just_in

A submarket in Polymarket’s Bitcoin August price prediction event saw the odds for the $65,000 "yes" option surge from 50% an hour earlier to 89.5%, according to Catcher Predict monitoring. According to ChainCatcher, the move reflected a 39.5% swing and was said to be affected by related breaking news.

Fake World Assets, or FWAs, have emerged as a new onchain gacha trend on Ethereum, drawing heavy activity and briefly becoming the chain’s largest gas consumer by fees over a 24-hour period within four days of launch. According to Cointelegraph, the protocol generated approximately $1.53 million in daily fees at its peak on July 25, while also briefly overtaking Tether and Circle in Ethereum blockspace usage. TokenWorks, the project’s creator, said, “4 days since launch. Fake World Assets are the next big thing.” TVL continued to rise after launch, reaching over $6.15 million on July 31, while fee revenue eased to around $350,000 per day, implying an annualized run rate of roughly $268 million. By August 1, FWA had recorded 10,000 ETH in volume and 100,000 purchases. Some of that demand appears tied to users seeking early FWA token incentives, although there is also visible interest in the gamified mechanism itself.

Not everyone expects the momentum to last. Simon Dedic, founder of venture capital firm Moonrock Capital and an early backer of onchain collectible platforms, said he is “very bullish on gamified commerce” but that his skepticism on FWA is specific. He argued that much of the current activity is being driven by generous token incentives rather than underlying demand. “The whole thing is purely aimed at crypto degens so they can gamble and speculate,” he said. Dedic added that gamified shopping may have broader potential as Gen Z gains more spending power, but he believes the concept works better for assets people already want to own, such as Pokémon cards, watches and whiskey. He said there is “very little” value in using gamified systems to create demand for assets nobody wanted in the first place. The protocol’s structure lets NFT holders act as liquidity providers by depositing collectibles and ETH in exchange for a share of fees, while players pay for a random NFT spin and can later keep the prize or redeem most of its attached ETH value. Blockworks Research notes that around 70% of purchasers currently choose to convert their winnings to FWA.

Onchain investigator ZachXBT said cross-chain protocol TeleSwap suffered an exploit of about $735,000 on July 15, after which its Bitcoin hot wallet stopped processing transactions.

According to Foresight News, the project had not made any public disclosure about the incident as of five days later.

ZachXBT said the attacker moved the stolen funds to Tornado Cash about two hours ago and also published a suspected address linked to the case along with TeleSwap's Bitcoin hot wallet address.