# ScaleWatching the Week

*July 19th - 26th*

By [ScaleWatching](https://paragraph.com/@scalewatching) · 2024-07-26

---

Hello dear ScaleWatchers,

Let's round up and comment some of the most important news that happened this week in the L2 scene:

**_\*Work in progress, experimental Edition_\***

* * *

### Macro Section

**_Windows outage freezes the World_**

Straight after we published the first edition of our **ScaleWatching the Week** Newsletter last week, the world came to a halt due to [a Windows Software Global outage](https://x.com/satyanadella/status/1814329337451344250) that resulted in the Blue Sceen of Death appearing [all over the planet and affecting all kind of industries](https://edition.cnn.com/business/live-news/global-outage-intl-hnk/index.html).

![](https://storage.googleapis.com/papyrus_images/bae6ecad6bdbffb891e4f417956d045d.png)

During such a chaos, it was very welcoming to see that Blockchain Decentralized Networks kept on running smoothly except for the Scroll L2 that [briefly put their chain finalization on hold](https://x.com/Scroll_ZKP/status/1814275555681771784) due to a vulnerability alarm in the RhoMarkets lending protocol (issue apparently not connected to the Windows outage) that didn't lead to any exploit of funds.

**_Numbers of Blockchain Devs remain stable but still under '22 peaks_**

Electric Capital updated their [Developer Report](https://www.developerreport.com/) with data that goes all the way to the July 1st. The fresh figures seem to confirm an overall stagnation in the number of monthly active blockchain developers (26k).

![](https://storage.googleapis.com/papyrus_images/d792bb53811ad7f7fa861b32e9caff0c.png)

The L2s that are seeing the most yearly growth in full time developers are Linea (+686%), Fuel (+49%), Aztec (+35%), zkSync (+28%), Starknet (+19%) and Base (+14%).

**_Joe gives in_**

[US President, Biden, finally gives in to the Democratic party's pressure and drops out of the race](https://cointelegraph.com/news/joe-biden-withdraws-united-states-presidential-race) with his current Vice President, Kamala Harris, set to become his substitute to face Trump in the November's elections. The news added some insecurity in the markets and in the Crypto sphere as Trump's victory over Biden was being given almost for granted. Nevertheless, Democrats are likely to gain more terrain in the coming months with their new candidate. [In terms of Crypto stance, Kamala Harris has not taken a public stance on Crypto yet and but we could have some hint on that depending on who's going to be her VP.](https://cointelegraph.com/news/kamala-harris-nomination-crypto-policies-vice-president) However, as we're about to publish this edition, [Harris has rejected the invitation to speak at the Bitcoin conference](https://decrypt.co/241357/kamala-harris-in-talks-to-speak-at-bitcoin-conference-ceo).

**_ETH ETF Dream comes true_**

Eth ETFs starts trading on Tuesday and inflow response was very good with more than $1B volume in both the first and second day of trading.

[![User Avatar](https://storage.googleapis.com/papyrus_images/aebba57c57d20909ec098b09aebe9420.jpg)](https://twitter.com/EricBalchunas)

[Eric Balchunas](https://twitter.com/EricBalchunas)

[@EricBalchunas](https://twitter.com/EricBalchunas)

[![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/EricBalchunas/status/1815848912185377005)

DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and $ETHA did 25% of $IBIT's volume. The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which \*should\* convert to inflow

![](https://storage.googleapis.com/papyrus_images/fd159f3ad3068e3217bc2714ec0f33e9.png)

 [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 1,898](https://twitter.com/EricBalchunas/status/1815848912185377005)[

22:38 • 23 lug 2024

](https://twitter.com/EricBalchunas/status/1815848912185377005)

* * *

### Market Section

After ending the previous week touching $3550 to welcome the trading start of the ETH ETF, ETH and most other Crypto assets dipped around 10/15% mid-week as they follow an expected retracement in traditional markets, especially in the Tech Sector.

![](https://storage.googleapis.com/papyrus_images/3dd0e45269fcb6c8828ccadbd3a0ba78.png)

_ETH Chart (Daily Timeframe) from TradingView_

As we stated last week, Tech Stocks were entering overheated territory, therefore I believe that their retracement is a very healthy news for most markets as it could lead to boring but needed price consolidation during the uncertain months leading to the US elections before continuing their secular bull market in 2025.

![](https://storage.googleapis.com/papyrus_images/04887f8c99da7fe6f9f7274f40621cf7.png)

_Nasdaq Chart (Daily Timeframe) from TradingView_

* * *

### L2 news

*   ArbitrumDAO holds [a Governance vote to ban the DeFi Aggregator **Furucombo**](https://x.com/stonecoldpat0/status/1814626841929388093) from the DAO due to alleged funds misuse.
    
*   [Linea's CultureSZN begins its third wave](https://x.com/LineaBuild/status/1815008828347277464) with a vote to select the most active and beloved projects for community rewards.
    
*   [Deep analysis of the Starknet developer base](https://x.com/barretodavid/status/1814434295085212128) by David Barreto (Starknet Foundation).
    
*   [Social-focused and Superchain-based L2, Cyber, begins the Social Summer campaign](https://x.com/BuildOnCyber/status/1815359892829725093) which is a 6-week initiative that includes bounties and NFT rewards for content creators.
    
*   [Polygon makes the point of the situation regarding their first "Consumer Crypto" grant season](https://x.com/0xPolygonEco/status/1815449794854392268) distributed through ThriveProtocol whose goal is to help projects building products for the masses. This thread and corresponding analysis goes through the categories and the projects that were chosen in the program.
    
*   Vitalik's explores circleSTARKs in [his latest Blog Article](https://vitalik.eth.limo/general/2024/07/23/circlestarks.html).
    
*   Scroll highlights [their Community Badges Week](https://x.com/Scroll_ZKP/status/1815925687884431451).
    
*   Arbitrum is now supported on the [Dojo DeFi Infra-stack by CompassLabs](https://x.com/labs_compass/status/1815340851603681637)
    
*   [zkSync is now supported in the Lemonapp](https://x.com/zksync/status/1816467009754017822), the most used Crypto-purchasing app in LATAM!
    
*   [Nice Essay by Syndicate on the difficulties of decentralizing L3s](https://syndicate.io/blog/decentralizing-l3s).
    
*   [Avail Token goes LIVE!](https://x.com/AvailProject/status/1815660846367826188)
    
*   [Listen to this Twitter Space](https://x.com/i/spaces/1BRJjwbAbRdxw) where Polygon founders explain the timeline and the changes around the Matic to POL Token transition_._ [Here follows a guide.](https://x.com/polygonstats/status/1816623605473529880)
    

* * *

### **Dapp World**

*   [Moby x GMX collaboration](https://x.com/Moby_trade/status/1814382623957102840)
    
*   [Rho Markets goes back online](https://x.com/RhoMarketsHQ/status/1814965213378277700)
    
*   The Camelot DEX [kicks off the 3rd $ARB liquidity rush epoch](https://x.com/CamelotDEX/status/1815449797417201787) to distribute about 1.5M tokens to their users during the next three months.
    
*   The Bitwise investment fund [launches their ETH ETF](https://x.com/BitwiseInvest/status/1815716188447482341) in style by pairing each of their eth addresses with an ENS domains.
    
*   [Ethena lands to Scroll](https://x.com/Scroll_ZKP/status/1815733655349911819)
    
*   If you're a Dev, [you can contribute to the Proof of Passport](https://x.com/OnlyDust_com/status/1815732092610678971) zk-powered identity project on the OnlyDust platform for rewarded opensource contributions.
    
*   zkLend opens [staking for its $ZEND tokens.](https://x.com/zkLend/status/1816039752652779614)
    
*   Complete [list of Games being built in the LootRealms Authonomous World](https://x.com/Calcutat/status/1815722658782187746).
    
*   [Pendle implements the Bedrock liquid restaking protocol issuing uniETH](https://x.com/pendle_fi/status/1815926879704211601)
    
*   The Polytrade [RWA Marketplace deploys on Base](https://x.com/Polytrade_fin/status/1816098552747073569).
    
*   The Yield Optimizer, [Beefy, introduces Autocompounding CLM Vaults](https://x.com/beefyfinance/status/1816140182992662669)
    
*   [SyncSwap announces the Swap Gadget feature](https://x.com/syncswap/status/1816282875114971436) that lets users know about swapping settings and comparisons with other exchanges.
    
*   [Explanatory thread on why Optimist has not implemented zkProofs although it is already zk-provable](https://x.com/jinglejamOP/status/1816212714571673880).
    
*   [KelpDAO lands on Scroll](https://x.com/KelpDAO/status/1816160173964353936) with 1x Scroll Mrks, 2x Kelp Miles and 1x EigenLayer points.
    
*   [Rho Markets carries out a Twitter Space to better explain more about the vulnerability](https://x.com/RhoMarketsHQ/status/1816292030005616910) that was discovered last week
    
*   [AVNU becomes the first dApp to implement the Starknet Snap by Metamask](https://x.com/avnu_fi/status/1815386076837454197).
    
*   [Interport Finance two new incentivised Stablecoins Pools on Linea](https://x.com/InterportFi/status/1815767590435778928).\*
    
*   [Nimbora launches a new incentivised strategy](https://x.com/Nimbora_/status/1816087175244464416) featuring $nstUSD from Angle Protocol.\*
    
    \*
    
    [![User Avatar](https://storage.googleapis.com/papyrus_images/0de1e088f43bd7336cf0138a9a5bc0af.jpg)](https://twitter.com/0xNurstar)
    
    [Nurstar.eth ✨💍🦇🔊](https://twitter.com/0xNurstar)
    
    [@0xNurstar](https://twitter.com/0xNurstar)
    
    [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/0xNurstar/status/1816133396072145185)
    
    ![👩‍🌾](https://abs-0.twimg.com/emoji/v2/72x72/1f469-200d-1f33e.png)L2 [#DeFi](https://twitter.com/hashtag/DeFi) Yields of the Day ![👨‍🌾](https://abs-0.twimg.com/emoji/v2/72x72/1f468-200d-1f33e.png)  
      
    ![▶️](https://abs-0.twimg.com/emoji/v2/72x72/25b6.png) [@InterportFi](https://twitter.com/InterportFi) Stablecoin Pools on [@LineaBuild](https://twitter.com/LineaBuild) with +20% yield & additional LXP-Linea Points ![▪️](https://abs-0.twimg.com/emoji/v2/72x72/25aa.png)  
      
    ![▶️](https://abs-0.twimg.com/emoji/v2/72x72/25b6.png) New [@Nimbora\_](https://twitter.com/Nimbora_)'s [@AngleProtocol](https://twitter.com/AngleProtocol) <> $nstUSD strategy on [@Starknet](https://twitter.com/Starknet) with +20% yield and $STRK incentives![✨](https://abs-0.twimg.com/emoji/v2/72x72/2728.png)  
      
    ![🧐](https://abs-0.twimg.com/emoji/v2/72x72/1f9d0.png)Instructions below ![⤵️](https://abs-0.twimg.com/emoji/v2/72x72/2935.png)
    
     [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 14](https://twitter.com/0xNurstar/status/1816133396072145185)[
    
    17:28 • 24 lug 2024
    
    ](https://twitter.com/0xNurstar/status/1816133396072145185)
    
*   [Dex Aggregator, Tivel Finance, deploys on Scroll.](https://x.com/tivelfinance/status/1816382726993502247)
    
*   [DeFi Protocol, DZap, deploys on Linea.](https://x.com/dzap_io/status/1815453474060120113)
    
*   [StrkFarm launches their Sensei Yield Strategy on Starknet:](https://x.com/strkfarm/status/1814256885643858097)
    
    [![](https://paragraph.xyz/editor/youtube/play.png)](https://www.youtube.com/watch?v=ksY-YI5YrLc)
    
    *   [PolyMarket crosses 1B in total value processed](https://x.com/SchorLukas/status/1816190429551026541)
        
    *   [Research Thread on implementing leverage for Polymarket positions.](https://x.com/0xPolygonDeFi/status/1816162586523754511)
        
    *   [Farcaster integrates Polygon txs](https://x.com/0xPolygon/status/1816535929387118651)
        
    *   [Social Payments Platform, PulsarMoney, goes live on Starknet allowing transfers via X posts.](https://x.com/PulsarMoneyApp/status/1816504913855386027)
        
    *   [Conergence](https://x.com/Convergence_fi/status/1816480235522548160) [$cvgCVX](https://x.com/Convergence_fi/status/1816480235522548160) [officially became the most efficient](https://x.com/Convergence_fi/status/1816480235522548160) [$CVX](https://x.com/Convergence_fi/status/1816480235522548160) [wrapper](https://x.com/Convergence_fi/status/1816480235522548160)
        
    *   [@t2wrld](https://x.com/t2wrld/status/1816488861251297358) ["In the Green" writing challenge begins](https://x.com/t2wrld/status/1816488861251297358)
        
    *   [Uniswap launches their Web Extension](https://x.com/Uniswap/status/1815749708561752489)
        

### Jobs

[![User Avatar](https://storage.googleapis.com/papyrus_images/7c3b3511d1e12700afa8e68f882cdcd5.png)](https://twitter.com/OffchainLabs)

[Offchain Labs](https://twitter.com/OffchainLabs)

[@OffchainLabs](https://twitter.com/OffchainLabs)

[![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/OffchainLabs/status/1814373489853284844)

Looking to build the future of Ethereum?  
  
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Apply now using the link below!  
  
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![](https://storage.googleapis.com/papyrus_images/e62e9e0cc0508afa8a06e74cdd8d83f0.jpg)

 [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 13](https://twitter.com/OffchainLabs/status/1814373489853284844)[

20:55 • 19 lug 2024

](https://twitter.com/OffchainLabs/status/1814373489853284844)

[![User Avatar](https://storage.googleapis.com/papyrus_images/d4eec6a18a2b255a3545cdde5d56c744.jpg)](https://twitter.com/thriveprotocol)

[Thrive Protocol](https://twitter.com/thriveprotocol)

[@thriveprotocol](https://twitter.com/thriveprotocol)

[![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/thriveprotocol/status/1814362177458831530)

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Our mission is to maximize value creation for all people and…

![](https://storage.googleapis.com/papyrus_images/25239e2d82e8b7dd391294d6bf1f4030.jpg)

 [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 17](https://twitter.com/thriveprotocol/status/1814362177458831530)[

20:10 • 19 lug 2024

](https://twitter.com/thriveprotocol/status/1814362177458831530)

* * *

[![User Avatar](https://storage.googleapis.com/papyrus_images/e281795604c04ad07cfc6015c5e5f764.jpg)](https://twitter.com/haydenzadams)

[Hayden Adams 🦄](https://twitter.com/haydenzadams)

[@haydenzadams](https://twitter.com/haydenzadams)

[![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/haydenzadams/status/1815524806605017362)

![🦄](https://abs-0.twimg.com/emoji/v2/72x72/1f984.png) [@Uniswap](https://twitter.com/Uniswap) team is growing!!  
  
Lots of open eng roles across web, mobile, backend, and protocols  
  
And some non-eng roles as well  
  
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[

![](https://storage.googleapis.com/papyrus_images/350ecbddce99b879ac1ddeaadb3bff35.png)

boards.greenhouse.io

Uniswap Labs
------------

The Uniswap Labs team is building products to unlock value through universal exchange. We envision a future where digital economies flourish, and markets are transparent, global, and equitable. Our...





](https://t.co/tYpXFeK2AO)

 [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 167](https://twitter.com/haydenzadams/status/1815524806605017362)[

1:10 • 23 lug 2024

](https://twitter.com/haydenzadams/status/1815524806605017362)

Thanks a lot for reading this edition of "ScaleWatching the Week". We're planning to add more sections from the upcoming editions.

**Risk & Disclaimers: The content provided in this newsletter is for informational purposes only and should not be construed as financial, investment, or trading advice. Cryptocurrency investments are highly volatile and subject to significant risks, including the potential loss of your entire investment. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. We do not endorse, recommend, or make any representations about the efficacy, accuracy, or completeness of any information provided herein. By reading this newsletter, you acknowledge and accept that you are solely responsible for any financial decisions you make.**

* * *

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*Originally published on [ScaleWatching](https://paragraph.com/@scalewatching/week19-26)*