• Ethereum Foundation Treasury Policy.

• Circle raises $1 billion from IPO.

• Etherealize committee testimony.

• 3Jane raises $5.2m seed round.

The Ethereum Foundation (EF) published its Treasury Policy, a document outlining its approach to asset management and long-term financial sustainability. The Foundation currently allocates 15% of its total treasury to its 2025 annual operating expenses and maintains a 2.5-year operating expense buffer. The EF aims to gradually reduce annual operating expenses from 15% to 5% over the next five years. EF’s fiat assets are allocated across cash reserves, longer-term obligations, and tokenized real-world assets .  Aligned with Ethereum’s cypherpunk values, the EF says it supports permissionless DeFi protocols through strategic capital deployments. Overall, the Foundation is evolving from an ETH holder to active, values-driven treasury management.

Circle, the issuer of the USDC stablecoin, launched its initial public offering (IPO) of 34 million shares of Class A common stock at a price of $31 per share, raising a total of approximately $1.05 billion. The sale includes 14.8 million shares offered by Circle and 19.2 million shares by existing stockholders, representing about 15% of the company's 225 million total shares outstanding. Circle is now listed on the New York Stock Exchange (NYSE) under the ticker CRCL. The IPO was led by J.P. Morgan, Citigroup, and Goldman Sachs, with additional underwriters participating. The offering values the company at an estimated $7 billion. USDC is the second-largest stablecoin with a $61 billion market cap.

Etherealize Co-founder and CEO Vivek Raman testified before a U.S. House Financial Services Committee hearing to advocate for clear, forward-looking regulation of digital assets. Raman argued that Ethereum exemplifies safe, inclusive, and innovative financial infrastructure. He endorsed the CLARITY Act, which aims to provide a regulatory foundation to maintain U.S. leadership in the digital economy. The bill seeks to define investment contract assets, clarify the jurisdiction of the SEC and CFTC, and distinguish between decentralized blockchain infrastructure and applications.

Ethereum-based credit protocol 3Jane raised a $5.2 million seed round led by Paradigm. The funding will support the protocol's launch, targeted for Q3 2025. 3Jane’s phased rollout includes a credit model tuning using real-world data, support for USDC deposits in exchange for USD3 and sUSD3, issuing unsecured credit lines, and improving underwriting models based on repayment and default data. The protocol leverages both onchain and offchain credit data to offer trustless lines of credit based on user creditworthiness and future cash flows. It also incorporates mechanisms for legal recourse in case of default.

• Coinbase launches cbDOGE

• Consensus buys $300m ETH

• Reth v1.4.8 defaults to 60M gas

• Mellow deploys on Superseed

• Real-time proving grants

• Lido dual governance 101

• Rails raises $14m

• YieldNest governance

Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.

• Morpho deploys on Unichain.

• Fluidkey launches the Fluidkey Score.

• Symbiotic introduces Relay.

• Devconnect Scholars Program applications.

Morpho, a DeFi lending protocol featuring isolated markets, is now live on Unichain, the DeFi-focused Layer 2 developed by Uniswap. Users can now lend assets and earn yield through curated Morpho vaults managed by top DeFi allocators, including Steakhouse Financial, Gauntlet, Re7 Labs, MEV Capital, 9summits, and k3 Capital. MORPHO token incentives are also live as part of the launch. Supported collateral includes USDC, USDT, ETH, wstETH, weETH, WBTC, and UNI. Users can borrow stable assets like stablecoins and ETH LSTs. Unichain has risen to become the 4th largest rollup with over $1 billion in total value secured.

Fluidkey launched Fluidkey Score, a privacy-preserving, composable, and publicly accessible onchain score issued as a non-transferable ERC-20 token on Base. The score reflects a user’s retroactive activity within the Fluidkey ecosystem and can be leveraged by third-party apps without revealing personal or financial data. Users can mint their score directly in the Fluidkey app. Fluidkey is a privacy-first smart account that automatically generates stealth addresses for each incoming payment to a user’s primary address. The addresses reroute funds while keeping all activity private and under the user’s exclusive control, with no public link between transactions.

Symbiotic launched Symbiotic Relay, a network middleware SDK that enables protocols to stake on Ethereum and verify outcomes from other chains. It eliminates the need for multisigs, Proof-of-Authority models, or centralized relayers in multichain deployments. Symbiotic Relay has a native multichain settlement architecture that allows stake to remain secure on Ethereum, while decisions can be verified on any EVM-compatible chain via Relay modules. Symbiotic Relay is currently in early access. Symbiotic is a staking and shared security protocol with over $1 billion in TVL.

The Devconnect Scholars Program is now accepting applications for Devconnect Argentina. The program will support up to 100 leaders who are expanding Ethereum’s impact across diverse communities, industries, and disciplines. Scholars receive need-based financial assistance for travel, accommodation, visas, and tickets to attend Devconnect in Buenos Aires. The program includes online Pre-Devconnect programming, community building, and culminates in an in-person experience during Devconnect week from November 17–22, 2025. Applications are open until June 30th.

• Aragon OSx live on Optimism

• Spark expands to OP Mainnet

• ETH ETF $109m in net flows

• Aave proposal 320 recap 

Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.

• The Ethereum Foundation restructures its Protocol team.

• Aave integrates CoW Swap.

• Celo releases a roadmap for its L2.

• ZKsync releases Airbender zkVM.

The Ethereum Foundation introduced Protocol, a restructuring of its former Protocol Research and Development team, now operating under the simplified name Protocol. The change focuses around three strategic priorities: scaling Layer 1, scaling blobs and Layer 2, and enhancing user experience—all while upholding Ethereum’s core values. Tim Beiko and Ansgar Dietrichs will lead L1 scaling, Alex Stokes and Francesco D’Amato will oversee L2 scaling and blobs, and Barnabé Monnot and Josh Rudolf will drive UX improvements. Dankrad Feist will support all tracks as a strategic advisor. As part of the transition, some team members are departing the Foundation. The shift aims to accelerate Ethereum’s protocol development, improve coordination, and better align efforts with the needs of users.

Aave integrated CoW Swap, an intent-based DEX aggregator, into its front-end swap widget. Users can now swap tokens on Ethereum, Arbitrum, Base, and Gnosis Chain directly within Aave using this CoWSwap-powered widget. CoW Swap protects users from MEV, enables gasless transactions, aggregates liquidity across multiple DEXs, and delivers competitive pricing through a network of solvers that bid to fulfill user orders. To use the feature, simply click “Swap” in the top-right corner of the Aave interface to open the in-app swap widget.

Consensys led a $425 million private placement into SharpLink Gaming as part of a strategic effort to bring Ethereum into the global economy. SharpLink previously announced plans to use the capital to acquire ETH and adopt it as its primary reserve asset, making it one of the largest ETH holders among publicly traded companies. The round included participation from ParaFi, Pantera, Galaxy, and Electric Capital. Joseph Lubin, Ethereum co-founder and Consensys CEO, will become Chairman of SharpLink. Lubin coined SharpLink’s ticker, SBET, as a symbolic “Strategic BET on ETH.”

Celo released its roadmap for Celo L2, its Layer 2 built on the OP Stack, which went live in March 2025. Celo plans to implement support for Pectra upgrade EIPs by mid-July. Celo is also integrating EigenDA v2 to enhance data availability, offering near real-time confirmation, high throughput, and resilience against DDoS attacks. Celo is exploring zk-powered fault proofs through OP Succinct and OP Succinct Lite, aiming to strengthen security, improve finality, and progress toward Stage 2 decentralization. Celo plans to adopt Espresso’s shared BFT consensus layer to enable faster, secure block confirmations and enhance cross-chain interoperability.

ZKsync released ZKsync Airbender, a new zero-knowledge virtual machine (zkVM) and proof system designed to support future cross-chain and modular interoperability. Airbender is based on the RISC-V instruction set and includes RISC-V circuits, a RISC-V simulator, and tools for witness generation, proof creation, and verification. The project is open-source and dual-licensed under the Apache 2.0 and MIT licenses.

• Sky activates USDS rewards

• GMX launches GMX Express

• L2 interop working group highlights

• Introducing EigenLayer Studio

• 42 days until Roman Storm’s trial

Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.