Everything web3, crypto, defi, degen
In brief Balancer, a multi-chain automated market maker, suffered a major exploit that has resulted in an estimated $128 million in losses. Liquidity pools across Ethereum, Arbitrum, Base, and other chains have been affected by the attack. Berachain has halted its blockchain and is preparing for a hard fork to recover the lost funds. Crypto…
In brief SharpLink Gaming is deploying $200 million in Ethereum from its corporate treasury onto Linea, a layer-2 network. The effort will unfold over multiple years to generate enhanced yields through staking, restaking, and DeFi incentives. SharpLink and Consensys are working to develop institutional capital markets primitives on Ethereum, including on-chain capital raises and tokenized…
In brief Coinbase offers Bitcoin-backed loans as a technology provider. The exchange’s competitors have state-by-state licenses. Coinbase applied for a national trust charter this month. As Coinbase leans into its Bitcoin-backed lending product, the exchange is offering customers competitive rates by connecting them with lightly vetted pools of capital, which don’t require people to provide…
In brief Decentralized exchange Bunni announced its permanent shutdown Wednesday, saying it lacks the capital for a secure relaunch requiring six to seven figures in audit expenses alone. The September 2 hack drained $8.4 million through flash loan manipulation and rounding errors, with stolen funds remaining unmoved in Tornado Cash-funded wallets. Users can still withdraw…
In brief The Ethereum Foundation moved $610 million worth of ETH to a new wallet on Wednesday. The “routine” migration was to a new multi-signature wallet from Safe. The Foundation is deploying more of its funds into DeFi protocols to support community development. The Ethereum Foundation moved more than 160,000 ETH—valued at approximately $610 million…
In brief Solana founder Anatoly Yakovenko uploaded the code for a perpetual futures exchange to Github, but he says he isn’t developing the platform. Yakovenko invited other devs to steal his idea and wants to see more competition in the perpetual futures exchange sector. Despite the Solana founder pushing back, crypto degens still speculated on…
In brief Circuit breakers prevent panic selling on Wall Street, but some experts feel they are impractical, and potentially dangerous, in decentralized finance. DeFi protocols will always be open, even if “front ends” implement restrictions, Amanda Tuminelli of the DeFi Education Fund said. They could cause price dislocations to become worse, Gregory Xethalis of Multicoin…
In brief Tron founder Justin Sun unveiled a Hyperliquid competitor Among other features, it will feature “dark pools.” The exchange is named after a mythological character. As Hyperliquid and Aster jockey for DeFi supremacy, Tron founder Justin Sun unveiled his own decentralized perpetual contracts exchange on Wednesday called SunPerp.The platform is designed to subsidize users’…
In brief Starknet began letting users stake Bitcoin on Tuesday. The network pays out rewards in Starknet’s STRK. The Starknet Foundation is distributing 100 million in STRK incentives. Bitcoin became a core part of Starknet’s ecosystem on Tuesday, as the Ethereum layer-2 network began using the asset as a way to secure itself, according to…
In brief A crypto project called POIDH uses tokens to incentivize real-word behavior. It is currently offering 10 million DEGEN tokens to beat a specific Guinness World Record. The current titleholder has expressed an interest, but so have others. As countless crypto projects work tirelessly to reshape Wall Street, a relatively novel one is focused…
