and claim depth to cover costs for honest participants and deterring spam. The fault dispute game marks a step towards further decentralizing the OP Stack through implementation in a future protocol update.

SEC Commissioners Hester M. Peirce and  Mark T. Uyeda issued a statement in regard to enforcement action against crypto exchange ShapeShift. The SEC filed a cease and desist against ShapeShift for not registering as a securities dealer between 2014 and 2021. ShapeShift settled the charges and paid a $275,000 fine. Commissioner Peirce criticized the order for not specifying which assets were deemed securities and the reasoning behind it. She highlighted the ongoing ambiguity surrounding the definition of a security, noting that this uncertainty undermines innovation and places entrepreneurs in a difficult position due to the absence of clear regulatory guidelines.

The Wormhole multichain bridge introduced an eligibility checker tool for its $W token airdrop. The W token has a total supply of 10 billion, and 6.17% of this supply is dedicated to the community airdrop. Users can check their eligibility and W token allocation by checking their wallets across EVM, Sei, NEAR, Kujira, and Evmos chains. The airdrop is based on a snapshot captured on February 6. The distribution of the W token will be in both ERC20 and SPL formats, covering several chains such as Ethereum, Solana, Arbitrum, Optimism, and Base. The criteria for eligibility include interactions with applications within the Wormhole ecosystem, stakers, and certain NFT communities. The W token has not yet been launched.

Rollup-to-rollup bridge Hop Protocol will now support Circle’s Cross-Chain Transfer Protocol (CCTP). Users will be able to bridge native USDC across supported networks on Hop. The Cross-Chain Transfer Protocol allows USDC to be natively burned on a source chain and natively minted on a destination chain, removing the need for USDC liquidity providers on the bridge.

• Lighthouse survey results

• MetaMask integrates Revolut onramp

• L2Beat Blast analysis

• Interface expands L2 support

• Across introduces Across+

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