Nouns Builder Deploys On OP Mainnet

Quick Take

• PayPal launches its own stablecoin.
• MakerDAO’s DAI Savings Rate increases to 8%.
• Nouns Builder deploys on L2.
• Curve offers a $1.8 million bounty.

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Optimism Highlights 🔴✨

Nouns Builder Deploys On L2
Nouns Builder, a set of smart contracts for deploying custom Nouns-styled DAOs, is now live on OP Mainnet, Zora Network, and Base. Nouns-style DAOs feature the sale of NFTs at a consistent interval and provide holders with governance power. Custom settings include DAO metadata, auction duration, and thresholds. Nouns contracts are also composable and individually upgradable. The deployment on OP Stack chains allows users to deploy and run their DAO with low-network fees.

Disclosure: We are covering more Optimism news to qualify for RetroPGF.

PayPal Launches PYUSD Stablecoin

PayPal launched PYUSD, a dollar-denominated stablecoin backed by dollar deposits and short-term U.S. Treasuries. The stablecoin was launched as an ERC-20 token on Ethereum, enabling compatibility with existing dapps, infrastructure, and wallet providers. In the coming weeks, PayPal Balance account holders will be able to buy, sell, hold, transfer, and convert PYUSD. Users can also select PYUSD as a payment method using PayPal’s Checkout with Crypto feature. PYUSD is issued by Paxos, a trust company regulated by the New York State Department of Financial Services. Paxos is also the issuer of BUSD and PUSD stablecoins. PYUSD will also be available on Venmo for person-to-person payments.

DAI Savings Rate Increases To 8%

MakerDAO increased the DAI Savings Rate from 3.19% to 8%, as part of an effort to boost the utilization of the DSR. Within the last 48 hours, over 300 million DAI has been deposited into the DSR deposit contract. The new rate is temporary and is part of a new system called Enhanced DAI Savings Rate (EDSR), which gradually decreases as DSR utilization increases, starting with the first-rate decrease when utilization reaches 20%. Other parameters dependent on the DSR, like the stability fee and the borrowing rate on Spark Protocol, remain unaffected. The EDSR was introduced through a recent executive vote, which also increased the DAI debt ceiling on Spark Protocol to 200 million DAI. U.S. and VPN users are blocked from accessing the DSR on Spark Protocol.

Curve Offers $1.85 Million For Hacker’s Conviction

In an onchain message to its exploiter, Curve Fiance offered a public bounty of $1.85 million to anyone who provides information leading to the exploiter’s conviction. The bounty comes after the exploiter failed to return 90% of stolen funds from the ETH/CRV stablecoin pool exploit in July. The hacker drained $18.5 million worth of WETH and CRV tokens. Curve also offered to drop the bounty if the hacker returns 100% of the stolen funds.