Shiba Inu Plans Public Restart of Shibarium Network After Botched Launch

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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.Crypto traders are using the Stargate bridge in the hope of being eligible for a rumored LayerZero airdrop. Volume on the Stargate cross-chain bridge has surged by 30% in the past 24 hours, with investors attempting to meet the criteria for the airdrop. The protocol recently surpassed $1 billion in monthly volume for the first time, and the STG token has jumped by 95% in the past 24 hours. Although LayerZero hasn't announced a token, the protocol's code mentions a native token, leading to speculation of an upcoming airdrop. A number of high-profile airdrops in the past 12 months have yielded significant returns for minimal effort, and airdrop hunters are hopping on Stargate governance proposals in the hope of receiving a larger allocation of LayerZero's rumored token. More than 6.4 million STG tokens were staked for a recent proposal on whether to make decentralized exchange Velodrome an STG hub on the Optimism blockchain. LayerZero didn't immediately respond to a request for comment.Larger market participants are buying up the meme coin even as prices dunk, suggesting another leg up might be on the cards soon. Pepecoin (PEPE) traders remain unfazed by the recent price correction and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks. On-chain analytics tool Lookonchain said on Tuesday that three whales started to accumulate pepe tokens earlier this week amid a nearly 50% price cut. '3 whales started to buy $PEPE after the price dropped,' Lookonchain said in a tweet. '0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054.' '0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957,' the firm added, pointing to each individual wallet holding. CoinGecko data shows PEPE has seen over $420 million traded in the past 24 hours as prices fell steeply before rebounding. The data further shows trading volumes have shifted from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week. In the past 24 hours, Binance saw over $160 million worth of pepecoin trading compared to $55 million on Uniswap. A likely reason for this is more accessibility for retail traders and significantly lesser fees per trade on Binance – compared to an average of $35 per PEPE trade on Uniswap as of Wednesday, due to the network demand and a general fee spike. Elsewhere, DEXTools data shows pepe token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline and a possible reversal for the meme coin in the coming weeks. The largest pepecoin holders sit on unrealized profits of $4 million to as much as $9 million, the data show.

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Aave Token Holders Vote on Proposals to Disable CRV Borrowing and Reduce Liquidation Threshold

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The newly launched zkSync Era blockchain is seeing brisk activity as value locked on the network crossed $100 million this past weekend amid a flurry of new token releases. Data from L2Beat shows over $69 million worth of ether (ETH) and nearly $30 million in USD coin (USDC) stablecoins have been locked on zkSync. The amount is likely distributed among several zkSync-based projects for purchasing ecosystem tokens or providing liquidity to exchanges on the network. The value locked on zkSync has climbed to over $100 million. More than 3.3 million transactions have been conducted on the network since it went live on March 24. The network can process 4.4 transactions per second. The network supports 'ZK rollups,' which are a type of blockchain scaling system based on cryptography known as zero-knowledge proofs. These features are seen as a key advance in speeding up blockchain transactions and reducing the cost of network activity. Populating the zkSync ecosystem are decentralized-finance tokens, which power lending, trading, and borrowing services, and meme coins fashioned after the popular Shiba Inu dog breed. DefiLlama data shows that decentralized exchanges SyncSwap and Mute hold over $30 million in locked tokens. Mute's native MUTE tokens have a market capitalization of $47 million. SyncSwap hasn't issued tokens as of early April. Over $19 million is locked on SyncSwap's liquidity pool for USDC and ether - which is paying annualized yields of 46%, or one of the highest figures in the crypto market as of Monday. As such, meme coins are making a mark as well. DEXScreener data shows tokens such as ZKDoge, ZKInu, and ZkSync SHIB have attracted millions of dollars in trading volumes since their recent launches. Traction on these meme-coin tokens has been tepid so far, with highly volatile prices and market capitalizations of under $5 million. Some say the zkSync launch has been muted relative to the hype, however. 'The recently launched zkSync Era mainnet is a sign that the evolutionary trend in the overall blockchain ecosystem is unimpeded; however, the low number of projects building on it is a sign that the Web3.0 world isn't fully prepared to welcome this innovation for now,' Maia Benzimra, head of institutional marketing at SpoolDAO, said in a Telegram message. Benzimra added that adoption may surge quickly as and when more innovative projects are built for users. 'The trend can change within the twinkling of an eye when innovative products building solutions that address the core needs of users are designed and launched. zkSync is notably a major upgrade for addressing the scalability of the Ethereum protocol, and in no time, it is bound to find its rhythm and carve out a functional niche for itself in the ecosystem.' Edited by Parikshit Mishra.Hector Network's community is debating whether to adopt a more centralized structure, HIP 40, which would include a management board, directors, and supervisors. The proposal is met with skepticism from some HEC token holders who fear it would dilute their influence over the DAO. The lawyer behind the proposal, Dali, argues that a professional organization with expertise in specific areas is needed for the DAO to succeed. However, some critics view the plan as antithetical to the decentralized, democratic principles of DAOs. The debate highlights the challenges DAOs face in balancing decentralization with the need for professionalism and expertise to compete with centralized corporations.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.

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DeFi Protocol Synapse Rebounds 17% After Liquidity Provider Sell-Off

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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.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.The Ethereum Shanghai upgrade, set to take place late Wednesday, will allow validators to unstake and withdraw the ether (ETH) they've pledged to run the network. However, according to data from Nansen, very little ETH is poised to be withdrawn, with nearly 4,000 validators having already unstaked 141,499 ETH, representing less than 1% of Ethereum's total validators and staked ETH. Crypto exchange Huobi is waiting to remove almost 40,000 ETH, making it the largest entity in the withdrawal queue. Validators cannot withdraw at once; there's a daily limit, with eight validators able to exit per epoch, or about 1,800 per day. The Ethereum upgrade will complete the transition to a proof-of-stake (PoS) blockchain, allowing stakers to withdraw their staked ETH as well as the rewards they've accrued. According to Fundstrat Global Advisors' Walter Teng, there are several possibilities for unstaking, including restaking with liquid staking derivatives, selling tokens, using tokens to lever up, or holding tokens to sell later. Teng's hunch is that restaking will be the dominant option. Edited by Nick Baker.

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Klaytn Foundation to Make Changes to KLAY Tokenomics and Governance Models

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Cross-chain router protocol Multichain has been exploited for nearly $130 million after an attacker siphoned capital out of numerous token bridges. The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally, with the team not sure what happened and currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain. The unexpected outflows stripped Multichain’s Fantom bridge of nearly its entire holdings in wBTC, USDC, USDT and a handful of altcoins, worth over $130 million. On-chain sleuths described the activity as highly unusual, with Fantom Foundation CEO Michael Kong looking into it. Multichain has been under pressure for over a month due to failing tech and its AWOL CEO. The trio of unexplained outflows from Multichain’s Fantom, Moonriver and Dogecoin bridge contracts sparked fears on crypto Twitter that a hack could be afoot. Binance CEO Changpeng 'CZ' Zhao said that the exploit does not affect users on Binance itself, with assets swapped out and deposits closed a while back. Assets transferred out of the Multichain Fantom bridge include at least $20 million of altcoins going to 0x9d57, with other transfers seeing outbound moves of 1,023 wBTC ($30.9 million), 7,214 wETH ($13.6 million), and $57 million USDC between two separate addresses. Multichain’s Moonriver bridge contract has seen $6.8 million in token outflows with nearly all its wBTC, USDT, USDC and DAI going to 0x48BeAD. An address identified as Mulitchain’s Dogecoin bridge has seen over $600,000 in outflows of USDC. UPDATE (July 7, 2023, 09:17 UTC): Updates headline and adds context on the exploit throughout.Trading firms were quick to jump on the USD coin (USDC) long trade last weekend as the stablecoin, which was meant to be pegged 1:1 to the U.S. dollar, fell to as low as 87 cents on news that Circle Internet Financial, the token's issuer, had exposure to Silicon Valley Bank, the bank that collapsed last Friday. The concerns prompted a wave of USDC sales across decentralized-finance platforms, with a pool on decentralized exchange Curve comprising three equally weighted stablecoins becoming unbalanced as the supply of USDC skewed. One wallet received $215 million of tether from Binance before executing 59 transactions that involved swapping USDT for USDC and the DAI stablecoin, making a profit of around $16.5 million. The arbitrage opportunity of trading tether, which retained its dollar peg, with USDC when it traded below 90 cents was huge, but not without risk. The resilience of USDC in what appeared to be a desperate situation demonstrates the risk-taking approach of crypto traders. Tether, the largest stablecoin by market cap, has suffered numerous deviations from its peg over the years, and yet it remains a critical part of crypto despite regulatory scrutiny.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.

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Crypto Lender Exactly Hit by $12M Bridge Exploit

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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 recent slide of layer 1 blockchain Canto highlights the fickle nature of crypto investors and the current state of the DeFi sector. Canto's TVL has fallen 35% over the past month, with liquidity continuing to dry up across the sector. Despite its capabilities and offerings, Canto has suffered multiple 60% corrections and periods of consolidation. The issue may not be with the blockchain itself, but rather the lack of appetite from crypto investors as hype recedes. The overall total value locked on DeFi protocols has shrunk from $53 billion to $48 billion since April 15, with liquidity getting sucked into meme coin rug pulls and derivatives markets. To make a comeback, DeFi will need to innovate and offer unique offerings that lure fragile crypto liquidity away from 'get rich quick' schemes. The recent lack of innovation has resulted in copycat lending protocols, and DeFi developers need to think outside the box to attract liquidity.The community members of Synthetix, a liquidity and derivatives trading protocol built on Ethereum, have approved a plan to gradually increase the margin requirements on existing positions to eventually liquidate all remaining positions on the soon-to-shut version one (v1) of its perpetuals market. This move comes as v1 has been in close-only mode for months, with roughly $150,000 worth of positions remaining outstanding. The approved plan highlights Synthetix's focus on its v2 perpetuals markets, which had $22 million in volume over the past day and represent a significant upgrade from v1. The price of SNX, the native token for Synthetix, has increased 1.7% in the past 24 hours to $2.36, while the total value locked for Synthetix stands at $417.7 million, a 2% increase since May 1.

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Arbitrum Airdrop: 37% of Eligible Wallets Still Haven't Claimed Their ARB

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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.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.Dogecoin's daily transaction volume has reached lifetime highs after the introduction of the DRC-20 token standard, which allows developers to issue tokens that take network fees in the form of dogecoin (DOGE). According to data from BitInfoCharts, the network saw over 645,000 transactions on Sunday, briefly crossing both Bitcoin and Litecoin transactions that day. This is a significant increase from the average daily transaction volume of around 20,000. The introduction of DRC-20 has added value to dogecoin and laid the path for potential decentralized finance (DeFi) services built on the blockchain. However, the token deployment has also attracted criticism, with some pointing out that it may lead to network congestion and that it moves away from dogecoin's aim of being used as an everyday currency. High fees and network congestion are valid concerns for any blockchain, as they may lead to the network becoming expensive and slow for everyday users, potentially damping adoption plans. Bitcoin's own 'Bitcoin Request for Comment' (BRC-20) standard went live in March, opening the floodgates to two-year high fees as a Bitcoin-based meme coin trading frenzy gained notoriety on the network.

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