Aave suffered approximately $195 million in bad debt after an attacker exploited a KelpDAO cross-chain bridge hack that minted $292 million worth of unbacked rsETH tokens. These tokens were used as collateral to borrow $190 million in assets on Aave, which will likely never be repaid. Meanwhile, SparkLend, a MakerDAO lending platform, had reduced its exposure to rsETH beforehand and absorbed $1.7 billion in deposits from users seeking safer options, doubling its total value locked. Aave has frozen affected markets and is raising $200 million to cover the losses, highlighting ongoing risks in DeFi from cross-chain bridge vulnerabilities.
Major cryptocurrencies saw price declines, with Bitcoin dropping 2.1% to $63,925 and Ethereum falling 2.8% to $1,873.93. Other notable coins like Binance Coin and Solana also declined, reflecting a broad market pullback. Stablecoins remained steady n...
Standard Chartered's digital assets team predicts tokenized assets on public blockchains will hit $4 trillion by 2028, split between stablecoins and real-world assets. Chainlink's LINK token is expected to benefit significantly due to its Cross-Chain...
EtherFi has restructured its weETH token by removing all restaking exposure, making it a pure liquid staking token (LST). This change aims to eliminate bundled risks associated with liquid restaking, which has faced security challenges such as major ...
The Ethereum Improvement Proposal EIP-8361, which aims to cap staking rewards if the staking ratio exceeds 50%, is facing overwhelming opposition from the Ethereum community. Data shows 99.7% of staked ETH holders oppose the proposal, signaling a str...
Mike Silagadze, CEO of ether.fi, has publicly bet $1 million that Ethereum's proposed EIP-8363, which introduces a tapered burn on validator rewards as staking increases, will centralize the network by pushing out smaller validators. The proposal aim...
