Nansen Rolls Out Query Product Offering Historical Data to Curate Datasets

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Aave token holders have started voting on two governance proposals in response to the systemic liquidation risk posed by Curve founder Michael Egorov's large borrowing position on the lending protocol. The proposals, authored by on-chain risk management platform Chaos Labs, aim to disable the borrowing of CRV on Ethereum and Polygon V3, as well as reduce the liquidation threshold of CRV. The votes, which end on August 12, are direct responses to the averted liquidation threat posed by Egorov's lending positions on Aave, in which he deposited 34% of CRV's total market cap to borrow upwards of $63 million. The proposals have been motivated by the recent Curve exploit, which saw the price of CRV plummet and put Egorov's assets under liquidation pressure. Despite Egorov's efforts to pay off portions of his debt through OTC deals, the potential liquidation has prompted Aave token-holders to take action to prevent further risk. The proposals aim to disable the ability to short CRV via the Aave protocol and reduce the liquidation threshold for CRV, which would prevent crypto users from borrowing CRV to dump and further impact its price. Aave is currently trading at $67.78, while the price of CRV is 61 cents, per CoinDesk market data. Chaos Labs CEO Omer Goldberg indicated in the governance vote that the motivation behind one of the proposals is to disable the ability to short CRV via the Aave protocol. The votes have been prompted by the recent Curve exploit, which exposed serious risks in the DeFi ecosystem. The outcome of the votes could have significant implications for the future of Curve and the broader DeFi market.Exactly Protocol, a decentralized credit market on the Optimism network, has been targeted by a bridge exploit worth as much as $12 million. The hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum, blockchain security firm De.Fi said in a tweet. The protocol's native governance token (EXA) slumped by more than 12% following the exploit as it currently trades at $5.51, per CoinMarketCap. The hack coincides with a significant downturn across the wider cryptocurrency market, with several assets including XRP, LTC and BCH leading double-digit declines as roughly $1 billion in positions were liquidated in a 24-hour period. Cross-chain bridges have become a common attack vector for hackers due to the relatively novel technology. Last year it was estimated that over $2 billion was lost to bridge hacks, according to Chainalysis.In the first few hours of Arbitrum's governance token airdrop, entities providing liquidity to the Ethereum scaling protocol made over $500,000 in profits. The ARB tokens went live for claiming on Thursday, and the rush to claim them has resulted in significant yields for liquidity providers. According to Uniswap data, over $180 million in volume was traded on the ARB/ETH liquidity pool, netting $542,000 in fees for liquidity providers (LPs). The annualized yields on the Uniswap pool are between 90% and 100% in Asian morning hours on Friday, with the Trader Joe pool offering an even more significant 800% yield. The high yields are due to the high demand for ARB tokens, which has resulted in a significant increase in trading volume on the Uniswap and Trader Joe liquidity pools. As of Friday, over 75% of all tokens were claimed, with over 800 million ARB now held by users. The circulation supply of ARB is 1.2 billion, and the token is trading at $1.30 with a market capitalization of $1.7 billion.The total crypto market capitalization rose, with dogecoin (DOGE) leading gains among major tokens. Hopes surrounding a potential U.S. Bitcoin ETF filing by investment giant BlackRock fueled a bullish sentiment among some traders early Friday. Bitcoin regained the $25,500 level to erase declines of the past two days, when it fell to as low as $24,860. The move provided some respite to major tokens such as Polygon Network’s MATIC and Cardano’s ADA, which eased some losses from a two-day slide. Dogecoin (DOGE) led gains among major tokens with a 4% move in the past 24 hours; litecoin added (LTC) added 3.3%. On Thursday, CoinDesk reported that BlackRock planned to offer a Bitcoin ETF with crypto exchange Coinbase (COIN) serving as custodian. This was confirmed later after a filing showed the company’s iShares fund management unit filed paperwork for the formation of a spot bitcoin (BTC) ETF. 'An estimated 20% of Americans have now owned bitcoin at some point. BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible,' said Sui Chung, CEO of CF Benchmarks, in an email to CoinDesk. 'BlackRock’s increasing engagement shows Bitcoin continues to be an asset of interest for some of the world’s largest financial institutions.' As such, the market strength of bitcoin impacted shorts – or bets against the currency – the asset with BTC-tracked futures seeing over $16 million in short liquidations in the past 24 hours. This figure was smaller than usual due to large declines in the past week, causing some traders to risk less capital than they normally would. The U.S. Securities and Exchange Commission (SEC) has previously rejected other attempts by fund managers at listing a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree. However, the stature of BlackRock could make it difficult for the SEC to reject this application – which some say could fuel an outsized bitcoin rally if approved.DeFi is rapidly emerging as the biggest loser in the ongoing cryptocurrency bear market. The total amount of capital locked on DeFi protocols dropped to its lowest point since February 2021 on Thursday as traders pull liquidity to secure higher yields that come with less risk. When DeFi burst onto the scene in 2020, many believed that the ability to borrow and lend without an intermediary was groundbreaking and that DeFi firms were about to dislodge traditional finance (TradFi) counterparts. However, DeFi's 'future of finance' narrative was soon knocked over as the wider crypto market succumbed to a bearish cycle in 2022. Interest rates continued to spike across the globe as central banks scrambled for a way to fight inflation, leading to increased yields across money market funds and mortgage funds, leaving the DeFi sector without any incentives for new capital. TradFi competition Now, Vanguard's money market fund is offering clients a yield of 5.28%, while the returns for staking Ethereum on Lido stand at just 3.3%, leaving a minimal risk to reward ratio compared to traditional finance products. This caused DeFi's fragile liquidity to run for the exits, with total value locked (TVL) across all protocols dropping from $163.5 billion in April 2022 to today's figure of $36 billion. There has been a few emerging narratives like liquid staking, tokenization of real world assets (RWAs), on-chain derivatives, and new blockchains, but none of these have been able to capture the level of appetite last seen in the summer of 2020. In that summer, it was not uncommon to see DeFi yields soar to between 18% and 35%. This yield, of course, came with a risk as hackers honed in on the sector with a series of complex exploits to part investors with their money. DeFi hacks proliferated in 2022 and 2023, with a report earlier this month describing how $212.5 million had recently been stolen in a three-week period. In 2023, there have been 297 crypto hacks, resulting in a loss of $1.89 billion, according to Money Monger's crypto heist report.

Developers behind the Optimism-based lending platform Kokomo Finance have been accused of conducting an exit scam after manipulating tokens on the protocol to steal $4 million in user funds. The project, which launched on Saturday and quickly gained favor among users, allowed for the trading, borrowing, and lending of wrapped bitcoin (WBTC), ether (ETH), tether (USDT), USD coin (USDC), and dai (DAI). However, on Sunday night, the developers deployed an attack contract cBTC from the main address of KOKO, Kokomo's native token, and set the reward speed, paused a borrow feature, and created a malicious contract to interact with the rest of the protocol. This ultimately tricked the protocol into falsely believing it had more liquidity when there was none. Another developer address was then used to maliciously approve a transfer of spending more than 7,000 sonne wrapped bitcoins, which were then used to swap all user-supplied liquidity to Kokomo, amounting to over $4 million. Social-media accounts and the Kokomo website were quickly deleted, and the tokens fell 97%, wiping nearly all value for holders. The exit scam is the latest in a series of growing attacks and exploits in the crypto market, following an earlier $200 million exploit of Euler Finance, another lending platform.Crypto investors looking to earn yields on their ether (ETH) holdings have to wait nearly a month before they can be set up as network validators on Ethereum. Data from two sources show waiting times for staking ether lingers at 640 hours, or about 26 days. Exiting the network, on the other hand, takes just 0.013 hours, or less than a minute. As of May, nearly 50,000 validators are waiting in a 'queue' to be able to enter the network, data shows. The demand for validators to enter the network and earn the nearly 5% annual yield is likely stemming from large ether holders who do not want to cash out and instead just want to earn some passive income on their holdings. Some market watchers say these upcoming validators could be a mix of both new market entrants as well as stakers who previously unstaked ether from the network to test if the process works seamlessly and are now entering again. Shapella, a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that occurred simultaneously on April 12, gave investors the ability to withdraw their staked ether at will for the first time. As such, staking deposits have surged in the past few weeks. More than 200,000 ether were deposited to the network last week, marking the first time deposits had outpaced withdrawals since Shapella went live last month. These additions have brought the number of ether locked for staking purposes to over 19 million tokens – about 15% of the total circulating supply.Shiba Inu developers are working towards a public restart of the Shibarium network after a much-hyped launch was marred by network issues and a faulty bridge. The network was closed to the public following the issues, but developers are now monitoring validator data and transactions before a planned reopening. The project's key developer, Shytoshi Kusama, announced that the network is almost ready to reopen and has implemented new mechanisms to prevent a repeat of the outage. The Shibarium network is an Ethereum layer-2 network that uses SHIB tokens as fees and has a focus on metaverse and gaming applications. A testing period for Shibarium saw significant success, but the launch was plagued by issues, causing SHIB prices to plunge 10%. Developers have since responded to the outage, stating that there was no bridge issue and that the problem occurred due to an unprecedented mass influx of transactions from users. The network is set to reopen once the errors are fixed, and validators are already being allowed to start taking initial steps for the reopening. SHIB prices were down 4.3% in the past 24 hours, according to CoinGecko data.Crypto markets are looking to recapture momentum following a down week, with trading volume increasing for both bitcoin and ether but trailing their 20-day moving averages. The CoinDesk Bitcoin Trend Indicator has signaled neutral again, and investors will be watching to see if both assets can recapture their average. Volume will be key to watch, as the sentiment behind any directional move will be amplified or muted by the level of trading volume. The steady decline in trading volume for the two assets implies a reluctance for new market participants to take on risk, and existing market participants to add more. The relative strength index (RSI) readings for both are nestled in a neutral range, with bitcoin's at 44.17 and ether's at 46.25. The RSI indicator ranges from 0 to 100, and is often used as a proxy for momentum; readings above 70 imply that an asset may be overbought, while readings below 30 indicate that an asset may be oversold. Since 2015, BTC and ETH's 30-day performance following similar RSI readings has been relatively mild, with bitcoin historically finishing 4.1% higher, and ETH finishing 2% lower. Absent an external catalyst, investors may read the direction of stablecoins as an indication of where prices are going next. The stablecoin supply ratio (SSR) is a bitcoin-specific metric, measuring BTC's market cap versus the market cap of a basket of stablecoins. Lower volumes indicate greater buying power while higher values indicate the opposite. In this regard, the 11% decline in the SSR since May 5, implies that additional buying strength exists within BTC markets. The aggregate supply of stablecoins on exchanges measures the total supply of stablecoins held on exchange addresses. Increases in aggregate supply are an indication of additional capital available for deployment across all cryptocurrencies. Stablecoin exchange balance is down 47% year to date, despite BTC and ETH trading 65% and 53% higher on the year. An increase in stablecoins supplied to exchanges however, could serve as a signal that prices are poised to move higher.New zkSync-based decentralized exchange Merlin was exploited for over $1.8 million during a public sale of its mage (MAGE) tokens. The attack occurred despite Merlin touting an audit conducted by blockchain security firm CertiK. On-chain data reveals that $1.82 million in total had been stolen, with the funds being bridged back to the Ethereum network before being converted to ether. The project garnered hype among Crypto Twitter users for its attractive yield offered on deposits. Merlin developers did not issue any statement regarding the funds drain on Wednesday at press time. CertiK's Twitter response to the loss of funds included plans for compensation, but the company has since deleted the tweet. The exploit was not a complex or sophisticated one, as blockchain data suggested that an entity with control of the liquidity pool was able to drain the funds easily. The total amount raised during the public sale will determine the final price of tokens for all users, developers said Tuesday. Arkham Intelligence provided on-chain data that revealed the funds were bridged back to the Ethereum network before being converted to ether.

BNB Chain, a popular blockchain network, is set to undergo a significant upgrade on June 11 at 21:30 UTC. The upgrade, dubbed 'Luban,' will incorporate three distinct enhancements aimed at improving the network's speed and security. nnThe Luban hard fork will introduce several new features, including the 'Fast Finality' mechanism, which ensures that once a block is finalized, it cannot be reversed. This reduces the risk of chain reorganizations by malicious actors. Additionally, the upgrade will introduce 'Cross Chain Relayer Management,' which aims to mitigate potential security issues in the BSC Bridge. Finally, the 'CometBFT Light Block Validation' system will be implemented to verify specific blocks from other CometBFT-compatible blockchains and enable data transfer between them. nnThe upgrade is expected to attract investors and users to the BNB Chain ecosystem, as it will provide developers with even better features and tools to build on the network. The bnb token (BNB) will also benefit from the upgrade, as it will contribute to the value proposition for the token in the future. nnThe Luban hard fork is a significant milestone for the BNB Chain, and it demonstrates the network's commitment to improving its speed and security. The upgrade is expected to be a major boost for the blockchain ecosystem and will help to drive the adoption of the bnb token. nnIn conclusion, the Luban upgrade is a significant development for the BNB Chain, and it is expected to have a positive impact on the network's speed, security, and adoption. The upgrade will provide developers with new features and tools to build on the network, and it will contribute to the value proposition for the bnb token. The BNB Chain is set to become an even more robust and secure blockchain ecosystem with the implementation of the Luban hard fork.Sandwich bots are front-running punters of newly issued tokens such as pepe (PEPE) and chad (CHAD) – meme coins with no intrinsic value that caught wind of Crypto Twitter degens almost overnight as the tokens zooted over 10,000%. A sandwich attack, traps a user's transaction between two transactions, which is then further manipulated to gain profits. This is done by front-running the victim's trade by buying the same asset, and then selling tokens to the victim in the same trade for a slightly higher price. Sandwich attackers aren’t typically a form of exploit but are looked upon in crypto circles as a type of predatory behavior, which skims value from users, leads to a spike in gas fees and doesn’t benefit either the network or the user. The victim might not notice it, but for sandwich bots the gains can run into millions of dollars as they target thousands of wallets and skim a few dollars each time. A wallet named “Jaredfromsubway.eth,” a likely nod to the popular sandwich chain, has spent over $2 million in the past week on Ethereum network fees trying to sandwich traders punting on predominantly low-cap tokens. That has driven up fees of the entire network, data from Dune Analytics shows. Each transaction on the Ethereum network costs over $10 as of Asian morning hours on Wednesday – ten times more than last week’s $1 level. Gas fees have spiked. (Dune) The actions of Jaredfromsubway.eth mean they spent 7% of all fees on Ethereum in the past 24 hours, the data shows, becoming the top spender on the network. That is ahead of fees spent by Arbitrum, a layer 2 blockchain that batches transactions on the Ethereum network, and Uniswap, the most-used decentralized exchange. It is unclear how much Jaredfromsubway.eth made from their front-running actions, but given they spent a significant amount – and continue to do so – the gains likely exceed costs by a significant amount. As such, research firm Sealaunch has estimated Jaredfromsubway.eth's gains at over $1.4 million since Tuesday, as per a tweet. Meanwhile, the pepe frenzy is on in full force. Pepe tokens nearly doubled in value in the past 24 hours as Crypto Twitter traders moved over their DOGE-themed token obsession to bet on the internet meme instead, as CoinDesk reported. Scores of pepe wannabes have popped up as well, as have chad, wojak, and babypepe – each a nod to internet memes. Most of these are unlikely to last beyond a few weeks. But unlike then, entities like Jaredlikesubway.eth is eating the gains while fresh.Dogecoin futures have set record highs after Twitter adopted the token's dog logo, with open interest reaching all-time highs. The surge in open interest suggests high amounts of leveraged bets on dogecoin, which could lead to steep volatility in the short term. The current move is unlikely to be sustained, as meme coin pumps may generally suggest bullishness amongst retailers but are not indicative of a long-term trend. The stablecoin-margined contracts are better suited to risk-averse traders and for hedging, while coin-margined contracts are preferred by aggressive traders during bull runs. Funding rates are periodic payments made by traders based on the difference between prices in the futures and spot markets, and participants utilize sophisticated strategies to collect funding rates while hedging losses due to token movements.deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.DeFi is rapidly emerging as the biggest loser in the ongoing cryptocurrency bear market. The total amount of capital locked on DeFi protocols dropped to its lowest point since February 2021 on Thursday as traders pull liquidity to secure higher yields that come with less risk. When DeFi burst onto the scene in 2020, many believed that the ability to borrow and lend without an intermediary was groundbreaking and that DeFi firms were about to dislodge traditional finance (TradFi) counterparts. However, DeFi's 'future of finance' narrative was soon knocked over as the wider crypto market succumbed to a bearish cycle in 2022. Interest rates continued to spike across the globe as central banks scrambled for a way to fight inflation, leading to increased yields across money market funds and mortgage funds, leaving the DeFi sector without any incentives for new capital. TradFi competition Now, Vanguard's money market fund is offering clients a yield of 5.28%, while the returns for staking Ethereum on Lido stand at just 3.3%, leaving a minimal risk to reward ratio compared to traditional finance products. This caused DeFi's fragile liquidity to run for the exits, with total value locked (TVL) across all protocols dropping from $163.5 billion in April 2022 to today's figure of $36 billion. There has been a few emerging narratives like liquid staking, tokenization of real world assets (RWAs), on-chain derivatives, and new blockchains, but none of these have been able to capture the level of appetite last seen in the summer of 2020. In that summer, it was not uncommon to see DeFi yields soar to between 18% and 35%. This yield, of course, came with a risk as hackers honed in on the sector with a series of complex exploits to part investors with their money. DeFi hacks proliferated in 2022 and 2023, with a report earlier this month describing how $212.5 million had recently been stolen in a three-week period. In 2023, there have been 297 crypto hacks, resulting in a loss of $1.89 billion, according to Money Monger's crypto heist report.

Shibarium network's native test network, Puppynet, is seeing rising activity ahead of a release on the main network planned for later this year. Blockchain explorer data shows the Puppynet testnet has processed more than 700,000 transactions from almost 200,000 unique wallets after its launch on March 11. Much of that activity came in the past week, with more than 114,000 transactions over a 24-hour period on March 28-29. While Puppynet's activity has been brisk so far, upcoming features may boost the value of SHIB and BONE, two Shibarium ecosystem tokens. However, there's still reason for caution. Some might argue that the Shibarium upgrade's financial impact has been underwhelming, but the beta test network Puppynet reaching an important milestone of 200,000 wallets in just over a week is still considered remarkable. Moreover, Unification, the firm behind Shibarium, is working on an all-in-one wallet solution that will enable native two-way asset transfers, staking/delegating, and include a ShibaSwap integration module. These developments suggest that the value of SHIB and BONE could witness a near-term price spike, but given the current macroeconomic climate, any such movements will likely be short-lived. Testnets, such as Puppynet, are blockchain networks designed for testing purposes and mimic activity on the mainnet, allowing developers to debug any issues and monitor network activity ahead of a wider release. Shibarium is touted as a major development for the Shiba Inu ecosystem, which originally launched as a meme coin but has since been a serious blockchain project. Shibarium is a layer 2 blockchain that reduces bottlenecks with scaling and data, and is expected to focus on metaverse and gaming applications, especially as the non-fungible-token sector is expected to heat up in the coming years. Edited by Parikshit Mishra.Two major Ethereum network upgrades expected to occur simultaneously on April 12 will allow investors to withdraw their ether staked on the Ethereum blockchain. Analysts from traditional banks remain mixed on the market impact of ether (ETH) after the much-awaited Shanghai upgrade later Wednesday. An on-chain report from Glassnode estimates at least $300 million worth of selling pressure. The estimate was made based on a 50% withdrawal credential update, segmentation of depositors, and assumptions regarding investor conviction and profitability. Bulls may have little reason to fear as the selling pressure is likely to be absorbed quickly and have a smaller overall impact on ether prices. Even in the extreme case where the maximum amount of rewards and stake are withdrawn and sold, the sell-side volume still falls within the range of the average weekly exchange inflow volume. If you add potential additional selling from staked ether balances that belong to troubled entities, then the selling pressure may be larger in the coming weeks. Glassnode noted as many as 1,229 validators have already signed a voluntary exit message to signal their wish to unstake tokens after the Shapella upgrade. Banks such as JPMorgan (JPM) say ether will likely face some selling pressure from the upgrade as more than one million ether staking rewards become instantly available this week. The bank expects ether to underperform bitcoin (BTC) over the next few weeks.The Ethereum Shanghai upgrade, set to take place late Wednesday, will allow validators to unstake and withdraw the ether (ETH) they've pledged to run the network. However, according to data from Nansen, very little ETH is poised to be withdrawn, with nearly 4,000 validators having already unstaked 141,499 ETH, representing less than 1% of Ethereum's total validators and staked ETH. Crypto exchange Huobi is waiting to remove almost 40,000 ETH, making it the largest entity in the withdrawal queue. Validators cannot withdraw at once; there's a daily limit, with eight validators able to exit per epoch, or about 1,800 per day. The Ethereum upgrade will complete the transition to a proof-of-stake (PoS) blockchain, allowing stakers to withdraw their staked ETH as well as the rewards they've accrued. According to Fundstrat Global Advisors' Walter Teng, there are several possibilities for unstaking, including restaking with liquid staking derivatives, selling tokens, using tokens to lever up, or holding tokens to sell later. Teng's hunch is that restaking will be the dominant option. Edited by Nick Baker.South Korean traders are flocking to two lesser-known cryptocurrencies, Solar (SXP) and icon (ICX), driving up trading volumes and prices on local exchanges. According to CoinGecko data, the ICX-Korean won token pair saw over $420 million in trading volume on Upbit, a prominent South Korean exchange, while the SXP-won trading pair saw over $490 million in volume, more than either bitcoin (BTC) or ether (ETH) trading pairs. The surge in interest comes as Binance, the world's largest crypto exchange by trading volume, announced it will support a token migration of SXP in the coming days. ICX is popular in South Korea for its local roots and ability to be used for staking, network governance, and collateralization on decentralized-finance platforms. However, some of the volume may be attributable to wash trading, a manipulative technique in which traders continually buy and sell the same asset to drive up volume. South Korean crypto traders have a history of pushing euphoric rallies on tokens, known as the Kimchi Premium, which can result in prices trading as much as 30% above international prices. Last week saw a similar rally in XRP, with Upbit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour period. Despite the surge in interest, it's important to approach these figures with caution and do your own research before investing.Hector Network, a Fantom-based protocol and OlympusDAO fork, is considering a legal wrapper to shield its decentralized autonomous organization (DAO) from regulatory scrutiny. The proposal, known as Hector Improvement Proposal 40 (HIP 40), would establish a new legal structure for the DAO, rooted in the Cayman Islands, to administer treasury and voting, and own DAO assets. However, this move has sparked criticism from the community, as it would allegedly undercut their powers and give broad powers to employees of Hector Network. The future of Hector Network is in flux, as leaders hold a vote on the plan, which ends on May 20. Other DAOs, such as SushiSwap, have also endeavored to change their legal formation in response to growing regulatory scrutiny of decentralized crypto projects. The proposal has ignited a heated debate within the Hector Network community, with some arguing that it would dilute their powers over the entity and give too much control to employees. The setup would ensure Hector’s own employees would have final say over all proposals considered by the DAO. The only non-employee, the pseudonymous Sonoro, is currently the chief of a group of “oracles,” community members who currently have the power to write HIPs but under the new setup have the right to review and comment on proposals. Lazer, a pseudonymous member of Hector’s oracle committee, said HIP 40 would give Hector “team complete power over the composition of their so-called ‘oracle group’ and therefore unilateral power to propose HIPs and further distance the community from governance.” Zeus, the pseudonymous operational lead of Hector, did not immediately comment on the setup of the steering committee. In a private message on Discord, he said “nothing will change to the token holders’ governance btw, it's just more legal protection in corporations, taxes, and possible regulatories.” Zeus said a community AMA will occur in the coming days. The proposal has sparked a heated debate within the Hector Network community, with some arguing that it would dilute their powers over the entity and give too much control to employees. The future of Hector Network is uncertain, as leaders hold a vote on the plan, which ends on May 20. Other DAOs, such as SushiSwap, have also endeavored to change their legal formation in response to growing regulatory scrutiny of decentralized crypto projects.

Arbitrum's Most Popular DEX Goes Live With New Version Offering DOGE Pools at 40%

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South Korean traders are flocking to two lesser-known cryptocurrencies, Solar (SXP) and icon (ICX), driving up trading volumes and prices on local exchanges. According to CoinGecko data, the ICX-Korean won token pair saw over $420 million in trading volume on Upbit, a prominent South Korean exchange, while the SXP-won trading pair saw over $490 million in volume, more than either bitcoin (BTC) or ether (ETH) trading pairs. The surge in interest comes as Binance, the world's largest crypto exchange by trading volume, announced it will support a token migration of SXP in the coming days. ICX is popular in South Korea for its local roots and ability to be used for staking, network governance, and collateralization on decentralized-finance platforms. However, some of the volume may be attributable to wash trading, a manipulative technique in which traders continually buy and sell the same asset to drive up volume. South Korean crypto traders have a history of pushing euphoric rallies on tokens, known as the Kimchi Premium, which can result in prices trading as much as 30% above international prices. Last week saw a similar rally in XRP, with Upbit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour period. Despite the surge in interest, it's important to approach these figures with caution and do your own research before investing.In hindsight, the selling pressure of ether (ETH), Ethereum’s native token, turned out to be a “non-event” following the Shanghai upgrade, which enabled staking redemptions for the first time, according to a report from blockchain analytics firm Nansen. Over a month has passed since the Shanghai upgrade that marked Ethereum’s full transition to a proof-of-stake blockchain, and ETH staking deposits have surpassed withdrawals, making the number of staked ETH climb to 19.55 million at presstime, a new all-time high. As a result, the May 8 report stated “that the elimination of unstaking risks has thus far offset selling pressure from withdrawals.” In the weeks building up to Shanghai, crypto bulls and bears debated extensively about the market’s potential response following the upgrade. The price of ETH has decreased about 8% to $1,851, since April 13 when Shanghai went live, per CoinDesk data. The CoinDesk Market Index, designed to measure the broad performance of the digital asset market, has dropped nearly 10% in the same time period. “Ultimately, withdrawals have been minimal and have thus far been matched with inflows, signaling strong overall confidence from investors in the network and the asset itself,” according to the Nansen report. Crypto exchange Kraken, which complied with regulation from the Securities and Exchanges Commission to end its crypto staking-as-a-service platform for U.S customers in February, had the most withdrawals at over 646,000 ETH, with Coinbase, a rival crypto exchange, trailing behind with more than 376,000 ETH. (Nansen Research) While roughly 73% of the ETH withdrawn from staking has been sent to centralized exchanges (CEXs) like Kraken and Coinbase, the majority of withdrawn ETH is CEXs withdrawing ETH to themselves. “This means that the majority ETH being sent to CEXs is not primarily for selling, but for the exchange’s internal operations,” according to Nansen. Edited by Bradley Keoun.

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Shiba Inu developers are working towards a public restart of the Shibarium network after a much-hyped launch was marred by network issues and a faulty bridge. The network was closed to the public following the issues, but developers are now monitoring validator data and transactions before a planned reopening. The project's key developer, Shytoshi Kusama, announced that the network is almost ready to reopen and has implemented new mechanisms to prevent a repeat of the outage. The Shibarium network is an Ethereum layer-2 network that uses SHIB tokens as fees and has a focus on metaverse and gaming applications. A testing period for Shibarium saw significant success, but the launch was plagued by issues, causing SHIB prices to plunge 10%. Developers have since responded to the outage, stating that there was no bridge issue and that the problem occurred due to an unprecedented mass influx of transactions from users. The network is set to reopen once the errors are fixed, and validators are already being allowed to start taking initial steps for the reopening. SHIB prices were down 4.3% in the past 24 hours, according to CoinGecko data.deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.

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Meme coins have outperformed the broader crypto markets in recent days, but some say profit-taking could reverse the rally. Tokens fashioned after the Shiba Inu dog breed may see imminent selling ahead after days of outperforming the broader crypto market. On Monday, Twitter, a social-media company owned by billionaire and crypto proponent Elon Musk, replaced its popular blue bird logo with that of Dogecoin’s Shiba Inu mascot. Dogecoin (DOGE) prices surged almost immediately – with its futures markets setting a record – as some bet on the increased use of dogecoin on Twitter's platform. That rise caused several other Shiba Inu-themed meme coins to jump multifold, with the sector rising 14% on average. Tokens with larger market caps such as shiba inu (SHIB) rose up to 10%, while smaller-cap coins such as floki (FLOKI), kishu inu (KISHU) and baby dogecoin (BABYDOGE) surged as much as 25%. Meme coins on newer blockchains had their moment, as well. Some dog-themed tokens, such as zkDoge and zkShib on the zkSync blockchain, which went live in March, registered gains of as much as 100%. However, some traders warn that such moves don't indicate a broader trend. 'We do not believe that it is indicative of a long-term bull run. Quite the opposite', Guilhem Chaumont, CEO of crypto trading firm Flowdesk, said in a Telegram message. 'There is a regular pattern of crypto market uptrends with first, bitcoin going through a bull run, then major altcoins pumping, and finally, tokens with small market caps.' Since bitcoin has been experiencing a relatively stable upward trend, meme coins’ rise would indicate the third phase, the end of the cycle. But there is no need to over-interpret such momentary price changes. The sentiment for meme coins is not a new one, and this means there is a high potential that the growth will fade off as usual in a few days, Bonnie Cheung, head of strategy at crypto developer Sending Labs, said. However, there could still be long-term growth for these tokens if fundamental features strengthen in the coming months. Shiba Inu, for instance, is gaining additional traction through the launch of Shibarium, its layer-2 protocol built on the Ethereum blockchain. Dogecoin’s recognition by Twitter and the payment world is also growing, and these trends can help record more sustained growth over the long term. A testnet for Shiba Inu’s upcoming Shibarium platform has seen brisk adoption. Elsewhere, projects like Floki are actively developing games and decentralized-finance tools to cut free from the 'meme coin' tag – at least as far as developer efforts go. Meanwhile, some opine that Twitter’s move could pave the way for mainstream crypto adoption. 'Musk’s supportive tweets and the recent decision to add the Dogecoin logo to Twitter help keep both DOGE and SHIB in the public conversation', Kadan Stadelmann, the chief technology officer of blockchain network Komodo, said in an email to CoinDesk. 'Regardless of whether or not one supports meme coins, it's impossible to deny that Musk is driving mainstream adoption of crypto and creating media attention that wouldn't otherwise exist. This is certainly a net positive for the crypto space as a whole.'deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.