Overview

This report focuses on blockchain industry developments from January 13 to January 17. Usual announces 1:1 early unstaking feature launching on January 14; Lido transaction fees exceed $2.14B with revenue over $213M; USDC mints additional 50M tokens as stablecoin demand continues to rise; Saga announces partnership with Virtuals, Eliza Labs to launch cross-chain AI agent protocol Metropolis; Pyth Network launches the ultra-low latency oracle Pyth Lazer; Solayer TVL reaches new high of $434M.

Projects

Usual Launches 1:1 Early Unstaking Feature on January 14

Usual officials announced that the income conversion feature for USUALx holders was activated on January 13. Users who hold USUALx positions this week will qualify for last week’s collateral income distribution. The Usual ecosystem features a straightforward income redistribution system: 90% of USUAL token supply goes to the community, while 100% of collateral income is distributed weekly to USUAL stakers as USD0 rewards. Detailed documentation about the distribution mechanism will be released this week. A new staking mechanism will soon launch to create a more autonomous and refined redistribution system. Weekly reports will be published to enable transparent verification of on-chain income.[1]

Lido Transaction Fees Exceed $2.14B with Revenue Over $213M

Lido’s cumulative transaction fees have surpassed $2.14 billion, with revenue reaching $213 million—demonstrating steady growth in the liquid staking sector. Since early 2024, Lido’s transaction fees have consistently increased, driven by rising Ethereum 2.0 staking demand and broader user adoption. Though the protocol generates substantial fees, its revenue share is about 10%, as earnings must be distributed to node operators and support long-term development. As a leader in decentralized staking, Lido’s expansion to multiple Layer 2 solutions has drawn increased liquidity, fueling further ecosystem growth.[2]

USDC Mints 50M More Tokens as Stablecoin Demand Rises

USDC Treasury has minted 50 million USDC tokens on Ethereum, demonstrating robust market demand for stablecoins. USDC, the second-largest USD stablecoin by market cap, has widespread adoption across the Ethereum mainnet and Layer 2 ecosystems. This minting activity reflects the continued growth in the DeFi and Web3 sectors. Amid recent crypto market volatility, the market views this stablecoin minting as a sign of capital inflow, suggesting potential growth ahead.[3]

Saga Partners with Virtuals and Eliza Labs to Launch Metropolis, a Cross-Chain AI Agent Protocol

Layer 1 blockchain Saga has formed strategic partnerships with Virtuals, Eliza Labs, and Wayfinder to develop Metropolis—a cross-chain AI agent protocol. This protocol will let AI agents independently deploy and manage Layer 1 blockchain networks (Chainlets) using Saga’s infrastructure. In Q1 2025, Saga plans to launch its Liquidity Integration Layer (LIL) to facilitate cross-chain liquidity and interoperability.

The protocol integrates Wayfinder’s multi-chain AI agent framework, Virtuals’ dynamic virtual agents, and Eliza Labs’ ElizaOS system. Metropolis’ core features include ElizaOS integration, autonomous chain deployment capabilities, and a dynamic ecosystem supported by Virtuals Butler Agent. This collaboration marks a significant milestone in converging blockchain and AI technologies, providing stronger infrastructure support for decentralized applications.[4]

Pyth Network Launches Ultra-Low Latency Oracle Pyth Lazer

On January 15th, Pyth Network launched Pyth Lazer, an ultra-low latency oracle that delivers detailed price feeds and market data with updates every millisecond. Users can select from multiple frequency channels, such as 1ms, 50ms, and 200ms, to suit different market requirements. Pyth Lazer targets speed-sensitive protocols, including perpetual contracts and trading applications that compete with centralized finance.

This launch marks a significant advancement for real-time performance in decentralized finance (DeFi), especially for perpetual contracts and trading applications requiring split-second responses. The ultra-low latency oracle enhances market transparency and fairness by providing traders with more precise market data. It also paves the way for innovative financial products, fostering growth throughout the blockchain ecosystem.[5]

Solayer TVL Reaches New High of $434M

As of January 16, 2025, Solana’s Layer 2 chain Solayer has reached a new all-time high TVL of $434M, with over 12% growth in the past 7 days. Restaking TVL accounts for $400M, while stablecoin deposits amount to $31.86M. Both deposit types show steady growth.

This growth trend carries significant implications for Solayer and its ecosystem. The rising TVL shows increased asset and user attraction to Solana’s Layer 2 chain, strengthening network security and expanding market potential for Solayer-based applications. As more capital and users join, DApps and DeFi services on Solayer gain broader development opportunities, fostering innovation and growth throughout the Solana ecosystem. Moreover, Solayer’s superior scalability and efficiency make it particularly suited for gaming and high-frequency trading applications—potentially attracting more such projects to the Solana ecosystem and diversifying its use cases and user base.[6]

Notice
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References:

1. X,https://x.com/usualmoney/status/1878821390713073688
2. defillama,https://defillama.com/protocol/lido?mcap=false#fees-revenue
3. whale-alert,https://whale-alert.io/transaction/ethereum/0xc79680caa14fb1ef986a5670ce102b5b60b868707714e274241478d91102495a
4. Saga,https://medium.com/sagaxyz/saga-unites-virtuals-eliza-labs-wayfinder-and-metropolis-to-usher-in-the-future-of-blockchain-e96dcaa39316
5. X,https://x.com/PythNetwork/status/1879545169781166397
6. Defillama,https://defillama.com/protocol/solayer-restaking#information

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