1. The Ethereum Foundation published a paper discussing the visions of L1 and L2: L1 serves as a settlement hub, while L2 focuses on differentiated functionalities such as links.
The Ethereum Foundation has published a paper outlining its future ecosystem vision for L1 and L2. The paper states that L1 will maintain its role as a global settlement and DeFi hub, while the core task of L2 has shifted from simply scaling to providing differentiated and customized services. The Foundation recommends that L2 at least meet Stage 1 security standards and encourages its evolution towards Stage 2, simultaneous composability, and "native Rollups." Simultaneously, the Ethereum Foundation commits to continuing to scale L1 and Blob (currently only about 30% full) and will focus on addressing the fragmentation of cross-chain experiences arising from multi-chain ecosystems.
2. The Solana Foundation announced the launch of the Solana Developer Platform (SDP) .
The Solana Foundation announced the launch of the Solana Developer Platform (SDP), providing enterprises and financial institutions with an API-based development platform to facilitate the creation of financial products on Solana. The SDP comprises three main modules: issuance, payments, and trading. The issuance module supports tokenized deposits, GENIUS-compliant stablecoins, and RWA assets. The payments module supports on-chain fund transfers between fiat currency and stablecoins. The issuance and payments modules are currently live, while the trading module is expected to launch later in 2026. Mastercard, Worldpay, and Western Union are among the first early adopters.
3. Lido's 2025 revenue is projected to decline by 23% year-over-year to $40.5 million, and the company plans to evaluate its LDO share buyback program .
Ethereum staking protocol Lido disclosed that its total revenue in 2025 was $40.5 million, a 23% decrease year-over-year (compared to $52.4 million in 2024), primarily due to net user redemptions leading to an outflow of staking funds and a compression of the network's average staking yield (APR). Lido also stated that it is evaluating launching an LDO buyback program in the second quarter of 2026, intending to use staking yields generated by the protocol to purchase LDO on the secondary market and allocate it to the LDO/wstETH liquidity position; previously, it had already laid off approximately 15% of its staff in 2025.
The Lido DAO community has proposed authorizing the Growth Committee to purchase LDO from the Treasury in batches, using up to 10,000 stETH. The rationale is that the current LDO/ETH ratio is discounted by approximately 60%–70% compared to the historical average. The plan is to complete this through limit orders and phased execution (including CEX and on-chain channels), and return the purchased LDO to the Treasury after execution.
4. Hyperliquid HIP-3 trading volume reached a record high of $5.4 billion on March 23.
Hyperliquid HIP-3 saw a record-breaking trading volume of $5.4 billion on March 23, including $1.3 billion in silver, $1.2 billion in WTI crude oil, $940 million in Brent crude oil, and $558 million in gold. HIP-3 is becoming a key point of convergence for commodity and macro news trading.
5. Balancer plans to shut down Labs and transition to a DAO architecture, advancing its cost restructuring and governance adjustment plan .
Balancer co-founder Fernando Martinelli announced the closure of Balancer Labs, primarily due to legal risks arising from the November 2025 vulnerability incident and the company's lack of revenue and unsustainability under its current structure. The future protocol will operate under a DAO, foundation, and service provider model, with some core members planned to merge into Balancer OpCo (pending governance vote). He also supports a series of structural adjustments, including ceasing BAL incentive emissions, phasing out veBAL, allocating 100% of protocol fees to the DAO, optimizing the fee distribution mechanism, implementing BAL buybacks to provide exit liquidity, and reducing product scope and on-chain deployment to lower costs and improve sustainability.
6. ZKsync co-founders respond to Canton: Zero-knowledge proofs are not only secure, but also possess multi-layered defense and isolation mechanisms .
In response to Canton's founder's previous claim that "Zero-Knowledge Proofs (ZKP) pose a systemic risk to institutional finance due to their excessive complexity," ZKsync co-founder Alex Gluchowski published a lengthy article refuting his point-by-point. Alex pointed out that any complex, critical system (such as aviation or nuclear power control) will have vulnerabilities, and the core of its security lies in "redundancy (multiple independent defenses)" and "isolation (limiting the blast radius)." He argued that Canton's architecture relies on a single operator trust mechanism, posing a single point of failure risk; while ZKP-based architectures possess multiple independent defenses and effectively limit the blast radius of vulnerabilities. Furthermore, he stated that Ethereum's EVM's open-source stress testing is far more secure than Canton's closed, proprietary language.
7. Sudoswap's proposed liquidation and dividend scheme triggered a surge in SUDO's price by approximately 225%, with plans to distribute about $800,000 of remaining funds to holders .
The governance token SUDO of the NFT AMM protocol Sudoswap surged by approximately 225% due to a "liquidation dividend" proposal. This proposal suggests distributing approximately $800,000 of the protocol's remaining funds to token holders. If passed, each SUDO would be equivalent to approximately $0.03 worth of ETH, higher than the previous market price, attracting traders to buy and stake for arbitrage. Voting on the proposal will begin on March 28th.
8. Aave Labs proposed the "Will Win Framework," intending to donate 100% of its product revenue to the DAO treasury .
Aave Labs has released the "Aave Will Win Framework" governance proposal, proposing to deposit 100% of all revenue from Aave-branded products (including aave.com, Aave App, Aave Card, Aave Pro, Aave Kit, and Aave Horizon) into the Aave DAO treasury, and committing to developing only Aave-related products and no longer retaining product revenue. The proposal also requests $25 million in stablecoins and 75,000 AAVE (with a 4-year linear unlocking period) from the DAO as 12 months of operating capital, and sets up approximately $17.5 million in product growth and development incentives (including milestone payments for Aave App, Aave Pro, Aave Card, and Aave Kit). The proposal also proposes establishing a brand and intellectual property protection mechanism, a quarterly financial and KPI disclosure system, and emphasizes that Aave V4 and the new revenue model will further increase the DAO's revenue scale. If approved by the community, the proposal will enter the Snapshot and on-chain AIP execution process.
9. Franklin Templeton partners with Ondo to launch ETF Link , which can be traded 24/7 in crypto wallets.
Franklin Templeton announced a partnership with Ondo Finance to launch tokenized ETF products that support 24/7 trading via crypto wallets, eliminating the need for brokerage accounts. The products cover US equities, fixed income, and gold assets, initially launching in Europe, Asia Pacific, the Middle East, and Latin America, with a US launch depending on regulatory clarity. The structure involves Ondo holding ETF units through a special purpose vehicle (SPV) and issuing tokens, with investors holding the revenue rights rather than the underlying assets. These tokens can be used for collateralization and DeFi applications. Franklin Templeton manages approximately $1.7 trillion in assets, while Ondo currently has approximately $2.7 billion in tokenized assets.
10. Aster announces the launch of its modular Web3 derivatives infrastructure, Aster Codelink .
Aster announced the launch of Aster Code, a modular Web3 derivatives infrastructure. It adopts an "underlying engine + open interface" architecture and provides matching and clearing modules to lower the development threshold of Perp DEX. The first batch of partners includes Binance Web3 Wallet, Trust Wallet, SafePal and Genius Terminal, and plans to establish an ecosystem fund to promote ecosystem expansion.
