Internet Computer's 'Liquid Bitcoin' Aims to Revolutionize BTC Transactions

Send Time：2024-04-20 01:01:32

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.GMX, the most popular decentralized exchange on the Arbitrum layer 2 network, has launched version 2 of its trading platform, offering liquidity pools for riskier assets at lower fees. The new version expands the list of tradable assets to include alternative currencies such as dogecoin (DOGE) and offers annualized yields of up to 47%.nnThe initial model of GMX version 2 went live Thursday, attracting over $1.2 million for its liquidity pools in a muted launch. The platform allows users to trade spot and perpetual futures through an on-chain interface at low fees, with part of its recent popularity attributed to the rise of the Ethereum-based Arbitrum. nnThe new version of GMX will exist alongside the current platform, offering traders a service for betting on price movements of major tokens using leverage. Liquidity on V2 is provided through individual GMX Market, or GM, pools, with liquidity providers rewarded with a cut of fees earned from services such as leverage trading, borrowing, and swaps. nnInitial GM pools include solana (SOL), xrp (XRP), litecoin (LTC), dogecoin, and arbitrum (ARB) on the Arbitrum network, alongside SOL, XRP, LTC, and DOGE on the Avalanche network. A GM pool comprises long tokens, which back positions betting on higher prices, a short token, which bets on lower prices, and an index pool token. nnAs of Friday, GM pools for DOGE are paying out as much as 45% annualized, while the solana pool is paying 47%. The rates are subject to change. nnThe introduction of V2 could help GMX's prospects among traders in an increasingly competitive market. Ultimately, attractive rewards and increased revenues could drive value to GMX's namesake governance tokens (GMX). nnGMX locks up over $447 million on Arbitrum and $74 million on the Avalanche network, data from DefiLlama shows. The platform has traded over $117 billion worth of tokens and generated $184 million in fees for its Arbitrum users alone, data shows.The total value of all assets locked on decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion after being at its lowest point since February 2021 just two weeks ago, according to DefiLlama data. The resurgence of the DeFi market is based on two factors: rising asset prices and fresh inflows from participants that aim to generate a yield through staking and lending. nnEther (ETH), the asset that underpins the majority of the DeFi market, has rallied from $1,590 to $1,810 over the past two weeks, while the likes of lido (LDO) and aave (AAVE) have posted 25% and 34% moves to the upside respectively. Transactional volume across DeFi protocols rose to its highest point since March, with $4.4 billion recorded on Oct. 24, according to DefiLlama. nnSolana's most extensive lending protocol, Marinade, experienced a 120% jump in total value locked (TVL) this month following the release of its native staking product, which offers yields of 8.15% APY to complement its 7.7% rate on liquid staking. Marinade's rival protocol, Jito, has risen by 190% to $168 million in TVL in the same period. On Ethereum, meanwhile, the amount of capital on Enzyme Finance, Spark and Stader have all risen by between 37% and 55%, outpacing the rise in asset prices to illustrate fresh inflows. nnRecently released layer one blockchains Sui and Aptos have also experienced positive growth this month, TVL on Sui has jumped from $34 million to $75 million. Aptos has been spurred by increased activity on lending platform Thala, with its overall TVL also hitting the $75 million mark this month. nnDespite a fruitful month, risks remain across the DeFi sector, as even the slightest slide in the price of ETH would trigger notable on-chain liquidations. Currently, there is a $76.2 million position on Aave that will be liquidated if ETH crosses $1,777, with over $100 million set to be liquidated if the price falls by 20%.Pepecoin, one of the biggest meme coins of 2023, has been plagued by internal conflicts and 'bad actors' on the team, according to a recent tweet from a developer. The team member claimed that millions of dollars worth of PEPE tokens were stolen from the project's multisig wallet and sold on crypto exchanges, causing a nearly 20% slide in the token's value. The developer also stated that the project will be fully decentralized in the months ahead and that they plan to burn the remaining tokens from the multisig wallet. The incident has raised concerns about the limited liquidity and the concentration of tokens in the hands of a few investors, known as 'whales', who hold up to 25% of the currently circulating supply. Analysts have repeatedly warned about the risks of such a centralized ownership structure and the potential for a 'high-stakes game of music chairs'.

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.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.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.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.

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.A proposal to split Rook's nearly $50 million crypto treasury between Rook Labs and a new community-run entity called Incubator DAO is gaining traction, with the token price surging ahead of the vote. The proposal aims to divorce the project's tech from its governance token, and would see Incubator DAO inherit the old DAO's unique representative democracy structure. The move has been praised as a win-win for both Rook Labs and token holders, with the former gaining sufficient capital to develop products while the latter receives a return of value. The token itself has nearly tripled in value since late March, and the debate over the project's future has attracted investors of many stripes. Some have voted with newly-acquired bags, and the single-largest 'yea' position in the poll to create Incubator DAO was voted by a wallet controlled by insiders at crypto yield project TempleDAO. However, the TempleDAO wallet has already started selling some of its ROOK tokens on decentralized finance (DeFi) exchanges.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.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.The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) rose by more than 58% before receding on Monday as trading volume hit $597 million, its highest level since October, 2021. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions on have been liquidated over the past 24-hours, according to CoinGlass. The open interest, which measures the nominal amount of open derivatives positions, has risen from $14 million to $125 million across 1inch trading pairs, suggesting that the rally has been spurred by futures markets. This creates a fragile market dynamic as market depth, a metric used to assess liquidity over a 2% spread, remains relatively low compared to trading volume. Buy-side market depth of 1inch on Binance is currently $226,272, according to CoinMarketCap. Spot sellers can capitalize on the leveraged trading activity to prompt a cascade of long position liquidations. One particular 1inch investor appears to be deploying that trading strategy, with blockchain sleuth lookonchain noting that an investor sent 7 million tokens worth $3.7 million to Binance with price proceeding to fall by 4.4% in the following minutes. 1inch is currently trading at $0.505, it remains up by 23.8% in the past 24-hours despite losing some of its gains on Monday morning. Between 9:00am UTC on Sunday and 9:00am UTC on Monday, 1inch was up 58.26%, according to TradingView.

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.The often-controversial tether (USDT) stablecoin emerged as the best bet for traders looking for a stable haven earlier this month following a series of banking troubles in the U.S. Stablecoin USD coin (USDC) fell under 90 cents on March 11 after the collapse of Silicon Valley Bank (SVB) revealed some of the industry’s major players had exposure to the bank. These players included U.S.-based stablecoin issuer Circle, which held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation. Decentralized stablecoins took a hit too, with frax and dai – both backed by a basket of tokens – falling by cents on their intended dollar pegs. Who is the boss? USDT held its fort, however, even trading at a premium in the following days. This came despite a long-held notion among some market participants about the token’s opaque asset backing and concerns about parent company Tether Global. Data further shows at least $5 billion of inflows into USDT in the past weeks, bringing its market capitalization to over $77 billion as of Wednesday. Part of that could likely be due to its supposedly low exposure to the U.S. banking system, some say. 'Tether has no exposure to SVB as its popularity lies more in the Asian region, meaning USDT doesn't rely on dollars being held in American banks, making it one of the safest stablecoins to pivot to currently,' said François Cluzeau, head of trading at Flowdesk, in a message to CoinDesk. 'We have seen a lot of USDC and DAI being traded for USDT, which has kept USDT liquid.' The systematic risks of USDC affected dai stablecoins, which further strengthens Tether’s thesis of holding a variety of assets to back its stablecoins, said Mitya Argunov, chief product officer at P2P.org. 'Tether’s performance during the crisis is largely due to its lack of direct exposure to SVB – it just didn’t have deposits there. Other major stablecoins like DAI were also indirectly exposed and depegged because they are actually largely collateralized by USDC,' Argunov said. 'However, the flight to [USDT] as a safe haven should also be seen as confidence in Tether’s portfolio risk management strategy – which minimizes duration risk, i.e., how SVB should have operated.' Still a need for caution Meanwhile, some developers continue to remain cautious for the long term. 'Looking at Tether's history, it has experienced FUD and redemption issues in the past and has been stable amidst current market turmoil,' said Danny Chong, co-founder of Tranchess, in a note to CoinDesk. '[USDT's] ability to maintain stability amid recent challenges suggests that it may have a chance at long-term success,' Chong said, adding that further stress tests would show if it remained 'resilient in the long run.' USDC also demonstrated the effectiveness and resilience of its hedging strategy through collaboration with its banking partners as it recovered its peg swiftly the following week, Chong said. Demand for stablecoins is undented, however. 'The swiftness of Circle’s USDC recovering its peg after their announcement of a recovery plan is further confirmation of how the market values the potential for stablecoin businesses,' Chong noted.Investors in the Hector Network, a stablecoin project, are demanding that the group's leaders kill it faster after the project suffered major losses from the Multichain bridge's collapse. The community is angry over the timeline for liquidation, which could take six to twelve months, and the fact that the project's remaining $16 million treasury may be whittled away by legal fees and other expenses. The situation highlights the messiness of operating a decentralized autonomous organization (DAO) and the complexity of unwinding such a project. The article also mentions that the DAO never approved the creation of a corporation, and that the project's leaders plan to proceed with liquidation in the British Virgin Islands. The community is crying foul over the lack of transparency and the fact that they were bamboozled. The article quotes a former employee of the group and a prominent figure in the Hector community, who say that the project's ambitions were too broad and that infighting and delays drained the treasury. The article also mentions that investors had identified Hector as a risk-free value trade and that some had already been pushing for a rage quit before the announcement of liquidation.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.ApeCoin DAO has passed a community proposal that would see the launch of an Accelerator to support projects utilizing apecoin tokens (APE) and bolster the Bored Ape Yacht Club and ApeCoin ecosystems. The new AIP-209 will incubate and launch community-approved projects that focus on improving the value of the BAYC NFT collection and other projects that use ApeCoin. The 'Ape Accelerator' aims to engage the ApeCoin community as initiators, voters, and participants. Initiators can submit proposals for projects to be incubated, while voters can use their APE tokens to vote on whether the proposed projects should be launched. Participants will be able to support approved projects by purchasing NFTs and other yet-unspecified tokens. Projects which finally launch on the Accelerator will utilize apecoin, which may ultimately accrue value as they generate revenue and returns for holders. ApeCoin was initially issued as a governance token by creator Yuga Labs to holders of the popular BAYC NFT collection, which is composed of 10,000 unique images of cartoon apes that sell at $83,000 apiece as of Thursday. These tokens find use in other Yuga Labs projects, such as Otherside, Mutant Ape Yacht Club (MAYC), CryptoPunks, MeeBits, and Bored Ape Kennel Club (BAKC) – all popular and influential NFT collections. The launchpad within Ape Accelerator will initially operate on the Ethereum network and feature a tiered structure for participation, based on users' APE stakes and qualifying NFT holdings.Crypto Twitter has a new obsession: Pepe the Frog meme coins. The token, which launched just three days ago, has already raked in $30 million in trading volumes and reached a market capitalization of $33 million. The token has gained over 21,000% in the past three days, with hopes of turning a profit pinning the token's popularity. The token has quickly gained popularity, with over 10,000 individual holders on Tuesday, according to data from blockchain tracker Etherscan. The tokens have a circulating supply of 420 trillion, a reference to '4/20,' another popular cannabis culture slang. The tokens have no connection to the actual Pepe the Frog meme or Matt Furie, the meme's original creator. Crypto Twitter has a history of jumping on memecoins, with tokens such as dogecoin and shiba inu gaining tens of billions in market capitalization in the previous bull market. However, most of these do not last beyond a few weeks. Professional investors have previously told CoinDesk that meme coins and their narratives will always remain a part of the crypto ecosystem. 'Meme trading is a risky way to try to seek excessive return, but when it pans out, the upside can be very huge. So even in a bear market, some of the meme coins will have large up-swing, even if it's just short term,' said James Wo, founder at crypto fund DFG. The premise doesn't matter: if there's money to be made peddling trendy topics, expect a market for it somewhere in niche 's**tcoin' circles.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.SNX, the native token of decentralized liquidity platform Synthetix, rose by 12.5% on Monday following significant outflows from leading digital assets exchange Binance. Volume over the past 24-hours has risen by more than 250% to $96 million, according to CoinMarketCap, with one newly-created wallet withdrawing $7.7 million worth of SNX tokens from Binance, per Lookonchain. The rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnAside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens (LPT), prompting an individual surge of 17.5%. The two assets have seen significant outflows in recent days, with $7.7 million worth of SNX and $3.9 million worth of LPT withdrawn from Binance over the past 24 hours, according to Lookonchain. nnThe rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnToken outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield. The recent outflows from Binance could be a sign that traders are looking to take advantage of the current market conditions and buy into the two assets at a discount. nnOverall, the recent surge in SNX and LPT could be a sign of a potential trend reversal, with the assets potentially breaking out of their current trading ranges. However, the low liquidity conditions and the wider bearish trend in the cryptocurrency market could also lead to a sharp correction in the assets' prices. As such, traders should exercise caution and conduct thorough research before making any investment decisions.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.