👀Winners and Losers Revealed After Bitcoin Halving

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With the fourth Bitcoin halving in the rear-view mirror, the event’s impact on the broader Bitcoin ecosystem is starting to be felt. While major Bitcoin mining firms are enjoying surging stock prices, some miners have been forced offline and looking to other Proof of Work networks for refuge.

In other Bitcoin news, network fees briefly soared to a record high of $128 amid the launch of the Runes protocol.

Meanwhile, the Aave community is voting on which network will host the second deployment of its GHO stablecoin, Hedgey Finance reels after suffering a $44 million exploit, and Arbitrum’s Hyperliquid DEX rivals GMX with a $450 million TVL.

✍️ In today’s newsletter:

Bitcoin mining stock surge and hash rate falls following halving
Bitcoin fees skyrocket to all-time high
Aave readies for GHO’s cross-chain expansion
Hedgey Finance racked by exploit worth $44M
Hyperliquid TVL up 688% in 2024

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$63,5253.58	%
Ethereum	$3,070 2.94	%
Gold 1st Future	$2,382 0.45	%
S&P 500	5011.12	-0.22 %
Arch Web	32.05 4.15	%
Learn more about Arch Indices		%

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Check out our interview with Nenad Palinkasevic, the founder of DeFi Saver. We explore the platform's beginnings, discuss strategies users adopt in different market conditions, delve into their various integrations, and uncover what the future holds for their roadmap.

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↕️Bitcoin Mining Stocks Thrive While Hash Rate Slides Post Halving

Shares in leading Bitcoin mining firms are retaining impressive gains following the completion of Bitcoin’s fourth halving, with MARA, RIOT, and CLSK each rallying by more than 17% since April 16. However, Bitcoin’s hash rate has already slumped by 3.2%, with some miners migrating to Bitcoin Cash in a bid to remain profitable.

💸️Bitcoin Network Fees Soar as Runes Launch Nears

Bitcoin’s average daily transaction fees surged to an all-time high of more than $128 on April 20 amid hype for the launch of the Runes NFT token standard, according to data from Ycharts. However, transaction fees and Runes floor prices have both tumbled since, with users paying $34 for transactions on April 21.

🗳️Aave Community Votes On Next Network To Host GHO

AAVE tokenholders are voting to select which network will host GHO’s first multi-chain expansion. The Avalanche Layer 1 blockchain and Arbitrum Layer 2 network have emerged as early front-runners, with GHO’s planned cross-chain deployment coming after Aave users maxed out the stablecoin’s debt ceiling last month.

💰DeFi Protocol Hedgey Finance Suffers $44M Hack

Hedgey Finance lost $44 million after hackers launched two attacks targeting its deployments on Arbitrum and Ethereum. The stolen funds included $42.8 million worth of ARB and $1.9 million in ETH.

🚀Arbitrum-based Perpetuals DEX Hyperliquid Crosses $450 Million In TVL

Competition between Arbitrum-based derivatives DEXes is heating up, with Hyperliquid emerging as the network’s eighth-largest DeFi protocol after growing 688% to a $457 million TVL this year. The protocol is now in close competition with GMX, which boasts a $516.1 million TVL.

🌍 ELSEWHERE

Polkadot parachains sees temporary halt in block production after major network upgrade (CryptoSlate)
Celo developer cLabs proposes using OP Stack to launch Ethereum Layer 2 chain (The Block)
Thailand to Block Access to 'Unauthorized' Crypto Platforms (CoinDesk)