📢Plaza Wind-Down

Plaza is winding down starting on August 28, 2025.

We set out to build a future where assets are perfectly tailored to the risk-return profiles of every investor, and are held and transferred on permissionless blockchains. bondETH and levETH were the first step, and represented different splits of ETH suited for different types of investors. Unfortunately, we failed to find sufficient interest from individuals and institutions in holding bondETH and levETH, as well as the products we were working on rolling out, bondBTC and levBTC.

Thank you for all of the support from the community, our partners, and our investors. The team will ensure a smooth and safe redemption of bondETH and levETH for holders, and migrate to working full-time on @opt_fun.

A step-by-step process for unwinding and redeeming your bondETH and levETH for ETH is documented below. Step 1 - Liquidation:

The Plaza protocol and all transfers of bondETH and levETH have been paused by the Governance Council.

The Governance Counsel is liquidating the ETH LSTs and LRTs in the Plaza Vault backing bondETH and levETH for ETH via CoWSwap. Step 2 - Redemption:

The Plaza Governance Counsel will set a fixed price for redeeming bondETH and levETH based on the amount of ETH generated in the liquidation, to ensure a smooth and fair distribution that doesn't adversely affect those who do not immediately redeem.

The Plaza Governance Counsel will then unpause transfers of bondETH and levETH, so liquidity providers on AerodromeFi, Uniswap, and vfat may withdraw their liquidity and redeem for ETH.

Users may redeem on https://app.plaza.finance until 11/1/2025. After which, the website will no longer be supported. After 11/1/2025, users will be able to redeem from a smart contract for as long as @base exists.