Weekly Project Updates: Sei to Support EVM, OKX to Cease Support for Runes, Binance Launchpool to List Huma Finance, etc

May 24, 2025

1. SEC Delays Multiple Crypto ETF Reviews, Formally Accepts Staked TRX Application link

Bloomberg analyst James Seyffart said that the US SEC, as expected, has postponed the review of multiple crypto — ETFs again, including the XRP ETFs of Bitwise and CoinShares, the Litecoin ETF, and Fidelity’s physical — purchase Bitcoin ETF applications. At the same time, the SEC has officially accepted the Staked TRX ETF application submitted by Canary Funds.

2. Berachain Stablecoin HONEY Temporarily Unredeemable Due to Depleted USDC.e link

The official website interface of HONEY shows that due to the exhaustion of USDC.e on Berachain, the stable — coin HONEY cannot be redeemed for USDC.e at present, and only BYUSD is supported. Smokey, the co — founder of Berachain, said that HONEY is fully collateralized. Currently, the collateral is mainly BYUSD (bridged Pyapal USD). Users can redeem HONEY for BYUSD, and then cross — chain to Ethereum for exchange via Curve, or directly deposit it into exchanges such as Coinbase, OKX, and Bybit for exchange. The HONEY vault address shows that there are a total of 98.814 million BYUSD, while the amount of USDC.e is less than 1 US dollar.

3. Sei Labs Releases Sei Giga Whitepaper, Aims to Become Multi-Proposer EVM L1 link

Sei Labs has released the Sei Giga white — paper, planning to create a high — performance EVM Layer 1 blockchain that supports multiple proposers. The new solution adopts a parallel block proposal architecture, paired with a self — developed EVM execution client, and has performance indicators such as a 5 Ggas throughput, 200,000 TPS, and a 400 — millisecond transaction final confirmation. Its core technologies include an asynchronous state submission mechanism and the Autobahn consensus protocol. The official claims that the throughput can be increased by up to 50 times compared with the traditional scheme, and it is compatible with Ethereum smart contracts.

4. Polygon Co-Founder Mihailo Bjelic Announces Withdrawal From Project link

Mihailo Bjelic, a co-founder of Polygon, has announced his departure from active management roles in the project and will step down from the boards of Polygon Labs and the Polygon Foundation. He stated that due to divergent visions, he can no longer effectively participate in the project. Bjelic was one of Polygon’s co-founders in 2017, and the other two co-founders, Jaynti Kanani and Anurag Arjun, have also left their roles successively over the past two years.

5. Analyst Exposes Pump Fun Token’s Volume-Price Manipulation Bot Army Proxies link

Proxies are sophisticated bots designed to artificially inflate trading volumes, creating fake rallies and genuine FOMO (fear of missing out). In some pump-and-dump tokens, 60%-80% of trading volumes are generated by Proxy bots, which are not organic transactions. Proxies have frequent trade counts and substantial dollar trading volumes. When these bots simulate trading volumes to hype up assets, they mislead traders into buying, driving short-term price surges for their own exploitation.

Naveen notes that while Proxies might increase liquidity for real participants, they harm long-term market health by generating false signals. When explosive trading occurs in new meme tokens, it’s crucial to question whether the activity reflects genuine hype or Proxy farming.

6. Hyperliquid Labs Submits Comment Letter to CFTC Supporting DeFi Perps & 24/7 Trading link

Hyperliquid Labs has submitted two public letters to the U.S. Commodity Futures Trading Commission (CFTC) in response to its request for comments on perpetual contracts and 24/7 trading mechanisms. Hyperliquid expressed support for the U.S. to maintain leadership in exploring DeFi market structures, emphasizing that its self-developed chain-based decentralized perpetual contract platform can uphold the core principles of DeFi in enhancing market efficiency, trading transparency, and user protection. The company also stated its willingness to act as a constructive industry partner in regulatory dialogues.

7. Lido V3 Whitepaper Draft (RFC) Released: Core Focus on stVaults link

The developer of the Lido protocol, pshe.eth, has released the Lido V3 white — paper draft (RFC), proposing a new architectural direction with the core of stVaults. stVaults are isolated staking positions, aiming to decouple ETH staking (node operators, fees, risk preferences, etc.) from the liquidity layer. The design of stVaults retains the liquidity advantages of stETH while providing highly customizable staking options. The draft is a collaborative research by Lido contributors and MixBytes, aiming to create composable building blocks to support the development of strategies, protocols, and institutional staking products.

8. Paradigm-Backed ZK Project Succinct to Issue Native Token PROVE link

The ZK project Succinct, backed by Paradigm, has announced the issuance of its native token PROVE, which will serve as the core asset of its Ethereum — based decentralized zero — knowledge proof network. Currently, the Succinct network is in stage 2 of the testnet, and it is expected to enter stage 2.5 soon, paving the way for the mainnet launch. In 2024, Succinct Labs completed a $55 — million series A financing led by Paradigm.

9. OKX Web3 Wallet to Suspend Runes Trading Market on June 5, 2025 link

OKX Web3 Wallet has announced that it will discontinue support for the Runes trading market on June 5, 2025. At that time, related trading functions (including listing and delisting) will be shut down, and all incomplete orders will be cleared. The wallet will still support the display and transfer of Runes assets, with no impact on the trading and transfer functions of other assets.

Bitcoin Runes, designed by Casey Rodarmor, the founder of the Ordinals protocol, is a token protocol built on Bitcoin using the UTXO model and OP_RETURN opcodes.

10. Binance Launchpool to Launch Huma Finance (HUMA) link

Binance has announced that Binance Launchpool will launch the 70th project, Huma Finance (HUMA), allowing users to lock BNB, FDUSD, and USDC to participate in the activity. Huma is a PayFi network, aiming to accelerate cross — border payments and bank card payments.

Huma Finance has released the economic model of its token HUMA, with a total supply of 10 billion tokens. The specific allocation is as follows: 5% for the initial airdrop, 31% for liquidity providers and ecological incentives, 7% for trading platform listing and market promotion, 4% for market — making and on — chain liquidity, 2% for presale, 20.6% for early investors, 19.3% for the team and advisors, and 11.1% for the protocol treasury. The initial circulation volume of HUMA is 17.33% of the total supply, mainly including 5% airdrop, 7% exchange listing and promotion, 4% market — making and on — chain liquidity, 1% treasury release, and 0.33% strategic partner token swap.

The Huma Foundation has announced that the first — round airdrop will be available for claim after TGE and will last for one month. The snapshot of the second — round airdrop is expected to be taken about 3 months after TGE, distributing 2.1% of the total supply.

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