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OP Mainnet Advances to Stage 1 Decentralization with New Permissionless Fault Proofs

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Daily Bits
11 Jun 2024

Daily Top Performer — GnosisDAO (GNO)

The SPX index is down by 0.02%, with gains driven by sectors like utilities, energy, and communication services. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.29% and 0.75%, respectively in the past 24 hours.

Today’s outperformer is GNO, which jumped 6.8% after GnosisDAO's consideration of a $20 million investment in the new GnosisVC Venture Fund.

GnosisDAO (GNO), launched in 2015, is a decentralized prediction market on the Ethereum blockchain, enabling users to speculate on outcomes of various events in a secure and transparent environment. It aims to set a global standard for prediction markets. GnosisDAO is evaluating GIP-102, a proposal to invest $20 million into GnosisVC, a new $40 million venture fund focusing on early-stage projects in real-world assets, decentralized infrastructure, and financial payment rails. The fund aims to strengthen the Gnosis ecosystem, structured as a Cayman-exempt limited partnership with a 7-year term and standard 2/20 fee structure. It seeks to support and integrate these projects, providing regular updates to its stakeholders.

Check Out the Latest Prices, Charts, and Data of GNOUSDT Perp!

Talk of the Town:

The OP Mainnet has implemented permissionless fault proofs, marking its progression to Stage 1 decentralization. This update allows users to initiate ETH and ERC-20 token withdrawals without needing trusted third parties, while also offering mechanisms for challenging invalid withdrawals. Although participation is permissionless, the Optimism Security Council holds the authority to revert to a permissioned state if needed, ensuring system stability. The OP Stack is also set to expand this functionality to other chains like Base, Metal, Mode, and Zora. Moving forward, the aim is to advance to Stage 2 decentralization by integrating additional proof systems and strengthening security measures, progressing towards a more decentralized and secure ecosystem. This milestone is part of a broader strategy to incrementally remove the "training wheels" from Layer 2 networks, aiming for a fully decentralized future.

Check Out the Latest Prices, Charts, and Data of OPUSDT Perp and OP/USDT Spot!

Spot Bitcoin ETF Flows:

Category

Flow (millions)

GBTC

(39.5)

Non-GBTC

(31.7)

Total

(71.2)

Despite substantial inflows into spot bitcoin ETFs, bitcoin's price remains below $70,000 due to arbitrage by hedge funds. Robinhood is expanding internationally with the acquisition of Bitstamp. Semler Scientific has increased its bitcoin holdings, emulating Microstrategy’s strategy. Market watchers are focused on upcoming CPI data and comments from Fed Chair Jerome Powell for potential rate cut signals. Meanwhile, niche cryptocurrencies like Solana-based tokens continue to attract speculative interest.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot!

Airdrop to Watch:

Ethereum layer-2 network ZkSync has launched ZK Nation, a community-driven initiative aimed at decentralizing protocol governance ahead of details on ZkSync's token allocation being revealed. ZK Nation will manage three key divisions: ZkSync Token Assembly for on-chain governance, ZkSync Guardians to enforce protocol security actions, and ZkSync Security Council, comprising cybersecurity experts to review protocol upgrades. This announcement comes as ZkSync reports a transaction success rate of over 98% and a significant increase in Total Value Locked (TVL) by 36% since the start of the year. Further details on the token airdrop and governance structure will be disclosed in the coming weeks. Check Out the Latest Prices, Charts, and Data of ETHUSDT Perp and ETH/USDT Spot!