Lưu trữ cho từ khóa: Ethereum

Altcoin

Ethereum and TRON control 84% of stablecoin market, CoinGecko says

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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.

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DeFi

EIGEN token unlock goes live with debut of more than $6.5b FDV

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Restaking protocol EigenLayer’s native token EIGEN has officially been launched and is currently trading at $4.10 per token.

On Oct. 1 at 05:00 UTC, EigenLayer‘s token EIGEN was listed on several major exchanges including Binance and MEXC. The token is now transferrable and trading at a fully diluted value reaching over $6.5 billion.

According to data on Coinmarketcap, EIGEN’s price is currently up 10% at $4.10. Around 1.68 billion tokens have entered the market including 86 million tokens that were airdropped to users that interacted with the protocol earlier this year.

One trader on X deposited al total of 5.24 million EIGEN tokens, or approximately $21.5 million USD using five addresses since the token has gone live.

According to EigenLayer’s X post, developers can also build Actively Validated Services using EIGEN staking.

“Stakers play a direct role in securing these services and diversifying use cases, while partners integrate EigenLayer’s security to enhance their protocols,” stated the account @eigenfoundation. The protocol also plans to introduce a programmatic incentives reward for stakers and operators supporting AVSs.

The EIGEN token was described as a “universal intersubjective work token” on the protocol’s website.

According to the blog post, the aim of the token is to solve challenges of “universality, isolation, metering and compensation”. It will also use social consensus and forking to execute a variety of digital tasks.

The protocol is built on Ethereum and accepts ETH deposits, providing users the ability to secure additional networks in return for additional yield.

In recent years, EigenLayer has become one of the biggest players in the crypto industry that offer staking solutions. According to data on DeFi Llama, Eigenlayer has become the third-biggest player in the DeFi industry with over $10.9 billion in total value locked.

The protocol employs staking technology that lets Ethereum stakers reuse their tokens on other protocols. In addition from EigenLayer, other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Lido.

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Theo Crypto News

Altcoin

Crypto losses to hacks surpass $120m in September, PeckShield says

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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.

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.

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Theo Crypto News

Altcoin

Valour debuts physically-backed Ethereum staking ETP on LSE

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ETP issuer Valour has launched a fully backed Ethereum staking ETP on the London Stock Exchange, marking a pivotal step for institutional access to decentralized finance in the U.K.

Valour, a Swiss digital asset investment firm run by DeFi Technologies Inc., has introduced a physically-backed Ethereum (ETH) staking exchange-traded product on the London Stock Exchange, providing institutional investors with passive, non-leveraged exposure to ETH while allowing them to earn staking rewards.

In a Sept. 30 press release, the Swiss firm stated that the product complies with the Financial Conduct Authority’s stipulations and is supported by ETH held in cold storage by custodians Copper Markets AG, with staking services provided by Blockdaemon.

London welcomes first Ethereum ETP with staking

The launch follows LSE’s guidance for admitting physically-backed crypto ETPs. According to DeFi Technologies CEO Olivier Roussy Newton, the product bridges traditional finance and digital assets, offering institutional investors an efficient way to gain exposure to Ethereum and its staking benefits. For Valour, this latest product is an addition to more than a dozen crypto-linked ETPs already available to investors.

The move aligns with recent developments in the U.S., where the Securities and Exchange Commission approved Ethereum spot ETFs in mid-July, though without staking rewards. Ethereum staking yields, currently around 3.19% per data from Staking Rewards, are expected to gain prominence as analysts at FalcoX predict a bull market driven by increased liquidity and favorable outcomes in the 2024 elections.

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Theo Crypto News

Altcoin

Another Vitalik Buterin funded wallet dumps 1,300 ETH in 11 days 

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A wallet linked to Vitalik Buterin has sold over $3 million worth of ether in the past 11 days.

On Sept. 30, analytics platform Spot On Chain reported a transfer of 649 ETH (roughly $1.72 million) to cryptocurrency exchange Paxos. The transaction marked the conclusion of a series of sales triggered after the Ethereum co-founder funded the wallet in question.

Identified by “0x556,” the wallet received 1,300 ETH ($3.21 million) on Sept. 19 from “0xd04”, an Ethereum wallet said to be controlled by Buterin. Reportedly, “0xd04” was funded by the crypto pioneer in 2022, when he transferred 70,000 ETH.

Notably, this wasn’t the first time these wallets have exchanged funds. According to on-chain data, “0xd04” had sent 2,000 ETH, then valued at $5.265 million on September 2023, preceded by a transfer of 999 ETH valued at $2.63 million the same month.

Meanwhile, another transfer of 1701 ETH valued at $4.47 million was made the month before, bringing the total ether received to date to 5,999 ETH.

At press time, “0x556” had not been labeled as Buterin’s, but in a post made on Sept. 12, 2023, Spot On Chain speculated that the Ethereum co-founder was behind the transfer of over 2,000 ETH to crypto exchange Bitstamp at the time.

While many view transfers like these as Buterin’s attempts at profiting, he has publicly denied these allegations and reiterated that he has not sold ETH for personal gains since 2018.

The concerns emerged earlier this month as another wallet which received 3,800 ETH from Buterin in August, was seen offloading the funds across multiple transfers. However, Buterin soon clarified that the sales were executed by a “bio-defense group” he funds.

In an earlier post, he added that all ETH sales funded by accounts linked to him were to either support ethereum ecosystem projects he deems valuable or for philanthropic purposes.

Besides community concerns over these sell-offs, the Ethereum co-founder recently came under fire for wielding too much influence over Ethereum’s direction, with Cardano founder Charles Hoskinson likening Ethereum’s governance model to a “dictatorship” driven by Buterin’s pivotal decisions.

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Theo Crypto News

Bitcoin

Crypto staking platform Bedrock exploited via a bug, users can swap 1 ETH for 1 BTC

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Staking protocol Bedrock confirmed their platform was infiltrated by a bug involving uniBTC, which allowed users to exchange a uniBTC with an ETH token.

Bedrock announced through an X post on Sept. 27 that they are aware of the security breach and the issue is currently “handled” by their team.

They also assured users that the remaining funds were safe and they plan to launch a reimbursement plan in the near future, estimating the total loss to be approximately $2 million in digital assets.

That being said, a user on the platform found that the bug allowed for them to exchange their Bitcoin (BTC) with Ethereum (ETH). This is because the security exploit directly affected the platform’s uniBTC, a synthetic Bitcoin token used in DeFi.

“This function was likely leftover from the uniETH implementation,” the user remarked.

According to data from crypto.news, Bitcoin is sold at $65,449 per token while Ethereum’s price stands at $2,659 at the time of writing.

Bedrock claimed most of the losses were from decentralized exchange liquidity pools and clarified that the underlying wrapped Bitcoin tokens and standard Bitcoin that are held in reserves were secure. 

“At this time, no extra actions are required from our community. Rest assured that all uniBTC held by users are safe,” said Bedrock, adding that the platform will release a post-mortem report shortly.

As of right now, the protocol’s team has identified the root cause of the security exploit and are working closely with their audit teams to recover the lost funds.

Bedrock was launched in February 2023 by Singapore-based blockchain firm RockX. The protocol was designed to make liquid staking attractive for institutional investors by prioritizing compliance with know-your-customer and anti-money laundering regulations.

Bedrock is ranked as the eighth-largest liquid staking protocol according to DefiLlama, worth over $240 million in total value locked on its platform. 

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Theo Crypto News

Altcoin

Genesis creditor already sold 12,100 ETH amid major liquidation

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The largest recipient of the Genesis Trading bankruptcy proceedings has recently been involved in a significant Ethereum sell-off. 

According to data provided by Arkham Intelligence, the creditor has sold 12,100 Ethereum (ETH) worth $31.43 million, within just three days. This move comes shortly after receiving a massive repayment from Genesis Trading as part of its liquidation process in August.

The creditor, with wallet address 0x999…46E, received the largest compensation during the Genesis Trading creditor repayments. 

On Aug. 2, this wallet was credited with 114,502 ETH, which had a total worth of $358.19 million at the time. Despite holding a substantial portion of the liquidation proceeds, the creditor has already begun selling off a significant amount of their allocation.

The sell-off began on Sept. 23, when the wallet initiated transfers of ETH to FalconX, a leading institutional cryptocurrency brokerage firm.

Over the next few days, the creditor transferred a total of 12,100 ETH, with the most recent transaction occurring on Sept. 25 at 15:39 UTC. This latest transfer alone involved 7,099 ETH valued at $18.56 million.

The large-scale liquidation coincides with ongoing market uncertainties. Notably, Ethereum has been subjected to sideways movements since it recorded a rapid spike from Sept. 17 to 21. 

The asset continues to move within a range of $2,529 and $2,703 over the past five days. However, the recent sales from the Genesis creditor could trigger a trend of selling pressure around the market.

ETH price – Sept. 26 | Source: crypto.news

Recall that Genesis filed for bankruptcy earlier in 2023 following a series of setbacks, including the turbulence faced by its parent company, Digital Currency Group. 

As part of its Chapter 11 bankruptcy proceedings, Genesis began repaying its creditors last month, distributing about $4 billion in crypto assets to those affected. The creditor in question received the largest repayment from the liquidation.

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Theo Crypto News

Altcoin

Bitcoin ETFs record nearly $500m inflows over five days, Ether ETFs continue positive streak

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Spot Bitcoin ETFs in the U.S. marked their fifth straight day of net inflows, with spot Ether ETFs also registering inflows for a second consecutive day.

Data from SoSoValue shows that the 12 spot Bitcoin ETFs recorded net inflows of $105.84 million on Sept. 25, marking the fifth consecutive day of positive inflows. Over this period, the funds have accumulated more than $496.56 million.

BlackRock‘s IBIT, the largest Bitcoin ETF, led the inflows for the second consecutive day with $98.9 million flowing into the fund, bringing its total net inflows to $21.2 billion. BItwise’s BITB drew in $2.1 million.

These inflows were partially offset by Fidelity’s FBTC and ARK 21Shares’ ARKB which experienced outflows totalling $33.2 million and $47.4 million, respectively. The remaining eight BTC ETFs including Grayscale’s GBTC remained neutral on the day

Since the conversion of GBTC into an ETF, investors have withdrawn more than $20.1 billion from the fund. However, the significant outflows that followed the conversion have eased in recent weeks.

Total trading volume for the 12 BTC ETFs dipped to $795.85 million on Sept. 25, lower than the $1.11 billion seen the previous day. Since launch, these funds have recorded a cumulative total net inflow of $17.94 billion. Bitcoin (BTC) was trading at $63,675 at press time.

The nine U.S.-based Spot Ethereum ETFs logged net inflows of $43.23 million on Sept. 25, continuing the positive performance seen the previous day. Most of the inflows went into Grayscale Bitcoin Mini Trust, which saw $26.6 million added to the fund.

BlackRock’s ETHA and Fidelity’s FETH followed with inflows of $ 9.4 million and $6.4 million respectively. 21Shares CETH also drew in a more modest inflow of $774.1K The remaining ETH ETFs saw no trading activity on the day.

The trading volume for these investment vehicles dropped to $124 million on Sept. 25 from $180.42 million seen the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $580.94 million. At the time of publication, Ethereum (ETH) was exchanging hands at $2,613.

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Theo Crypto News

Altcoin

Visa to pilot tokenized asset platform for banks on Ethereum

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Visa to develop a platform for banks to test fiat-backed blockchain tokens

Visa has announced the launch of the Visa Tokenized Asset Platform, aiming to help banks and financial institutions explore the use of tokenized assets on blockchains, according to Blockworks. 

Tokenization is a process that converts real-world assets, such as money, into digital tokens that can be used on blockchain networks. 

This technology could allow banks to issue fiat-backed tokens, representing traditional money, on blockchain systems, enabling them to engage in digital financial markets.

Visa on the Ethereum blockchain

Visa’s VTAP will allow banks to test and experiment with how these tokens can be used, offering a way to make transactions faster and more efficient.

The company plans to conduct its first pilot on the Ethereum (ETH) blockchain in 2025, working with a select group of customers, per Blockworks. 

Ethereum is one of the most popular blockchain networks and supports smart contracts—self-executing programs that handle transactions when certain conditions are met.

This move aligns with Visa’s past work in the digital currency space, as it has previously collaborated with HSBC and Hang Seng Bank on similar projects in Hong Kong. The pilot highlighted enhanced privacy and security in transactions and showcased potential tokenized assets and programmable finance applications.

Visa has been active in the token economy and stablecoin space, earlier in September Ether.fi launched a Visa-enabled credit card and wallet app, allowing users to access fiat credit using crypto as collateral. 

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