Monday, February 19, 2024
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Why is no one talking about this $26M exploit? Are we too caught up with chasing the points leaderboard? In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | Worldcoin hits all-time high 🌐 Sam Altman's WLD surged over 45% to an all-time high of $7.61 today after OpenAI's Sora text-to-video tool launch. View price chart 👉 https://www.coingecko.com/en/coins/worldcoin | | | Spot Bitcoin ETF Global Rankings | | There are a total of 33 spot Bitcoin ETFs offered worldwide currently, holding around 839,323 BTC (4% of max supply).
The top 10 spot Bitcoin ETFs account for a disproportionate 93% of market share – 5 are from the US, 3 from Europe and 2 from Canada. | |
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| Have we gone too far with points? ✨ Everyone's talking about points, but is the trend about to run its course? According to an article by the Block, over 14 individual crypto projects have distributed a total of over 115 billion points. However, there are discrepancies between how points are calculated, as some projects, such as ClayStack have only distributed 200K points. In contrast, MarginFi has already distributed over 42B points to the top 1,000 users on their platform.
Be that as it may, it is still somewhat possible to approximate the value of points from each project as long as the distribution figures are public.
The problem arises when projects are less transparent and refuse to reveal how many points have been distributed and how. As such, the lack of transparency has only increased speculation of the value of points for hyped projects such as Eigenlayer, allowing for protocols that promote the trading and speculation of these points to become more popular than ever. Protocols such as Whales Market allow users to essentially purchase another user's points, or rather their share of the tokens received in the future based on their points holdings.
In fact, Whales Market's surging popularity during the current points meta has pushed the price of its native WHALES token from an initial price of $0.08 to a peak of $3.76.
Editor's Take:
While points programs are relatively new, they still face some of the same problems from old airdrops - they are still largely a whale's game, where size usually dictates how points are distributed. However, protocols like Pendle allow users to earn points on leverage of up to 74x. In other words, you can use 1 ETH to farm up to the equivalent of 74 ETH worth of points. | | | Liquid staking derivatives (LSDs) or tokens (LSTs) were all the rage this year, which brought about a wave of DeFi protocols building on these primitives. Learn about LSDfi and how it works in this video! | | | The float needs a little fix! 🕵️♂️ Crypto exchange FixedFloat was exploited just yesterday for over $26M in Bitcoin and Ether.
On the Bitcoin network, over 409 BTC were suspiciously transferred away to another address, while similarly, on Ethereum, 1728 ETH was also moved out to an external wallet.
The funds on Ethereum were later transferred to a few separate addresses before being deposited into the automatic crypto-swapping platform eXch.
Over on Bitcoin, the funds were separated into chunks of 10 BTC each and further split into another group of wallets with varying amounts of BTC.
FixedFloat has since responded that they 'encountered some technical problems' and have switched into maintenance mode, halting all user actions on their platform. | | 📜 Social Tech Game MemeFi Launches Incentivized Testnet, ERC-404 TOYBOX Token MemeFi has recently launched an Incentivized Testnet, encouraging users to engage with and validate this approach to ensure it works as intended and to identify opportunities for improvement. | | | | ERC-404 is an experimental token standard that combines ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens), allowing tokens under this standard to be both fungible and non-fungible at the same time.
Read our latest article on ERC-404s. | | | | | 🦎Tell us what you think! We've just revamped our newsletter with a new and fresh format!
Whether you're a long-time subscriber or just passing by, do let us know if you like the changes and what we can improve on! | |
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