Zircuit attracts $2B pre-launch, Ripple fights $2B SEC fine, and Celo chooses OP Stack for Ethereum transition.
Zircuit Tops $2B in Pre-Mainnet Deposits

Zircuit Tops $2B in Pre-Mainnet Deposits

Zircuit attracts $2B pre-launch, Ripple fights $2B SEC fine, and Celo chooses OP Stack for Ethereum transition.

Apr 24, 2024
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Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Zircuit Tops $2B in Pre-Mainnet Deposits

Zircuit, an Ethereum rollup leveraging zero-knowledge proofs for enhanced privacy, has witnessed a significant influx of over $2 billion in deposits, driven by its forthcoming mainnet launch expected this summer and the lure of potential airdrops. Deposits surged by $80 million within the last day, predominantly in liquid restaking tokens, enabling users to accrue points from four distinct protocols: EigenLayer, Renzo, eOracle, and Zircuit itself. 

While these points could potentially convert to tokens, this is not guaranteed, and there are inherent risks such as smart contract vulnerabilities that could lead to asset loss. Despite the high stakes, the promise of rewards continues to attract significant user engagement and investment in Zircuit.

Ripple Challenges $2B SEC Fine, Argues for $10M Limit

Ripple is challenging a proposed $2 billion fine from the SEC, asserting in a recent court filing that a fair penalty should not exceed $10 million. The cross-border payment company argues that the SEC’s demands for an injunction, disgorgement, and pre-judgment interest, totaling nearly $2 billion, lack legal and principled grounding. 

Ripple contends that such an exorbitant fine is disproportionate compared to similar cases in the digital asset space that involved no intentional wrongdoing or significant harm. The company emphasizes its commitment to compliance and views the SEC’s actions as an attempt to intimidate the broader cryptocurrency industry.

Celo Selects OP Stack as Infrastructure for Ethereum Migration

Celo has decided to use Optimism’s OP Stack for its transition to a layer-2 network on Ethereum, following a comprehensive evaluation among top layer-2 technologies. CLabs, the main developer for Celo, proposed this move which will soon be discussed in community calls before a governance vote by CELO token holders. 

The selection marks the end of a competitive search that began last year, highlighting Celo’s strategic shift from a standalone blockchain to becoming part of the broader Ethereum ecosystem. This decision reflects extensive due diligence and the compatibility of OP Stack with other layer-2 solutions like Polygon’s Type 1 prover.

DeFi Whales ‘Forgot’ Millions in Bridge Contracts

Blockchain intelligence firm Arkham reports that significant funds, including $1.05 million from a wallet that received ETH from Ethereum co-founder Vitalik Buterin, are “stuck” or “forgotten” in major bridge contracts like Optimism and Arbitrum. This issue affects numerous crypto addresses, some linked to prominent entities like Coinbase. The firm highlights a case where Coinbase’s $75,000 in USDC has remained unclaimed on Ethereum after six months. 

Arkham’s findings suggest that while these funds appear inactive, their owners might still control them, opting to leave them within these bridges. 

Other breaking news

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