Gitcoin's gtcETH Vote Aims to Provide a Steam of Income for Open-Source Software Funding

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Decentralized-finance protocol 0VIX has lost roughly $2 million in a flash-loan exploit, according to on-chain data on Polygon's block explorer. A total of 1.45 million USDC, along with other tokens, was stolen before being bridged to the Ethereum mainnet on Stargate Finance, where it was eventually swapped for ether (ETH). The protocol had $6.4 million in total value locked before the exploit, which has now slumped to $1.7 million as investors rapidly withdrew their capital. This is the latest in a series of crypto exploits, with ZkSync-based decentralized exchange Merlin suffering a $2 million rug pull on Wednesday. 0VIX confirmed the attack on Twitter, stating that it is 'working with its security partners to look into the current situation.' Only POS has been currently affected, but zkEVM has been paused as a precaution and will likely be enabled shortly again. Read more: DEX Merlin and CertiK Plan to Compensate $2M to Users Impacted in Rug Pull.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.Larger market participants are buying up the meme coin even as prices dunk, suggesting another leg up might be on the cards soon. Pepecoin (PEPE) traders remain unfazed by the recent price correction and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks. On-chain analytics tool Lookonchain said on Tuesday that three whales started to accumulate pepe tokens earlier this week amid a nearly 50% price cut. '3 whales started to buy $PEPE after the price dropped,' Lookonchain said in a tweet. '0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054.' '0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957,' the firm added, pointing to each individual wallet holding. CoinGecko data shows PEPE has seen over $420 million traded in the past 24 hours as prices fell steeply before rebounding. The data further shows trading volumes have shifted from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week. In the past 24 hours, Binance saw over $160 million worth of pepecoin trading compared to $55 million on Uniswap. A likely reason for this is more accessibility for retail traders and significantly lesser fees per trade on Binance – compared to an average of $35 per PEPE trade on Uniswap as of Wednesday, due to the network demand and a general fee spike. Elsewhere, DEXTools data shows pepe token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline and a possible reversal for the meme coin in the coming weeks. The largest pepecoin holders sit on unrealized profits of $4 million to as much as $9 million, the data show.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.In the first few hours of Arbitrum's governance token airdrop, entities providing liquidity to the Ethereum scaling protocol made over $500,000 in profits. The ARB tokens went live for claiming on Thursday, and the rush to claim them has resulted in significant yields for liquidity providers. According to Uniswap data, over $180 million in volume was traded on the ARB/ETH liquidity pool, netting $542,000 in fees for liquidity providers (LPs). The annualized yields on the Uniswap pool are between 90% and 100% in Asian morning hours on Friday, with the Trader Joe pool offering an even more significant 800% yield. The high yields are due to the high demand for ARB tokens, which has resulted in a significant increase in trading volume on the Uniswap and Trader Joe liquidity pools. As of Friday, over 75% of all tokens were claimed, with over 800 million ARB now held by users. The circulation supply of ARB is 1.2 billion, and the token is trading at $1.30 with a market capitalization of $1.7 billion.

The 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.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.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.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.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.

The application has zoomed to becoming the second-largest revenue maker among crypto protocols in just over two weeks. The newest crypto “killer app” seems to be social tokenization protocol Friend.tech, and it has proven to be an absolute money printer for developers so far. Friend.tech, which lets X (formerly Twitter) personalities issue shares on its app for access to a closed group chat, has made over $1.04 million in fees, set at 5% of the value of each transaction over the past 24 hours. That’s banked the platform some $709,000 worth of ether in revenue (what the platform takes after paying out gas fees and other costs), data from DefiLlama shows. Such growth has come in a very short time, even for crypto’s fast-moving standards. Friend.tech’s invite-only beta launched on August 10 and racked up some 4,400 ETH (about $8.1 million) in trading volume on the first day. The app is built on Base, crypto exchange Coinbase’s new layer-2 network. Shares of some crypto X personalities, such as Cobie and Hsaka, jumped to as much as three ether, or nearly $5,000 at current prices, in a few days. Friend.tech is also taking the scam-riddled Base by storm. Last week, the network reached 136,000 daily active users – overtaking layer 2 networks Arbitrum and Optimism – much of which is attributed to the app’s users. These group chats are quickly evolving into intimate community experiences for share buyers. Trading personality @RookieXBT is dangling revenue shares and X premium subscriptions to holders, while @DeFiMaestro is sharing token picks for a trading challenge. Meanwhile, the hype could just be getting started. A slew of personalities outside of crypto circles on X joined Friend.tech over the weekend – opening the floodgates to possible crypto adoption among the general populace, some opine. Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the costliest. Elsewhere, NBA player Grayson Allen saw shares surge quickly in mere hours after joining. “I’ve always thought the idea of betting on the success of especially YouTubers/ streamers success would be cool,” FaZe Banks tweeted. “Outside of just time and resources. I’ve discovered so many talented people, a product like this is perfect for that.”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.Base, the layer 2 blockchain developed by Nasdaq-listed crypto exchange Coinbase (COIN), has completed a series of security audits as it prepares to launch its mainnet with the aim of attracting as many as 1 million new crypto users in coming years. The audits were conducted by Coinbase's protocol security team and over 100 external security researchers to test the blockchain's security and identify potential vulnerabilities. The team used a technique called fuzzing to find implementation bugs and audited all of Optimism's pre-deployments and smart contracts on both layer 1 and layer 2. Cross-chain bridges, which are commonly used attack vectors for hackers and exploiters, were also audited. Base has not provided a date for when the mainnet will go live, but it has said it will not feature a native token unlike other layer 2 blockchains Polygon, Optimism, and Arbitrum. Edited by Sheldon Reback.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.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 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.Chainlink's LINK token has seen a significant surge in value this week, with wealthy investors swapping ether for link following the release of the company's Cross-Chain Interoperability Protocol (CCIP). On-chain data shows that some whales have added upward of $6 million to their link holdings, lifting prices as much as 6%. The increased demand has helped extend weekly gains to over 25%. CCIP is designed to help build cross-chain applications and services, and is now available to all developers across five testnets. Prices of other oracle protocols, such as Band Protocol and Uma, have also risen in the past 24 hours. Oracles are blockchain-based services that fetch data from outside a blockchain, and Chainlink's CCIP is a significant development in the space. The article is well-written and provides a clear overview of the current state of the market and the impact of Chainlink's release.An Ethereum wallet funded by a beneficiary of the Multichain exploit has sold $2.4 million of Chainlink's token (LINK) and $1.8 million worth of WOO Network (WOO) tokens on Uniswap, causing the price of WOO to slump by 8%. The wallet, which was created on Friday morning, received funds from an address tagged as 'suspicious' by etherscan. It obtained the tag after it received lockup funds from Multichain team's multi-signature address despite being unknown to the Multichain team. Multichain ceased operations last month after the company's CEO Zhaojun and his sister were held in detention by Chinese police. The bridging protocol was exploited a few weeks prior with $130 million being stolen across several blockchains before being sent to the wallet tagged as suspicious on etherscan. Alongside deposits of WOO and LINK, the wallet received $800,000 worth of CRV tokens and $870,000 worth of YFI, both of which are actively being sold on Uniswap.Crypto traders have found a novel way to generate returns as bitcoin (BTC) remains flat and the decentralized finance (DeFi) sector fails to fully shake off the bear market lull. Actual hamsters – the living, breathing, and oft-cute rodents – have been put to the races on the blockchain-based platform Hamsters.gg. 'The hamsters are real and the bets are real. The hamsters are running on a track and the first hamster to cross the finish line wins,' the site explains. Star hamster racers like 'Rocky' and 'Buster' are already drawing bets of up to $500 per race. Others like 'CK' aren't so lucky – losing 326 races; winning just 8. These races seem to occur every few hours, during which a chatbox lights up, drawing at least 1,000 viewers and complete with virtual beer and hotdog emojis. 'Sipping wine, betting on hamster racing...does it get any better than this?,' a recent message on the Hamsters chatbox reads. Some others are trying to mathematically win: 'Who's got some stats on these hamsters? do we have weight classes?' Crypto traders have a knack for jumping on gambling platforms and memecoins, mainly after the rise of tokens such as dogecoin (DOGE) and shiba inu (SHIB) – which jumped to tens of billions in market capitalization in the previous bull market. Anyone can call a smart contract and issue tokens on Ethereum (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity and traded soon after. Most of these do not last beyond a few weeks. Last year saw hopefuls bet on articles from the English language to McDonald’s branded Grimacecoins, both of which fell to nearly zero after a few weeks of trading. But some, like Pepecoin (PEPE), jump to billions in market capitalization and seem to become big-name projects. Data shows HamstersGG went live earlier in July and live-streamed a series of races through Twitch on Thursday. Bets could be placed via U.S. dollar-pegged binance USD (BUSD) by depositing tokens from either Ethereum or BNB Chain. Racer 'Teddy' won a race in Asian morning hours - raking in thousands of dollars for those who bet on its victory. (Hamsters.gg) And – to little surprise – there’s a HAMS token as well. A whitepaper on the Hamsters.gg site explains the platform takes a 5% cut of all bets, of which 4% is distributed to HAMS token holders. The Ethereum-based HAMS has zooted to over $6 million capitalization nearly overnight. On-chain data shows each HAMS exchanged hands for 60 cents at the time of writing time, a nearly 1,000% increase compared to Thursday. A Uniswap pool holds $450,000 in liquidity and has garnered $9 million in trading volumes over the past 24 hours. Meanwhile, Hamsters.gg developers say this is just the start of the novel hamster betting platform. 'Our vision is for long-term development and scalability. We've been working on this project for over three months, and we're committed to building a sustainable and thriving ecosystem,' they said in a tweet last week. Ridiculous or not. It's fun. Just as the wild west of crypto should be.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.

Glassnode Estimates $300M Ether May Be Sold After Shanghai Upgrade

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Burning USDC and minting DAI have become popular on-chain activities among crypto natives in the wake of the Silicon Valley Bank (SVB) shutdown. According to on-chain data from blockchain analytics firm Nansen, Circle's USDC stablecoin had nearly $3 billion in net redemptions between March 10th and March 13th, while the total supply of DAI increased by 1.2 billion tokens over the same time period. This has resulted in a 10% drop in USDC's market capitalization and a nearly 29% increase in DAI's market capitalization. The supply of DAI jumped 1.2 billion tokens since Friday, March 10th. The mass burn reversed Circle's early March trend where it had been minting more USDC than it was destroying. Between March 1st and March 9th, Circle minted a net average of $143 million USDC per day, but this trend has since changed. Starting on March 10th, Circle burned a daily net average of $727 million. Additionally, Nansen data shows that MakerDAO's Peg Stability Module saw a 91% increase in USDC deposits, jumping to $4.1 billion today from $2.1 billion on March 10th. The MakerDAO community is currently considering a governance proposal that would pause swaps in its Peg Stability Module, freezing the token purchases needed to mint new DAI tokens. Currently, USDC makes up 63.1% of the collateral used to generate all DAI in circulation, according to a DAI Stats dashboard.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.

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Arbitrum-based asset management protocol FactorDAO has released its much-awaited staking service, days after ending a token sale on the decentralized exchange Camelot. The move comes as the project faces rumors on Crypto Twitter alleging that part of its code was 'copied' from other crypto projects. nnFactorDAO's pseudonymous founder Kurapika has hit back on the claims, telling CoinDesk that the allegations were started by an anonymous Crypto Twitter user referring to minor documentation mistakes accidentally left in Factor's technical documents. The project's code is brand-new, and the team is not sure what 'copied code' means in an open-source environment. nnDespite the tremors, Factor has focused on releasing its staking and vaults services for users in the past week. Staking refers to locking up one's tokens to participate and help maintain the security of that network's blockchain in turn for rewards. Factor will take a percentage of the deposit, withdrawal, transaction, vault management, and performance fees and redistributes 50% to FCTR stakers, and 50% to its decentralized autonomous organization (DAO). nnFCTR stakers will, therefore, earn yields on staking their tokens as liquidity to the platform while the platform will use the increased liquidity to offer even more products to potential users. Users who lock tokens for up to four years will receive the highest yields, the highest percentage of governance rights, and a higher amount of vested factor (veFCTR) – a token issued to users who lock their FCTR on the staking platform. nnFCTR sees volatile trading last week, with the token launch on Camelot prompting several Arbitrum users to criticize the initial high market capitalization and overall issuance mechanism. Factor ended up raising $7.5 million from 4,000 unique wallets, but the final pool of money raised was equally distributed with the total number of issued tokens to determine the initial price of FCTR in the open market. However, these tokens were almost immediately dumped on the open market on Sunday, falling to as low as 44 cents, DEXTools data shows. Buying pressure after the initial dump saw tokens regain the pre-sale price of 75 cents on Monday morning, but have since seen a gradual sell-off to just over 58 cents at writing time on Tuesday. nnUPDATE (Feb.28, 12:11 UTC): Adds comments from Factor founder and clarifies the rumors.Ether (ETH) jumped to a nine-month high on Wednesday, with open interest in ether futures reaching $5.6 billion, as investors anticipate the upcoming 'Shapella' upgrade, which will allow for the withdrawal of staked ether. The development is expected to make staking more accessible to retail investors, who have been relying on liquid staking platforms to capture yields from staking ether on Ethereum nodes. Liquid staking tokens, such as LDO and RPL, have surged ahead of the upgrade, with the LSD sector jumping 6% on average. The broader crypto market capitalization rose by a relatively lesser 3%. The article highlights the growing interest in decentralized staking products and the potential for future growth in the sector.

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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 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.