Data gathered by CoinGecko reveals that Ethereum and TRON dominate the stablecoin market, holding a combined $144.4 billion, or 83.9%, of all stablecoins.
Blockchain networks Ethereum and TRON continue to dominate the stablecoin market, holding a combined share of nearly 84%, valued at $144.4 billion as of September.
According to estimates from crypto price aggregator CoinGecko, Ethereum leads with $84.6 billion, or 49.1% of the total stablecoin supply, while TRON follows closely with $59.8 billion, accounting for 34.8% of the market.
Total market cap of stablecoins by blockchain | Source: CoinGecko
Despite Ethereum’s stablecoin supply increasing by $17.2 billion in 2024, its market share declined due to the collapse of Terra’s stablecoin UST, the onset of the bear market, and the proliferation of layer 2 solutions during that time, the report reads.
TRON’s dominance stems from the strong demand for Tether (USDT), which constitutes 98.3% of the stablecoins on the network. However, its market share fell from 37.9% earlier in the year despite a 21.6% supply increase.
Stablecoins reshape global finance landscape
BNB Chain (formerly BNB Smart Chain), ranked third, has seen its share drop to 2.9% following regulatory challenges around Binance USD (BUSD), which reduced the chain’s stablecoin supply by 61% since May 2022. Meanwhile, emerging blockchains like Coinbase’s Base, which grew its stablecoin supply by 1,941.5% in 2024, are gaining ground, indicating a diversifying stablecoin landscape.
Adjusted stablecoin transaction volume settled by network, monthly | Source: Castle Island Ventures
Stablecoins are playing an increasingly central role in global finance, having settled $3.7 trillion in transactions in 2023 and projected to reach $5.28 trillion by the end of 2024. As crypto.news reported earlier, data gathered by Castle Island Ventures and Brevan Howard Digital revealed growing usage of stablecoins beyond exchange settlement, particularly in emerging markets where they are being used for savings, currency conversion, and yield generation.
Having surveyed over 2,540 crypto users across Nigeria, Indonesia, Turkey, Brazil, and India, researchers found that while trading crypto or non-fungible tokens remains the most popular use for stablecoins, non-crypto purposes are not far behind.
Crypto hacks in September resulted in over $120 million in losses, with the top incidents targeting platforms like BingX, Penpie, and Indodax.
The crypto space has surpassed more than $120 million in losses in September due to more than 20 hacks, down 61.76% from August, according to data from blockchain forensic firm PeckShield.
#PeckShieldAlert September 2024 saw 20+ hacks in the crypto space, leading to ~$120.23 million in losses. (Note: The $32.4 million worth of $spWETH drained in a Permit signature #phishing is not included)#Top 10 Hacks in September 2024:#BingX: $44 million#Penpie: $27 million… pic.twitter.com/t2YuvIds6u
In an X post on Oct. 1, PeckShield reported that BingX, a Singapore-based cryptocurrency exchange, was hit the hardest with over $40 million in losses, followed by Penpie at $27 million, and Indodax, which lost over $21 million. Other incidents included DeltaPrime, which saw $5.98 million stolen, and Truflation with $5.6 million in losses.
A phishing attack targeting $spWETH signatures resulted in an additional $32.4 million drain, though these figures were excluded from the overall tally. Partial funds were returned in the Shezmu hack, which saw $4.9 million stolen. Smaller hacks also impacted Onyx, BananaGun, Bedrock, and CUT, with losses ranging from $1.4 million to $3.8 million.
Over $400m lost in Q3
Despite the significant losses, the overall damage from crypto hacks was markedly lower compared to August, when the industry lost over $300 million worth of crypto in just 10 different incidents. In total, the crypto space saw a loss of nearly $413 million in Q3, per the latest report from web3 bug bounty platform Immunefi.
Data reveals that more than $409.9 million was lost to hacks across 31 specific incidents, and $3,087,552 was lost to fraud across only three specific incidents. Most of that sum was lost by two specific projects: WazirX, India’s crypto exchange, which suffered an attack that resulted in $235,000,000 lost, and BingX.
Analysts at Immunefi say that centralized finance was the main target of successful exploits at nearly 75% as compared to decentralized finance at 25.2% of the total losses. The most attacked blockchain network was Ethereum, with 15 incidents, followed by BNB Chain (formerly Binance Smart Chain) and Coinbase’s network Base.
The Ice Open Network went parabolic this week ahead of its mainnet launch, as more centralized exchanges listed it.
ICE token listings
The Binance-based Ice Open Network (ICE) surged to a high of $0.0097, its highest level since Feb. 24, and over 202% above its lowest level in August.
It then erased some of this week’s gains, dropping to a low of $0.0080 as the bullish momentum faded.
According to the developers, the token has been listed on 22 centralized exchanges, including LBank, Tapbit, Deepcoin, and Coinstore. The most recent exchange to list it was Deepcoin, which initiated the ICE/USDT pair with a $100,000 prize pool.
🚀 It’s official! $ICE is now listed and trading has begun on 22 new exchanges!
🔥 We’ve hit a huge milestone today, and the journey is just getting started. A big thank you to our incredible community for your support!
Most of the ION trading was happening on OKX, followed by HTX, Gate.io, and MEXC.
The ION network is an upcoming platform that aims to address the key challenges of centralization in today’s digital environment.
According to its white paper, it is built on the legacy of TON’s blockchain, which has grown to become a leading chain with over $800 million in assets.
It will introduce tools such as decentralized digital identity, social media, storage, databases, and content delivery networks, integrating these features into a single, scalable blockchain infrastructure capable of handling millions of transactions per second.
The ION token also jumped as interest among investors jumped. Data shows that it was one of the most searched cryptocurrencies on CoinGecko, CoinMarketCap, and CryptoRank this week. Its searches were more than popular coins like Sui (SUI), Bitcoin (BTC), and Hamster Kombat. ION was also the top gainer in the BNB Chan in the last seven days.
The next key catalyst for the token will be its mainnet launch, which the developers have said will happen soon. Cryptocurrencies often rally ahead of a big event like a mainnet launch.
The ION token rallied after forming a triple-bottom pattern at $0.0031 in March, April, and August. It broke above its neckline at $0.0060, the highest swing on June 7, and the triple bottom’s neckline.
It remains above the 50-day moving average, while the Commodity Channel Index has moved downward. There are also signs that it has formed a small shooting star candlestick pattern, a popular reversal signal.
Therefore, the Ice Open Network token will likely experience some volatility in the near term and then resume its bull run ahead of the mainnet launch.
Base network saw over 34,000 high-risk vulnerabilities in its smart contracts, including malicious boolean checks and library tampering, according to new data.
Blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts, with Coinbase’s Base network leading in high-risk detections.
According to data from Trugard Labs, which identified risks using its Xcalibur tool, Base accounted for more than 34,000 high-risk detections in its smart contracts during August.
The Coinbase-incubated network was particularly susceptible to Digital Signature issues, with nearly 22,000 detections related to tampering in standard libraries like SafeMath. Malicious boolean checks on token transfers also posed significant risks, with over 6,300 instances identified on Base. These checks could block or manipulate token transfers, presenting a key vulnerability.
High risks identified across blockchains in August | Source: Trugard
Web2 hackers turn to web3
Trugard Labs identified several other major threats across the Base network, including unauthorized token burns, balance updates, and controlled minting attacks. Hidden balance updates and minting manipulations were also detected across Ethereum and BNB Chain (formerly Binance Smart Chain, BSC), though in smaller numbers.
Cross-chain comparison Top by risk share | Source: Trugard
The surge in malicious activity on Base underscores the vulnerability of protocols deployed on the network to exploitation, as cybercriminal groups that once operated in web2 “have now shifted focus to the burgeoning web3 ecosystem,” analysts at Trugard say.
As the decentralized finance sector grows, so does its appeal to threat actors. In the past, web2 criminals specialized in phishing, ransomware, and exploiting vulnerabilities in centralized systems. Trugard says those same tactics are now being adapted to exploit “vulnerabilities in smart contracts, decentralized finance protocols, and blockchain networks.”
Binance Coin rose for the fifth consecutive day as on-chain activity showed rising active addresses and transactions in the network.
Binance chain active addresses are rising
Binance Coin (BNB) rose to an intraday high of $545, its highest level since Aug. 27, and 15% above its lowest point this month. It has surged by over 36% from its August lows.
Its recovery has mirrored that of other coins. Sui (SUI) rose to its Aug. 24 highs while, Popcat (POPCAT) and BinaryX (BNX) reached their highest levels in weeks.
BNB’s price increase was driven by on-chain metrics, which showed that the number of active addresses rose by 4% in the last 24 hours to 925.7k, while transactions increased by 15% to 4.2 million. According to data from Nansen, these transactions hit their highest level in almost a month.
However, zooming out, data shows that on-chain transactions and active addresses are not performing as well. The number of active addresses peaked at 3.58 million in December, meaning they have dropped by over 75%.
The number of transactions also peaked at 4.8 million in August and has since dropped by over 75%. BNB Smart Chain’s fees have also been in a downward trend, falling from over $1.5 million in April to $372,000.
More data by DeFi Llama shows that the total value locked in the BNB Chain’s DeFi ecosystem stood at over $4.4 billion, with Venus, PancakeSwap, and Lista DAO being the biggest apps. The TVL has dropped from over $5.8 billion earlier this year.
BNB Chain DEX platforms handled over $3.6 billion in assets in the last seven days, making it the fourth-biggest chain after Ethereum, Solana, and Arbitrum.
Another risk for Binance Coin is that it is primarily held by Binance and insiders, which could cause issues if they decide to sell. Data by CoinCarp shows that the top ten entities hold 75.6% of all tokens.
The daily chart shows that Binance Coin has formed an inverse head and shoulders chart pattern, a rare bullish signal. The recent rebound was part of the right shoulder.
BNB has moved above the 50-day moving average and the 38.2% Fibonacci Retracement point while the Relative Strength Index has crossed the neutral point at 50, meaning that it is gaining momentum.
Therefore, the coin may continue rising as bulls target the head-and-shoulders pattern’s neckline at around $600.
BNB Chain and the SingularityNET Foundation are collaborating to advance the future of artificial intelligence and blockchain integration.
The BNB Chain and SingularityNET (AGIX), a member of the Artificial Superintelligence (ASI) Alliance that also includes Fetch.ai and Ocean Protocol, announced the partnership via a blog post on Aug. 29.
Partnership geared towards decentralized storage solutions
According to the announcement, BNB Chain and SingularityNET aim to enhance the decentralized storage solutions sector as well as promote the decentralized data economy.
The collaboration targets this goal through the “data-as-an-asset” concept, which allows users to control their personal data and monetize it. The two will join forces to bring SingularityNET’s technology stack and BNB Chain’s decentralized storage solution, BNB Greenfield, to more users.
“The integration of SingularityNET platform with BNB Greenfield provides an ideal platform for rolling out the next generation of AI systems that transcend the limitations of current GenAI systems and meet the full spectrum of application needs.”
SingularityNET founder Dr. Ben Goertzel.
Blockchain solution
AI continues to see unprecedented growth amid application and integration across the blockchain ecosystem and elsewhere. However, there’s still hurdles in relation to practical application of generative artificial intelligence, with increasing issues around deepfakes and other malicious uses a key concern.
Further integration of SingularityNET and the ASI network with BNB Smart Chain is a step towards providing a solution. BNB Chain plans to offer both technical support as well as incubation and grants to projects looking to bring these solutions to the real world.
Other blockchain platforms working towards this goal include Filecoin, Sia, Storj, and Arweave.
Alpaca Finance token experienced a significant surge this week, reaching a high of $0.227, the highest level since April 8.
ALPACA (ALPACA) rose by over 252% from its lowest point this year, making it one of the top-performing coins of the week. Its market cap climbed to over $37 million, while its 24-hour trading volume spiked to $142 million.
The token’s surge followed the listing of its perpetual futures on Binance, the largest centralized exchange in the industry. This listing potentially exposed the token to over 216 million users on the platform.
In addition to Binance, WhiteBit, a partner of FC Barcelona, also listed Alpaca Finance’s perpetual futures. According to WhiteBit’s website, it recorded a 24-hour trading volume of over $6.5 million.
Alpaca Finance is one of the top Decentralized Finance dApps in the BNB Smart Chain ecosystem with over $55 million in funds deployed across its V1 and V2 networks. It is an alternative to AAVE (AAVE) that lets people borrow and earn rewards.
It is common for altcoins to see substantial gains following their listing on major exchanges like Binance and Coinbase.
Alpaca’s price surge coincided with the convergence of two lines forming a falling wedge pattern, a technical setup that typically signals further upside potential.
The token broke above the key resistance level at $0.1940, the highest point on June 5, and surpassed both the 200-day and 50-day moving averages. This move indicates that bullish momentum is currently strong.
Alpaca reached a high of $0.2778, aligning with the weak, stop & reverse level of the Murrey Math Lines tool.
However, there are signs that it has gotten highly overbought. The Relative Strength Index rose to the extremely overbought point at 86 while the Money Flow Index indicator moved to 97.
While these overbought conditions reflect strong bullish momentum, they also suggest that a sharp reversal could occur as the initial excitement from the exchange listings fades. If a pullback happens, the key reference level to monitor would be $0.1940, which aligns with the major support/resistance pivot point of the Murrey Math Lines.
Co-founded by Ukrainian world heavyweight champion Oleksandr Usyk, Ready to Fight has joined forces with the TON Foundation to bring crypto-friendly debit cards to Telegram.
Ready to Fight, a web3 boxing app built on the Ethereum and BNB Chain (formerly Binance Smart Chain) blockchains, has teamed up with the TON Foundation and Kauri One, a blockchain developer, to offer a crypto-enabled debit card on the Telegram messenger in an effort to expand use cases for the RTF token.
According to a press release shared with crypto.news, the collaboration allows RTF holders to spend their tokens globally at merchants that support Mastercard using Apple Pay. Additionally, users can buy, hold, exchange, and sell nine other tokens, including Bitcoin (BTC), Tether (USDT), and Ethereum (ETH), within their in-app wallet, and convert them into RTF tokens.
Commenting on the partnership, Ready to Fight chief executive Sergey Lapin said blockchain opened “huge opportunities to support the growth of the sports industry, and this is particularly the case for boxing.”
“The huge demand for Ready to Fight demonstrates its potential, but we can only achieve mass adoption by ensuring ease-of-use and a wide range of use-cases,” Lapin said.
Launched in late 2023, Ready to Fight already boasts over 150,000 users, including 15,000 boxers, and has received support from boxing champions like Amir Khan, Mike Tyson, and Michael Buffer. The app is designed as an “intermediary” between athletes and the specialists and services that “help them develop and earn money,” according to the project’s tokenomics. The platform also uses its own native token RTF for “all financial transactions on the platform,” including donations, and payment for products and services.
opBNB là nền tảng Layer 2 dành riêng cho BNB Chain, đồng thời cũng là sản phẩm mới nhất của Binance. Vậy opBNB có điểm gì nổi bật?
opBNB là gì?
opBNB là giải pháp mở rộng Layer 2 trên blockchain BNB Chain, sử dụng công nghệ bedrock của *OP Stack để tăng hiệu suất node và trở thành mạng lưới tương thích với EVM.
Mục tiêu của opBNB là tăng cường khả năng mở rộng, cải thiện tốc độ giao dịch và giảm phí giao dịch cho BNB Chain. Từ đó, thu hút thêm người dùng đến với hệ sinh thái Binance.
*OP Stack là bộ công cụ được phát triển bởi Optimism, cho phép các nhà phát triển sử dụng để cải thiện khả năng bảo mật và tốc độ giao dịch trên mạng lưới của họ.
Theo thông tin từ đội ngũ, OP Stack làm bộ khung chính cho nền tảng sẽ dễ dàng đưa opBNB những ưu điểm như sau:
Cho phép tùy chỉnh *execution client: Cho phép opBNB khả năng thực hiện các smart contract bằng những client khác nhau. Từ đó, thúc đẩy sự phi tập trung và hiệu suất của mạng lưới.
Khả năng thay thế Data Availability (DA): DA là dữ liệu dự trữ mà các node sẽ cần tải xuống khi có xung đột giữa những giao dịch. Thông thường, DA nằm trên execution layer – là nơi mà những ứng dụng dApp và DeFi nằm trên, dẫn đến tình trạng bảo mật kém.
Tuy nhiên, OP Stack cho phép opBNB tách rời DA khỏi execution layer, từ đó cho phép các node có thể tùy chọn những dữ liệu cần thiết mà không cần phải chọn toàn bộ. Ngoài ra, opBNB có thể sử dụng BNB Greenfield như một lớp DA để có thể giảm phí gas, có lợi cho cả người dùng và hệ sinh thái.
*execution client là thành phần trong blockchain chịu trách nhiệm thực thi các smart contract và xử lý các giao dịch.
Sản phẩm của opBNB
opBNB có hai sản phẩm chính gồm:
opBNB Bridge: là cầu nối trên hệ sinh thái opBNB, cho phép người dùng di chuyển tài sản từ mạng lưới BNB Chain testnet sang opBNB và ngược lại. Tuy nhiên, ngoài opBNB Bridge còn có một cầu nối trong hệ sinh thái là zkBridge thuộc Polyhedra Network (hỗ trợ mạng lưới BNB Chain testnet và Combo Network).
Giao diện opBNB Bridge
opBNBScan: là trình duyệt cho phép người dùng kiểm tra dữ liệu on-chain trên mạng lưới opBNB, bao gồm: số block, lịch sử giao dịch, Txn hash… Tại thời điểm viết bài, số lượng giao dịch hàng ngày đang dao động ở 150,000 giao dịch với 450,000 địa chỉ ví khác nhau.
Giao diện opBNBScan
Cấu trúc của opBNB
Cấu trúc của opBNB gồm ba bộ phận chính là Sequencer, Prover và Verifier. Mục đích chung của các thành phần là giảm tải giao dịch trên Layer 1 – BNB Chain, từ đó hạn chế việc tắc nghẽn mạng lưới. Dưới đây là những thành phần chính:
Sequencer: Là thành phần tính toán và chuyển đổi trạng thái (state) của các giao dịch. Sau đó, Sequencer sẽ gửi những thông tin của những giao dịch trên lên roll up contract. Roll up contract là bộ phận đóng vai trò xử lý và xác nhận các giao dịch trên Layer 2, sau đó chuyển thông tin giao dịch xuống BNB Chain.
Prover (Node): Là bộ phận tạo ra những bằng chứng xác thực việc chuyển đổi trạng thái của giao dịch là hợp lệ. Mục tiêu chính của Prover là đảm bảo tính chính xác và đáng tin cậy từ các giao dịch và không có sự xâm nhập từ bên thứ ba.
Verifier (Challenger): Là bộ phận kiểm tra các bằng chứng từ Prover, và đảm bảo một lần nữa là các giao dịch trên opBNB hợp lệ, không bị gian lận.
Cấu trúc hoạt động của opBNB
Về mô hình hoạt động, đầu tiên người dùng giao dịch trên opBNB, sau đó các giao dịch được xác thực và tạo bằng chứng gắn liền bởi Prover (node). Ngay sau khi được xác thực và có bằng chứng, Sequencer sẽ tiếp nhận tổng hợp và gửi những giao dịch trở lại lên BNB Chain.
Nếu như trong quá trình Sequencer tổng hợp giao dịch và thấy được sai sót, chúng sẽ gửi các giao dịch này lên Verifier để xác nhận một lần nữa. Cuối cùng, Verifier sẽ gửi bằng chứng sai phạm hoặc không sai phạm lên BNB Chain.
Điểm nổi bật của opBNB
opBNB là Layer 2 sử dụng công nghệ OP Stack, nên mạng lưới này thừa hưởng những đặc điểm nổi bật sau đây:
Khả năng tương tác cao: Sử dụng OP Stack đồng nghĩa với việc opBNB có khả năng tương tác với các Layer 2 tích hợp chung OP Stack khác như
Tốc độ giao dịch nhanh: Theo đội ngũ dự án, opBNB được thiết kế với khả năng đưa tốc độ giao dịch của mạng lưới lên con số 4,500 TPS (Arbitrum là 4,000 TPS). Tuy nhiên, đây chỉ là lời nói từ đội ngũ và chưa có tính xác thực.
Tương thích EVM: opBNB là Layer 2 tương thích EVM, từ đó cho phép các nhà phát triển dễ dàng xây dựng dApp trên hệ sinh thái opBNB.
Phí giao dịch thấp: Đa phần Layer 2 có phí giao dịch khoảng 0.2-0.3 USD do xây dựng trên Ethereum – mạng lưới có phí giao dịch cao (~10 USD/giao dịch). opBNB lại được phát triển trên BNB Chain – mạng lưới có phí giao dịch thấp (~1 USD/giao dịch). Vì vậy, opBNB mang lại cho người dùng phí giao dịch thấp, trung bình 0.005 USD/giao dịch.
Mở rộng hệ sinh thái Binance: opBNB là sản phẩm của Binance, do đó mạng lưới này có khả năng tương tác cao với BNB Greenfield, BNB Chain, BNB Beacon Chain và zkBNB.
Token opBNB là gì?
Tại thời điểm, đội ngũ dự án chưa có thông báo về token opBNB, nhưng mạng lưới sẽ sử dụng token BNB để làm phí giao dịch.
Roadmap và cập nhật
Dưới đây là một số mốc thời gian nổi bật của opBNB:
19/6/2023: opBNB ra mắt testnet.
13/7/2023: Tổ chức Hackathon nhằm mục đích phát triển hệ sinh thái.
8/4/2023: Ra mắt chương trình Incentive Program dành cho các dApp trên opBNB.
Ngoài ra, theo thông tin từ đội ngũ, opBNB sẽ hướng đến Account Abstraction cho hệ sinh thái.
Đội ngũ dự án, nhà đầu tư và đối tác
Đội ngũ dự án
opBNB là sản phẩm của Binance, do đó đội ngũ dự án là những thành viên của công ty Binance.
Nhà đầu tư
Hiện tại, vẫn chưa có thông tin cụ thể về nhà đầu tư của opBNB. Coin98 Insights sẽ cập nhật ngay khi có thông tin mới nhất.
Đối tác
Hiện tại, opBNB có hơn 50 đối tác chiến lược với những cái tên mới nhất gồm: Hooked Protocol, Polyhedra Network, BlockVision…
Đối tác mới nhất của opBNB (tính từ ngày 25/7/2023)
Một số dự án tương tự
Dưới đây là một số dự án Layer 2 tương tự:
Optimism: Là giải pháp mở rộng Layer 2 trên Ethereum nhằm giảm tải phí gas, tăng tốc độ hoàn thiện giao dịch.
Arbitrum: Là giải pháp mở rộng Layer 2 nhằm giải quyết các vấn đề tắc nghẽn trên Ethereum.
