🚀Ethereum On-Chain Activity Soars

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TLDR Surging Ethereum on-chain activity and has pushed ETH's supply to new post-merge lows amid an uptick in burn rate. The network burned 56,000 ETH ($124.6M) in the past weeks, indicating Ethereum is on-course to produce 10 deflationary months for the year.

SO WHAT The spike in Ethereum's burn rate follows ETH's supply inflating throughout September and October for the first time this year. However, rampant on-chain trading and the increasing adoption of trading bots flipped ETH issuance negative since the start of November.

READ MORE: ETH’s Supply Tags New Post-Merge Low Amid Surging On-Chain Activity

TLDR Activity on Linea, the six-month-old Layer 2 network from Consensys, is at all-time highs amid the success of its Voyage campaign. Transaction throughput more than doubled in one week to post a record of 15 transactions per second on Dec. 10. However, transaction fees on Linea have also rocketed to new highs.

SO WHAT Coupled with a recent resurgence in activity on ZkSync Era and Arbitrum, Linea's impressive performance has helped to drive Layer 2 adoption to new heights. More than 700,000 wallets transacted on Layer 2s on Dec. 11, coinciding with an all-time high TVL of $16.2B for the sector.

Read More: Linea Voyage Drives Record Activity On Layer 2

TLDR GFX Labs told The Defiant it will deploy Oku, a trading platform leveraging Uniswap v3 for trade execution, on Rootstock — a Bitcoin sidechain — this week. GFX said it plans to deploy Oku on three more chains in the near future.

SO WHAT The news comes as the Bitcoin network is grappling with congestion caused by the surging popularity of Ordinals inscriptions and BRC-20 tokens, driving division within the Bitcoin community. Rootstock is EVM-compatible and currently hosts a $114M TVL.

Read More: GFX Labs is Deploying Uniswap V3 to Bitcoin Sidechain Rootstock

TLDR Synthetix's tokenholders have voted to end SNX inflation. The protocol will soon ditch offering SNX incentives to stakers to exclusively offer trading fees as rewards to users.

SO WHAT Synthetix is also gearing up to launch its Andromeda upgrade on Base. Andromeda will introduce a buy-back and burn mechanism, where 50% of trading fees are used to purchase and destroy SNX.

Read More: Synthetix Tokenholders Vote To End SNX Inflation

TLDR The SEAM token has become the first Base-native asset listed on the Coinbase, the top U.S. centralized exchange. The follows the launch of yield farming on the Base-native Aave fork, Seamless Protocol, with 69% of SEAM set for distribution to community members. The protocol also airdropped SEAM to 5,000 early users.

SO WHAT Coinbase launched Base in August, with the network quickly climbing the Layer 2 rankings amid the explosive success of Friend Tech. However, activity on Base has receded alongside the popularity of Friend Tech and its initial airdrop, with Seamless hoping to reignite the activity that fueled Base's initial success.

Read More: Coinbase Lists SEAM Token as Airdrop and Liquidity Mining Program Begin

TLDR Elizabeth Warren, the outspoken U.S. Democratic Senator, introduced the Digital Asset Anti-Money Laundering Act to the United States Senate in a bid to clamp down on the web3 industry. The bill has received bipartisan support from five senators.

SO WHAT The hostile bill claims crypto assets are used to fund money laundering, drug trafficking, and sanctions evasion, despite on-chain research indicating cryptocurrency represents a meager fraction of illicit financing worldwide.

Read More: Senator Elizabeth Warren's Anti-Crypto Bill Gains Momentum

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