The creators of the Base and Optimism networks revealed plans to create a revenue-sharing and governance-sharing deal. The networks said they will share profits and governance using multi-signature wallets. A “security council”, comprising members from each chain, will be formed to address the related issues as the ecosystem grows.
The move aims to prevent Coinbase’s Base Network from becoming ‘too’ centralised. Coinbase has also created a set of ‘principles of neutrality’ as a standard. Base, Coinbase, and Optimism Collective announced this in blog posts on August 24.
The Optimism Collective’s post claims that a two-of-two multi-signature wallet account will help improve Base’s smart contracts. Base and Optimism Network’s ‘Optimism Foundation’ will be in charge of their irrespective signatures. With more chains choosing to employ the OP Stack and join the ‘Superchain,’ the ‘security council’ will wield complete control.
ARK Invest, 21Shares To Offer Ethereum Futures ETF
Investment firms ARK Invest and 21Shares have joined forces to apply to two Ethereum futures exchange-traded funds (ETFs) after news broke last week that the US Securities and Exchange Commission (SEC) would soon start granting requests.
The co-filing comes a week after reports emerged that the SEC is likely to greenlight Ethereum ETF applications. According to a document submitted to the SEC on August 24, the two Ethereum futures ETFs being considered are ‘ARK 21Shares Active Ethereum Futures ETF’ (ARKZ) and ‘ARK 21Shares Active Bitcoin Ethereum Strategy ETF’ (ARKY).
The petition said ARKZ would allocate at least 25 per cent of its total assets to Ethereum futures contracts with cash settlements like those traded on the Chicago Mercantile Exchange (CME).
FTX Crypto Exchange Reports Data Breach
FTX reported a data breach at Kroll, a risk advisory firm handling FTX’s bankruptcy case claims, resulting in the exposure of non-sensitive customer data. FTX said the situation is monitored to ensure that funds, systems, and account passwords are not impacted.
On August 25, the ailing cryptocurrency exchange used the X platform to alert its clients, lenders, and the public of a cybersecurity incident involving its claims agent, Kroll.
Non-sensitive customer information from particular claimants connected to the ongoing bankruptcy case was exposed due to the hack. According to FTX, Kroll is educating those affected by the cybersecurity incident about the precautions they may take to ensure their security. FTX said the systems and passwords are safe. “The incident occurred at Kroll, and Kroll is notifying affected individuals directly with measures that customers can take to protect themselves. Kroll did not maintain FTX account passwords, and FTX’s own systems were not affected,” it said.
