Quick Take

• Lens Chain goes live on mainnet.

• Hyperlane introduces HYPER.

• SEC issues statement on stablecoins.

Lens Chain Live On Mainnet

Lens Chain, a SocialFi Layer 2 built on ZKsync’s ZK Stack, is now live on mainnet. Over 650,000 user profiles and 125GB of protocol data was successfully migrated from Polygon PoS to the new elastic chain with no manual migration required for users. Lens Chain uses ZKsync for low-cost transactions, Aave’s GHO stablecoin for gas fee payments, and Avail’s data availability layer. With this launch, Lens introduces Lens V3, the latest version of its protocol. Lens V3 brings a modular architecture featuring an onchain Rules Engine, interoperability, and account abstraction. The rollout also includes Grove, a decentralized storage system. Initial apps on Lens Chain include Orb, Hey, Bonsai, and Tape. Users can bridge to Lens Chain via Across.

Hyperlane Introduces HYPER

Interchain messaging protocol Hyperlane introduced HYPER, its native token used for staking, governance, and network security. The token is set to launch during the week of April 20, 2025, with a total supply of 1 billion tokens. As part of the launch, 7.5% of the total supply will be distributed through an initial airdrop, known as the Expansion Drop, to early users of the network. Users must complete a preclaim process by April 13, 2025, to receive the airdrop. Those eligible include users of applications and chains utilizing Warp Routes, protocols that integrated Hyperlane’s General Message Passing (GMP), and chains that have adopted Hyperlane as their canonical bridge. Hyperlane aims to serve as a permissionless standard for blockchain interoperability.

SEC On Covered Stablecoins

The SEC released a staff statement clarifying that "covered stablecoins" are not securities under the Securities Act. Covered stablecoins are crypto assets pegged 1:1 to the USD, redeemable on demand in unlimited amounts, and backed by low-risk liquid assets like U.S. Treasuries or cash equivalents. They are designed for payments, money transmission, and storing value, but not investment. The guidance allows issuers to mint and redeem covered stablecoins without registering with the SEC. However, the guidance does not apply to algorithmic stablecoins, stablecoins pegged to non-USD assets, or yield-bearing stablecoins.

Other News

• Across supports Lens Chain

• Beam Call #3 recap

• Fountain blog platform on Lens

• Mass liquidity mining program

• Infected leaves Base

• ENS joins Project Liberty Alliance

See disclosures