GoldenTree Moves $5M of SUSHI, Sparking Fear It's Exiting

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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.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.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.Arkham Intelligence, an on-chain data provider, has launched a bounty marketplace called the Arkham Intel Exchange, which will allow users to buy and sell on-chain cryptocurrency data. The marketplace will feature a native token, ARKM, that is designed to 'deanonymize the blockchain.' The token will be issued on the Binance Launchpad with 50 million tokens up for sale, which equates to 5% of the total supply. Each user will be able to buy $15,000 worth of ARKM tokens in the sale, which runs from July 11 to July 17. The new platform uses a bounty mechanism that lets users post 'bounties' for sought-after data, and blockchain researchers and sleuths can then source and provide information in return for the pledged bounty. However, concerns have been raised by several privacy advocates on Twitter about the potential risks of deanonymization. Arkham has raised over $10 million from two rounds of equity financing, with the latest round at $150 million, and 5% of the token supply is allocated to the token sale. The company also plans to distribute ARKM tokens to early adopters of the data intelligence dashboard through an airdrop on July 18. Edited by Parikshit Mishra.Nansen, a blockchain data analytics firm, has launched Nansen Query, a platform that allows clients to programmatically access unique, curated datasets pulled from Nansen’s databases. The new product aims to help firms perform blockchain analyses more efficiently by demystifying on-chain transaction history and pricing data. It promises to offer users a complete overview of markets to value “up to 60 times faster than competitors.”nnThe product provides coverage for 95% of all on-chain total value locked, or TVL, asset data and 98% of stablecoin deposit data across 17 blockchains, including Ethereum, Polygon, Arbitrum, BNB Chain, Avalanche, Optimism, Ronin and Solana. Nansen Query differs from Nansen’s base-level offering by pairing data with the company’s proprietary and trading indicators like the “wash trading filter,” which helps identify suspicious on-chain activity by scanning trades between several linked wallets and transactions bounced between various trading counterparties. Nansen’s labeling system achieves that goal by facilitating firms’ analyses of on-chain data, which, while recorded on a public ledger system, can sometimes be difficult to access. nnA query is a request for data from a database or a request for action on that data that allows users to edit large information sets and identify trends among them. A programming language, like SQL, is used to create a query. Nansen’s data analytics tools, which were released in 2019, have gained traction among firms throughout the cryptocurrency industry, including prominent players like Coinbase (COIN), OpenSea, MakerDAO, Polygon, Avalanche and Andreessen Horowitz.

The price of LQTY, the secondary token for decentralized borrowing protocol Liquity, has gained massive interest following the chaos from the depegging of the second largest stablecoin by market capitalization, Circle's USDC. The price of LQTY was up nearly 20% in the past 24 hours, placing it among the best-performing crypto assets for the period. Moreover, LQTY has soared nearly 500% since the start of the year and was trading around $3.33 at presstime. The most recent price action came after investors balked at Circle's USDC stablecoin, leading to a win for Liquity, a decentralized platform for taking out loans denominated in the protocol's primary token, LUSD. Liquity's LUSD has seen the upside, with a 10% jump in wallets holding the stablecoin since March 6, indicative of a new stablecoin narrative following the depegging of USDC. Liquity allows users to deposit ether (ETH) into the protocol as collateral and take out loans denominated in U.S. dollar-pegged stablecoin LUSD. Instead of charging a variable interest rate for drawing loans, Liquity has a 0% interest rate, charging users a one-time fee. With a total value locked (TVL) of $683 million, according to data aggregator DeFiLlama, Liquity has generated $30 million in lifetime revenue. As of March 11, users have borrowed almost $4.5 billion LUSD, according to a dune dashboard created by a Liquity developer. Currently, more than 52 million LQTY worth about $184 million has been staked, which represents 52% of the total supply of LQTY, per blockchain explorer Etherscan. Binance, which opened up trading for spot trading pairs LQTY/BTC and LQTY/USDT on Feb. 28, currently owns roughly 11.57% of the total LQTY supply, data from blockchain analytics firm Nansen shows.Cardano blockchain activity in the second quarter grew in both value locked and transactional metrics from the first quarter amid technical improvements and a rise in developer interest, a report by analytics firm Messari shows. While decentralized exchange Minswap showed the largest absolute growth, several new decentralized applications, or dapps, also contributed to the increase. The report, which was commissioned by Cardano developer Input Output, compared second-quarter developments against first-quarter figures. It noted that while transaction activity grew, the number of active daily users decreased 4% — the fourth drop in address activity in the past five quarters. 'The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were,' the report said. 'In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.' Blockchain load — a measure of how much data is contained in blocks over a certain period — rose to 50% from under 40% in the previous three months. It peaked at 81% in May. DeFiLlama data shows that $175 million worth of tokens are locked on Cardano as of Monday, the highest level for this year, but still about 50% below a lifetime peak of $340 million hit in May 2022. Such activity comes on the back of key Cardano upgrades since the start of this year. A change to reduce 'epoch' transitions and make the blockchain smoother for network users took effect in June. Epochs refer to the time periods on Cardano, with epoch lasting 432,000 slots and each slot being one second. ADA tokens are staked during these epochs during which new blocks on the Cardano network are produced, potentially increasing demand for the tokens as block rewards become more lucrative, based on activity. In March, a feature on Milkomeda, a network that connects blockchains to the Ethereum Virtual Machine, or EVM, began to allow Cardano blockchain users to gain access to EVM smart contracts with any cardano (ADA) wallet, expanding the ecosystem's usefulness. An Ethereum Virtual Machine is where all Ethereum accounts and smart contracts live, serving as a virtual computer used by developers to create dapps. The new feature will allow Ethereum application developers to build on Cardano’s network using Solidity — the computer language used to code Ethereum — without needing to install new toolkits or learn a new computer language. Such applications can then be used solely with Cardano tokens instead of ether (ETH), the native token of the Ethereum network, increasing the tokens' utility for holders.Exactly Protocol, a decentralized credit market on the Optimism network, has been targeted by a bridge exploit worth as much as $12 million. The hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum, blockchain security firm De.Fi said in a tweet. The protocol's native governance token (EXA) slumped by more than 12% following the exploit as it currently trades at $5.51, per CoinMarketCap. The hack coincides with a significant downturn across the wider cryptocurrency market, with several assets including XRP, LTC and BCH leading double-digit declines as roughly $1 billion in positions were liquidated in a 24-hour period. Cross-chain bridges have become a common attack vector for hackers due to the relatively novel technology. Last year it was estimated that over $2 billion was lost to bridge hacks, according to Chainalysis.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.Ether and other alternative cryptocurrencies have surged in the past 24 hours, driven by positive sentiment around Ethereum staking-based protocols. The successful Shapella rollout on Ethereum has powered ether to 11-month highs above $2,120, heating up the 'alt season' narrative on Crypto Twitter.Governance tokens of liquid staking protocols such as Lido and Rocket Pool have seen outsized gains, with Lido's LDO and Rocket Pool's RPL surging as much as 14%. Lido's staked ether tokens (STETH) have climbed into the top ten cryptocurrencies by market capitalization of $12 billion.Meanwhile, dogecoin (DOGE) gained for the second straight day, driven by speculations of potential adoption for use as payments on the Elon Musk-owned social media platform Twitter.Cardano's ADA also surged nearly 9% on fundamental growth in the network, such as wider support for decentralized application development.Some market observers expect the rally to continue over the next few weeks, driven by positive sentiment and deferred demand.However, some analysts warn that selling pressure is likely to increase in the coming weeks due to unlocking liquidity.

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.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.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.More than 410,000 eligible airdrop participants did not claim their TIA tokens worth almost $1 million. Celestia, the modular blockchain that claims to scale with more users, has struggled to wrangle much of a market share in its first week, with less than 350,000 transactions registered in the four days following its release. Data from Mintscan shows that current transactions per second (TPS) on Celestia is 0.19. This doesn't necessarily translate to a lack of technical function, but it does mean a lack of activity on the blockchain. UnmuteDegen Chain Racks up Millions in Volumes; Latest in Custodia Bank's Legal Battle Against the Fed. Around 190,000 users claimed Celestia's airdrops on Tuesday despite more than 600,000 being eligible to do so, leaving slightly less than $1 million in unclaimed value. The token currently trades at $2.33 with a market cap of $329 million. Daily trading volume peaked at $475 million on Wednesday. It has since dropped to around $170 million, according to CoinMarketCap. Despite a slow start in terms of activity, Celestia network validators can currently receive around 23.39% APR as a yield for staking the native TIA token, considerably higher than Ethereum's rate of 3.8%. The performance of the TIA token has also been impressive compared to the likes of sui (SUI) and aptos (APT), both of which were airdropped to early adopters over the past year, and both endured bitter downturns after being issued. The stability of TIA can be attributed to a low level of inflation, as early investors and core developers have their token allocation locked up until October 2024.A rise in open interest shows more participation from crypto traders and a bullish market sentiment, a trading firm said.Open interest in bitcoin (BTC) across crypto derivatives exchanges has surged to $10 billion, a five-month high after leverage subsided in the wake of FTX's collapse in November, according to data from Coinalyze.A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday.Zahreddine Touag, head of trading at Woorton, a crypto trading firm and liquidity provider, said that bitcoin broke out in a 'global risk-on environment,' with the Nasdaq also rising by 10% in the last 30 days.'We think this move is driven by technicals, BTC broke a major resistance at $28.5k and rebounded on its 2023 bullish trendline,' Touag said.'We noticed futures open interest has been moving up vertically which shows more participation from crypto traders and a bullish market sentiment,' he added.'For now, we do not see signs of extreme exuberance; indeed, the fear and greed index is at 61, funding rates are still negative on many exchanges for BTC while short-sellers did not capitulate yet. We will monitor these metrics to predict a potential trend reversal.'It's worth noting that an increase in open interest means that whilst short-sellers have added to their shorts in this region, traders betting on long trades are doing so with leverage that may unwind if price begins to reverse.A total of $98 million in crypto derivatives positions have been liquidated in the past 24 hours as bitcoin momentarily slipped below $30,000, according to CoinGlass.UPDATE (April 10, 2023, 20:03 UTC): Updates quote attribution.Edited by Parikshit Mishra.

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.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.BNB Chain, a popular blockchain network, is set to undergo a significant upgrade on June 11 at 21:30 UTC. The upgrade, dubbed 'Luban,' will incorporate three distinct enhancements aimed at improving the network's speed and security. nnThe Luban hard fork will introduce several new features, including the 'Fast Finality' mechanism, which ensures that once a block is finalized, it cannot be reversed. This reduces the risk of chain reorganizations by malicious actors. Additionally, the upgrade will introduce 'Cross Chain Relayer Management,' which aims to mitigate potential security issues in the BSC Bridge. Finally, the 'CometBFT Light Block Validation' system will be implemented to verify specific blocks from other CometBFT-compatible blockchains and enable data transfer between them. nnThe upgrade is expected to attract investors and users to the BNB Chain ecosystem, as it will provide developers with even better features and tools to build on the network. The bnb token (BNB) will also benefit from the upgrade, as it will contribute to the value proposition for the token in the future. nnThe Luban hard fork is a significant milestone for the BNB Chain, and it demonstrates the network's commitment to improving its speed and security. The upgrade is expected to be a major boost for the blockchain ecosystem and will help to drive the adoption of the bnb token. nnIn conclusion, the Luban upgrade is a significant development for the BNB Chain, and it is expected to have a positive impact on the network's speed, security, and adoption. The upgrade will provide developers with new features and tools to build on the network, and it will contribute to the value proposition for the bnb token. The BNB Chain is set to become an even more robust and secure blockchain ecosystem with the implementation of the Luban hard fork.Cardano blockchain activity in the second quarter grew in both value locked and transactional metrics from the first quarter amid technical improvements and a rise in developer interest, a report by analytics firm Messari shows. While decentralized exchange Minswap showed the largest absolute growth, several new decentralized applications, or dapps, also contributed to the increase. The report, which was commissioned by Cardano developer Input Output, compared second-quarter developments against first-quarter figures. It noted that while transaction activity grew, the number of active daily users decreased 4% — the fourth drop in address activity in the past five quarters. 'The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were,' the report said. 'In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.' Blockchain load — a measure of how much data is contained in blocks over a certain period — rose to 50% from under 40% in the previous three months. It peaked at 81% in May. DeFiLlama data shows that $175 million worth of tokens are locked on Cardano as of Monday, the highest level for this year, but still about 50% below a lifetime peak of $340 million hit in May 2022. Such activity comes on the back of key Cardano upgrades since the start of this year. A change to reduce 'epoch' transitions and make the blockchain smoother for network users took effect in June. Epochs refer to the time periods on Cardano, with epoch lasting 432,000 slots and each slot being one second. ADA tokens are staked during these epochs during which new blocks on the Cardano network are produced, potentially increasing demand for the tokens as block rewards become more lucrative, based on activity. In March, a feature on Milkomeda, a network that connects blockchains to the Ethereum Virtual Machine, or EVM, began to allow Cardano blockchain users to gain access to EVM smart contracts with any cardano (ADA) wallet, expanding the ecosystem's usefulness. An Ethereum Virtual Machine is where all Ethereum accounts and smart contracts live, serving as a virtual computer used by developers to create dapps. The new feature will allow Ethereum application developers to build on Cardano’s network using Solidity — the computer language used to code Ethereum — without needing to install new toolkits or learn a new computer language. Such applications can then be used solely with Cardano tokens instead of ether (ETH), the native token of the Ethereum network, increasing the tokens' utility for holders.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.

Fantom Foundation Removes $2.4M in Liquidity from SushiSwap Pool, Causing Concerns Over Multichain Stability

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The recent rise of the meme coin bald (BALD) has raised questions about the involvement of Sam Bankman-Fried, the founder of Alameda Research. On-chain data suggests that the deployer contract of BALD has interacted with wallets linked to Alameda, and crypto sleuths have found connections between Bankman-Fried's Alameda Research and the deployer wallet. However, it is unlikely that Bankman-Fried is behind the scam, as he is currently under strict bail conditions and has limited access to the internet. The article also explores the connections between BALD and other DeFi projects, and the sudden removal of liquidity from the token's trading pairs. The rise of BALD and its subsequent fall has left many holders in the lurch, and the future of the token remains uncertain.An unidentified attacker has taken over the DAO of Tornado Cash, a privacy-focused crypto mixer, with a malicious proposal that granted them fake votes. The attacker has withdrawn 10,000 votes as TORN tokens and sold them, causing a 40% slump in token prices. The attack does not impact the actual Tornado Cash protocol, but the community is working on proposals to revert the changes made to the code. Some have suggested creating a new contract and airdropping new tokens to holders. The attack highlights the potential vulnerabilities of DAOs and the need for robust security measures to prevent such incidents.

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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.Decentralized crypto exchange Trader Joe is set to launch an upgraded version of its Liquidity Book, which will make it more efficient for depositors to add tokens to its liquidity pools. The upgrade, scheduled for release next week, will also introduce 'auto-pools' that will automatically manage depositors' active positions in high-yield liquidity pools to mitigate risk. Additionally, a new rewards program will be introduced to distribute tokens to participants in Trader Joe's concentrated liquidity. Trader Joe has $131.78 million in total value locked and has done over $520 million in trading volume since March 26, according to DefiLlama. The price of JOE was trading at 60 cents at press time. nnThe upgrade is intended to improve the on-chain trading experience and make it easier for depositors to contribute to Trader Joe's liquidity pools. The exchange currently has three implementations on Arbitrum, BNB Chain, and Avalanche, with the largest being on Avalanche. nnThe news comes as a report by Kaiko Data found that crypto liquidity is heavily concentrated on a handful of exchanges, with Uniswap and SushiSwap accounting for the majority of liquidity. However, Trader Joe's upgrade is aimed at improving the liquidity experience for depositors and mitigating risk through the use of auto-pools. nnThe Fed's next sharp pivot could come from a liquidity crunch, according to an economist, as the central bank's balance sheet shrinks and liquidity dries up. Bitcoin holds steady above $17,000, while Celsius is 'deeply insolvent,' according to the Vermont Department of Financial Regulation. nnOverall, Trader Joe's upgrade is a positive development for the decentralized exchange space and could attract more depositors and traders to the platform. The introduction of auto-pools and a new rewards program could also help to mitigate risk and improve the overall liquidity experience for users.

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Rocket Pool, a decentralized Ethereum-based staking service, experienced the largest daily redemption of its rocketpool ether (rETH) token this week, with one trader redeeming $12.3 million worth of the token before sending it to Binance. rETH is an ERC-20 token that traders receive in exchange for depositing ether (ETH) into Rocket Pool's staking protocol. Instead of requiring a 32 ether deposit to become a validator, Rocket Pool allows traders to stake in fractions. The trader reportedly sent the ether to Binance after redeeming staked ether on Rocket Pool. Rocket Pool currently has $1.88 billion in total value locked (TVL), making it the second largest liquid staking protocol after Lido, according to DefiLlama. Traders stake ether on Rocket Pool to receive a yield, which is currently at 3.64% APR for regular staking and 8.62% for staking 8 ether. Redemptions occur when a trader is looking to either free up liquidity or secure a better yield elsewhere. Binance's ether staking portal currently offers around 4.07% APR. Rocket Pool's native token (RPL) has endured a slight correction this month, falling by more than 25% from $38.51 to $30 since the turn of the month.The Klaytn Foundation, a key developer and maintainer of the Klaytn blockchain, is making changes to the network's governance system and token model. The Foundation will aid the transition to a wholly permissionless validator structure, provide opportunities for the general public to participate as block validators, and introduce a communication channel for community members to participate in decision-making processes. These changes are expected to enhance Klaytn's technical capabilities, revenue sustainability, and decentralization aspects, making KLAY more valuable. The Foundation will work alongside the Klaytn Governance Council (GC) to make these changes, with the GC having expanded decision-making authority over the Klaytn blockchain business. The Foundation will also strengthen governance transparency by disclosing GC voting agendas and statuses in real-time through Klaytn Square. These measures aim to prevent governance dramas like those seen in recent weeks, where decentralized exchange Uniswap faced contention among community members over allegedly skewed voting rights. The Klaytn Foundation will present a revamped tokenomics proposal to the GC starting Monday, including a proposal for handling uncirculated KLAY tokens in response to community feedback. Finalized agendas and proposals will be made public on February 28 alongside a technical roadmap for 2023.