Arbitrum Airdrop: 37% of Eligible Wallets Still Haven't Claimed Their ARB_dog coin bank toy

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  Liquity's LQTY Token Soars Amid USDC Chaos

  Crypto derivatives protocol Vega has launched the first version of its mainnet, which is designed to support decentralized derivatives trading of financial products such as futures and options. The platform will initially offer cash-settled futures markets, allowing users to deploy strategies to profit from price gyrations. Vega token (VEGA) stakers can propose and vote on the creation of new derivatives markets, and traders can trade without paying gas fees. Market makers can operate as they would on any other orderbook-based exchange and can commit capital on-chain as liquidity providers to earn a portion of trading fees. Trading on Vega is expected to begin in the coming weeks, according to developers. The platform offers no gas fees on trading at low latency and has a feature to discourage front running, which will attract traders to the protocol. Front running is a frowned-on practice in which a market maker or trader buys a token and then sells it on in the same transaction for a slightly higher price.Chainlink's LINK token has seen a significant surge in value this week, with wealthy investors swapping ether for link following the release of the company's Cross-Chain Interoperability Protocol (CCIP). On-chain data shows that some whales have added upward of $6 million to their link holdings, lifting prices as much as 6%. The increased demand has helped extend weekly gains to over 25%. CCIP is designed to help build cross-chain applications and services, and is now available to all developers across five testnets. Prices of other oracle protocols, such as Band Protocol and Uma, have also risen in the past 24 hours. Oracles are blockchain-based services that fetch data from outside a blockchain, and Chainlink's CCIP is a significant development in the space. The article is well-written and provides a clear overview of the current state of the market and the impact of Chainlink's release.

  27 December 2011
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  Solana's Spam Problems Persist Despite Tech Improvements, MEV Researchers Say

  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.The Multichain team has confirmed an exploit that impacted $130 million in user-supplied tokens, cautioning users against using its service. The exploit affected bridges on blockchain networks Fantom, Moonriver and Dogechain, with stolen tokens not yet sent to exchanges or mixing services. Fantom (FTM) and Moonriver's (MOVR) tokens have dropped 9.9% and 13%, respectively, while Dogechain (DC) tokens fell 10%. The Multichain service has been stopped and all bridge transactions are stuck on the source chains. Users are advised to suspend use of Multichain services and revoke contract approvals related to Multichain.

  27 December 2011
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  Investors Track Pepecoin Whales to Cash In on Meme Coin Mania as Wider Market Stagnates

  Tron (TRX) founder and Huobi stakeholder Justin Sun has accused Li Wei, the brother of Huobi founder Li Lin, of acquiring Huobi's native token (HT) at zero cost and selling it for 'huge amounts of cash.' The token has lost 43% of its value over the past seven days but has recovered by 3.16% following Sun's tweets. Sun told CoinDesk that Li Wei 'received millions of HT tokens for free' when the token was initially distributed and that he believes in rewarding those who 'genuinely contribute to the growth and development of HT DAO.' HT is currently trading at $2.80 with a market cap of $450 million. CoinDesk did not immediately receive a response from New Huo Tech, the company that Li Lin is now chairman of. Over the past few months, Justin Sun has taken on a leadership role at Huobi, with plans to attain a license in Hong Kong and roll out a new exchange called Huobi Hong Kong.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.

  27 December 2011

• Bitcoin Shorts Lose $16M as BlackRock ETF Filing Sparks Bullish Outlook

  The total value of all assets locked on decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion after being at its lowest point since February 2021 just two weeks ago, according to DefiLlama data. The resurgence of the DeFi market is based on two factors: rising asset prices and fresh inflows from participants that aim to generate a yield through staking and lending. nnEther (ETH), the asset that underpins the majority of the DeFi market, has rallied from $1,590 to $1,810 over the past two weeks, while the likes of lido (LDO) and aave (AAVE) have posted 25% and 34% moves to the upside respectively. Transactional volume across DeFi protocols rose to its highest point since March, with $4.4 billion recorded on Oct. 24, according to DefiLlama. nnSolana's most extensive lending protocol, Marinade, experienced a 120% jump in total value locked (TVL) this month following the release of its native staking product, which offers yields of 8.15% APY to complement its 7.7% rate on liquid staking. Marinade's rival protocol, Jito, has risen by 190% to $168 million in TVL in the same period. On Ethereum, meanwhile, the amount of capital on Enzyme Finance, Spark and Stader have all risen by between 37% and 55%, outpacing the rise in asset prices to illustrate fresh inflows. nnRecently released layer one blockchains Sui and Aptos have also experienced positive growth this month, TVL on Sui has jumped from $34 million to $75 million. Aptos has been spurred by increased activity on lending platform Thala, with its overall TVL also hitting the $75 million mark this month. nnDespite a fruitful month, risks remain across the DeFi sector, as even the slightest slide in the price of ETH would trigger notable on-chain liquidations. Currently, there is a $76.2 million position on Aave that will be liquidated if ETH crosses $1,777, with over $100 million set to be liquidated if the price falls by 20%.deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.

  Layer 1 blockchain protocol Avalanche is picking up steam, reaching a six-month high in daily active addresses earlier this week. According to blockchain data firm Artemis.xyz, Avalanche's daily active addresses hit nearly 80,000 on April 12. Its daily active user base grew 85% in the past 90 days, making it one of the fastest-growing protocols, ahead of BNB Chain, Tron, Ethereum, Aptos, and Bitcoin. Only four protocols grew faster, per Artemis: StarkNet, Arbitrum, Stacks, and Canto. The high-water mark coincided with Avalanche's April 12 partnership with a bevy of financial institutions that will contribute to its network infrastructure, signaling traditional finance companies' increased interest in the Avalanche ecosystem. The price of Avalanche's native token AVAX stands at $18.53 at press time, down 1.34% in the past 24 hours, per CoinDesk data. Avalanche is the seventh-largest blockchain by total value locked, which currently sits at $878.7 million, according to crypto stats website DefiLlama. Edited by Danny Nelson.
• Aave Token Holders Vote on Proposals to Disable CRV Borrowing and Reduce Liquidation Threshold

  Layer-2 blockchain Optimism is set to unlock $36 million worth of tokens on Sunday, with the anticipated increase in supply spurring a 3.5% slump in the price of the blockchain's native OP token on Tuesday. The previous token unlock on June 30 resulted in a 10.7% sell-off across all OP trading pairs, although the token rebounded by more than 15% over the following 24 hours. The unlock equates to 3.56% of optimism's circulating supply, with $19 million being allocated to core contributors and $17 million to investors. The token has marked a 67% gain since the turn of the year following a series of integrations with the likes of Worldcoin and Coinbase's Base protocol. Optimism is currently trading at $1.50 with a market cap of over $1 billion. Circulating supply remains at just 16% as token unlocks are scheduled incrementally until August, 2027.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.

  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.
• Arbitrum's ARB Token Airdrop Yields $500K in Profits for Ether Liquidity Providers

  Traders who have bet on a USDC revival are in healthy profit, but downside risk remains if the stablecoin depegs again. According to DeFiLlama, there are $70.8 million in positions that can be liquidated between $1.00 and 90 cents. Two recently filled positions on Compound are worth $20.7 million and $15.4 million, respectively. If USDC hits 99 cents, the first position will be liquidated, and if it hits 93 cents, the second position will be liquidated. The immediate panic appears to be over with USDC regaining its peg on Monday, but the risk of liquidation remains. Traders using DeFi protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week.The Fantom Foundation, the team behind the Fantom blockchain, has removed $2.4 million in liquidity from a trading pool for the native token of Multichain, causing concerns over the cross-chain bridging protocol's stability. According to Etherscan, the foundation removed nearly 450,000 MULTI and 1,363 ETH from a liquidity pool on decentralized exchange SushiSwap. The move comes as users of Multichain report delays in withdrawing their crypto assets from the protocol, which helps them move assets between the Fantom and Ethereum ecosystems. The Fantom Foundation did not immediately respond to a request for comment. The liquidity removal has corresponded with a plummet in MULTI's trading price, which has fallen over 28.5% in the past 24 hours to $5.04. Other top holders of Multichain's governance token have been sending it to exchanges, including one whale with 494,200 tokens worth $2.75 million and digital asset firm Hashkey Capital, whose position was worth $221,000 at the time. The major on-chain moves have raised concerns over the stability of the Multichain protocol and the Fantom blockchain as a whole. The Fantom Foundation has not yet commented on the situation.

  27 December 2011

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