每周项目更新：Balancer 转向 DAO 架构、Lido 推出回购计划、Hyperliquid 大宗商品交易创历史新高等1。以太坊基金会概述L1和L2的愿景：L1作为结算中心，L2专注于差异化功能链接以太坊基金会发表了一篇文章，概述了其对Layer 1和Layer 2的未来生态愿景。文章指出，Layer 1将保持其作为全球结算和DeFi中心的角色，而Layer 2的核心使命已从简单的可扩展性转向提供差异化和定制化服务。该基金会建议第 2 层解决方案至少满足第 1 阶段的安全标准，并鼓励它们向第 2 阶段、同步可组合性和“本机汇总”设计发展。与此同时，以太坊基金会承诺继续扩展 Layer 1 和 blob 存储（目前仅使用了 30% 左右），并将重点解决多链生态系统造成的碎片化跨链体验。2。 Solana 基金会宣布推出 Solana 开发者平台 (SDP) 链接Solana 基金会宣布推出 Solana 开发者平台 (SDP)，这是一个基于 API 的开发平台
为企业和金融机构更便捷地在 Solana 上构建金融产品提供平台。 SDP由发行、支付、交易三个模块组成。发行模块支持代币化存款、符合GENIUS法案的稳定币和RWA资产发行。支付模块支持法定货币和稳定币之间的链上资金转移。发行和支付模块现已上线，交易模块计划于 2026 年末推出。Mastercard、Worldpay 和 Western Union 已成为首批早期采用者。3。 Lido 2025 年收入同比下降 23% 至 4050 万美元；计划评估LDO回购计划链接以太坊质押协议Lido透露，其2025年总收入为4050万美元，同比下降23%（相比之下）
Weekly Project Updates: Balancer Shifts to DAO Architecture, Lido to Launch Buyback Program, Hyperliquid Commodity Trading Hits New All-Time High, etc
1. Ethereum Foundation Outlines Vision for L1 and L2: L1 as Settlement Hub, L2 Focused on Differentiated Functions link
The Ethereum Foundation has published an article outlining its future ecological vision for Layer 1 and Layer 2. The article states that Layer 1 will maintain its role as a global settlement and DeFi hub, while Layer 2’s core mission has shifted from simple scalability to providing differentiated and customized services. The foundation recommends that Layer 2 solutions meet at least Stage 1 security standards and encourages them to evolve toward Stage 2, synchronous composability, and “native Rollup” designs. Meanwhile, the Ethereum Foundation has pledged to continue scaling Layer 1 and blob storage (currently only around 30% utilized) and will focus on addressing the fragmented cross-chain experience caused by the multi-chain ecosystem.
2. Solana Foundation Announces Launch of Solana Developer Platform (SDP) link
The Solana Foundation has announced the launch of the Solana Developer Platform (SDP), an API-based development platform for enterprises and financial institutions to more conveniently build financial products on Solana. SDP consists of three modules: issuance, payments, and trading. The issuance module supports tokenized deposits, GENIUS Act-compliant stablecoins, and RWA asset issuance. The payments module enables on-chain fund transfers between fiat currencies and stablecoins. The issuance and payments modules are now live, while the trading module is scheduled for launch in late 2026. Mastercard, Worldpay, and Western Union have become the first early adopters.
3. Lido’s 2025 Revenue Drops 23% YoY to $40.5 Million; Plans to Evaluate LDO Buyback Program link
Ethereum staking protocol Lido has disclosed that its total revenue in 2025 was $40.5 million, a 23% year-on-year decrease (compared with $52.4 million in 2024), mainly affected by staking fund outflows due to net user redemptions and compressed network-wide staking APR. Lido also stated that it is evaluating launching an LDO buyback program in the second quarter of 2026, planning to use staking revenue generated by the protocol to purchase LDO on the secondary market and allocate it to LDO/wstETH liquidity positions. Previously, it cut around 15% of its staff in 2025.
A Lido DAO community proposal seeks to authorize the Growth Committee to purchase LDO from the treasury in batches using up to 10,000 stETH, citing that the current LDO/ETH ratio is at a discount of approximately 60%–70% relative to its historical average. The purchases are planned to be executed via limit orders and staggered tranches across both CEX and on-chain channels, with the acquired LDO to be returned to the treasury upon completion.
4. Hyperliquid HIP-3 Hits Record $5.4 Billion Trading Volume on March 23 link
Hyperliquid HIP-3 recorded a trading volume of $5.4 billion on March 23, reaching an all-time high. Among them, silver trading volume amounted to $1.3 billion, WTI crude oil $1.2 billion, Brent crude oil $940 million, and gold $558 million. HIP-3 is becoming a product-market fit for commodities and macro news trading.
5. Balancer to Shut Down Labs and Shift to DAO Structure, Advancing Fee Restructuring and Governance Proposals link
Fernando Martinelli, co-founder of Balancer, stated that Balancer Labs will be shut down mainly due to legal risks arising from the vulnerability incident in November 2025 and the lack of revenue and sustainability of the corporate entity under the current structure. Going forward, the protocol will be operated by a DAO, foundation and service provider model, with some core members planning to be integrated into Balancer OpCo, subject to governance voting. He also supports advancing 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 narrowing product scope and on-chain deployments to reduce costs and enhance sustainability.
6. ZKsync Co-Founder Responds to Canton: Zero-Knowledge Proofs Offer Not Only Security but Also Multi-Layer Defense and Isolation link
In response to Canton’s founder claiming that zero-knowledge proofs (ZKPs) pose systemic risks to institutional finance due to excessive complexity, Alex Gluchowski, co-founder of ZKsync, published a lengthy article refuting the claims point by point. Alex noted that any complex critical system (such as aviation and nuclear power control) carries vulnerabilities, and the core of its security lies in “redundancy (multiple independent defenses)” and “isolation (limiting blast radius)”. He pointed out that the Canton architecture relies on a single operator trust mechanism, creating a single point of failure risk, whereas ZKP-based architectures feature multiple independent defenses and can effectively limit the blast radius of vulnerabilities. Meanwhile, he stated that the open-source stress testing of the Ethereum EVM is far more secure than Canton’s closed proprietary language.
7. Sudoswap Liquidation Dividend Proposal Sparks ~225% Surge in SUDO; Plans to Distribute ~$800,000 in Residual Funds to Holders link
The governance token SUDO of NFT AMM protocol Sudoswap has surged approximately 225% driven by a “liquidation dividend” proposal. The proposal plans to distribute around $800,000 of the protocol’s remaining funds to token holders. If passed, each SUDO token will be redeemable for roughly $0.03 worth of ETH, higher than its previous market price, attracting traders to buy and bet on arbitrage. Voting on the proposal will begin on March 28.
8. Aave Labs Proposes “Will Win Framework” to Direct 100% of Product Revenue to DAO Treasury link
Aave Labs has released a governance proposal titled the “Aave Will Win Framework,” which plans to contribute 100% of revenue from all Aave-branded products (including aave.com, Aave App, Aave Card, Aave Pro, Aave Kit, Aave Horizon, and others) to the Aave DAO treasury. It also commits to only developing Aave-related products and retaining no product revenue. Meanwhile, the proposal requests the DAO to provide $25 million in stablecoins and 75,000 AAVE tokens (linearly unlocked over four years) as 12-month operating funding, and sets aside approximately $17.5 million for product growth and development incentives (disbursed based on milestones for Aave App, Aave Pro, Aave Card, Aave Kit, and others). The proposal also calls for establishing brand and intellectual property protection mechanisms and quarterly financial and KPI disclosure requirements, emphasizing that Aave V4 and the new revenue model will further boost DAO revenue. If approved by the community, it will proceed to Snapshot voting and on-chain AIP execution.
9. Franklin Templeton Partners with Ondo to Launch ETF Tradable 24/7 in Crypto Wallets link
Franklin Templeton has announced a partnership with Ondo Finance to launch tokenized ETF products, enabling 24-hour trading via crypto wallets without the need for a brokerage account. The products will cover U.S. equities, fixed income and gold assets, with an initial launch in Europe, Asia Pacific, the Middle East and Latin America. A U.S. launch will depend on regulatory clarity. Under the structure, Ondo will hold ETF shares through a special purpose vehicle (SPV) and issue tokens, granting investors economic exposure rather than ownership of the underlying assets. The tokens can be used as collateral and in DeFi applications. Franklin Templeton manages approximately $1.7 trillion in assets, while Ondo’s current tokenized assets stand at around $2.7 billion.
10. Aster Announces Launch of Aster Code, Modular Web3 Derivatives Infrastructure link
Aster has announced the launch of Aster Code, a modular Web3 derivatives infrastructure adopting an “underlying engine + open interface” architecture, providing matching and clearing modules to lower the development barrier for Perpetual DEXs. Initial partners include Binance Web3 Wallet, Trust Wallet, SafePal, and Genius Terminal, with plans to establish an ecosystem fund to drive ecosystem expansion in the future.
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