In this edition of The Protocol, key events include a governance merger in the Ethereum ecosystem, drama surrounding the Ethereum Foundation, the introduction of stablecoin USDh on Bitcoin, and a new grant program for DePIN projects. Agora, a blockchain governance startup, is acquiring rival Boardroom to enhance governance tools for DAOs. This merger is anticipated to foster growth in decentralized governance amid regulatory changes promised by President Trump. In a separate development, Konstantin Lomashuk plans to establish a 'Second Foundation' to bolster Ethereum as criticism mounts against Ethereum Foundation's restructuring proposed by co-founder Vitalik Buterin, questioning its alignment with decentralization ideals. Meanwhile, USDh, a Bitcoin layer 2 stablecoin, has secured $3 million in liquidity, potentially paving the way for more robust DeFi capabilities on Bitcoin. Lastly, World Mobile has initiated a $25 million grant program, focusing on decentralized communication and tokenization of real-world assets within the DePIN domain. This funding aims to spur innovation and scalability in the cryptocurrency sector.

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