Layer 2 leader Arbitrum becomes the first to surpass $150 billion in total transaction volume on Uniswap, the leading decentralized exchange.

This achievement highlights the growing popularity of Layer 2 protocols, which offer faster transaction speeds and lower fees compared to the congested Ethereum mainnet.

Arbitrum's dominance extends beyond Uniswap. It boasts the highest total value locked (TVL) among Layer 2 solutions, currently at $26.4 billion. However, established Layer 1 blockchains like Solana and Ethereum still hold the top spots for overall TVL. Despite a recent price dip, Arbitrum's native token, ARB, remains above $1.

Notably, the protocol implemented its Atlas upgrade in March, specifically designed to reduce transaction costs on the network further. This focus on scalability positions Arbitrum as a critical player in the ever-evolving Ethereum ecosystem.

Looking ahead, Arbitrum's success on Uniswap could trigger a domino effect, attracting more users and developers to the platform. This, in turn, could fuel further growth in its TVL and potentially propel ARB's price. However, competition in the Layer 2 space is heating up, with other protocols vying for dominance. Arbitrum's ability to maintain its lead will hinge on its capacity to continuously innovate and deliver cost-effective solutions for decentralized applications (dApps).

Trump To Accept Crypto For Campaign Donations🇺🇸

Former President Donald Trump has announced plans to accept cryptocurrency for campaign donations, stating that he will ensure crypto contributions can be made to his campaign.

Trump made these remarks at a gathering with buyers of his NFTs, indicating his intention to embrace crypto and allow donations to his campaign in digital currencies.

In addition, he emphasized his support for cryptocurrency, contrasting himself with President Joe Biden, whom he claimed is unfamiliar with the concept. He encouraged crypto enthusiasts to support him in the upcoming election, positioning himself as a pro-crypto candidate.

During the event, Trump addressed concerns about crypto businesses leaving the U.S. due to regulatory challenges, pledging to work to keep them in the country. He committed to embracing crypto and ensuring the U.S. remains a welcoming environment for crypto-related businesses. This development underscores the potential influence of political figures on cryptocurrency markets.

Avichal Garg, Co-founder of Electric Capital, praised Trump's evolving stance on crypto, suggesting that his support could lead to broader changes in political attitudes towards the industry. However, his campaign's decision to accept cryptocurrency donations reflects the growing integration of digital assets into mainstream political fundraising strategies.

No Airdrop For LayerZero Employees🪂

LayerZero Labs CEO Bryan Pellegrino has confirmed that employees will not be eligible to claim tokens from the upcoming airdrop. 

In a statement on X, Pellegrino emphasized that every LayerZero Labs employee is strictly forbidden from claiming the tokens and that doing so would constitute a fireable offence.

This policy has been communicated internally within the company for some time and has been in effect. Pellegrino reiterated that employees have no eligibility to participate in the airdrop, regardless of any potential ownership of non-fungible tokens (NFTs) from specific collections, such as Pudgy Penguins.

In response to questions about the possibility of employees receiving tokens based on NFT ownership, Pellegrino reiterated that they are not permitted to claim them. This firm stance ensures that all employees are treated equally and prevents potential conflicts of interest or perceived impropriety.

LayerZero Labs, known for its interoperability protocol facilitating cross-chain applications, recently conducted a snapshot for its potential airdrop on May 1. The company has taken steps to ensure transparency and fairness in the distribution process, including offering users the opportunity to self-report their participation in the protocol for a portion of their intended allocation.

EIP-7702: Account Abstraction On Ethereum💾

Vitalik Buterin, with collaborators Sam Wilson, Ansgar Dietrichs, and Matt Garnett, has introduced Ethereum Improvement Proposal (EIP) 7702 as an alternative approach to refining account abstraction on the Ethereum network.

This proposal offers a novel transaction type that allows externally owned accounts (EOAs) to operate temporarily as smart contract wallets during transactions, with their original state restored afterwards.

EIP-7702 represents an alternative to EIP-3074, previously considered for inclusion in the upcoming Pectra upgrade. However, EIP-7702 introduces quantum resistance and better compatibility with ERC-4337, a broader standard for smart contract wallets referred to as "endgame account abstraction," according to Uniswap founder Hayden Adams.

The proposal aims to achieve compatibility with ERC-4337 while avoiding over-specifying the details of this broader standard. Account abstraction enables wallets to function as smart contracts, allowing for features like multi-factor authentication, social recovery, and flexibility in transacting with various tokens.

The new transaction type outlined in EIP-7702 includes fields for contract code and a signature, offering functionalities similar to those proposed in EIP-3074, such as batch and sponsored transactions. By permitting EOAs to transform into contracts, they can be included in ERC-4337 bundles in a manner that aligns with the existing EntryPoint.

As the Ethereum community assesses EIP-7702, it may influence the future implementation of account abstraction in network upgrades, potentially redefining how this feature is integrated into the Ethereum ecosystem.

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