OP Granite Network Upgrade

Quick Take

• OP Labs proposes Granite Network Upgrade.

• Vote to deploy Aave V3 on ZKsync Era.

• Chainlink launches VRF support on Base.

• Base releases a USDC resource kit.

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OP Granite Network Upgrade

OP Labs proposed the Granite Network Upgrade to address security vulnerabilities discovered in the network’s Fault Proof System. The bugs were identified during audits by Spearbit, Cantina, and Code4rena. The upgrade includes L1 smart contract changes and an L2 hardfork to resolve the issues. While user assets are not at risk, OP Labs activated the permissioned fallback mechanism as a precaution. The fallback restricts output proposals to be temporarily handled by the Optimism Foundation. Pending governance approval, the upgrade will go live on September 10th, after which the permissionless system will be restored.

Aave V3 On ZKsync Era Vote

Voting is now open on a proposal to deploy Aave V3 on zkSync Era. If approved, users will be able to deposit USDC, USDT, WETH, wstETH, and ZK as collateral to take out loans. Borrowing and flash loan functionalities will also be enabled for the assets. The loan-to-value (LTV) ratios will range from 71% to 75%, with liquidation thresholds set between 45% and 78%. The ZK token will have an initial supply cap of 18 million, a measure intended to manage risk by limiting the protocol’s exposure to highly volatile assets. Aave also plans to support liquidity mining for ZK, offering depositors a variable APR. Voting on the proposal closes on Tuesday, August 20th.

Chainlink VRF Goes Live On Base

Chainlink Data Streams and Verifiable Random Functions (VRFs) are now live on Base, providing developers with access to real-time, low-latency market data and secure random number generation. The tools enhance the scalability and speed of applications. Chainlink VRF, already widely used by Ethereum applications like PoolTogether, ensures verifiable random outcomes. Base now supports Chainlink’s full product suite, including CCIP, Functions, Automation, and Proof of Reserve.

Base USDC Resource Kit

Base launched acceptusdc.com, a resource kit designed to help small businesses start accepting USDC for payments. Small businesses can request a "We accept USDC" sticker pack and submit their business to be included in a directory featuring all merchants that already support USDC in their business. The initiative highlights that using USDC reduces fraud and chargeback events.

Other News

• ACDE 194 recap

• Base Builder Resource Kit

• SuperHack 2024 finalists

• Polygon announces AggDay

• Privy supports native bridging

• CDP AI Grants

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