Over 340 Million OP Sent To Coinbase Custody

Quick Take

• Flashbots relay code is now open source.
• Fractional rebrands as Tessera, reveals $20m Series A.
• Coinbase Wallet integrates bridging between Ethereum and Polygon.
• ENS surpasses 2 million registered domain names.

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Superchain Highlights 🔴✨

Over 340 Million OP Sent To Coinbase Custody
Optimism sent over 340 million OP tokens to Coinbase Custody, marking the custodian's first L2 supported network. Initially, rumors were spread on Twitter indicating that the Optimism multisig had been hacked. The multisig appeared to be compromised because the tokens were being sent to several Externally Owned Accounts (EOA) and Optimism didn’t announce any planned transfers. The price of OP fell nearly 10% amid the rumors of a potential hack. The token’s price then rebounded shortly after Optimism clarified on Twitter that the OP token transfers were planned. The project was transferring allocations to the Coinbase Custody wallets of various investors in OP Labs PBC. Optimism says they will announce large transfers ahead of time for future transactions.

Flashbots Relay Is Now Open Source

MEV research organization Flashbots is accelerating the open source release of its MEV Boost relay code. The urgency to open source comes amid the Tornado Cash sanctions and potential censorship requirements for infrastructure providers. Flashbots hopes that the open source license encourages competition for multiple relays to avoid having any single points of failure. Maximal Extractable Value (MEV) refers to the maximum value that can be extracted from block production, in addition to block rewards and transaction fees. MEV can be achieved by the reordering or censorship of transactions in a block. MEV Boost is the open-source middleware for Beacon Chain validators. The software protects MEV transactions from being revealed in the public mempool.

Fractional Rebrands As Tessera

Collective NFT ownership platform Fractional has rebranded as Tessera. The change comes as the platform is expanding to support NFT infrastructure. The company also revealed that it raised a $20 million Series A earlier this summer. Paradigm led the funding round with participation from Focus Labs, Uniswap Labs Ventures, eGirl Capital and Yunt Capital. Tessera allows users to fractionalize NFTs into either ERC-20 or ERC-1155 tokens. Tessera works by locking up the original NFT into a smart contract. The original NFT can only be released when a buyout occurs. If a buyout occurs, fractional owners are able to redeem their ownership tokens for ETH. More than 6,500 NFTs have been fractionalized on Tessera, including the original Doge NFT.

Coinbase Wallet Integrates Bridging Feature

Coinbase has integrated support for bridging between Ethereum Mainnet and Polygon on the Coinbase Wallet browser extension. Support for bridging in the Coinbase Wallet mobile app will come at a later date. Users can currently bridge any assets supported by Hop, which is the initial bridge selected for the integrationCoinbase Wallet uses an SDK by bridge aggregator Socket to access cross-chain liquidity. The exchange plans to add support for more networks, and possibly more bridge routes, through the Socket SDK. Bridging is currently free, apart from network fees. However, Coinbase indicated that a Coinbase fee may be added in the future.

ENS Hits 2 Million Names Registered

ENS has surpassed 2 million total registered domain names since launching in 2017. It took the protocol 5 years to reach one million registered domain names, but less than 4 months to reach ts second million. ENS generated a record $6.8 million in revenue from domain fees in July. 147k new ENS domains have been registered over the last 16 days.