Headlines
EigenLayer: $5.7 million hack was an “isolated” incident, no vulnerability in the protocol
According to EigenLayer, the unapproved $5.7 million token sale was caused by a hacker attack, but the incident was isolated and would not affect its ecosystem. The team said the leak was not related to any on-chain function.
EigenLayer stated that there are no known vulnerabilities in the protocol or token contracts. EigenLayer also stated in a community update that they will continue to investigate and release updates when more information is available.
The current amount of EIGEN pledged is higher than the circulation amount, because investors' "locked" tokens can be put into pledge
Overseas KOL Ignas posted data on X, pointing out that the number of EIGEN currently in pledged status is larger than the number of EIGEN in circulation - the pledged amount is 242 million, and the circulating amount is 186 million (CMC and Coingecko data). This is because EigenLayer allows investors' tokens in a "locked" state to be staked.
Ignas added that this is a common problem in the industry and TIA seems to have a similar problem. It dilutes the staking rewards available to real users and limits the token’s potential for appreciation, as the lower APY is not enough to attract people to buy these tokens from the market.
Analysis: Long-term Bitcoin holders are reducing their holdings, with their positions recently falling from $19 billion to $12 billion
According to CryptoQuant analysis, long-term Bitcoin holders (holding for more than 155 days) are reducing their positions, and their positions have recently dropped from $19 billion to $12 billion, while short-term holders' positions have recently surged by $6 billion. (Cointelegraph)
gm.ai: So far, more than 51 million GMs have been repurchased from the open market
gm.ai posted on the X platform:
So far, more than 51 million GMs have been repurchased from the open market;
Buybacks will continue this week;
An airdrop is ongoing for presale holders (buying back up to 80% of tokens, details to be announced soon).
Up to 10% of GM buybacks will be used to extend the Anchor incentive period to avoid dilution.
Industry News
Analysis: A-shares are siphoning funds from the crypto market, but the rally is unlikely to continue
Recently, China's stock market has rebounded under the impetus of government stimulus policies, but this rise may be siphoning funds from the crypto market, affecting the rise of cryptocurrencies such as Bitcoin. Since September 24, the Shanghai Composite Index has risen by more than 20%, hitting a new high since May 2023. However, the price of Bitcoin is still hovering around $64,000 after China's stimulus policy, and has maintained a six-month consolidation period between $50,000 and $70,000.
Market observers noted that despite the Chinese government's more than 7.5 trillion yuan economic stimulus package, which is widely regarded as super positive news for Bitcoin and other risk assets, Bitcoin prices have not risen significantly. Danny Chong, co-founder of the Singapore Digital Asset Association, said that this capital transfer may be temporary and that 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 solve the fundamental economic problems and may not bring long-term stock market gains. TS Lombard pointed out in an October 2 report that unless some fundamental problems are solved, such as repairing the balance sheets of banks, any attempt to increase lending and leverage risk-taking may fail. BCA Research also said that the rise in China's stock market may not last. (CoinDesk)
Japanese listed company Metaplanet once again increased its holdings by 108.78 BTC
Japanese listed company Metaplanet once again increased its holdings of 108.78 BTC, and its current total BTC holdings are 639.503.
Coinbase plans to remove non-compliant stablecoins from the European Economic Area in December
Coinbase will remove 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 such as Tether Holdings' USDT. The European Union will fully implement new rules governing the crypto industry, known as MiCA, by the end of the year. Regulation of stablecoin issuers under MiCA takes effect on June 30 and requires them to hold an e-money authorization in at least one member state. The guidance for cryptocurrency exchanges and other companies operating in the EU will take effect on December 31. "Given our commitment to compliance, we intend to restrict services to EEA users related to stablecoins that do not comply with MiCA requirements until December 30, 2024," a Coinbase spokesperson said. (Bloomberg)
Illyriad Games co-founded the Ethereum Improvement Proposal (EIP), hoping to reduce Ethereum's block time by 33%.
Illyriad Games co-founder Ben Adams initiated the Ethereum Improvement Proposal (EIP-7781), which aims to reduce the block time on the Ethereum network from the current 12 seconds to 8 seconds, increase Rollup-based latency, and increase Blob capacity to reduce second-layer network fees.
In addition to increasing mainnet throughput, the proposal also aims to distribute bandwidth usage over time, reducing peak bandwidth demand without increasing the number of individual blocks or blobs.
Justin Drake, a researcher at the Ethereum Foundation, expressed his approval of the EIP on GitHub, saying that its proposal is consistent with some of the broader goals set by Vitalik and the Ethereum Extension Organization. Drake said that reducing block time will make decentralized exchanges such as Uniswap v3 "1.22 times more efficient" and can "save approximately $100 million in CEX-DEX arbitrage each year, ultimately resulting in better execution for users." (Cointelegraph)
Project News
Vitalik sells another 10 billion MOODENGs and transfers 260.16 ETH to charity
According to Lookonchain monitoring, vitalik.eth sold 10 billion MOODENGs again 45 minutes ago to obtain 308.69 ETH (worth approximately US$762,000) and transferred 260.16 ETH (worth approximately US$642,000) to the charity Kanro.
vitalik.eth still holds 40 billion MOODENG, worth approximately $8 million.
UniSat releases Q4 roadmap, including activating runes on FB, supporting CAT20, updating PizzaSwap, etc.
UniSat released its fourth quarter roadmap, specifically:
October: Activation runes, CAT20 identification and transmission, CAT Marketplace;
November: FB voting, PizzaSwap major update, brc-20, runes and CAT20 optimization;
December: zkAtomicSwap - efficient atomic swaps, advanced support for CAT protocol, major PizzaSwap update.
Source: FTX discount auction WLD token price expected to be slightly above $1
According to The Block, the WLD tokens in the FTX discount auction are expected to be priced slightly above $1, with a total of 22.3 million tokens, which will be unlocked linearly starting in 2028.
The market shows that the current price of WLD is $1.88.
Investment and Financing
Web3 game studio Moonray Studio raises $8.25 million in two rounds of funding
Web3 multiplayer battle arena game development studio Moonray Studio announced that it has raised $8.25 million in two rounds of financing, with participation from Animoca Brands, Polygon Ventures and Cardano. It has also established a game development partnership with Digital Void, a streaming content partnership with Reel FX, and user acquisition partnerships with gaming guilds such as YGG, Snack Club and Unix.
Moonray uses blockchain technology to enhance the gaming experience through asset ownership, customizable NFTs, and token rewards. The new funds will be used to launch 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 announced an investment in ZKsync's "elastic chain" Sophon. The specific amount has not been disclosed. It is reported that Sophon uses Matter Labs' modular open source framework to build a second-layer network. The main network will be launched next month and the token will be deployed soon. It is reported that the total amount of financing for Sophon has exceeded US$70 million so far (TheBlock)
