Dfyn Version 2 Goes Live with On-Chain Limit Orders and Enhanced DEX Security

Send Time：2024-04-18 09:08:46

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.The Algorand Foundation, along with several other major creditors, has indicated a preference for liquidation over restructuring for troubled Singaporean crypto lender Hodlnaut. According to a court filing, the creditors have claims worth $228 million Singaporean dollars (US$170 million). The Algorand Foundation declared $35 million in exposure to Hodlnaut in September. The decision to oppose restructuring comes as Hodlnaut's judicial managers have stated that there is no 'white knight investor' for the lender, leading to an absence of fresh capital. Creditors initially indicated a preference for liquidation in January, with the Algorand Foundation stating that liquidation would 'maximize the company's remaining assets available for distribution.' The Algorand token (ALGO) is currently trading at 18 cents, having dropped by 3.34% in the past 24 hours, according to CoinDesk data.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.deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.At least four wallets from bitcoin’s early days have seen signs of activity in the past few days, sparking conversations on Crypto Twitter about the possible reasons behind the activity. The investors are known as 'whales' because they hold large amounts of tokens in their digital wallets and can influence the price or sentiment around a token. One such wallet, which was last active in 2012, moved more than 400 bitcoins ($11 million) over the weekend. Another whale wallet moved 279 bitcoins earlier in April after over 10 years of inactivity. The identities of these whales are unknown, and none of them has said publicly why they are making the moves. The silence has spurred speculation on Crypto Twitter, with possible reasons ranging from developers of the dark web site Silk Road getting access to the whales' wallets to insiders in the know moving tokens ahead of bad news. Some have speculated that the holders' wallet passwords have been cracked. Old wallets have repeatedly been the target for hackers and online thieves, and earlier this month, a massive 'wallet draining operation' affected whales and early holders of ether. The movement of these whales comes on the back of several other whales moving large quantities of bitcoin and ether in the past few weeks.

Crypto exchange aggregator 1inch is considering a governance shakeup that would reduce the voting power of insiders, including core contributors, investors, and other token holders. The proposed changes would treat v1inch tokens, a derivative token redeemable for 1inch, exactly like the protocol's staked tokens (st1inch) for voting purposes, granting greater sway to the broader community of token holders. The move aims to weaken the voting power of insiders who have received their full allotment of v1inch tokens, while v1inch tokens that remain locked up for two years or longer would retain 100% of their voting weight. The proposal has not yet gone to a vote. 1inch's governance token was trading at 56 cents at press time Friday, having slid just under 2% in the past 24 hours.A new report by on-chain analytics firm Santiment suggests that pepecoin (PEPE) may face challenges in its rise to the top of meme coins due to the absence of retail investors. Despite its stellar rise to a $1.5 billion market cap in a few weeks, pepecoin's trading volume of $2 billion is significantly lower than that of shiba inu (SHIB) and dogecoin (DOGE) during their peak. The report notes that retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years, which could result in dwindling volumes for meme coin projects among retail traders. However, PEPE's social volume within the crypto media is on par with DOGE and SHIB during their peak periods. Some pepecoin holders remain bullish on the token's potential, citing its popularity among influential Crypto Twitter users and the general populace. Despite the challenges, the report suggests that PEPE has untapped potential for growth when overall market conditions are better.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.South Korean traders are flocking to two lesser-known cryptocurrencies, Solar (SXP) and icon (ICX), driving up trading volumes and prices on local exchanges. According to CoinGecko data, the ICX-Korean won token pair saw over $420 million in trading volume on Upbit, a prominent South Korean exchange, while the SXP-won trading pair saw over $490 million in volume, more than either bitcoin (BTC) or ether (ETH) trading pairs. The surge in interest comes as Binance, the world's largest crypto exchange by trading volume, announced it will support a token migration of SXP in the coming days. ICX is popular in South Korea for its local roots and ability to be used for staking, network governance, and collateralization on decentralized-finance platforms. However, some of the volume may be attributable to wash trading, a manipulative technique in which traders continually buy and sell the same asset to drive up volume. South Korean crypto traders have a history of pushing euphoric rallies on tokens, known as the Kimchi Premium, which can result in prices trading as much as 30% above international prices. Last week saw a similar rally in XRP, with Upbit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour period. Despite the surge in interest, it's important to approach these figures with caution and do your own research before investing.Traders who have bet on a USDC revival are in healthy profit, but downside risk remains if the stablecoin depegs again. According to DeFiLlama, there are $70.8 million in positions that can be liquidated between $1.00 and 90 cents. Two recently filled positions on Compound are worth $20.7 million and $15.4 million, respectively. If USDC hits 99 cents, the first position will be liquidated, and if it hits 93 cents, the second position will be liquidated. The immediate panic appears to be over with USDC regaining its peg on Monday, but the risk of liquidation remains. Traders using DeFi protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week.

Shibarium network's native test network, Puppynet, is seeing rising activity ahead of a release on the main network planned for later this year. Blockchain explorer data shows the Puppynet testnet has processed more than 700,000 transactions from almost 200,000 unique wallets after its launch on March 11. Much of that activity came in the past week, with more than 114,000 transactions over a 24-hour period on March 28-29. While Puppynet's activity has been brisk so far, upcoming features may boost the value of SHIB and BONE, two Shibarium ecosystem tokens. However, there's still reason for caution. Some might argue that the Shibarium upgrade's financial impact has been underwhelming, but the beta test network Puppynet reaching an important milestone of 200,000 wallets in just over a week is still considered remarkable. Moreover, Unification, the firm behind Shibarium, is working on an all-in-one wallet solution that will enable native two-way asset transfers, staking/delegating, and include a ShibaSwap integration module. These developments suggest that the value of SHIB and BONE could witness a near-term price spike, but given the current macroeconomic climate, any such movements will likely be short-lived. Testnets, such as Puppynet, are blockchain networks designed for testing purposes and mimic activity on the mainnet, allowing developers to debug any issues and monitor network activity ahead of a wider release. Shibarium is touted as a major development for the Shiba Inu ecosystem, which originally launched as a meme coin but has since been a serious blockchain project. Shibarium is a layer 2 blockchain that reduces bottlenecks with scaling and data, and is expected to focus on metaverse and gaming applications, especially as the non-fungible-token sector is expected to heat up in the coming years. Edited by Parikshit Mishra.Crypto exchange aggregator 1inch is considering a governance shakeup that would reduce the voting power of insiders, including core contributors, investors, and other token holders. The proposed changes would treat v1inch tokens, a derivative token redeemable for 1inch, exactly like the protocol's staked tokens (st1inch) for voting purposes, granting greater sway to the broader community of token holders. The move aims to weaken the voting power of insiders who have received their full allotment of v1inch tokens, while v1inch tokens that remain locked up for two years or longer would retain 100% of their voting weight. The proposal has not yet gone to a vote. 1inch's governance token was trading at 56 cents at press time Friday, having slid just under 2% in the past 24 hours.Conic Finance, a new tool for capturing yields from the prominent stablecoin swapping service Curve, has attracted over $60 million in deposits just over a week after launch. The platform offers unlocked yield rewards to users by diversifying exposure across the Curve ecosystem while increasing rewards. Each omnipool allocates liquidity of a single asset into different Curve pools, boosting CRV rewards earnings and providing up to 21% annualized yields on USDC, DAI, and FRAX. Holders can lock their CNC tokens for vlCNC to participate in Conic governance and directly control how liquidity is allocated across Curve pools. The high yields offered by Conic could generate value for its own CNC token, making it an attractive option for traders looking to earn yields without locking up their tokens for long time periods. Curve uses smart contracts to offer an efficient way to exchange stablecoins while maintaining low fees and low slippage, and depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform. veCRV allows users to participate in platform governance, earn higher rewards and fees, and receive airdrops, but it effectively locks up liquidity, creating opportunity costs for users. Protocols like Conic offer a solution to this issue, allowing users to gain exposure to the Curve ecosystem without locking up their tokens for long time periods.Lybra Finance, a decentralized stablecoin protocol built on liquid staking derivatives, has seen its total value locked (TVL) skyrocket nearly 400% in the past two weeks, reaching nearly $100 million as of Friday. The protocol, which launched one month ago, leverages Lido Finance-issued ETH proof-of-stake and stETH as its primary components, with plans to support additional LSD assets in the future. The surge in TVL coincides with Lido upgrading to its second version on May 15, which enabled Lido users to unstake their stETH and receive ETH. The native token of the Lybra Protocol, LBR, has jumped 33.8% in the past 24 hours and 173% in the past seven days, standing at $2.23. Decentralized exchanges hold 9.61% of the total LBR supply, a steady decline from 23% two weeks ago, while smart money wallets hold 4.74% of the total LBR supply today, an increase from 0.82% on May 16. The growth of Lybra Finance highlights the increasing demand for decentralized stablecoins and the potential for liquid staking derivatives to provide a more stable and secure stablecoin experience.Some LUNC token holders remain committed to a Terra ecosystem revival. Six engineers calling themselves the 'Six Samurai' are proposing a Terra Classic ecosystem revival plan for the blockchain as some community members try their best to break away from the shackles of disgraced founder Do Kwon and rebuild the project. Terra Classic is the original network created by Terraform Labs and has continued as an independent blockchain rather than Terra 2.0, which is a forked version that was created in the wake of Terra's collapse. Its LUNC tokens are valued at $580 million as of Monday. The engineers, co-led by 'Bilbo Baggins' and 'Solid Snake,' proposed a $116,000 three-month spend from the Terra Classic community in a governance proposal over the weekend, claiming they would work part-time on the project if approved. The proposal includes tasks such as upgrades to the network to reduce the syncing time between nodes, a terraUSD (USTC) testnet for testing financial services, an application for generating yield to token holders, and a plan to reward developers for the user activity that their applications generate. These efforts aim to eventually drive value to the Terra Classic ecosystem and, hopefully, an increase in LUNC value over time. The Six Samurai is among the few community members set on Terra Classic's revival to save the once-storied ecosystem. In discussions that started in mid-April, community member 'RedlineDrifter' described a new model for Terra Classic's UST stablecoin that relied on token buybacks, unidirectional swaps, staking, and an 'algorithmic peg divergence fee' to address the issues with the original design. UST was the token at the center of Terra's collapse that led to a 99.9% drop in LUNA token prices, a $28 billion hemorrhage in Terra-based DeFi applications, and an eventual spiral to crypto funds going bust.

The multichain decentralized exchange (DEX) Dfyn has released version 2, which features dedicated vault contracts to protect against liquidity pool exploits, as well as enhanced trading features and order matching. The new version also introduces decentralized limit orders, which match trades at exact prices transparently via smart contracts, and concentrated liquidity on individual ticks for better security and price precision. Additionally, the Signal smart contract-based order routing system finds the optimal trade path for users swapping two assets, ensuring the best trades and prices with minimal slippage and no maximal extractable value (MEV) risk. The new version aims to eliminate challenges such as impermanent loss and liquidity mining, and create an inclusive multi-chain decentralized finance ecosystem with a feature-rich, easy-to-use DEX at its heart. Co-founder Ramani Ramachandran highlighted the technology's ability to scale and create a more secure and inclusive ecosystem. The new version is live now and available for users to experience.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.”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.Crypto investors looking to earn yields on their ether (ETH) holdings have to wait nearly a month before they can be set up as network validators on Ethereum. Data from two sources show waiting times for staking ether lingers at 640 hours, or about 26 days. Exiting the network, on the other hand, takes just 0.013 hours, or less than a minute. As of May, nearly 50,000 validators are waiting in a 'queue' to be able to enter the network, data shows. The demand for validators to enter the network and earn the nearly 5% annual yield is likely stemming from large ether holders who do not want to cash out and instead just want to earn some passive income on their holdings. Some market watchers say these upcoming validators could be a mix of both new market entrants as well as stakers who previously unstaked ether from the network to test if the process works seamlessly and are now entering again. Shapella, a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that occurred simultaneously on April 12, gave investors the ability to withdraw their staked ether at will for the first time. As such, staking deposits have surged in the past few weeks. More than 200,000 ether were deposited to the network last week, marking the first time deposits had outpaced withdrawals since Shapella went live last month. These additions have brought the number of ether locked for staking purposes to over 19 million tokens – about 15% of the total circulating supply.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.

Suspicious Multichain Wallet Dumps $1.8M of WOO Network Tokens, Price Drops 8%

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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.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.

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Multichain, one of the largest bridging protocols in the crypto ecosystem, has suspended cross-chain routes due to the unavailability of its CEO Zhaojun. The team has been unable to contact Zhaojun, who has not responded to CoinDesk via Telegram since last week, despite their best efforts to maintain the protocol. The suspension affects cross-chain bridges for Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq. The team has revealed that without server access, they are unable to keep the bridges online. The development has confirmed rumors of at least one key team member going AWOL. Multichain's native token MULTI has lost nearly half its value in the past seven days, trading at around $4.11 at press time.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%.

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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.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.