The Protocol: Ethereum Validator Exit Queue Backs Up

In this issue:

Ethereum Validator Exit Queue Tops $2B as Stakers Rush to Quit After 160% Rally
Jito Launches BAM to Reshape Solana’s Blockspace Economy
Ethereum Validators Signal Intention of Upping Gas Limit to 45M
Dogecoin Could Soon Verify ZK Proofs Natively, Thanks to DogeOS Push

Network news

In Other News

Polymarket, the cryptocurrency-powered prediction market that recently attained a billion-dollar valuation, is deciding whether to introduce its own customized stablecoin or accept a revenue- sharing deal with Circle based on the amount of USDC held on the platform, according to a person familiar with the plans. Polymarket’s motivation to create its own stablecoin is simply to own the yield-generating reserves that back the large amount of Circle’s USDC dollar-pegged token used to make bets on the popular betting platform, the person said. A Polymarket representative said no decision has been made. — Ian Allison Read more.
SharpLink Gaming (SBET), the ether (ETH) treasury company led by Ethereum co-founder Joseph Lubin, continued its buying spree, bringing total holdings above $1.3 billion. The firm said in a Tuesday press release that it bought 79,949 ETH over the last week at an average price of $3,238, its largest weekly purchase. With the latest acquisition, the firm held 360,807 ETH as of July 20, worth roughly $1.33 billion at current prices. The company still has $96.6 million of funds raised by selling shares through its at-the-market equity for more ETH purchases, the company said. — Kristzian Sandor Read more.

Regulatory and Policy

President Donald Trump fulfilled part of his vow to establish U.S. crypto regulations, signing legislation into law that formally established rules for stablecoin issuers — marking a first step that the digital assets industry hopes will end with the more important regulatory regime governing the wider crypto markets. Before a crowd of crypto executives in the East Room of the White House, a jubilant Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which registered a massive 308-122 bipartisan vote in the House of Representatives on Thursday and an earlier 68-30 vote in the Senate — demonstrating a huge margin of support from Democrats.Trump walked into the packed room to be met by applauding lawmakers and industry leaders, including Coinbase’s Brian Armstrong, Tether’s Paolo Ardoino, Circle’s Jeremy Allaire, Gemini’s Cameron and Tyler Winklevoss, Kraken’s Dave Ripley, Chainlink’s Sergey Nazarov and others. — Jesse Hamilton & Nikilesh De Read more.
The U.S. Senate is marching on in its effort to craft rules and regulations for the vast majority of the crypto market, releasing a discussion draft of a market structure bill that more clearly defines some of the frameworks the lawmakers are contemplating. The 35-page draft released Tuesday formulates new definitions for digital assets that are not securities, and directs the Securities and Exchange Commission to engage in rulemaking around these assets that would exempt them and their issuers from existing regulations. The bill later directs the SEC and Commodity Futures Trading Commission to engage in joint rulemaking around certain aspects of crypto market activity, such as portfolio margining. — Nikilesh De Read more.