KEY TAKEAWAYS

  • OP Mainnet Scheduled to Upgrade to Bedrock on June 6, 2023, at 16:00 UTC
  • Arbitrum’s DAO to Receive $6.2 Million in ETH Rewards from Transaction Fees
  • Compound Labs Deploys Compound III “Comet” to Arbitrum
  • Lido V2 Launches on Ethereum Mainnet, Enhancing Staking Experience and Decentralization
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ECOSYSTEM UPDATES

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OP Mainnet Scheduled to Upgrade to Bedrock on June 6, 2023, at 16:00 UTC

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Optimism has announced its plans to upgrade OP Mainnet to Bedrock on June 6th at 4 PM UTC. The upgrade process will result in a downtime of 2 to 4 hours for OP Mainnet. This will have an impact on end users as transactions, deposits, and withdrawals will not be available during this period. Node operators will need to set up new nodes specifically designed for Bedrock.

Bedrock represents a comprehensive transformation of the OP Stack, bringing in various enhancements such as gas optimizations, shorter deposit times, and a more streamlined node infrastructure. With Bedrock, multi-client support will be introduced, encompassing Magi and OP Erigon for all OP chains. Additionally, it introduces the concept of the Superchain, which consists of a horizontally scalable network of chains. This Superchain empowers developers to deploy their own rollup with shared security.

For more details, visit here

Arbitrum’s DAO to Receive $6.2 Million in ETH Rewards from Transaction Fees

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Ethereum layer-2 blockchain Arbitrum has announced the distribution of approximately $6.2 million worth of Ether to its decentralized autonomous organization (DAO). The rewards are derived from base fees and surplus revenue generated from network transactions. The DAO, collectively owned and managed by its members, will collect a total of 3,352 ETH.

 Arbitrum is a widely used scaling network, and all users pay fees during transactions. The revenue breakdown includes surplus funds from the L1 fee, base fees, and surplus from the L2 fee, resulting in the substantial reward for the DAO.

For more details, visit here

Compound Labs Deploys Compound III “Comet” to Arbitrum

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Compound Labs has deployed Compound III, also known as Comet, to Arbitrum, adding to its existing deployments on Ethereum and Polygon. With Compound III, users can use ARB, GMX, WETH, and WBTC as collateral to borrow USDC. The new deployment aims to reduce risk and increase capital efficiency. 

Comet, the third version of Compound, will save gas for users by not changing protocol parameters. Different collateral types come with custom loan and liquidation rates, with WETH and WBTC having slightly lower liquidation fees. The USDC market on Compound III has a target reserve fund and a minimum loan size. 

Compound III offers four versions, enabling lending of USDC on Ethereum, Polygon, and Arbitrum, and lending of ETH on Ethereum. While Compound II uses a risk pool model, where any asset can be borrowed, Compound III’s security model has been improved, although the collateral provided will no longer earn interest.

Lido V2 Launches on Ethereum Mainnet, Enhancing Staking Experience and Decentralization

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Lido V2 has been launched on the Ethereum mainnet after a successful on-chain vote. This upgrade is considered the most important one for the Lido protocol so far, as it aims to enhance the Ethereum staking experience and advance the protocol’s decentralization. 

Lido V2 introduces new features, including improved withdrawal capabilities that allow stakers to exit the protocol with a 1:1 ratio conversion of stETH. Additionally, the upgrade introduces a staking router with a modular architectural design, enabling the development of on-ramps for different types of Node Operators, and promoting a more diverse validator ecosystem. 

Notably, the upgrade involves significant changes to the Oracle smart contract and off-chain daemon software to support withdrawals and accommodate more Node Operators.

For more details, visit here

Additional Notable Events

DeFi, NFT

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