Vitalik Suggests Using Eigenlayer For RAI

Quick Take

• Vitalik suggests using Eigenlayer for RAI.
• Scroll introduces a new batching system.
• StarkWare releases Cairo 1.0-Alpha.2.
• GMX <> GammaSwap treasury swap proposal.

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Vitalik Suggests Using Eigenlayer For RAI

Ethereum creator Vitalik Buterin proposed the use of oracles as stakers for addressing the opportunity cost of minting RAI. Currently, Ethereum staking provides a low-risk competitive yield compared to minting RAI and using it in DeFi. Support for staked ETH collateral would allow RAI minters to capitalize on staking rewards.

Multi-collateral RAI is being explored, however, Vitalik believes DAI already fills that need and says the RAI ecosystem should not compete. Instead, he suggests a version of RAI that uses Eigenlayer, a re-staking solution that allows validators to secure other networks by directing their staking withdrawal address to a conditional contract.

This would allow stakers to open a Collateralized Debt Position (CDP) by setting their withdrawal address to the conditional contract. The collateral would then be returned once RAI debt is paid back in full. In the event of a liquidation, the protocol would trigger a staking withdrawal to allow a liquidator to fulfill debt obligations.

Scroll Introduces New Batching System

During its recent Pre Alpha Testnet upgrade, Scroll introduced a new batching system that increases efficiency for block proving. The new system aggregates blocks into batches which are then proved. Batches are dynamically sized by estimating the gas cost in advance, allowing for more blocks to be added in a proof.

Scroll’s testnet previously generated a proof individually for each L2 block, regardless of the block’s size. The new system also helps reduce prover costs when block space demand is low. Scroll plans to further increase efficiency in the future via opcode estimation. Scroll’s Pre-Alpha testnet recently surpassed over one million produced blocks.

StarkWare Releases Cairo 1.0-Alpha.2

StarkWare released Cairo 1.0-alpha.2, an upgrade to its native smart contract programming language. The release features dictionaries, events, mapping storage variables, and the ability to implement ERC-20 contracts. StarkWare released the first public version of Cairo 1.0 earlier this month, which introduces Rust-inspired syntax.

Linguistic features will be available in StarkNet v0.11.0, an upgrade to the network that will support contracts written in Cairo 1.0. StarkWare is also working towards supporting features from older versions of Cairo. StarkWare encourages developers to get familiar with Cairo 1.0 as it works toward improving the language.

Paraswap Launches PSP 2.0

Paraswap launched PSP 2.0, an overhaul of the economic model for its PSP governance token. Notably, the upgrade introduces Social Escrow, a staking mechanism that aims to align staker incentives by providing value to the DAO. Stakers are now rewarded with 80% of protocol fees in the form of native gas tokens of the chain they stake in.

The remaining 20% of protocol fees go toward the Paraswap DAO treasury. The new mechanism also reduces PSP token emissions. Users can choose to stake either PSP tokens only or an 80/20 mix of PSP tokens and native gas tokens. PSP stakers can also manage their social escrow stake on mobile wallets.

GMX <> GammaSwap Token Swap Proposal

A proposal for a treasury swap between decentralized perpetual exchange GMX and oracle-free volatility DEX Gammaswap is now live. The proposal seeks to swap $100,000 worth of esGMX tokens for Gammaswap GS tokens. If approved, Gammaswap and GMX intend to hold the tokens indefinitely. Gammaswap also plans to build synthetic call and put products utilizing GMX liquidity, Gammaswap’s GS token has not yet been released.