OP Stack core contributors propose ERC-7802 to “support all of Ethereum”
Optimism Weekly Overview - November 12, 2024
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Superchain Ecosystem Numbers
DeFi total value locked (TVL) across Superchain: $4.2B (+23.53%)
Assets onchain: $17.4B (+24.29%)
Daily average transaction volume: 8.9M (+3.49%)
Base: 6.7M (+4.69%)
OP Mainnet: 831.1K (+10%)
World Chain: 421.3K (-12.45%)
Mint: 186K (+6.23%)
Kroma: 155.2K (-28.45%)
Revenue-generating deployers on:
Base: 5,851 (+10.15%)
Zora: 162 (-3.57%)
OP Mainnet: 1,213 (-1%)
Superchain ecosystem: 6,582 (+9%)
Superchain transaction fee total savings vs L1s:
OP Mainnet: 42,400 ETH
Base: 160,948 ETH
Zora: 4,716 ETH
Compared to Ethereum, L2 Superchain users saved a total of 208K ETH, or $673.9M on txn fees this week.
The percentages and metrics are pulled from the Superchain Health Dashboard and are calculated from its change over a 7-day time frame, unless noted otherwise.
Spotlight on the Superchain
🔴 What’s happening: OP Stack core contributors shared the community-driven proposal called ERC-7802 that is “meant to support all of Ethereum,” the team said in a post.
🔴 Why it matters: This Ethereum Request to Comment (ERC) proposal would introduce “a bridge-agnostic cross-chain token interface” in collaboration with OP Labs, Wonderland and Uniswap Labs. The solution could be used across multiple interfaces to simplify cross-chain token transfers across various Ethereum-based networks.
If the ERC proposal gets approved, it can allow developers to support cross-chain functions without the need for custom integrations. This is because agnostic solutions help ensure that different software is compatible with various blockchain networks.
For context, ERC proposals provide standards that help ensure builders, developers and chains within the Ethereum network follow a set of guidelines.
In relation to the Superchain, ERC-7802 is designed to enable asset interoperability in the way that tokens would be able to move across chains without the need for asset wrapping or liquidity pools.
This would lead to greater capital efficiency because it removes the amount of steps a user would have to take to make a transfer. In turn, developers would have an easier time building applications that can operate cross-chain without the need for a custom solution for each bridge.
🔴 What it means for the broader ecosystem: The Superchain wants to unify the L2 ecosystem by creating an environment where assets can move freely between different chains without the need for complex bridge solutions.
ERC-7802 can play a vital role in this by enabling cross-chain transfers. This can create a more flexible and secure cross-chain token infrastructure that is also user-friendly. Proposals like these create unified standards across the broader Ethereum ecosystem. This promotes cross-chain collaboration and interoperability by breaking down potential barriers for users and assets who wish to move freely.
What’s poppin’ on the Superchain
👤Total number of weekly active addresses by chain:
Base: 5.27M
OP Mainnet: 370.8K
Zora: 122.12K
Mode Network: 13.86K
Hyperbridge launched its multi-chain bridge solution with support for OP Mainnet and Base
Velodrome deployed its liquidity marketplace protocol for the Superchain ecosystem to the Mode network
Polymer Labs launched Polymer Hub to enable real-time, low-latency communication across Ethereum rollups built using the OP Stack
Base TVL reached an all-time high of $3.12B (chart below)
Source: DefiLlama
From the Optimism Collective
Highlighting the companies, communities and citizens bound to the Optimism Collective.
Routescan created a thread on X about the latest onchain activity for the Superchain
Base’s global buildathon campaign had its first stop in India - check out the winners here
Bringing sports onchain? X user afrochicksnft is documenting her journey to the 2028 Summer Olympics through Zora, watch the latest episode here
For more Optimism Collective weekly updates, look here.
Making headlines
State of Boba Network Q3 2024 (Messari)
Is Optimism's 'Superchain' Winning the Ethereum Layer-2 Race? (CoinDesk)
Get into the OP Stack
Want to dive into the ecosystem full-time? Find the latest job postings here or get involved at an event below.
Shape Network is hosting Shape Craft, a four-week long buildathon, with up to $175K in prizes
Ink deployed its L2 chain to testnet - join its Discord to see how you can participate here
Contribute to the Supersim repository in the Scout Game’s latest app testing campaign and get rewarded in OP tokens
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.