Coin overview
EIGEN
Ended--
Last price (USDT)
171.76K
24h total (USDT)
739.77K
Total vol (USDT)
2024-04-30 09:00:00 ~ 2024-10-01 03:30:00
Trading time (UTC+0)
2024-10-01 09:00:00
Delivery time (UTC+0)
Total supply1.68B
Resources
Introduction
EigenLayer is a protocol built on Ethereum that introduces re-staking, allowing users who have staked $ETH to join the EigenLayer smart contract to re-stake their $ETH and extend cryptoeconomic security to other applications on the network. As a platform, EigenLayer, on the one hand, raises assets from LSD asset holders, and on the other hand, uses the raised LSD assets as collateral to provide middleware, side chains, and rollups with AVS (Active verification service) needs. The convenient and low-cost AVS service itself provides demand matching services between LSD providers and AVS demanders, and a specialized pledge service provider is responsible for specific pledge security services. EIGEN total supply: 1.67 billion tokens
Whale shifts $2.71M from PEPE to EIGEN token
A notable Pepe (CRYPTO:PEPE) whale has made significant portfolio adjustments, selling over 130 billion PEPE valued at $2.71 million and reallocating investments toward EigenLayer’s (CRYPTO:EIGEN) token. This shift has sparked discussions among market participants regarding the future prospects of both tokens. According to on-chain data from Spot On Chain, the whale initially sold 74.07 billion PEPE for 448.1 ETH before selling an additional 130.2 billion PEPE over three days. Despite the selloff, the whale still holds 3.241 trillion PEPE worth $68.3 million, reflecting a 12.6x profit on their position. Simultaneously, the investor increased their exposure to EIGEN by purchasing 217,348 tokens for 181.3 ETH in recent days. The whale’s current EIGEN holdings total 1.608 million tokens, valued at $4.31 million, showing an 11% profit. This strategic reallocation has fueled optimism around the EigenLayer ecosystem and its primary token. The contrasting price movements of PEPE and EIGEN are noteworthy. PEPE experienced a 2% intraday and 5% weekly decline, trading at $0.00002026, while EIGEN surged nearly 7% intraday and 23% over the week to reach $3.06. These trends highlight diverging market sentiment, with rising demand for EIGEN propelling its price higher. Despite the selloff, analysts remain optimistic about PEPE’s future, projecting a potential target of $0.000025 based on favorable technical indicators. Meanwhile, EIGEN’s rally reflects growing confidence in its ecosystem. As the broader cryptocurrency market remains volatile, the whale’s strategic moves and the differing trajectories of PEPE and EIGEN are expected to continue shaping investor sentiment and market dynamics. At the time of reporting, the Pepe price was $0.00002015, and the Eigenlayer price was $3.02.
Justin Sun Invests $30 Million in Trump-Backed World Liberty Financial (WLFI)
Justin Sun, founder of Tron, has invested $30 million in World Liberty Financial (WLFI), a DeFi platform backed by Donald Trump. Despite Trump’s endorsement, the platform had struggled to attract investors, selling far fewer WLFI tokens than initially projected. However, Sun’s investment could potentially boost the project. A Much-Needed Boost for Trump’s World Liberty Financial (WLFI)? World Liberty Financial launched in September 2024, offering decentralized borrowing and lending services. Governance of the platform is driven by the WLFI token. The token became available for sale exclusively to non-US investors and accredited US investors. However, the token’s non-transferable nature and limited access contributed to slow sales. Before Sun’s investment, the project had just $21 million raised. This is far short of its $300 million target. The Tron founder confirmed the transaction earlier today, on November 25. Blockchain data from Etherscan revealed that $30 million worth of WLFI tokens were purchased by Sun’s wallet associated with HTX (formerly Huobi). “The US is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation,” Justin Sun wrote on X (formerly Twitter). The WLFI “gold paper” highlights that a portion of token sale proceeds will go to a company owned by Donald Trump. However, this arrangement would only generate profits for Trump’s company after exceeding $30 million in sales—a milestone reached after Sun’s investment. World Liberty Financial is led by a mix of Trump associates, cryptocurrency entrepreneurs, and financial experts. The platform is also supported by Donald Trump and his three sons, further tying its identity to the Trump brand. We’re honored to have the support of @justinsuntron and @trondao! Together, we’re driving innovation, aligning on a vision for a stronger blockchain future, and contributing to the growing ecosystem. Exciting times ahead,” WLFI wrote on X (formerly Twitter). Meanwhile, Justin Sun’s involvement in World Liberity Financial marks another unconventional move in his portfolio. Last week, he paid $6.2 million for the viral art piece Comedian—a banana duct-taped to a wall. The purchase caused a ripple effect in crypto markets, driving up the price of the Banana Gun token by 16%. The token, however, doesn’t have any link to the art. Earlier this year, Sun also moved his EIGEN tokens from the EigenLayer liquid restaking protocol to the HTX exchange. His bold investments continue to draw attention across both the art and cryptocurrency sectors.
"PEPE profits 70 million US dollars. A whale increased its holdings by 870,000 US dollars in EIGEN five hours ago."
On November 22, according to Spot On Chain monitoring, a whale who profited $70 million through PEPE bought 319,114 EIGEN for 252.4 ETH (about $870,000) five hours ago, increasing its holdings to 1.39 million EIGEN (about $3.56 million).
The whale that made $70 million from PEPE bought more than 300,000 EIGEN 5 hours ago
According to Spot On Chain monitoring, the whale who made a profit of US$70 million through PEPE bought 319,114 EIGEN for 252.4 ETH (worth approximately US$870,000) 5 hours ago, increasing his holdings to 1.39 million EIGEN (worth approximately US$3.56 million).
The whale who made $70 million from PEPE bought 319,114 EIGEN 5 hours ago
According to Spot On Chain, the whale "0x373" who made a profit of 70 million US dollars from PEPE bought 319,114 EIGEN for 252.4 ETH (870,000 US dollars) five hours ago, increasing their holdings to 1.39 million EIGEN (3.56 million US dollars). EIGEN is now their third largest holding, after - 3.33 trillion $PEPE (worth 67.2 million US dollars, profit: 70 million US dollars, return rate: 12.9x); - 10 million ENA (worth 5.96 million US dollars, profit: 1.65 million US dollars, return rate: +34.5%).
A certain whale spent 3,391 ETH to buy 44.83 million EIGEN in the past 8 days
According to Spot On Chain monitoring, in the past 8 days, a whale with $200 million in assets spent 3,391 ETH ($10.44 million) to buy 4.483 million EIGEN. This whale currently holds 5.04 million EIGEN ($11.14 million), making it the second largest holder after ETH. The whale's most recent purchase was an hour ago.
The blobs conundrum: Ethereum’s balancing act
This is a segment from the 0xResearch newsletter. To read full editions, subscribe . Running an Ethereum L2 was historically very expensive. L2s had to pay millions in data availability costs to the L1. All that changed with the Dencun hardfork (EIP-4844) in March 2024. It introduced an expansion of blockspace called “blobs” for L2s to post batched data extremely cheaply to the L1. Blob space sits in a separate fee market from the L1. It’s about an order of a magnitude cheaper than L1 blockspace, making it a critical aspect of Ethereum’s rollup-centric roadmap. To illustrate that point, Base paid $9.34 million in expenses for Q1 2024, which saw a sharp drop to $699k in Q2 2024 and $42k in Q3 2024, based on TokenTerminal data. The bad news (or good?) is that blobspace is getting somewhat pricey again as onchain activity picks up in the bull market. Blobs today are limited to six per mainnet block. When blob usage hits a target limit of 50%, or three, a base fee is introduced to regulate demand usage by hundreds of L2s. When usage hits four blobs, base fees are further increased by up to 12.5% for the next block. Newsletter Subscribe to Blockworks Daily Subscribe That is exactly what is starting to take place over the past several weeks (see chart below). Source: Dune In short, blobs aren’t free anymore and L2s need to start paying “rent.” Based on ultrasound.money , blob fee burn is coming up to about 212 ETH in the last 30 days, and has generated substantial blob fees to Ethereum mainnet. Source: Blockworks Research So blobs are generally great. L2s are cheaper to operate, and that’s nice for L2 users. But people (read: ETH holders) aren’t happy because it looks like L2s are getting away with paying barely any expenses to the L1, which thereby accrues less value to ETH the asset. This complaint centers around pessimism that blob usage will be high enough to return value to the L1 for two key reasons: L2s are fundamentally a business. They will opt for a cheaper data availability provider like Celestia or EigenDA, or worse still, a centralized data availability committee (DAC) with weaker security properties. L2s will simply delay posting data back to the L1 when blob markets get expensive, as we have seen Scroll and Taiko do in the past. In a debate around blobs at Devcon , Ethereum researcher Ansgar Dietrichs acknowledged the misaligned incentives of L2s but counter-argued that Ethereum’s DA would matter more in the long term with more L2 networks coalescing around it as trust bottlenecks emerge around bridging. There was also the “blobs is a loss leader” argument by Blueyard’s Tim Robinson . He notes that while blobs do not generate much revenue at present, they would do so very quickly due to the economics of blob design, and pay massive dividends for Ethereum in the future. According to Robinson’s blob simulator, a hypothetical Ethereum L1 processing 10,000 TPS with a 16 MB blob size (blob sizes are 125 KB today) would burn 6.5% of ETH a year. This potential value accrual for ETH is why blobs would be fundamentally good for Ethereum in the long run. Throttling blob limits or raising blob fees to extract more value from L2s in the short run would basically be a bad “rent-seeking” idea. And Ethereum researchers are putting their money where their mouth is. In an Ethereum Research post published two days ago, Toni Wahrstätter called for either a conservative increase to 4/6 blobs or a higher 6/9 blob count. In ACDE #197, Vitalik also proposed a 33% increment of blob space in the next Pectra hard fork , which he cautioned was essential. Otherwise, users would leave to other chains. In sum, the complex debate around blobs boils down to the question of whether Ethereum wants to prioritize the average L2 user and its “Ethereum-aligned” L2 ecosystems, or prioritize value accrual to ETH the asset. Ethereum researchers believe that prioritizing the latter may cause an exodus of users and developers to cheaper chains, and are doubling down accordingly on scaling blob space for the long term. However, that damages the perception of ETH as an economic asset, which in turn angers ETH token holders in the short run. It’s a tricky situation for Ethereum either way, one which requires the mammoth task of crystal-balling into the future and accounting for a myriad of “what-ifs.” Time will tell which path is correct. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus. Tags 0xResearch Newsletter ETH Ethereum layer-2
Former Robinhood employees raise $5 million for crypto-AI startup OpenLayer
OpenLayer, a crypto-AI startup co-founded by three former Robinhood employees, has raised $5 million in a seed funding round. Investors include a16z Crypto Startup Accelerator (CSX), Geometry, IOSG Ventures, Spartan Group, LongHash Ventures and undisclosed angel investors from crypto projects such as EigenLayer, AltLayer, Puffer Finance and Sei Network, Yuchen Jiang, co-founder of OpenLayer, told The Block. The fundraising process began in June and closed in August, Jiang said. The round was structured as a simple agreement for future equity (SAFE), he added. Jiang, a former senior software engineer and tech lead at Robinhood, co-founded OpenLayer in 2023 with Kevin Yin, a former senior product manager, and Chen Chen, a former engineering manager, both of whom also worked at Robinhood. Jiang said their time at Robinhood highlighted the challenges of accessing data due to the tight control exerted by tech giants, which inspired the team to build OpenLayer. "Despite blockchain technology disrupting data silos on-chain, crucial data stays hidden inside the walled gardens of web2 websites, remaining hard to reach," Jiang said. "For example, new social platforms struggle to compete and bootstrap user experience without access to users' past history on existing platforms. AI agents lack comprehensive insight into users' habits, hindering their ability to offer truly personalized services." How OpenLayer works OpenLayer functions as an AI data layer, enabling users to contribute and validate data via a Chrome extension and earn points. Application developers can access this user data with user consent, preserving privacy, according to its website. Use cases include training AI models, user targeting and enhanced features. "OpenLayer's developer platform enables access to web proofs of user data from various websites," Jiang said. "Through these proofs, developers can confirm that a user, for example, has completed 20 tasks on Fiverr or achieved over $100,000 in trading profits on a centralized exchange — all without needing permissions from the original data source." OpenLayer launched as an actively validated service (AVS) on EigenLayer, an Ethereum restaking protocol. EigenLayer allows developers to leverage Ethereum's economic security infrastructure (validator set and staked ether) to bootstrap their own networks or AVSs. According to an EigenLayer dashboard , OpenLayer AVS currently has over 48,575 restakers and a restaked value of 3.38 million ether (over $10 billion), making it one of the largest AVSs on EigenLayer. "EigenLayer is a two-sided marketplace for decentralized security," Jiang said. "Currently, there are more restakers (supply side) than AVSs (demand side), and therefore each AVS can easily get lots of restaked ETH." Over a dozen firms across social networking, gaming and AI sectors are using OpenLayer to access and utilize verified user data, Jiang said. OpenLayer charges fees for data access, he added, but declined to disclose specific amounts. OpenLayer plans to launch its own token in the future, according to Jiang. Currently, seven people work at the U.S.-based OpenLayer, with plans to hire two more engineers, Jiang said. The Funding newsletter: Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It's free. Sign up here !
Data: The entity named "7 Siblings" has purchased 1.06 million EIGEN in the past two days
According to Onchain Lens monitoring, an entity named "7 Siblings" has purchased 1.06 million EIGEN in the past two days, with an average purchase price of $2.43.
Infura launches as AVS on EigenLayer to boost Web3 access
ConsenSys' decentralised Ethereum (CRYPTO:ETH) node provider, Infura, has announced significant progress in its Decentralised Infrastructure Network (DIN). At Devcon 2024 in Bangkok, Infura revealed that it will launch as an Actively Validated Service (AVS) on Ethereum's restaking platform, EigenLayer (CRYPTO:EIGEN). "By leaning on Ethereum’s economic security through EigenLayer, we continue to build on DIN’s steady progress creating a Web3 permissionless marketplace for infrastructure services," stated Tom Hay, head of product for Infura's Decentralised Infrastructure Network (DIN). DIN operates as a decentralised Web3 API marketplace, functioning as a blockchain infrastructure "app store" that connects developers to various blockchains, including Ethereum, Blast, Mantle, and others. Launching as an AVS through EigenLayer brings multiple advantages: reducing development costs, enhancing accessibility and service reliability, fostering cooperation among service providers, and simplifying the deployment of new services. "Building DIN as an EigenLayer AVS enables permissionless infrastructure provision, thus scaling the marketplace while simultaneously increasing reliability and reducing costs," noted Sreeram Kannan, founder of EigenLayer. An AVS on EigenLayer provides custom validation mechanisms for off-chain operations and benefits from Ethereum’s economic security. EigenLayer’s restaking protocol allows staked Ether to earn additional rewards, supporting secure, decentralised services. This deployment aims to make decentralised infrastructure for Web3 development more accessible and efficient while avoiding the premature launch of project tokens. Staking on EigenLayer also offers slashing protection as part of its onboarding process. EigenLayer has seen substantial growth in 2024, with total value locked (TVL) rising 900% to reach $13.4 billion, as per DefiLlama. Although it peaked at $20 billion in June, recent ETH price increases have spurred an uptick in TVL, indicating renewed interest in the platform. At the time of reporting, the Eigenlayer (EIGEN) price was $2.34.
Blockchain Capital's associated address deposited 1.43 million EIGEN into Coinbase 7 hours ago, worth $3.55 million
According to blockchain analyst @ai_9684xtpa, Blockchain Capital's associated address deposited 1.43 million EIGEN tokens into Coinbase 7 hours ago, worth $3.55 million or may have intended to sell. The address received 1.74 million EIGEN tokens from EigenLayer DelegationManager's multi-signature address a week ago when the token price was still $2.73. (The current deposit price is $2.48, a 10% decrease).
Blockchain Capital's associated address has recharged 1.43 million EIGEN into CEX, valued at 3.55 million US dollars
According to on-chain analyst @ai_9684xtpa, Blockchain Capital's associated address recharged 1.43 million EIGEN into CEX 7 hours ago, worth $3.55 million, possibly intending to sell. This address received 1.74 million EIGEN tokens from the EigenLayer Delegation Manager multi-signature address a week ago when the token price was still $2.73 (the recharge price this time is $2.48, down by 10%).
Polymer Launches Real-Time Interoperability Protocol for Ethereum Rollups
Polymer Labs has officially announced the launch of Polymer Hub, a protocol that provides real-time interoperability for all Ethereum rollups. Through streaming messages, state, and logs, and based on IBC primitives (similar to Web2's TCP/IP), Polymer Hub is able to validate and store the block headers of all connected rollups, enabling applications to verify arbitrary state across different rollups at a lower cost. Previously, the Rollup/L2 ecosystem could only interconnect within their own isolated environments; however, Polymer breaks this barrier, allowing Rollups to engage in real-time communication and coordination across ecosystems, nearly synchronizing with block generation speed. Compared to existing solutions, the protocol offers significant improvements in cross-chain communication latency, bandwidth, and cost, especially in scenarios involving all on-chain primitives. Polymer aims to make cross-chain interoperability as fast, efficient, and economical as block space itself, enabling Ethereum applications to scale to millions of users. Boosting Bandwidth, Reducing Latency Real-time, high-throughput Rollups are on the horizon, but existing interoperability protocols (such as point-to-point and hub-and-spoke network models) are insufficient to support heavy network traffic among hundreds of rollups. The Polymer team notes that current solutions are too slow and expensive for the next generation of Ethereum applications. As technology progresses, interoperability protocols must match the demands of real-time applications for speed and efficiency. Future application scenarios require real-time interoperability. Polymer aims to build the fastest and most efficient interoperability protocol for the next generation of Rollups (such as MegaETH). Through a block proposer's pre-commit mechanism, Polymer Hub achieves real-time message delivery, ensuring that cross-chain communication latency can keep up with the millisecond block speeds of these Rollups. Furthermore, Polymer leverages EigenDA to expand cross-Rollup bandwidth to support on-chain data-intensive application scenarios. “Real-time capability, the ability to react to inputs at ultra-low latency in a large-scale environment, will lay the foundation for breakthrough development in decentralized applications. Being prepared with the relevant infrastructure will be a collective industry task, and the real-time interoperability provided by Polymer will be key.” — Lei Yang (Co-Founder and CTO of MegaETH) Currently, as Ethereum is segmented into multiple rollup clusters due to the scalability provided by the shared sequencer and interoperability network, these clusters can achieve interoperability within minutes through Polymer Hub's "one-to-many" architecture, eliminating the need for months-long processes. Additionally, Polymer Hub is the first interoperability solution to offer re-org protection, enabling token bridges and settlement networks to securely settle cross-chain transactions in milliseconds and automatically roll back these transactions if they do not align with Ethereum L1's history. Future Outlook The architecture of the next-generation on-chain applications will resemble cloud applications: Rollups will become the new microservices, with AVS being the new infrastructure service. To achieve on-chain horizontal scaling, cross-chain infrastructure must possess low latency, high bandwidth, and cost-effectiveness. The Polymer team is committed to enhancing interoperability performance to support the emergence of more high-throughput applications, such as on-chain e-commerce and ride-sharing, and other innovative applications. “Building interoperable applications with both low cost and low latency is key to restoring usability to cryptocurrency. In scalable applications, this connectivity layer needs to be as robust and secure as Ethereum's base layer, and Polymer has made significant efforts to achieve this goal.” — Vikram Arun (Co-Founder and CEO of Superform Labs) Starting from the OP stack, Polymer plans to extend real-time interoperability to all Ethereum Rollup ecosystems, empowering applications to achieve rapid, low-cost scaling. Developers interested in trying out the Polymer Hub mainnet can visit the Polymer Labs website for more information or follow X (@Polymer_Labs) for the latest updates. About Polymer Labs Polymer Labs provides real-time high-throughput interoperability for Ethereum Rollups, building the foundational network architecture for next-generation internet-scale applications (such as Uber) on-chain. Contact Information Head of Marketing Harry Lam Polymer Labs [email protected]
LayerZero releases new data primitive lzRead constructor information, including EigenLayer, ApeCoin, etc.
LayerZero has announced the launch of a new data primitive, lzRead, designed specifically for smart contract developers. Using any standard smart contract language, developers can retrieve and calculate data from one or more chains through a single function call, utilizing the complete historical data of each chain. IzRead builders include: -- Apecoin: NFT proof -- EigenLayer: Full-chain AVS verification (research) -- Agora: Governance -- Chaos Labs: Conveying oracle results -- Wintermute: Solving election market problems -- Ethena Labs: Full-chain message verification -- Plume Network: RWA revenue stream -- Stargate: Asset verification -- Gelato: Price aggregation -- AltLayer: Data automation -- Ambient: Reserve proof
Under market FOMO, these indicators are worth paying attention to
Author: BitpushNews Bitcoin surged past $90,000 on November 12, once again setting a new historical high. According to TradingView data, at 12:56 PM Pacific Standard Time on November 12, Bitcoin rose above $90,000 on Coinbase, with a 24-hour increase of 11%, just one step away from entering the $100,000 range. It is worth noting that the trading price of Bitcoin on the Coinbase platform is often slightly higher than on other platforms, which is referred to as "premium trading." This means that even when Bitcoin prices are already high in the overall market, there are still many buyers willing to purchase at higher prices on Coinbase, further indicating strong market demand for Bitcoin. As of the time of writing, the trading price of Bitcoin has retreated to $88,223, with a 24-hour increase of 0.4%. Altcoins are mixed, with Bonk (BONK) leading the gains among the top 200 altcoins, rising 27.7%, followed by AIOZ Network (AIOZ) up 23.2%, and Akash Network up 18.8%. EigenLayer (EIGEN) led the declines, falling 12.8%, followed by DOGS (DOGS) and Artificial Super Alliance (FET), which dropped 11.6% and 11.5%, respectively. The overall market capitalization of cryptocurrencies is $2.98 trillion, with Bitcoin's market share at 59.5%. CoinGlass data shows that in the past 24 hours, extreme price volatility has led to nearly $940 million in liquidations across the crypto market, the largest single-day liquidation amount since August 5. In the U.S. stock market, at the close, the S&P 500 index, Dow Jones Industrial Average, and Nasdaq Composite all closed lower, down 0.29%, 0.86%, and 0.09%, respectively. Analyst: Some Indicators Worth Watching Due to expectations of a regulatory easing environment with the Republican control of Congress, market FOMO sentiment is high, and analysts generally believe that cryptocurrencies will continue to trend upward in the short term. However, Shubh Varma, co-founder and CEO of Hyblock Capital, pointed out: "One noteworthy indicator is the True Retail Long percentage, which is unusually low at only 40%, sitting in the 20th percentile over the past 90 days. Additionally, the Open Interest (OI) is in the 99th percentile. This dynamic echoes the situation on November 7, when the True Retail Long percentage was even lower, at the 12th percentile, while OI was also high. Historically, when OI is high and retail long positions are low, it often leads to short positions being squeezed out, resulting in significant upward movement." Moreover, data from the derivatives market shows that top traders continue to favor long positions, with the average leverage difference between longs and shorts exceeding +10 again, which is a strong bullish indicator. Analysts explain that typically, this leverage pattern occurs after a price decline, but this time it has appeared after a significant price increase. If long leverage continues to increase following Bitcoin's recent surge, this deviation may indicate sustained bullish momentum. Varma suggests using pullbacks as buying opportunities and states that given the strength of this rebound, buying on dips could provide favorable entry points. However, he warns traders to closely monitor indicators such as retail long positions and leverage imbalances, which can help investors assess market risks and potential turning points. Additionally, other factors such as fundamentals and policy should also be considered.
Polymer launches real-time interoperability protocol for Ethereum rollups
From theblock by James Hunt Blockchain infrastructure firm Polymer Labs has launched Polymer Hub on mainnet, a real-time interoperability protocol designed for connecting Ethereum rollups. The project argues that rollup ecosystems have historically only connected within their own walled gardens, creating an interoperability bottleneck. While real-time, high-throughput rollups are near, current interoperability protocols aren't built to handle dense traffic across hundreds of rollups, the team said in a statement shared with The Block. Polymer Hub aims to make cross-chain interoperability as fast, efficient and affordable as blockspace itself, starting with the OP Stack ecosystem — which includes Layer 2s such as OP Mainnet, World Chain and the Coinbase-incubated Base network. Next-generation rollups like MegaETH have also shown support for the project. "Real-timeness, the ability to react to inputs with ultra-low latency at massive scale, will enable truly ground-breaking decentralized applications,” MegaETH co-founder and CTO Lei Yang said. “Readying the infra stack for this revolution will be a joint effort, in which real-time interoperability from Polymer will be crucial." The launch comes after Polymer Labs raised $23 million in a Series A funding round announced in January, nearly two years after it raised $3.6 million in seed funding to build its Ethereum interoperability hub. Blockchain Capital, Maven 11 and Distributed Global co-led the Series A round, with Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures and Figment Capital participating. How Polymer Hub works Polymer Hub leverages IBC, a protocol developed by the Cosmos ecosystem that enables secure communication between blockchains. This allows applications to prove any arbitrary state across rollups with less overhead, improving cross-chain communication speed, bandwidth and cost compared to current solutions. It uses sequencer pre-confirmations for real-time messaging — matching the near-instant block times of next-generation rollups. Polymer also uses EigenDA to boost cross-rollup bandwidth for data-intensive on-chain use cases. Additionally, Polymer Hub claims to be the first interoperability solution to provide re-org protection, helping token bridges and solver networks to settle cross-chain transactions in milliseconds and automatically revert if they deviate from Ethereum’s Layer 1 history. Ultimately, Polymer plans to bring real-time interoperability to all rollup ecosystems on Ethereum, enabling swift and cost-effective application scaling for use cases like high throughout e-commerce and ride-sharing to be built with cloud architecture onchain. "Building interoperable applications that don’t trade off cost or latency is a requirement to make crypto usable again. At scale, this connective layer needs to be as robust and secure as the Ethereum base layer itself, and Polymer has been uncompromising in achieving this vision,” Superform Labs co-founder and CEO Vikram Arun said.
Polymer Launches Real-Time Interoperability for Ethereum Rollups
November 11, 2024 – New York City, New York Polymer Labs has officially launched Polymer Hub, a real-time interoperability protocol for connecting all Ethereum rollups. By streaming messages, states and logs over IBC primitives – equivalent to Web 2.0’s TCP/IP – Polymer Hub verifies and stores the headers of all connected rollups, allowing applications to prove any arbitrary state across rollups at vastly reduced overhead. Rollup/layer-two ecosystems have historically connected only within their own walled gardens. With Polymer, however, rollups can now communicate across ecosystems and coordinate as fast as they can produce blocks. The protocol offers significant improvements in cross-chain communication latency, bandwidth and cost for all on-chain primitives compared to existing solutions. Polymer aims to make cross-chain interoperability as fast, efficient and affordable as blockspace itself, enabling Ethereum applications to scale to the next million users. Increase bandwidth reduce latency Real-time, high-throughput rollups are right around the corner, but existing interoperability protocols – point-to-point and hub-and-spoke models – were not designed to support dense network traffic across hundreds of rollups. According to the team, existing solutions are too slow and expensive for the next generation of applications on Ethereum. As we enter this new era, interoperability solutions must complement their speed and efficiency. Real-time apps require real-time interoperability. Polymer aims to build the fastest and most efficient interoperability protocol for next-generation rollups like MegaETH. The hub passes messages in real-time via sequencer pre-confirmations, ensuring cross-chain communication latency can keep up with millisecond block times of these rollups. Polymer also leverages EigenDA to scale cross-rollup bandwidth to facilitate data-intensive use cases on-chain. Lei Yang, co-founder and CTO of MegaETH, said, “Real-timeness – the ability to react to inputs with ultra-low latency at massive scale – will enable truly ground-breaking [DApps] (decentralized applications). “Readying the infra stack for this revolution will be a joint effort, in which real-time interoperability from Polymer will be crucial.” Various technologies like shared sequencers and ecosystem-native interoperability intra-nets have fragmented Ethereum into rollup clusters. These clusters, however, can leverage Polymer Hub’s one-to-all architecture to become interoperable with each other within minutes, rather than months. Polymer Hub is also the first interoperability solution to offer re-org protection. This helps enable token bridges and solver networks to safely settle cross-chain transactions in milliseconds and automatically revert them if they deviate from Ethereum’s layer-one history. Looking ahead The next generation of on-chain applications will closely follow the architecture of cloud apps – rollups are the new microservices and AVSs are the new infrastructure services. To enable horizontal scaling on-chain, cross-chain infrastructure must be low-latency, high-bandwidth and affordably scalable. The Polymer team seeks to improve interoperability performance in order to enable competitive, novel categories of applications – such as high throughput e-commerce and ride-sharing – to be built on-chain. Vikram Arun, co-founder and CEO of Superform Labs, said, “Building interoperable applications that don’t trade off cost or latency is a requirement to make crypto usable again. “At scale, this connective layer needs to be as robust and secure as the Ethereum base layer itself, and Polymer has been uncompromising in achieving this vision.” Starting with the OP stack, Polymer plans to bring real-time interoperability to all rollup ecosystems on Ethereum – enabling swift and cost-effective scaling for applications in the near future. Developers interested in trying Polymer Hub’s mainnet can find more information on Polymer Lab’s website , and by following Polymer on X . About Polymer Labs Polymer Labs provides real-time, high-throughput interoperability for Ethereum rollups. Polymer lays foundational network infrastructure enabling the next generation of internet-scale apps like Uber to be built on-chain. Contact Peter Kim , co-founder of Polymer Labs Harry Lam , marketing lead of Polymer Labs
Celebrating the Success of Zircuit’s ZRC EigenLayer Fairdrop
George Town, Grand Cayman, November 8th, 2024, Chainwire Zircuit , the chain where innovation meets security, is thrilled to announce the success of its EIGEN Fairdrop initiative. With a first-of-its-kind distribution of 2% of ZRC tokens to eligible EIGEN holders, Zircuit has introduced a model of fairness and inclusivity in the Ethereum staking ecosystem, underscoring a commitment to decentralization and community empowerment. The EIGEN Fairdrop, an industry first, provided equal shares to over 190,000 eligible EIGEN holders and moved away from traditional distribution models that often favor larger stakeholders. Within just the first week, over 51,000 users claimed their ZRC and this fair and community-first approach has garnered widespread appreciation across the crypto space. The Fairdrop includes a wide range of contributors to the EigenLayer ecosystem, extending beyond EIGEN stakers to support Uniswap liquidity providers, EtherFi eEIGEN holders, and Renzo ezEIGEN holders. Sreeram Kannan, Founder of EigenLayer, praised Zircuit’s approach, saying, “Thrilled to see Zircuit introducing the first Fairdrop for EIGEN holders with 2% of their ZRC tokens. This is an amazing community-first approach, embodying fairness in the EigenLayer ecosystem, with everyone receiving the same amount.” The Fairdrop, an industry milestone, supports Zircuit’s vision of an inclusive Ethereum ecosystem and strengthens the EigenLayer network by recognizing all contributors. The initiative’s snapshot, taken on October 8, 2024, at Ethereum Block #20919999, included wallets with a minimum of 3 EIGEN tokens while excluding core EigenLayer team members and investors, keeping the focus on the community. Zircuit protects users from hacks through its built-in, automated AI techniques that guard against smart contract exploits and malicious actors. Bolstered by its strong security infrastructure, Zircuit is the central hub for restaked assets featuring unparalleled security and allowing users to potentially earn industry-leading yields natively. With $1.8 billion in Total Value Locked (TVL), Zircuit is the premier liquidity hub for restaked assets (ETH, BTC, LSTs, and LRTs) where users can receive stronger security guarantees and trust. During Mainnet, users can bridge their assets and start staking to potentially earn rewards and airdrops from the Zircuit ecosystem at the Liquidity Hub . To learn more about Zircuit, users can visit zircuit.com or read the developer docs at docs.zircuit.com About Zircuit Zircuit provides developers with advanced features and users with peace of mind. Built by a team of web3 security experts and PhDs, Zircuit merges high performance with unparalleled security, making it the safest choice for DeFi and staking. Users can visit zircuit.com or follow us on Twitter/X @ZircuitL2 . Contact Jennifer Zircuit [email protected]
Ethereum Foundation reports crypto holdings of $788M, tightens conflict of interest policy for staff members
From theblock by Timmy Shen The Ethereum ETH +4.86% Foundation's financial report for this year revealed that it holds $970.2 million in cryptocurrencies and non-crypto assets as of Oct 31, 2024. The EF noted that it holds $788.7 million in crypto assets, 99.45% of which are held in ether, representing 0.26% of the total ether supply as of the end of October 2024. According to the report, it holds $181.5 million in non-crypto investments and assets. “We choose to hold the majority of our treasury in ETH. The EF believes in Ethereum’s potential, and our ETH holdings represent that long-term perspective,” the foundation said. The EF said its treasury aims to “fund important public goods for the Ethereum ecosystem.” It added a plan to follow a conservative treasury management policy that ensures it has "sufficient resources even in the case of a multi-year market downturn.” “This requires periodically selling ETH to ensure sufficient savings for future years, and programmatically increasing our fiat savings in bull markets to fund spending in bear markets,” the foundation said. This follows scrutiny and negative reactions from the community in response to several large, unexplained transactions and ether sales by the foundation without prior notice, prompting calls for greater transparency. Implementing conflict of interest policy Last week, Ethereum researchers Justin Drake and Dankrad Feist posted on X that they had resigned from their advisory positions with Ethereum restaking protocol EigenLayer, for which they were paid in Eigen tokens, sparking concerns regarding potential conflicts of interest. The EF outlined additional details on its conflict of interest policy in today’s report. Specifically, the foundation’s staff may take on outside work but must inform the organization and consult with their team lead. If the total value of the outside work is above $25,000 annually, it must be reviewed by an internal discussion group, according to the report. However, “EFers cannot take on work outside the EF and get paid in illiquid assets with an unknown market value,” the foundation said, citing “advisorship token packages for pre-launch projects” as an example. It added that this is prohibited upfront but may be allowed in “rare exceptions.” 2023 expenditure In 2023, the EF’s largest expenditure was on “new institutions,” totaling $47.4 million compared to $28.6 million in 2022. This category includes grants to new institutions supporting the Ethereum ecosystem. The foundation also spent $34.7 million on Layer 1 research and development, up from $32.1 million in 2022, according to the report. “EF’s long-term thinking keeps us focused on supporting a sustainable and open ecosystem,” Aya Miyaguchi, executive director of Ethereum Foundation, wrote on X. “We’re more committed than ever to planting seeds that may only mature years down the line, ensuring Ethereum’s resilience and collaborative growth.” Ethereum has seen steady momentum over the past few months. The number of active addresses on the Ethereum network reached 13.7 million in October, up from 12.3 million in September, according to The Block’s data dashboard . Its on-chain volume expanded to $108.6 billion in October, up from $90.9 billion in September and $57.1 billion in the same period last year. Ether gained 2.4% over the past 24 hours to trade at $2,912 at the time of writing, The Block’s data showed. It has risen 19% over the past five days amid a broader market rally .
Ethereum Foundation reveals $788M in crypto, tightens staff conflict policy
The Ethereum Foundation recently shared some big news, revealing it holds a whopping $788 million in cryptocurrency. Alongside this announcement, the foundation introduced a new conflict of interest policy for its team. This policy aims to prevent staff from taking on outside jobs that could create potential conflicts, especially those that pay in assets that are hard to value. These updates not only show the foundation's financial strength but also highlight its commitment to transparency and integrity in the fast-evolving world of crypto. Ethereum Foundation discloses $788M in crypto assets and strengthens staff conflict of interest policy The Ethereum Foundation recently shared its financial update , revealing a total of $970.2 million in assets, with most of that in cryptocurrency. As of October 31, 2024, they hold $788.7 million in crypto, mainly in ether, which makes up 0.26% of the total ether supply. They also own $181.5 million in non-crypto assets. Explaining their approach, the foundation noted that they keep most of their treasury in ETH because they strongly believe in Ethereum’s future. Their goal is to support essential projects within the Ethereum community while managing funds carefully to weather market downturns. This means occasionally selling some ETH to build up savings, especially when the market is strong, so they’re prepared for slower periods. This financial strategy comes amid requests from the community for greater openness. In the past, the foundation’s large ether transactions raised questions, pushing them toward a more transparent approach in their operations. New Policies and Big Investments: Ethereum Foundation's Latest Updates Last week, Ethereum researchers Justin Drake and Dankrad Feist shared on X that they had stepped down from advisory roles with the Ethereum restaking protocol, EigenLayer, where they were compensated in Eigen tokens. Their departure brought up some concerns about possible conflicts of interest. To address these issues, the Ethereum Foundation recently detailed its conflict of interest policy. While team members are allowed to take on outside work, they must notify the foundation and discuss it with their team lead. If their outside earnings exceed $25,000 a year, the arrangement goes through an internal review. Additionally, the foundation specified that its staff, or "EFers," can’t accept outside payments in assets that are hard to value, like tokens from projects that haven’t launched yet. While generally off-limits, there may be rare exceptions. In 2023, the foundation’s largest expense was $47.4 million for “new institutions,” which support the broader Ethereum ecosystem, up from $28.6 million in 2022. Another $34.7 million was allocated to Layer 1 research and development, an increase from $32.1 million the previous year. Ethereum Foundation Executive Director Aya Miyaguchi recently posted on X, saying, “EF’s long-term vision keeps us focused on building a sustainable, open ecosystem. We’re dedicated to sowing seeds now that might only bear fruit years down the line, ensuring Ethereum’s future resilience and collaborative growth.” According to The Block , Ethereum’s network activity has also been on the rise, with active addresses hitting 13.7 million in October, up from 12.3 million in September. On-chain volume also climbed to $108.6 billion in October, compared to $90.9 billion in September and $57.1 billion in the same month last year.
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