Public Goods Network (PGN) Is Winding Down

Quick Take

• Public Goods Network winds down.
• Dencun activates on Goerli.
• AltLayer introduces its ALT token launch.
• Aave Labs proposes to take GHO cross-chain.

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Public Goods Network Winds Down

Public Goods Network (PGN), an OP Stack chain focused on funding public goods through sequencer fees, has announced plans to wind down the chain over the next six months. PGN aimed to implement Contract Secured Revenue powered by EIP-6969, which enabled dapp developers to generate revenue via sequencer fees. Kyle Weiss, who spearheaded the project, pointed to several factors behind the decision to wind down. The factors include the absence of essential infrastructure, technical constraints, difficulties in migrating a user base, operational costs surpassing initial estimates, inadequate liquidity, and the lack of user incentives. Additionally, Weiss highlighted a misalignment between the Gitcoin Foundation and Gitcoin over the network's purpose. For users looking to transfer their assets out of PGN, options include Layerswap or the network's native bridge. The network will be sunset by June 2024.

Dencun Activates On Goerli Testnet

Ethereum’s Dencun upgrade has successfully activated on the Goerli testnet at epoch 231680. Dencun consists of the Cancun upgrade on the execution layer and the Deneb upgrade on the consensus layer. The upgrade activates blob transactions, transient storage, and a new BLOBBASEFEE opcode, among other updates. Goerli experienced missed blocks and a low participation rate, which tends to occur for testnet upgrades. The chain proceeded to finalize roughly three hours later. Goerli marks the first of three testnets to activate Dencun. Sepolia is the next testnet to undergo the upgrade on January 30th, followed by Holesky on February 7th.

AltLayer Introduces ALT Token Launch

Rollup-as-a-service provider AltLayer introduced its ALT token launch, which will go live on January 25th. ALT will serve as the protocol’s native fee token, governance token, and economic bond asset. Apart from a TGE hosted on Binance Launchpad, AltLayer announced an airdrop allocation for early supporters. Users who held certain AltLayer badge NFTs and participanted in its Altitude campaigns are eligible for the airdrop. EigenLayer restakers and Celestia stakers were also included in the initial airdrop. Restaked rollups, a new framework design by AltLayer, introduces rollup services using EigenLayer AVSs. ALT is not yet claimable.

Aave GHO Cross-Chain Proposal

Aave Labs published a proposal to bring its native GHO stablecoin cross-chain using Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The proposal aims to enhance GHO liquidity, accessibility, and interoperability across multiple networks. The stablecoin is currently only accessible mainly on Ethereum Mainnet. CCIP uses a lock/burn and release/mint bridging mechanism. A technical implementation and analysis still needs to be performed prior to the proposal’s execution.

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