• Syndicate introduces Degen Chain.

• AltLayer launches ALT token staking.

• Vitalik on directions for Ethereum scaling.

• Circle to support native USDC on zkSync Era.

Degen Chain L3 On Arbirtum Orbit

Syndicate introduces Degen Chain as an L3 on Arbirtum Orbit. AltLayer launches ALT token staking. Vitalik Buterin shared insights on directions for E...

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Syndicate, a Web3 infrastructure provider, launched Degen Chain, a L3 chain designed for the Degen community token that offers ultra-low-cost transactions. The chain is built on the Arbitrum Orbit tech stack, settles on Base, and leverages AnyTrust for data availability. Degen Chain also uses $DEGEN as its native gas token. Degen Chain is now live on chain ID 666666666. The initial launch features a bridge and a block explorer. Degen, which is an ERC-20 token on Base, originated from the Degen channel on Farcaster in January 2024. Degen introduced a distribution model that allows users to tip each other with points for creating high-quality content.

AltLayer, a rollup-as-a-service provider, launched ALT token staking and unveiled Mach Alpha, an Actively Validated Service (AVS) on EigenLayer. Mach Alpha will offer fast confirmations and decentralized validation for  OP Stack and Arbitrum Orbit rollup transactions. ALT token holders can now stake their tokens to earn rewards for helping secure the Mach AVS. Mach Alpha aims to address slow block finalization times. ALT token staking marks the first of four launch phases for Mach Alpha. In future phases, AltLayer will support restaked assets and integrate operators once EigenLayer goes live on mainnet. AltLayer’s platform supports custom rollups on the OP Stack and Arbitrum Orbit frameworks.

Ethereum creator Vitalik Buterin shared insights on future directions for Ethereum scaling following the Dencun upgrade and introduction of blobs. He highlighted a shift in Ethereum scaling, moving from foundation scaling efforts to focused, incremental enhancements. He also says that the developer focus will change to the application layer. Ethereum will maintain its L2-centric roadmap, with applications migrating from L1 to L2 to benefit from faster and more cost-effective transactions. An upcoming upgrade is Data Availability Sampling (DAS), which aims to increase the data space to 16 MB per slot. Incremental scaling improvements include a gradual increase in blob capacity, advancements in data compression, and EIP-7623, which seeks to reduce the maximum block size. Buterin notes that with reduced transaction costs on L2s, there’s no excuse for Ethereum not to reach widespread adoption.

Native USDC, the official version of the stablecoin that is compatible with Circle’s Cross-Chain Transfer Protocol, will now be supported on zkSync Era mainnet. The Cross-Chain Transfer Protocol allows native USDC to be natively burned on a source chain and natively minted on a destination chain, removing the need for locked liquidity. Bridged versions of USDC on zkSync Era will now be labeled as USDC.e. Native USDC is already live on Ethereum Mainnet, OP Mainnet, and Arbitrum One.

• ACDE #184 recap

• Base reaches $3b TVL

• Prisma Finance suffers an exploit

• Erigon introduces Erigon++

• Erigon v2.58.0 patch release

• DeFi Saver integrates Safe

• SAFE transferability updates

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• Celestia launches Blobstream on Base.

• Blobs hit a 100% utilization rate due to inscriptions.

• A judge drops the SEC’s claims against Coinbase Wallet.

• E announces its ENA token launch.

Celestia Launches Blobstream On Base

Celestia deploys Blobstream on Base mainnet. Blobs hit a 100% utilization rate due to inscriptions. A judge drops the SEC's claims against Coinbase W...

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Celestia launched Blobstream on Base Mainnet, allowing developers to deploy Base L3 chains that access Celestia for data availability. Blobstream is a one-way data attestation bridge that streams Celestia's DA layer to other chains. Developers can access efficient blockspace that is independently priced from gas fees on their base chain. The implementation allows L2 and L3 rollups to use Celestia light clients for Data Availability Sampling. Blobstream uses Zero-Knowledge Proofs to authenticate the validity of Celestia block headers for confirmation on targeted EVM chains. Blobstream is in an experimental phase with planned support for other chains.

Blob transactions on Ethereum have hit a 100% utilization rate following a significant increase in Blob Inscription transactions on the network. Ethereum currently has a max limit of 6 blobs per block. Data from Hildobby’s Dune analytics dashboard reveals that 41% of recent blob transactions are attributed to blob inscriptions. Inscriptions are primarily used for storing data onchain, including image metadata, although the data from blob transactions only remains accessible for a limited period of up to 21 days. The surge in activity has also caused the base fee for blobs to rise. Data from Galaxy Research indicates that the median fee for a L2 transaction in the past 24 hours stands at approximately 4 cents.

A U.S. federal judge has denied Coinbase's request to dismiss a lawsuit filed by the SEC, which accuses the exchange of operating without registrations for a securities exchange, broker, and clearing agency. Coinbase will now continue its legal battle against the SEC in court. Coinbase's Chief Legal Officer, Paul Grewal, noted that it is common for early motions to dismiss cases brought by government agencies to be denied. The judge did agree to drop the SEC's claims against Coinbase Wallet, the exchange's non-custodial wallet. The SEC initiated the lawsuit against Coinbase in June 2023.

Ethena Labs announced the launch date of its ENA governance token set for Tuesday, April 2nd. 5% of the total token supply is allocated to the user airdrop. USDe is Ethena’s overcollateralized stablecoin that generates yield and is backed by stETH and balanced positions in derivatives markets. With a market capitalization of $1.36 billion, USDe ranks as the fifth-largest stablecoin.

• Azuki introduces AnimeChain

• Base increases its gas target

• Ethereum experienced missed slots and recovers

• Tornado Cash Trial Day 2

• Prysm v5.0.2 release

• Erigon v2.59.1 release

• Rarible supports NFTs on Base

• Base completes bridge maintenance

• Basescan supports ENS

• Vitalik: Supporting decentralized staking

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• RetroPGF rounds for 2024.

• Tornado Cash trail begins in the Netherlands.

• Angle Protocol introduces USDA.

• CFTC classifies ETH as a commodity.

Optimism Announces 2024 RetroPGF Rounds

Optimism announces new RetroPGF rounds for 2024. A Tornado Cash trail begins in the Netherlands. Angle Protocol introduces USDA. And the CFTC classif...

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Optimism unveiled a new phase for Retroactive Public Goods Funding (RetroPGF), introducing category-specific rounds in 2024. A total of 850 million OP tokens, which represent 20% of the total supply, have been allocated to funding public goods. 40 million OP tokens have already been awarded during the second and third RetroPGF rounds, which supported Optimism Collective Intents. Projects across any OP Chain, including Base, Mode, and Zora, are now eligible for retro funding. RetroPGF 4, set to commence in May, will target Onchain Builders. RetroPGF 5, scheduled for August, will focus on contributions to the OP Stack. In the same month, RetroPGF 6 will reward improvements in governance. RetroPGF 7 will take place in October, marking the final round for 2024, which will focus on rewarding development tooling projects.

Alexey Pertsev, a developer who helped write open-source code for Tornado Cash, has started a trial in the Netherlands. Pertsev is accused of facilitating money laundering through Tornado Cash, with Dutch officials alleging that he failed to prevent international hacking groups from laundering money on the platform. Pertsev was arrested on August 10th and was held in custody for nine months before being released on bail in April 2023. Crypto educator Eléonore Blanc, who has been closely monitoring the trial, reported that Pertsev spent the morning responding to questions from the judges regarding PepperSec’s liability, governance, and the Tornado Cash compliance tool. If convicted, the case sets a dangerous precedent for open-source developers.

Angle Protocol introduced USDA, a stablecoin pegged to the U.S. dollar and backed by Real-World Assets (RWA) and DeFi assets. USDA holders who stake their tokens in Angle’s stUSD savings solution will earn a variable yield. According to Angle, users will be able to seamlessly convert between USDC and USDA. The new stablecoin shares the same framework as EURA, Angle's Euro-pegged stablecoin. USDA will be integrated into the Morpho Blue lending protocol, allowing users to lend and borrow the stablecoin. The yield will stem from the stablecoin's yield-bearing backing and the interest paid from USDA borrowers. USDA is not yet live but is expected to launch in April, subject to a governance vote.

In a legal action targeting KuCoin, the CFTC has reiterated its classification of ETH as a commodity, a perspective that diverges from the SEC's undefined stance on ETH. The CFTC's complaint alleges that KuCoin engaged in the facilitation of commodity futures transactions without the required registrations and did not enforce proper KYC procedures.

• Google displays ETH balances across chains

• Coinbase commits to store more on Base

• BuidlGuidl launches a grants program

• Munchables exploited for $62m

• Phi unveils Phi Protocol

• Optimism GovScore tool

• ERC-20 Base migration tool

• BasePaint integrates Relay

• Polygon ZK-EVM weekend outage

• EIP-3074 explained

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