Weekly Hot Project Updates: Polymarket to advance new chain migration, Base's first independent network upgrade, MegaETH TGE scheduled for the end of the month, etc. (0419–0425)

1. Polymarket states infrastructure lagging behind growth, plans to rebuild CLOB and advance new chain migration link

Polymarket’s new Vice President of DeFi Engineering, Josh Stevens, stated that the platform’s business growth has far exceeded infrastructure capacity, and the team is pushing forward with several major technical upgrades. These include: planning a chain migration to pursue lower gas fees and shorter block times; a complete reconstruction of the centralized limit order book; upcoming launch of perpetual contracts based on new contracts and Rust backend; fixing the “trade canceled” issue; and developing brand-new smart contracts and a unified API. Stevens promised that starting next Friday, weekly engineering updates will be published to improve transparency. Polymarket currently operates on the Polygon chain and has previously received widespread user attention due to issues like transaction delays and cancellations.

2. Arbitrum Security Council takes emergency action, freezes over 30k ETH related to KelpDAO vulnerability link

The Arbitrum Security Council has taken emergency technical measures, freezing 30,766 ETH associated with the KelpDAO hacker attack on Arbitrum One. The official stated that these funds have been safely transferred to an intermediary frozen wallet, and the attacker’s original address is no longer accessible. This action was carried out without affecting any other chain states or user assets, and relevant parties are coordinating subsequent handling plans.

Dragonfly partner Haseeb posted a detailed analysis of the specific operations. He explained that Arbitrum did not perform a chain reorganization or rewrite history, but used a privileged transaction type (Type 101) retained in ArbOS. This system-level transaction was injected by the Security Council, and by bypassing the hacker’s private key signature, 30,765 ETH was forcibly transferred to a recovery address via state-level rollback. Haseeb added that since Arbitrum cannot intervene on the Ethereum mainnet, approximately 75.7k ETH on Ethereum remains uncontrolled, resulting in about $230 million in potential bad debt for Aave on Ethereum.

KelpDAO issued an official statement thanking the Arbitrum Security Council for the emergency freeze. KelpDAO revealed that over the past two days, the team has been working closely with the Security Council and ecosystem stakeholders, especially thanking the security organization SEAL 911 for their key role in coordinating the incident and organizing information. KelpDAO stated that their current focus remains on exploring all feasible ways to support rsETH holders and minimize the impact of this event on the DeFi ecosystem.

3. Base announces its first independent network upgrade “Azul,” scheduled to activate mainnet on May 13 link

Base officially announced that its first independent network upgrade, Base Azul, is scheduled to activate on the mainnet on May 13. The upgrade aims to enhance security, performance, and developer experience, with core improvements including: activating multi-proof (Multiproofs) mechanism, combining TEE and ZK proof systems to advance toward “Stage 2” decentralization, potentially reducing withdrawal cycles to just one day; integrating a performance-oriented client stack, with base-reth-node as the sole execution client, and introducing a new consensus client based on Kona, base-consensus, to accelerate achieving 1 gigagas/sec throughput; and adopting Ethereum’s latest execution layer standards (Osaka) to optimize developer experience.

4. RWA L1 Pharos releases PROS tokenomics link

RWA L1 Pharos has published the PROS tokenomics, with a total supply of 1 billion tokens, used for paying gas, staking (PoS), governance, and ecosystem incentives, with plans to introduce a burn mechanism to create deflation. Regarding distribution, the team and private investors have a 12-month cliff and a 36-month linear unlock. Before the mainnet launch, inflation is 0% for the first 6 months, then approximately 5% annualized starting from the 7th month, with further adjustments possible.

5. MegaETH achieves first KPI, MEGA TGE scheduled for April 30, 2026 link

MegaETH has achieved its first key performance indicator (KPI) linked to token release, with 10 applications live within its ecosystem and engaging real users. The MEGA token generation event (TGE) is scheduled for April 30, 2026. The network previously tied 53.3% of its token supply to performance metrics rather than traditional linear unlocks. The total supply of MEGA is 10 billion tokens, with 5% allocated to public sale, 7.5% to ecosystem and foundation reserves, 9.5% to team and advisors, 14.7% to institutional investors, and the remaining gradually released through staking rewards based on KPI achievement.

6. Telegram founder Pavel Durov says TON transaction fees will be reduced sixfold within a week link

Telegram founder Pavel Durov announced via tweet that TON transaction fees will be reduced sixfold to 0.00039 TON per transaction, approximately $0.0005, and fees will be fixed regardless of network load. He also stated that most transactions will soon be completely fee-free.

7. Spark releases Q1 financial report, protocol revenue reaches $31.5 million link

Spark released its Q1 2026 financial report, showing total protocol revenue of approximately $31.5 million, net income around $6.91 million, net profit about $3.46 million, protocol treasury size approximately $46.1 million, and a buyback of about 985,000 SPK tokens. The report indicates that, due to narrowing lending spreads and increased savings demand, distribution (disbursing) has surpassed Spark Liquidity Layer (SLL) as the main revenue source for the first time.

Following the KelpDAO theft, nearly all mainstream lending protocols experienced outflows, while Spark’s SparkLend TVL increased from 1.9 billion rsETH before the event to 3.2 billion, with a capital inflow of 1.3 billion. Spark attracted some whales and institutional funds withdrawing from Aave, including Sun Yuchen and a well-known whale who invested 500 million in February to bottom-fish.

8. Arkham announces launch of decentralized trading feature link

Arkham announced the launch of a decentralized trading feature, supporting users to directly trade Solana ecosystem tokens on its platform, combined with on-chain data filtering for trading opportunities. This feature allows users to track specific addresses and trader performance (such as PnL) and make trading decisions based on relevant data.

9. MetaMask co-founder Dan Finlay announces departure from Consensys link

MetaMask co-founder Dan Finlay announced he is leaving his parent company, Consensys. He specifically mentioned that he is pleased to see MetaMask successfully launch the “Advanced Permissions” feature based on ERC-7715 before his departure, calling it an important missing piece in the wallet ecosystem, and looks forward to using it from an external developer perspective. According to MetaMask documentation, this feature supports human-readable permission confirmations via the MetaMask extension and is applicable to high-interaction dApps and some AI agent scenarios.

10. CoW DAO proposes establishing a subsidy program, offering up to 100% compensation for users affected by cow.fi domain hijacking event link

CoW DAO submitted a governance proposal to establish a discretionary subsidy plan to support victims of the cow.fi domain hijacking event on April 14, 2026. The incident involved social engineering attacks on the domain registrar Gandi and DNS service AWS Route 53, allowing attackers to control the domain within about 4.5 hours and lure users to malicious sites to sign malicious transactions, resulting in approximately $1.2 million USDC loss. The proposal suggests a one-time payout from a legal reserve fund, compensating eligible users up to 100% of their losses at the time of the incident.