DeFi Protocol Yearn Finance Impacted in Nearly $11M Exploit

Send Time：2024-04-17 06:11:55

Community members are vying for a new model to bolster revenue and sustain a peg to the U.S. dollar for Terra Classic, the original network created by Terraform Labs. The proposed model relies on token buybacks, unidirectional swaps, staking, and an 'algorithmic peg divergence fee' to address the issues with the original design. The fees retained by the protocol would be used to buy back USTC and maintain the peg, and a USTC staking tool is proposed to drive capital to the token and increase its price appreciation. The community believes that a fully-decentralized token is necessary to create a decentralized economy, and hopes to bring the project back to its glory days despite its previous implosion. Edited by Stephen Alpher.Trader Joe, a decentralized crypto exchange (DEX) on the Arbitrum network, has seen a surge in trader and depositor activity in the past week, with total value locked (TVL) rising by over 300% to reach $30 million on Wednesday. The jump in activity comes as the price of Trader Joe's governance token, JOE, booms, with a 11% increase in the past 24 hours and a 58% increase over the past week. The recent success on Arbitrum has nearly eclipsed Trader Joe's trading volume on Avalanche, its original home. The increase in activity is attributed to a liquidity incentives program launched by Trader Joe to boost deposits of popular tokens, particularly Arbitrum's newly airdropped ARB. Users who loaned ARB, ETH, and USDC to Trader Joe's pools received a share of 300,000 JOE tokens. The incentives program ends on April 6. The article also mentions that Bitcoin supply inactive for a year has dropped to an 18-month low, according to Glassnode, and that VanEck CEO does not think the SEC will approve Ether ETFs in May. Additionally, Eisenberg's $110M fraud trial has opened, and FSI is calling for consistency in stablecoin regulation. The article concludes by asking if Bitcoin momentum will continue after the halving.Bitcoin prices briefly spiked to $138,000 on crypto exchange Binance.US earlier today before immediately reverting to normal levels. The sudden price wick was likely due to low liquidity for bitcoin against tether on the exchange, according to market depth data. The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday. Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair. Binance.US's market depth has dropped 76% compared to May, suggesting market makers and traders have fled from the exchange. The bizarre wick is a reminder of the volatility and unpredictability of cryptocurrency markets.Investing and trading platform Robinhood (HOOD) holds over $3 billion in bitcoin (BTC) in a single wallet, according to wallet data from Arkham Intelligence. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex. The wallet, which was previously unknown, sparked speculations about its ownership, with some suggesting it could belong to financial behemoth BlackRock or crypto exchange Gemini. Robinhood transferred 118,300 bitcoin to the wallet from several other smaller wallets over a three-month period. The firm has not publicly commented on these holdings, but the transfers have shed light on the extent of Robinhood's bitcoin exposure despite low crypto trading volumes on its platform. Robinhood reported crypto trading revenue of just $31 million in the second quarter, down 18% from the previous quarter. The figures were 16% of the $193 million in trading revenue across all categories, which saw a 7% sequential decline. All of these holdings are held on the Bitcoin blockchain, with the first transactions made on March 8 and huge amounts of bitcoin transferred until July 14, according to data from BitInfoCharts.Developers behind the Optimism-based lending platform Kokomo Finance have been accused of conducting an exit scam after manipulating tokens on the protocol to steal $4 million in user funds. The project, which launched on Saturday and quickly gained favor among users, allowed for the trading, borrowing, and lending of wrapped bitcoin (WBTC), ether (ETH), tether (USDT), USD coin (USDC), and dai (DAI). However, on Sunday night, the developers deployed an attack contract cBTC from the main address of KOKO, Kokomo's native token, and set the reward speed, paused a borrow feature, and created a malicious contract to interact with the rest of the protocol. This ultimately tricked the protocol into falsely believing it had more liquidity when there was none. Another developer address was then used to maliciously approve a transfer of spending more than 7,000 sonne wrapped bitcoins, which were then used to swap all user-supplied liquidity to Kokomo, amounting to over $4 million. Social-media accounts and the Kokomo website were quickly deleted, and the tokens fell 97%, wiping nearly all value for holders. The exit scam is the latest in a series of growing attacks and exploits in the crypto market, following an earlier $200 million exploit of Euler Finance, another lending platform.

The foundation behind layer 2 blockchain Optimism has sold 116 million OP tokens ($157 million) to seven separate buyers, according to an announcement on the Optimism governance website. The token sale was described as a 'private' and 'planned' event with the tokens originating from an unallocated portion of the OP Token treasury. Optimism's treasury remains at around $1.25 billion, all of which is made up of its own token, DefiLlama data shows. The seven buyers will be allowed to delegate the tokens to third parties in order to participate in blockchain governance. The foundation also issued its third community airdrop earlier this week, with over 31,000 users receiving a share of 19.4 million tokens. Circulating supply, however, remains relatively low compared to the total supply with a further 570 million tokens being allocated to future airdrops. OP's circulating supply is 18.59% of its total supply, according to CoinMarketCap. OP is currently trading at $1.35 having lost 2.19% of its value over the past 24 hours, according to CoinDesk data.Gitcoin, a crowdfunding platform for open-source software, has voted to seed initial liquidity for its Staked ETH Index (gtcETH). The move aims to provide a steady stream of income for the organization to fund grants for digital public goods. The index is composed of three tokens from top liquid staking protocols on Ethereum: Lido, Rocket Pool, and StakeWise. Token holders of gtcETH will incur an annualized streaming fee of 2%, with 1.75% allocated to the Gitcoin decentralized autonomous organization (DAO) and the remaining amount to Index Coop. The move comes as Gitcoin shifts its grants program to exclusively run on 'Grant Stacks,' a decentralized, customizable, smart contract-enabled solution that connects grants program managers, project owners, and community members. The decision was announced in January and is expected to provide a consistent revenue stream to help fund grants. According to the governance forum discussion on funding gtcETH, the index could provide Gitcoin with a reliable source of income to support digital public goods, which often lack a clear profit motive and can be difficult to fund. The gtcETH vote received almost unanimous support from the Gitcoin community, with 98.5% of voters in favor of the proposal. The move is seen as a positive development for the open-source software community, as it provides a new way for supporters to contribute to the funding of digital public goods while earning rewards from a diversified set of liquid staking tokens.Rook's well-funded offshoot Incubator DAO is holding a vote on its financial future where the organization could liquidate its entire $25 million treasury for payouts directly to ROOK token holders. The vote, which runs through Thursday, considers a proposal to 'rage quit' Incubator DAO by divvying up its $25 million treasury among holders of the ROOK governance token. The vote is being orchestrated by activist investors who for weeks have debated the future of Rook (an Ethereum-based MEV project) on Discord. The prospect of ROOK owners receiving a share of the money has contributed to a tripling of ROOK's value over recent weeks. It was trading at $42 at press time, slightly over the price that some community estimates have placed on each token's value relative to its share of the treasury.The floor price of the Bored Ape Yacht Club (BAYC) collection has slumped to a five-month low of 55.59 ether (ETH), according to Cryptowatch data. The slide in non-fungible token (NFT) prices occurred after pseudonymous holder 'franklinisbored' said on Twitter that he sold the majority of his collection. On-chain data shows that the user sold at least 27 BAYC NFTs over a 12-hour period, securing 1439.5828 ETH ($2.8 million) in the process. Franklinisbored explained his decision was due to 'unfortunate' real-life issues that prompted him to liquidate his NFTs. He fell victim to a rug pull on a nearly 2,000 ETH investment, which appeared 'credible' due to who else had invested in it. ApeCoin (APE), the native governance token for the Bored Ape Yacht Club ecosystem, remains flat over the past 24 hours in terms of its dollar valuation despite falling against ether trading pairs.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.

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.Investors in the Hector Network, a stablecoin project, are demanding that the group's leaders kill it faster after the project suffered major losses from the Multichain bridge's collapse. The community is angry over the timeline for liquidation, which could take six to twelve months, and the fact that the project's remaining $16 million treasury may be whittled away by legal fees and other expenses. The situation highlights the messiness of operating a decentralized autonomous organization (DAO) and the complexity of unwinding such a project. The article also mentions that the DAO never approved the creation of a corporation, and that the project's leaders plan to proceed with liquidation in the British Virgin Islands. The community is crying foul over the lack of transparency and the fact that they were bamboozled. The article quotes a former employee of the group and a prominent figure in the Hector community, who say that the project's ambitions were too broad and that infighting and delays drained the treasury. The article also mentions that investors had identified Hector as a risk-free value trade and that some had already been pushing for a rage quit before the announcement of liquidation.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.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 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.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.A meme coin frenzy has ensued on Coinbase's layer 2 blockchain, despite the network being closed to the public and lacking a two-way token bridge. The lack of a decentralized exchange (DEX) experience has not deterred crypto traders from finding their way to Coinbase's layer 2 blockchain in the hopes of unearthing a fortune. Base, built by crypto exchange Coinbase on OP Stack, launched its testnet in January and opened to builders in mid-July, but traction was scant until recently. Crypto Twitter user @cheatcoiner seemed to first tweet about meme coin bald (BALD) on Base network, stating they picked up 2% of the supply. The use of cbETH quickly gave rise to speculation among crypto trading circles about the token likely being created by someone at Coinbase. What followed was a bull market speedrun: In less than six hours, bald tokens amassed a $50 million market capitalization as their popularity picked up among trading circles. It ran up to $85 million capitalization late on Sunday, netting @cheatcoiner over $1.4 million from an initial $500 investment. From issuance to peak, the price rise was a 4,000,000% surge. BALD market liquidity quickly piled on as the developer of bald tokens kept adding more ether to a liquidity pool that traded bald against ether. As of Monday, the trading pair holds over $32 million in liquidity and has surpassed $100 million in volumes. As such, @Cheatcoiner wasn’t the only lottery winner. Blockchain sleuth Lookonchain said Monday that four crypto wallet addresses transferred a cumulative 0.534 ether, or just over $1,000, to buy 50 million BALD within 4 minutes of the token’s issuance. These addresses – likely insider wallets connected to the developer – sold 37 million $BALD for 554 ether as trading volumes picked up, netting $1 million in less than a day. How much of these gains make their way out of Base remains to be seen, however. As of Monday, there is only a one-directional way to move funds over to Base from Ethereum, with no official support for the other way.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.Curve founder Michael Egorov has floated a new liquidity pool on his stablecoin-focused decentralized exchange to address concerns around a possible bad debt situation and alleviate bearish sentiment in CRV tokens. The new pool, crvUSD/fFRAX, is dedicated to FraxLend's CRV/FRAX liquidity pool, from which Egorov has borrowed 15.8 million FRAX stablecoin by locking 59 million CRV as collateral. The pool has attracted over $5 million in liquidity and brought down the utilization rate in FraxLend's FRAX/CRV pool to 54.78%. The move is seen as an attempt to incentivize liquidity towards the lending market and decrease the risk of Egorov's debt spiraling out of control. Analysts say the new pool could provide more time for Egorov to repay his loan and alleviate concerns around the potential liquidation of his CRV-backed loan of 63.2 million tether (USDT) from leading and borrowing marketplace Aave. The FRAX loan has been of particular concern due to the high interest rates that can double every 12 hours, subject to the pool's utilization rate holding at 100%. The introduction of the new pool has reduced the utilization rate, bringing down the APY and providing Egorov with more time to repay the loan. The move has been welcomed by the DeFi community, with pseudonymous DeFi researcher Ignas saying that the new pool is attracting capital to the critical FRAX/CRV lending pool on Fraxlend and reducing the borrowing APY. Delphi Digital also tweeted that the new pool is an attempt to incentivize liquidity towards the lending market in order to lower utilization rates and decrease the risk of Egorov's debt spiraling out of control. So far, the pool has attracted over $5 million in liquidity and brought down the utilization rate in FraxLend's FRAX/CRV pool to 54.78%.

Kokomo Finance Developers Accused of $4M 'Exit Scam'

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Investing and trading platform Robinhood (HOOD) holds over $3 billion in bitcoin (BTC) in a single wallet, according to wallet data from Arkham Intelligence. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex. The wallet, which was previously unknown, sparked speculations about its ownership, with some suggesting it could belong to financial behemoth BlackRock or crypto exchange Gemini. Robinhood transferred 118,300 bitcoin to the wallet from several other smaller wallets over a three-month period. The firm has not publicly commented on these holdings, but the transfers have shed light on the extent of Robinhood's bitcoin exposure despite low crypto trading volumes on its platform. Robinhood reported crypto trading revenue of just $31 million in the second quarter, down 18% from the previous quarter. The figures were 16% of the $193 million in trading revenue across all categories, which saw a 7% sequential decline. All of these holdings are held on the Bitcoin blockchain, with the first transactions made on March 8 and huge amounts of bitcoin transferred until July 14, according to data from BitInfoCharts.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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Bitcoin's recent strength pushes the asset over the $30,000 mark for the first time since June 2022, causing heavy losses to traders betting on a decline. Over 87% of all future trades that were liquidated in the past 24 hours were short, amounting to losses of over $145 million. Crypto exchange Huobi had the largest liquidation order, a bitcoin/tether trade valued at $11 million. The recent strength in bitcoin can be attributed to worsening economic conditions, leading investors to shift their capital into the decentralized asset. Bitcoin's ongoing strength suggests that it is emerging from the 'crypto winter' into a new phase of strength and renewed interest from retail and institutional investors.DWF Labs, a market maker and investment firm, has invested $16 million in Web3 company RACA to help the latter continue its goal of becoming an expansive Web3 gaming ecosystem. RACA, which was founded in 2021, has evolved from managing the NFT collection of Elon Musk's mom to a Steam-like blockchain gaming ecosystem. The funding will help RACA expand its offerings, which already include a R3 game infrastructure, a SimCity-esque sandbox game, a social party game, a cross-game DID wallet, and a NFT marketplace. DWF Labs has emerged as one of the most active investors during the crypto bear market, with recent investments including a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai. The RACA token was about flat over the past 24 hours at $0.0001946 at the time of publication, according to CoinMarketCap.

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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.Coco, a new crypto casino inspired by the Milady NFT project, has made a cracking debut on the Ethereum blockchain. According to etherscan data, the platform's native token (COCO) has surged to 8 cents, giving it a market capitalization of $8.8 million. The casino has already hit $36 million in transaction volume in the first 12 hours after its release. nnThe platform features a slot machine focused on popular memecoins pepe (PEPE) and dogecoin (DOGE), as well as three traditional casino table games in blackjack, baccarat, and casino hold'em. Coco brands itself as 'provably fair,' using the SHA256 algorithm to ensure that each game is tamper-proof. nnThe success of Coco has also had an impact on other crypto casinos, with Rollbit's native token (RLB) rising to 7 cents from 2 cents. The stable market this month has led to increased traction for crypto casinos like Rollbit and Coco. nnHowever, VanEck CEO Gabor Gurbacs does not think that Bitcoin ETFs will be approved by the SEC in May. He believes that the 'dominant narrative' driving Bitcoin's 2024 rally is not the ETFs, but rather the increasing adoption of cryptocurrencies and the growth of decentralized finance. nnMeanwhile, the supply of inactive Bitcoin for a year has dropped to an 18-month low, according to Glassnode. This could be a sign that the current Bitcoin rally may continue after the halving. nnIn other news, Eisenberg's $110 million fraud trial has opened, and the Foundation for the Study of Innovative Technologies (FSI) has called for consistency in stablecoin regulation. nnAs the wider crypto market continues to stagnate with a lack of volatility, crypto traders are frequently turning their attention to on-chain betting platforms like last week's phenomenon; hamster racing. The success of Coco and Rollbit suggests that crypto casinos may be the next big thing in the cryptocurrency space.