The Defiant

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Digital assets bounced back following a sustained week of downward price action, with more than half of the top 100 cryptocurrencies by market cap posting double-digit gains from their local lows. Despite the bullish momentum, spot Bitcoin ETFs posted outflows for the third consecutive day.

An Ethereum Foundation GitHub commit revealed that the Swiss non-profit organization has received a “voluntary inquiry” from an unnamed state authority. However, onlookers are divided as to whether the news is cause for concern.

Polygon shipped its Napoli fork, introducing support for several key upgrades included in Ethereum’s recent Dencun hard fork. Napoli also included the first Rollup Improvement Proposal from RollCall, a collective of Layer 2 developers.

And The Open Network will launch a more than $100 million incentives program to drive up adoption from developers and users.

✍️ In today’s newsletter:

Bitcoin ETF outflows persist despite markets bouncing
Ethereum Foundation under scrutiny from unnamed regulator
Polygon Napoli upgrade introduces RIP-7212 support
The Open Network’s $124M incentives program

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$67,5838.77	%
Ethereum	$3,513 10.76	%
Gold	1st Future$2,158 0.07	%
S&P 500	5224.62 0.89	%
Arch Web	32.91 10.85	%
Learn more about Arch Indices ,[object Object]		%

🎬 WATCH

Check out our video exploring Solana’s surging ecosystem. Also watch our podcast with Kevin Owocki, co-founder of Gitcoin, and Meg Lister, GM at Gitcoin Grants Labs, to learn about Gitcoin’s new roadmap.

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🚀 Crypto Markets Rally Back Despite Sustained Spot Bitcoin ETF Outflows

More than half of the top 100 cryptocurrencies have staged impressive double-digit comebacks. The bounce follows a week-long pullback after Bitcoin posted all-time highs last week. However, spot Bitcoin ETFs posted an outflow of $265 million.

🔎 Ethereum Foundation Receives Enquiry From Unidentified Government Entity

The Ethereum Foundation is facing government scrutiny, with a GitHub commit revealing that a regulatory authority demanding confidentiality is looking into the non-profit. While some onlookers are fearing a wholesale regulatory offensive targeting the organization behind Ethereum, others are less concerned, emphasizing the “voluntary” nature of the inquiry and the prevalence of government requests issued to crypto foundations.

🚢 Polygon Ships Napoli Upgrade Including First Rollup Improvement Proposal

The Polygon PoS sidechain is the first scaling solution supporting RIP-7212, the debut upgrade from the RollCall collective of Layer 2 developers, following the execution of its Napoli hard fork. RIP-7212 is designed to bolster Layer 2 scaling solutions’ interoperability with mainstream tech and devices. Napoli also introduced three key upgrades from Ethereum’s Dencun fork.

💰 The Open Network Unveils $124M Incentives Program Amid Soaring Growth

The Open Network (TON) will begin offering 30 million Toncoin to developers and users onboarding the network from April 1, with the funds distributed over four month-long seasons. The news follows surging growth on TON, with the network’s TVL doubling in four weeks, while the TON token is up 53% in a fortnight.

🌍 ELSEWHERE

FTX Was Down to Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray (CoinDesk)
UN says half of North Korea’s foreign currency gains came from hacks, crypto attacks (The Block)
Kenya and US crypto groups unite in demand for release of detained Binance execs in Nigeria (CryptoSlate)