Track market-moving stories before they get noisy

PANews reported on June 1st that, according to BlackHart, the reward distribution mechanism of the DeFi project Fluid on Ethereum was exploited, resulting in the theft of approximately $215,000 in assets. Fluid employs a Merkle reward list mechanism where one key initiates and another approves. The attacker possessed both operating private keys, submitted and approved a list of rewards to be distributed only to themselves, and then used a null proof to complete the claim. The stolen assets came from three reward distributors, including 112,883 FLUID, 47,903 GHO, and a small amount of cbBTC, which were later exchanged for ETH and transferred via Tornado Cash. Fluid's lending market, vault, DEX, and user deposits were unaffected. The team replaced the compromised key and transferred the remaining reward funds within approximately 10 hours, but the public statement only mentioned that reward claims were temporarily suspended, without mentioning details of the private key leak and the loss.

Grand Cayman, Cayman Islands, June 23rd, 2026, Chainwire

Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.

Hashi, Sui’s native bitcoin finance primitive, gains more institutional support ahead of the scheduled launch of its global testnet this July.  

Sui, where money moves as freely as messages, announced today that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely.

Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.

But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral.

“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”

Built for Institutional Bitcoin Finance

Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui.

Expanded Institutional Support

Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:

Cumberland: One of the digital asset industry’s largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning. SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending. Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid’s participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui. These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.

“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”

“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”

“The next phase of the industry’s growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust,” said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid’s lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”

These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:

Custody & Wallet Access 

BitGo: Institutional custody clients. Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers. Cubist: Cross-chain collateral infrastructure and transfer engine. Ledger: Retail/institutional self-custody. SwissBorg: UHNW European retail/institutional asset management and wallet interface. Lending, Trading & Liquidity Providers

Bullish: Institutional digital asset platform supplying liquidity. Cumberland: Leading institutional crypto market maker and liquidity provider. Erebor: OCC-chartered bank providing liquidity. FalconX: Institutional prime brokerage supplying liquidity. DeFi & Lending Applications

AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one. Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management

Concrete by Blueprint Finance: Yield-infrastructure vault platform. Inveniam Capital: Real-World Asset (RWA) yield strategies. Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds. Index Oracle, Insurance & Security Auditing

CF Benchmarks: Crypto index provider distributing pricing data via oracles. Soter Insure: Native, Bitcoin-denominated institutional insurance. Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors. The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.

Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.

About Sui

Sui, where money moves as freely as messages, is a next-generation Layer 1 blockchain built for scalable finance and global payments. Founded by the core team behind Meta’s stablecoin initiative and powered by an object-centric model, Sui makes assets, permissions, and user data programmable and ownable. Sui’s primitives offer builders everything they need to create high-performance payments and financial applications, including instant agentic payments. Users can learn more at sui.io.

Contact: [email protected]

Contact Sui Foundation
[email protected]

Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.

Main TakeawaysHashi is scheduled to launch its global testnet this July. This critical operational checkpoint allows builders to prep and battle-test new financial services before full mainnet deployment.Liquidity giant Cumberland, digital asset platform SwissBorg, and decentralized lending and DEX protocol Fluid have joined the ecosystem, alongside 20+ marquee partners unveiled earlier this year, including BitGo, Blockdaemon, Bullish, Erebor Bank, FalconX, and Ledger.Marquee expansions announced as Hashi takes aim at more than $1 trillion of dormant Bitcoin capital, creating the foundation for Bitcoin-backed financial markets at institutional scale.Today, Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely. 

Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.

But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral. These contracts undergo comprehensive formal verification, mathematically proving they behave as specified.

“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn't seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”

Built for Institutional Bitcoin FinanceHashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui. 

Expanded Institutional SupportThree new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:

Cumberland: One of the digital asset industry's largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning.SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending.Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid's participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui.These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.

“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”

“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”

“The next phase of the industry's growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust," said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid's lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”

These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:

Custody & Wallet Access 

BitGo: Institutional custody clients.Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers.Cubist: Cross-chain collateral infrastructure and transfer engine.Ledger: Retail/institutional self-custody.SwissBorg: UHNW European retail/institutional asset management and wallet interface.Lending, Trading & Liquidity Providers

Bullish: Institutional digital asset platform supplying liquidity.Cumberland: Leading institutional crypto market maker and liquidity provider.Erebor: OCC-chartered bank providing liquidity.FalconX: Institutional prime brokerage supplying liquidity.DeFi & Lending Applications

AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one.Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system. Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending. Vaults & Asset Management

Concrete by Blueprint Finance: Yield-infrastructure vault platform.Inveniam Capital: Real-World Asset (RWA) yield strategies.Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds.Index Oracle, Insurance & Security Auditing

CF Benchmarks: Crypto index provider distributing pricing data via oracles.Soter Insure: Native, Bitcoin-denominated institutional insurance.Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors.The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.

Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi.

June 23rd, 2026 – Grand Cayman, Cayman Islands

Sui aims to transition more of Bitcoin’s $1.2T market cap into verifiable, productive onchain products.

Hashi, Sui’s native bitcoin finance primitive, gains more institutional support ahead of the scheduled launch of its global testnet this July.  

Sui, where money moves as freely as messages, announced today that Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem, Sui’s native bitcoin finance primitive, weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: solving the persistent capital inefficiency by unlocking over a trillion dollars of immobile BTC into DeFi safely. 

Previous market cycles demonstrated the systemic dangers of relying on opaque, centralized credit intermediaries such as Celsius, Voyager, and Genesis to generate utility from dormant assets. Hashi replaces centralized balance-sheet trust with verifiable smart contract logic.

But with a strict separation for safety by design, Bitcoin remains securely on the native Bitcoin blockchain. Sui smart contracts handle the cryptographic and programmatic rights to enable its use as financial collateral.

“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”

Built for Institutional Bitcoin Finance

Hashi is a foundational primitive setting a new standard for how builders can create bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain. In just a few weeks’ time, institutions, custodians, wallet providers, and developers can begin freely testing the infrastructure that will support Bitcoin-backed lending, borrowing, and credit origination on Sui. 

Expanded Institutional Support

Three new powerhouses join the growing Hashi ecosystem, broadening support for institutional liquidity providers, market makers, and digital asset platforms:

Cumberland: One of the digital asset industry’s largest institutional market makers, Cumberland joins the Hashi ecosystem to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning. SwissBorg: A European wealth management app with over one million users, is exploring opportunities to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi, creating new pathways for Bitcoin-backed borrowing and lending. Fluid: A major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid’s participation would provide institutional-grade lending markets and deepen access to Bitcoin-backed credit on Sui. These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already working together to build a native Bitcoin financial ecosystem on Sui.

“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”“The next phase of the industry’s growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust,” said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid’s lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”

These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:

Custody & Wallet Access 

BitGo: Institutional custody clients. Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers. Cubist: Cross-chain collateral infrastructure and transfer engine. Ledger: Retail/institutional self-custody. SwissBorg: UHNW European retail/institutional asset management and wallet interface. Lending, Trading & Liquidity Providers

Bullish: Institutional digital asset platform supplying liquidity. Cumberland: Leading institutional crypto market maker and liquidity provider. Erebor: OCC-chartered bank providing liquidity. FalconX: Institutional prime brokerage supplying liquidity. DeFi & Lending Applications

AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one. Fluid: Connecting lending, borrowing, liquidity and more financial products into a capital-efficient system.  Navi: One of Sui’s largest and longest running DeFi protocols slated for Hashi lending.  Vaults & Asset Management

Concrete by Blueprint Finance: Yield-infrastructure vault platform. Inveniam Capital: Real-World Asset (RWA) yield strategies. Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds. Index Oracle, Insurance & Security Auditing

CF Benchmarks: Crypto index provider distributing pricing data via oracles. Soter Insure: Native, Bitcoin-denominated institutional insurance. Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors. The activation of the global testnet this July represents the ultimate rehearsal for fully changing Bitcoin Finance. This sandbox environment is designed for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.

Technical documentation and testnet access configurations will be hosted at https://www.sui.io/hashi. 

About Sui

Sui, where money moves as freely as messages, is a next-generation Layer 1 blockchain built for scalable finance and global payments. Founded by the core team behind Meta’s stablecoin initiative and powered by an object-centric model, Sui makes assets, permissions, and user data programmable and ownable. Sui’s primitives offer builders everything they need to create high-performance payments and financial applications, including instant agentic payments. Users can learn more at sui.io. 

Contact: [email protected]

Contact Sui Foundation
[email protected]

 

Table of contents

In a landmark development, Stake DAO has unveiled its collaboration with Chainlink, integrating the Chainlink Cross-Chain Interoperability Protocol (CCIP) to facilitate seamless cross-chain transfers of the Stake DAO Token (SDT). This integration marks a significant milestone, extending across key blockchains such as Arbitrum, BNB Chain, and Ethereum mainnets. By leveraging CCIP’s Simplified Token Transfer capabilities, Stake DAO is setting a new standard in interoperability, ensuring secure and efficient transactions within its ecosystem.

Enhancing Security and Accessibility with CCIP Stake DAO’s choice of CCIP underscores a commitment to unparalleled security and reliability in cross-chain operations. Chainlink’s stellar reputation for maintaining robust security standards in the Web3 space, combined with CCIP’s backing by the Risk Management Network, offers Stake DAO an edge in safeguarding cross-chain transfers against potential exploits. This integration not only fortifies Stake DAO’s infrastructure but also expands its reach, making SDT accessible across multiple blockchains and enhancing the platform’s contribution to liquid staking and DeFi governance.

Elevating the Stake DAO Ecosystem The integration of CCIP is poised to revolutionize Stake DAO’s offerings, starting with the expansion of Liquid Lockers to diverse blockchains. The recent launch of the CAKE Liquid Locker on PancakeSwap for the BNB chain is just the beginning. The addition of SDT to various chains is anticipated to introduce innovative features, including the veSDT boost, further enriching the Stake DAO ecosystem and its user experience.

Key Advantages of Chainlink CCIP Integration Stake DAO’s partnership with Chainlink through CCIP brings a suite of benefits critical to securing cross-chain SDT transfers. The decision is backed by CCIP’s proven track record in securing substantial on-chain transaction value and its advanced features, including:

Time-tested Security: Powered by decentralized oracle networks, CCIP ensures a high standard of security and reliability. Secure Token Transfers: With audited token pool contracts, CCIP simplifies the complexity of cross-chain transactions, incorporating additional security measures such as rate limits. Programmable Transfers: CCIP’s programmability allows for the transfer of tokens and arbitrary data in a single transaction, broadening the scope of cross-chain interactions. Future-proof Technology: CCIP’s architecture is designed for scalability, supporting continuous updates and new functionalities, thereby safeguarding against obsolescence. A Forward-Looking Collaboration Stake DAO’s integration of Chainlink CCIP heralds a new era in cross-chain interoperability, promising a more interconnected and secure blockchain ecosystem. This collaboration not only enhances Stake DAO’s operational capabilities but also contributes to the broader adoption and growth of liquid staking and DeFi governance.

As the Stake DAO and Chainlink partnership flourishes, the vision for a more accessible and secure decentralized finance landscape comes into clearer focus, underscoring the transformative potential of strategic technological alliances in the blockchain industry.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Julien Bouteloup Quietly Builds DeFi While Others Chase Hype

Stake DAO, a DeFi platform focused on automated yield strategies, is facing an ongoing exploit, multiple blockchain security firms reported on Wednesday.

The attacker minted over 5.4 trillion vsdCRV on Arbitrum and is actively swapping it for ETH, Blockaid noted on X. PeckShield said that, so far, some of the tokens had been swapped for 43.78 ETH ($91,000) and bridged to Ethereum.

vsdCRV, or vote-boosted sdCRV, is a yield-related derivative token tied to the Curve Finance ecosystem and used within Stake DAO.

Stake DAO said it was aware of the situation and urged users not to interact with vsdCRV.

The suspected root cause is a compromised Stake DAO deployer private key, the researchers said. 

"The attacker appears to have obtained the deployer's private key and set an arbitrary peer for vsdCRV," BlockSec explained. "Using that peer, they forged a malicious message that triggered unconditional minting of ~5.44T vsdCRV to their address."

The exploit continues one of the worst periods for DeFi exploits, seemingly driven by advancements in artificial intelligence, with dozens of protocols hacked for more than $600 million since April, led by the $292 million exploit of Kelp DAO. On Tuesday, crypto security firm OpenZeppelin's Manuel Aráoz said that he considers "all of DeFi" unsafe, citing the asymmetry between attackers and defenders.

Sodot co-founder and CPO Shalev Keren told The Block that the Stake DAO exploit is structurally similar to the Wasabi incident last month and several other deployer-key compromises this year.

"The Stake DAO deployer key on Arbitrum was used to repoint the vsdCRV cross-chain bridge configuration to an attacker-controlled contract on Ethereum, and about twenty-five seconds later, that contract sent a LayerZero message back across, causing the legitimate Arbitrum token to mint over five trillion vsdCRV to the attacker, who is now dumping it for ETH," Keren said. "There is no smart-contract bug here, and no flaw in LayerZero, there is one private key, controlling one privileged configuration function, with no multisig and no delay between the configuration change going through and the mint clearing onchain."

Keren added that the incident highlights broader concerns around operational security and the concentration of privileged deployer permissions tied to audited DeFi protocols.

This is a developing story.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Stake DAO is facing an ongoing exploit tied to its vsdCRV token on Arbitrum. Blockchain security firm Blockaid said an attacker minted more than 5.4 trillion vsdCRV and began swapping the tokens for ETH.

Summary

Stake DAO warned users not to interact with vsdCRV as the exploit remained active. Security researchers said an attacker minted about 5.4 trillion vsdCRV on Arbitrum before swapping funds. The suspected cause was a compromised deployer key used to alter LayerZero peer settings. Stake DAO confirmed it was aware of the situation and told users not to interact with vsdCRV. The project’s warning came as researchers continued tracking the attacker’s activity across Arbitrum and Ethereum.

vsdCRV, or vote-boosted sdCRV, is tied to the Curve Finance ecosystem and used within Stake DAO’s yield products. The token became the center of the incident after the attacker allegedly gained enough control to mint a huge supply.

PeckShield said part of the minted funds had already been swapped for 43.78 ETH, worth about $91,000, and bridged to Ethereum. The incident remains a developing story, and final loss figures may change as more transactions are traced.

Source: PeckShield/X Researchers point to deployer key compromise Blockaid said the suspected root cause was a compromised Stake DAO deployer private key. According to the firm, the attacker used that access to reconfigure the LayerZero v2 OFT peer for the vsdCRV token contract.

That change allegedly redirected trust from the legitimate Ethereum-side adapter to a malicious contract controlled by the attacker. The attacker then sent a forged cross-chain message that triggered the minting of roughly 5.44 trillion vsdCRV.

BlockSec described the attack as a case where the attacker appeared to obtain the deployer’s private key and set an arbitrary peer for vsdCRV. The firm said the forged message then caused unconditional minting to the attacker’s address.

.@StakeDAOHQ was reportedly exploited via a deployer key compromise, resulting in ~5.44T $vsdCRV minted to the attacker. The attacker appears to have obtained the deployer’s private key and set an arbitrary peer for $vsdCRV. Using that peer, they forged a malicious message that…

— BlockSec Phalcon (@Phalcon_xyz) May 27, 2026 The incident shows how privileged access remains a major risk in DeFi. Even when smart contract code works as designed, a compromised deployer key can give attackers the ability to change trusted settings and trigger losses.

DeFi security concerns deepen The Stake DAO exploit follows a series of recent DeFi incidents. As previously reported by crypto.news, OpenZeppelin co-founder Manuel Aráoz said he now considers “all of DeFi” unsafe and has advised friends and family to exit DeFi positions.

Aráoz argued that coding agents are becoming strong tools for finding vulnerabilities, while defenders still need to fix every weakness before attackers find one. His comments came as DeFi protocols lost about $629.7 million to hacks in April.

Separately,  Wasabi Protocol lost more than $5 million across Ethereum, Base, Berachain, and Blast after a compromised admin key allowed attackers to upgrade contracts and drain funds.

That case resembles the current Stake DAO concern because both incidents involved privileged key access rather than a simple market manipulation event. Wasabi also warned users not to interact with its contracts while the team investigated.

Cross-chain risks remain in focus The Stake DAO incident also points back to cross-chain token risks. Security reports have tracked repeated attacks involving bridges, peer settings, and message validation across chains in 2026.

BlockSec’s May security roundup listed multiple incidents across Ethereum, Sui, BNB Chain, Base, Blast, and Berachain, with total losses of about $15.9 million over a two-week period. Its blog also identified Wasabi as a key-compromise case.

In April, Kelp DAO suffered one of the year’s largest DeFi exploits after attackers drained about $292 million from a LayerZero-powered bridge. The breach raised concerns about cross-chain asset backing across more than 20 networks.

DECRYPT: Stake DAO Hacked as Attacker Mints Trillions of VsdCRV Tokens

With the explosion in decentralized applications (dApps) being built on chains such as Ethereum, EOS, and Tron, there’s more and more data being generated every day which requires secure storage.

Bluzelle CEO and co-founder Pavel Bains However, although the apps themselves may be decentralized, truly fast and secure decentralized data storage solutions are still lagging behind. As running dApps is a seriously expensive endeavor, companies are looking at ways of reducing their costs – and when it comes to storage, Bluzelle may have the answer.

Blokt interviewed Bluzelle CEO and co-founder Pavel Bains to find out why blockchain systems require more efficient data storage systems, in line with the decentralized nature of blockchain itself.

Founding Bluzelle Bluzelle was founded in 2014 by Pavel Bains and Neeraj Murarka, to address the current need for more efficient data exchange and storage between devices.

CEO and co-founder Pavel Bains comes from a design and interactive media background, which he sees as key use cases for Bluzelle solutions in the non-blockchain sector. Likewise, CTO and co-founder, Neera Murarkaj, has a long history of working with Bitcoin and Blockchain since 2013.

Expanding on his team’s expertise, Bains says:

“Our core team has worked on blockchain projects for banks and insurers such as HSBC, AIA and MUFG. That is where we discovered that traditional database systems were not going to cut it for blockchain projects.”

Additionally, Andrew Mastracci, the Bluzelle Director of Product Development, has over a decade of experience in networking technology and is working on taking the idea of data storage and turning it into a network protocol.

Other notable team members include Isabel Scroggin, Head of Research, who has previously worked with NASA, bringing valuable experience as Bluzelle researches new technologies and determines how to best apply them.

Discussing how Bluzelle was established, Bains remarks:

“Neeraj and I started Bluzelle to work on blockchain projects to see what was needed in the market. Initially we did work in payments for companies in Vancouver and developed a Ripple gateway. Then we saw the need for banks and insurers to get onto blockchain and began building POCs in insurance and identity management for several companies in Asia.”

It was through those early projects that Bains and Neeraj discovered the need for a decentralized database, and became focused on delivering Bluzelle.

The Data Explosion With the explosion in device usage, the current infrastructure of the internet can’t handle the growing amount of data created and shared.

Instead, Bluzelle uses blockchain principals to create data storage solutions which offer high performance, superior security, and authenticity which current centralized systems cannot.

Specifically, Bluzelle focuses on the growing use of decentralized applications (dApps), which are generating massive amounts of siloed data.

Bains explains:

“Decentralized applications built on blockchain platforms still require their data to be stored in a database. If it’s stored on the blockchain it’s too slow, and if it’s stored on centralized data storage systems it’s not efficient and has poor security.”

To combat this, Bluzelle has utilized off-chain storage, which offers the highest levels of security for sensitive data, with ideal performance compared to centralized systems.

The Bluzelle Decentralized Database Service Bluzelle takes unused computer hardware resources from around the world and allows them to be rented out to companies to store their data on. By providing a decentralized solution, Bluzelle provides enterprise-grade storage solutions which every developer can afford.

Explaining how the Bluzelle decentralized database model brings greater benefits than traditional cloud-based or single system data storage models, Bains says:

“We have no points of failure where they have multiple points of failure – this can bring the whole system down. We can scale efficiently and on-demand, where they become very costly to scale. We can guarantee privacy where they are unable to do so.”

Bluzelle’s Swarming Approach Instead of data sitting on a computer, as in centralized data storage solutions, Bluzelle implements what is known as ‘swarming.’ In this case, data is fragmented and split across multiple computers through blockchain technology.

The group of computers all have the same ‘shard’ of data on them, so even if one goes down; the others are still there as a backup. Importantly, none of the computers in the group hold more than half of the data, so it can’t be pieced together without the private key holder.

Bains explains further:

“As our network grows, swarming allows us to manage data and performance at a regional level, ensuring that performance never suffers as a result of more data being stored. Also, with swarming we can tailor solutions for companies that need to have their data stored in specific geographic areas.”

Bluzelle’s swarm database can scale up and down as needed, while remaining secure, and crucially – fast.

Bluzelle Use Cases Each dApp being built, which in the near future will number in the thousands, will require its own database, and decentralized databases like Bluzelle could hold the ideal solution for the enormity of data produced.

Discussing the first target use cases for Bluzelle, Bains says:

“For general applications, for example those without blockchains, we see video games, media and IoT as excellent segments. Each of those industries want a global reach, and traditional data storage solutions can slow down performance which irritates end-users. Decentralized storage ensures that no matter where their customer is, they will get high performance.”

Bains gives the scenario of a game provider scaling their product to new countries as a perfect use case for Bluzelle technology. For example, an online game with a database in Portland USA suddenly becomes popular in India.

Traditionally, in this scenario gaming companies would need to set up another server and replicate everything in India to keep the performance up. Then, if the game becomes popular in another location, operators have to do this all over again, with each operation costing a significant investment in time and money.

Instead, with Bluzelle’s solution, the data is replicated automatically to every one of the nodes on its network, which means that companies data is instantly available everywhere; without the developers having to expand the network manually.

The BLZ Token The BLZ token is an ERC-20 token used by customers on the Bluzelle network to pay for the Bluzelle data storage service, and also functions as a utility token for payouts to the people who provide their hardware for use with Bluzelle.

The BLZ token is trading on popular centralized exchanges including Binance and Huobi, and also on decentralized exchanges such as IDEX.

Attracting Developers to the Bluzelle Network Software developers are integral to the adoption of the Bluzelle network, and Bluzelle has several methods of attracting top talent to its product.

Bains remarks:

“Software developers like to see how a product will benefit them right away. They don’t like hype and exaggeration. To reach them we will go through developer platforms and marketplaces like Heroku. We’ll also do live events and hackathons, and using online communities is also essential. For incentivizing, a great method is to provide a free evaluation period and the ability to earn more storage by referring others.”  

Bluzelle have already hosted two hackathons, one of which saw over 1,000 livestream viewers tune in to their presentations and discussions sessions.

The Future for Bluzelle Since it was founded, Bluzelle has attracted some serious VC funding, in addition to closing a successful $19.5 million ICO in January 2018.

Talking about what Bluzelle’s biggest lessons were since its ICO, Bains shares:

“The biggest learning curve was in becoming focused on who our target market is. We started with a general developer market but that can be hard to market to. By focusing on a specific group, like video game developers, it allows us to measure ourselves against the leading solutions available to them, and helps craft our communication to one specific group.”

Bains also believes that the most significant areas of development for Bluzelle in the future will be in finding new ways to increase network storage capacity; creating efficient payments so users can pay in fiat while still powering the network through the BLZ token, and in finding multiple ways for users to stake their BLZ tokens.

Blokt would like to thank Pavel Bains and all the team at Bluzelle for sharing their expertise with us.

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The leading crypto exchange, Binance, has recently issued a warning to delist five crypto from its platform, sparking market discussions. In a recent press release, the exchange said that it has added monitoring tags for Bluzelle (BLZ), CLV (CLV), SelfKey (KEY), Prosper (PROS), and VITE (VITE). The cryptocurrencies, under this tag, are usually seen as more volatile and at-risk assets of potential delisting.

Binance Adds Monitoring Tags For These Five Crypto Binance has recently announced its plans to include five cryptocurrencies in its Monitoring Tag list. This move signals heightened volatility and potential risks for the assets, especially amid the ongoing broader crypto market selloff.

According to the exchange, the tokens with the Monitoring Tag are closely reviewed and face potential delisting if they fail to meet the listing requirements. In other words, this tag indicates a warning for the investors, which requires them to complete quizzes every 90 days, ensuring they understand the risks before putting their bets into these assets.

Meanwhile, these five tokens are now under close scrutiny by the exchange. Notably, the BLZ token, which is known for its decentralized data storage solutions, faces potential delisting from the exchange. Simultaneously, the other four crypto also face similar pressure, which has sparked concerns among investors.

Usually, any positive announcements from the top crypto exchanges tend to boost the market confidence in the assets. Similarly, any other announcement or negative developments like delisting and others, could significantly weigh on the investors’ sentiment and trigger a decline in the prices.

PENDLE And SEI Receives Positive Outlook The latest Binance announcement also mentions the removal of the Seed Tag from Pendle (PENDLE) and Sei (SEI). This removal signals improved stability in these projects, indicating they are no longer in the exchange’s high-risk category. Notably, the Seed Tag generally applies to new, innovative projects that exhibit early-stage volatility, but passing this phase can boost investor confidence.

Meanwhile, the exchange’s criteria for reviewing tokens include various factors, such as the commitment of the project team, network security, and public communication. Despite that, both PENDLE and SEI price dropped about 4% and 5%, respectively, today.

However, the tokens added to the Monitoring Tag often see heightened volatility, impacting trading activity. This step also serves as a reminder to investors about the risks of certain crypto projects. Tokens on this list often experience market instability, reflecting the platform’s rigorous evaluation process.

Despite that, the BLZ price was up over 4% today and exchanged hands at $0.126. Its trading volume rocketed nearly 170% to $15.73 million, indicating a growing confidence of the investors towards the crypto despite the recent warning.

BLZ Price However, the other four crypto CLV, KEY, PROS, and VITE prices noted a sharp decline, with all these four crypto falling nearly 20% today. This reflects the influence of Binance on the investors’ sentiment and the potential risks associated with the assets.

CLV Price

Binance Delisting Sparks Panic: WRX, AKRO, BLZ Prices Crash 40%

Best Crypto With High Potential You’ve Probably Overlooked

Clover Finance Coin (CLV) is the governance token of the Clover ecosystem. In addition to being a governance token, CLV contributes to the ecosystem in various functions.

What is Clover Finance (CLV)?Clover Finance (CLV) was established in 2020 as a Substrate-based Polkadot parachain. The platform aims to provide blockchain infrastructure to ease developers’ efforts and reduce their costs. Clover serves as a foundational layer for cross-chain compatibility. Its co-founders, Viven Kirby, Norelle NG, and Burak Keçeli, are working to present a decentralized perspective to the entire crypto universe.

By allowing EVM-based Clover addresses and Polkadot-based Clover addresses to interact with each other, the CLV token is usable across chains. This is particularly beneficial because users can link and aggregate information from their accounts across multiple dApps within the Clover application and wallet.

Clover provides a foundation for creating dApps that operate across blockchains. Previously, dApps were developed and used on the Ethereum network. With the Clover system, DeFi usage becomes easier for developers and everyday users alike.

It simplifies tracking multiple wallets, accounts, and assets for DeFi users. The CLV token is a multi-purpose asset within the Clover Finance ecosystem. It also functions as a governance token to participate in community voting for system upgrades. CLV can be used to pay transaction fees on the platform or for some other use cases within the network.

Where to Buy CLV Coin?CLV Coin can be safely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. Clover Finance Coin is traded on the Binance platform in CLV/BTC, CLV/BNB, CLV/USDT, and CLV/BUSD pairs.

To buy CLV Coin, you must first sign up on the Binance exchange. Once the membership process is completed, cryptocurrency or fiat currency must be transferred to the Binance account wallet. After the transfer is completed, you can buy CLV Coin from any of the four pairs mentioned above. To purchase from the CLV/BUSD trading pair, you should first navigate to the interface of this pair. In the limit tab of the CLV/BUSD interface, enter the amount you wish to purchase in the designated field. After specifying the amount, execute the purchase with the Buy CLV order.

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.

Coinbase has suspended trading in CLV, EOS, and LOKA.

18.03.2024 - 18:10

Update: 18.03.2024 - 18:10

Coinbase, the largest cryptocurrency exchange in the USA, has decided to delist the Unifi Protocol DAO (UNFI) altcoin, according to its official statement.

Regarding the delisting decision, the exchange shared that they constantly inspect their asset range to see whether they comply with the listing standards and after the latest reviews, they decided to delist UNFI.

The delisting process in question will take place on April 1, 2024, around 21:00 Turkey time.

*This is not investment advice.

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Unifi Protocol DAO (UNFI) aims to innovate decentralized finance (DeFi) and enhance the Blockchain ecosystem by simplifying and reducing the cost of cross-chain transactions. Integrating modern technology with finance, Unifi offers innovative DeFi solutions for both individuals and businesses by utilizing the security and automation of smart contracts. By connecting different DeFi markets through interoperability features, Unifi incentivizes users with staking and liquidity rewards and emphasizes community governance. This article answers two key questions: What is UniFi Protocol DAO (UNFI) and how to buy UniFi Protocol DAO (UNFI) with TRY.

What is UniFi Protocol DAO (UNFI)?Unifi Protocol DAO aims to innovate decentralized finance (DeFi) by enabling seamless cross-chain trading. Unifi aims to simplify and reduce the cost of cross-chain transactions by connecting various DeFi markets, thereby enhancing the overall Blockchain ecosystem. This approach leverages modern technology to bring innovative financial solutions to both individuals and businesses.

Unifi Protocol DAO is at the forefront of integrating modern technology with finance. It uses the inherent security and decentralization of Blockchain technology along with the automation of smart contracts to offer superior DeFi functionalities. This makes it an attractive platform for users looking to participate in and benefit from the DeFi space by leveraging the latest technological advancements.

Recognizing the importance of institutional adoption for DeFi’s success, Unifi Protocol offers tools for developing bespoke DeFi solutions for businesses. Its primary focus on staking allows businesses to benefit from DeFi innovations. Unifi provides a platform for businesses to integrate advanced financial solutions into their operations by bridging the gap between traditional finance and modern technology.

A key feature of Unifi Protocol is its package of smart contract-based building blocks designed for interoperability. These components enable simple and cost-effective cross-chain trading by connecting different DeFi markets. This interoperability is crucial for achieving the Web3 vision by facilitating seamless interactions among various Blockchain networks, positioning Unifi as a significant player in the broader Blockchain industry.

Joining Unifi Protocol DAO offers various advantages, including staking and liquidity rewards. UNFI token holders can lock their tokens to earn significant rewards and support the project’s growth. Additionally, Unifi’s uLend platform allows users to participate in decentralized, peer-to-peer lending and borrowing, further enhancing the protocol’s functionality and appeal.

Unifi Protocol DAO emphasizes community governance by allowing UNFI token holders to vote on proposals and contribute to decision-making processes. This decentralized approach ensures that the community has a say in the project’s direction, fostering a collaborative environment crucial for the protocol’s long-term success.

Unifi Protocol DAO’s interoperable, non-custodial, and multi-chain smart contracts provide a foundation for creating innovative DeFi solutions. By connecting multiple chains into a unified DeFi market, Unifi offers investors access to efficient cross-chain activities. The platform’s attractive reward system for staking UNFI tokens further encourages participation, making it a robust solution for businesses of all sizes. Supported by major investors like Chain Capital, HBTC, and Binance, Unifi Protocol DAO is well-positioned to lead the next generation of DeFi developments.

How to Buy UniFi Protocol DAO (UNFI) with TRY?Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy UniFi Protocol DAO (UNFI). Binance TR allows quick account creation and supports trading of over 100 cryptocurrencies, including UNFI. Follow these steps to buy UniFi Protocol DAO (UNFI) with TRY on Binance TR.

How to Open an Account on Binance TR?Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, full name, date of birth, nationality, and Turkish ID number.

After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify Your Account on Binance TR?Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website. Note that you will need your phone to verify your identity from the website.

On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the drop-down menu, then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to send the identity verification address to your phone via SMS.

When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on “Identity.”

Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.

After selecting the document type, you can continue by tapping on “Upload Front Side.” After taking a photo of the front side of the document you selected, tap on “Upload Back Side” and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photos you take is easily readable when taking photos of the front and back sides of your ID card or driver’s license.

Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.

After completing all these steps accurately, your identity verification process will be completed shortly.

How to Deposit TL on Binance TR?You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click on “Deposit” from the drop-down menu.

Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the bank’s page to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.

Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.

How to Buy UNFI Coin with TL on Binance TR?After the deposit process, you can proceed to the TL to UNFI coin purchase step by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.

After clicking on this option, the following page will open. You can go to the TL to UNFI purchase page by typing “UNFI” in the search section on the right side of this page and clicking on the UNFI/TRY option from the results.

Now the following UNFI trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy UNFI in the first box and the number of UNFI you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy UNFI” button.

What is Binance TR?Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.

Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.

Users supported by Binance TR can access market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, all backed by Binance’s core functionalities.

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.

The decentralized finance (DeFi) aggregator ParaSwap has agreed to compensate victims of a recent vulnerability on its smart contract using funds from the treasury.

On March 18, the ParaSwap AugustusV6 contract went live, albeit briefly. However, it was rolled back shortly after it was discovered that the upgrade contained a critical loophole that hackers used to drain funds from users. While it was a relatively quick rollback that saved nearly $3.4 million worth of assets from being lost, some users were not as lucky. As Coinspeaker earlier reported, no less than $864,000 worth of assets were initially lost to the situation, leading to public outcry from the victims. Although approximately $500,000 worth of assets have been recovered so far, some users are still left in the horror of the avoidable hack event.

In response, the ParaSwap DAO, the community behind the project, floated a compensation idea on April 4. The proposal suggested that all victims be compensated from ParaSwap’s treasury funds. However, as is common with community-based decisions, the idea had to be voted upon.

After a three-day voting period, 96.81% of ParaSwap voters have now aligned with the method of compensation that the DAO proposed. Therefore, all users who were affected by the hack would now get full refunds for their losses.

ParaSwap Eyes Sustainability Per ParaSwap, the decision to compensate victims is a very important step toward the project’s sustainability in the long run. As it aims to bolster the trust of users, ParaSwap will stop at nothing to ensure that the event is quickly forgotten.

To this end, the ParaSwap Foundation has assured that it will cover all costs that the vulnerability has made the project incur. Those include the cost of processing the refunds, engaging blockchain analytics and security firms, Chainalysis and TRM Labs, audits, and linking up with authorities.

Meanwhile, blockchain security firm PeckShield has highlighted what was perhaps a notable month of March, particularly in terms of security incidents.  According to data compiled by the firm, more than 30 hacks happened within the crypto space in the said month. Interestingly, however, total losses in the month were 48% lower than that of February.  Additionally, 52.8% of the hacked funds were returned, most of which came from the security incident with NFT-based game Munchables.

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.

Cybersecurity News, News

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

Mayowa Adebajo on X

Table of contents

A prominent analytics-providing platform, Phoenix Group, has recently provided a list of top DeFi projects based on weekly ETH burning. The list containing the ETH-burning DeFi projects includes Uniswap, 1inch, USD Coin, 0x Protocol, Metamask, Gnosis, Pendle, Kyber Network, Aave, and ParaSwap. The analytics provider provided the details of these projects in its latest X post.

Uniswap Leads the DeFi Projects Based on Weekly ETH Burning As per the data from Phoenix Group, Uniswap has dominated the DeFi sphere in terms of 7-day ETH burning. In this respect, Uniswap has reportedly burned 278.1 ETH. This figure equals a value of nearly $737.8K. Following that, 1inch has taken the 2nd position. The popular DeFi project has burned up to 31.3 ETH with a value of approximately $83.0K. Additionally, USD Coin has gained the 3rd spot with almost 30.0K ETH tokens burned.

These tokens have a value of nearly $79.6K. After that, 0x Protocol stands in the 4th place. It saw weekly $279 ETH coins burned. This denotes a value of almost $74.0K. Moreover, Metamask occupies the 5th spot with 27.1 ETH burned, equaling up to $71.9K. It precedes Gnosis which has recorded a token burn comprising $12.4 ETH. This figure accounts for $32.9K.

ParaSwap Bottoms the List with 2.9 ETH Burned The list places Pendle in the 7th position with 11.4 ETH burned. These tokens’ value is approximately $30.2K. Kyber Network secures the 8th spot with 8.1 ETH burned, equaling $21.5K. Aave’s 7-day token burn includes 5.8 ETH with a $15.4K worth. ParaSwap gets the last place on the list with 2.9 ETH burned, accounting for $7.7K.

AUTHOR

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

TL;DR

Launch of an intent-based protocol to combat MEV attacks, which have generated nearly $17 billion in profits in the past month. Allows users to define their trading intent instead of exposing raw transactions to mempools. Includes intent preprocessing, auction execution strategies and final execution through the Portikus Swap module. ParaSwap has taken a major step in the fight against MEV attacks with the launch of its new intent-based protocol.

MEV, or maximum extractable value, attacks have proven to be a significant source of illicit profits in the world of decentralized finance (DeFi).

🚀 We’re excited to bring ParaSwap Delta to life: the ParaSwap intent-based trading protocol is now LIVE!

No more gas fees or front-running attacks, just seamless, secure trades 🔐https://t.co/0E3H15nFjZ

👇 Here's why you need to experience this next-level DeFi trading. 🧵 pic.twitter.com/7NNNnI0bR3

— ParaSwap (@paraswap) August 19, 2024

According to recent data from EigenPhi, these attacks have generated nearly $17 billion in profits for the attackers in the past month.

The most common attacks, such as sandwich transactions, have allowed attackers to manipulate user transactions to gain profit at the expense of market efficiency and fairness.

ParaSwap’s new Delta protocol is designed to provide an effective solution to this problem.

Unlike traditional methods that expose raw transactions to mempools, facilitating MEV mining, the intent-based protocol allows users to clearly define their trading intention.

This means that instead of sending transactions directly to the mempool, users can specify their target, such as a desired price range, and this target is used to execute the transaction in a more protected and efficient manner.

The Delta protocol execution process takes place in three stages.

First, preprocessing is performed in which the user’s intent is defined.

This intention is put up for auction in which artificial intelligence agents compete to find the most effective execution strategy.

Finally, the winning agent executes the transaction using the Portikus Swap module, following the user’s intention and minimizing the risk of MEV exploitation.

The introduction of this protocol is a direct response to the MEV mining boom that occurred during the DeFi boom in 2021.

During that period, certain protocols, such as Uniswap, were frequently targeted by automated attacks that raised concerns about market manipulation.

While ParaSwap’s new model does not completely eliminate the risk of exploitation by miners and validators, it represents a significant step towards greater fairness and efficiency in the DeFi ecosystem.

Progress in Paraswap MEV protection ParaSwap’s innovation aligns with the efforts of other players in the decentralized finance space who are also working to mitigate the negative effects of MEV.

For example, other liquidity aggregators, such as 0x, have developed mechanisms to combine transactions into a single batch, which helps reduce opportunities for attack, and prioritize transactions based on criteria other than profitability.

ParaSwap’s Delta protocol not only seeks to address current MEV-related issues, but also represents a step towards improving user experience and fairness in the DeFi ecosystem at large.

With a track record that includes over $76 billion in transactions since its launch in 2019, ParaSwap continues to evolve and expand its support to more chains and automated strategies.

The integration of AI-powered agents promises to add an additional layer of sophistication in transaction management, reinforcing the platform’s commitment to greater security and efficiency in the marketplace.

Bybit asks DAO to return fees earned from hack transactions

ParaSwap, a decentralized exchange aggregator, has rebranded to Velora, introducing Delta v2.5, a major upgrade designed to streamline trade execution.

According to a press release shared with crypto.news on April 3, ParaSwap (PSP) has rebranded to Velora. This rebrand is accompanied by the launch of Delta v2.5, which upgrades Velora’s existing aggregation infrastructure to an intents-based one with multiple agents competing for its price execution.

The features of Delta v2.5 include:

Instant Cross-Chain Swaps, which let users swap assets between different blockchains quickly and without delays. Super Hooks, a new feature that allows users to automate and combine complex trading strategies. Advanced Limit Orders, which let users set trades to automatically happen under certain conditions, offering more flexibility than before. By introducing these features in Delta v2.5, Velora aims to overcome the limitations of old DEXs, such as slow execution times and rigid processes.

Mounir Benchemled, Founder of Velora expressed his excitement on the launch, saying, “We are revolutionizing the landscape of decentralized trading with Instant Cross-Chain Swaps and Super Hooks, enabling seamless execution of complex strategies. Instant Cross-Chain Swaps eliminate delays and reduce costs, while Super Hooks provide the flexibility to automate and customize trading strategies with efficiency. Velora is the future of DeFi — faster, more flexible and powerful than ever before, empowering users to navigate the DeFi space with increased speed and control.”

The rebrand comes on the heels of the Augustus v6 vulnerability that ParaSwap faced earlier in March. The critical bug in the smart contract, discovered shortly after its launch, raised concerns about the security of the platform. The move to an intents-based model with Velora aims to address some of the limitations and risks that led to this exploit.