vishal4c

Cyber criminals tried to extort $20 million from Coinbase to keep stolen customer data off the internet.

The crypto exchange has now reportedly put out a bounty worth the same amount on the culprits.

https://www.theblock.co/post/354457/coinbase-offers-20-million-bounty-on-data-thieves-who-tried-to-extort-exchange...

It's crazy how @sns (Solana's version of ENS) casually launched another $SNS token, even though the project already had a native token, $FIDA. Now, the FIDA token presumably has no relevance to the project. The team claimed that FIDA's "tokenomics are not sustainable." Can you imagine how many people got burned holding FIDA, thinking it was a vital infrastructure project in the Solana ecosystem? More details here (via @RT_Watson for The Block)

Wow, $EOS tokens will become $A tokens! Looks like this controversial ticker will be missed

.@synthetix_io contributors have proposed acquiring @derivexyz (formerly Lyra) via an SNX-for-DRV token swap.

The proposed valuation is $27 million, and the swap ratio would be 27 DRV to 1 SNX.

Synthetix plans to issue 29.3 million new $SNX tokens ($27 million) for this acquisition if the proposal is approved.

Don’t think many folks have $2 billion lying around to pull off a temporary 51% attack on BTC

That's not the same as buying crypto as part of a reserve!

https://decrypt.co/318487/arizona-passes-unclaimed-crypto-law-after-vetoing-reserve

In crypto, valuations clearly matter more than revenue. In that context, network effects and the adoption of protocols or tokens can serve as meaningful metrics to justify those valuations. But as the number of new tokens continues to grow exponentially, gaining strong network effects is becoming increasingly difficult each year.

For many of these tokens, substantial venture funding also raises concerns about decentralization and distribution — especially when private investors receive tokens at much lower prices than retail buyers at listings, and when there is centralized concentration of token ownership

Key EIPs in Pectra and their impact

EIP-7702: Account abstraction
Authored with input from Ethereum co-founder Vitalik Buterin, EIP-7702 — included in Pectra — enables user wallets to temporarily execute smart contract logic, a step toward full account abstraction. This EIP allows wallets to support features such as letting third parties, like dApps, cover gas fees, enabling “freemium” models where users can interact without ETH.

Users can also combine multiple actions, such as token approvals and swaps, into one transaction, which is expected to reduce gas costs and user friction.

Finally, account abstraction is expected to enable features like social recovery, allowing users to restore lost keys via trusted contacts.

EIP-7251: Staking with higher validator limits
EIP-7251 increases the maximum effective validator balance from 32 ETH to 2,048 ETH, allowing for reward compounding and validator consolidation.

Previously, stakers with more than 32 ETH had to split stakes across multiple validators, creating operational complexity. Large operators can now merge multiple 32 ETH validators into one, reducing network bandwidth demands. Solo and institutional validators will have fewer nodes to manage, lowering hardware and maintenance costs.

However, critics warn that EIP-7251 may increase centralization, as wealthier stakers or pools could dominate.

EIP-7691: Doubling blob throughput for Layer 2 scalability
Building on Dencun’s proto-danksharding, EIP-7691 increases blob throughput from 3 (target) and 6 (max) to 6 and 9 per block, respectively.

Blobs — temporary data stores for Layer 2 rollups — reduce L1 fees for rollups like Arbitrum and Optimism by 10–100x. This EIP may boost rollup efficiency, resulting in more blobs, which can mean lower transaction fees and faster processing for Layer 2 users.

It also allows rollup developers to scale dApps more cost-effectively, which is important as Layer 2 TVL grows.

Ethereum developers have activated the Pectra upgrade!

https://www.theblock.co/post/353407/ethereum-pectra-upgrade

The Pectra upgrade has two EIPs with the same number — EIP-7002. One introduces account abstraction, and the other enables validator exits and withdrawals triggered from the execution layer. It's confusing that both are labeled 7002. Can someone explain why this is the case?

#pectra

Movement Labs confirmed that its co-founder, Rushi Manche, has been suspended from the organization following a market-making scandal.

Following the December launch of Movement Network's mainnet beta and native token, a market maker allegedly sold off 66 million $MOVE tokens, ultimately netting 38 million USDT in profit, according to Binance's findings in March.

Movement Labs allegedly signed a market-making agreement with Rentech, which was misrepresented as a subsidiary of Web3Port but appears to be a separate entity with no digital presence, CoinDesk first reported. Contracts revealed that Rentech controlled around 5% of MOVE’s supply, with incentives to inflate the token’s price to a $5 billion valuation before dumping it for shared profits, raising concerns about self-dealing.

The Interchain Foundation has invested in @stride_zone to support the development of a decentralized exchange on the Cosmos Hub.

The DEX, called Stride Swap, will be optimized for the Cosmos Hub’s IBC Eureka upgrade, enabling multichain swaps. More details here in my latest: