Everything web3, crypto, defi, degen
In brief A meme coin modeled on Baby Shark’s creator collapsed. Pinkfong said the token created using Story Protocol was unaffiliated. Story Protocol deleted posts, but sleuth ZachXBT saved some receipts. A meme coin touting Pinkfong’s name collapsed on Thursday after the entertainment company behind YouTube hit Baby Shark said that it was unaffiliated with…
In brief $3.6 million has been sent from yield farming platform Hypervault Finance to crypto mixer Tornado Cash in an “abnormal withdrawal.” The funds were bridged to the Ethereum chain before being sent to Tornado Cash, according to reports from blockchain security firms. Hypervault’s social media and website remain inaccessible following the incident. Some $3.6…
In brief Decentralized exchange Aster has refunded users who lost funds due to “abnormal price movements” on the recently debuted XPL token. It is believed that the pricing error came as a result of a “hardcoded” index price and capped mark price, which when removed prompted a big spike in XPL’s valuation. Aster’s token has…
In brief Binance Chain has overtaken Hyperliquid in 24-hour perpetual volume, helped along by new DEX Aster. The surge in investor interest surrounding BSC DEXs is not a phase and is likely to persist, experts told Decrypt. Binance Chain validators have proposed a tenfold reduction in gas fees in a bid to improve the DEX…
In brief Plasma One will allow users to load the card with stablecoins and pay from their balance with a physical or virtual card. The new neobank is set to roll out after Plasma’s stablecoin-optimized layer-1 blockchain hits “mainnet beta” on September 25. Its card promises to offer 4% cashback on spending, over 10% yield…
In brief Prediction markets and DAOs are both all about coordination, Syndicate co-founder Ian Lee said. One is focused on human intelligence, while the other on human capital. Syndicate was once dedicated to providing infrastructure for DAOs. Prediction markets and decentralized autonomous organizations, or DAOs, may be closer cousins than most people think, according to…
In brief Coinbase unveiled a lending product this week offering “competitive yields.” DeFi lender Morpho is currently subsidizing those rates. A Coinbase employee acknowledged that it’s a marketing tactic. A lending product unveiled by Coinbase that offers up to 10.8% returns on USDC deposits is receiving a temporary boost from DeFi lender Morpho.On X, Coinbase…
In brief Switzerland allowed Backed to avoid whitelisting xStocks. Tokenized Tesla shares have the largest supply. xStocks have roughly 30,000 unique holders. Balancing compliance needs against the open and accessible nature of decentralized finance ultimately brought Backed Finance to Switzerland, according to co-founder Adam Levi.The company was registered in the European nation because it allowed…
In brief Projects are fighting over who will take control of the USDH ticker to create a “Hyperliquid-aligned” stablecoin. Major companies like Ethena, Paxos, Sky, and Agora have submitted proposals, most of which include a way to give back to the Hyperliquid community. But the relative newcomer Native Markets is currently looking most likely to…
In brief Ethena presented a proposal for Hyperliquid’s stablecoin. USDH would be indirectly backed by BlackRock’s tokenized BUIDL fund. Ethena would divert USDH revenue back into Hyperliquid’s ecosystem. Ethena Labs, makers of the synthetic-dollar protocol, cast its name into the USDH ring on Tuesday, presenting itself as a potential suitor for issuing Hyperliquid’s stablecoin.The decentralized…
