Ronin, originally launched as a gaming-focused blockchain project, is preparing to undergo a transformative upgrade set for May 12. The network will move away from its sidechain architecture and transition into an Ethereum-based Layer 2 solution. According to the company, this change will require an estimated 10-hour service interruption across the network.
Migration process and expected impactsThe Ronin team first announced the shift to Layer 2 in April. The transition will be triggered by a hard fork at block 55,577,490, which is projected to commence around 18:16 Turkish time on May 12. During this upgrade, all on-chain transfers, token swaps, and smart contract operations will be temporarily suspended. Network officials have advised players and developers to complete any necessary transactions ahead of the scheduled downtime.
“All network activity [transfers, swaps, and smart contract interactions] will be suspended during this maintenance period. All games using our network will also experience a temporary pause. We strongly recommend completing your transactions before the scheduled maintenance to avoid any disruptions,” Ronin representatives stated in a public notice.
Ronin was initially designed to serve as a fast, cost-effective infrastructure for the popular blockchain game Axie Infinity. This game onboarded millions of players into the blockchain ecosystem and quickly elevated Ronin’s status in the gaming world. However, as a standalone sidechain, Ronin was hit by a major cyberattack in mid-2022, resulting in one of the largest losses ever recorded in a DeFi bridge exploit.
Major changes in economics, security and governanceBy adopting the Layer 2 model, Ronin expects a significant boost in security, leveraging closer integration with the main Ethereum blockchain and stronger resistance to external threats. The migration to the OP Stack will enable Ronin to benefit from Ethereum’s robust security framework while maintaining throughput. The use of EigenDA is also set to enhance data availability, promoting greater scalability.
The company noted that this update will introduce fresh economic models to the network. Approximately 90 million RON tokens, previously reserved as staking rewards, will now be redirected to the treasury. Additionally, the marketplace commission rate will increase from 0.5% to 1.25%, aiming to provide the community with more sustainable revenue streams.
As part of the transition, a new “Proof of Distribution” incentive mechanism will roll out. This system will reward developers who play an active role in the network, shifting the focus from passive staking to participation-driven rewards. According to company projections, this will reduce RON’s annual inflation rate from over 20% to below 1%.
Market response and price trendsRecent data from CryptoAppsy shows RON trading near $0.11, with a market capitalization of around $89.5 million. Although this price remains below the year’s peak, the migration news has helped drive a 30% increase over the past month. Investors are watching closely as changes in supply dynamics unfold.
The migration of Ronin to an Ethereum Layer 2 solution marks a fundamental shift in economic and technical architecture. Company officials emphasize that this strategic pivot will make the network more secure, sustainable, and innovative in the coming period.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ronin Network will reconnect to Ethereum on 12 May through a major infrastructure upgrade that also slashes RON token inflation from more than 20% to below 1%.
The migration marks a major shift for the gaming-focused blockchain, which originally launched in 2021 because Ethereum could not efficiently support Axie Infinity’s explosive growth.
Now, Ronin says Ethereum’s Layer 2 ecosystem has matured enough for a “homecoming.”
“The time has come to plug Ronin back into the mothership: Ethereum,” the team said in an April announcement ahead of the migration.
The upgrade will move Ronin onto Ethereum’s modern Layer 2 stack using the OP Stack.
RON inflation to fall below 1% The migration also introduces one of the network’s biggest tokenomics changes to date.
Ronin said RON inflation will drop from above 20% annually to less than 1% after the upgrade. The network described the change as a 20x reduction in new token emissions.
The project also plans to redirect new revenue streams into the Ronin treasury. Ronin increased the treasury’s marketplace fee allocation from 0.5% to 1.25%.
The team said the treasury should increasingly be held by RON holders as the ecosystem matures.
Markets react ahead of the migration Traders appeared to respond positively ahead of the upgrade.
RON rose about 4.5% over the past 24 hours, while trading volume climbed roughly 58%, according to CoinMarketCap data. The token traded near $0.115 at the time of publication.
Source: CoinMarketCap The market reaction suggests investors are closely watching the network’s lower inflation model and deeper integration with Ethereum infrastructure.
Ethereum scaling maturity changes the equation Ronin originally launched as a standalone gaming chain because Ethereum transaction costs and throughput limitations made large-scale blockchain gaming difficult.
At the time, Ethereum’s Layer 2 ecosystem was still in its early stages.
The migration now reflects how much Ethereum scaling infrastructure has evolved over the past four years. OP Stack-powered chains currently process millions of transactions across the broader Ethereum ecosystem.
Ronin said the shift will strengthen security, treasury revenue, builder incentives, and long-term sustainability.
The migration will temporarily halt block production for around 10 hours on 12 May while the network completes the transition.
Final Summary Ronin will reconnect to Ethereum through an OP Stack-based upgrade scheduled for 12 May. The migration cuts RON inflation from above 20% to below 1% while introducing new treasury and builder reward systems.
TLDR Ronin will migrate from an independent sidechain to an Ethereum layer 2 on May 12. The network will execute a hard fork at block 55,577,490 and pause activity for about 10 hours. Ronin said all transfers, swaps, and smart contract interactions will stop during the downtime. The upgrade will introduce a Proof of Distribution model to reward active contributors. The new model will reduce RON token inflation from over 20 percent to below 1%. Ronin will migrate from an independent sidechain to an Ethereum layer 2 on May 12. The network will execute a hard fork at block 55,577,490 and pause operations for about 10 hours. The team said the move will strengthen security while maintaining throughput and lower token inflation.
Ronin Migration Plan and Network Downtime Ronin announced the transition in April and confirmed the execution timeline this week. The network said it will begin the upgrade around 15:16 UTC on Tuesday, based on onchain data. The hard fork will halt transfers, swaps, and smart contract activity during the downtime window. Ronin stated on X, “All network transactions will be paused,” and urged users to complete actions before the pause.
As part of the upcoming Ronin L2 migration, the network will experience approximately 10 hours of scheduled downtime.
During this downtime window, all network transactions [including transfers, swaps, and smart contract… pic.twitter.com/QvbRvZBqa7
— Ronin Shield (@ronin_shield) May 11, 2026
The team said all games built on the network will experience temporary disruption. It confirmed that Axie Infinity and Pixels will suspend in-game onchain actions during the upgrade. Ronin explained, “To avoid any inconvenience, please complete all necessary transactions before the downtime begins.” The network will resume operations after completing the technical transition.
Ronin launched four years ago to support Axie Infinity’s need for faster transactions. The company said, “Axie Infinity onboarded millions of gamers to crypto.” It added that Pixels later demonstrated repeated onboarding success. The team now aims to reconnect with Ethereum and integrate more closely with its base layer.
Ronin suffered a $625 million bridge exploit in 2022 while operating as a sidechain. The attack remains the largest DeFi bridge exploit recorded. The new structure will link the network directly to Ethereum as a layer 2. The team said this structure will enhance bridge security and reduce structural risk.
RON Token Economics and OP Stack Integration The migration will introduce a “Proof of Distribution” model during the downtime. Ronin said the model will reward builders based on active network contribution. The company stated that the change will reduce token inflation from over 20% to below 1%. It described the adjustment as “fundamentally bullish for RON.”
Ronin will redirect 90 million RON tokens from staking rewards to the treasury. The network will also increase marketplace fees to 1.25% from 0.5%. The team confirmed these changes as part of its revised token structure. It aims to reset supply dynamics through lower emissions and updated incentives.
RON trades at about $0.11 with a market capitalization near $89.5 million. The token remains below its 2024 peak level. However, prices rose 30% over the past 30 days following the migration announcement. Onchain data reflects increased activity during the preparation phase.
Ronin will transition to the OP Stack to operate as an Ethereum layer 2. The network said this integration will allow it to inherit Ethereum’s security framework. It will also use EigenDA for data availability to support scalability. The company confirmed that it will begin the migration process on Tuesday at 15:16 UTC.
Ronin, the blockchain backbone of the Axie Infinity gaming ecosystem, is preparing for a major upgrade on May 12. The network will undergo a hard fork to transform itself into an Ethereum Layer 2 solution using OP Stack technology. This transition will begin at block height 55,577,490 and come with a planned network shutdown expected to last around 10 hours.
Planned network outage and user alertsDuring the transition, all transactions, swaps, smart contract interactions, and in-game activities on the Ronin network will be paused. Users are advised to complete any pending operations before the maintenance begins. The Ronin team has proactively warned the community to minimize disruptions and potential issues.
During the upcoming Ronin Layer 2 migration, the network will experience a planned outage of approximately 10 hours. All network activity, including transfers, swaps, and smart contract transactions, will be suspended throughout this period.
Ronin was originally launched in 2021 as a sidechain to handle heavy transaction loads for Axie Infinity, which the Ethereum network struggled to support at the time. In the four years since, Ethereum has evolved significantly, witnessing lower fees and more mature layer 2 scaling solutions.
Security and new integrationsSecurity concerns were a major factor in Ronin’s decision to migrate to Layer 2. In March 2022, a notorious exploit linked to North Korea’s Lazarus Group compromised five network validators, leading to a loss of $625 million on the bridge. This incident remains the largest cross-chain bridge hack in decentralized finance history. Another, albeit smaller, attack took place in August 2024.
By adopting OP Stack, Ronin will begin leveraging Ethereum mainnet security directly, aiming to prevent ‘bridge’ exploits from recurring. Additionally, with the integration of EigenDA for data availability, the network will lower scaling costs while maintaining high transaction throughput.
Major tokenomics overhaulThe move to Layer 2 will also bring fundamental changes to the tokenomics of Ronin’s native token, RON. The annual inflation rate will be slashed from over 20% to below 1%. Roughly 90 million RON tokens previously reserved for validator rewards will instead be allocated to a network treasury. Marketplace transaction fees will be reduced from 1.25% to 0.5%.
Staking rewards are getting a major revamp as well. The traditional model, which automatically rewarded all passive validators, will be replaced by a new ‘Proof of Distribution’ system. Only stakeholders actively contributing to the network will receive rewards, fostering stronger incentives for developers and projects.
According to CryptAppsy data, RON is currently trading near $0.11, with a market capitalization of $89.5 million. The price has surged about 30% in the past 30 days. Investors anticipate further gains as the supply tightens and the rewards scheme shifts with the Layer 2 migration.
Ronin’s Layer 2 transition marks another example of independent chains like Celo integrating into Ethereum’s security framework. This trend is expanding, yet Layer 1 competitors such as Solana continue to vie for market share without slowing pace in the short term.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ronin Ethereum is migrating to a Layer 2 on May 12 with roughly 10 hours of scheduled downtime.
Summary
Ronin will hard fork at block 55,577,490 on May 12, transitioning from an independent sidechain to an Ethereum Layer 2 on the OP Stack. All transfers, swaps, and smart contract interactions will pause for roughly 10 hours during the migration window. RON token inflation will drop from over 20% to below 1%, with 90 million RON redirected to the treasury as marketplace fees rise to 1.25%. Ronin, the gaming-focused blockchain behind Axie Infinity, is executing a hard fork on May 12 to complete its transition from an independent sidechain to an Ethereum Layer 2. The migration was announced in April and will trigger at block 55,577,490, expected around 15:16 UTC.
All Ronin transactions will pause for roughly 10 hours during the migration window. That covers transfers, swaps, NFT trades, and smart contract interactions. Node operators on Ronin mainnet are required to upgrade to release 1.2.2 before the hard fork.
What changes after the migration Ronin said the move is about plugging “back into the mothership.” The new structure will link the network directly to Ethereum for settlement and data availability, replacing the older nine-validator sidechain model with OP Stack rollup infrastructure.
RON token inflation will fall sharply from over 20% annually to below 1% under a new Proof of Distribution model. Marketplace fees will also rise from 0.5% to 1.25%, with 90 million RON tokens previously allocated for staking redirected to the Ronin treasury.
Ronin will integrate EigenDA to handle data availability for transactions, storing data off-chain while keeping it verifiable and accessible to Ethereum. The migration brings Ronin into the same OP Stack ecosystem as other chains including Celo and Fraxtal.
Context: the $625 million hack that made this necessary While operating as an independent sidechain in March 2022, Ronin suffered the largest DeFi bridge exploit in history, with $625 million in ETH and USDC drained from its bridge. The attack exposed the structural risks of the sidechain model, where only a small number of centrally-managed validators were responsible for securing the network.
The Layer 2 transition directly addresses those concerns by inheriting Ethereum’s security rather than relying on Ronin’s own validator set. The Ronin bridge previously migrated to Chainlink’s cross-chain interoperability protocol in April 2025 as an earlier step in securing its infrastructure ahead of the full L2 move.
The digital gaming landscape underwent a significant structural transformation on May 12, 2026, as the Ronin Network officially finalized its transition from a standalone sidechain to an integrated Ethereum Layer 2 network. This shift, executed via the OP Stack, represents a pivotal “homecoming” for the ecosystem that famously birthed the play-to-earn phenomenon through Axie Infinity. By aligning with the Optimism Superchain architecture, Ronin has effectively traded its isolated security model for the shared finality and robust protection of the Ethereum mainnet. This transition is not merely a technical patch but a comprehensive reimagining of what a gaming blockchain must look like in a post-exploit era. The migration involved approximately ten hours of scheduled downtime beginning at block height 55,577,490, during which every piece of in-game data, marketplace listing, and wallet balance was meticulously ported to the new Layer 2 state. For the millions of users within the Ronin ecosystem, this change promises a future where the friction of cross-chain bridging is minimized and the specter of a standalone validator compromise is permanently removed. The engineering feat required to synchronize the massive state of games like Pixels and Axie Infinity into a Rollup structure highlights the maturity of the OP Stack as a scalable solution for high-throughput applications.
Radical Tokenomic Restructuring and the Deflationary Pivot Beyond the architectural upgrades, Ronin has introduced a drastic overhaul of its native token, RON, shifting from an inflationary incentive model to a fundamentally deflationary one known as Proof of Distribution. Under the previous sidechain regime, the network relied heavily on high inflation—often exceeding twenty percent—to subsidize staking rewards and secure the network. The new Layer 2 reality has allowed the Ronin Foundation to slash annual inflation to less than one percent, a move that has stunned market analysts and signaled a transition toward long-term sustainability. Approximately ninety million RON tokens that were originally earmarked for passive staking rewards have been redirected into the Ronin Treasury to serve as a war chest for future game acquisitions and ecosystem development. To replace the lost staking incentives, the network is implementing a sequencer net fee capture system alongside a revised marketplace fee structure, which has been increased from point-five percent to one-and-a-quarter percent. This pivot ensures that value accrual is driven by actual network utility and gaming volume rather than artificial token issuance. By integrating EigenDA for data availability, Ronin is able to maintain negligible transaction costs for its users while capturing a higher percentage of the economic value generated by its premier gaming titles, effectively turning the network into a self-sustaining economic engine.
The Future of On-Chain Gaming within the Ethereum Ecosystem The decision to become an Ethereum Layer 2 places Ronin in an elite category of sovereign networks that have recognized the long-term dominance of the Ethereum settlement layer. This migration allows Ronin to leverage Ethereum’s deep liquidity pools while maintaining the specialized environment required for low-latency gaming. The integration with the OP Stack also opens the door for seamless interoperability with other Superchain participants, potentially allowing gamers to move assets between different specialized layers without traditional bridging delays. As the 2026 gaming market becomes increasingly crowded, Ronin’s move provides it with a distinct competitive advantage by offering the highest level of security available in the decentralized world. The homecoming is a clear signal that the era of fragmented, insecure sidechains is coming to an end, replaced by a modular future where specialized application chains benefit from a unified security umbrella. For developers, this means the Ronin ecosystem now offers the best of both worlds: a highly tailored environment for game mechanics and the uncompromising peace of mind that comes from Ethereum’s multi-billion dollar security budget. As the network stabilizes in its new form, the focus shifts back to the content, with several AAA titles slated for release on the newly fortified Ronin Layer 2 before the end of the fiscal year.
About the Author: Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
Ronin L2 migration completed May 12, ending four years as a sidechain after a 10-hour network shutdown.
Summary
Ronin executed its hard fork at block 55,577,490 on May 12, completing a transition to an OP Stack Ethereum Layer 2 with 10 hours of downtime. RON token inflation drops from over 20% to below 1% under a new Proof of Distribution model that rewards active builders over passive stakers. Partners including Optimism, Conduit, Boundless, and EigenLayer supported the migration, with EigenDA handling off-chain data availability. The Ronin L2 hard fork executed at block 55,577,490 on May 12, transitioning the gaming blockchain from an independent EVM sidechain into a full Ethereum Layer 2 built on Optimism’s OP Stack. Sky Mavis co-founder Jihoz announced in the lead-up that the network would enter “hibernation” for approximately 10 hours while the upgrade completed, with no action required from users or players.
Ronin joins Base, Celo, and Fraxtal as purpose-built chains that have chosen to operate under Ethereum’s umbrella through the OP Stack. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” the team said when first announcing the migration. “The time has come to plug back into the mothership.”
What changed in the hard fork RON token inflation falls from over 20% annually to below 1% under the new Proof of Distribution model, which redirects 90 million RON tokens previously earmarked for passive staking toward the Ronin treasury. Marketplace fees also rise from 0.5% to 1.25%, with sequencer profits from the Layer 2 flowing into the treasury.
EigenDA handles off-chain data availability for the new chain while Ethereum provides settlement and finality. Partners including Optimism, Conduit, Boundless, and EigenLayer supported the migration, with Ronin now composable with Ethereum’s broader DeFi ecosystem.
Any node running older software was cut off once the new chain activated. Ronin confirmed that all games on the network, including Axie Infinity and Pixels, suspended on-chain activity during the downtime and resumed immediately upon completion.
Why the migration happened now The move addresses the structural concerns that made Ronin vulnerable to the $625 million Lazarus Group bridge exploit in March 2022, the largest DeFi bridge hack in history. Operating as an independent sidechain with only nine validators created a centralised security model that Ethereum Layer 2 settlement directly resolves by inheriting the base chain’s security.
Governance also shifts to token-weighted voting under the new structure, giving RON holders direct input over treasury decisions, buybacks, and DeFi initiatives. Ronin also plans to deploy Uniswap v3 as its canonical DEX post-migration, backed by a $1.5 million liquidity incentive program to bootstrap DeFi activity on the upgraded network.
Welcome to The Protocol, CoinDesk's weekly wrap of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, a reporter at CoinDesk.
In this issue:
The biggest consensus overhaul in Solana history is officially live for testingLayerZero says it "made a mistake" in $292 million Kelp exploitRonin set to transition to Ethereum layer 2 from independent sidechainThe Ethereum Foundation unveils new "Clear Signing" standard to stop users from approving malicious crypto transactionsNetwork News"ALPENGLOW" UPGRADE LIVE FOR TESTING ON SOLANA: Solana developer Anza said that Alpenglow, the network’s biggest proposed consensus overhaul to date, is live on a community test cluster, marking a major step toward a potential mainnet rollout. The update means validator operators can now test software designed to move Solana from its current consensus system, which combines Proof-of-Stake with TowerBFT and Proof-of-History, toward a new architecture intended to dramatically reduce finality times and improve network responsiveness. “Alpenglow is live on the community test cluster,” Anza wrote on X. “The biggest consensus change in Solana’s history, now running on validator infrastructure ahead of mainnet.” Today, Solana relies on Proof-of-History, a cryptographic clock that timestamps transactions, alongside TowerBFT, a voting mechanism validators use to agree on the state of the blockchain. While the design has helped Solana achieve high throughput and low fees, some have pointed to outages and network instability during periods of heavy demand. — Margaux Nijkerk Read more.
LAYERZERO APOLOGY FOR KELP DAO INCIDENT: LayerZero said that it “made a mistake” allowing its own verification infrastructure to secure high-value crypto assets in a vulnerable configuration, marking a notable shift in tone after weeks of blaming developer Kelp DAO for a $292 million hack tied to North Korean attackers. The admission marks a notable shift after weeks of public finger-pointing between LayerZero and Kelp over responsibility for the April hack, which LayerZero had initially framed as an application-level configuration failure by Kelp. “First things first: an overdue apology,” LayerZero wrote in a blog. LayerZero initially blamed Kelp, arguing the protocol had chosen a risky “1-of-1” configuration in which only a single decentralized verifier network, or DVN, needed to approve cross-chain transfers, creating a single point of failure. A DVN is part of the infrastructure that verifies whether a transaction moving assets between blockchains is legitimate. “We made a mistake by allowing our DVN to act as a 1/1 DVN for high-value transactions,” the company said. “We didn't police what our DVN was securing, which created a risk we simply didn't see. We own that.” — Sam Reynolds Read more.
RONIN TO TRANSITION TO LAYER-2: Ronin, the gaming-centric blockchain once synonymous with the industry’s infamous $625 million exploit in 2022, is officially shedding its sidechain skin on May 12 to become an Ethereum layer 2 to improve security while maintaining throughput. Ronin, which announced the migration in April, will execute a hard fork at block 55,577,490, a process that will result in about 10 hours of downtime for users, the network said Monday on X. According to onchain data, the migration is expected to begin on Tuesday around 15:16 UTC. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” Ronin said when announcing the migration. “It worked. Axie Infinity onboarded millions of gamers to crypto, and Pixels proved that it was possible to do it again.” The time has come to plug "back into the mothership." While operating as an independent sidechain in mid-May 2022, Ronin suffered what is still today the largest DeFI bridge exploit in history. Layer 2 protocols benefit from tighter links to the underlying blockchain than sidechains, offering benefits that include greater security. — Olivier Acuna Read more.
ETHEREUM DEVELOPERS RELEASE “CLEAR SIGNING”: The Ethereum Foundation and a group of major crypto wallet developers are rolling out a new security standard designed to stop users from accidentally signing away their funds, a problem that has fueled some of the industry’s biggest hacks and scams. The initiative, called “Clear Signing,” aims to replace the confusing walls of code users currently see when approving Ethereum transactions with simple, human-readable explanations of what they’re actually agreeing to. The effort comes after years of phishing attacks and wallet drains that often boil down to the same issue: users unknowingly approving malicious transactions they don’t understand. The Ethereum Foundation pointed to incidents like the Bybit hack as examples of how attackers exploit “blind signing,” where users approve transactions filled with unreadable technical data. Right now, signing a crypto transaction can feel like clicking “accept” on a terms-of-service page written in another language. Wallets often display long strings of code that only highly technical users can decipher, leaving everyday traders vulnerable to fake apps, malicious links and compromised websites. — Margaux Nijkerk Read More.
In Other NewsCharles Schwab, the brokerage giant that manages around $12 trillion in client assets, began the rollout of its spot cryptocurrency trading service for retail customers in the U.S. An initial group of clients can now trade bitcoin and ether (ETH) on the Schwab Crypto platform, the company posted on X.In July last year, CEO Rick Wurster said the company planned to introduce crypto trading in the near future, with a timeframe of first-half 2026 confirmed last month. The Westlake, Texas-headquartered firm already offers crypto investments through exchange-traded funds (ETFs) and futures trading. — Jamie Crawley Read more.JPMorgan (JPM) is preparing to launch a tokenized money market fund, the latest sign that major financial institutions and Wall Street asset managers are speeding up efforts to move traditional assets onto blockchain rails. A filing with the U.S. Securities and Exchange Commission SEC) outlined plans for a blockchain-based money-market fund investing exclusively in short-term U.S. Treasuries, cash and overnight repo agreements backed by government securities. The fund, dubbed JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX), will maintain blockchain-based token balances tied to investors' ownership records, allowing approved users to submit purchase, redemption and transfer requests through Ethereum, the filing said. The underlying blockchain infrastructure will be operated by Kinexys Digital Assets, JPMorgan’s blockchain unit formerly known as Onyx. — Kristzian Sandor Read more.Regulatory and PolicyThe legislation that could fully insert the U.S. crypto industry into the regulated financial system has emerged in its latest form, with the Senate Banking Committee unveiling the market structure bill's text just after midnight on Tuesday in advance of this week's hearing that's set to push the effort forward. The latest version wasn't expected to offer many surprises for the crypto industry that's already had a chance to dig through it privately, but it includes still-contentious language on stablecoin yield and it maintains legal protections for decentralized finance (DeFi) developers, keeping that corner of the crypto sector happy (so far). Industry insiders waited for the release late into the night, and they'll still have to study the language to ensure their expectations were met. "This bill reflects serious, good-faith work across the committee and delivers the certainty, safeguards, and accountability Americans deserve," committee Chairman Tim Scott said in a statement. "It puts consumers first, combats illicit finance, cracks down on criminals and foreign adversaries and keeps the future of finance here in the United States." — Jesse Hamilton Read more.The Senate confirmed Kevin Warsh to the Federal Reserve Board of Governors on Tuesday, moving President Donald Trump’s pick one step closer to becoming the next chair of the U.S. central bank. Lawmakers approved Warsh in a 51-45 vote. Sen. John Fetterman (D-Pa.) was the only Democrat to support the nomination. Warsh still must win a separate Senate vote to become Fed chair, which is expected Wednesday. Governors serve 14-year terms while the chair serves a four-year term. If confirmed as chair, Warsh, 56, will replace Jerome Powell, whose eight-year term leading the Fed ends Friday. Powell, however, has said he plans to remain on the board until a federal probe into renovations at the Fed’s headquarters concludes. — Helene Braun Read more.Calendar
June 2-3, 2026: Proof of Talk, ParisJune 4, 2026: Stable Summit, New YorkJune 8-10, 2026: ETHConf, New YorkSept. 29-Oct.1, 2026: Korea Blockchain Week, SeoulOct. 7-8, 2026: Token2049, SingaporeNov. 3-6, 2026: Devcon, MumbaiNov. 15-17, 2026: Solana Breakpoint, LondonRelated Assets
The foundation council will feature established builders from the Ethereum community, including Polygon Co-founder Sandeep and Sacha from Lido.
Aragon, a platform for building and managing Decentralized Autonomous Organizations (DAOs), is creating the Aragon Foundation, a new governing body that aims to help the project move past a tumultuous phase and further its development.
The Aragon Foundation will be led by a so-called Strategic Council, a group of high-profile Ethereum community members who are tasked with formulating strategies, allocating funds, advising the Aragon team and fostering developers. Memebers of the council include Polygon co-founder Sandeep Nailwal, and Sacha, one of the leading researchers in the Lido ecosystem.
In November 2023, the Aragon Association, which was an entity overseeing the Aragon DAO, announced its motion to dissolve the entity and enable user redemptions of its native token ANT.
The Aragon Foundation will inherit funds left over from the legacy Aragon Treasury that are not redeemed by the ANT Redemption Initiative, which is set to end on Nov. 2. The ANT token is up roughly 35% since the initiative was announced and currently trades at a $280 million fully-diluted valuation.
As of Oct 28, 82.5% of the outstanding supply had been redeemed for ETH.
ANT Price - CoinGeckoThe Aragon Foundation will operate as an ownerless organization that aligns with Aragon's values and mission. The Aragon team will remain independent from the Foundation.
“There is an entirely new governing body, and it is composed of people who have been Aragon supporters and users,” Aragon CEO Anthony Leuteneggar told The Defiant in an interview. “There will be alignment around one singular mission, and you have professional people who can fulfill that mission.”
Aragon, which launched in 2017, provides users with no-code DAO creation and management tools. Through Aragon users can distribute tokens, set governance parameters and authorize wallets for voting simply through its interface.
It believes that “the future of humanity will be decided at the frontier of technological innovation and human collaboration.”
The Ethereum Foundation’s Privacy and Scaling Explorations team has rebranded as Privacy Stewards of Ethereum (PSE). Such a name change reflects its push to make end-to-end privacy an essential part of the network.
As highlighted on PSE’s new roadmap, the team’s role ‘isn’t to own every solution in the space, but to drive clarity, focus, collaborations, and outcomes across the ecosystem.’ This way, they can ensure ‘privacy is treated as a first-class feature at the application layer.’
Alongside these developments, Best Wallet emerges as an excellent partner. This non-custodial crypto wallet gives you full control of your assets on Ethereum and beyond with top-notch safeguarding measures.
Ethereum’s PSE Turns to Private Writes, Reads & Proving PSE’s ultimate vision is to make privacy on the Ethereum network a norm, not just an afterthought. It aims to achieve this through protections embedded across the entire stack, spanning protocol applications, wallets, and governance.
Their roadmap is structured around three key tracks:
Private writes: Makes private transactions, votes, and dApp interactions as easy and cost-effective as public ones; Private reads: Allows users to query balances, contracts, or data without exploring identity or intent; Private proving: Enables fast, zero-knowledge proofs (ZKPs) for secure, portable, and verifiable data sharing. To bring this to life, the PSE prioritizes transfers with PlasmaFold and privacy wallets, new voting systems with Aragon, and confidential DeFi standards for institutions.
They’re also working on privacy-preserving Remote Procedure Calls (RPCs), mixnets, ZK-based identity, and a faster proving system. And all while emphasizing user experience, such as making privacy tools powerful yet super easy to use.
Instead of building every solution itself, the PSE aims to collaborate openly with builders, researchers, and projects.
By steering the network while encouraging open collaboration, the PSE is laying the foundation for a privacy-first Ethereum. Given that Best Wallet shares a similar ethos, they work hand in hand to make crypto safer, more private, and user-centric.
Best Wallet Combines Security, Presales & Cross-Chain Swaps Available on iOS and Google Play, the Best Wallet mobile app positions itself as a highly secure way to manage crypto while on the move.
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Better yet, it makes it super easy to buy, sell, manage, and swap 1K+ assets across not just Ethereum but other major chains like BNB Chain and Polygon.
In fact, it promises to support 60 networks in the future so that you can anticipate even broader crypto opportunities.
Moreover, the app has its very own launchpad, allowing you to access the best crypto presales. That, coupled with a swap engine, which scans more than 330 DEXs and 30 bridges, offers you the best possible rates.
It also plans to launch more advanced tools, including market intel analytics, stop-loss orders, and derivatives trading.
For more information on what else Best Wallet has up its sleeve, check out our comprehensive Best Wallet crypto review.
Source: Best Wallet Token By the way, Best Wallet’s native token – $BEST – makes all this possible. The reason is that a sizable 25% of its total token supply is earmarked for product development, ensuring long-term growth for the entire ecosystem.
And that’s not all. Holding $BEST unlocks additional benefits, including governance rights, staking rewards at an 84% APY, and lower gas fees.
To reap the perks, you can buy $BEST on presale for just $0.025645, using either $ETH, $BNB, $USDT, $USDC, $FLOKI, SHIB, $PEPE, $DOGE, or fiat.
Now’s a great time to do precisely that as new app developments could propel the token to $0.035215 this year – a potential ROI exceeding 35%.
Ready to jump in? Join the Best Wallet Token presale today.
Authored by Aaron Walker, NewsBTC – www.newsbtc.com/news/best-wallet-non-custodial-combo-with-ethereum-privacy
Ethereum Protocol has seven most established protocols, significantly Aragon along with Aave Labs, Curve, Lido Labs Foundation, Spark Foundation, The Global Foundation, and the Uniswap Foundation. This unwavering platform of Ethereum Protocol Teams jointly announced the exclusive launch of the Ethereum Protocol Advocacy Alliance (EPAA). The aim of this giant gathering is to defend basic infrastructure protecting over $100 billion in on-chain assets directly.
It’s critical for policy to reflect the pragmatic and technical realities of securing $100B+ onchain, without intermediaries.
Meet the Ethereum Protocol Advocacy Alliance. pic.twitter.com/jQfK3ccTOl
— Aragon.eth 🦅 (@AragonProject) November 5, 2025 This struggle is nominated as a public interest in the pursuit of digital assets to grow. According to the Crypto Survey 2025 by Strategy & PwC network, rough figures of 5% to 20% retail investors are turning to crypto. In the United States, polling from the decentralized finance (DeFi) Education Fund and Ipsos revealed that 56% of Americans want full control over their assets or money.
Ethereum Protocol Alliance Unites to Strengthen OnChain Governance and Decentralization Ethereum protocols allowed users to self-custody in the past decades and transact directly with their assets. Now, centralized actors invested strongly in lobbying and earned outsized influence in policymaking. The purpose of this giant gathering is to build a strong protocol by utilizing their expertise to ensure a strong voice to reflect the policy in a real sense and serve the people who access them worldwide.
Anthony Leutenegger, CEO of Aragon, said, “We’ve seen firsthand the technical and practical complexity involved in building on-chain systems. Bringing together the most credible protocol teams will help ensure regulatory outcomes are workable for the builders moving this space forward.”
In response to Anthony Leutenegger, Sam Kim, Chief Legal Officer of Lido Labs Foundation, expressed his views. He said, “Decentralization is the foundation of Ethereum’s credibility and resilience, and through the EPAA, we’re ensuring that policy recognizes and protects this principle.”
Ethereum Protocol Alliance Upholds Neutrality and Permissionless Innovation As per the details shared by Aragon, Brian Nistler (General Counsel of the Uniswap Foundation) also added some words. He said, “The Uniswap ecosystem has faced undue regulatory scrutiny in the past—that’s why we know how critical it is for actual builders to have a seat at the table when policy for decentralized financial systems is being shaped.”
In short, this alliance will focus on protecting the neutrality of the protocol layer, advancing on-chain transparency, preserving flexibility for protocol inception, and upholding global permissionless access to on-chain infrastructure. In a nutshell, this struggle ensures ruling effectively, technically rooted, and protective of the principles that keep Ethereum protocols secure, effective, neutral, and transparent.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated
According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408
4 minutes ago
A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.
According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.
4 minutes ago
A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.
According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.
4 minutes ago
Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.
Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)
4 minutes ago
Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.
According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.
4 minutes ago
STRC drops to near $80, marking another new all-time low.
According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.
Think you’re good at the classic shooter Doom? On Thursday, a fully on-chain, weeklong competition called the “Doom Olympics” began with a $15,000 prize pool up for grabs.
Crypto gaming project RIVES has previously put “every aspect” of retro games like Tetris on the Cartesi blockchain—an Ethereum-based scaling network that uses Linux-powered rollups—as well as Base, the Coinbase-incubated Ethereum layer-2 network. By doing so, every movement, score, and interaction is recorded and verifiable.
With such a robust record of in-game actions, RIVES—short for RISC-V Verifiable Entertainment System—has created the “Doom Olympics” with seven challenges that provide new and intriguing ways to test players’ skills in the iconic first-person shooter.
By competing in game contests such as Knuckle Crusher and Treasure Seeker—each of which puts a different spin on the classic experience—as well as social activities like referring friends, players stand the chance of winning a share of the $15,000 total prize pool.
Id Software, the original developer of Doom, is not directly involved in the project with RIVES opting to use the “Freedoom” version of the game, which layers open-source assets on top of the Doom engine.
Running until September 19, gamers will play Doom in-browser with every element of gameplay being recorded permanently on the Cartesi network. Each run is then replayable through a RIVES feature called “tapes” that is similar in approach to classic Doom speed demos. The team explained that this will help ensure fairness and create a new standard of trust.
This attempts to solve an issue that the speedrunning community has faced for some time. When competing remotely, it is possible for players to cheat during runs and fake their purported feats, sowing doubt in the entire premise of speedrunning—and negatively impacting those players who set records via legitimate means.
This has happened many times in the past, such as when one player faked the world record for the Blade Wolf DLC of Metal Gear Rising: Revengeance during an online charity event. This cheater cut videos together to make it look like he’d completed the game in record time in one smooth run, but he actually didn’t.
By recording every movement on-chain, allowing the resulting “tape” to be replayable by anyone, the theory is that players won’t be able to cheat.
“This eliminates the need to rely on third-party intermediaries for validating scores or gameplay, allowing for decentralized verification of speedruns and the use of canonical, persistent leaderboards, RIVES co-founder Max Hatesuer told Decrypt’s GG.
“Additionally, this opens up exciting possibilities for custom rule creation and modding,” he added. “For instance, anyone could design a contest where only punches count, or one where speed is the only criterion, with the assurance that all gameplays are validated in a decentralized manner.”
It’s become a running joke that Doom can be played on almost everything from pregnancy tests to ATMs, not to mention robot lawn mowers and gut bacteria. There have also been renditions inscribed onto the Bitcoin and Dogecoin blockchains, though it’s really just a means of storage; the games themselves didn’t benefit from on-chain functionality.
“We also noticed that while Doom runs on nearly every platform, no one has managed to bring it on-chain,” Hatesuer said. “Cartesi’s RISC-V VM and rollup infrastructure made it possible, and we embraced the challenge.”
Edited by Andrew Hayward
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Developers will have the security and scalability benefits of restaking at their fingertips, along with complete compatibility. Cartesi and EigenLayer are setting an example for the industry via an invitation-only internal hackathon. EigenLayer and Cartesi are both dedicated to bridging the gap between infrastructure protocols and dApps for end users. In order to allow their core developers to create transformational decentralized applications (dApps) that are capable of driving end-user adoption, EigenLayer, the Ethereum restaking protocol, is collaborating with Cartesi, a powerful modular blockchain protocol that provides builders with a complete Linux environment and high speed rollups. Cartesi’s Linux-powered Coprocessor and EigenLayer’s ground-breaking restaking protocol will be able to work together to provide builders, including conventional Web2 developers, with the ability to capitalize on the combined benefits of both.
With the inclusion of Linux, the Cartesi Virtual Machine allows developers to build dApps with the advantage of decades of battle-tested programming languages, tools, and libraries. Cartesi provides each dApp its own rollup with dedicated computing, offering considerable increases in computational scalability without sacrificing on decentralization, security and censorship resistance.
To enable future web3 developments, infrastructure protocols are continuing to expand at a fast rate. However, the adoption and refining of end-user products has not evolved as swiftly as the growth of infrastructure protocols. Protocol projects need to actively work to ideate and nurture the next generation of transformative decentralized applications in order to ensure widespread adoption of web3 solutions and to have a significant impact on the lives of end-users.
Cartesi and EigenLayer are setting an example for the industry via an invitation-only internal hackathon (Experiment Week #3) that will take place from February 10th to February 17th. This hackathon is an inspiration for the industry as it provides protocol core developers with the opportunity to get in the trenches in order to ideate and prototype consumer decentralized applications (dApps) and new use cases.
Felipe Argento, Co-founder and Advisor at Cartesi stated:
“We saw so many mind-blowing projects built in the first two editions of Cartesi Experiment Week, and I’m beyond excited for what’s in store this time – especially with a giant like EigenLayer joining the fun!”
However, Cartesi’s Coprocessor is the only virtual machine in the blockchain space that is capable of running Linux. EigenLayer’s restaking technology is revolutionizing the way in which blockchain applications can leverage Ethereum’s security and scale. Cartesi is currently providing power to more than one hundred different projects.
Nader Dabit, the Director of Developer Advocacy at EigenLayer, said:
“We’re thrilled to partner with Cartesi for this hackathon. Their Linux-powered rollups enable developers to build complex on-chain applications with familiar tools. This event will showcase the incredible potential of Cartesi’s technology to push the boundaries of what’s possible in web3.”
EigenLayer is a decentralized restaking protocol that increases the security and scalability of blockchain ecosystems by enabling Ethereum validators to extend their security guarantees to new networks and services. By using the current Ethereum staking infrastructure, EigenLayer allows developers and decentralized apps to benefit from Ethereum’s powerful security without the need to build separate validator networks.
Erick de Moura, Founder of Cartesi, commented:
“Cartesi’s vision is to expand the web3 design space by bringing real-world computation on-chain. With EigenLayer, Cartesi’s Linux Coprocessor unlocks groundbreaking possibilities for developers. Experiment Week offers a unique opportunity to showcase practical applications and inspire new builders and founders through this powerful collaboration.”
Developers will have the security and scalability benefits of restaking at their fingertips, along with complete compatibility with the mainstream software industry, thanks to the combination of Cartesi’s Linux-powered Coprocessor and EigenLayer’s ground-breaking restaking protocol. This will open up the space for innovation in web3. This synergy paves the way for sophisticated decentralized finance, verifiable artificial intelligence inferences, and a plethora of other use cases.
Builders have the potential to experiment and tackle key industry concerns such as data integrity, fairness, and verifiability, which will ultimately lead to the development of an artificial intelligence landscape that is more reliable and ethical. This opportunity comes in the midst of a growing demand for decentralized artificial intelligence to ensure transparency, security, and trust in AI applications. It is either impossible or extremely expensive for applications to run artificial intelligence on-chain due to the limited computational capacity it possesses as well as the high costs associated with the current data availability and execution layers.
Smart contracts are equipped with the software tools and complex computation that power web2 thanks to the Cartesi Coprocessor, which revolutionizes blockchain applications. The integration of a RISC-V virtual machine that is compatible with Linux is what distinguishes the Cartesi Coprocessor from others. This gives developers access to a configuration that is both familiar and flexible for carrying out computations. Developers will find it much simpler than ever before to reuse pre-existing software libraries and tools for web3 use cases as a result of this compatibility, which bridges the gap between traditional software development and blockchain innovation.
Through the provision of a “marketplace for trust,” EigenLayer is able to solve the bootstrapping problem that is associated with new web3 services. Instead of requiring each web3 builder to independently raise capital, establish cryptoeconomic security, and onboard Operators, EigenLayer provides Cryptoeconomic Security as a Service by bringing together Restakers, Operators, and Actively Validated Services (AVSs). This eliminates the need for each web3 builder to do these things. Without having to go through the time-consuming and expensive process of protecting their own network, new applications are able to take advantage of Ethereum’s security by using this strategy.
EigenLayer and Cartesi are both dedicated to bridging the gap between infrastructure protocols and decentralized applications (dApps) for end users in order to speed up the process of widespread adoption of blockchain solutions.
The recent $1.5 billion Bybit hack turned North Korean Lazarus Group into one of the top 15 Ethereum holders in the world. The breach sent shockwaves through the crypto space, alerting users who previously thought Ethereum was among the safest and most decentralized networks.
In a conversation with BeInCrypto, representatives from Holonym, Cartesi, and Komodo Platform discussed the implications of this breach, steps to curb similar situations in the future, and how public trust in Ethereum can be restored.
A Different Kind of BreachThe Bybit hack shook the crypto community not just because of the quantity of funds stolen but also because of the nature of the breach.
The Bybit breach was the largest in crypto history. Source: X.While other crypto exchange breaches, like the 2014 Mt. Gox episode or the 2018 Coincheck hack, involved private keys or direct compromises of exchange wallets, Bybit’s situation was different.
Rather than stealing private keys, the hackers manipulated the transaction signing process, indicating that it was an infrastructure-level attack. The transaction signing process was targeted instead of the asset storage itself.
Forensic analysis of the Bybit hack traced the breach to Safe Wallet, a multi-signature wallet infrastructure provided by a third party. Safe Wallet uses smart contracts and cloud-stored JavaScript files on AWS S3 to process and secure transactions.
Hackers could secretly modify transactions by injecting malicious JavaScript into Safe Wallet’s AWS S3 storage. Therefore, although Bybit’s system was not directly hacked, the hackers altered the destination of transfers that Bybit had approved.
This detail exposed a serious security flaw. Third-party integrations become weak points even if an exchange locks down its systems.
Lazarus Group Among Ethereum’s Top HoldersFollowing the monumental hack, North Korea is among the top 15 largest Ethereum holders.
Following the Bybit hack, the Lazarus Group was among Ethereum’s top 15 holders. Source: Etherscan.The fact that an infamous group like Lazarus, responsible for several high-profile hacks in the crypto sector, now holds such an important amount of Ether raises several trust issues. While initial speculation pointed toward a weakness in Ethereum’s decentralized nature, Nanak Nihal Khalsa, Co-Founder of Holonym, discards this claim.
Given that Ethereum’s governance and consensus mechanisms rely on validators rather than token holders, the Lazarus Group holding such a substantial amount of ETH does not compromise the network’s overall decentralization.
“Lazarus still owns less than 1% of ETH in circulation, so I don’t see it as highly relevant beyond simple optics. While it’s a lot of ETH, they still own less than 1%. I’m not worried at all,” Khalsa told BeInCrypto.
Kadan Stadelmann, Chief Technology Officer at Komodo Platform, agreed, emphasizing that Ethereum’s infrastructure design is the source of its weakness.
“It proves a vulnerability in Ethereum’s architecture: illicit actors could expand their holdings further by targeting exchanges or DeFi protocols, and thus wield an influence over market dynamics and possibly change governance decisions in Ethereum’s off-chain processes by voting on improvement proposals. While Ethereum’s technical decentralization has not been compromised, Lazarus Group has eroded trust in Ethereum,” Stadelmann told BeInCrypto.
However, while token holders cannot influence Ethereum’s consensus mechanisms, they can manipulate markets.
Potential Impacts and Market ManipulationsThough the Bybit hackers have already finished laundering the stolen ETH, Stadelmann outlined a series of possible scenarios that the Lazarus Group could have carried out with the massive wealth they originally accumulated. One option is staking.
“Ethereum’s Proof-of-Stake security relies on honest validators and resilience of wallets, exchanges, and dApps. While the Lazarus Group’s haul doesn’t threaten the blockchain’s consensus mechanism, since their holdings are not known to be staked, it certainly raises the spectre that this could be achieved. They’re unlikely to do this, as the funds they’ve stolen have been tracked,” he explained.
Along equally unlikely lines, the Bybit hackers could cause a significant market downturn by selling their holdings altogether.
“Their holdings do give them an opportunity to manipulate markets, such as if they dump their holdings. This would be difficult to do since their ETH are flagged. If they try to exchange the ETH via selling, their assets could be frozen,” Stadelmann added.
What Stadelmann is most worried about looking toward the future is the impact hacks can have on Ethereum’s Layer 2 protocols.
“Lazarus and its partners could attempt to attack Layer 2 protocols like Arbitrum and Optimism. A censorship attack on layer 2 could undermine dApps and cause the ecosystem to move towards centralized transaction sequencers. That would underscore Ethereum’s weakness,” he said.
While Ethereum’s network was not compromised, Safe Wallet’s attacks underscored the vulnerabilities in the security of the greater ecosystem.
“The breach has certainly increased tensions in the ecosystem, and created an uneven token distribution. The question remains: will Lazarus or other hacking groups associated with state actors attempt to exploit the Ethereum ecosystem, particularly at layer 2?” Stadelmann concluded.
It also raised questions about the need for better security standards.
Verification Over TrustKhalsa argued that the Bybit hack, while not a threat to Ethereum’s core security, highlighted the need for improved security standards among users.
“Saying the hack is Ethereum’s problem is like saying death by car accident is the car’s problem when the driver didn’t wear a seatbelt. Could the car have more safety measures? Yes, and it should. But as a seatbelt has little to do with the car, the hack had little to do with Ethereum. It’s a protocol and it worked exactly as intended. The problem is the lack of convenience and know-how for securely custodying digital assets,” he said.
Specifically, the incident exposed vulnerabilities within multi-signature wallets, demonstrating that reliance on third-party integrations can introduce significant risks, even with robust internal security. Ultimately, even the most sophisticated wallet security measures become ineffective if the signing process can be compromised.
Khalsa emphasized that proven self-custody security measures exist, while multi-signature wallets are not among them. He added that government agencies should have long ago advocated for superior security standards and practices.
“The repercussion we can all hope for is getting serious about stopping North Korea from stealing more funds. While it’s not the government’s place to change how self-custody is carried out, it is absolutely the government’s place to encourage better industry ‘best practices.’ This attack was due to the myth that multisigs of hardware wallets are secure. Sadly it took this attack for it to be acknowledged, but better standards set by government agencies could encourage safer practices without the need for $1.5 billion compromises to wake up the industry,” he asserted.
The incident also exposed the need to verify transactions rather than trust third-party applications.
A Solution to Front-End VulnerabilitiesBy injecting malicious JavaScript into vulnerable Safe Wallet cloud servers, the Lazarus Group launched a sophisticated attack, enabling them to mimic the interface and trick users.
According to Erick de Moura, co-founder of Cartesi, this exploit highlights a critical vulnerability. The issue lies in the reliance on centralized build and deployment pipelines within a system intended for decentralization.
“The SAFE incident serves as a stark reminder that Web3 is only as secure as its weakest link. If users cannot verify that the interface they interact with is genuine, decentralization becomes meaningless,” he said.
De Moura also added that a common misconception in Web3 security is that smart contract breaches are among the most effective forms of hacking exchanges. However, he deems that the Lazarus Group’s strategy on Bybit proves otherwise. Injecting malicious code into the front-end or other off-chain components is much more seamless.
“The hackers didn’t need to breach smart contracts or manipulate ByBit’s systems directly. Instead, they injected malicious code into the front-end interface, deceiving users into thinking they were engaging with a trusted platform,” he explained.
Despite these vulnerabilities, a transition from trust-based to verifiable security is possible.
The Case for Reproducible BuildsDe Moura views the Bybit hack as a wake-up call for the Web3 community. As exchanges and developers reassess their security, he argues that verifiable, reproducible builds are essential to prevent future attacks.
“At its core, a reproducible build ensures that when source code is compiled, it always produces the same binary output. This guarantees that the software users interact with hasn’t been altered by a third party somewhere in the deployment pipeline,” he said.
Blockchain technology is vital to ensure that this process takes place.
“Imagine a system where every software build generates binaries and resources in a verifiable way, with their fingerprints (or checksums) stored on-chain. Instead of running such builds on cloud servers or computers that are prone to security breaches, they can be executed on dedicated blockchain co-processors or decentralized computational oracles,” De Moura told BeInCrypto.
Users can compare the checksum of the front-end resources they are loading against on-chain data through a browser plugin or feature. A successful match indicates an authentic build interface, whereas a discrepancy signals a potential compromise.
“If a verifiable reproducible builds approach had been applied to SAFE, the exploit could have been prevented. The malicious front-end would have failed verification against the on-chain record, immediately exposing the attack,” De Moura concluded.
This approach presents a helpful alternative to relying on users with varying levels of self-custody knowledge.
Addressing Gaps in User KnowledgeAs attacks grow more sophisticated, the lack of user knowledge about how to securely custody digital assets presents a significant vulnerability.
The Bybit hack frustrated users who originally thought that reliance on third-party integrations would be enough to safeguard their assets. It also affected the broader perception of cryptocurrency security.
“It shows crypto is still in the Wild West and in its growing phase in terms of security. I think in a couple years we will have superior security but in its current state, the public fear is well-justified,” Khalsa said.
Ultimately, embracing different approaches will be essential for the Web3 community to build a more secure and resilient ecosystem. A good starting point is to demand better industry practices and evaluate the integration of verifiable, reproducible builds.
Honeypot changes rollup security testing by means of a community-incentivized audit and interdisciplinary hacker battlefield. Cartesi is one of 26 projects that have managed to maintain their Ethereum L2 status in accordance with the new standards established by L2Beat. An upgraded version of Cartesi’s Honeypot decentralized application (dApp) has been launched, which raises the bar for rollup security standards. Cartesi is a modular blockchain system that first pioneered application-specific rollups. Moreover, Cartesi’s PRT Honeypot is already a Stage 2 rollup app and one of only three recategorized as Stage 2 by L2Beat.
Honeypot, which is now equipped with Cartesi’s Permissionless Refereed Tournaments (PRT) fraud-proof system, illustrates the project’s dedication to security, transparency, and open development.
Honeypot is a hacking challenge that was first introduced on the Ethereum mainnet two years ago. It is defined as a “hacking challenge based on the concept of honeypots.” Honeypot changes rollup security testing by means of a community-incentivized audit and interdisciplinary hacker battlefield. PRT, a fraud-proof mechanism that provides resistance to Sybil attacks without relying on permissioned validators or hefty hardware, has been added to this most recent version, which serves to strengthen it.
According to L2BEAT, which is a major open-source analytics platform for Layer-2 solutions, projects are evaluated based on proof systems that check rollup data for the purpose of ensuring safe Ethereum settlement. It is currently changing the classification of L2 projects depending on how far along they are in the process of becoming fully operational fraud-proof systems. This organization is widely regarded as a significant industry standard for rollup decentralization and security.
Honeypot is already recategorized as Stage 2, which is the ultimate step in which rollups become entirely governed by smart contracts. This is because Honeypot’s system is completely permissionless and fraud-proof, and it does not depend on a gated multisig for any interventions.
Erick de Moura, Founder at Cartesi stated:
“We don’t expect trust to be given — it should be earned. Honeypots allow projects to commit their own funds to validate the integrity of their fault proofs before asking others to rely on them. It’s a gradual, transparent path toward trustless security that reflects the values this ecosystem was built on.”
Cartesi’s new Honeypot upgrade is a crucial and essential milestone, indicating the maturity of its rollup technology. This is in light of the fact that Ethereum founder Vitalik Buterin has emphasized the need for all Layer-2s to implement measures that prevent fraud. With an eye toward the future, the group is working on the next-generation ‘Dave’ fraud-proof system in order to further increase security.
The conventional software stack and blockchain are separated by Cartesi, which acts as a bridge between the two. The infrastructure of the internet was built over the course of forty years, requiring billions of hours of labor and trillions of dollars. Through the use of Cartesi, developers are able to obtain access to the operating systems, programming languages, software libraries, and tools that have been methodically honed over the course of many decades. This paves the way for the next generation of blockchain applications.
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Modular blockchain Cartesi has given its PRT Honeypot app an upgrade – and so has Layer 2 dashboard L2BEAT. Following an overhaul by the Cartesi team, Honeypot now sports new features that make it better equipped to perform the task it was designed for: testing the security of rollups.
The Cartesi team has been working intensively on the latest build of Honeypot, which first debuted two years ago on Ethereum. The app effectively gamifies the important task of testing rollup security, giving projects confidence that the funds their native networks hold are safe from hackers.
Honeypot Gets a Little Sweeter The “PRT” in PRT Honeypot stands for Permissionless Refereed Tournaments, which describes the fraud-proof system the app contains. Essentially, this is a mechanism for ensuring that rollups have resistance to Sybil attacks, which are one of the primary ways in which an attacker might conceivably gain control over a rollup by operating multiple validators.
In any blockchain network, be it a rollup or conventional chain, it’s imperative that validators are distributed in terms of ownership to prevent centralization, maximize fault tolerance, and ensure nefarious actors are unable to unilaterally pull the strings. It’s the primary upgrade the new Honeypot app benefits from and this innovation has helped with the recategorization that L2BEAT has subsequently bestowed.
Cartesi Celebrates App Upgrade In a tweet celebrating L2BEAT’s assignment of a new category to Honeypot, Cartesi described it as a “key milestone toward decentralization and trustless security, in line with L2BEAT’s standards.” They also elaborated on the new features the app supports in a blog post that summarizes how the app works.
As a gamified app for whitehats, Honeypot tasks participants with attempting to hack the app in an attempt to claim the CTSI prize pot. Developers are invited to check out Honeypot’s GitHub repo and see whether they can find a way to exploit it. Cartesi has also invited the wider community to follow the progress and see whether any of the whitehats taking on the challenge are able to crack the code.
Making Rollups More Reliable While Honeypot is presented as a fun challenge – a sort of ongoing hackathon – there is serious intent behind the challenge. Making rollups more secure benefits the entire web3 ecosystem, since these lightweight networks are becoming increasingly relied on to scale L1s such as Ethereum. It’s vital that they are highly secure, since any exploit would impair confidence in the entire rollup framework.
As Cartesi explains, Honeypot is designed to solve the challenge of “verifying state transitions in a permissionless, decentralized way that resists Sybil attacks, without requiring massive resources or trust assumptions.” The PRT component is designed to weed out any validators that are acting dishonestly in an attempt to defraud the network.
With Honeypot now serving as a testbed for rollup security, it means Cartesi can rightfully claim to be doing its bit to enhance industry standards when it comes to network design. For as long as Honeypot remains impregnable, it can be taken as evidence that all Cartesi-based rollups are every bit as robust, while also ensuring dispute resolution can be achieved without compromising decentralization.
AUTHOR
Dan is a seasoned wordsmith known for his sharp editorial insight, meticulous attention to detail, and passion for compelling storytelling.
Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated
According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408
3 minutes ago
A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.
According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.
3 minutes ago
A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.
According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.
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Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.
Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)
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Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.
According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.
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STRC drops to near $80, marking another new all-time low.
According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.
PANews, June 20 – A controversy has erupted within the Hyperliquid community over the positioning of HyperEVM, with critics arguing that HyperEVM was not designed as a general-purpose Ethereum execution environment, but rather as a dedicated execution layer focused on composable interaction with Hypercore. Its core design should rely on corewriter and precompiled contracts rather than being used as a general-purpose L1. However, developers currently face a steep learning curve, and complex system address interactions require multiple transactions for cross-asset operations, resulting in low efficiency. In most cases, asset swaps are not even as efficient as AMM mechanisms.
Furthermore, HyperEVM has long suffered from being "neglected," possibly because the team's resources have been concentrated on core products such as HIP-3, HIP-4, and portfolio margin, leading to insufficient investment in ecosystem development. The community suggests that to boost HyperEVM ecosystem activity, developer tools need to be improved, the corewriter mechanism optimized, and more on-chain experimental applications akin to the DeFi Summer style incentivized; otherwise, smart contract innovation may continue to slow down.
A former Ethereum Foundation contributor has raised alarms about a possible shortfall in support for the network’s foundational development efforts, warning that it could materialize within the next three to nine months. Trent Van Epps, who spent five years at the Foundation until April 2026 coordinating core protocol activities and related funding initiatives, outlined these concerns in a detailed essay published on June 18, 2026.
Van Epps described the situation as a “slow-burning funding crisis” rather than an abrupt cliff.
He pointed to two primary pressures: the recent conclusion of a multi-year client support program and ongoing adjustments to the Foundation’s treasury management strategy.
The Client Incentive Program, which had channeled resources to teams maintaining Ethereum’s execution and consensus clients over four years, wrapped up in April 2026 without a designated successor mechanism in place.
At the same time, the Foundation has been reducing its annual spending rate.
A treasury plan announced in 2025 set a glide path toward lowering outflows from roughly 15 percent of assets per year down to a more sustainable 5 percent endowment-style baseline by 2030.
This shift aims to preserve long-term solvency after years of using treasury holdings to bootstrap the broader ecosystem.
Van Epps estimated that maintaining adequate capacity across more than ten client teams, research groups, and coordination roles requires consistent annual funding in the range of $30 million.
He noted that current and near-term sources for this level of support appear increasingly limited, based on conversations across the core development community.
Without steady resources, he warned of risks including the departure of experienced contributors who hold deep institutional knowledge, delays in tackling complex challenges such as scalability improvements and future-proofing measures, and potential impacts on the network’s track record of reliability.
The former contributor situated the warning within the Foundation’s long-standing “subtraction” philosophy.
This approach deliberately seeks to limit organizational growth inside the Foundation itself and instead encourage value creation and responsibility across the wider Ethereum ecosystem.
While intended to promote decentralization and maturity, Van Epps argued that executing this transition effectively requires proactive planning for new stewardship structures.
He referenced comments from Ethereum co-founder Vitalik Buterin, who has noted that the Foundation’s original scope—focused on early-stage software development through major upgrades—was largely completed years ago and was never designed as a permanent central authority.
Van Epps called for renewed discussion around updated social, political, and economic arrangements among stakeholders to support ongoing protocol maintenance through more scalable and neutral funding channels.
The concerns come amid reports of staff transitions at the Ethereum Foundation and broader debates about sustainable resourcing for public goods in the Ethereum ecosystem. Van Epps emphasized that underinvestment in continuity could prove costly to reverse if symptoms appear 12–18 months from now, and he urged collective attention to building durable mechanisms that match the project’s long-term goals and objectives.
Stablecoins are blockchain tokens pegged 1:1 to a fiat currency, usually the U.S. dollar. They give you the programmability and speed of crypto without the price swings. That simple combination has turned them into plumbing for DeFi, cross-border payments, remittances, treasury management, and on-chain settlement.
The market crossed $250 billion in total supply by mid-2025 and has continued growing. As of early 2026, total stablecoin market capitalization is above $310 billion according to DefiLlama data. Tether’s USDT sits around $183-187B (roughly 60% of the market), Circle’s USDC around $74-76B. Growth has been driven by regulatory clarity in the U.S. and EU and a wave of institutional adoption.
This article is for anyone considering issuing a stablecoin, evaluating the infrastructure to do so, or trying to map the competitive field. It covers issuance models, regulatory frameworks, technical architecture, service providers, the new “stablechains,” step-by-step launch guidance, and the risks worth planning for.
How stablecoin issuance works Issuing a stablecoin means designing, launching, and operating a token where new units are minted only when equivalent reserves or collateral are locked up. Tokens can be burned (destroyed) when someone redeems. The issuer’s job is keeping that mint-burn cycle trustworthy, transparent, and compliant.
You can either build it yourself with custom smart contracts, banking partnerships, and compliance infrastructure, or use a turnkey platform (often called “Stablecoin-as-a-Service”). Most organizations in 2026 choose the turnkey route, at least to start. But understanding both matters. Even turnkey solutions force architectural decisions that stick with you for years.
Which issuance model fits? Every stablecoin starts with a model decision. Your choice determines capital requirements, regulatory burden, revenue mechanics, and risk profile.
Fiat-backed (custodial / off-chain reserves) The dominant model, accounting for over 90% of the market. Also the one regulators prefer.
Users or institutions deposit fiat (USD cash, Treasuries, repos, money market funds, or insured bank deposits) with the issuer or a qualified custodian. The issuer mints an equivalent number of tokens on-chain. When someone redeems, the tokens get burned and the reserves are released. Reserves sit in segregated, audited accounts.
The economics: issuers earn yield on reserves, primarily from short-term Treasuries. That’s how Circle, Tether, and Paxos make money.
The trade-off is centralization. You depend on banks and custodians, you need licenses, and you’re subject to ongoing audits. But for most businesses, this is the right starting point. USDC, USDT, PayPal’s PYUSD, and newer entrants like KlarnaUSD (issued via Bridge) all use this model.
Crypto-collateralized (on-chain, over-collateralized) Users deposit volatile crypto (typically ETH) into smart contracts at 120-200% collateralization ratios. Price oracles are central to this model. They’re external data feeds (Chainlink is the most widely used) that supply real-time asset prices to on-chain contracts. If oracle data is stale, manipulated, or delayed, liquidations can misfire or fail entirely, potentially threatening the peg. Oracle risk is one of the less-discussed but more dangerous failure modes in crypto-collateralized stablecoins. If the collateral ratio drops below a threshold, automatic liquidation kicks in. Minting and burning happen entirely through smart contracts.
This model is fully transparent and doesn’t need traditional banking relationships. The downside is capital inefficiency: you lock up significantly more value than you mint. Liquidation risk during volatile markets is real. MakerDAO’s DAI is the best-known example. Ethena’s USDe is a newer hybrid.
Revenue comes from stability fees and liquidation penalties rather than reserve yield.
Algorithmic / hybrid Pure algorithmic stablecoins use smart contracts to expand and contract supply through incentive mechanisms, with little or no collateral backing. After the TerraUSD collapse in 2022, this model is largely discredited. Most regulators have banned or restricted it. The EU’s MiCA framework prohibits purely algorithmic stablecoins outright.
Hybrids like FRAX combine partial reserves with algorithmic mechanisms, but adoption remains niche. Unless you have a very specific reason, avoid this model in 2026.
Tokenized deposits / bank-integrated Tokens represent direct claims on insured bank deposits or tokenized reserves on permissioned or public chains. JPMorgan’s JPM Coin (now JPMD) is the primary example. These stablecoins integrate directly with traditional banking rails.
The advantage is deposit insurance and the trust infrastructure of established banks. The downside is ecosystem lock-in and limited multichain reach. This model works best for large financial institutions that already have a banking charter and want to extend their rails onto blockchain.
Regulatory frameworks in 2026 Regulation is simultaneously the biggest barrier and biggest enabler of stablecoin issuance. If you don’t understand the regulatory environment, the rest of this article won’t matter much.
The global picture has converged around a few core requirements: 1:1 reserves in high-quality liquid assets, licensing, redemption rights at par, regular audits, and AML/KYC compliance. Most frameworks also restrict or prohibit yield payments directly to stablecoin holders, keeping the instrument classified as a payment tool rather than a security. But the specifics vary by jurisdiction, and the debate around yield-bearing stablecoins is active (the White House held closed-door meetings on this topic as recently as February 2026).
United States: the GENIUS Act and federal/state oversight The GENIUS Act, passed in 2025, created the first comprehensive federal framework for stablecoin issuance. Only “permitted” issuers can operate: FDIC-insured banks and their subsidiaries, or federally/state-qualified non-bank issuers.
An important structural detail: oversight is split between federal and state regulators depending on issuer type and size. Non-bank issuers with under $10B in circulation can be regulated at the state level under existing money transmitter frameworks. Larger issuers and bank-affiliated issuers fall under federal oversight via banking regulators, with the OCC playing a role for non-bank issuers at the federal level. It’s not a single-regulator model.
Requirements: 1:1 reserves in cash, Treasuries, repos, and insured deposits. Monthly attestations and annual audits for large issuers. Redeemable at par. No interest payments to holders under the current framework. Foreign issuers face restrictions unless their home jurisdiction has equivalence arrangements.
European Union: MiCA The Markets in Crypto-Assets regulation took effect across 2024-2025 and creates two categories: e-money tokens (EMTs, pegged to a single currency) and asset-referenced tokens (ARTs). Issuers must be EU credit institutions or authorized electronic money institutions. Reserves must be held in high-quality liquid assets at EU banks.
Pure algorithmic stablecoins are banned. Redemption at par is mandatory, often without fees. The ECB has oversight authority for systemically important stablecoins. Full authorization is required by July 1, 2026 for all issuers operating in the EU.
Other jurisdictions The UK is building its framework through FCA and Bank of England e-money rules, with caps for systemic stablecoins. Singapore requires a MAS license and full backing. Japan restricts issuance to banks and trust companies. Hong Kong has introduced HKMA licensing for HKD-pegged stablecoins.
The pattern across all of these: convergence on reserves, redemption rights, and licensing. Differences mainly come down to issuer eligibility and acceptable reserve assets. The U.S. favors Treasuries, the EU favors bank deposits.
Technical architecture: what a modern stablecoin stack looks like Whether you build or buy, you need to understand the components.
Core smart contracts Deployed on one or more blockchains (Ethereum, Solana, Algorand, others), these handle minting, burning, and transfer logic. For 2026 compliance, your contracts need role-based access control (minter, burner, pauser, blacklister, clawback roles), pause and freeze functionality for AML and sanctions enforcement, and blacklisting and clawback for court orders.
Most teams start with audited frameworks like OpenZeppelin’s ERC-20Upgradeable combined with Pausable, AccessControl, and UUPS proxy patterns for upgradeability. Some blockchains offer built-in compliance controls at the protocol level. Algorand, for instance, has native freeze and clawback functions that make it attractive for institutional issuers without requiring custom contract logic.
Advanced standards like Tempo’s TIP-20 (on their payments-first L1) add native protocol-level features: built-in mint/burn/transfer restrictions, RBAC, transfer memos for reconciliation, and native yield distribution, all without extra contract complexity.
Issuer backend system A secure, centralized system (typically API-driven) that authorizes minting and burning events. It verifies that fiat deposits arrived before instructing the smart contract to mint, and confirms burn events before releasing fiat for redemption. This is the operational core that ties on-chain activity to off-chain banking.
Custody and reserve layer Fiat and other reserve assets sit in custody accounts at regulated banks or trust companies. Qualified custodians provide regular attestations. Typical reserve composition includes cash, short-term U.S. Treasuries, repos, money market funds, and insured bank deposits. Increasingly, reserves also include tokenized Treasuries from providers like BlackRock, WisdomTree, and Superstate, which generate yield while maintaining liquidity. As a point of reference, Tether’s Q4 2025 attestation reported $141 billion in total U.S. Treasury exposure (direct holdings plus overnight reverse repos), making it one of the largest holders of U.S. sovereign debt globally.
Compliance and identity layer KYC/AML checks and transaction monitoring tools integrate with the issuance and redemption flow. Only verified users can mint or redeem. All on-chain activity gets screened for illicit finance. Blockchain analytics providers like Chainalysis and Blockaid are standard parts of the stack.
Fiat on/off-ramps The bridges between blockchain and traditional finance. Licensed money services businesses like Coinme provide the infrastructure to move funds between bank accounts, cards, and on-chain stablecoins.
Multichain deployment Most stablecoins in 2026 operate across multiple chains. You can deploy natively on each chain, use cross-chain bridges or interoperability protocols (Axelar, LayerZero, Circle’s CCTP), or issue on specialized payment-focused L1s. The choice depends on your target users and use cases.
Security Multiple independent audits are table stakes. Beyond that: timelocks on critical contract functions, multi-sig governance, invariant checks, and HSM or MPC-based key custody. Daily reconciliation between on-chain supply and off-chain reserves is standard practice, along with monthly attestations.
Stablecoin-as-a-Service providers Most businesses in 2026 use a turnkey provider rather than building from scratch.
Paxos The most established player, operating since 2018. Paxos is the issuer behind PayPal’s PYUSD and has partnerships with Interactive Brokers and other large enterprises. They handle regulatory compliance, reserve custody, and minting/redeeming technology across multiple blockchains.
They’ve processed over $180B in activity and focus on enterprise partnerships. Expect enterprise-level pricing to match.
Circle Circle is first and foremost the issuer of USDC, the second-largest stablecoin. They don’t offer white-label issuance of fully custom-branded stablecoins the way Brale or Bridge do. What they do offer is programmable wallets, Circle Mint for institutional USDC access, and the Circle Payments Network (CPN) for connecting financial institutions. If you want to build payment products on top of an existing, highly regulated stablecoin rather than issuing your own, Circle’s stack is the natural choice.
Circle supports 20+ blockchains, offers API-based integration, and charges transaction-based fees. Their cross-chain transfer protocol (CCTP) is a real differentiator for multichain deployments. Circle also went public on the NYSE in 2025, adding another layer of transparency.
Brale A U.S.-regulated issuance platform that lets businesses create and manage their own fiat-backed stablecoins. Brale acts as the legal issuer under its money transmitter licenses, handling custody, reserve management, and compliance while providing APIs for minting and burning across 20+ blockchains.
Good option for organizations that want a custom-branded stablecoin without building the regulatory infrastructure themselves. Revenue-share pricing model.
Bridge (Stripe-acquired) Bridge offers an Open Issuance API to launch and manage a branded stablecoin with minimal code. They handle reserves, liquidity, compliance, and fiat on/off-ramps. Stripe’s acquisition gives Bridge access to an enormous merchant network.
Bridge has received preliminary approval to establish a national trust bank, which would let them offer regulated custody and reserve management under a federal framework.
Coinbase Custom Stablecoins Launched December 18, 2025, this is Coinbase’s “stablecoin-as-a-service” offering. It lets businesses create custom-branded stablecoins backed 1:1 by USDC and other USD-stablecoins, with Coinbase handling issuance, smart contracts, compliance, and custody. First partners include Flipcash, Solflare, and R2. Separately, Coinbase is also powering stablecoin-denominated institutional funding for Klarna via USDC.
Important nuance: at launch, Custom Stablecoins use USDC as the underlying collateral rather than direct fiat reserves. That means Coinbase is acting as an issuance layer on top of Circle’s stablecoin, not as a direct fiat-to-stablecoin issuer like Paxos or Brale. Coinbase has applied for an OCC national trust charter, which could eventually allow it to custody reserves directly.
Frax Finance Known for its hybrid stablecoin model, Frax now offers “GENIUS-compatible” white-label infrastructure. Per project announcements, Sonic Labs used Frax’s framework to launch a USSD stablecoin backed by tokenized Treasuries. Frax provides modular smart contract infrastructure with built-in composability through LayerZero.
The DeFi-native option, designed for teams comfortable with on-chain tooling.
Stably A primary partner for blockchain platforms like Algorand and Stacks. Stably provides a Stablecoin-as-a-Service suite including fiat on/off-ramps, multi-chain issuance, and compliance. They specialize in stablecoins pegged to various fiat currencies beyond the dollar.
M0 M0 is a programmable stablecoin issuance protocol that separates token logic from reserve custody. It lets businesses build “stablecoin extensions,” which are custom-branded tokens with their own compliance rules, yield mechanics, and access controls, all built on a shared liquidity and interoperability layer. M0 raised a $40M Series B and has over $779M in on-chain supply minted. Bridge (Stripe) uses M0’s protocol under the hood for stablecoin issuance, as confirmed when MetaMask launched mUSD. MoonPay’s PYUSDx framework also runs on M0 infrastructure.
Worth watching closely. M0’s approach of decoupling reserve management from token issuance could become the default pattern for application-specific stablecoins.
Other providers worth noting Agora offers regulated stablecoin issuance with a trust-based approach. Bastion takes a similar regulated trust posture. Anchorage Digital is primarily a federally chartered crypto bank providing qualified custody and regulated banking services. It’s not a full stablecoin issuance platform, but it plays a role in the custody and compliance layer that issuers need. Fireblocks provides infrastructure and custody tooling (MPC wallets, workflow automation, settlement) across 100+ chains. It processes roughly 15% of global stablecoin volume and is used by 300+ banks and payment providers, but it’s infrastructure plumbing, not a legal issuer of stablecoins. BitGo offers qualified custody infrastructure. Cobo provides full-suite payment operations, combining MPC custody, payment APIs, and Wallet-as-a-Service across 80+ chains. Tassat focuses on tokenized deposits and real-time settlement for institutional digital asset operations, including its Link platform for real-time collateral and settlement workflows.
The stablechains: purpose-built L1s for stablecoin payments This is probably the most interesting development in stablecoin infrastructure right now. Starting in 2025, a new category of “stablechains” appeared: Layer-1 blockchains built specifically for stablecoin payments and issuance. Instead of deploying on general-purpose chains like Ethereum or Solana, issuers can use infrastructure where stablecoins are first-class citizens rather than an afterthought.
Three projects lead this category: Tempo, Circle Arc, and Tether Plasma. All three are EVM-compatible, target sub-second finality, and aim to make stablecoin transactions competitive with Visa, ACH, and SWIFT. They differ in philosophy, ecosystem, and who they’re designed for.
A word of caution: this category is very early. As of March 2026, only Plasma has a live mainnet with real production volume. Tempo and Arc are on public testnet with mainnet launches expected later in 2026. Performance claims (TPS targets, finality times) are based on testnet data or design targets, not proven production metrics at scale. Partnership announcements reflect stated intentions and early pilots, not necessarily live integrations processing real money. That said, the backers (Stripe, Circle, Tether) have the resources and distribution to make these projects matter, which is why they’re worth tracking closely.
Tempo Incubated by Stripe and Paradigm with over $500M raised. Tempo is a payments-first L1 that takes a deliberately neutral approach. No native token. Gas fees can be paid in any stablecoin through an enshrined AMM that auto-swaps to validators. Issuers aren’t forced into any single stablecoin ecosystem.
Tempo’s native TIP-20 token standard includes built-in mint/burn restrictions, protocol-level compliance (TIP-403 Policies), delegatable RBAC with on-chain audit logs, transfer memos for off-chain reconciliation, and native yield distribution. Design targets include 100,000+ TPS and roughly 0.6-second deterministic finality (no re-orgs), though these are pre-mainnet projections, not production-verified metrics.
Other protocol primitives: a Fee AMM (pay gas in any stablecoin, creating structural demand), a native stablecoin DEX for on-chain liquidity and FX (on roadmap), dedicated payment lanes with guaranteed blockspace, and account abstraction with passkey support.
Per Tempo’s announcement materials, the ecosystem roster includes Stripe, Shopify, Nubank, Klarna, DoorDash, Deel, Revolut, Visa, Anthropic, and Deutsche Bank. These are announced partnerships, not necessarily confirmed live integrations. Klarna’s involvement is separately confirmed through its Coinbase stablecoin funding announcement.
Status: public testnet live, mainnet expected H1 2026.
Best for issuers who want maximum flexibility, multi-stablecoin support, and deep payments integration with minimal vendor lock-in. Contact: [email protected].
Circle Arc Circle’s own L1, announced August 2025. Arc makes USDC the native gas token, creating a fully dollar-denominated chain. It uses Malachite BFT consensus for sub-second finality (around 780ms) and targets over 50,000 TPS.
The defining feature is a built-in FX engine with on-chain RFQ and PvP settlement, which makes it attractive for cross-currency treasury operations. Arc deeply integrates Circle’s stack: CCTP, native mint/burn, Gateway, and on/off-ramps. It also offers opt-in privacy designed for compliance-ready institutional use.
Partners include BlackRock, Visa, Goldman Sachs, Mastercard, HSBC, AWS, Coinbase, and OpenAI.
Status: public testnet with 100+ institutional participants, strong activity since October 2025. Mainnet expected 2026.
Best for institutions already in the USDC ecosystem, or those needing on-chain FX and capital markets infrastructure.
Tether Plasma The only stablechain with a fully live mainnet as of March 2026. Plasma is Tether’s chain, built around USDT with a zero-fee transfer model using a Paymaster contract. Sub-second finality at 1,000+ TPS. Over $373M raised.
Plasma supports 25+ stablecoins but is clearly USDT-centric. Per Tether’s communications, it has attracted significant deposits and become one of the larger USDT networks by balance. It includes a native Bitcoin bridge and optional confidential transactions. The ecosystem spans 100+ DeFi partners (including Aave) per project announcements.
Best for USDT-focused use cases, retail and emerging-market payments, and anyone who wants live production volume today.
How to choose between them The decision comes down to a few questions.
What’s your primary stablecoin? USDT points to Plasma. USDC points to Arc. Multi-stablecoin or custom-branded points to Tempo.
Who are your target users? Retail and emerging-market payments: Plasma. Enterprise and institutional capital markets: Arc. Fintechs, merchants, embedded finance: Tempo.
How much execution risk can you tolerate? Plasma is live but carries heavier regulatory scrutiny as a Tether-affiliated project. Tempo and Arc have strong backers but are pre-mainnet.
Many issuers are hedging by testing or launching on multiple chains simultaneously.
End-to-end launch stacks Several providers bundle token issuance, reserve management, compliance, and payment rails into a single integrated offering.
Polygon’s Open Money Stack bundles blockchain settlement, enterprise-grade wallets, and regulated fiat on/off-ramps (via Coinme) into one API. Transactions settle in under 2 seconds at roughly $0.002 each. Institutions can move money from a bank account into a stablecoin, settle on-chain, and convert back to fiat without juggling multiple vendors.
Cobo combines MPC custody, payment APIs, and Wallet-as-a-Service for high-volume stablecoin operations. It supports 80+ chains and plugs into existing treasury systems.
Brale’s unified platform lets an enterprise launch a stablecoin and have it instantly provisioned with on/off-ramps, pricing, APIs, and reporting, all under Brale’s regulatory umbrella.
Step-by-step: how to issue a stablecoin in 2026 The practical sequence, from concept to production.
1. Define purpose and structure. What is the stablecoin for? Payments, treasury management, loyalty programs, embedded finance? Your answer determines which issuance model, platform, and chain make sense. Fiat-backed is the right choice for most use cases. Pick your platform early since switching later is expensive.
2. Secure banking and reserves. Partner with qualified custodians or banks. Set up segregated 1:1 reserve accounts holding cash, short-term Treasuries, repos, money market funds, or insured deposits. Diversify across custodians where possible. Stress-test your liquidity for redemption spikes. Turnkey providers like Brale or Paxos handle much of this, but you still need visibility into the reserve structure.
3. Develop or integrate the technology. If building custom: write and audit your smart contracts (start with OpenZeppelin frameworks), implement compliance controls (RBAC, pause, freeze, clawback), choose your target chains, and get multiple independent security audits. If using a platform: integrate via API (Bridge, Brale) or deploy using native token standards (TIP-20 on Tempo).
4. Set up issuance and redemption flows. Mint tokens when verified fiat deposits arrive. Burn tokens on redemption and release corresponding reserves. Build continuous reconciliation between on-chain supply and off-chain reserves. Publish monthly attestations.
5. Ensure compliance and transparency. Obtain the necessary licenses (or confirm your turnkey provider holds them). Implement KYC/AML for all mint and redeem operations. Set up transaction monitoring. Publish reserve reports and audit results. Under the GENIUS Act, large issuers need monthly attestations and annual audits. MiCA requires full authorization by mid-2026.
6. Launch and distribute. Deploy on your target chain(s). Get listed on exchanges and DEXs. Provide initial liquidity. Monitor the peg continuously. Integrate into real payment flows: payroll via Deel on Tempo, merchant checkout through Stripe, remittance corridors.
7. Ongoing operations. This is where most of the work lives. Regular audits, risk monitoring, smart contract upgrades, regulatory reporting, and responding to compliance events (sanctions, court orders, suspicious activity). It never stops.
Provider comparison Provider Core capability Target customers Supported chains Complexity / cost Paxos Regulated issuance, custody, proven at scale Large enterprises, fintechs Ethereum, others Medium. High cost (enterprise contracts) Circle USDC issuer, programmable wallets, CPN, high liquidity Startups to enterprises 20+ chains Low. Transaction-based fees Brale Full-stack issuance, acts as legal issuer, multi-chain Startups to enterprises 20+ chains Low. Revenue-share pricing Bridge (Stripe) Open Issuance API, fiat on/off-ramps, Stripe distribution Enterprises, fintechs Multiple chains + Tempo Low. Transaction-based fees M0 Programmable issuance protocol, shared liquidity layer Developers, fintechs, wallets Ethereum, multi-chain Low-medium. Protocol-based Coinbase Custom Stablecoins Stablecoin-as-a-service, USDC-collateralized branded tokens Enterprises, fintechs Base, Ethereum (expanding) Low. Revenue-share Frax White-label modular infrastructure, RWA backing Blockchain networks, protocols EVM-compatible via LayerZero Medium. Variable cost Polygon End-to-end “Open Money Stack” Institutions, payment companies Polygon, multi-chain via Agglayer Low. Volume-based pricing Cobo Enterprise payments, MPC custody, treasury automation High-volume institutions 80+ chains Medium. Institutional pricing Fireblocks Infrastructure/custody tooling, MPC wallets, settlement (not an issuer) Large institutions 100+ chains Medium. Institutional licensing Stablechains comparison Aspect Tempo Circle Arc Tether Plasma Backing Stripe + Paradigm ($500M+) Circle Tether/Bitfinex ($373M+) Status (March 2026) Public testnet, mainnet H1 2026 Public testnet, mainnet 2026 Mainnet live Performance 100k+ TPS target (unverified), ~0.6s finality (design) 50k+ TPS target, ~780ms finality (testnet) 1k+ TPS, sub-second finality (production) Gas model Any stablecoin (no native token) Native USDC USDT-native + Paymaster (zero-fee USDT) Stablecoin focus Issuer-agnostic, multi-stablecoin USDC-centric USDT-centric (25+ supported) Key primitives Stable DEX, payment memos, dedicated lanes, TIP-20 FX engine, opt-in privacy, CCTP integration Zero-fee USDT, Bitcoin bridge, confidential txs Target users Fintechs, merchants, embedded finance Institutions, capital markets Retail, emerging markets, DeFi Real-world examples A few cases that show how this infrastructure comes together in practice. Note: some of these are announced projects or early-stage deployments, not fully scaled production systems. Where possible, I’ve verified against public announcements and press coverage.
MetaMask USD (mUSD) on M0/Bridge. Announced August 2025 by Consensys, MetaMask’s native stablecoin is the first issued by a self-custodial wallet. It uses Bridge for issuance and reserve management with M0’s protocol for the on-chain infrastructure. Planned to launch on Ethereum and Linea, with spending via MetaMask Card at Mastercard merchants.
Klarna’s stablecoin initiatives. Klarna partnered with Coinbase in December 2025 for USDC-denominated institutional funding. Separately, Tempo’s announcement materials list Klarna as an ecosystem partner launching “KlarnaUSD” via Bridge on Tempo, but public documentation of that specific deployment is limited beyond Tempo’s own communications. Worth monitoring but not yet a confirmed live product.
Sonic Labs’ USSD via Frax. Per Frax and Sonic project communications, Sonic used Frax’s white-label infrastructure and backed USSD with tokenized Treasuries. Independent documentation is thin, but it illustrates the modular approach: a blockchain network launching a native stablecoin by composing existing infrastructure rather than building from scratch.
Stablecorp’s QCAD. A Canadian dollar stablecoin that uses VersaBank as federally regulated custodian for reserves through VersaBank’s VersaVault platform. Stablecorp manages issuance and compliance while leaning on established banking infrastructure for credibility.
Stable Sea with BitGo. A B2B infrastructure platform that partners with BitGo for regulated custody and trading. Newer platforms can assemble best-in-class services from existing providers rather than building everything internally.
Risks worth planning for Good infrastructure reduces risk. It doesn’t eliminate it. Here’s what actually goes wrong.
Depegging. Market shocks, collateral liquidation cascades, or loss of confidence can push a stablecoin off its peg. Even fiat-backed stablecoins aren’t immune. USDC briefly lost its peg in March 2023 when Silicon Valley Bank failed with a portion of Circle’s reserves held there.
Custody and banking failures. Your stablecoin is only as safe as your custodian. Diversify where possible and understand the insolvency protections (or lack thereof) for your reserve accounts.
Smart contract bugs. A vulnerability in your minting or burning logic can be catastrophic. Multiple independent audits are the minimum. Timelocks, multi-sig controls, and bug bounty programs add layers of defense.
Regulatory changes. The GENIUS Act and MiCA are still relatively new. Rules will evolve. Non-compliance carries real consequences: fines, loss of license, blocked market access. Build compliance into the product from day one, not as an afterthought.
Sanctions and illicit finance exposure. Stablecoins are tools, and bad actors use them. You need transaction monitoring and the ability to freeze or clawback assets when legally required.
Operational risk. Stablecoin operations run around the clock. Reconciliation errors, oracle failures (for crypto-collateralized models), and infrastructure outages compound quickly.
Algorithmic model risk. If you’re considering an algorithmic or lightly collateralized design, this carries the highest systemic risk. The TerraUSD collapse proved that incentive mechanisms alone can’t maintain a peg under stress.
Best practices for 2026 issuers Automate reconciliation between on-chain supply and off-chain reserves. Manual processes break at scale.
Use bankruptcy-remote structures for reserve accounts. If your company has financial trouble, the reserves should be legally protected for token holders.
Build compliance into the product. Freeze, clawback, and blacklisting capabilities aren’t just regulatory checkboxes. They’re what institutional customers and regulators look for before working with you.
Partner with blockchain analytics providers from day one. Chainalysis, Blockaid, and similar firms provide transaction monitoring that regulators expect.
Publish clear redemption policies. Specify timelines, fees (if any), minimum amounts, and the process for large redemptions. Ambiguity erodes trust.
Start with a USD peg for maximum liquidity and market access. Non-USD pegs have their place, but infrastructure, liquidity, and regulatory clarity are all strongest for dollar stablecoins.
Plan for multichain or dedicated-chain deployment from the start. Retrofitting cross-chain support later is painful.
Consider starting on a turnkey platform or specialized L1 for speed, then evaluate custom infrastructure as you scale.
Where this is heading The infrastructure to launch a compliant stablecoin in 2026 exists. You can go from concept to live product in weeks through turnkey providers and purpose-built L1s. That speed would have been absurd even two years ago.
The decisions you face: which issuance model fits (fiat-backed for almost everyone), which platform or chain to deploy on (determined by your target users and stablecoin preference), and how much infrastructure to own versus rent.
White-label platforms like Bridge, Paxos, Brale, and Coinbase, issuance protocols like M0, or payments-optimized L1s like Tempo, offer the lowest barrier for most businesses. Custom builds still make sense for large institutions that need complete control and have the engineering team to maintain it.
One thing I’d flag: the temptation to over-engineer early is strong, especially for technical teams. The businesses actually getting stablecoins into production in 2026 are the ones that started with a turnkey provider, shipped, and iterated from there. The fundamentals, robust reserves, transparent operations, and clear redemption policies, matter more than the specific technology stack underneath.
Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated
According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408
2 minutes ago
A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.
According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.
2 minutes ago
A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.
According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.
2 minutes ago
Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.
Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)
2 minutes ago
Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.
According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.
2 minutes ago
STRC drops to near $80, marking another new all-time low.
According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.
An interoperable Ethereum (ETH)-based decentralized finance (DeFi) platform is skyrocketing after suddenly gaining support from Binance.
In a new announcement, the world’s largest crypto exchange platform by volume says that it will be adding futures contracts for interoperability protocol Synapse (SYN).
[adinserter block="1"]
“To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the SYNUSDT Perpetual Contract at 2024-08-16 12:30 (UTC) with up to 50x leverage.”
News of the listing sent SYN, the project’s native asset, flying. SYN is trading for $0.522 at time of writing, a staggering 32% increase during the last 24 hours.
According to the project’s official website, Synapse, which was launched in August 2021, is a cross-chain network that is compatible with most other layer-1 and layer-2s, including but not limited to Binance’s BNB Chain, Arbitrum (ARB), Optimism (OP), Avalanche (AVAX), Dogecoin (DOGE), and Polygon (MATIC).
Other prominent compatible chains include Fantom (FTM), Blast (BLAST), and Base, the blockchain of top US-based crypto exchange by volume Coinbase.
“Synapse is comprised of a cross-chain messaging framework and an economically secure method to reach consensus on the validity of cross-chain transactions, enabling developers to build truly native cross-chain apps…
Synapse Bridge is built on top of the cross-chain infrastructure enabling users to seamlessly transfer assets across all blockchains.”
The SSV Network DAO and Ether.fi have joined forces to launch a new Learn & Earn campaign on the Galxe platform. Part of the reasons behind the collaboration is to educate community members about the advantages of Distributed Validator Technology (DVT) as well as the importance of decentralizing Ethereum’s base layer.
Through this partnership, participants can earn a share of a $50,000 ETHFI prize pool. 150 lucky winners will be randomly selected. Aside from this, all users will also have the chance to earn points as part of Ether.fi’s Season 3 incentive program.
The campaign is set to last for two weeks, aiming toward increasing engagement and activities while at the same time informing them about the role of DVT in powering the SSV network Ether.fi’s restaking operations.
Members who partake in the Learn & Earn campaign will gain points for getting themselves accustomed to SSV’s role in helping decentralize Ether.fi’s non-custodial protocol.
Ether.fi’s Achievements in Staking and the Growth of the SSV Network Ether.fi has been able to record some achievements since it emerged. The liquid restaking company has over 6,500 validators running on the SSV Network, making it one of the leading adopters of this open-source staking technology. It has also gotten more than $4.5 billion in ETH staked, and its ETHFI token has grown to become a prominent DeFi token.
The SSV network has also been growing continuously since its mainnet launch in December. The project has seen many people use its technology, which has caused a spike in its Total Value Locked (TVL).
The network’s growth has seen it rank above Kraken to become the fifth-largest Ethereum staking provider, which could be linked to its new milestone of securing more than 1.3 million staked ETH. It is also supported by more than 900 operators running over 40,000 validator nodes.
SSV Network is a seamless staking system for developers to use. The network uses DVT technology, a new development designed mainly for distributing validation between multiple machines. Due to its flexibility, SSV lets node operators and validators join the network and participate in distributed staking without needing any permission.
As mentioned earlier, Ether.fi is a developer of liquid restaking technology on Ethereum. This solution makes it simpler for people to stake their Ethereum without giving up control of their coins. Through this initiative, Ether.fi helps make the Ethereum network more decentralized while making it easier for Ethereum holders to participate and earn rewards.
Distributed Validator Technology is now a key part of the billion-dollar staking industry. It plays an important role in keeping Ethereum’s validator layer secure. The Learn & Earn campaign, created by SSV Network and Ether.fi, will help people understand DVT and decentralized restaking. It will also reward users for participating.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
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SSV Network recently revealed SSV 2.0, a new bootstrapping model to bring “Based” Applications (bApps) to Ethereum. The new infrastructure framework aims to enhance the network’s security and enable “truly decentralized” bApps without compromising Ethereum’s core values.
SSV Network To Bring ‘Based Applications’ To Ethereum SSV Network announced SSV 2.0, an infrastructure framework created to “address the increasing ecosystem fragmentation” and growing demand for Layer 1 (L1)-anchored interoperable solutions.
SSV Network is a fully decentralized distributed staking infrastructure securing 1.9 million staked ETH. The staking network allows the distributed operation of Ethereum validators using Secret Shared Validators (SSV).
According to the announcement, the new bootstrapping model will allow applications “to go ‘based’” by directly leveraging Ethereum’s validator network. The “based” approach is set to “reunite fragmented liquidity while enhancing security” through Ethereum’s validator infrastructure.
Moreover, SSV Network highlighted the growth of the based ecosystem, which creates a need for “a based solution to bootstrapping.” It also noted that SSV 2.0 aims to allow developers to build on Ethereum L1 in a “way that is aligned with the original values and future vision of the ETH ecosystem.”
This includes solving several core issues like fragmentation, high bootstrapping costs, and inadequate security for many Layer 2 (L2). Founder and CEO of SSV Labs, Alon Muroch, stated that the project could change the restaking market, create a new “based economy,” and transform the network’s economics:
SSV2.0 is the biggest, most ambitious project for the SSV Network DAO that has ever been envisioned. If put in place by the DAO, it will profoundly change the restaking market and will create a new ‘Based Economy’ where validators directly secure the bApps of tomorrow. All while positively transforming the SSV economics.
A ‘New Class’ Of Decentralized Apps According to the announcement, SSV 2.0 bases any services or applications directly on the Ethereum L1, creating a “new class of decentralized applications” that allows validators to do more. Additionally, it aims to ensure that bApps can use Ethereum L1’s security, decentralization, and Sybil resistance.
A bApp gains security directly from the L1 instead of utilizing different tokens like in current restaking models, making them more Ethereum-aligned and not exposing Ethereum or its validators to cascading risks. Additionally, gaining more security for the cost of bootstrapping SSV 2.0 extends beyond traditional bootstrapping approaches by introducing the first ‘Infinite-sum’ security model, where increased participation strengthens the entire network rather than creating zero-sum competition.
The new model utilizes the validator as the basis of security to provide a “shared security foundation” to bootstrap any use case, including L2s, oracles, fraud-proofs, and other things that require validation and security.
Meanwhile, validators will be able to unlock benefits by helping bApps bootstrap. SSV Network states that in SSV 2.0, validators can increase their gains by opting into secure bApps or providing different services, like L2 sequencing or validator commitments, to those that need it.
The team announced the development of the SVV Chain as the first bApp to “support the coordination of the new based economy.” The dedicated chain will act as a secure coordinator layer to enable the extension of the SSV network to multiple L1s, including Solana, Avalanche, and Cosmos.
Additionally, SSV Network unveiled its tokenomic changes as part of its transformation from a Distributed Validator Technology (DVT)-powered staking infrastructure into a multidimensional network for the based economy. “First, SSV 2.0 will enable anyone to participate in securing bApps and get rewarded by staking SSV. Second, the SSV token will introduce new burning and fee mechanisms,” the announcement read.
Ethereum (ETH)'s performance in the one-week chart. Source: ETHUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
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With the new pro-crypto administration in office, the industry is starting to see the long-awaited change of approach regarding regulations and measures to develop the sector. Following the announcement of the first crypto-related US Senate banking subcommittee, Senator Cynthia Lummis revealed the digital assets “dream team.”
A Bipartisan Digital Assets Subcommittee On Monday, US Senator Cynthia Lummis announced the members of the recently formed Senate Baking Subcommittee of Digital Assets, equally composed of four lawmakers from the Democratic party and four from the Republican party.
Senator Lummis shared her excitement on X, calling the members “The digital asset dream team.” According to the post, the list includes Republican Senators Thom Tillis, Bill Hagerty, Dave McCormick, and Bernie Moreno; with Democratic Senators Ruben Gallego, Tina Smith, Mark Warner, and Chris Van Hollen also joining the subcommittee.
memebers of the Senate Banking Subcommittee of Digital Assets. Source: Senator Lummis on X Last week, the US Senate Banking Committee, led by Senator Tim Scott, created the first-ever digital assets subcommittee, appointing pro-crypto Senator Lummis as the chairwoman.
The subcommittee will focus on passing bipartisan digital legislation “that promotes responsible innovation and protects consumers.” This includes market structure, stablecoins, and a Strategic Bitcoin Reserve (SBR).
Additionally, it will focus on conducting “robust oversight over Federal financial regulators to ensure those agencies are following the law” to prevent “Operation Chokepoint 2.0” from happening again.
After her appointment, Lummis stated she looked “forward to shepherding bipartisan legislation to President Trump’s desk this year that secures our financial future.”
Was The Pro-Crypto ‘A-Team’ Formed? Despite some members expressing a pro-crypto stance, other subcommittee members have shared a less friendly view of the industry. Some community members expressed concern about these Senators, who criticized the industry over the years.
According to Super Political Action Committee (PAC) Stand With Crypto (SWC) rankings, Senators Smith, Warner, and Van Hollen are “strongly against” or “somewhat against” crypto.
Last year, the three Democratic Senators voted against overturning the Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121 (SAB 121), previously deemed a regulatory overreach by the US watchdog.
For instance, in 2022, Smith joined Senators Elizabeth Warren and Richard Durbin in an open letter condemning Fidelity’s launch of a Bitcoin 401(k) retirement plan, calling BTC a “volatile, illiquid, and speculative asset.” Senators Smith and Van Hollen also co-sponsored Elizabeth Warren’s Digital Asset Anti-Money Laundering Act of 2023.
Nonetheless, it’s worth noting that five out of the eight subcommittee members “strongly support” or “somewhat support” the industry, according to the SWC ranking, and crypto PACs backed McCormick and Moreno during their campaigns.
The community received the subcommittee “Dream Team” news positively, some calling it “The A-team.” MicroStrategy’s founder, Michael Saylor, replied under the post, “The key to success is the right digital assets framework.”
The digital assets-dedicated subcommittee is expected to work towards a better, clearer, and more welcoming crypto regulation that balances innovation and oversight.
Bitcoin trades at $102,596 in the one-week chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
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BeInCrypto community recently had the pleasure of hosting Alon Muroch, SSV Labs Founder and a key contributor to SSV Network, in an insightful AMA session. As SSV celebrates its first year, Alon shared exciting developments, including the groundbreaking SSV2.0 upgrade and the introduction of Based Applications (bApps). Here’s a recap of the session, highlighting the major takeaways.
A Year of Growth and Success SSV Network has experienced rapid adoption, securing over 2 million ETH and establishing 1,200+ globally distributed node operators. Major projects like Lido, ether.fi, and various exchanges are already leveraging the network.
Introducing SSV2.0: A New Era for Ethereum Security With SSV2.0, the focus shifts from traditional staking and restaking to an innovative concept called Based Applications (bApps). These applications allow developers to tap directly into Ethereum’s validator set to secure various out-of-protocol services.
“Essentially, if you build something important like Oracles, Co-processors, AI agents, bridges, data availability, etc., you should get as close to Ethereum’s security as possible. That’s how the SSV2.0 roadmap was created, revolving around ‘Based Applications’, or bApps in short.” — Alon explained the shift
How bApps Revolutionize Security SSV2.0 extends validator participation beyond Ethereum, enabling multi-chain validation across Solana, Cosmos, and even Bitcoin. This approach transforms validators into a new asset class, fostering a more collaborative and secure ecosystem.
Risk Expressive Model (REM): It allows validators to allocate security based on a bApp’s specific needs dynamically. Based Applications Chain: A neutral app chain that enables multiple L1 validators to contribute security. Yield Opportunities: Validators can now opt into securing multiple bApps without slashing risks, creating a win-win model for both stakers and developers. The Economic Shift: SSV Tokenomics in SSV2.0 The upcoming changes in SSV economics introduce three new fee categories—validator operations, bApp security, and gas fees for the Based Applications Chain. This evolution will drive higher demand for the SSV token, making it ultra-sound (deflationary) similar to Ethereum.
“Currently SSV is used for paying fees for running validators on the SSV network. SSV2.0 will introduce two more fee categories (bApps and gas fees for the chain). That’s more than tripling the fees collected. Some of the collected fees (in SSV) will also be burnt.” — Alon elaborated
Bridging Multi-Chain Security SSV2.0 introduces a paradigm shift, allowing blockchain validators to collaborate in securing key infrastructure like oracles and bridges. This unlocks cross-chain security and enhances decentralization across different ecosystems.
“Imagine Solana and Ethereum validators working hand in hand to secure a really big oracle service between the two chains… That’s a type of collaboration that is not possible today. Multi-chain validators in SSV2.0 will usher in a new era of collaboration and a type of security which is greatly missing. Potentially that can even mean that Ethereum validators will secure Solana, and Solana validators will helpe secure Ethereum” — Alon illustrated the vision.
Incentivizing Developers & Ecosystem Growth SSV’s early adoption success stems from strategic incentives and partnerships. The SSV DAO has played a crucial role in onboarding developers, and Alon hinted at major incentive programs coming soon to further accelerate bApp development:
“We have some very big plans that I can’t disclose yet, haha. But I think the SSV DAO did an excellent job in incentivizing devs in the early days of SSV, which brought us to 2M ETH staked. I’m confident we can replicate that.” — Alon added.
Final Thoughts SSV2.0 is set to redefine blockchain security by making decentralized validation more accessible, capital-efficient, and multi-chain. The introduction of bApps, REM, and the Based Applications Chain marks a monumental leap for Ethereum’s security landscape.
“Based applications will profoundly change the restaking market and give rise to the Based Economy, unifying Ethereum and unlocking new sources of yield for validators.” — Alon said.
Stay tuned for further updates, and be sure to explore SSV Network’s website to get involved!
PANews reported on August 22 that according to Businesswire, Kraken announced that it has completed the integration of SSV Network's distributed validator technology (DVT) in its Ethereum staking infrastructure. It is reported that this architecture will support all Kraken staking clients and aims to achieve decentralized operation of Ethereum verification nodes. It no longer relies on a single machine or software client, but instead disperses the responsibilities of the verification node to a group of independent nodes, each of which holds a secure verification node key.
Ethereum experienced a rare slashing event on Wednesday, with 39 validators penalized, according to blockchain explorer Beaconcha.in.The validators were tied to the SSV Network, a distributed validator technology (DVT) protocol that decentralizes staking infrastructure by splitting validator keys across multiple operators.Despite the scale of the incident, SSV founder Alon Muroch emphasized that the protocol itself was not compromised. Instead, the penalties stemmed from operator-side infrastructure issues involving third-party staking providers using SSV.Ethereum experienced a rare slashing event on Wednesday, with 39 validators penalized, according to blockchain explorer Beaconcha.in.
The validators were tied to the SSV Network, a distributed validator technology (DVT) protocol that decentralizes staking infrastructure by splitting validator keys across multiple operators.
Despite the scale of the incident, SSV founder Alon Muroch emphasized that the protocol itself was not compromised. Instead, the penalties stemmed from operator-side infrastructure issues involving third-party staking providers using SSV.
One cluster of slashed validators was tied to Ankr, a liquid staking provider. According to Muroch, routine maintenance on Ankr’s systems triggered the event. A second slashing involved a validator cluster that had migrated from Allnodes two months earlier. Investigators believe a secondary validator setup caused the duplicate signing that led to penalties.
In total, 39 validators were slashed, making this one of the largest correlated slashing events since Ethereum’s transition to proof-of-stake. Each validator slashed faces an immediate ETH penalty and could face inactivity leaks, compounded losses. One validator, backed by a 2,020 ETH stake, lost around 0.3 ETH, or about $1,300 at today’s prices, in the process.
While slashing is built into Ethereum’s design as a deterrent against malicious or negligent behavior, it remains exceedingly rare. Fewer than 500 validators out of more than 1.2 million active have been slashed since the Beacon Chain went live in 2020. Most incidents, including this one, have been traced to operator issues rather than deliberate attacks.
Mass slashings are particularly notable because correlated misbehavior increases the severity of penalties. Ethereum’s protocol enforces additional inactivity leaks when groups of validators are slashed together, amplifying the financial impact.
For Ethereum’s staking ecosystem, the latest wave underscores a familiar but critical lesson: validator safety hinges as much on infrastructure and operator diligence as on the protocol itself. Even when the underlying software is uncompromised, operational errors can have costly and very public consequences.
Read more: ‘Keep It Simple’: Prevent Your Eth 2.0 From Being Slashed
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Ethereum faced a rare mass slashing event with 39 validators penalized due to operator errors tied to the SSV Network.
Summary
39 validators tied to SSV Network were slashed after operational errors by Ankr and Allnodes. Each validator lost around 0.3 ETH, with further losses from inactivity leaks. Event highlights risks of validator mismanagement as Ethereum faces high exit queues and market volatility. On Sept. 10, 39 validators were penalized, according to data from blockchain explorer Beaconcha.in. making it one of the largest coordinated slashing events to affect Ethereum (ETH) since the switch to proof-of-stake in 2022.
The incident, which was caused by operator errors related to the SSV Network, highlights the risks associated with poorly maintained infrastructure when staking.
What caused Ethereum’s mass slashing event? The slashing was linked to third-party staking providers using distributed validator technology. Ankr triggered penalties during scheduled maintenance, while duplicate validator setups during a migration from Allnodes led to further slashing. Every validator lost about 0.3 ETH, or about $1,300, and inactivity leaks worsened the losses.
The penalties, though severe, were not the consequence of malicious activity or protocol errors. Instead, they demonstrate how operational errors can result in substantial financial losses for validators.
Slashing remains rare on Ethereum. Fewer than 500 of 1.2 million validators have been affected since the Beacon Chain launched in 2020, but this event was notable for its scale.
Why it matters To ensure network integrity, Ethereum’s slashing mechanism penalizes careless or negligent behavior. Despite the use of advanced infrastructure like SSV’s DVT, the Sept. 10 incident demonstrates that human error remains a vulnerability in the system.
The timing coincides with increased strain on Ethereum’s staking ecosystem. Over 699,000 ETH were added to the exit queue in August, causing withdrawal delays of up to 12 days.
According to Validator Queue data, as of this writing, there are over 2.5 million Ethereum waiting to be unstaked, which is an 18-month high. The 45-day wait time currently in effect coincides with a decline in Ethereum price.
Still, institutional interest remains strong. Despite continuous churn, Ethereum has added more than 50,000 new validators since May 2025 in response to U.S. regulatory clarity earlier this year.
SSV Network DAO today unveiled Compose, a new addition to its ecosystem that aims to stitch together Ethereum’s increasingly busy but fragmented rollup landscape. Built as a “based application” (bApp) that extends the role of Ethereum validators, Compose promises instant, atomic composability across all rollups. It is a capability its backers say will make it feel as if tokens and dApps live on a single, unified layer rather than on separate islands.
The timing could not be more consequential. Ethereum’s rollup-first roadmap has succeeded in driving much higher throughput and much lower transaction costs, but that success has also produced a new problem: a mosaic of ecosystems, Base, Arbitrum, Optimism and others. that don’t always talk to one another cleanly.
Users contend with slow or risky bridges, wrapped assets, lumpy liquidity and long withdrawal windows. Compose addresses that fragmentation in the industry by using validators to coordinate cross-rollup interactions that are synchronous and atomic, so a swap or transfer can complete across rollups without lingering middle steps or trust-heavy bridges.
Alon Muroch, CEO of SSV Labs, framed the launch as more than a feature release: it’s an attempt to preserve the network effects that made Ethereum valuable in the first place. “More rollups mean a more vibrant Ethereum ecosystem. However, realising Ethereum’s rollup-centric roadmap at scale requires preserving sovereignty, decentralisation, and unity across all layers of the ecosystem,” Muroch said, arguing that if each rollup grows in isolation, the broader platform risks fragmentation.
He added that Compose can let validators power cross-rollup coordination and seamless application interactions while keeping each rollup sovereign. Technically, Compose expands the validator’s job beyond simply signing attestations. Validators on SSV’s network will be able to act as publishers, participating in cross-rollup message passing and coordination, and they’ll receive extra rewards for doing so.
The approach builds directly on SSV’s Distributed Validator Technology (DVT), which already fragments validator duties across multiple operators for fault tolerance and decentralization. With Compose, SSV says those same validator networks can orchestrate synchronous, cross-L2 transactions without sacrificing decentralised security guarantees.
Next Step in the Evolution of Rollups If it works as advertised, Compose could upend a multi-billion-dollar industry: bridges. Today’s bridges often rely on optimistic assumptions, long withdrawal delays, or custodial arrangements to move assets between L2s; Compose promises instant, atomic transfers of any token on any dApp, on any rollup, removing many of the reasons users rely on wrapped assets or third-party bridge liquidity.
That shift would change how developers design multi-rollup dApps and could create a more seamless experience for users who expect one-wallet, many-rollups simplicity. The launch is also a scale statement: SSV is already a major player in Ethereum staking infrastructure. The network secures a material slice of the validator set, SSV’s own communications place it at roughly 14% of Ethereum’s validators with about 5 million ETH staked, positioning it to leverage that scale as it turns validators into coordination engines for rollup interoperability.
SSV Network’s DVT has long been adopted by staking protocols, node operators and exchanges; Compose looks to be the next step in that evolution. For now, Compose’s rollout begins digitally with an alpha and awareness campaign; the SSV DAO has signaled the community-driven nature of the effort and the team points readers to the Compose website and X channels for details and updates.
Whether Compose becomes the plumbing that lets Ethereum’s diverse rollups behave like one composable whole will depend on real-world integrations and how quickly developers and validators adopt the publisher model. Still, for an ecosystem wrestling with fragmentation at scale, Compose is an ambitious attempt to make cross-rollup interaction feel native instead of an afterthought.
AUTHOR
Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.
