• Spire Labs launches a Based L3.

• Ithaca introduces Proto.

• Market response to reciprocal tariffs.

• Eigen summer fellowship

Spire Labs launched a based L3 appchain on testnet with synchronous composability. A based L3 is a chain that leverages the L2’s existing sequencer instead of running its own centralized sequencer. It allows the L3 to interact with the L2 as if it were a native smart contract, enabling synchronous composability. The implementation is lightweight, cost-effective, and reduces infrastructure overhead. Spire Labs is an infrastructure provider building the Based Stack, an open-source framework that lets developers launch customizable appchains on Ethereum, advancing scalability and interoperability across L2s and L3s.

Ithaca released demos for Porto, a new TypeScript library that simplifies the integration of authentication, crypto payments, and account recovery into applications. Porto is modular, supports the latest account abstraction standards like EIP-7702 and RIP-7212, and works across web, mobile, and desktop platforms. The library includes an EIP-1193-compatible provider and integrates with popular tools like Wagmi and Privy. Key features include embedded onboarding with passkeys and WebAuthn, privacy-preserving identity using ZK Passport, built-in access controls, stealth addresses, ERC-7683 cross-chain compatibility, and multi-path recovery.

The price of ETH dropped to a low of $1,431 earlier today, a level not seen since January 2023, as market volatility surged in response to the Trump administration’s ongoing reciprocal tariffs. The broader crypto market saw over $1.5 billion in liquidations, pushing total market capitalization below $1.5 trillion. At the time of writing, ETH has rebounded slightly, trading at $1,585.

• Eigen summer fellowship

• Lens Chain releases Dev Dashboard

• Fee structure for EXECUTE-precompile

• Fed holds emergency meeting

• Interop Testing Call #32

• Read: Rollups & Preconfs

• Base distributes Builder rewards

• Local Ethereum roundup

• Etherealize on Bankless

See disclosures

• Lens Chain goes live on mainnet.

• Hyperlane introduces HYPER.

• SEC issues statement on stablecoins.

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.

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.

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.

• 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

• Pectra hardfork set for May 7th.

• Tim Beiko proposes an ACD call restructuring.

• Morpho Labs introduces Prime.

• WisdomTree brings its RWA platform onchain.

Ethereum core developers have set a high confidence date for Pectra hardfork to go live on Ethereum mainnet for Wednesday, May 7, 2025, at 10:05 UTC. Client teams will release updated client versions by April 21st. Pectra will bring 11 EIPs to Ethereum, including Account Abstraction EIP-7702, max effective balance EIP-7251, execution layer-triggerable withdrawals EIP-7002, and a 50% blob capacity increase.

Ethereum core developer Tim Beiko proposed a restructuring of the AllCoreDevs (ACD) call format to improve coordination, planning, and stakeholder involvement across Ethereum’s development process. The proposal introduces two distinct call types: ACD{E|C} calls, which would focus on planning and scoping future forks, and ACD Testing calls, which would handle the implementation of the current fork. The separation is intended to support both short-term and long-term roadmap planning while maintaining Ethereum’s core governance values. Beiko also suggests that each network upgrade should have a clearly defined “headline feature” to guide priorities and resource allocation. A review and feedback period will take place leading up to the Pectra mainnet launch, after which core developers and client teams will decide whether to adopt the new structure beginning with the Glamsterdam fork.

Morpho Labs introduced Morpho Prime, a new product suite designed for vault curators and advanced users. Morpho Prime provides tools to help curators efficiently manage and operate vaults. It features the Curator App for managing Morpho Vaults across multiple chains, and the Rewards App for creating custom reward programs. The Rewards App also allows recipients to discover and track available reward opportunities. Both applications are no-code solutions, lowering the barrier to entry for curators and reward program managers. Morpho is a core infrastructure layer for lending applications in DeFi and holds over $2.7 billion in deposits.

Global asset manager WisdomTree deployed its institutional real-world assets platform, WisdomTree Connect on Ethereum, Arbitrum, Avalanche, Base, and Optimism. Users can now access 13 tokenized real-world asset (RWA) funds onchain ranging from money market, equities, fixed income, and asset allocation. Among the offerings are WTGXX, the Government Money Market Digital Fund; SPXUX, the 500 Digital Equity Index Fund; and TECHX, the Technology and Innovation 100 Digital Fund. The platform enables stablecoin issuers and DAOs to mint, subscribe, or redeem digital funds using USDC, with tokenized assets held in self-custodial wallets.

• Bonsai introduces Smart Media Protocol

• Velodrome deploys on Celo L2

• Succint releases 2FA for SP1

• Lighthouse thoughts on Fulu

• Protocol Research Call #1 Highlights

• Fabric call #3 wrap-up

• stHYPE AMM goes live

• Optimism distributes retro funding

• TreasureDAO pivots

• eBTC live on Aave

• MegaETH testnet update

See disclosures