After over 1.5 years a new second barrier and the final minute barrier has been breached. This run involves me resetting 20 times before starting the fight to manipulate the seed to give this specific pattern. (sometimes this doesn't even work) The phase 3 splashdown isn't optimal due to the remaining eel being extremely hard to kill. It is likely possible to kill this eel and it will likely be how we reach 0:58. Also Happy Birthday Bee, even though I'm a bit late. Also video that includes my resets:

Seed:

Character: 3 (octo 1) Skin tone: 5 (default) Eye color: 2 (First row, Second Column) Haircut: 6 Eyebrow: 1 (Default) Pants: 2.1 (2nd option, 1st suboption) Smallfry Haircut: 3. Restart the game every failed attempt. Go to Alterna, superjump to Frye, then enter. Restart the level 20 times. (Sometimes the seed doesn't work)