👀Base Activity Surges on Onchain Summer Campaign

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Activity on Base is surging after the network introduced its Onchain Summer campaign rewarding participants. The Layer 2 network is processing more than 900,000 daily transactions. In other points-related news, EtherFi launched its third points campaign after opening claims for its Season 2 airdrop.

Also, crypto was unaffected despite outages from Microsoft and Crowdstrike wreaking havoc across the web2 ecosystem, although Scroll did pause, but that was because of a $7 million exploit to Rho Markets. Crypto markets post modest dip despite strong Bitcoin ETF inflows.

✍️ In today’s newsletter:

Base points drive strong activity
EtherFi launches Season 2 airdrop claims
Web3 shrugs off Microsoft and Crowdstrike downtime
Spot Bitcoin ETFs host inflows of $860 million
Messari CEO steps down
Top Scroll protocol suffers $7M exploit
Beaverbuild ceases transaction censorship
ZetaChain’s Gateway upgrade
Copper expands support for ICP-native tokens

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☀️Base’s Onchain Summer Heats Up

Base is hosting more than 900,000 transactions daily. The jump in activity follows Base launching a points campaign for Onchain Summer participants. Base’s TVL is up 10% over the past week.

🪂Ether.Fi Releases Season 2 of its ETHFI Token Airdrop

EtherFi users can now claim their Season 2 airdrops, with 11% of ETHFI’s supply now distributed to early adopters across the first two campaigns. An additional 2.5% will go to wallets that qualify for its ongoing Season 3 program.

✊Microsoft Goes Down But Crypto Doesn’t Care

The web3 sector was largely unaffected while the web2 ecosystem was rocked by outages from Microsoft and Crowdstrike. While the likes of Visa, Bank of America, Wells Fargo, and major U.S. airlines suffered significant disruptions, the crypto platforms shrugged off the incident with ease.

📉Crypto Markets Dip as Traders Speculate On Biden Withdrawal

Digital assets suffered modest pullbacks over the past 24 hours, with BTC, and ETH pulling back by 1.2% and 2%, respectively. However, it was a bullish week for crypto, with most top 10 assets posting double-digit bounces, while spot Bitcoin ETFs hosted inflows of $860 million.

🚪Messari CEO Ryan Selkis Steps Down After a Slew of Controversial Social Media Posts

Messari’s long-time CEO, Ryan Selkis, stepped down after attracting backlash for posting his political views on social media. Messari’s co-founder, Eric Turner, will take the reigns as interim CEO.

🛑Scroll Halts Chain Finalization After $7 Million Rho Market Exploit

Scroll has paused chain finalization after Rho Markets, a top 10 DeFi protocol on Scroll, was exploited for $7.5 million. However, the culprit claims they merely took advantage of a “misconfiguration,” and said they would return the funds should the project fess up to its mistake.

👷Top Builder On Ethereum is No Longer Censoring

Beaverbuild, Ethereum’s largest block producer, has stopped complying with U.S. sanctions. The move comes as the volume of uncensored Ethereum blocks recently tested year-to-date highs.

🌐ZetaChain Aims to Push Cross-Chain Interoperability Envelope With Gateway Upgrade

ZetaChain shipped its Gateway upgrade, enabling users to access DeFi dApps from a multitude of third-party networks. Web3 users can also interact with ZetaChain-native protocols from other chains.

⬆Copper Launches Support For Internet Computer’s ICRC and SNS Tokens

Copper is deepening its support for Internet Computer, with the digital asset custodian integrating ICP’s SNS and ICRC token standards. Copper users can now access ICP’s Bitcoin-backed ckBTC token, with plans to roll out support for additional tokens soon.

🌍 ELSEWHERE

Grayscale slashes Ethereum Mini Trust fees to 0.15%, lowest in market (CryptoSlate)
Italy's Top Banks Participate in 25M Euro Digital Bond Issuance on Polygon in ECB Trial (CoinDesk)
South Korea’s inaugural crypto law goes into full effect (The Block)
Spot Bitcoin ETF Balances Hit All-Time High (Unchained Crypto)