Quick Take
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BlackRock tokenized asset fund.
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Increasing the block gas limit.
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Arbitrum ArbOS phase 2 update.
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Fault proofs go live on OP Sepolia.
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BlackRock Launches Tokenized Fund
BlackRock launched the BlackRock USD Institutional Digital Liquidity Fund, a new tokenized asset fund that has an initial investment of $100 million in USDC on Ethereum. Operating under the ticker BUIDL, the fund is accessible to accredited investors and leverages Securitize Markets for the tokenization of its digital asset securities. The tokenized fund is incorporated in the British Virgin Islands. Earlier this year, BlackRock launched a Spot Bitcoin ETF and is currently awaiting approval for a Spot Ethereum ETF. As the world’s largest asset management firm, BlackRock oversees over $9 trillion in assets under management.
Initiative To Increase Block Gas Limit
Ethereum community members Eric Conoar and Mariano Conti launched pumpthegas.org, a campaign aiming to advocate for an increase in the block gas limit to 40 million, a 33% rise from the existing 30 million gas limit. Conoar suggests that the increase could potentially lower transaction fees on L1 Ethereum by about 15-33%. Implementing this modification does not require a hardfork, allowing validators to adopt the change already by changing their node configuration. The campaign also calls on operators of large pools to adopt the increase. Marc Zeller, a contributor to Aave, compares the gas limit increase to adding a new lane on a highway, offering only a temporary solution to network congestion.
Arbitrum Completes ArbOS Phase 2
The second stage of the ArbOS Atlas upgrade for Arbitrum One has been completed, bringing the median transaction fee on the network down to approximately one cent. The second phase of the upgrade eliminates the L1 surplus fee per compressed byte, lowering it from 32 gwei to zero, and reduces the L2 minimum base fee from 0.1 to 0.01 gwei. The improvements are additive to the cost efficiencies from blob transactions, which were introduced as part of the first phase of ArbOS last week. The update also benefits L3 Orbit chains that settle on Arbitrum One. Arbitrum Orbit L2 chains are required to implement the ArbOS upgrade independently.
Fault Proofs Go Live On OP Sepolia
The OP Stack fault proof system has launched on the OP Sepolia testnet, marking a critical milestone in the journey towards achieving Stage 2 decentralization for OP Stack chains. The fault proof system enables permissionless validation and for invalid ETH and ERC-20 token withdrawals to be challenged and rejected. Optimism contributors are now focused on developing multiple proof schemes and preparing the fault-proof system for a mainnet deployment.
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