Description
Plaza Finance built programmable derivatives infrastructure on Base, enabling customizable splits of the risk and return of any tokenized asset, issued as cross-chain composable tokens. Its two flagship products, bondETH (a perpetual bond backed by ETH offering steady, predictable USDC income) and levETH (liquidation-proof leveraged ETH exposure), shared a single pool of staked and restaked ETH. The platform served retail and crypto-native users seeking either conservative fixed income or leveraged directional exposure to ETH without liquidation risk. Plaza attracted around 600,000 testnet participants and reached $2M in peak TVL, but was wound down in 2025 after failing to sustain usage beyond the testnet period; the team states no token was ever launched and all user funds were returned in full. The team is now building a new venture called EQX Labs.