PayPal’s PYUSD Goes Live On Aave V3

Quick Take

• PayPal’s PYUSD on Aave V3.
• Prisma introduces $ULTRA stablecoin.
• Linea upgrades to v2 alpha mainnet.
• L2 ecosystem reaches $25 billion in TVL.

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PYUSD On Aave V3 Ethereum Market

PayPal's stablecoin, PYUSD, is now available for lending and borrowing on Aave's V3 Ethereum Mainnet market. The listing launched with a supply limit of 10 million PYUSD that was quickly filled within hours. Currently, PYUSD can be borrowed at a variable APY of 0.65%, with around 1 million PYUSD already borrowed by users. The integration of PYUSD was initiated by a proposal from Aave Chan. PYUSD is a dollar-denominated stablecoin backed by dollar deposits and short-term U.S. Treasuries.  and is issued by Paxos, a trust company under the regulatory oversight of the New York State Department of Financial Services. According to Coingecko, PYUSD's market cap stands at approximately $300 million.

Prisma Introduces LRT-Backed Stablecoin

Prisma Finance unveiled ULTRA, a new stablecoin fully collateralized by Liquid Restaked Tokens (LRTs), powered through a new lending protocol called PrismaLRT. The new stablecoin expands Prisma Finance's existing mkUSD stablecoin, which is backed by Liquid Staking Tokens. The first LRT to be accepted will be EtherFi's weETH. The addition will be integrated into Prisma's existing user interface and governed by PRISMA token holders. LRTs are receipt tokens issued protocols for natively restaked ETH on EigenLayer, offering enhanced yield and liquidity. PrismaLRT depositors gain access to PRISMA emissions in addition to underlying points and staking APY.

Linea Deploys Alpha V2 Mainnet

Linea, an EVM-equivalent ZK-rollup by ConsenSys, deployed its Alpha V2 to mainnet. The update brings significant reductions to gas fees for the Layer 2 network by incorporating proof aggregation and data compression. With proof aggregation, the system bundles multiple transaction batches into a single final proof. The Linea prover leverages a lossless compression algorithm to process compressed inputs, enabling a 66% reduction in gas fees for end users when compared to Alpha 1 mainnet. Upcoming support for EIP-4844 will further reduce data posting costs for the rollup.

L2 Ecosystem Reaches $25B TVL

The TVL in all Ethereum L2 networks is now more than $25 billion, according to data from L2Beat. Arbitrum One is still the leading rollup by TVL with assets worth $12.3 billion on the chain. OP Mainnet's TVL stands at just over $6 billion. A year ago, the TVL for the entire Ethereum L2 ecosystem was below $5 billion. The top seven leading chains are optimistic rollups. zkSync is the largest ZK rollup with just over $500 million in TVL.

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