💪 Arbitrum and Base Consolidate L2 Dominance
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The growing dominance of Arbitrum and Base is calling critics’ claims that liquidity fragmentation is wreaking havoc on Ethereum’s Layer 2 ecosystem into question. The two chains now account for half of Layer 2 TVL, transactions, users, and trades.
Degens continue to descend on politics-inspired memecoins. The KAMA token rallied 125% in 24 hours as pundits predicted Kamala Harris may be poised to lead the Democratic party.
The TVL of Symbiotic tripled to more than $1 billion in one day after the project raised its deposit caps. Symbiotic now ranks as the second-largest restaking protocol.
Argentinian crypto adoption is rising, with digital asset trades paired with the Argentinian Peso jumping 400% this year.
Plus, the market drawdown drives heavy liquidations, Bittensor halts its network after wallets were drained, BLAST tumbles despite a Season 2 points campaign, and hackers are ransacking centralized exchanges,
✍️ In today’s newsletter:
- Layer 2 activity consolidates
- KAMA surges after presidential debate
- Symbiotic’s TVL rockets past $1B
- Argentinian crypto adoption spikes
- Digital assets continue posting losses
- Bittensor network halted after exploit scare
- BLAST posts heavy losses
- Hackers target centralized exchanges in 2024
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📈 Markets in the last 24 hrs:
| NEWSLETTER CONTINUES BELOW |
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🌐Rising Dominance Of Arbitrum and Base Defies Liquidity Fragmentation Narrative
Arbitrum and Base’s increasing dominance over Ethereum’s Layer 2 ecosystem is undermining claims the sector is plagued by liquidity fragmentation. Arbitrum and Base account for roughly half of L2 users, transactions, TVL, and DEX trade volumes, while roughly 10 networks command more than 90%.
🚀New Kamala Harris Memecoin KAMA Soars on U.S. Presidential Race Speculation
Degen political memecoin speculation is rallying strong, with a Kamala Harris-inspired token soaring 125% in 24 hours. The move comes as punters are wagering Harris may replace Joe Biden as the Democrat party’s presidential nominee, also igniting a surge in trade volume on Polymarket.
⬆️Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits
Symbiotic is now the second-largest restaking protocol after its TVL tripled in less than 24 hours. Symbiotic’s TVL has now ballooned to more than $1 billion one month after launching.
SPONSORED POST
On June 18th, 2024, Stellar public network validators voted to upgrade the network to Protocol 21, which actives five new Core Advancement Proposals (CAPs) on the Stellar Mainnet.
The five CAPs introduced in Protocol 21 allow for some neat features, including an improvement to state archival, a few overall cost improvements to smart contract transactions, and perhaps the most exciting, native support of secp256r1 verification in smart contracts, enabling passkey signing support. The Stellar Development Foundation has built out a web app where you can demo passkeys to build a smart wallet.
READ MORE: Protocol 21 Upgrade on Stellar Brings Enhanced Security with Passkeys
📈Argentine Peso Crypto Trading Volume Grows by 400% This Year
Argentina is the fastest-growing Latin nation by crypto adoption. Trade volume between cryptocurrencies and the Argentinian Peso has rocketed five-fold since the start of the year.
💥Crypto Markets Bleed Amid Massive Liquidations
Digital assets continue to drop as onlookers fear the German government may be planning to dump a portion of its $2 billion in BTC holdings. Leverage traders suffered $381 million in liquidations over 24 hours, pushing asset prices lower. Notable drawdowns include Bitcoin with 5%, Ethereum with 3.5%, and Polkadot with 5%.
⚠️Bittensor Halts Network After Users Fall Victim To Malicious Python Software
Bittensor paused its network after multiple users reported attacks targeting their wallets. The project’s foundation identified a malicious package uploaded to a Python software repository as the culprit.
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⬇️Blast Token Tumbles as Layer 2 Unveils Season 2
The recently airdropped BLAST token is suffering heavy losses despite Blast unveiling the terms of its Season 2 points campaign. BLAST is down 32.6% in the past seven days.
💣Centralized Exchange Losses to Hacks are Up 1,000% This Year: ImmuneFi
Centralized exchanges are suffering heavy losses to hackers this year, with CEX’s shedding $572 million to exploits in the first half of 2024 already. Notably, DeFi hacks are down, with quarterly losses falling 25%.
🌍 ELSEWHERE
- Coinbase demands Gensler’s private emails in SEC battle over crypto rules (CryptoSlate)
- Ethereum Rolls Out EIP-7732 Proposing Major Shift In Block Validation Process (CoinGape)
- Dormant address containing $6.8 million in bitcoin wakes up after more than 12 years (The Block)
- Perception That Bitcoin Core Never Has Bugs ‘Dangerous,’ Say Developers (Unchained)
🔥 TRENDING
- Mantle Launches Incentives Campaign for its Liquid Staking Protocol
- Circle Becomes Europe’s First Compliant Stablecoin Issuer
- Crypto Markets Rally Ahead of Anticipated Ethereum ETF Approval
- Crypto Celebrates Court Dismissing SEC Claims That Secondary BNB Sales Are Securities
- Aave Labs Receives Grant To Develop V4 Iteration Over 12 Months
- SEC Targets Ethereum Liquid Staking
- Crypto Markets Drop Despite Cooling U.S. Inflation
- Stripe To Support Base Amid Coinbase Partnership
- Yei Finance Pushes Sei Network TVL Above $60 Million
- Manta-Based MUSD Stablecoin Leverages BlackRock’s BUIDL For Backing
- OpenSea Claws Back Market-Share from Blur
- Marathon Digital Mines Millions In KAS As Kaspa Surges
- Unstoppable Domains Launches Marketplace Supporting ‘.com’ Tokenization
- CertiK Accused Of Front-Running Bug Bounties Through Subsidiary
- DoJ Sentences HYDRO Founders In First Ruling That A Cryptocurrency Is A Security
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