U.S. House Passes FIT21 Bill
The bill provides the CFTC with regulatory authority over digital asset trading and establishes a consumer protection framework.
The U.S. House passes FIT21 bill.
Fluent introduces Blended Execution.
Taiko announces its TKO airdrop.
Pectra Devnet 0 updates.
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.
The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT-21), which assigns regulatory oversight of digital asset trading to the Commodity Futures Trading Commission (CFTC) and establishes a consumer protection framework for digital assets. The bill received bipartisan support, including 71 votes from Democrats. The approval comes after the Biden Administration released a policy statement strongly opposing the bill in its current form. Despite the opposition, the administration did not indicate plans to veto the bill, suggesting that it is likely to become law.
Fluent introduced Blended Execution, a new design that integrates multiple virtual machines within a single state machine. The design enables direct interactions among apps from different VMs, eliminating the need for complex cross-chain bridging and enhancing the user experience. Developers can use the tools across each VM ecosystem. Fluent will be the first L2 network to implement a blended execution architecture. It will support Wasm, EVM, and SVM in a unified execution environment. Applications written in a variety of programming languages, including Solidity, TypeScript, and Rust, will be able to run on Fluent. The network will use an altered version of WebAssembly optimized for ZK operations.
Taiko, an EVM-equivalent ZK-Rollup, introduced its TKO governance token. Taiko will distribute 5% of its 1 billion total supply through an initial airdrop to block proposers, provers, select testnet users, GitHub contributors, and Ethereum ICO participants. Users have a seven-day window to check their eligibility and link their wallets. Once the airdrop is live, eligible users will have 30 days to claim their TKO tokens on Taiko Mainnet. Approximately 48.5% of the token supply is allocated to investors, team members, and the Taiko Foundation. An additional 10% of the supply is reserved for a future airdrop. Taiko has also dedicated 1% of its tokens to the Protocol Guild and 5% to funding for retroactive public goods.
Nyota Interop recap (Pectra Devnet 0)
Espresso expands testnet nodes
EVM Native Sequencing Rules
Obol Launches 1forDS Fund
A new funding model designed to support projects focused on decentralizing the Ethereum consensus layer.
This story was featured in Episode 469.
Obol Network launched the 1% for Decentralization (1forDS) retroactive fund, a new funding model designed to support projects focused on decentralizing the Ethereum consensus layer. The model directs 1% of staking rewards from Obol’s distributed validator clusters into a retroactive funding pool. As the network expands, it will generate increased funding for projects. Lido Finance is the first contributor to join the initiative via its SimpleDVT module. EtherFi has also committed to participate through its validators. Obol distributed validators enhance Ethereum’s fault tolerance by distributing a validator's key across multiple nodes, ensuring continuous validation even if one node fails.
Uniswap Responds To SEC Wells Notice
The letter calls for the SEC to consider Uniswap's arguments and not pursue actions that could hinder innovation.
Uniswap responds to the SEC’s Wells notice.
Farcaster raises a $150 million Series A.
Obol launches the 1% for decentralization fund.
Smoldapp introduces Smol Swap.
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.
Uniswap Labs wrote a 43-page response to the SEC over a Wells notice it received last month. The SEC signaled its intention to charge Uniswap for allegedly operating as an unregistered securities exchange and broker-dealer, and alleging the UNI token is a security. In its response, Uniswap argued that its platform does not primarily facilitate securities trading. Instead, its protocol serves as a general-purpose technology, similar to the Internet Protocol. Uniswap compared tokens to file formats, such as PDFs. and pointed to the FIT 21 bill, which is expected to pass in the House tomorrow, designating the CFTC as the main regulatory authority for most digital assets. Uniswap's letter calls for the SEC to consider its arguments and not pursue actions that could hinder innovation.
Farcaster, a web3 social platform operating on the OP Mainnet, raised a $150 million Series A funding round led by Paradigm, with contributions from a16z crypto, Haun, USV, Variant, and Standard Crypto, among others. Farcaster plans to use the new capital to expand its engineering team. Founder Dan Romero says the funding ensures Farcaster's operations for the foreseeable future. This year, Farcaster is focused on increasing its daily active users and rolling out new primitive features. Since migrating to the OP mainnet and becoming available to all users last year, the platform has attracted over 350,000 users. Farcaster also rolled out support for Arbitrum transactions. Arbitrum is offering $500,000 in retroactive rewards for developers who build Frames with Arbitrum.
Obol Network launched the 1% for Decentralization (1forDS) retroactive fund, a new funding model designed to support projects focused on decentralizing the Ethereum consensus layer. The model directs 1% of staking rewards from Obol’s distributed validator clusters into a retroactive funding pool. As the network expands, it will generate increased funding for projects. Lido Finance is the first contributor to join the initiative via its SimpleDVT module. EtherFi has also committed to participate through its validators. Obol distributed validators enhance Ethereum’s fault tolerance by distributing a validator's key across multiple nodes, ensuring continuous validation even if one node fails.
Smoldapp, a directory of niche dapps, launched Smol Swap, a new feature for swapping tokens. Smol Swap integrates with the app's built-in address book and allows users to trade tokens across 10 different EVM-compatible chains. Smoldapp offers interfaces that facilitate the management of token distribution, disposal, and migration in a single transaction.