Superchain ERC20 Token Standard

Quick Take

• SuperchainERC20 universal token standard.

• EigenLayer activates AVS rewards on mainnet.

• Symbiotic goes live on devnet.

• CoinCenter wins 6050i appeal.

This episode is sponsored by Firefly!

Firefly is a one-stop Web3 social aggregator developed by Mask Network. Use one feed to connect with all users across Twitter, Lens, Farcaster, and all Web3 socials. Try it today at firefly.social.

SuperchainERC20 Universal Token Standard

OP Labs unveiled its plans for bringing native interoperability to the OP Stack, aiming to create a unified Superchain user experience across OP Stack chains. Native interoperability will enable assets, data, and users to be portable between chains. The implementation consists of a cross-chain message-passing protocol, the Superchain ERC20 token standard, a shared fault-proof system, and a network of interconnected chains. SuperchainERC20 is a universal token standard that enables tokens to be portable and fungible across different chains within the Superchain, improving security and eliminating the need for multiple bridged asset versions. OP Labs will launch an initial devnet for the message-passing protocol, followed by a testnet phase, and a mainnet launch for native interoperability next year.

EigenLayer Activates AVS Rewards

EigenLayer activated rewards for Actively Validated Services (AVSs) on mainnet, allowing restakers and node operators to earn rewards for their contributions. The launch includes a UI update for tracking and claiming rewards. EigenDA will be the first AVS to launch rewards through its Base Rewards Program on August 13th. EigenDA Rewards will start with a 10 ETH pool per month and will gradually increase to cover total estimated operator expenses of $160,000. EigenDA also aims to qualify for future programmatic incentives, which will distribute 4% of the total EIGEN supply. EigenDA is the largest AVS with 3.7 million ETH in delegated stake. The $EIGEN token is expected to become transferable by September 30, 2024.

Symbiotic Goes Live On Devnet

Symbiotic, a restaking shared security protocol, is now live on devnet, allowing developers to test and integrate its slashing, rewards, and staking architecture. The protocol's flexible modular framework enables networks to customize security parameters, collateral assets, asset ratios, node operator selection, rewards, and slashing mechanisms. Since launching its core contracts and opening for deposits in June, Symbiotic has attracted over $1 billion in TVL. The mainnet launch is anticipated for Q3 2024.

Coin Center Wins Appeal Against 6050i

Coin Center won an appeal against the IRS's Form 6050I reporting requirement, which mandated that all business digital asset transactions of $10,000 or more be reported to the IRS within 15 days. The Sixth Circuit Court of Appeals ruled in favor of Coin Center, enabling the case to move forward. Coin Center also highlighted that the revised IRS Form 1099-DA no longer requires unhosted wallet providers to report transactions.

Other News

• Cross-L2 calls specification

• Geth v1.14.18 release

• Two years since Pertsev was arrested

• Farcaster releases app discovery

• DeFi Saver supports Morpho Vaults

• Protocol Guild donations overview

• Coinbase One offers $10 in gas fees

• deBridge DBR airdrop checker

Follow us on X, Lens, and Farcaster.