Quick Take

• MODE token to launch on May 7th.

• Paragraph acquires Mirror.

• EigenLayer Stakedrop updates.

• ENS petitions to challenge a UD patent.

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$MODE To Launch May 7th

Mode, an L2 network built on the OP Stack, is set to launch its MODE governance token with an initial airdrop on May 7th at 11:00 AM UTC. The token will have a total supply of 10 billion, with 5.5% dedicated to the first of two user airdrops. Airdrop 2 will run frm May 5th until September 6th, distributing another 500 million tokens. 38% of the MODE supply is allocated to investors and core contributors, with 27% allocated to a foundation treasury, and the remaining 35% for end users and developers. Since its launch in January, Mode has amassed over $500 million TVL from 450,000 wallets. Mode features a sequencer fee-sharing module designed to reward developers.

Paragraph Acquires Mirror

Onchain publishing platform Paragraph announced its acquisition of Mirror, another onchain publishing platform founded in 2020. Colin Armstrong, the founder of Paragraph, will now serve as CEO of both products, while Denis Nazarov, former founder of Mirror, will continue as an advisor. Both Mirror and Paragraph will operate unchanged as separate platforms in the short term. Paragraph plans to seek feedback from writers before merging into a unified onchain publishing platform. Paragraph also secured a $5 million funding round led by Union Square Ventures, aiming to use the capital to expand its team. The parent company of Mirror also raised a $10 million seed round to launch a new social-media-focused Farcaster client named Kiosk.

EigenLayer Stakedrop Update

The Eigen Foundation has updated its initial EIGEN Stakedrop, set to launch next week. The foundation will now allocate 100 extra EIGEN tokens to users who interacted with EigenLayer before April 29th. The increase aims to address high gas costs and increases the previous minimum of 10 EIGEN tokens per wallet. The lock-up period for investors and contributors will now start once EIGEN becomes transferable. While previously stating that transferability would commence following the activation of certain features like slashing and rewards, the foundation now anticipates enabling transferability as soon as September 30th, 2024. Certain operator testnet participants will now be eligible for allocations in Phase 2.

ENS Petitions To Challenge UD Patent

ENS Labs filed a petition with the United States Patent and Trademark Office (USPTO) to challenge the validity of a patent on blockchain domain resolution that was granted to Unstoppable Domains in 2023. The petition is a formal request for the USPTO to reconsider and potentially revoke the patent. Nick Johnson, the founder of ENS, says that the patent is entirely based on open-source technology developed by ENS. Last year ENS sent an open letter to Unstoppable Domains, requesting a legally binding pledge to freely license their patent.

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Quick Take

• Etherscan introduces Cards.

• Caldera integrates zkSync’s ZK Stack.

• EtherFi launches a market-neutral vault.

• CZ faces a four-month prison sentence.

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.

Etherscan Introduces Address Cards

Etherscan launched a new feature called Cards on its address pages, offering quick access to specialized information, including claimable airdrops, open token approvals, and input data messages. The claimable airdrops card, powered by Bankless, shows the number of unclaimed airdrops and their estimated value. Users are then directed to the Bankless Claimables site to identify the airdrops. Reputable projects within the Ethereum community can add an Etherscan Card to display specific information about an address directly on the Etherscan explorer. Etherscan Cards are available only for EOAs and not for contract addresses.

Caldera Supports zkSync’s ZK Stack

Caldera, a rollup-as-a-service provider, introduced support for zkSync’s ZK Stack, a framework for launching custom zero-knowledge hyperchains. Hyperchains are zkEVM instances that operate in parallel, settle on Ethereum L1, and connect through a shared bridge. The integration marks Caldera’s first supported ZK Rollup framework. The ZK Stack offers two data availability options, including onchain data with ZK Rollup and offchain data with zkPorter, and supports the use of a project’s own tokens for sequencer decentralization. In addition to ZK Stack, Caldera already supports the Arbitrum Orbit and OP Stack frameworks for optimistic rollups.

EtherFi Launches Market-Neutral Vault

EtherFi, the leading liquid restaking protocol with $3.7 billion in TVL, launched Liquid Market-Neutral, a new managed DeFi strategy vault designed for stablecoin yield generation. The vault accepts deposits in USDC, USDT, DAI, and USDe, which are then deployed across Aave, Curve Finance, Gearbox Protocol, and Pendle.fi. As the vault’s deposits increase, EtherFi intends to expand its yield sources to include Uniswap V3, MorphoLabs Blue, and Balancer positions. Market-Neutral is EtherFi’s second vault strategy; its first vault focuses on generating yields from ETH and weETH deposits. The vaults automatically rebalance positions to maintain optimal yield.

CZ Faces Four-Month Sentence

A U.S. district judge sentenced Binance founder CZ to four months in prison. The sentence comes from a case initiated by the U.S. Department of Justice, which accused CZ of failing to comply with the Bank Secrecy Act and Know Your Customer (KYC) requirements. Although the DOJ initially sought a three-year sentence, the final decision was considerably less severe. Previously, CZ had used the number 4 to convey a message of ignoring fear, uncertainty, and doubt.

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Quick Take

• Offchain Labs discloses OP vulnerabilities.

• ApeCoin selects Conduit.

• Over 15% of staked ETH is now restaked.

• Renzo announces its second airdrop season.

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.

OP Fraud Proof Vulnerabilities Disclosed

Offchain Labs disclosed two security vulnerabilities in Optimism’s fraud-proof system on the OP Sepolia testnet. The flaws were reported to OP Labs on March 22nd. The vulnerabilities could have enabled a malicious actor to either validate a fraudulent claim or invalidate a genuine one within the fraud-proof system. The issues were related to management of time credits in the fraud-proof system, which could have been accumulated by dishonest parties. OP Labs implemented a fix on April 25 via an update deployed on the OP Sepolia testnet. OP Labs is concluding a security audit contest before it proposes deploying the fraud-proof system on mainnet.

ApeCoin Selects Conduit RaaS Platform

ApeCoin selected Caldera’s rollup-as-a-service platform to launch ApeChain, a gaming-centric Arbitrum Orbit L3 chain. ApeChain will leverage Caldera’s infrastructure and integrated services to manage its L3 chain and enable ApeCoin as the native gas token. Caldera’s toolkit includes a bridge interface, a block explorer, and on/off ramps. In the coming months, ApeChain will roll out several testnets, enabling early gaming partners to begin integrations. The first testnet for ApeChain will operate under chain ID 1798. The partnership comes as Yuga Labs CEO Greg Solano announced a company-wide restructuring, which includes layoffs.

Over 15% Of Staked ETH Is Restaked

A Dune Analytics dashboard shared by Tom Wan reveals that over 15% of Ethereum staked on the Beacon chain is now restaked through EigenLayer. The amount totals to 4.9 million ETH, valued at approximately $15.42 billion. Out of this, 3.1 million ETH is restaked natively, predominantly through liquid restaking protocols. 1.7 million ETH is restaked via liquid staking tokens, with Lido’s stETH accounting for 1 million stETH of deposits. Of Ethereum’s total supply of 122 million ETH, about 26% is staked on the Beacon chain. EigenLayer first began accepting deposits into its protocol in June 2023.

Renzo Announces Season 2 Airdrop

Renzo Protocol, the second-largest LRT protocol by TVL, announced the details for its second points season, following the conclusion of the first season today. Users will be able to claim their REZ tokens from season one starting April 30th at 11:00 UTC. The upcoming Season 2 will allocate an additional 5% of the token’s supply to users who earn ezPoints over the next three months. Participants from Season 1 will receive a 10% boost in their Season 2 earnings.

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Quick Take

• Renzo Protocol’s ezETH faces a depeg.

• Chainlink’s CCIP opens for general availability.

• Pooled stakers can now claim their STRK airdrop.

• TreasureDAO launches Treasure Chain on testnet.

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.

Renzo Protocol’s ezETH Faces Depeg

Renzo Protocol experienced a significant depegging event with its ezETH liquid restaking token, which dropped by as much as 80% during a brief peak. The token has largely stabilized but currently trades at a 4% discount. The depegging was triggered by a sell-off and the lack of support for withdrawals from the protocol. This incident resulted in liquidations for positions in derivative markets, leading to over $50 million in losses for users with leveraged ezETH positions. Users have voiced their dissatisfaction with the protocol’s tokenomics and misleading representations in a pie chart. While the protocol has not directly addressed the depeg, they have announced that mainnet withdrawals are a main priority.

Note: Renzo published an update after this newsletter was released.

Chainlink CCIP General Availability

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is now open for general availability, allowing developers to integrate permissionless cross-chain token and message transfers. The interoperability standard enables smart contracts to send data and trigger functions on different chains and supports token transfers for ETH and USDC. Applications for CCIP include cross-chain transfers, cross-chain collateral, and account abstraction. CCIP provides a token-bridging application called Transporter and features three transfer mechanisms. CCIP initially launched to mainnet early access in July 2023. The protocol has processed over $4 billion in USDC volume.

Pooled Stakers Can Now Claim STRK

Pooled stakers and StarkEx users who were previously mislabeled can now claim their STRK token airdrop through the Starknet provisions portal. The STRK token was launched by Starknet on February 20 of this year. While Ethereum stakers were initially included in the allocation, an issue arose that prevented liquid staking protocols from distributing the tokens to their users. The Starknet provisions portal has been updated to support stakers from pooled protocols such as Lido, Rocket Pool, Ankr, Blox, SharedStake, Stakefish, and Consensys, allowing them to claim their tokens.  There is a claim cap at 43,200 STRK per wallet. The deadline for claiming STRK is June 20th, 2024.

Treasure Chain Testnet Goes Live

TreasureDAO, the leading gaming platform on Arbitrum, launched the initial testnet version of Treasure Chain. The L2 chain is built on Arbitrum Orbit and uses EigenDA for data availability. The release includes the Treasure Portal—a user interface comprising of a bridge, an explorer, and a faucet for interacting with the testnet. The release also includes the launch of Shards, a new rewards system that allows users to earn points by completing quests on the testnet. Treasure Chain is anticipated to launch on mainnet in Q3 of this year.

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Quick Take

• DodoEx introduces DODO Chain.

• CoW Swap opens SAFE limit orders.

• Ethereum Protocol Fellowship recap.

• Celo selects the OP Stack for CEL2.

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.

DodoEx Introduces DODO L3 Chain

DodoEx introduced DODO Chain, an L3 chain designed as an omni-trading layer. DODO Chain is built on Arbitrum Orbit, uses EigenDA for data availability, and is powered by AltLayer’s restaked rollup framework, which enables native restaking yields on rollup deposits. DODO Chain aims to address fragmented liquidity by serving as a rollup-level liquidity layer. DODO Chain will connect to rollups from multiple ecosystems and consolidate liquidity into a unified platform. An initial testnet for DODO Chain has been deployed on AltLayer. DodoEx is a multi-chain swap aggregator that launched in 2020. Currently, DodoEx holds over $29 million in TVL.

CoW Swap Opens SAFE Limit Orders

CoW Swap, an MEV-protecting DEX, introduced support for SAFE limit orders, the governance token of SafeDAO, which is the leading smart contract wallet provider on Ethereum. Users wishing to buy or sell SAFE tokens can now place offchain limit orders on CoW Swap. The DEX aggregator will automatically execute the orders when the market price matches the set execution price. There is an initial order size limit of $100,000. SAFE tokens have been non-transferable since launching in September 2022, but the tokens will become transferable on the morning of Tuesday, April 23rd. The upcoming unpausing event will unlock 42% of SAFE’s 1 billion token supply. Safe secures over $100 billion in assets across twelve supported networks.

Ethereum Protocol Fellowship Recap

The Ethereum Foundation released a recap of the fourth cohort of the Ethereum Protocol Fellowship (EPF), which involved 35 participants guided by 27 core developers. The cohort introduced 35 new projects, including a new consensus client developed in Elixir, enhancements to the verkle tree implementation in Nimbus, middleware applications, and updates to existing Ethereum clients. The EPF is an annual mentorship initiative aimed at helping developers dive into core protocol development. Applications for the fifth cohort are set to open in May. The EPF Study Group, a ten-week study program established to prepare participants for the main fellowship, is also ending this month.

Celo Selects OP Stack For CEL2

Celo Network, an EVM-compatible L1 blockchain, has selected the OP Stack as its tech stack to develop its L2 network. Following approval by Celo governance, a testnet deployment on the OP Stack will go live this summer. The initiative to migrate Celo’s L1 chain into an L2 network was first introduced in July 2023. Since the initial proposal, cLabs has evaluated various rollup stacks, including Arbitrum Orbit, Polygon CDK, and the ZK Stack. The OP Stack was selected as the most suitable choice for Celo’s L2 transition due to its quick time to production, Ethereum alignment, and growth opportunities through the Optimism Collective.

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Quick Take

• Avail launches AVAIL airdrop.

• Retro Funding Round 4 schedule.

• Velodrome to launch on Lisk L2.

• Optimism activates the MCP upgrade.

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.

AVAIL Airdrop Claim Goes Live

Avail, a data availability blockchain, launched an airdrop for its native AVAIL token. The allocation includes 600 million AVAIL tokens for users across the Ethereum, Solana, Cosmos, Avalanche, and Near ecosystems. Eligibility categories include developers, incentivized testnet contributors, Polygon PoS stakers, and rollup users on OP Mainnet, Arbitrum, zkSync, and Polygon ZK-EVM. Eligible users must claim their AVAIL by May 5th. Once Avail Network launches on mainnet, the tokens will be automatically disbursed to the claimed wallets. AVAIL will be used to pay for services, and enhance security through staking, and governance participation. Avail originated from within Polygon Labs and later became an independent project in 2023. Avail aims to provide a scalable and secure solution for data storage, using both validity proofs and data availability sampling (DAS).

Retro Funding Round 4 Schedule

Optimism released the schedule for its fourth Retro Funding round, which targets onchain builders. The application window will open from May 23rd to June 6th, with badgeholders set to vote on allocations between June 23rd and July 8th. The results will be announced on July 15th. The round will allocate 10 million OP tokens to projects that have increased demand for blockspace. The funding round is based on impact metrics, including engagement with repeat and high-trust score users, and attracting new users. To be eligible, applicants must have deployed contracts on OP Stack chains, achieved interactions with at least 420 unique addresses from January 1 to May 1, 2024, maintained contract activity for more than 10 days, and verified contract ownership on GitHub.

Velodrome To Launch On Lisk L2

Velodrome, the leading DEX on Base and Optimism, unveiled plans to expand its DEX to the Lisk L2 network. Originally launched as an L1 blockchain in 2016, Lisk has evolved into an OP Stack chain that focuses on real-world assets and the development of decentralized networks for physical infrastructure. Holders of $veVELO will vote on directing $VELO token emissions towards liquidity pools on Lisk. Lisk has also pledged to acquire a stake in $VELO and has committed $1 million in voting incentives to stimulate liquidity. The Lisk L2 network is live on testnet, with plans for a mainnet launch in the third quarter of 2024.

Optimism Activates MCP Upgrade

Optimism activated its Multi-Chain Prep (MCP) upgrade on mainnet. The update enables all chains within the OP Stack to reference a unified smart contract implementation. The feature allows L1 contracts to be upgraded across various OP Stack chains through a single transaction, enhancing upgradeability across the Superchain. The upgrade also introduces the dynamic discovery of contract addresses via SystemConfig, which improves the developer experience. The MCP upgrade was approved by OP token holders last month.

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Quick Take

• Lido deploys Simple DVT Module on mainnet.

• Scroll introduces the Bernoulli upgrade.

• OKX launches X Layer on mainnet.

• Smoldapp releases Smoldapp V2.

Lido Deploys Simple DVT Module

Lido Finance, the leading LST protocol with a 28.89% market share in staking deposits, launched its Simple DVT Module on Ethereum mainnet. The module allows both solo and community stakers to become Lido Node Operators using Obol DVT clusters. Lido has onboarded an initial cohort of 72 net new nodes to its network. According to data from Rated Network, Lido has had 290,000 active validators operated by 36 node operators. Over the coming months, Lido anticipates adding up to 250 new Node Operators. It also plans to roll out a Community Staking Module (CSM) that will offer permissionless access for Node Operators.

Scroll, an EVM-equivalent ZK Rollup, introduced the Bernoulli network upgrade, an update that introduces support for EIP-4844 blob transactions. Data blobs use an independent gas market, providing up to 10x cheaper data availability costs for Scroll. The upgrade will also support the SHA2-256 precompile contract, which makes processing complex operations more efficient. The upgrade is set to go live on April 29th, 2024. Node operators on Scroll are required to update their client software before the hardfork. Scroll plans to further reduce gas fees in a future upgrade, which will introduce data compression enhancements and support for EIP-1559. Scroll is currently the fifth largest ZK-Rollup by TVL.

OKX Launches X Layer Mainnet

OKX launched X Layer on mainnet, a ZK-powered Layer 2 network built on Polygon’s Chain Development Kit (CDK). The new chain is integrated with the AggLayer, Polygon’s unified liquidity layer, allowing for asynchronous transactions across any connected blockchain. The native token for paying gas fees on the X Layer is OKB, the native token of the OKX platform. OKX plans to integrate bridging capabilities to X Layer in its self-custodial wallet. With over $25 billion in user assets, OKX currently ranks as the third largest crypto exchange in terms of 24-hour trading volume.

Smoldapp Releases V2 Portal

Smoldapp, a registry of small specialized dapps, introduced the second iteration of its application. Smoldapp provides interfaces for managing token distribution, disposal, and migration. The latest V2 release consolidates the dapps into a unified portal and introduces several new features including a locally stored address book, the capability to send multiple tokens at once, and the ability to disburse tokens in a single transaction.

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Quick Take

• $878 million in 24hr liquidations.

• EigenLayer is removing LST deposit caps.

• EspressoSys expands to run on 100 nodes.

• Uniswap deploys on Blast.

$878 Million In Liquidations

According to data from Coinglass, over $878 million in cryptocurrency has been liquidated in the past 24 hours. The surge comes amid a market sell-off earlier today, with Bitcoin dropping to a low of $65,000 and Ethereum falling to $3,190. Of the total liquidations, $784 million were from long positions, marking the largest liquidation event since March 5th, which saw just over $1 billion in liquidations. Ethereum’s price is down by 8% in the last 24 hours, currently trading at $3,220. The total crypto market cap has fallen by 6.5%, from $2.7 trillion to $2.55 trillion.

EigenLayer Removes LST Caps

EigenLayer announced plans to unpause all Liquid Staking Tokens (LSTs) deposit caps on Tuesday, April 16th at 9:00 AM PST. EigenLayer supports deposits for 12 LSTs. The move follows the completion of a three-phase mainnet launch, which includes support for restakers, operators, and actively validated services. Previously, in February, a 33% cap on restaking points for each LST category was imposed during the last deposit unpause. EigenLayer holds approximately 1.6 million ETH in LST deposits and 2.8 million ETH in native restaking deposits, totaling around 4.4 million ETH. EigenLayer’s total value locked (TVL) is over $13.5 billion.

EspressoSys Expands To 100 Nodes

EspressoSys is expanding its network to run on 100 node operators across six continents with its upcoming Cappuccino testnet launch. The testnet features a sequencing marketplace where rollups can auction sequencing slots and a Byzantine Fault Tolerant (BFT) consensus finality layer that guarantees transaction immutability and rapid finalization on Ethereum L1. Set to launch later this month, the Cappuccino testnet will be used to test a decentralized, high-performance sequencing platform. The Espresso sequencer offers shared sequencing services, ensuring data availability and fast transaction finality for rollups.

Uniswap Deploys On Blast

Uniswap is now live on Blast, marking it as the 9th supported EVM-compatible chain on the DEX. Blast, an optimistic rollup that offers native yield, launched on mainnet in February and currently has a total value locked (TVL) of $1.5 billion, a decrease from the $2.3 billion worth of locked deposits held before its launch. Blast is also preparing for its Token Generation Event (TGE) scheduled for the second quarter of this year.

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Quick Take

• EIP-3074 added to the Pectra upgrade.

• Six new AVSs go live on EigenLayer.

• ERC-7683 cross-chain intents standard.

• Chainlink CCIP supports native ETH transfers.

EIP-3074 Added To Pectra

Ethereum core developers agreed to add EIP-3074 to Ethereum’s upcoming Pectra upgrade. EIP-3074 introduces the AUTH and AUTHCALL opcodes, allowing Externally Owned Accounts (EOAs) to delegate their control to a smart contract. It enables new capabilities for EOAs, such as batch transactions and sponsored transactions. With EIP-3074, transactions like approving and swapping can be batched together, enhancing the user experience. Core developers also agreed to add EIP-2935, which aims to store historical block hashes in a contract. Last month, Max EB EIP-7251 was added to Pectra. In total, seven EIPs are slated for inclusion in the Pectra upgrade so far.

Six AVSs Go Live On EigenLayer

EigenLayer announced six new Actively Validated Services (AVSs) that are live on mainnet. The new AVSs include AltLayer’s MACH rollups, Brevis’ Coprocessor, Eoracle’s Ethereum native oracle, Lagrange’s State Committee, Witness Chain’s DePIN Coordination Layer, and XterioGames MACH restaked rollup. Operators on EigenLayer can now secure the new AVSs, although the mechanisms for rewards and penalties are not yet live. Restakers have the option to delegate their stakes to operators who secure the new services. AVSs are networks that are underpinned by the economic security provided by EigenLayer restakers.

ERC-7683 Cross-Chain Intents Standard

Uniswap, in partnership with Across Protocol, has proposed a new ERC standard for cross-chain intents. The standard is designed to enable fillers from various systems that adopt the standard to participate and fulfill intents, making the process more efficient. It aims to provide users with faster execution and lower fees. Uniswap plans to integrate the ERC into its UniswapX intent-based trading protocol. Intents are signed constraints that allow users to outsource their orders to a network of independent fillers. The fillers not only compete to fulfill orders but also manage order routing and handle the native gas fees with different destination chains. The ERC, assigned as ERC-7683, is open for feedback.

CCIP Supports Native ETH Transfers

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) now supports the transfer of native Ethereum (ETH) across Ethereum, Arbitrum, and Optimism. CCIP facilitates three token transfer mechanisms, including burn and mint, lock and mint, and lock and unlock. Native ETH transfers use the lock and unlock mechanism. The process involves wrapping ETH into WETH, locking it, and then unlocking an equal amount of WETH on the destination network where it can be unwrapped back into ETH. Bridging ETH through CCIP incurs a percentage-based fee, which is part of a new pricing strategy aiming to capture higher transaction volume.

Circle Supports BUIDL To USDC

Circle launched a new smart contract functionality that enables holders of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to convert their shares into USDC. The update is designed to provide BUIDL investors with a fast and low-cost method for exchanging their shares. The BUIDL Fund, which is a tokenized fund on Ethereum, provides accredited investors access to USD yields.

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Quick Take

• EigenLayer and EigenDA go live on mainnet.

• Relay launches Canonical +.

• Correlated attestation penalties analysis.

• Aerodrome Slipstream on April 22nd.

EigenLayer Mainnet Goes Live

EigenLayer, Ethereum’s largest restaking protocol with over $13 billion in TVL, has rolled out support for stake delegation, operator registration, and Actively Validated Services (AVS) on mainnet. The release signifies the initial completion of the protocol’s three-phase launch. EigenDA, which is EigenLayer’s native data availability solution, is also live on mainnet beta as the inaugural AVS. The launch excludes features for in-protocol payments from AVSs to operators or mechanisms for slashing. Restakers on EigenLayer can delegate their restaked assets to one of the protocol’s 200+ registered operators. The final, production-ready version of EigenDA is scheduled for release in the coming weeks, with plans to onboard more AVSs in the coming month.

Relay Launches Canonical +

Relay, an instant liquidity solution for cross-chain bridging, launched Canonical +, a new feature designed to streamline the process of using canonical bridges for large asset transfers. Canonical + simplifies the user experience by removing the need to perform multiple transactions in the typical canonical bridging process. By collecting an upfront fee, Relay directs prepaid gas fees to a relayer who executes the subsequent and final withdrawal transactions. Although canonical bridges are known for their 7-day withdrawal delay, they offer enhanced security and don’t incur additional bridge fees. A Reservoir Dune Analytics dashboard shows that users have left more than $17.8 million in canonical bridge contracts due to not completing their bridging transactions.

Ethereum researcher Toni Wahrstätter conducted a study on the effects of introducing penalties for validators with correlated behavior to discourage the centralization of node operations. Staking operators are incentivized to centralize due to the advantages of economies of scale. To counter centralization, Vitalik Buterin proposed an anti-correlation penalty. The penalty increases based on the number of missed attestations, aiming to deter the aggregation of validator operations. The study revealed that under the proposed penalty system, larger and medium-sized staking operations would incur higher penalties, whereas smaller staking groups would see a reduction in penalties.

Slipstream To Launch On Aerodrome

Aerodrome, the leading AMM on Base, unveiled plans to launch Slipstream, its concentrated liquidity AMM, on Monday, April 22nd. Designed for low volatility and high trading volume token pairs, Slipstream enables liquidity providers to capture a larger share of the daily transaction volume, increasing their fee earnings. Developed from the UniV3 codebase, Slipstream has already been deployed into Velodrome, the Optimism-native version of the DEX. Aerodrome is the largest DEX on Base with over $664 million in TVL.

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