Headlines
EigenLayer: $5.7 million hack is an "isolated" incident, no vulnerabilities in the protocol
EigenLayer's official message states that the unauthorized $5.7 million token sale incident was caused by a hack, but it is an isolated event that will not affect its ecosystem. The team indicated that this leak is unrelated to any on-chain functionality.
EigenLayer stated that there are no known vulnerabilities in the protocol or token contracts. They also mentioned in a community update that they will continue to investigate and will provide updates as more information becomes available.
Overseas KOL Ignas posted data on X indicating that the amount of EIGEN currently staked is greater than the circulating amount—staked volume is 242 million, while circulating volume is 186 million (according to CMC and Coingecko data). This is because EigenLayer allows tokens from investors in a "locked" state to be staked.
Ignas added that this is a common issue in the industry, and TIA seems to have a similar problem. It dilutes the staking rewards that real users can obtain and limits the appreciation potential of the token, as the lower APY is insufficient to attract people to buy these tokens from the market.
According to CryptoQuant analysis, long-term Bitcoin holders (those holding for more than 155 days) are reducing their positions, with recent holdings dropping from $19 billion to $12 billion, while short-term holders' positions have surged by $6 billion recently. (Cointelegraph)
gm.ai: Over 51 million GM repurchased from the open market to date
gm.ai posted on the X platform:
To date, over 51 million GM have been repurchased from the open market;
Repurchases will continue this week;
Airdrops are being conducted for presale participants (up to 80% of repurchased tokens, details to be announced soon).
Up to 10% of GM repurchases will be used to extend Anchor incentive time to avoid dilution.
Industry News
Recently, the Chinese stock market has rebounded under government stimulus policies, but this rise may be siphoning funds from the crypto market, affecting the rise of cryptocurrencies like Bitcoin. Since September 24, the Shanghai Composite Index has risen over 20%, reaching a new high since May 2023. However, Bitcoin's price has remained around $64,000 following China's stimulus policies, maintaining a consolidation period between $50,000 and $70,000 for six months.
Market observers point out that despite the Chinese government's introduction of over 7.5 trillion yuan in economic stimulus plans, which is widely seen as a super bullish signal for Bitcoin and other risk assets, Bitcoin's price has not seen significant increases. Danny Chong, co-founder of the Singapore Digital Asset Association, stated that this capital transfer may be temporary, and once the upward trend in the Chinese stock market stabilizes, funds are expected to flow back into the crypto market.
Traditional market analysts believe that China's latest stimulus measures do not address fundamental economic issues and may not lead to a long-term rise in the stock market. TS Lombard noted in a report on October 2 that unless some fundamental issues, such as fixing banks' balance sheets, are resolved, any attempts to increase lending and leverage risk-taking may fail. BCA Research also stated that the rise in the Chinese stock market may not be sustainable. (CoinDesk)
Japanese listed company Metaplanet increases its BTC holdings by 108.78 BTC
Japanese listed company Metaplanet has increased its BTC holdings by 108.78 BTC, bringing its total BTC holdings to 639.503 BTC.
Coinbase plans to delist non-compliant stablecoins in the European Economic Area by December
Coinbase will delist all unauthorized stablecoins from its cryptocurrency exchange in the European Economic Area (EEA) by the end of the year, which could be a heavy blow to tokens like Tether Holdings' USDT. The EU will fully implement new regulations for the crypto industry, known as MiCA, by the end of this year. According to MiCA, regulations for stablecoin issuers took effect on June 30, requiring them to hold electronic money authorization in at least one member state. Guidance for cryptocurrency exchanges and other companies operating in the EU will take effect on December 31. A Coinbase spokesperson stated, "In light of our commitment to compliance, we intend to limit services to EEA users related to stablecoins that do not meet MiCA requirements by December 30, 2024." (Bloomberg)
Illyriad Games co-founder Ben Adams has initiated an Ethereum Improvement Proposal (EIP-7781) aimed at reducing the block time on the Ethereum network from the current 12 seconds to 8 seconds, increasing Rollup-based latency, and enhancing Blob capacity to reduce Layer 2 network fees.
In addition to increasing mainnet throughput, the proposal aims to allocate bandwidth usage over time, reducing peak bandwidth demand without increasing the number of individual blocks or blobs.
Ethereum Foundation researcher Justin Drake expressed support for the EIP on GitHub, stating that the proposal aligns with some broader goals put forth by Vitalik and the Ethereum scaling organization. Drake noted that reducing block time would make decentralized exchanges like Uniswap v3 "1.22 times more efficient" and could "save approximately $100 million annually in CEX-DEX arbitrage, ultimately providing users with better execution." (Cointelegraph)
Project News
Vitalik sells 10 billion MOODENG again and donates 260.16 ETH to charity
According to Lookonchain monitoring, vitalik.eth sold 10 billion MOODENG again 45 minutes ago, obtaining 308.69 ETH (worth approximately $762,000) and donated 260.16 ETH (worth approximately $642,000) to the charity Kanro.
vitalik.eth still holds 40 billion MOODENG, valued at approximately $8 million.
UniSat has released its Q4 roadmap, which includes:
October: Activating runes, CAT20 recognition and transfer, CAT Marketplace;
November: FB voting, major updates for PizzaSwap, brc-20, rune and CAT20 optimization;
December: zkAtomicSwap - effective atomic swaps, advanced support for CAT protocol, major updates for PizzaSwap.
Insider: WLD tokens from FTX discount auction expected to sell for slightly above $1
According to The Block, WLD tokens from the FTX discount auction are expected to sell for slightly above $1, with a total of 22.3 million tokens that will begin to unlock linearly starting in 2028.
Current market data shows the WLD price at $1.88.
Investment and Financing
Web3 game studio Moonray Studio raises $8.25 million through two funding rounds
Web3 multiplayer battle arena game development studio Moonray Studio announced that it has raised $8.25 million through two funding rounds, with participation from Animoca Brands, Polygon Ventures, and Cardano, while also establishing game development partnerships with Digital Void, streaming content partnerships with Reel FX, and user acquisition partnerships with gaming guilds such as YGG, Snack Club, and Unix.
Moonray enhances the gaming experience through blockchain technology via asset ownership, customizable NFTs, and token rewards, with new funds intended for launching a mobile version of the Autobattler game in the first quarter of next year.
Binance Labs announces investment in Sophon
According to market news, Binance Labs has announced an investment in ZKsync's "elastic chain" Sophon, with specific amounts not disclosed. It is reported that Sophon is building a Layer 2 network using Matter Labs' modular open-source framework, with the mainnet set to launch next month and tokens to be deployed soon. As of now, Sophon's total funding has exceeded $70 million (TheBlock).
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