An OG DeFi App Becomes Wary of WBTC 🥶
In today’s edition: 🚨 Bitcoin struggles amid selling bias, 💰 Chaos Labs secures $55M in funding, and more!
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The Cryptopians in Seoul! 🇰🇷
Laura is coming to Seoul for an exclusive book event, with the support of DeSpread 🎉
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What’s Poppin’?
by Sage D. Young and Sam Sriram
Lending Protocol Aave to Propose Onboarding TBTC in Response to Concerns About Latest WBTC Custodial Changes
Meanwhile, Maker has taken a more aggressive response to the changes by preventing any new borrowing from WBTC vaults.
Bitcoin Drops Under $58,000 as Net Sell-Side Bias Persists
A net bias towards sell-side pressure has not completely subsided, say analysts at Glassnode, while noting that onchain conditions indicate high conviction from bitcoin holders.
Risk Management Firm Chaos Labs Raises $55 Million in Series A Funding
Chaos Labs has a software-as-a-service business model that helps crypto applications react to real-time market conditions.
Daily Bits… ✍️✍️✍️
💼💰Eigen Labs, the developer behind the EigenLayer platform, reportedly circulated a list of employee wallet addresses to projects within its ecosystem, leading to nearly $5 million in airdrops to its staff, raising concerns about potential conflicts of interest.
📱 Donald Trump Jr. unveiled a Telegram channel named "The Defiant Ones" for updates on an upcoming crypto project, amidst growing speculation about the initiative.
🔗 Bitcoin developer Robin Linus released the "BitVM2" paper, which introduces significant efficiency gains and a permissionless challenge feature for Bitcoin.
🛡️ Uniswap Labs announced a $2.35 million security competition prize pool for its upcoming v4 protocol, marking the largest audit prize in DeFi history.
🐾 Ethereum co-founder Vitalik Buterin donated $532,000 worth of ether, raised from selling unsolicited animal-themed meme tokens, to the Effective Altruism Fund’s Animal Welfare Fund.
The $$$ Corner…
💰 Orderly Network closed $5 million in strategic funding, with participation from OKX Ventures, Manifold Trading, and other prominent investors.
🤖 Crunch Lab, the developer behind CrunchDAO, secured $3.5 million in seed funding, led by Multicoin Capital, to further its AI-driven machine learning competitions.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 0.1%, trading at $58,418
ETH is down 0.3%, trading at $2,616
BTC dominance: 53.41%
Crypto market cap: $2.16T
*All data as of today, 07:05 am ET. Source: CoinGecko
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