Weekly Project Updates: Worldcoin Launched in the United States, Aave Plans to Allocate $6 Million for Buyback, Binance's 17th HODLer Airdrops Project Is StakeStone, etc

May 03, 2025

1. Movement: Co-founder Rushi Manche Is Temporarily Suspended link

CoinDesk has investigated the market — maker dumping scandal of Movement. It is pointed out that an arrangement originally designed to promote the smooth listing of the MOVE cryptocurrency token eventually evolved into a market — shaking dumping scandal. The agreement is suspected to have handed over the control of 66 million MOVE tokens to an obscure intermediary, Rentech, without the full knowledge of the project party. Rentech plays a dual role in the agreement, being both a “subsidiary of Web3Port” and an “agent of the Movement Foundation”, and is suspected of self — dealing. This arrangement directly triggered a dumping wave of MOVE tokens worth $38 million on the day after its listing, leading to a sharp drop in the coin price and the imposition of a ban by Binance.Despite the explicit opposition to the agreement within the organization, the senior management still promoted its signing, which has raised serious concerns about governance failure, lack of due diligence, and conflicts of interest. Currently, several senior executives and legal advisors are under review, and the project’s governance structure and cooperation mechanism are being comprehensively questioned. This crisis has revealed the deep — seated loopholes in Movement’s institutional design, risk control, and compliance capabilities, which may have a long — term impact on its future reputation and ecological construction.

Coinbase has announced that it will suspend the trading of the Movement (MOVE) token at around 2:00 p.m. Eastern Time on May 15, 2025. Currently, it has adjusted its order book to a limit order mode only. Users can place and cancel orders, and orders may be matched and executed. Previously, Movement was exposed to a scandal of large-scale selling by market makers.

The official side of Movement has stated that it has confirmed that Rushi Manche has been temporarily suspended by Movement Labs. In view of the recent developments and the fact that the third party Groom Lake is conducting a review of the organizational governance and the recent incidents involving a certain market maker, we have made this decision.

The official side of Movement has also said that the funds in the foundation’s treasury are secure. Currently, the treasury holds 8.15 billion MOVE tokens. No member of Movement Labs, including those under investigation or suspected of improper behavior, can transfer the funds in the foundation’s treasury. The funds in the treasury can only be transferred after the multi-signature approval of the foundation. Before the recent incidents are fully clarified, the treasury will be under enhanced supervision.

2. World Launched in the United States, Plans to Release Visa Card and Conduct Tinder Pilot link

World (formerly known as Worldcoin) has announced its official entry into the US market, launching first in six major cities including Atlanta, Los Angeles, and Miami. Users can receive WLD tokens after completing human verification and generating a World ID. Meanwhile, World has announced the upcoming launch of a Visa card tied to the World App, which will be used to spend crypto — assets. It will also cooperate with Match Group, the parent company of Tinder, to launch a pilot project for identity verification on dating apps in Japan. In addition, World has accessed the prediction market Kalshi.

3. Base Reaches the First Stage of Rollup Decentralization, Launches Fault Proofs and Security Committee link

Base has announced that it has reached “Stage 1” of the Ethereum Rollup decentralization model proposed by Vitalik Buterin. By launching permissionless fault proofs and establishing a decentralized — governance security council, it has reduced its dependence on Coinbase. This upgrade includes a mechanism that allows users to challenge invalid withdrawals, and the establishment of a security council consisting of 10 independent entities that requires a 75% multi — signature consensus to control the contract upgrade authority. External members are also introduced to participate in the governance, thus meeting the requirements of decentralized verification and prevention of single — point control required for Stage 1.

4. Scroll Co-founder: Scroll Becomes the First zk-Rollup to Reach Stage 1 Status link

Scroll co — founder Ye Zhang tweeted that Scroll has become the first zk — Rollup to reach Stage 1 status. Through the Euclid update, this upgrade has achieved the following key improvements:

1）Prohibit arbitrary upgrades, giving users enough time to exit before system changes.

2）Eliminate censorship risks, allowing users to directly submit transactions on Layer 1 and enforce them.

3）Ensure network liveness. If the sequencer or prover goes down, the network will automatically open to everyone to keep the system running.

It is understood that the maturity framework for L2 Rollup divides Rollups into three stages:

● Stage 0 (Operator — controlled, with the L2 state root on L1, data available on L1, and open — source software that can reconstruct the state).

● Stage 1 (Smart contract management, complete proof system, 5+ external participants submitting proofs, users can independently exit, 7 — day exit window, multi — signature security committee).

● Stage 2 (Fully smart contract — managed, decentralized proof system, 30 — day exit window, security committee only handling on — chain errors, minimizing trust).

5. Aave Community Proposal Plans to Allocate $6 Million for AAVE Buyback link

The latest proposal in the Aave community is now open for voting. It plans to approve the allocation of $6 million (3M aEthUSDT + 3M aEthUSDC) to repurchase AAVE tokens in the open market over the next six weeks, and the Aave Finance Committee will execute the operation. This proposal is part of a broader fund restructuring and incentive plan, which also includes the cross — chain relocation of assets back to the Ethereum mainnet, the purchase of 4 million GHO stablecoins for operations, and the conversion of some MATIC assets into ETH for generating yields.

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6. New Proposal in Sky Community: Sky Replaces MKR as the Sole Governance Token and Implements Staking link

The core governance team of Sky, Atlas Axis, has submitted a proposal to complete the upgrade of the Sky ecosystem from MKR to SKY, making SKY the only governance token and enabling the staking function. Sky was formerly known as Maker. In 2024, it was renamed Sky through the “Endgame” strategy, and USDS (with a supply of over $7.5 billion) and SKY tokens were introduced to replace DAI and MKR. MKR can be converted to SKY at a ratio of 1:24,000. Since September 18, a 1% fee has been required for the conversion, and the fee will increase by 1% every three months. After the proposal is passed, the governance power will be completely transferred to SKY. The conversion is expected to be completed from May 15 to 19 (subject to on — chain voting).

7. Ethena Announces Cooperation with TON: USDe and sUSDe Are Introduced into the TON Ecosystem link

Ethena Labs and Ethena Foundation have announced a collaboration with TON Foundation to introduce the synthetic stablecoins USDe and sUSDe into the Telegram ecosystem. sUSDe will be integrated into TON as “tsUSDe”, enabling users to directly access the asset through Telegram. Meanwhile, Ethena’s products will be integrated into Telegram’s native wallet and other TON — compatible wallets such as Tonkeeper and TONHub.

8. PancakeSwap Announces the Official Launch of PancakeSwap Infinity link

PancakeSwap has announced the official launch of PancakeSwap Infinity (also known as PancakeSwap v4), which initially supports the BNB Chain. The new version introduces multiple liquidity pools (CLAMM and LBAMM), customizable fee structures, and Hook plugin functionality, and optimizes the Gas costs for trading and liquidity operations. In addition, the official team plans to open — source the code of PancakeSwap Infinity in the future.

9. Binance Alpha 2.0 Achieved a Trading Volume of $206 Million on April 29th, Reaching an All-time High link

Binance Alpha 2.0 witnessed its trading volume reach $206 million and the number of transactions reach 840,000 on April 29th, both of which hit all — time highs. Among them, the top three trading volumes were KMNO with $63.4 million, POPCAT with $28.7 million, and FARTCOIN with $27.6 million. The recent growth in Binance Alpha 2.0’s trading volume is believed to be related to the gradually increasing requirements for Alpha points in air — drops and initial coin offerings (ICOs).

10. Binance Announces the Launch of the 17th HODLer Airdrops Project, StakeStone link

Binance has announced the launch of its 17th HODLer Airdrops project, StakeStone (STO). At 16:00 (UTC) on May 2nd, the trading pairs of STO/USDT, STO/USDC, STO/BNB, STO/FDUSD, and STO/TRY will be opened, with seed tags attached. The total supply of STO is 1 billion coins, and the circulation volume at launch is 225 million coins. Among them, 1.5% (15 million coins) will be used for this airdrop, and another 15 million coins will be used for marketing activities. Binance Wallet launched the StakeStone TGE in early April.

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