Is Sam Bankman-Fried Tied to a New Crypto Scam Called BALD?

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More than 410,000 eligible airdrop participants did not claim their TIA tokens worth almost $1 million. Celestia, the modular blockchain that claims to scale with more users, has struggled to wrangle much of a market share in its first week, with less than 350,000 transactions registered in the four days following its release. Data from Mintscan shows that current transactions per second (TPS) on Celestia is 0.19. This doesn't necessarily translate to a lack of technical function, but it does mean a lack of activity on the blockchain. UnmuteDegen Chain Racks up Millions in Volumes; Latest in Custodia Bank's Legal Battle Against the Fed. Around 190,000 users claimed Celestia's airdrops on Tuesday despite more than 600,000 being eligible to do so, leaving slightly less than $1 million in unclaimed value. The token currently trades at $2.33 with a market cap of $329 million. Daily trading volume peaked at $475 million on Wednesday. It has since dropped to around $170 million, according to CoinMarketCap. Despite a slow start in terms of activity, Celestia network validators can currently receive around 23.39% APR as a yield for staking the native TIA token, considerably higher than Ethereum's rate of 3.8%. The performance of the TIA token has also been impressive compared to the likes of sui (SUI) and aptos (APT), both of which were airdropped to early adopters over the past year, and both endured bitter downturns after being issued. The stability of TIA can be attributed to a low level of inflation, as early investors and core developers have their token allocation locked up until October 2024.Crypto traders are using the Stargate bridge in the hope of being eligible for a rumored LayerZero airdrop. Volume on the Stargate cross-chain bridge has surged by 30% in the past 24 hours, with investors attempting to meet the criteria for the airdrop. The protocol recently surpassed $1 billion in monthly volume for the first time, and the STG token has jumped by 95% in the past 24 hours. Although LayerZero hasn't announced a token, the protocol's code mentions a native token, leading to speculation of an upcoming airdrop. A number of high-profile airdrops in the past 12 months have yielded significant returns for minimal effort, and airdrop hunters are hopping on Stargate governance proposals in the hope of receiving a larger allocation of LayerZero's rumored token. More than 6.4 million STG tokens were staked for a recent proposal on whether to make decentralized exchange Velodrome an STG hub on the Optimism blockchain. LayerZero didn't immediately respond to a request for comment.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.Layer 1 blockchain protocol Avalanche is picking up steam, reaching a six-month high in daily active addresses earlier this week. According to blockchain data firm Artemis.xyz, Avalanche's daily active addresses hit nearly 80,000 on April 12. Its daily active user base grew 85% in the past 90 days, making it one of the fastest-growing protocols, ahead of BNB Chain, Tron, Ethereum, Aptos, and Bitcoin. Only four protocols grew faster, per Artemis: StarkNet, Arbitrum, Stacks, and Canto. The high-water mark coincided with Avalanche's April 12 partnership with a bevy of financial institutions that will contribute to its network infrastructure, signaling traditional finance companies' increased interest in the Avalanche ecosystem. The price of Avalanche's native token AVAX stands at $18.53 at press time, down 1.34% in the past 24 hours, per CoinDesk data. Avalanche is the seventh-largest blockchain by total value locked, which currently sits at $878.7 million, according to crypto stats website DefiLlama. Edited by Danny Nelson.Bitcoin's recent strength pushes the asset over the $30,000 mark for the first time since June 2022, causing heavy losses to traders betting on a decline. Over 87% of all future trades that were liquidated in the past 24 hours were short, amounting to losses of over $145 million. Crypto exchange Huobi had the largest liquidation order, a bitcoin/tether trade valued at $11 million. The recent strength in bitcoin can be attributed to worsening economic conditions, leading investors to shift their capital into the decentralized asset. Bitcoin's ongoing strength suggests that it is emerging from the 'crypto winter' into a new phase of strength and renewed interest from retail and institutional investors.

Bitcoin prices briefly spiked to $138,000 on crypto exchange Binance.US earlier today before immediately reverting to normal levels. The sudden price wick was likely due to low liquidity for bitcoin against tether on the exchange, according to market depth data. The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday. Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair. Binance.US's market depth has dropped 76% compared to May, suggesting market makers and traders have fled from the exchange. The bizarre wick is a reminder of the volatility and unpredictability of cryptocurrency markets.AllianceBlock, a blockchain-agnostic platform designed to link traditional (TradFi) and decentralized finance (DeFi), has signed a deal to add business data from Crunchbase to its ecosystem. The deal is Crunchbase's first foray into the crypto market. The firm's data, which includes funding rounds as well as information on earnings, will initially be available to AllianceBlock’s Data Tunnel users. The tunnel is a tool that lets users publish, share and consume data in a variety of formats. nnThe agreement follows AllianceBlock's recent deal with investment firm ABO Digital to offer institutional and retail investors a series of tokenized investment products. nnThe AllianceBlock token (ALBT) plunged by 51% last month after Bonq, a decentralized borrowing protocol, was struck with an exploit worth around $5 million. AllianceBlock responded by suspending trading of the token, taking a snapshot before issuing a new token to replace the legacy ALBT. nnAllianceBlock have since then resolved the issue and introduced a new token Nexera (NXRA), which has about $46 million of market-cap, according to CoinGecko data. nn'The buying and selling of data is a multibillion-dollar growth industry that shows no signs of slowing down,' said Rachid Ajaja, CEO and co-founder of AllianceBlock. 'However, until now, decentralized and centralized data providers and users have operated in siloes, unable to interact.'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.Cryptocurrency casino Stake appears to have been targeted by a exploit, with on-chain analyst Cyvers reporting that $16 million has been withdrawn on the Ethereum network following a 'private key leak.' Blockchain sleuth ZachXBT backed up Cyvers' claim, stating that $15.7 million had been drained on Ethereum and another $25.6 million had been lost across Polygon and the Binance Smart Chain. The stolen funds have been converted to ether (ETH) and transferred to several externally owned wallets, Cyvers said. The Stake wallet that was targeted still holds $340,000 worth of ETH and $2.1 million in various altcoins, Etherscan data shows. Withdrawals from the wallet appear to have been paused, which is also a claim made by several users on Twitter. Stake is an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies. It made $2.6 billion in revenue in 2022, according to a Financial Times report. Stake did not immediately respond to CoinDesk's request for comment.The newly launched zkSync Era blockchain is seeing brisk activity as value locked on the network crossed $100 million this past weekend amid a flurry of new token releases. Data from L2Beat shows over $69 million worth of ether (ETH) and nearly $30 million in USD coin (USDC) stablecoins have been locked on zkSync. The amount is likely distributed among several zkSync-based projects for purchasing ecosystem tokens or providing liquidity to exchanges on the network. The value locked on zkSync has climbed to over $100 million. More than 3.3 million transactions have been conducted on the network since it went live on March 24. The network can process 4.4 transactions per second. The network supports 'ZK rollups,' which are a type of blockchain scaling system based on cryptography known as zero-knowledge proofs. These features are seen as a key advance in speeding up blockchain transactions and reducing the cost of network activity. Populating the zkSync ecosystem are decentralized-finance tokens, which power lending, trading, and borrowing services, and meme coins fashioned after the popular Shiba Inu dog breed. DefiLlama data shows that decentralized exchanges SyncSwap and Mute hold over $30 million in locked tokens. Mute's native MUTE tokens have a market capitalization of $47 million. SyncSwap hasn't issued tokens as of early April. Over $19 million is locked on SyncSwap's liquidity pool for USDC and ether - which is paying annualized yields of 46%, or one of the highest figures in the crypto market as of Monday. As such, meme coins are making a mark as well. DEXScreener data shows tokens such as ZKDoge, ZKInu, and ZkSync SHIB have attracted millions of dollars in trading volumes since their recent launches. Traction on these meme-coin tokens has been tepid so far, with highly volatile prices and market capitalizations of under $5 million. Some say the zkSync launch has been muted relative to the hype, however. 'The recently launched zkSync Era mainnet is a sign that the evolutionary trend in the overall blockchain ecosystem is unimpeded; however, the low number of projects building on it is a sign that the Web3.0 world isn't fully prepared to welcome this innovation for now,' Maia Benzimra, head of institutional marketing at SpoolDAO, said in a Telegram message. Benzimra added that adoption may surge quickly as and when more innovative projects are built for users. 'The trend can change within the twinkling of an eye when innovative products building solutions that address the core needs of users are designed and launched. zkSync is notably a major upgrade for addressing the scalability of the Ethereum protocol, and in no time, it is bound to find its rhythm and carve out a functional niche for itself in the ecosystem.' Edited by Parikshit Mishra.

Traders who have bet on a USDC revival are in healthy profit, but downside risk remains if the stablecoin depegs again. According to DeFiLlama, there are $70.8 million in positions that can be liquidated between $1.00 and 90 cents. Two recently filled positions on Compound are worth $20.7 million and $15.4 million, respectively. If USDC hits 99 cents, the first position will be liquidated, and if it hits 93 cents, the second position will be liquidated. The immediate panic appears to be over with USDC regaining its peg on Monday, but the risk of liquidation remains. Traders using DeFi protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week.The Dfinity Foundation, a significant contributor to the development of the Internet Computer network, has issued ckBTC, a liquid and cost-efficient 'twin' token backed on a 1:1 basis with bitcoin (BTC). This development brings layer-2 capabilities to Bitcoin, making it faster and cheaper to transact without compromising security. Unlike wrapped tokens controlled by a centralized entity, ckBTC uses canisters – smart contracts for asset transfers – and doesn't require intermediaries or risky cross-chain bridges. With fees set at just 0.0000001 ckBTC, or a few cents, users can enjoy fast and affordable transactions. This development comes as Bitcoin network activity surges, with layer 2 protocols such as Stacks seeing increased demand. The article highlights the potential of ckBTC to revolutionize BTC transactions and unlock new use cases for the Bitcoin network.DWF Labs, a market maker and investment firm, has invested $16 million in Web3 company RACA to help the latter continue its goal of becoming an expansive Web3 gaming ecosystem. RACA, which was founded in 2021, has evolved from managing the NFT collection of Elon Musk's mom to a Steam-like blockchain gaming ecosystem. The funding will help RACA expand its offerings, which already include a R3 game infrastructure, a SimCity-esque sandbox game, a social party game, a cross-game DID wallet, and a NFT marketplace. DWF Labs has emerged as one of the most active investors during the crypto bear market, with recent investments including a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai. The RACA token was about flat over the past 24 hours at $0.0001946 at the time of publication, according to CoinMarketCap.The Multichain team has confirmed an exploit that impacted $130 million in user-supplied tokens, cautioning users against using its service. The exploit affected bridges on blockchain networks Fantom, Moonriver and Dogechain, with stolen tokens not yet sent to exchanges or mixing services. Fantom (FTM) and Moonriver's (MOVR) tokens have dropped 9.9% and 13%, respectively, while Dogechain (DC) tokens fell 10%. The Multichain service has been stopped and all bridge transactions are stuck on the source chains. Users are advised to suspend use of Multichain services and revoke contract approvals related to Multichain.Ethereum scaling blockchain zkSync Era has attracted over $245 million in around three weeks after launch, as investors search for the next big bets to place on newer projects building on upstart networks. Data from L2Beat, which tracks activity on layer 2 networks built on top of the Ethereum blockchain, shows over 70,000 ether (ETH), $81 million in USD coin (USDC) stablecoin, and $8 million in mute (MUTE) tokens have been locked on zkSync since March 22, when the network first launched. zkSync Era has seen an uptick in token value flowing to the network. DefiLlama data shows on-chain exchange Syncswap leads in total value locked (TVL) among Era-based services, with over $64 million. It is followed by Velocore at $25 million and Mute at $15 million. Users can earn up to 80% in annualized rewards by providing liquidity or executing trades on these platforms – which may be driving capital to Era leading to value accrual for tokens such as mute, issued by the Mute DEX. On-chain derivatives trading has not caught up among Era users so far, data suggests. Era-based Onchain Trade, a derivatives decentralized exchange (DEX), holds just over $2 million in TVL and has seen zero volumes for futures in the past 24 hours. Spot trading on the DEX, however, has racked up $600,000 in volume. Meanwhile, some meme coins fashioned after the Shiba Inu dog breed – on which popular tokens dogecoin (DOGE) and shiba inu (SHIB) are based – are seeing cycles of brisk price surges followed by a dump, DEXTools data shows. More than 7 million transactions have been conducted on the network since launch, and the network can process 3.5 transactions per second. ZkSync is named after the so-called ZK-rollups, which are a type of blockchain scaling system based on cryptography known as zero-knowledge proofs. These features are seen as a key advance in speeding up blockchain transactions and reducing the cost of network activity. Edited by Oliver Knight.

Rook's well-funded offshoot Incubator DAO is holding a vote on its financial future where the organization could liquidate its entire $25 million treasury for payouts directly to ROOK token holders. The vote, which runs through Thursday, considers a proposal to 'rage quit' Incubator DAO by divvying up its $25 million treasury among holders of the ROOK governance token. The vote is being orchestrated by activist investors who for weeks have debated the future of Rook (an Ethereum-based MEV project) on Discord. The prospect of ROOK owners receiving a share of the money has contributed to a tripling of ROOK's value over recent weeks. It was trading at $42 at press time, slightly over the price that some community estimates have placed on each token's value relative to its share of the treasury.Trading firms were quick to jump on the USD coin (USDC) long trade last weekend as the stablecoin, which was meant to be pegged 1:1 to the U.S. dollar, fell to as low as 87 cents on news that Circle Internet Financial, the token's issuer, had exposure to Silicon Valley Bank, the bank that collapsed last Friday. The concerns prompted a wave of USDC sales across decentralized-finance platforms, with a pool on decentralized exchange Curve comprising three equally weighted stablecoins becoming unbalanced as the supply of USDC skewed. One wallet received $215 million of tether from Binance before executing 59 transactions that involved swapping USDT for USDC and the DAI stablecoin, making a profit of around $16.5 million. The arbitrage opportunity of trading tether, which retained its dollar peg, with USDC when it traded below 90 cents was huge, but not without risk. The resilience of USDC in what appeared to be a desperate situation demonstrates the risk-taking approach of crypto traders. Tether, the largest stablecoin by market cap, has suffered numerous deviations from its peg over the years, and yet it remains a critical part of crypto despite regulatory scrutiny.The Algorand Foundation, along with several other major creditors, has indicated a preference for liquidation over restructuring for troubled Singaporean crypto lender Hodlnaut. According to a court filing, the creditors have claims worth $228 million Singaporean dollars (US$170 million). The Algorand Foundation declared $35 million in exposure to Hodlnaut in September. The decision to oppose restructuring comes as Hodlnaut's judicial managers have stated that there is no 'white knight investor' for the lender, leading to an absence of fresh capital. Creditors initially indicated a preference for liquidation in January, with the Algorand Foundation stating that liquidation would 'maximize the company's remaining assets available for distribution.' The Algorand token (ALGO) is currently trading at 18 cents, having dropped by 3.34% in the past 24 hours, according to CoinDesk data.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.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.

Aragon's ANT Rallies After Cofounder Proposes Token Buybacks to End Activist Crisis

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The rise of Bitcoin-based meme coins has led to a surge in demand for block space on the Bitcoin network, resulting in a significant increase in transaction fees. According to data from Dune Analytics, the number of non-fungible tokens (NFT) tied to the Bitcoin blockchain has surged above 3 million, with over 11,000 tokens issued and traded on the network. The Ordinals protocol, which allows users to embed data into the Bitcoin blockchain, has been a major driver of this growth. The BRC-20 token standard has also spurred the creation of digital artwork and meme tokens built on Bitcoin. However, the rapid transactional activity has caused network congestion, leading to brief problems at crypto exchanges such as Binance. Despite this, on-chain data shows that there are nearly 415,000 unconfirmed Bitcoin transactions at writing time, which is higher than anything seen during the bull runs of 2018 and 2021. Some analysts consider the rapid transactional activity as a sign of network adoption, which adds to Bitcoin's fundamental narrative. The average transaction fee on the Bitcoin network was hovering at just under $20 during European hours on Monday, a bump from last week's average $1.20 level. Such levels were previously seen in May 2021, when bitcoin prices set a then-record peak of $60,000.Centralized business structures are continuing their creep into decentralized finance (DeFi), with the builders of tokens Magic Internet Money (MIM) and SPELL on Wednesday pitching a traditional legal structure to supplant the DAO overseeing the stablecoin with a nearly $700 million market cap. In a forum post, a project leader called on Abracadabra DAO to support a “transition of power” to a centralized entity complete with lawyers, jurisdictions and trustees. Those trappings of a traditional corporation are seemingly antithetical to the notion of a DAO, the form of crypto-based business governance in which token holders directly call the shots. Despite our commitment to decentralization, we’ve recognized the importance of introducing a certain degree of centralized legal structure, the AbracadabraTeam account wrote. The purpose here is not to disrupt the decentralized nature of Abracadabra; in fact, it’s to protect it. Abracadabra DAO is the latest crypto project swapping the lofty idealism of decentralized governance for some degree of centralization, alongside SushiSwap and other projects. The reasons for these transitions range from heightened regulatory scrutiny to more mundane business concerns. For Abracadabra DAO, the publicly-shared reasons seem to tilt toward vanilla. AbracadabraTeam said the centralized entity would manage the DAO’s intellectual property as well as server expenses “while still keeping control in the hands of SPELL token holders.” Holders of SPELL (Abracadabra DAO’s governance token) will vote the project through three phases of transition, starting with picking a jurisdiction for the new entity. Four countries are on the table: Switzerland, Singapore, Malta and Bermuda. Phases two and three will define what the new entity’s roles are and how it will operate, according to the post. At press time, the SPELL token was trading 2.8% lower over the past 24 hours.

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Investors are flocking to meme coins like Pepecoin (PEPE) and other newly issued tokens in the hopes of replicating the success of the controversial cryptocurrency. However, the trend has the potential to disrupt the huge rallies bitcoin and ether have seen this year. Despite the shocking magnitude of PEPE's rise, finding the next big meme coin is next to impossible, with every winner surrounded by the ashes of many failures. On-chain data makes it easy to track whale activity, and several newly issued meme tokens have surpassed PEPE in trading volume over the past weekend. The meme coin trend has essentially created a black hole that sucks liquidity out of the market, potentially impediment for other cryptocurrencies like bitcoin (BTC) or ether (ETH).Arkham Intelligence, an on-chain data provider, has launched a bounty marketplace called the Arkham Intel Exchange, which will allow users to buy and sell on-chain cryptocurrency data. The marketplace will feature a native token, ARKM, that is designed to 'deanonymize the blockchain.' The token will be issued on the Binance Launchpad with 50 million tokens up for sale, which equates to 5% of the total supply. Each user will be able to buy $15,000 worth of ARKM tokens in the sale, which runs from July 11 to July 17. The new platform uses a bounty mechanism that lets users post 'bounties' for sought-after data, and blockchain researchers and sleuths can then source and provide information in return for the pledged bounty. However, concerns have been raised by several privacy advocates on Twitter about the potential risks of deanonymization. Arkham has raised over $10 million from two rounds of equity financing, with the latest round at $150 million, and 5% of the token supply is allocated to the token sale. The company also plans to distribute ARKM tokens to early adopters of the data intelligence dashboard through an airdrop on July 18. Edited by Parikshit Mishra.

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The last bull market saw the launch of a raft of on-chain structured products, and the next bull-run will see more liquidity going into these projects, says Jordan Tonani from The Index Coop. Globally, asset management is a huge industry, with a large percentage of assets in each nation being held in ETFs, index funds, and other passive vehicles. In Europe, €28.4 trillion of assets are managed by the industry, of which 20% are held in passive strategies, about half in exchange-traded products and half in index funds. All told, passively-held assets under management have doubled since 2015, with around one fifth of European retail investors holding such products. Analysts predict that by 2027 ETFs will account for 24% of total assets in Europe, up from 12% in 2022. In the world of decentralized finance and digital assets, some commentators see the on-chain structured product market as analogous, but this sector has yet to capture much market share. On-chain structured products make up 0.07% of the crypto market overall currently, with a combined TVL of $2.46 billion across protocols. In comparison, the DeFi market is $48.29 billion, and the total crypto market is $1.18 trillion. Nevertheless, over the last several years, on-chain structured products have shown the kind of promise that led to these types of products' dominance in traditional markets. In 2020, the on-chain structured product market saw 20 projects launching, including nine projects that launched during what would come to be known as DeFi Summer. Yearn, Compound, and the Index Coop all started offering such products during this period. At the height of the 2021 bull market, Index Coop's on-chain structured products captured over $550 million in TVL. In total, 47 projects have launched in the on-chain structured product space since 2016, with the majority of projects offering index or yield-earning products. Of those, 37 are still operational. At the Index Coop, we're bullish on the long-term promise of on-chain structured products because of their advantages in transparency, security, accessibility, automation, and liquidity. Regrettably, the sector has been hampered by regulatory ambiguity, as well as nascent technology and market infrastructure. That said, some encouraging signs have emerged recently. If, as seems likely, BlackRock's spot Bitcoin ETF and Grayscale's spot Ethereum ETFs are approved in the U.S., that would represent a major step forward for the on-chain structured product sector. As digital asset markets mature, we expect to see more growth in the on-chain structured product market, especially as correlations reduce across digital assets. Currently, high correlation across digital assets means that different assets move together, reducing the value of a diversification strategy. As digital assets become less correlated, diversification will become a more attractive proposition. Additionally, improvements in UX and cross-chain infrastructure could contribute to growth in our space. Long-term, we expect on-chain products to prevail because of their unique advantages, enabling underlying tokens to reach wider audiences. You can learn more about the on-chain structured product space in our annual report on the state of the industry.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.