Conic Finance Attracts $60M in Deposits with High-Yielding USDC Pool

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The metaverse market is bouncing back ahead of Apple's release as trading volume on related tokens spikes to $905 million. Cryptocurrency's virtual reality (VR) sector has surged by more than 7.9% over the past 24 hours according to CryptoSlate data, as investors anticipate Apple's (AAPL) big VR headset reveal on Monday. Hailed as Apple's first major product release in a decade, the tech giant's share price has risen by 7.4% in the past two weeks, a trend that has been matched by virtual reality and metaverse crypto tokens today. UnmuteALTAVA CMO on Bridging Fashion and Technology00:54Why Prada Is at the Forefront of Digital Fashion and Metaverse16:36What Will The Metaverse Look Like in the Future?01:22The Sandbox Wants to Make India Its Largest Market Within the Next Two Years11:34Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat SiuDecentraland (MANA) is considered the largest VR-related token with a market cap just shy of $1 billion, and is up by 5.4% over the past 24 hours despite the wider crypto market shedding 1.5% of its value over the same time period, according to CoinGecko. Five-dimensional metaverse project Wilder World (WILD) is the sector's top gainer for the day, soaring by 18.8% over the past 24 hours to cap a 119% gain over the past 30 days. Goldman Sachs noted in a research report last year Apple is one of two companies leading the way in virtual and augmented reality. The tech giant is expected to mass release a mixed reality headset in Q4 of this year, according to a recent Morgan Stanley investor note. The wider metaverse sector has suffered during the crypto winter, with several assets falling more than 80% from their all-time highs. However, the recent bounce indicates that the tide may be shifting. A total of $905 million in trading volume has been exercised on metaverse tokens over the past 24 hours, with the group's overall market cap rising to $8.65 billion, according to CoinGecko. Edited by Nelson Wang.Curve founder Michael Egorov has floated a new liquidity pool on his stablecoin-focused decentralized exchange to address concerns around a possible bad debt situation and alleviate bearish sentiment in CRV tokens. The new pool, crvUSD/fFRAX, is dedicated to FraxLend's CRV/FRAX liquidity pool, from which Egorov has borrowed 15.8 million FRAX stablecoin by locking 59 million CRV as collateral. The pool has attracted over $5 million in liquidity and brought down the utilization rate in FraxLend's FRAX/CRV pool to 54.78%. The move is seen as an attempt to incentivize liquidity towards the lending market and decrease the risk of Egorov's debt spiraling out of control. Analysts say the new pool could provide more time for Egorov to repay his loan and alleviate concerns around the potential liquidation of his CRV-backed loan of 63.2 million tether (USDT) from leading and borrowing marketplace Aave. The FRAX loan has been of particular concern due to the high interest rates that can double every 12 hours, subject to the pool's utilization rate holding at 100%. The introduction of the new pool has reduced the utilization rate, bringing down the APY and providing Egorov with more time to repay the loan. The move has been welcomed by the DeFi community, with pseudonymous DeFi researcher Ignas saying that the new pool is attracting capital to the critical FRAX/CRV lending pool on Fraxlend and reducing the borrowing APY. Delphi Digital also tweeted that the new pool is an attempt to incentivize liquidity towards the lending market in order to lower utilization rates and decrease the risk of Egorov's debt spiraling out of control. So far, the pool has attracted over $5 million in liquidity and brought down the utilization rate in FraxLend's FRAX/CRV pool to 54.78%.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.Tron (TRX) founder and Huobi stakeholder Justin Sun has accused Li Wei, the brother of Huobi founder Li Lin, of acquiring Huobi's native token (HT) at zero cost and selling it for 'huge amounts of cash.' The token has lost 43% of its value over the past seven days but has recovered by 3.16% following Sun's tweets. Sun told CoinDesk that Li Wei 'received millions of HT tokens for free' when the token was initially distributed and that he believes in rewarding those who 'genuinely contribute to the growth and development of HT DAO.' HT is currently trading at $2.80 with a market cap of $450 million. CoinDesk did not immediately receive a response from New Huo Tech, the company that Li Lin is now chairman of. Over the past few months, Justin Sun has taken on a leadership role at Huobi, with plans to attain a license in Hong Kong and roll out a new exchange called Huobi Hong Kong.Jade Protocol, a decentralized autonomous organization (DAO) that sources early-stage crypto deals, is facing calls to liquidate its $31 million treasury and issue redemptions to token-holders. The proposal was made by a longtime member of the community, who cited darkening regulatory skies and a brutal crypto winter as reasons for the dissolution. The DAO's native token, JADE, has surged in response to the proposal. Some investors have been joining Jade, according to a statement in the Discord server from Jade's press liaison Jon Ray. However, the dissolution proposal does not appear to be the doing of these activist investors. Instead, it is being driven by a longtime member who is concerned about the investment risk posed by the DAO. The community will now decide the future of Jade Protocol. If the dissolution is approved, a $2 million legal defense fund will be established to help core contributors wind down the DAO.

The price of LQTY, the secondary token for decentralized borrowing protocol Liquity, has gained massive interest following the chaos from the depegging of the second largest stablecoin by market capitalization, Circle's USDC. The price of LQTY was up nearly 20% in the past 24 hours, placing it among the best-performing crypto assets for the period. Moreover, LQTY has soared nearly 500% since the start of the year and was trading around $3.33 at presstime. The most recent price action came after investors balked at Circle's USDC stablecoin, leading to a win for Liquity, a decentralized platform for taking out loans denominated in the protocol's primary token, LUSD. Liquity's LUSD has seen the upside, with a 10% jump in wallets holding the stablecoin since March 6, indicative of a new stablecoin narrative following the depegging of USDC. Liquity allows users to deposit ether (ETH) into the protocol as collateral and take out loans denominated in U.S. dollar-pegged stablecoin LUSD. Instead of charging a variable interest rate for drawing loans, Liquity has a 0% interest rate, charging users a one-time fee. With a total value locked (TVL) of $683 million, according to data aggregator DeFiLlama, Liquity has generated $30 million in lifetime revenue. As of March 11, users have borrowed almost $4.5 billion LUSD, according to a dune dashboard created by a Liquity developer. Currently, more than 52 million LQTY worth about $184 million has been staked, which represents 52% of the total supply of LQTY, per blockchain explorer Etherscan. Binance, which opened up trading for spot trading pairs LQTY/BTC and LQTY/USDT on Feb. 28, currently owns roughly 11.57% of the total LQTY supply, data from blockchain analytics firm Nansen shows.Despite efforts by Solana developers to discourage spammy transactions, a majority of the network's compute is still being wasted on failed trades, according to an analysis by crypto infrastructure company Jito Labs. In one recent epoch, arbitrage transactions took up 60% of overall compute space, with 98% of attempts failing. The result is wasted blockspace and capital burnt on losing trades. The issue is attributed to Solana's infrastructure, which prioritizes the first submitted transaction, creating an incentive for arbitrage bots to submit multiple duplicate transactions. Recent changes to Solana's backend, including the introduction of priority fees and local fee markets, have not effectively addressed the issue. MEV (maximal extractable value) opportunities remain, and spam transactions will persist as long as they do. Jito Foundation is building a specialty client for the Solana network that optimizes for MEV.The highly anticipated release of the SUI token, the native token of layer1 blockchain Sui, will take place once the mainnet goes live on May 3 following token sales on crypto exchanges Bybit, OKX, and Kucoin. Each exchange offered 225 million tokens with a maximum allocation of 10,000 per user. Tokens were sold for $0.10 each and U.S. residents were forbidden from taking part. Despite consistently telling its community that Sui had no plans to issue an airdrop, users expressed their disappointment on Twitter after token distribution plans were released. One of the first projects that will go live on the Sui mainnet will be Suiswap, a decentralized exchange and liquidity staking protocol that acts in a similar way to Uniswap on Ethereum. Sui Network developer Mysten Labs signed an agreement with Alibaba Cloud last month in a deal under which Alibaba Group will offer its node services and cloud infrastructure to improve user experience for Sui blockchain validators. Mysten labs also entered into an agreement with FTX's bankruptcy estate to buy back the failed exchange's equity and token warrants worth $96.3 million in cash after FTX Ventures led Mysten Labs' $300 million Series B raise last August.A bug in a token issued by decentralized finance (DeFi) protocol Yearn Finance was exploited this morning, leading to millions of dollars in losses. The exploit occurred on Aave version 1, and the losses could total over $11 million, with the stolen assets being spread over U.S. dollar-pegged stablecoins dai (DAI), tether (USDT), USD coin (USDC), Binance USD (BUSD), and tru USD (TUSD).nnAccording to security firm PeckShield, the exploit was caused by a misconfigured yUSDT token, which allowed the attacker to mint over 1.2 quadrillion yUSDT using a $10,000 initial deposit. This was then used to trick the Yearn Finance protocol into cashing out millions in stablecoins. nnAave developers have clarified that the protocol was not directly impacted and that the exploit was mainly due to the misconfigured yUSDT token. The current size of v1 is $18 million, and the current size of the Aave safety module is $382.50M. Version 2 and version 3 of Aave were not impacted at writing time. nnThe exploit is the latest in a series of high-profile hacks and exploits in the cryptocurrency space, with over $67 million in crypto lost to hacks and exploits in February alone, according to a report by Immunefi. nnThe incident highlights the risks associated with decentralized finance and the importance of proper security measures to protect against exploits and hacks. It also underscores the need for ongoing monitoring and updates to ensure the security of DeFi protocols and their users.Curve founder Michael Egorov has floated a new liquidity pool on his stablecoin-focused decentralized exchange to address concerns around a possible bad debt situation and alleviate bearish sentiment in CRV tokens. The new pool, crvUSD/fFRAX, is dedicated to FraxLend's CRV/FRAX liquidity pool, from which Egorov has borrowed 15.8 million FRAX stablecoin by locking 59 million CRV as collateral. The pool has attracted over $5 million in liquidity and brought down the utilization rate in FraxLend's FRAX/CRV pool to 54.78%. The move is seen as an attempt to incentivize liquidity towards the lending market and decrease the risk of Egorov's debt spiraling out of control. Analysts say the new pool could provide more time for Egorov to repay his loan and alleviate concerns around the potential liquidation of his CRV-backed loan of 63.2 million tether (USDT) from leading and borrowing marketplace Aave. The FRAX loan has been of particular concern due to the high interest rates that can double every 12 hours, subject to the pool's utilization rate holding at 100%. The introduction of the new pool has reduced the utilization rate, bringing down the APY and providing Egorov with more time to repay the loan. The move has been welcomed by the DeFi community, with pseudonymous DeFi researcher Ignas saying that the new pool is attracting capital to the critical FRAX/CRV lending pool on Fraxlend and reducing the borrowing APY. Delphi Digital also tweeted that the new pool is an attempt to incentivize liquidity towards the lending market in order to lower utilization rates and decrease the risk of Egorov's debt spiraling out of control. So far, the pool has attracted over $5 million in liquidity and brought down the utilization rate in FraxLend's FRAX/CRV pool to 54.78%.

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.A white hat hacker who targeted decentralized-finance (DeFi) platform Tender.fi has returned $1.6 million that was stolen on Tuesday, receiving a 62.15 ether (ETH) bug bounty worth $850,000 instead. The attack occurred after Tender.fi upgraded its price feed to relay data from a Chainlink pricing oracle as opposed to a time-weighted average price (TWAP). Tender.fi's code, which was audited by PeckShield, contained an error and returned a number with too many zeros behind it, allowing the attacker to deposit one GMX token, worth around $70, effectively tricking the system into allowing infinite borrows. The hacker left an on-chain message, 'It looks like your oracle was misconfigured. Contact me to sort this out.' Tender.fi reached out and agreed to pay the white hat hacker the bug bounty. The protocol plans to deploy a new rewritten oracle contract before unpausing borrowing and has vowed to repay any unpaid debt left behind by the hacker. The TND token, which plunged by 34% on Tuesday, was recently trading at $1.87 and has increased by 2.4% in the past 24-hours against its ethereum pair but remains down by 7.6% against its U.S. dollar pair following a crypto market rout.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.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.Ether and other alternative cryptocurrencies have surged in the past 24 hours, driven by positive sentiment around Ethereum staking-based protocols. The successful Shapella rollout on Ethereum has powered ether to 11-month highs above $2,120, heating up the 'alt season' narrative on Crypto Twitter.Governance tokens of liquid staking protocols such as Lido and Rocket Pool have seen outsized gains, with Lido's LDO and Rocket Pool's RPL surging as much as 14%. Lido's staked ether tokens (STETH) have climbed into the top ten cryptocurrencies by market capitalization of $12 billion.Meanwhile, dogecoin (DOGE) gained for the second straight day, driven by speculations of potential adoption for use as payments on the Elon Musk-owned social media platform Twitter.Cardano's ADA also surged nearly 9% on fundamental growth in the network, such as wider support for decentralized application development.Some market observers expect the rally to continue over the next few weeks, driven by positive sentiment and deferred demand.However, some analysts warn that selling pressure is likely to increase in the coming weeks due to unlocking liquidity.

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.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.The community members of Synthetix, a liquidity and derivatives trading protocol built on Ethereum, have approved a plan to gradually increase the margin requirements on existing positions to eventually liquidate all remaining positions on the soon-to-shut version one (v1) of its perpetuals market. This move comes as v1 has been in close-only mode for months, with roughly $150,000 worth of positions remaining outstanding. The approved plan highlights Synthetix's focus on its v2 perpetuals markets, which had $22 million in volume over the past day and represent a significant upgrade from v1. The price of SNX, the native token for Synthetix, has increased 1.7% in the past 24 hours to $2.36, while the total value locked for Synthetix stands at $417.7 million, a 2% increase since May 1.Solana-based decentralized exchange Raydium is proposing the creation of a bug bounty program worth 10 million RAY tokens (about $2.3 million) to squash bugs affecting the protocol's core smart contracts. The program would target Raydium's Concentrated Liquidity Market Maker smart contracts and would be managed through bug bounty platform Immunefi. The proposal is part of a broader effort to boost community participation in protocol governance. Raydium's liquidity pools held over $37 million in total value locked, with its native token RAY worth 23 cents Thursday, according to CoinGecko. The proposal is part of a wider effort to boost community engagement on Solana, which is not as strong as on other blockchain platforms. The program would reward white hat hackers as much as $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug.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.

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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.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.

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A rise in open interest shows more participation from crypto traders and a bullish market sentiment, a trading firm said.Open interest in bitcoin (BTC) across crypto derivatives exchanges has surged to $10 billion, a five-month high after leverage subsided in the wake of FTX's collapse in November, according to data from Coinalyze.A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday.Zahreddine Touag, head of trading at Woorton, a crypto trading firm and liquidity provider, said that bitcoin broke out in a 'global risk-on environment,' with the Nasdaq also rising by 10% in the last 30 days.'We think this move is driven by technicals, BTC broke a major resistance at $28.5k and rebounded on its 2023 bullish trendline,' Touag said.'We noticed futures open interest has been moving up vertically which shows more participation from crypto traders and a bullish market sentiment,' he added.'For now, we do not see signs of extreme exuberance; indeed, the fear and greed index is at 61, funding rates are still negative on many exchanges for BTC while short-sellers did not capitulate yet. We will monitor these metrics to predict a potential trend reversal.'It's worth noting that an increase in open interest means that whilst short-sellers have added to their shorts in this region, traders betting on long trades are doing so with leverage that may unwind if price begins to reverse.A total of $98 million in crypto derivatives positions have been liquidated in the past 24 hours as bitcoin momentarily slipped below $30,000, according to CoinGlass.UPDATE (April 10, 2023, 20:03 UTC): Updates quote attribution.Edited by Parikshit Mishra.Crypto traders are turning to over-the-counter (OTC) markets to source elusive liquidity following a regulatory crackdown that has resulted in a substantial decrease in market depth on centralized exchanges. OTC demand has been steadily on the rise since the collapse of FTX in November, with subsequent spikes being attributed to the collapse of several crypto lenders last year and more recently the SEC's decision to sue Binance. Market depth is a metric that measures liquidity by assessing how much capital would be required to move an asset in either direction, typically measured at a spread of 2%. Last month, Jane Street and Jump, two prominent market makers, announced that they were at very least reducing their trading activity, compounding the liquidity woes that had been felt since FTX's collapse. As a result, the OTC market, which allows traders to conduct large transactions without needing to go to an exchange, looks to be becoming more prevalent. We've been receiving a lot more [OTC] demand, spreads are tight due to daily recurring flow we have on both sides from payment providers, brokers and algorithmic traders. This trend is eerily reminiscent of the time after Mt Gox, the largest crypto exchange at the time, got hacked and subsequently ceased operations in 2014. Despite the largest exchange falling, the demand for digital assets continued, with peer-to-peer markets on exchanges like LocalBitcoins emerging as the champions of the 2014 bear market. But as crypto continued to thrust itself into the world of traditional finance, the stature of firms getting involved in the industry began to notably increase. By 2020, counterparties would no longer be an arbitrage trader on LocalBitcoins, and publicly-listed companies like MicroStrategy dealt directly with Nasdaq-listed exchange Coinbase. This week the world's largest asset manager, BlackRock, filed for a spot bitcoin ETF as it attempts to create a secure investment vehicle for funds and trading firms to gain crypto exposure. But until that is approved by the increasingly combative SEC, traders will have to turn back to OTC deals.

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The Fantom Foundation, the team behind the Fantom blockchain, has removed $2.4 million in liquidity from a trading pool for the native token of Multichain, causing concerns over the cross-chain bridging protocol's stability. According to Etherscan, the foundation removed nearly 450,000 MULTI and 1,363 ETH from a liquidity pool on decentralized exchange SushiSwap. The move comes as users of Multichain report delays in withdrawing their crypto assets from the protocol, which helps them move assets between the Fantom and Ethereum ecosystems. The Fantom Foundation did not immediately respond to a request for comment. The liquidity removal has corresponded with a plummet in MULTI's trading price, which has fallen over 28.5% in the past 24 hours to $5.04. Other top holders of Multichain's governance token have been sending it to exchanges, including one whale with 494,200 tokens worth $2.75 million and digital asset firm Hashkey Capital, whose position was worth $221,000 at the time. The major on-chain moves have raised concerns over the stability of the Multichain protocol and the Fantom blockchain as a whole. The Fantom Foundation has not yet commented on the situation.ZkSync-based decentralized exchange (DEX) Merlin plans to compensate users impacted in a nearly $2 million rug pull with blockchain audit firm CertiK. A representative for CertiK told CoinDesk that the company is actively investigating the recent Merlin DEX exit scam, where rogue developers are suspected of causing the loss of around $2 million in user funds. Working closely with the remaining Merlin team, CertiK will initiate a compensation plan to cover the lost funds for affected users. Initial investigations indicate that the rogue developers are based in Europe, and CertiK will collaborate with law enforcement authorities to track them down if direct negotiation is unsuccessful. The rogue developer is urged to return 80% of the stolen funds and accept a 20% white-hat bounty. Merlin was seemingly exploited for over $1.8 million on Wednesday morning during a public sale of its mage (MAGE) tokens. The attack occurred despite Merlin touting an audit conducted by blockchain security firm CertiK. Further analysis by firms and analysts alleged the attack was conducted by a rogue developer who held private keys to Merlin's smart contracts - allowing them to withdraw all liquidity from the protocol.