Lido Sunsets Polygon PoS Liquid Staking
stMATIC holders are urged to withdraw their assets through the Lido on Polygon UI before June 16, 2025.
Gm, frens, it's a bit of a slow news day today. I'll catch up with more news tomorrow. 🫡
Lido, the leading liquid staking protocol by TVL, initiated the sunset of its liquid staking services for Polygon PoS. Effective today, staking via the Lido UI has been discontinued. Users holding stMATIC are encouraged to initiate withdrawals through the Lido on Polygon UI, which will remain operational until June 16, 2025. Post-June 16, 2025, any remaining withdrawals will have to be processed using block explorer tools. According to Lido, the decision to wind down was driven by factors such as low user adoption, insufficient rewards, high maintenance costs, and a strategic shift towards zkEVM solutions. The sunset was ratified by LDO token holders in a DAO vote held in November.
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MegaETH Raises $10 Million
MegaETH is an EVM-compatible Layer 2 chain that aims to deliver 100,000 TPS throughput.
MegaETH raises $10 million in 3 minutes.
BiT Global sues Coinbase over WBTC.
OpenSea registers the OpenSea Foundation.
MegaETH, an EVM-compatible Layer 2 blockchain, raised $10 million through a crowdfunding campaign hosted on Echo, an early-stage investing platform. The funding round closed in just three minutes, attracting participation from over 3,000 investors. The investment came in at the same valuation as MegaETH’s $20 million seed round in June. The seed round included backing from Dragonfly Capital, Vitalik Buterin, and Joseph Lubin. Coined as a "Real-Time Blockchain," MegaETH aims to deliver performance with 100,000 transactions per second (TPS), millisecond-level latency, and robust compute capacity. The platform ensures transaction settlement on Ethereum L1 while leveraging EigenDA for data availability.
BiT Global, a Hong Kong-based global custody platform, has filed a lawsuit against Coinbase over the delisting of WBTC, seeking $1 billion in compensation. The lawsuit alleges that Coinbase unfairly removed WBTC to prioritize its own wrapped Bitcoin product, cbBTC. The case was filed in the Northern District of California. Earlier this year, BitGo, the issuer of WBTC, transitioned ownership of the protocol to a joint venture involving BiT Global and Justin Sun. Following the transfer, major platforms, including MakerDAO, reduced their exposure to WBTC. Coinbase had announced that trading for WBTC on its exchange will cease on December 19, 2024.
OpenSea, the largest NFT marketplace by cumulative trading volume, has registered the OpenSea Foundation in the Cayman Islands. The move suggests the possibility of a future token launch. Establishing a foundation provides a legal entity that enables a DAO to engage with offchain systems, facilitating tasks such as token issuance, legal compliance, and administrative support.
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Polygon PoS Bridge Yield Proposal
A strategy to generate yield using the $1.3 billion in stablecoin reserves held by the Polygon PoS Portal Bridge.
pre-PIP to generate yield on bridge reserves.
CoW DAO goes live on Base.
ZKsync releases its 2025 roadmap.
ELIP-002 for introducing slashing.
Allez Labs, a web3 risk management firm, published a Polygon Improvement Proposal outlining a strategy to generate yield using the $1.3 billion in stablecoin reserves held by the Polygon PoS Portal Bridge. The proposal seeks to gradually deploy the reserves into curated ERC-4626 liquidity pools, generating yield to fund an Ecosystem Incentives Program managed by Yearn. To ensure a conservative approach, DAI reserves will be held in Maker’s sUSDS vault, while USDC and USDT will use Morpho Vaults, curated and risk-managed by Allez Labs, with oversight from the Polygon Protocol Council. The generated yield will be bridged back to Polygon PoS and deposited into Polygon Ecosystem Vaults. The pre-proposal is currently open for community discussion.
CoW Protocol, an MEV-protecting DEX aggregator, is now live on Base as part of its L2 expansion roadmap. The launch features advanced order types on Base, including market, limit, and Time-Weighted Average Price orders. Originally launched in April 2021, CoW Swap leverages a network of solvers to match peer-to-peer orders. Users create intents for their orders through signed offchain messages. The intents are then fulfilled by a competitive network of independent fillers striving to secure optimal prices. Orders are grouped and processed offchain in batches to reduce gas costs. CoW DAO also plans to deploy CoW AMM on Base, introducing features like loss-versus-rebalancing (LVR) protection for LPs.
ZKsync published its 2025 roadmap outlining its plan to create a seamless, scalable, and decentralized Web3 ecosystem. Priorities include achieving EVM bytecode equivalence via BoojumOS for compatibility with Ethereum tools and multi-VM support. User experience enhancements will include biometric authentication, smart accounts, and ultra-low transaction costs of $0.0001. The roadmap targets scalability improvements, aiming for 10,000 TPS and Stage 1 rollup maturity with decentralized sequencing and forced inclusion mechanisms. Privacy will be improved with support for private validiums. Interoperability between public and private ZK chains will unify liquidity and eliminate dependence on third-party bridges.