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⌐◪-◪ → Vitalik just proposed EIP-7702 to refine account abstraction on Ethereum. The proposal aims to cover all the benefits of EIP-3074 but with generally better alignment to the Ethereum Foundation’s account abstraction roadmap.

If you want to understand EIP-7702 you should first understand the following pre-requisites + history of account abstraction:

• EIP-3074, October 2020 ➝ not merged into mainnet

• EIP-5003, March 2022 ➝ we still had problem

• EIP-4337, March 2023 ➝ merged but we still problems

The goal of all of these proposals is to expand the capabilities of regular ETH wallets by letting you use a smart contract as your account.

For a full breakdown, check out @jarrodWattsDev’s post.

Incredibly, Vitalik wrote EIP-7703 in 22 minutes, just 90 minutes before the Ethereum Foundation was supposed to debate EIP-3074.

⌐◪-◪ → Bankrupt FTX plans to distribute $15B in recovered cash to its creditors, overpaying them by 118% to make them whole on their initial capital and the opportunity cost of their investment.

Sam in jail + creditors made whole = a pretty happy ending.

Meanwhile, the FTX Estate is offloading its 3rd tranche of locked SOL after an initial sale last month. For context, the FTX estate has 41M locked SOL to sell. Last month’s sale offloaded 1.8M SOL worth $232M — less than 5% of their total holdings.

Bidding for the 3rd tranche is set for May 9th, but it’s unclear how many tokens this tranche includes.

I’d love to see a breakdown of the recovered cash by source, for example, FTX sold its stake in Anthropic for $884M, which only accounts for 5.9% of the total $15B recovered.

The real question is → what will the creditors do with their new money?

Let me know what you think in Specs Chat!

⌐◪-◪ → Susquehanna International Group (SIG) disclosed that it holds over $1.8 billion in Bitcoin ETFs in a recent 3F-HR filing with the SEC.

This makes them the #1 owner of Bitcoin ETFs reported to date.

For context: SIG is one of Wall Street’s largest and most successful trading firms, managing over $481 billion in assets, and they are mega bullish on Bitcoin.

The firm is run by Jeff Yass, who is notably:

• The richest man in Pennsylvania

• The largest donor in the 2024 election to date

• A very early investor in TikTok

Meanwhile, former Sequoia executive Cao Xi’s fund just invested $24M in BlackRock’s IBIT, which is their 5th largest position and twice what they own in Mark Zuckerberg’s Meta.

First corporations, then banks, then states, then nations. It’s happening.

Gradually, then suddenly.

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