🔎Karak Under Fire For Past Actions As Risk Harbor

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Karak Network, a new entrant into the restaking sector, is facing criticism after the project was revealed to be developed by the Risk Harbor team, which is accused of making off with $7 million allocated to its insurance fund for Terra’s failed UST stablecoin.

In other restaking news, six new actively validated services (AVSs) launched on top of EigenLayer. The protocol’s AVS ecosystem already boasts more than $500 million worth of delegated stake.

Ethereum will introduce EIP-3074 with its next hard fork, Pectra. The upgrade will introduce advanced functionality to regular Ethereum wallets but also expose users to new risks.

Plus, Omni Network is the latest project to jump on the airdrop bandwagon, and Pump.fun is dominating Solana’s booming memecoin sector.

✍️ In today’s newsletter:

Karak outed as Risk Harbor rebranded
EigenLayer onboards six new AVSs
Ethereum community divided over EIP-3074
Omni Network to drop 3% of token supply
No-code memecoin launchpad takes Solana by storm

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🎬 WATCH

Check out our interview with the founder of Script3, to learn about Blend Capital, its Stellar-based lending protocol deployment platform. We also spoke to Emin Gun Sirer, the CEO of Ava Labs, to get his take on the rapidly expanding Layer 2 sector and Avalanche’s future.

Also, watch our podcast with Mike Silagadze, the founder of EtherFi, and Nikhil Raghuveera, the co-founder of Aethos, for a preview of EigenLayer’s AVS ecosystem.

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🫵 Hot New Restaking Project Karak Faces Backlash Over Team’s Past

Karak, a “universal restaking layer,” is under fire after sleuths outed the project as the second rebranding of Risk Harbor — the team notoriously accused of running off with $7 million meant from an underwriting fund for the failed UST stablecoin. Degens appear unperturbed by the news, with the protocol attracting a $143.5 million TVL in just a few days.

🥩 EigenLayer Launches Six Actively Validated Services

EigenLayer welcomed another six projects to its ecosystem of Actively Validated Services (AVSs) following the protocol’s mainnet launch earlier this week. The launch of AVSs completes EigenLayer’s rollout, realizing its vision for Ethereum restaking.

👛 Ethereum Upgrade To Improve Wallets But Unlock New Attacks

Ethereum developers confirmed that EIP-3074 will be included in the network’s upcoming Pectra hard fork, introducing smart contract functionality to regular Ethereum wallets. However, the advanced features will also unlock new attack vectors for hackers, prompting opposition from some Ethereum community members.

🪂 Pantera-Backed Rollup Omni Network Announces Airdrop

Omni Network is airdropping 3% of its token supply to early adopters and prominent stakers. The top 10,000 EigenLayer restakers and 5,000 Beacon Chain solo stakers are set to receive OMNI allocations as part of the campaign.

⛽ Pump.Fun Takes Over Solana Memecoin Scene

Pump.fun, a no-code platform for creating and launching meme tokens, is emerging as a major player within Solana’s bubbling memecoin sector. The project is already bringing in hundreds of thousands of dollars in daily revenue after launching just two months ago.

🌍 ELSEWHERE

The SEC investigated NBA Top Shot developer Dapper Labs, but decided to close case in September (Fortune)
H.K. Seen Approving Bitcoin, Ether ETFs as Soon as Monday (Bloomberg)
Asset Tokenization Draws Focus From Global Securities Watchdogs (CoinDesk)