Franklin Templeton FOBXX On Arbitrum

Quick Take

• Franklin Templeton deploys a fund on Arbitrum.

• Superchain members hand over their upgrade keys.

• Hyperlane introduces its HYPE protocol token.

• NounsDAO celebrates its third anniversary.

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Franklin Templeton FOBXX On Arbitrum

Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum One network. The fund provides tokenized access to investments in U.S. Treasury securities and repurchase agreements, with shares trading under the ticker BENJI, maintaining a stable price of $1 per share. Available to both retail and institutional investors through the Franklin Templeton platform, BENJI currently offers a 7-Day Effective Yield of approximately 5.27%. The fund has a market capitalization of over $400 million. Arbitrum One is the leading Layer 2 network by TVL with over $14.6 billion in assets. Franklin Templeton is an asset manager with over $1.5 trillion in assets under management.

Superchain Upgrade Key Handovers

Superchain members Mode Network, Zora, and Metal L2, have transferred their upgrade keys to the Optimism Security Council. The move advances the chains toward Stage 1 rollup decentralization, which is achieved once they have a functional proof scheme and a multi-sig override mechanism, such as the Security Council. The Optimism Security Council, composed of 13 members, oversees the management of upgrade keys for OP Stack chains within the Superchain. A quorum of approximately 75% of member signatures is required to execute emergency protocol upgrades. OP Mainnet has already reached Stage 1 rollup decentralization and is now progressing toward Stage 2. Base aims to activate fault proofs by the end of the year.

Hyperlane Introduces HYPE

Interchain messaging protocol Hyperlane introduced the Hyperlane Foundation and its native protocol token, HYPE. The foundation's mission is to oversee and expand the Hyperlane network. The HYPE token aims to promote a developer-owned network, aligning the interests of users and developers. The Hyperlane Foundation will establish the Hyperlane Alliance, a group responsible for representing user interests and managing a grants program that rewards significant contributions to the protocol. Hyperlane aims to tackle the fragmentation and security challenges of bridging between rollups by facilitating seamless cross-chain arbitrary messages and contract calls.

Nouns Three-Year Anniversary

Nouns, a generative NFT project that auctions a new NFT every 24 hours, has reached its third anniversary since launching on August 8, 2021. The project has auctioned over 1,000 NFTs, with all proceeds directed into the NounsDAO treasury, which currently holds nearly 5,000 ETH. Each Nouns NFT holder has voting rights on DAO proposals. The Nouns NFTs are in the public domain under a no-copyright reserved license, enabling anyone to create and sell derivatives.

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