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$DEAI Surges 25% As New Announcement Boosts Market Cap

$DEAI, a raising star in the decentralized AI space, is showing significant movement with its Fully Diluted Valuation (FDV) surpassing $290 million and a market cap of $28 million. A recent announcement from Zero1 Labs has fueled a 25% surge in $DEAI’s price over the past 24 hours. Several key factors are driving this growth: 1. ZERO new token emissions for the next 12-16 months: This means no additional $DEAI tokens will enter the market during this period, reducing the risk of dilution and potentially increasing the value of existing tokens. 2. No impact from venture capitalists: With no VCs involved, there is minimal risk of large sell-offs that could drive down the price. 3. Launch of the FHE-based EVM Cypher chain: Scheduled for early 2025, this innovative blockchain technology promises enhanced privacy and security features, further solidifying $DEAI’s position […]

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Babylon’s Staking Protocol: Pioneering Restaking On Bitcoin

Babylon's staking protocol, designed to support multiple chains, is making waves with its ambitious plans to implement restaking on Bitcoin. While restaking on Ethereum has been explored by teams like @eigenlayer and @symbioticfi, Bitcoin's lack of smart contracts poses significant challenges. However, the substantial market presence of Bitcoin, which comprises over 50% of the industry's market cap, makes this endeavor worthwhile. https://twitter.com/0xkrane/status/1816463519975461326?t=Z9Zs5mDbG6ydMFYNXN90Rw&s=19 If BTC restaking becomes viable, it could significantly reduce the bootstrapping costs for AVSs or restaking consumers. Additionally, it would provide more auditable, on-chain yield-generating options for Bitcoin, a first at scale. Babylon’s innovative use of Extractable One Time Signatures (EOTS) for slashing and the repurposing of their timestamping protocol for fast unbonding further highlight their technical ingenuity. Last Friday, Babylon and @SolvProtocol jointly opened an early pledge quota of 500 $BTC, which sold out in just two […]

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WazirX Halts Trading After $230 Million Exploit, Offers Bounty For Recovery

Indian cryptocurrency exchange WazirX has paused all trading activities following a massive $230 million hack. https://twitter.com/WazirXIndia/status/1815004031561220352?t=nQ44hesdmDOXDJk10zWXBg&s=19 In a bid to recover the stolen funds, the exchange is offering a reward of up to 10% of the hacked amount, which could amount to $23 million, and $10,000 for information leading to the freezing of the assets. https://twitter.com/ibcgroupio/status/1815185545921798166?t=BMabugV1dGSCti1YeQImKg&s=19 Suspicions have fallen on North Korea’s notorious Lazarus Group, known for its complex cyber heists, making the recovery process particularly challenging. WazirX Exploiter Moves Ethereum  Recent on-chain analysis has revealed that the WazirX exploiter is actively moving Ethereum ($ETH). In the last 20 minutes alone, the hacker has transferred 16,345 $ETH, valued at $56.88 million, to two new wallets identified as “0x58d” and “0x668”. Currently, the exploiter holds approximately 43,962 $ETH, worth $153 million, spread across various wallets. https://twitter.com/spotonchain/status/1815310961462632481?t=fWOUJVhMbQ-fPhV2JwRdVg&s=19 In addition to $ETH, the […]

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LIFI Protocol Suffers $9.7M Attack, Urgent Call For Users To Revoke Approvals

LIFI Protocol (@lifiprotocol) recently fell victim to a significant attack, resulting in a loss of approximately $9.7 million. The stolen assets included 6,335,889 USDT, 3,191,914 USDC, and 169,533 DAI. These funds were swiftly converted into 2,857 ETH ($9.7 million) and dispersed across multiple wallets. https://twitter.com/lookonchain/status/1813220220238242249?t=psKTbyIJwO7aLIf78b7zaw&s=19 In light of this incident, users are urgently advised to revoke approvals for the following addresses: - 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae - 0x341e94069f53234fE6DabeF707aD424830525715 - 0xDE1E598b81620773454588B85D6b5D4eEC32573e - 0x24ca98fB6972F5eE05f0dB00595c7f68D9FaFd68 Cyver's alert system has detected additional suspicious transactions involving LIFI Protocol on the Arbitrum (ARB) network. Consequently, it strongly recommends users revoke their approvals for the address 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae to safeguard their assets. https://twitter.com/CyversAlerts/status/1813196692235210954?t=RXF4fZ0wjUPBujW3rno_hg&s=19 Total Loss Comes In At Around $10 Million  The total loss across different chains is now approaching $10 million, highlighting the urgent need for users to take precautionary measures. LIFI Protocol and security experts are working diligently to […]

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Major GHO Whale Strategy Could Impact Market Dynamics

The largest GHO whale has minted approximately 17.5% of all circulating GHO, equating to 15.5 million GHO. This whale's strategy involves using sDAI as collateral to mint GHO and subsequently depositing the minted GHO into the safety module pool to earn both GHO and AAVE incentives. With the current sDAI DSR at 8% and the added incentives from the GHO program, this whale effectively earns an additional 20% APR by depositing into the safety module, making it a profitable strategy for their $22 million worth of stablecoins. This strategy is noteworthy for several reasons: 1. Market Impact: The whale's actions could significantly influence market dynamics. If the DSR or GHO incentives were to decrease, the whale might close their position. This could lead to a sudden influx of GHO in the market, potentially affecting the circulating supply and market liquidity. […]

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Compound Finance Website Compromised; CEO Resigns To Launch Legend DeFi Protocol

Compound Finance, a prominent player in the DeFi space, faced a security breach yesterday when its official website was hacked and replaced with a phishing site. Michael Lewellen, a security consultant for Compound DAO, confirmed the incident and advised users to refrain from interacting with the compromised website. Fortunately, the breach was limited to the website itself, and the Compound protocol's smart contracts remained unaffected, ensuring the safety of all funds stored within the protocol. https://twitter.com/LewellenMichael/status/1811303839888261530?t=UoD7WtSzCoD6ce0f1zWxHA&s=19 In response to the breach, Compound CEO Jayson Hobby announced his resignation today. Hobby, who had been with Compound since 2019, cited the incident as a catalyst for his decision. Alongside Compound CTO Geoffrey Hayes and Compound Vice President of Products Mykel Pereira, Hobby has launched a new DeFi protocol named Legend. https://twitter.com/jaysonhobby/status/1811079333974528498?t=F5vv7S9EcWi_1MOtXKKYgw&s=19 In a statement, Hobby expressed his aspiration to onboard the next […]

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Layer 2 Report | Q2 2024: Address Growth, Transactions, and Money Flow

I. Addresses 1. Total Unique Addresses by Chain Optimism leads the pack in Q2 2024 with 149.6 million unique addresses. Following behind are Base with 84.7 million and Arbitrum with 33.2 million addresses. 2. Daily New Unique Addresses Created by Chain Base, Optimism, and Arbitrum were the top three chains for the constant creation of new unique addresses throughout Q2 2024. Notably, Base experienced a spike on June 1, with 1 million new addresses created in just one day. Growth of New Unique Addresses in Q2 2024: - Highest growth rate: Blast (+175%) and Mantle (+160%) - Chain with the highest number of new addresses: Base (+16M) II. Transactions 1. Daily Transactions opBNB, Base, and Arbitrum led the way in daily transactions throughout Q2 2024, with the following daily averages: - opBNB: 4.7 million transactions - Base: 2.6 million transactions […]

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Smart Trader 0x8d73 Buys $500K In ENS Despite Bearish Market Trends

In a surprising move, smart trader 0x8d73 has purchased approximately $500K worth of ENS tokens, even as both $BTC and $ENS prices are declining. According to data from icrypto.ai, this trader has acquired 18.39K ENS tokens in the past 16 hours. Shortly after the acquisition, 15.49K ENS tokens, valued at around $414K, were transferred to a storage wallet, 0x021ce. This wallet now holds a total of 18K ENS tokens, worth roughly $452K. https://twitter.com/iCryptoAI/status/1808677907600142716?t=17LSLLxQ7jobq07OIAYDRQ&s=19 Trader 0x8d73, known for a win rate of 42% and involvement in some meme coins, has primarily focused his current portfolio on holding ENS. This strategic move comes amid a broader bearish sentiment in the market, particularly affecting LDO, a token representative of the staking sector. With the EthereumETF expected to begin trading soon, questions arise about the future sentiment of ENS. Given the current market trends, […]

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Lending Protocols See $5B Surge In Active Loans, Led By Aave

Lending protocols have experienced a significant boost in active loans, adding approximately $5 billion year to date. Aave, the leading lending protocol by total value locked (TVL), accounts for $4.5 billion of this increase. Unlike the previous all-time high in 2021, new entrants Spark and Morpho have now secured positions in the top three, with $1.7 billion and $1.1 billion in active loans, respectively. Aave remains the dominant player, commanding a 62% market share with $7.9 billion in active loans. https://twitter.com/tokenterminal/status/1808228481551000012?t=VIC19NRSgRP7Qx4hapY-Ew&s=19 Last week, the value of borrowed WETH on Aave, with a health factor between 1 and 1.025, surged to $1.2 billion. This spike followed Aave's introduction of Leverage Restaking Tokens (LRTs) for 14x leverage strategies. However, such high leverage can lead to increased risks of liquidation if loans are not carefully managed. https://twitter.com/intotheblock/status/1808054336737456537?t=mLU1fmPazDg_aXO1kkZfzA&s=19 Over the weekend, the total value […]

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$BAKED Token Launch On DegenFund Sparks Insider Activity and Massive Profits For Sniper

The $BAKED token was recently launched on DegenFund, with the developer wallet spending 11.82 $SOL to acquire 300.72 million $BAKED during the minting process. Additionally, 206.9 million $BAKED was added to liquidity. Within a second, 492.37 million $BAKED was snapped up by 19 wallets. Interestingly, the team and insiders hold a substantial portion of the token supply, controlling 763.8 million $BAKED, or 76.38% of the total supply. It has been observed that three of the 19 wallets were created simultaneously with the developer wallet and were funded by Bitget, suggesting these wallets likely belong to the developers. https://twitter.com/lookonchain/status/1807660668000276719?t=1H__XAcSLPbLDILmgbqZlQ&s=19 Whales Spends 82 SOL To Buy Up To 78% Of $BAKED Token Supply  Furthermore, 15 of the 19 wallets withdrew $SOL from Bitget three days prior, indicating they are also likely controlled by insiders. These developer and insider wallets collectively spent 82.74 […]

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