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Base, the Layer 2 from Coinbase, has announced plans for its second annual Onchain Summer hackathon. The project is offering up to $2 million worth of ETH in prizes for participating developers.

Aave has published an initial temperature for a three-year plan. The roadmap includes launching the fourth iteration of its lending protocol and potentially deploying a bespoke chain.

In other news, EigenLayer withdrawals continue to pile up following its poorly received airdrop announcement, Solana’s web3 gaming API is now available to Google Cloud customers, and LayerZero has taken the first snapshot for its upcoming token launch.

Plus, crypto markets flounder as U.S. interest rates remain untouched.

✍️ In today’s newsletter:

Base announces second Onchain Summer campaign
Aave offers up three-year plan
14,000 wallets initiate EigenLayer withdrawals
Solana deepens Google Cloud partnership
LayerZero captures airdrop snapshot
Digital asset markets remain morose

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$63,9251.42	%
Ethereum	$3,217	-1.29 %
Gold	1st Future$2,345 0.45	%
S&P 500	5116.17 0.32	%
Arch Web	32.09	-0.28 %
Learn more about Arch Indices ,[object Object]		%

🎬 WATCH

Check out our podcast with Stani Kulechov, the founder of Aave, to learn more about his journey in web3. Plus, check out our explainer on how to borrow assets from DeFi lending protocols.

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🎉Base Unveils Second Onchain Summer Hackathon

Base, the third-largest Layer 2 and top L2 by throughput, has announced its second Onchain Summer hackathon will kick off in June. Base is offering up to $2 million worth of ETH in prizes, 0.25 ETH in gas credits, and retroactive grant funding to participating developers. The first Onchain Summer attracted participation from 268,000 wallets.

👀Aave Proposes V4 Iteration With Cross-Chain-Liquidity Layer

Aave has unveiled a three-year plan spanning major upgrades for the top DeFi lending protocol and its ecosystem. The proposal includes Aave v4 featuring a cross-chain liquidity layer, a bespoke Aave Network, and real-world asset products built on its GHO stablecoin.

💸️EigenLayer Withdrawals Accelerate After Airdrop Backlash

More than 14,000 wallets have submitted withdrawals from EigenLayer, the second-largest DeFi project with $15B TVL — at least for now. The flurry of pending exits follows the pioneering restaking protocol unveiling its ill-received airdrop plan earlier this week.

🎮Solana Launches GameShift API on Google Cloud

Solana’s web3 gaming API, GameShift, is now available to Google Cloud customers. This news marks the latest collaboration between Solana and Google Cloud, which first collaborated in November 2022 when Google Cloud onboarded Solana as a block-producing validator.

📷LayerZero Labs Sets Stage for Airdrop With Snapshot

LayerZero announced it has taken “snapshot #1” for its upcoming and long-awaited airdrop. While the project didn’t offer any details regarding the forthcoming drop, the announcement hints that future snapshots will be taken to determine eligibility for token distributions.

📉Crypto Markets Dive Ahead of Fed Meeting

Digital assets continue to pull back in the lead-up to the latest Federal Reserve meeting, with $340 million worth of long positions liquidated in 24 hours. While interest rates were kept steady and The Fed still foresees future cuts, most leading cryptocurrencies remain down significantly over the past seven days.

🌍 ELSEWHERE

Senators press Biden administration on Iran crypto mining (The Hill)
RWA protocol Untangled Finance debuts private credit pool on Celo (CryptoBriefing)
Pantera Capital invests in TON blockchain, looking to capitalize on Telegram user (The Block)