Weekly Update: Ethereum Validator Exit Queue Hits Zero, Optimism Suggests …
Ethereum, a leading cryptocurrency platform, is currently experiencing a surge in interest from validators looking to stake their assets. The validator entry queue on the Ethereum Beacon Chain has reached a staggering 1.759 million ETH, worth approximately $5.5 billion. This is the highest level seen since late August 2023. New stakers are facing a waiting period of around 30 days and 13 hours before their validators are officially activated. However, despite the influx of new validators, there has been a positive development in that the exit queue has been completely cleared.
Meanwhile, there has been some controversy within the cryptocurrency community regarding Base’s push for creator coins, particularly those related to the NFT marketplace Zora. This focus on creator coins has raised concerns among developers about resource allocation. While the promotion of Zora-driven creator coins has seen success in terms of daily token minting volume and on-chain activity, some argue that this narrow narrative is overshadowing other projects within Base’s ecosystem. This has led to a debate about the distribution of marketing and social resources, with some feeling that other projects with established user bases and contributions are being overlooked.
On a different note, the Electric Coin Company (ECC), responsible for the development of Zcash, recently announced a collective resignation of its entire team. This decision was made in response to what the team perceives as a deviation from the project’s core mission by the governance body overseeing ECC. The team plans to establish a new company to continue building on the principles of creating “unstoppable private money”. This move highlights the importance of aligning organizational goals with the original mission of a project.
In the realm of decentralized finance (DeFi), PumpFun has introduced a new creator fee-sharing mechanism to improve fee distribution transparency. This feature allows token creators and Community Takeover (CTO) admins to allocate fees to multiple wallets after a token launch. The mechanism also supports token ownership transfer and authority revocation. Additionally, Optimism Foundation has proposed using 50% of Superchain revenue for OP token buybacks to increase the alignment of token value with Superchain’s success.
Outside of the cryptocurrency space, World Liberty Financial (WLFI) has applied for a U.S. national trust bank charter for its proposed entity World Liberty Trust Company, National Association (WLTC). The aim is to issue and custody a stablecoin under federal regulatory oversight, targeting institutional clients for crypto asset custody and stablecoin conversion services.
These developments reflect the dynamic nature of the cryptocurrency and blockchain industry, with ongoing debates about resource allocation, governance, and the alignment of token value with project success. As the space continues to evolve, it will be interesting to see how these issues are addressed and how they impact the overall ecosystem.
