Weekly Project Updates: Ripple Formally Reaches a Settlement with the SEC, Sei Developers Propose Abandoning Cosmos and Shifting to Ethereum, etc

May 10, 2025

1. Ripple Formally Reaches a Settlement Agreement with the SEC, Requests the Court to Terminate the Injunction and Allocate the Fine Amounts link

According to the joint motion filed by Ripple and the U.S. Securities and Exchange Commission (SEC) in the United States District Court for the Southern District of New York, the two parties have reached a settlement agreement and are asking the court for an indicative ruling to terminate the injunction against Ripple and release the $125 million in civil penalties held in escrow. Under the agreement, Ripple will pay $50 million to the SEC, and the remaining funds will be returned to Ripple.

2. Pump Fun’s Weekly Fee Capture Level Has Exceeded That of Ethereum for Nine Consecutive Weeks link

Since the beginning of this year, Pump.Fun, the memecoin launcher on Solana, has captured $294 million in fees, exceeding Ethereum’s $249 million. In addition, Pump.Fun’s weekly fee — capture level has exceeded that of Ethereum for nine consecutive weeks.

3. Optimism: The Isthmus Hard Fork Has Been Activated, Introducing the Ethereum Pectra Upgrade into the Superchain link

Optimism has announced the successful activation of the Isthmus hard fork, integrating the key features of Ethereum’s Pectra upgrade into the OP Stack and Superchain. This upgrade comes just two days after Pectra went live on the Ethereum mainnet, with the Superchain being the first L2 ecosystem to support the Pectra upgrade. The upgrade covers Base, Ink, OP Mainnet, Soneium, Unichain, and several other OP Stack chains.

4. Arbitrum DAO Approves the Use of $11.6 Million in ARB to Invest in Tokenized US Treasury Bonds link

On May 8th, the Arbitrum DAO passed the STEP 2 diversified asset allocation proposal, allocating 35 million ARB, worth approximately $11.6 million, to the tokenized US treasury bond products issued by Franklin Templeton (FOBXX), Spiko (USTBL), and WisdomTree (WTGXX) in the proportions of 35%, 35%, and 30% respectively.

5. Sei Developers Propose to Abandon Support for Cosmos and Fully Shift to the Ethereum Ecosystem link

The developers of Sei Network have proposed to discontinue support for 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 a dual — architecture of EVM and CosmWasm. If the proposal is passed, it will only support EVM transactions in the future. This proposal is expected to be discussed at a community meeting on May 14th.

6. ZKsync Announces Achieving Full EVM Equivalence and Has Been Launched on the Era Network link

ZKsync has announced the achievement of full EVM equivalence. As part of the protocol version 27 upgrade, it has been launched on the Era network and will be gradually 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 tools such as solc, foundry, and hardhat for deployment. This upgrade has been approved through the governance proposal ZIP — 9, and relevant development documents have been released.

7. The Demand for Celestia DA Has Tripled in the Past Five Months link

Nick White from the Celestia team said that the demand for Celestia DA has grown strongly, tripling in the past five months. Turbotap has achieved success in its goal of stress — testing network throughput. Even without Turbotap’s data, the demand for Celestia DA is still twice that of last December, and Celestia’s DA market share remains above 50%. In addition, Nick White said that Turbotap essentially fills Eclipse and Celestia with transactions through incentives for the purpose of testing these networks, rather than faking data.

8. The Market Capitalization of Doodles’ New Token DOOD Plummets by 40% After the Airdrop link

The Ethereum — based NFT project Doodles has airdropped its DOOD tokens on the Solana network. As a result, its market capitalization has plummeted from over $100 million to around $60 million in a short period, a 40% decrease. The floor price of Doodles NFTs has dropped from 3.5 ETH to less than 1.5 ETH, with the overall valuation shrinking by nearly 60%. Previously, Doodles announced that it would issue 10 billion DOOD tokens and planned to bridge them to the Ethereum Layer — 2 network Base in the future.

9. The EVM Public Chain Project Shardeum Announces the Official Launch of Its Mainnet link

The EVM — based public chain project Shardeum has announced the official launch of its mainnet. During the previous testnet phase, it attracted over 1.4 million users and ran more than 171,000 physical validator nodes. The launch of the mainnet marks the transition of Shardeum from years of research and development to the official operation stage. The project will simultaneously launch the Token Generation Event (TGE) with an initial circulation of 249 million SHM.

10. Treasure Chain Will Be Shut Down on May 30, 2025 link

Treasure Chain will be shut down on May 30, 2025. Asset holders must redeem all their holdings of ETH, MAGIC, SMOL and NFTs by the end of May. Previously, Treasure DAO announced that due to the financial crisis, it was facing restructuring and would terminate the operation of the game and Treasure Chain.

Wu Blockchain

Discussion about this post