Weekly Hot Project Updates: Ripple Officially Settles with the SEC, Sei Developers Propose Abandoning Cosmos in Favor of Ethereum, Treasure Chain to Shut Down by the End of the Month, etc. (May 3–May 10)
Powered by ChatGPT1.Ripple and SEC formally reached a settlement agreement, requesting the court to terminate the ban and distribute the finelink
According to a joint motion filed by Ripple and the U.S. Securities and Exchange Commission (SEC) with the Federal District Court for the Southern District of New York, the two parties have reached a settlement agreement and requested the court to make an indicative ruling to terminate the ban against Ripple and release the $125 million civil penalty in the escrow account. According to the agreement, Ripple will pay $50 million to the SEC and return the remaining amount to Ripple.
2.Pump Fun Weekly Fee Capture Levels Have Exceeded Ethereum for 9 Weeks in a Rowlink
Pumpfun, a memecoin emitter on Solana, has captured $294 million in fees so far this year, surpassing Ethereum ($249 million). In addition, Pumpfun’s weekly fee capture level has surpassed Ethereum for nine consecutive weeks.
3.Optimism: Activated Isthmus hard fork, bringing Ethereum Pectra upgrade to Superchainlink
Optimism announced that it has successfully activated the Isthmus hard fork, bringing key features from the Ethereum Pectra upgrade to OP Stack and Superchain. This upgrade was only two days after Pectra went live on the Ethereum mainnet, and Superchain is the first L2 ecosystem to support the Pectra upgrade. This upgrade covers Base, Ink, OP Mainnet, Soneium, Unichain, and several other OP Stack chains.
4.Arbitrum DAO approves $11.6 million in ARB to invest in tokenized U.S. Treasurieslink
On May 8, Arbitrum DAO passed the STEP 2 diversified asset allocation proposal, allocating 35 million ARBs worth approximately US$11.6 million to the U.S. debt token products issued by Franklin Templeton (FOBXX), Spiko (USTBL) and WisdomTree (WTGXX), with a ratio of 35%, 35% and 30% respectively.
5.$Sei developers propose to abandon Cosmos support and fully switch to the Ethereum ecosystemlink
$Sei Network developers proposed to stop supporting Cosmos, citing the need to simplify the architecture, reduce infrastructure complexity, and focus on building an ecosystem compatible with the Ethereum Virtual Machine (EVM). Currently, $Sei supports both EVM and CosmWasm architectures. If the proposal is passed, only EVM transactions will be supported in the future. The proposal is expected to be discussed at the community meeting on May 14.
6.ZKsync announces full EVM equivalence, now live on Era networklink
ZKsync announced that it has achieved full EVM equivalence and is now live on the Era network as part of the protocol version 27 upgrade, and will be extended to all ZK chains in the Elastic Network. Developers no longer need to use zkSolc, Foundry ZKsync or hardhat-foundry, and can directly use standard solc, foundry and hardhat tools for deployment. The upgrade has been approved through the governance proposal ZIP-9 and the relevant development documents have been released.
7.Celestia DA demand has tripled in the past 5 monthslink
Nick White from the Celestia team said that Celestia DA demand has grown strongly, doubling in the past five months; Turbotap has succeeded in its goal of stress testing network throughput, and even if Turbotap data is removed, Celestia DA demand is still twice that of December last year, and Celestia's DA market share is still over 50%. In addition, Nick White said that Turbotap essentially uses incentives to flood Eclipse and Celestia with transactions for testing these networks, rather than brushing fake data.
8.Doodles’ new token DOOD’s market value plummeted 40% after airdroplink
The Ethereum-based NFT project Doodles airdropped DOOD tokens on the Solana network, and its market value fell from over $100 million to about $60 million in a short period of time, a drop of 40%. The floor price of Doodles NFT fell from 3.5 ETH to less than 1.5 ETH, and the overall valuation shrank by nearly 60%. Doodles previously announced that it would issue 10 billion DOOD tokens and planned to bridge to the Ethereum L2 network Base in the future.
9.EVM public chain project Shardeum announced the official launch of the mainnetlink
EVM public chain project Shardeum announced the official launch of the mainnet. The previous testnet phase attracted more than 1.4 million users and operated more than 171,000 physical verification nodes. The launch of the mainnet marks the entry of Shardeum from years of research and development into the formal operation stage. The project will simultaneously launch the token generation event (TGE), with an initial circulation of 249 million SHM.
10.Treasure Chain will shut down on May 30, 2025link
Treasure Chain will be shut down on May 30, 2025. Asset holders must redeem all ETH, MAGIC, SMOL, and NFT holdings by the end of May. Previously, Treasure DAO announced that it was facing restructuring due to financial crisis and would terminate game operations and Treasure Chain.