• ZERO Network launches on testnet.

• MegaETH raises a $20m seed.

• Stripe supports USDC on Base.

• Coinbase sues the SEC and FDIC.

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Zero Network, an EVM-compatible rollup built on ZKsync’s ZK Stack, is now live on testnet. Zero Network aims to overcome the UX barrier of gas fees by leveraging ZKsync’s native account abstraction with a custom paymaster implementation. The paymaster abstracts gas fees for users by allowing dapps to either sponsor the fees or accept fee payments in any ERC-20 token. Zerion will sponsor transactions on Zero Network executed through its mobile and browser extension wallet. Zerion also introduced Onchain DNA, a spam prevention feature to distinguish transactions between real users and bots. To incentivize dapps to deploy on its chain, Zerion is offering grants, API credits, and access to its user base. Initial protocols launching on the network include 1inch, Phi, Reservoir, Bebop, and Safe.

MegaETH, an EVM-compatible L2 blockchain, raised a $20 million seed round led by Dragonfly Capital. The round also included angel investments from Vitalik Buterin and Joseph Lubin. Coined as a Real-Time Blockchain, MegaETH claims to offer 100,000 TPS throughput,  millisecond-level latency, and high compute capacity. MegaETH settles transactions on Ethereum L1 and leverages EigenDA for data availability. The use of high-performant sequencer hardware, parallel execution engines, and optimized state access enables its scalability. MegaETH uses a sophisticated state trie design to reduce IO operations and bandwidth consumption. It also uses a multidimensional gas pricing mechanism. MegaETH is currently live on devnet with plans to launch a public testnet later this year.

Stripe is integrating support for USDC on Base to its crypto payouts product. The feature enables businesses on Stripe to pay individual recipients in crypto, starting with USDC. The service simplifies the process by managing the conversion from fiat to crypto and allows recipients to link a crypto wallet for fund transfers. Stripe is also expanding its fiat-to-crypto onramp to include USDC on Base for U.S.-based customers. As part of a collaboration, Coinbase will integrate Stripe’s fiat-to-crypto onramp into its self-custodial Coinbase Wallet.

Coinbase filed lawsuits against the SEC and the FDIC, citing a lack of transparency and accusing them of withholding public information. The lawsuits, filed under the Freedom of Information Act (FOIA), aim to attain the release of documents concerning closed SEC investigations and letters from the FDIC that advised financial institutions to pause crypto-related activities. The lawsuit targeting the SEC emphasizes the agency's inconsistent rulings and contradictory statements regarding digital assets. Coinbase is seeking to enforce its FOIA requests, aiming to hold the financial regulators accountable and push for greater regulatory clarity.

Gravita launched gravETH, its own LST derivative created in collaboration with StakeWise and NodeSet. The LST was deployed using a custom StakeWise vault that uses validators managed by solo node operators via NodeSet. NodeSet connects staking protocols to more than 250 geographically dispersed solo node operators. GravETH has a standard commission rate of 10%. Gravita plans to support gravETH as collateral on its borrowing protocol.

• Validator geographical distribution

• Aave 2030 vote goes live

• Den crypto-to-fiat Safe payments

• Lens SDK 2.3.1 release

• Retro Funding 4 voting goes live

• Fluent launches public devnet

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• Hyperlane launches its AVS.

• Paradigm releases Reth 1.0.

• Privy launches cross-app wallets.

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Interchain messaging protocol Hyperlane launched its EigenLayer Actively Validated Service (AVS) on mainnet. The Hyperlane AVS introduces a restaked interoperability framework that uses restaked ETH to secure cross-rollup interactions. It provides rollups with access to fast, cost-effective, and economically secured bridge transfers. Hyperlane aims to address the fragmentation and security issues of bridging between rollups. Hyperlane enables the seamless passing of arbitrary messages and cross-chain contract calls and allows applications to set their own security measures. Hyperlane also supports permissionless expansion into different virtual machines.

Paradigm released Reth 1.0, the first production-ready version of its Ethereum execution client written in Rust. Reth enhances the stability of Ethereum, featuring improvements in sync time, storage, and RPC throughput. Reth can fully synchronize an archival node from genesis in 50 hours, compared to several days for other clients. Paradigm says Reth is able to efficiently utilize resources across various operational settings. The implementation is inspired by clients like Geth, Erigon, and Akula. The upcoming Reth 1.1 release will include support for the OP Stack. Paradigm is also working on shipping support for the Pectra hardfork.

Privy introduced support for cross-app wallets, a feature that allows users to use their existing embedded wallet to log in to other applications. The feature enables interoperability by allowing users to access and manage their assets across apps. Once connected, users can verify ownership, sign messages, and execute transactions. The implementation includes initial integrations with app providers such as Zora, OpenSea, Fantasy, and Adimverse. Privy is an authentication tool provider for integrating account abstraction features. In a future update, Privy plans to extend support for adding embedded wallets into connector libraries.

• PIP-42: Upgrade to use POL

• 0xbow integrates Privacy Pools

• ZKsync supports node pruning

• Blast claim goes live

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• Harpie introduces L2 support.

• Rainbow launches ETH rewards.

• Blast releases its BLAST tokenomics.

• Conduit raises a $37 million Series A.

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Harpie expanded its wallet security tools to include support for Base, Arbitrum, and Polygon. The expansion allows users to track their security score, activate two-factor authentication (2FA), and revoke token approvals on the new Layer 2 networks. The expansion incorporates Harpie’s threat address system, which includes over 100,000 addresses. To enable 2FA, users simply add and use Harpie’s RPC for their chosen network. The system monitors user transactions and, upon detecting a suspicious transaction, halts its onchain execution and notifies the user. Users can then decide whether to proceed with or reject the flagged transaction. Harpie aims to address the lack of security tools available for L2s.

Rainbow Wallet launched ETH rewards for participants in its points program. The top 10,000 Rainbow points earners were awarded an initial share of 20 ETH, which can be claimed on the app's points page. Every Tuesday, Rainbow will distribute a portion of its platform revenue in ETH to the weekly top 1,000 points earners. The introduction of ETH rewards represents the initial phase of Rainbow’s three-phase launch plan. Rainbow acknowledged existing points earners, hinting that a snapshot of their contributions has been taken. Rainbow is a mobile and browser-based EVM wallet, targeting existing Metamask users.

Blast, an optimistic L2 rollup, released the tokenomics for its native BLAST token, scheduled to launch on June 26 at 10 AM EST. The rollout will distribute 17% of the 1 billion total token supply as an initial airdrop to users who earned points on Blast and Blur. The community is allocated 50% of the token supply, which includes the initial 17% airdrop. Core contributors and investors are allocated 42%, and the Blast Foundation is allocated 8%. Since opening deposits in November 2023, Blast has reached a TVL of $2.9 billion from 1.5 million addresses. As one of the pioneering rollups to implement native yield, Blast holds ETH deposits into LSTs and channels stablecoin deposits into protocols like MakerDAO to earn yield.

Rollup infrastructure provider Conduit raised $37 million in a Series A funding round, co-led by Paradigm and Haun Ventures. Conduit's founder, Andrew Huang, says that since its inception in 2022, Conduit has facilitated 287 rollup deployments. Rollups deployed through Conduit secure over $1.2 billion in total value locked. Conduit plans to use the fresh capital to expand its engineering team and enhance its rollup-native infrastructure integrations.

• Paradigm fellowship program

• L2Beat ZK Catalog page

• Gensler says ETF is going smoothly

• Optimism announces SuperFest

• CoW DAO rebrand

• Sus CertiK bounty site

• Proposal for EL cross-validation

• weETH is now on Scroll

• Unite L3 Alpha Testnet

• Coinbase supports shared nodes

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