Celo Proposes Transition To L2 On The OP Stack
The new L2 would be built on the OP Stack and would uses EigenDA for data availability.
This story was featured in Episode #253.
cLabs, the company behind Celo Network, introduced a proposal to transition its blockchain into an L2 network built on the OP Stack. The new L2 would also use an offchain data availability powered by EigenLayer. Known as EigenDA, the solution allows Ethereum restakers on EigenLayer to opt-in to secure DA for other chains. The proposal also outlines an architecture for leveraging Celo's existing validator set to power a decentralized sequencer. The proposal is currently under community discussion with a Celo governance call scheduled for Friday, July 21st. Celo is an EVM-compatible L1 blockchain focused on payment infrastructure.
Celo Proposes Transition To L2 OP Chain
The new L2 would be built on the OP Stack and would uses EigenDA for data availability.
Celo proposes to transition its L1 chain to a L2.
Aave’s GHO stablecoin goes live on mainnet.
zkSync airdrops an experimental NFT collection.
Unstoppable Domains adds support for ENS domains.
cLabs, the company behind Celo Network, introduced a proposal to transition its blockchain into an L2 network built on the OP Stack. The new L2 would also use an offchain data availability powered by EigenLayer. Known as EigenDA, the solution allows Ethereum restakers on EigenLayer to opt-in to secure DA for other chains. The proposal also outlines an architecture for leveraging Celo's existing validator set to power a decentralized sequencer. The proposal is currently under community discussion with a Celo governance call scheduled for Friday, July 21st. Celo is an EVM-compatible L1 blockchain focused on payment infrastructure.
GHO, an over-collateralized USD-pegged stablecoin native to Aave, is now live on the Aave V3 Ethereum Mainnet market. Users can now mint GHO against any supplied assets on the Aave V3 Ethereum market, including ETH, wstETH, rETH, UNI, SNX, and MKR. Users can currently borrow GHO at a 1.51% fixed APY. stAAVE holders also receive a 30% discount on the GHO borrow rate. Over 2.2 million GHO has already been minted. The multi-collateral stablecoin features a 100 million GHO borrow cap and allows borrowers to swap out their base collateral. The Aave DAO governs GHO, including its supply, interest rate, and risk parameters.
zkSync airdropped 10,000 NFTs to a batch of users that have interacted with NFTs on zkSync Era. Since its mainnet launch, nearly 180,000 addresses have interacted with the top 100 NFT projects on the network. Coined as LIBERTAS OMNIBUS, the NFT collection features a mystery capsule to be revealed in the coming weeks. The collection was deployed as an experiment for testing new kinds of zkSync-native NFT collections. zkSync later announced plans to restart the distribution of the NFT project over the coming weeks along with an IRL minting experiment at EthCC. zkSync Era is currently the third largest L2 network with over $500 million in TVL.
Unstoppable Domains, a Web3 domain name provider, now supports ENS domain registrations. The integration allows users to purchase .eth domains using a credit card and without needing to connect a crypto wallet. Domains can be stored in a private vault managed by Unstoppable and can later be migrated to user’s wallet. The integration also features an option for auto-renewal. Unstoppable Domains says ENS domains purchased through its platform will be registered via the ENS smart contract to ensure no naming conflicts. Future updates will include direct support for managing ENS domain records, including crypto addresses, avatars, and profile data.
Liquity, a stablecoin protocol that currently only supports ETH collateral, announced Liquity V2, a new iteration of its protocol that will feature leveraged borrowing and support for liquid staking token collateral types. The V2 upgrade aims to solve the stablecoin trilemma, striking a balance between scalability, stability, and decentralization. The upgrade will also offer a competitive DeFi-native yield source by introducing a yield-bearing stablecoin. Liquity plans to launch the V2 upgrade in 2024.
Arbitrum Launches Arbitrum Nova
A new L2 chain built on Arbitrum AnyTrust technology optimized for gaming and social applications.
Offchain Labs launches Arbitrum Nova.
Curve Finance suffers a DNS hijack.
Reddit launches Community Points on Arbitrum Nova.
Pinata raises an $18 million Series A funding round.
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Offchain Labs announced the public release of Arbitrum Nova, a new L2 chain built on the company’s AnyTrust technology optimized for gaming and social applications. Arbitrum Nova offers ultra-low-cost transactions by placing data availability off-chain. Fees on the network are currently less than 1 cent per transaction. Sequencers on the network batch and compress transactions. A Data Availability Committee (DAC) then provides a certificate of data availability which is posted to Mainnet Ethereum. If a data availability certificate can't be generated, the network falls back to Arbitrum Rollup and posts compressed calldata to Ethereum. Consensys, FTX, Google Cloud, P2P, Quicknode, and Reddit were selected as the inaugural Data Availability Committee members. Arbitrum Nova uses its own RPC on chain ID 42170. Anyone can now use bridge.arbitrum.io to bridge tokens to the network. Sushi and Maker are among the first dapps to deploy on Arbitrum Nova.
Offchain Labs also revealed that Reddit will be migrating its community points program to Arbitrum Nova. Arbitrum was selected as the winner for Reddit’s “Great Reddit Scaling Bake-off” competition back in 2021. The competition aimed to champion a developer that could deploy a scalable solution for community points on Ethereum. Reddit is initially deploying the community points system to Nova on the r/CryptoCurrency and r/FortnightBR subreddits. Reddit Points are ERC-20 tokens on Arbitrum Nova which are earned by users for engaging in subreddit communities. Points can be used for voting, tipping, and purchasing memberships. Once points are spent, they are burned and removed from circulation. FTX also partnered with Reddit to provide a fiat on-ramp integration via FTX Pay. Users that earn Reddit Points will still need ETH to be able to claim airdrops, purchase memberships, and make transactions.
Curve Finance suffered a DNS attack on the front end of its curve.fi website. An attacker hijacked Curve’s nameservers and spoofed the curve.fi domain to point to the hacker’s IP. The DNS then directed users to the hacker’s IP, which contained a cloned site that requested approvals to a malicious contract. More than $540k worth of assets were stolen, which the attacker laundered through Tornado Cash. Anyone who used Curve during the hijack is urgently advised to revoke approvals for the malicious contract. Curve later reported the attack was likely due to a compromise at its nameserver provider iwantmyname.com. The name server issue has since been found and reverted.
IPFS storage platform Pinata Cloud has raised $18 million in a Series A funding round co-led by Pantera and Greylock with participation from Volt Capital, OpenSea and Alchemy. Pinata Cloud allows users to upload, store, and pin content on IPFS. Pinata is focused on serving NFT projects, creators, metaverses, and dapps at scale. The platform also supports dedicated gateways, IPFS image resizing, and private IPFS file uploads through its submarine product. Pinata plans to use the fresh round of capital to continue improving the speed, security, and efficiency of its technology infrastructure. Pinata has served more than 240k users to date since launching in 2018.
Argent has integrated Orbiter Finance into its Argent X wallet. Users can bridge ETH from Orbiter’s 11 chains from Starknet, directly within the Argent X browser wallet. StarkNet is an L2 network by StarkWare with over 200k users on its mainnet alpha release. Orbiter Finance is a decentralized cross-rollup bridge and the first third-party bridge to support bridging to and from StarkNet.