Friday, September 27, 2024
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It's been quite the roller-coaster week thus far, but can we close it out in style? In today's news:
Backed by BUIDL 🏦 Hitting bedrock 🗿
Read on! | | 24h Hot Searches Worldwide 🔥 | | Crypto Sponsorships In Sports | | Soccer has been a primary target for crypto sponsorships since 2021. That year saw 9 new deals, followed by 10 in 2022, a sharp drop to just 3 in 2023, and a rebound to 10 in 2024. How have other sports fared? | | | Backed by BUIDL 🏦 The synthetic dollar protocol Ethena is planning to launch a new stablecoin.
The team recently announced that they have partnered with tokenization platform Securitize to issue new UStb stablecoins.
Instead of being collateralized by ETH, BTC, or other crypto assets, UStb will be backed by reserves invested in Blackrock's USD Institutional Digital Fund, or BUILD.
The new stablecoin will function similarly to traditional stablecoins such as USDC since BUIDL largely holds short-term treasury instruments and US dollars.
The team also explained that UStb will be considered separate from their existing USDe product.
Should extended periods of negative funding rates come to pass, holders of Ethena's native ENA token can vote to re-allocate the protocol's reserves to UStb.
Since the announcement, the price of ENA has surged by 5.9% from $0.34 to $0.36 today. | | | Learn about the token creation and trading platform Pump.fun that has made waves on Solana, once even having its daily revenue exceed that of Ethereum's! | | | Hitting bedrock 🗿
Liquid staking protocol Bedrock suffered a $2M exploit involving its own version of staked Bitcoin, known as uniBTC. The hackers were able to take advantage of a vulnerability that allowed users to mint uniBTC using ETH.
The attackers then sold the newly minted assets across various DEXs, causing the price of uniBTC to plummet from $61K to $23.6K as of this writing.
The Bedrock team has since identified the root cause and they are currently working to rectify the issue.
The team has also maintained that the remaining Bitcoin reserves for uniBTC remain secure. | | | Who is Moo Deng, and what is the MOODENG memecoin on Solana? Find out about the baby hippo memecoin with $195 million market cap. | | | | | Here are the top trending coins for this week! | | | 🦎Tell us what you think! We've just revamped our newsletter with a new and fresh format!
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