Arbitrum $71M Eth Cleared โ , CME to launch BTC Volatility Futures ๐, HIP-4 Math ๐ฐ
AI Summary
A Manhattan judge cleared Arbitrum DAO to transfer $71M in frozen ETH to Aave LLC following the KelpDAO/Lazarus Group exploit, while CME Group announced Bitcoin volatility futures launching June 1. The newsletter also covers stablecoin infrastructure growth surpassing $30T in volume, Base L2 milestones, and banking groups pushing back on the CLARITY Act stablecoin yield provisions.
Key Facts
Author Takes
CLARITY Act stablecoin yield compromise
Banking groups' push to tighten CLARITY Act stablecoin language is 'pretty milquetoast' and members have already shifted focus to other issues like ethics legislation.
HIP-4 revenue potential for Hyperliquid
In the bull case, HIP-4 could capture 50% of Polymarket's volume as a meaningful contribution to Hyperliquid's P&L.
Contrarian Angle
5/5 DVN with 3/3 minimum (LayerZero default) replacing 1/1 DVN configuration
LayerZero removed support for 1/1 DVN configurations after Lazarus Group exploited KelpDAO's 1/1 setup, shifting defaults to 5/5 with a 3/3 minimum to reduce attack surface.
Engineers switching from 1/1 DVN configuration to 5/5 DVN with 3/3 minimum (LayerZero default)
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