OP Bedrock 56% Gas Savings Improvement

Quick Take

• Vitalik outlines three transitions for Ethereum.
• Ether.fi launches staked-ETH-backed NFTs.
• Velodrome plans to launch a liquidity hub for Base.
• Binance U.S. suspends exchange deposits.

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Optimism Highlights 🔴✨

OP Bedrock 56% Gas Savings Improvement
Optimism’s Bedrock upgrade has already saved users over $160k in gas fees since the migration went live. According to data from the OP Mainnet Bedrock Migration Impact Dashboard, users save an average of 56.3% in L1 data fees per transaction. A DEX trade on Optimism now costs around 12 cents, compared to 26 cents pre-upgrade.

Vitalik Outlines Three Transitions For Ethereum

Ethereum creator Vitalik Buterin outlined three transitions needed to make Ethereum accessible for average users, which are scaling, wallet security, and privacy. L2s address scalability and high transaction fees. Smart contract wallets improve UX for asset and data recovery. And privacy-preserving transfers, potentially through stealth addresses, protect users from public viewing. Butterin notes that the "one user ~= one address" model no longer fits, as users now have multiple addresses on various L2 chains, complicating payments and identity solutions. It is also difficult to deploy the same smart contract wallet address across chains. Buterin calls for changes in both protocol features and application layer infrastructure, including expanding support for ERC-1271 as well as having light clients that verify L2 states.

Ether.fi Launches Staked-ETH Backed NFTs

Liquid staking protocol Ether.Fi launched ether.fan, a new collection of staked-ETH-backed NFTs. Users can deposit a minimum of 0.1 ETH to mint a fan NFT, which features rarity traits, a membership tier, and earns staking rewards. Minting, burning, or updating a fan NFT carries a 0.05 ETH fee, which is directed to stakers and operators. The mint fee is waived for members who previously deposited ether through an Early Adopter Program. Ether staked through ether.fan is allocated to Operation Solo Staker (OSS), a program that provides hardware to selected solo stakers in diverse geographic regions who commit to operating nodes for a 3-year period.

Aerodrome Liquidity Hub For Base

Velodrome unveiled plans to launch Aerodrome, an AMM and liquidity layer for the Base OP chain. Aerodrome will feature a vote-escrowed token model, concentrated liquidity, and governance-controlled protocol parameters. The DEX will also support public goods by allocating 25% of Aerodrome’s initial vote power for ecosystem goods. Aerodrome will also serve as a launch hub for Base ecosystem projects. Aerodrome will allocate 40% of the initial veAERO supply to existing and new veVELO lockers, excluding veVELO contained in "Convex style" protocols. Launched in June 2022, Velodrome is the largest Optimism-native DEX with over $235 million in TVL.

Binance U.S. Suspends Deposits

Binance U.S. suspended deposits for its exchange amid aggressive actions from the SEC. Binance also stated that its banking partners are preparing to pause fiat withdrawal channels as soon as June 13th. Users are urged to withdraw their fiat as Binance U.S. will delist all USD trading pairs next week and will transition to a crypto-only exchange.

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