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ether.fi Migrates to Optimism’s OP Mainnet from Scroll

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ether.fi Migrates to Optimism's OP Mainnet from Scroll

ether.fi, a crypto neobank, is migrating its services from the Scroll blockchain to Optimism’s OP Mainnet to leverage enhanced payment capabilities and enterprise-grade support.

ether.fi, a crypto neobank with $5.7 billion of total-value locked, said in an X post it’s migrating from the Scroll blockchain to Optimism’s OP Mainnet.

The move aims to capitalize on Optimism’s OP Enterprise to enhance global payment capabilities, access established liquidity and users, and provide enterprise-grade support, according to the company’s blog post.

The migration is significant given ether.fi’s substantial user base, boasting approximately 50,000 active cards, according to Cipher Research.

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ether.fi offers a digital cash account and card product known as ether.fi Cash, which integrates DeFi features such as fiat-to-crypto flow, yield earning, and a non-custodial wallet.

Previously, ether.fi was hosted on Scroll, the 12th largest Layer 2 solution for Ethereum, with about $100 million of TVL.

Scroll’s SCROLL token is down 2.3% and Ether.fi’s ETHFi is down 3.6%.

This article was generated with the assistance of AI workflows.

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Senator Tillis eyes “crypto-palooza” to break stalemate over stablecoin yield regulations

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CLARITY Act Stablecoin Yield Compromise Language

A bipartisan effort to bridge the divide between Wall Street and the digital asset industry could see a breakthrough as early as this week.

Summary

  • Senator Thom Tillis plans to release a draft agreement this week aimed at resolving the dispute between banks and crypto firms over stablecoin interest payments.
  • The proposed language for the Clarity Act seeks to settle whether digital asset companies can offer rewards on idle balances after banks voiced concerns regarding deposit drains.

Politico reports that Senator Thom Tillis (R-N.C.) is preparing to unveil a draft agreement aimed at settling the fierce debate over stablecoin yields. 

Working alongside Senator Angela Alsobrooks (D-Md.), Tillis has been refining language for the Clarity Act, a piece of legislation intended to set a regulatory framework for the crypto sector. 

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The primary sticking point remains whether digital asset firms should be permitted to pay interest on idle stablecoin balances, a practice banks claim threatens their deposit base.

“I think the language has come together well,” Tillis stated on Monday, noting that a public release depends on the continued success of ongoing discussions.

Banking representatives have already expressed concerns regarding the latest proposal from the two senators. Traditional lenders argue that high-yield stablecoin products could pull liquidity out of the banking system, creating instability. 

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Conversely, crypto platforms like Coinbase argue that a ban on rewards would hinder growth and ignore the potential for banks to participate in these new markets. 

While the GENIUS Act, passed last year, prohibited stablecoin issuers from paying interest directly, it left a loophole for third-party exchanges to offer yields, which the Clarity Act now seeks to address.

The White House has attempted to mediate the standoff through several private meetings since January, yet both sides have remained firm in their views. 

Senator Tillis has suggested hosting a “crypto-palooza” on Capitol Hill, bringing both factions together in a public forum to force a resolution. 

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Even if a compromise is reached, the bill faces a steep climb through the Senate Banking and Agriculture Committees before it can reach the floor for a final vote.

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StarkWare Cuts Jobs, Restructures Around Revenue Push

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StarkWare Cuts Jobs, Restructures Around Revenue Push

Zero-knowledge scaling company StarkWare is cutting jobs and restructuring its operations as it shifts from infrastructure development toward revenue-generating products. 

CEO Eli Ben-Sasson said in internal remarks that the firm will split into two business units and cut headcount to move faster and operate more efficiently, with one unit focused on applications and the other on Starknet development.

Ben-Sasson said the company would adopt a “startup mode” mindset, prioritizing fewer initiatives with higher revenue potential, while warning that downsizing would affect employees across the organization. StarkWare did not disclose how many employees would be affected by the cuts.

The move reflects a wider retrenchment across crypto firms, which have been trimming headcount and narrowing priorities as they chase clearer product-market fit, stronger monetization and leaner operations. Messari, Algorand Foundation and Crypto.com all announced cuts in March.

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Source: Eli Ben-Sasson

StarkWare says technical edge must translate into revenue

Ben-Sasson said StarkWare’s next phase would center on turning its technology into “meaningful revenue” and “meaningful usage,” arguing that the company could no longer rely mainly on external blockchains or third-party teams to prove the value of its stack.

Ben-Sasson said the company would focus on “fewer things excellently” and prioritize products with revenue potential that can be built only on its technological stack. 

Related: Decentralized email platform Dmail to cease services on May 15

“We’re going to achieve this by innovating across not just infrastructure, as we’ve done so far, but across the whole stack of infrastructure and product,” he said. 

Crypto layoffs continue as firms tighten strategy

StarkWare’s cuts follow other recent layoffs across the crypto sector as firms narrow priorities and reshape operations. On March 17, Messari announced layoffs alongside a leadership change as the company moved deeper into artificial intelligence-powered research and data tools for institutions. 

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On March 19, the Algorand Foundation said it would cut 25% of its employees, citing macro uncertainty and the broader crypto downturn. The organization said the move was aimed at better aligning resources with its long-term business, technology and ecosystem priorities.

On the same day, Crypto.com also announced a 12% reduction of its workforce as part of a broader push into AI. The exchange said the layoffs were tied to company-wide AI integration and a decision to prioritize resources around key growth areas.

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