A turbulent time for public blockchains: L2 chains are shutting down one after another, while L1 chains are being hacked frequently.
Another L1 chain, @initia, was just attacked by hackers and has halted block production.
The hackers exploited a bug related to MoveVM on Initia L1 to mint tokens without limit, then drained the liquidity of real reserves on the Ethereum side through a cross-chain bridge.
So far, the hackers have drained $2.6 million in liquidity from assets bridged to and from Initia.
Initia has a total TVL of just $5.8 million across its entire chain, meaning the hackers have indirectly drained nearly half of the chain's liquidity.
Besides Uniswap, the widely recognized leader, it’s still unclear who will claim the runner-up spot.
After its TGE, @fablesfi retained liquidity with high-emission incentives; @metricxyz copied Fables’ playbook, launching points and referral rewards; and @aeroxyz deployed across multiple chains to establish a foothold on Robinhood.
What’s remarkable is that these three different moves by three DEX protocols all happened on the same day.
I just noticed that the banner on Optimism’s official X account has been changed to @soneium.
Even @base, which was once a walking advertisement, never got this kind of treatment. What has Soneium, incubated by Sony, done to deserve it?
Turns out Soneium uses OP’s enterprise-grade, fully managed services, outsourcing all the chain’s underlying operations and maintenance to OP—and has now become OP’s biggest client.
That said, Soneium’s on-chain data is really hard to look at. DeFi TVL across the entire chain is down to just over $5M, a 98% drop from its peak.
OP has undoubtedly set its sights on the prestige of a major corporation like Sony. It’s unlikely that Soneium will issue a token anytime soon.
Today is probably Optimism’s most triumphant day since Base announced its departure from the OP Superchain ecosystem.
According to L2BEAT data, @Optimism’s OP Mainnet was the L2 chain with the largest net inflow of funds over the past 24 hours, at $25.91 million. Robinhood Chain followed, with a net inflow of $21.21 million.
Over the same period, @base saw a net outflow of $27.23 million.
After lying dormant for 2 months, the hacker behind the Drift theft has started transferring the stolen ETH into Tornado Cash to mix it.
The stolen funds will likely be extremely difficult to recover. The Drift team saw this coming and completed its post-hack recovery months ago, rebranding as @VelocityDEX.
Even more ironically, the DFX bond tokens Drift previously issued to affected users are still trading at a 3.5x premium.
The ecosystem on Arc, the star L1 chain backed by Circle, is actually quite fragmented.
The chain has a DeFi TVL of as much as $526 million, with over 90% of it contributed by just two major lending protocols: Morpho and Aave.
This fragmented capital structure effectively squeezes other ecosystem apps out of the market. Over the past 24 hours, all the ecosystem applications on the chain generated a mere $5,000 in app revenue.
As for whether the on-chain ecosystem is attractive, I think users have already voted with their feet.
Demystifying technology is a must-learn lesson for every crypto newcomer.
The top ZK technology has taken the hardest beating, and ZKsync has provided a textbook case of what that looks like. Arbitrum’s Orbit: at least Robinhood Chain is still lending it some credibility;
Optimism’s OP Stack: even after Base left, it still has L2 chains like Ink and Unichain that are worth showing off.
Only ZKsync’s ZK Stack: From Cronos zkEVM to Abstract and now Sophon, they’ve all been wiped out.
No public-chain project team knows how to run token-splitting schemes better than Polygon.
Several token-splitting projects that had their TGE on Polygon this year: Katana, Billions, and Tria have all fallen outside the top 1,000 by market cap.
How can Starknet break out of its predicament when it backstabs Ethereum while still relying on Ethereum’s settlement layer for security?
I have an idea.
Given that the renowned zero-knowledge proof professor @EliBenSasson is also a founder of both Starknet and Zcash, I suggest Starknet use Zcash L1 as its settlement layer instead of Ethereum L1 as a transitional solution. Once the time is right, it can upgrade Stark to an independent, quantum-resistant L1 chain.
After all, settling on Ethereum means Starknet can’t withstand quantum attacks, so it isn’t secure enough.
Daylight may be a16z’s biggest investment blunder.
As a top-tier project in the DePIN space, @daylightenergy raised a total of $88 million across three rounds, with a16z leading the last two.
So what’s the current state of this crypto project backed by a star-studded lineup of VCs?
1/ The official X account hasn’t posted in over six months. Discord also shut down all discussion channels six months ago, switching them to read-only mode; 2/ The pre-deposit campaign, originally set to launch late last year, was postponed and has never restarted; 3/ Founder @jasonbadeaux, who used to be fairly active on X, hasn’t posted in over three months either.
Unless something unexpected happens, this top-tier DePIN project, Daylight, will most likely fail to launch its token and quietly rug.
This is the worst of times for VC coins, and the best of times for anti-VC coins.
Today is probably Optimism’s most triumphant day since Base announced its departure from the OP Superchain ecosystem.
According to L2BEAT data, @Optimism’s OP Mainnet was the L2 chain with the largest net inflow of funds over the past 24 hours, at $25.91 million. Robinhood Chain followed, with a net inflow of $21.21 million.
Over the same period, @base saw a net outflow of $27.23 million.
If rumors that a $100 million ecosystem grant and Builders program are about to launch on Robinhood Chain are true, they could become the most direct catalyst for a second wave of excitement in the RH Chain ecosystem.
The last ecosystem funding initiative on this scale dates back to 2020, when Binance launched its $100 million Accelerator Fund for the BSC chain.
Driven by the news, on-chain memes on RH Chain have already begun a broad-based revival.
Robinhood Crypto’s official X account, @RobinhoodCrypto, publicly welcomed a relatively niche ecosystem protocol, @metricxyz—a fairly rare occurrence.
I believe Metric earned this recognition because its focus aligns closely with RH Chain’s, and it can strengthen critical underlying infrastructure.
Metric is a DEX built on the propAMM mechanism. But it isn’t competing in a zero-sum way with Uniswap, the leading DEX on RH Chain. Instead, it aims to grow the overall spot market.
The propAMM mechanism differs from traditional AMMs. Traditional AMMs can be thought of as “trade first, then let trading move the price.” Metric, by contrast, “brings in the real-world price first, then facilitates trading around it.” The former is especially suited to assets without external price references and to long-tail markets; the latter works particularly well for assets with real-world market prices, such as RWAs and tokenized stocks.
Since asset prices under the propAMM mechanism are driven primarily by external reference prices supplied by oracles, they can quickly track real-world price movements. This means more accurate pricing, lower risk for LPs, and greater capital efficiency.
With Metric in the mix, it can complement Uniswap through a clear division of roles: Uniswap provides foundational, general-purpose liquidity, while Metric offers specialized liquidity for stock tokens.
Together, they can help Robinhood Chain’s ecosystem grow stronger.
Robinhood Crypto’s official X account, @RobinhoodCrypto, publicly welcomed a relatively niche ecosystem protocol, @metricxyz—a fairly rare occurrence.
I believe Metric earned this recognition because its focus aligns closely with RH Chain’s, and it can strengthen critical underlying infrastructure.
Metric is a DEX built on the propAMM mechanism. But it isn’t competing in a zero-sum way with Uniswap, the leading DEX on RH Chain. Instead, it aims to grow the overall spot market.
The propAMM mechanism differs from traditional AMMs. Traditional AMMs can be thought of as “trade first, then let trading move the price.” Metric, by contrast, “brings in the real-world price first, then facilitates trading around it.” The former is especially suited to assets without external price references and to long-tail markets; the latter works particularly well for assets with real-world market prices, such as RWAs and tokenized stocks.
Since asset prices under the propAMM mechanism are driven primarily by external reference prices supplied by oracles, they can quickly track real-world price movements. This means more accurate pricing, lower risk for LPs, and greater capital efficiency.
With Metric in the mix, it can complement Uniswap through a clear division of roles: Uniswap provides foundational, general-purpose liquidity, while Metric offers specialized liquidity for stock tokens.
Together, they can help Robinhood Chain’s ecosystem grow stronger.
How can Starknet break out of its predicament when it backstabs Ethereum while still relying on Ethereum’s settlement layer for security?
I have an idea.
Given that the renowned zero-knowledge proof professor @EliBenSasson is also a founder of both Starknet and Zcash, I suggest Starknet use Zcash L1 as its settlement layer instead of Ethereum L1 as a transitional solution. Once the time is right, it can upgrade Stark to an independent, quantum-resistant L1 chain.
After all, settling on Ethereum means Starknet can’t withstand quantum attacks, so it isn’t secure enough.
Stark @Starknet has gotten way too big for its boots and is spectacularly stabbing Ethereum in the back.
Starknet has loudly announced on X that it is considering breaking away from Ethereum and building its own L1, with the goal of making Starknet the first fully quantum-resistant network.
Starknet’s founder and driving force, @EliBenSasson, published a lengthy post openly taking shots at Ethereum, implying that Ethereum L1 is a bottleneck on Starknet’s path to post-quantum security. The interesting thing is that, after reading the entire post, there’s not a single practical, actionable proposal for achieving quantum resistance—it’s all just empty slogans and hot air.
So, does Starknet’s behavior count as a betrayal of Ethereum?
Without a doubt. Starknet’s fundraising narrative, security, liquidity, and STRK valuation are all built around being an “Ethereum ZK Rollup.” Without that deep connection to Ethereum, Starknet would just be another obscure chain that nobody uses.
Even today, Starknet continues to wear the Ethereum L2 badge and benefit from Ethereum’s settlement security. But that doesn’t stop it from using the shortcomings of its host chain—and of the entire public blockchain sector—as marketing fodder.
It’s fair to say this is an especially ugly way to behave.
Trying to launch a launchpad on Solana and grab a slice of Pump’s pie is about as difficult as it gets.
The protocol revenue of @LaunchOnSF, a launchpad backed by Solana’s official team, has plunged, with revenue of less than $200,000 over the past 24 hours. Pumpfun’s protocol revenue over the same period was $2.38 million—more than 10 times Stonk’s.
If even projects with resources and backing are struggling, startups launched by ordinary people have next to no chance of survival.
Solana’s No. 2 co-founder is going full throttle: First came @toly’s Ying-Yang Robinhood, and now @rajgokal is taking over to continue the Ying-Yang play with Arc.
On X, Raji said that he’s currently in the LinkedIn-chain phase of a supercycle.
The timing of this post is extremely delicate: roughly about 12 hours after @arc officially announced its mainnet launch. The implication is very clear—it’s mocking Arc as a product of Circle’s in-group collusion.
Pumpfun has already been drawing blood from its own veins, which is bad enough. Then Robinhood stepped in to grab a slice of the meme race, making it even more infuriating. Now Arc keeps diverting flows—one could say it’s pouring fuel on the fire.
Stark @Starknet has gotten way too big for its boots and is spectacularly stabbing Ethereum in the back.
Starknet has loudly announced on X that it is considering breaking away from Ethereum and building its own L1, with the goal of making Starknet the first fully quantum-resistant network.
Starknet’s founder and driving force, @EliBenSasson, published a lengthy post openly taking shots at Ethereum, implying that Ethereum L1 is a bottleneck on Starknet’s path to post-quantum security. The interesting thing is that, after reading the entire post, there’s not a single practical, actionable proposal for achieving quantum resistance—it’s all just empty slogans and hot air.
So, does Starknet’s behavior count as a betrayal of Ethereum?
Without a doubt. Starknet’s fundraising narrative, security, liquidity, and STRK valuation are all built around being an “Ethereum ZK Rollup.” Without that deep connection to Ethereum, Starknet would just be another obscure chain that nobody uses.
Even today, Starknet continues to wear the Ethereum L2 badge and benefit from Ethereum’s settlement security. But that doesn’t stop it from using the shortcomings of its host chain—and of the entire public blockchain sector—as marketing fodder.
It’s fair to say this is an especially ugly way to behave.