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flex-shrink-0 w-full text-5xl font-semibold text-left text-[#110b29]">DeFi</h1><p class="self-stretch flex-grow-0 flex-shrink-0 w-full text-xl text-left text-[#110b29]">Stay ahead of the curve with timely insights about decentralized finance (DeFi). Blockworks reports the news that moves the industry one way or the other. </p></div><div class="mt-12 grid gap-8 grid-cols-1 xs:grid-cols-2 md:grid-cols-3 xl:grid-cols-4"><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-defi-protocol-launches-efficiency"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fsolana.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fsolana.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fsolana.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/solana-defi-protocol-launches-efficiency">Loopscale launches for more efficient Solana DeFi</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Mary Gooneratne, co-founder of Solana DeFi startup Loopscale, wants to give blockchain borrow-lend a facelift</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-10T20:45:48.000Z">April 10, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/pancakeswap-vecake-tokenomics-new-proposal"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FP-pancake.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FP-pancake.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FP-pancake.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/pancakeswap-vecake-tokenomics-new-proposal">PancakeSwap veCAKE gets sliced in new proposal</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The controversial new model aims to cut emissions by 43% and redirect incentives </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-09T17:18:44.000Z">April 9, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/stablecoin-infrastructure-platform-solana"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-M0.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-M0.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-M0.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/stablecoin-infrastructure-platform-solana">Stablecoin infrastructure platform M^0 expands to Solana</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">M^0’s first Solana user will be a platform offering banking-like services with stablecoins</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-09T00:34:03.000Z">April 8, 2025</time></div></div></div><div class="py-2 xs:hidden"><ins id="div-gpt-ad-1667348040636-0" data-ad-slot="/22757941429/ROS_mobile_categoryPages_inContent1" data-ad-client="ca-pub-5302683418973475" style="width:300px;height:250px" class="ad-slot ad-slot-label w-0 xl:w-[250px] xl:mt-8 text-center align-middle"></ins></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-heartbleed-bug-2014-history-cybersecurity"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-heartbleed-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-heartbleed-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-heartbleed-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/supply-shock">Supply Shock</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/bitcoin-heartbleed-bug-2014-history-cybersecurity">Bitcoin’s crisis playbook: Lessons from the Heartbleed bug</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">11 years ago, the Bitcoin world scrambled mitigate Heartbleed</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-08T16:01:26.000Z">April 8, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/pipe-network-solana-sync-snapshots"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-pipe.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-pipe.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-pipe.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/pipe-network-solana-sync-snapshots">Pipe Network cuts Solana sync time by 30% for some validators</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The decentralized infrastructure project is spotlighting its verifiable access to Solana snapshots through a decentralized CDN</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jeffrey-albus">Jeff Albus</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-07T20:31:53.000Z">April 7, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-inflation-left-curve-228-proposal-federa"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-solana.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-solana.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-solana.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/solana-inflation-left-curve-228-proposal-federa">Following Solana inflation reduction defeat, could ‘left curve 228’ be next?</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana Foundation’s former head of strategy proposes increasing the disinflation rate</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-04T13:00:00.000Z">April 4, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/babylon-genesis-launch-l1-bitcoin-liquidity"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fpost-babylon.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fpost-babylon.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fpost-babylon.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/babylon-genesis-launch-l1-bitcoin-liquidity">Babylon Genesis to launch as a Bitcoin-secured L1 and liquidity hub</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The chain could mark a turning point in bitcoin’s utility</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-02T18:15:00.000Z">April 2, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bybit-hack-paradigm-samczsun-north-korea"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fpost-bybit-dprk.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fpost-bybit-dprk.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2Fpost-bybit-dprk.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/empire-newsletter">Empire Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/bybit-hack-paradigm-samczsun-north-korea">Paradigm’s Samczsun warns there’s ‘more to the DPRK than just the Lazarus Group’</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Both samczsun and ZachXBT have issued warnings after the Bybit hack last month</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-01T15:00:00.000Z">April 1, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/jupiter-solana-risk-vault-hyperliquid-attack"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-jupiter-hyperliquid.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-jupiter-hyperliquid.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-jupiter-hyperliquid.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/jupiter-solana-risk-vault-hyperliquid-attack">Jupiter’s risk vault unlikely to face Hyperliquid-style attack</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The exchange has structural defenses and protocols to limit manipulations</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jeffrey-albus">Jeff Albus</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-01T13:15:00.000Z">April 1, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/credora-crypto-risk-rating-system"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-credora-risk.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-credora-risk.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-credora-risk.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/credora-crypto-risk-rating-system">From vibes to value: DeFi risk gets a new rating system</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Credora and others are setting new standards for transparent, user-facing risk in DeFi</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-31T17:00:00.000Z">March 31, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/multicoin-3x-estimate-jito-token"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fjto.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fjto.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fjto.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/multicoin-3x-estimate-jito-token">Multicoin estimates a 3x for Jito’s token</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">With a friendlier regulatory outlook and the airdrop flow being stemmed, some are looking to how new native tokens can become valuable assets</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-28T21:20:32.000Z">March 28, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/ethereum-full-eof-despite-dev-friction"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-Ethereum-Full-EOF.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-Ethereum-Full-EOF.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost-Ethereum-Full-EOF.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/ethereum-full-eof-despite-dev-friction">EOF moves forward despite dev friction</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Ethereum core developers debated a major overhaul of the EVM, weighing complexity and benefits</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-28T17:51:11.000Z">March 28, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/coti-v2-mainnet-privacy-compliance-l2-solutions"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_hacks_20231105d-2.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_hacks_20231105d-2.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_hacks_20231105d-2.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/coti-v2-mainnet-privacy-compliance-l2-solutions">COTI launches V2 mainnet: A new era of privacy-focused L2 solutions</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Introducing garbled circuits for enhanced privacy and regulatory compliance</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-28T17:03:18.000Z">March 28, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/solana-startups-validators-revenue-power"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_Solana_20240731e-3.png&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_Solana_20240731e-3.png&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_Solana_20240731e-3.png&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/solana-startups-validators-revenue-power">Solana startups spin up validators for revenue and ‘soft power’</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Solana validators can reap benefits including payments, votes and community clout</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-28T13:00:00.000Z">March 28, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/hyperliquid-decentralization-validator-put"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fpost-hyperliquid-validation.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fpost-hyperliquid-validation.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fpost-hyperliquid-validation.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/hyperliquid-decentralization-validator-put">A perp too far: Hyperliquid’s ‘validator put’</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">A memecoin short squeeze pushed Hyperliquid to the brink — and revealed decentralization limits</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-27T17:09:47.000Z">March 27, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/pumpswap-large-amm-solana"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fpump-1.jpeg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fpump-1.jpeg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fpump-1.jpeg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/pumpswap-large-amm-solana">PumpSwap is already the 2nd-largest AMM on Solana</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Over the past 24 hours, PumpSwap’s largest liquidity pool by volume contains tokens with the tickers DOGEMOON and ballscoin</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-25T21:19:53.000Z">March 25, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/defi-priorities-decentralization-vs-growth"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fdavid-chaum.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fdavid-chaum.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fdavid-chaum.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/defi-priorities-decentralization-vs-growth">Crypto’s original sin: Trading decentralization for growth</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">David Chaum’s ecash in the 90s offers insights into balancing priorities in DeFi today</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-25T17:00:00.000Z">March 25, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/understanding-automatic-market-makers"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost_AMMs-question.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost_AMMs-question.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost_AMMs-question.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/understanding-automatic-market-makers">Understanding automatic market makers</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The real strength of tailored AMMs might lie in their capacity to cultivate deeper loyalty and engagement within niche communities</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jeffrey-albus">Jeff Albus</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-24T20:35:56.000Z">March 24, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/nillion-launch-privacy-focus"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FNillion4.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FNillion4.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FNillion4.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/nillion-launch-privacy-focus">Starting from NIL: Privacy focus of Nillion</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">With mainnet now live, Nillion looks to bring privacy-preserving compute to Web3</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-24T17:11:06.000Z">March 24, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-etfs-macro-risks"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fbtc-eth.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fbtc-eth.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fbtc-eth.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/crypto-etfs-macro-risks">Crypto crossroads: ETF flows stabilize, but macro risks loom</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Bitcoin ETF outflows are leveling off, Ethereum’s price action is increasingly sentiment-driven, and TradFi’s role in crypto is expanding</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-21T17:30:00.000Z">March 21, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/jupiter-competitor-private-mainnet"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Ftitan-.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Ftitan-.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Ftitan-.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/jupiter-competitor-private-mainnet">Jupiter competitor Titan moves to private mainnet</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-21T14:27:55.000Z">March 21, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/defi-accountability-morpho-pyth"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_BitcoinHalving_R1_20240320c.png&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_BitcoinHalving_R1_20240320c.png&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FED_BitcoinHalving_R1_20240320c.png&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/defi-accountability-morpho-pyth">Who’s responsible when something breaks in DeFi?</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">What a Pyth/Morpho/Re7 debacle says about decentralized accountability</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-20T17:45:55.000Z">March 20, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/eigenlayer-restaking-mantle-zksync"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost_Logo_EigenLayer_2.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost_Logo_EigenLayer_2.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2FPost_Logo_EigenLayer_2.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/eigenlayer-restaking-mantle-zksync">EigenLayer expands restaking links with Mantle and ZKsync</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">New integrations grow EigenLayer’s role in Ethereum’s modular security stack</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/macauleypeterson">Macauley Peterson</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-19T17:26:53.000Z">March 19, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/raydium-launching-pumpfun-version"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fraydium.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fraydium.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F03%2Fraydium.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/defi">DeFi</a><a href="/category/lightspeed-newsletter">Lightspeed Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/raydium-launching-pumpfun-version">Raydium is launching its own version of pump.fun</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The platform, called LaunchLab, comes less than a month after news broke that pump.fun was developing an AMM of its own</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-18T20:51:18.000Z">March 18, 2025</time></div></div></div></div><div></div></div><div class="flex flex-col md:flex-row lg:flex-col border-l items-baseline self-stretch"><div class="gap-4 p-10 border-0 lg:border-b w-full"><div class="flex flex-col justify-start items-start self-stretch gap-2"><div class="flex justify-start items-center self-stretch relative gap-1"><p class="flex-grow text-xs uppercase text-brand"><a href="/newsletter">Newsletter</a></p></div><div class="flex justify-start items-start self-stretch relative gap-2.5"><p class="flex-grow text-[22px] text-left"><a href="/newsletter/daily">Blockworks Daily</a></p></div><div class="flex justify-start items-start self-stretch relative gap-2.5"><p class="flex-grow text-sm text-light-gray cursor-default">Get the daily newsletter that helps 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type="application/json">{"props":{"pageProps":{"_sentryTraceData":"58d834ff79294070ac4e60c807133362-bd1ae129df66d521-1","_sentryBaggage":"sentry-environment=vercel-production,sentry-release=6c743070635a280c8ef4bd38f45c1b29717c7424,sentry-public_key=1611e80d3db34d73a44c914b7be6d330,sentry-trace_id=58d834ff79294070ac4e60c807133362,sentry-sample_rate=1,sentry-transaction=%2Fcategory%2F%5Bslug%5D,sentry-sampled=true","articles":[{"slug":"solana-defi-protocol-launches-efficiency","id":100493,"permalink":"/news/solana-defi-protocol-launches-efficiency","title":"Loopscale launches for more efficient Solana DeFi","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/solana.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/solana.jpg","caption":"\u003cp\u003eShizume/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 10 Apr 2025 20:45:50 GMT","publishedAt":"Thu, 10 Apr 2025 20:45:48 GMT","publishedAtTimestamp":1744317948,"excerpt":"Mary Gooneratne, co-founder of Solana DeFi startup Loopscale, wants to give blockchain borrow-lend a facelift","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eMore than a half decade into DeFi, the sector is still somewhat of a wild west beset by elevated risk, unpredictable yields and the \u003ca href=\"https://blockworks.co/news/hyperliquid-jelly-short-blockworks-research\"\u003eoccasional crisis\u003c/a\u003e. Mary Gooneratne, co-founder of Solana DeFi startup Loopscale, wants to give blockchain borrow-lend a facelift.\u003c/p\u003e\n\n\n\n\u003cp\u003e“A lot of those [existing DeFi] architectures were designed kind of as a function of Ethereum’s constraints,” Gooneratne said in an interview.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLightspeed has learned exclusively that Loopscale is opening its protocol to the public today, marking the end of its closed beta phase.\u003c/p\u003e\n\n\n\n\u003cp\u003eLoopscale’s distinguishing feature is its order book architecture that executes loans by directly matching lenders and borrowers with fixed rates and terms. This is in contrast to the pool-based model, which allows users to lend into and borrow against different baskets of reserve assets. The Ethereum borrow-lend giant Aave uses pools, for example.\u003c/p\u003e\n\n\n\n\u003cp\u003ePool-based lending leaves markets “constrained by the riskiest asset in that basket,” Gooneratne told me. Loopscale’s order book lets borrowers and lenders take a market view on assets rather than adopting the protocol’s pre-set risk profile, she added.\u003c/p\u003e\n\n\n\n\u003cp\u003eGooneratne and her co-founder Luke Truitt met while working on a computer science project for an undergraduate class at Duke. They went on to found a defense startup while still in school, which was acquired in 2020.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAfter graduating, Gooneratne and Truitt began working on a real-world asset lending startup, Gooneratne said. As part of that work, the pair set up a lending market for whiskey — tokenized by the Solana-based \u003ca href=\"https://www.youtube.com/watch?v=erz0fAv5Z7Q\"\u003eliquor collection startup\u003c/a\u003e Baxus in which collectors or distillers could borrow against their spirits.\u003c/p\u003e\n\n\n\n\u003cp\u003eBuilding on Solana should allow Loopscale to open new forms of decentralized financing, Gooneratne said. She gave the example of DePIN: Since DePIN payment streams are publicly visible, and their ownership can theoretically be transferred to lenders and priced, node operators could use their payment streams as collateral on loans to acquire more nodes.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut since this is cryptoworld, the most popular initial use cases may be the more speculative ones. Loopscale offers a loop product where users can take on leveraged loans by borrowing against a yield-bearing asset to acquire more of the asset. Loopscale also has a points system set up, presumably for users to stake their claim to a future token.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"DePIN","tags":["DePIN","Lending","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Loopscale launches for more efficient Solana DeFi","description":"Mary Gooneratne, co-founder of Solana DeFi upstart Loopscale, wants to give blockchain borrow-lend a facelift.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency","og_locale":"en_US","og_type":"article","og_title":"Loopscale launches for more efficient Solana DeFi","og_description":"Mary Gooneratne, co-founder of Solana DeFi upstart Loopscale, wants to give blockchain borrow-lend a facelift.","og_url":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency","og_site_name":"Blockworks","article_published_time":"2025-04-10T20:45:48+00:00","article_modified_time":"2025-04-10T20:45:50+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/solana.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency","url":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency","name":"Loopscale launches for more efficient Solana DeFi","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/solana.jpg","datePublished":"2025-04-10T20:45:48+00:00","dateModified":"2025-04-10T20:45:50+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Mary Gooneratne, co-founder of Solana DeFi upstart Loopscale, wants to give blockchain borrow-lend a facelift.","breadcrumb":{"@id":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-defi-protocol-launches-efficiency"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/solana.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/solana.jpg","width":1600,"height":900,"caption":"Shizume/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-defi-protocol-launches-efficiency#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Loopscale launches for more efficient Solana DeFi"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"pancakeswap-vecake-tokenomics-new-proposal","id":100369,"permalink":"/news/pancakeswap-vecake-tokenomics-new-proposal","title":"PancakeSwap veCAKE gets sliced in new proposal","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/P-pancake.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/P-pancake.jpg","caption":"\u003cp\u003ePancakeSwap and Ruang Zezen/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 09 Apr 2025 17:18:46 GMT","publishedAt":"Wed, 09 Apr 2025 17:18:44 GMT","publishedAtTimestamp":1744219124,"excerpt":"The controversial new model aims to cut emissions by 43% and redirect incentives ","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003ePancakeSwap’s new Tokenomics v3 \u003ca href=\"https://forum.pancakeswap.finance/t/cake-tokenomics-proposal-3-0-true-ownership-simplified-governance-and-sustainable-growth/1237\"\u003eproposal\u003c/a\u003e promises “true ownership, simplified governance and sustainable growth.” Central to this shift is the deprecation of veCAKE replaced with direct emissions management and a max one-year lock, aimed at boosting capital efficiency and simplifying participation.\u003c/p\u003e\n\n\n\n\u003cp\u003eHowever, critics warn the proposal sets a dangerous precedent. Some question its effect on governance integrity and emissions control. \u003ca href=\"https://blockworks.co/tag/curve\"\u003eCurve\u003c/a\u003e founder Michael Egorov called it a “governance attack at its finest,” arguing that \u003ca href=\"https://blockworks.co/price/cake\"\u003eCAKE\u003c/a\u003e insiders effectively wipe out governance rights of existing veCAKE holders and could force-unlock their own tokens after the vote. “Upgradability is a bug,” Egorov \u003ca href=\"https://x.com/newmichwill/status/1909678061202944035\"\u003ecautioned\u003c/a\u003e on X. “Don’t make your veGovernance upgradable, especially the lock part.”\u003c/p\u003e\n\n\n\n\u003cp\u003eOthers, like forum member Hubert, \u003ca href=\"https://forum.pancakeswap.finance/t/cake-tokenomics-proposal-3-0-true-ownership-simplified-governance-and-sustainable-growth/1237/5\"\u003ecriticized\u003c/a\u003e the motivation behind the change: bribes from Magpie Finance and similar \u003ca href=\"https://blockworks.co/news/top-defi-protocols-by-revenue\"\u003eConvex\u003c/a\u003e-style forks that siphoned emissions with little benefit to \u003ca href=\"https://blockworks.co/podcast/0xresearch/6785d6c8-e264-11ee-8a8c-aff4ad4d0af2\"\u003ePancakeSwap\u003c/a\u003e. The solution wasn’t killing veCAKE, “one of the best veModels” in the market, Hubert argued, but rather capping emissions to depegged mAsset pairs and restructuring incentives around fee generation.\u003c/p\u003e\n\n\n\n\u003cp\u003eMagpie mAssets are synthetic versions of real assets that users receive when depositing tokens into Magpie. They have a tendency to depeg due to low liquidity or limited redemption mechanisms.\u003c/p\u003e\n\n\n\n\u003cp\u003eSupporters of v3 counter that veCAKE has failed to curb CAKE sell pressure and now adds inefficiency and opacity. The new model aims to cut emissions by 43% and redirect incentives to high-volume, high-fee pools.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf there\u0026#8217;s consensus or strong support, a discussion proposal is promoted to a formal vote through PancakeSwap’s own \u003ca href=\"https://pancakeswap.finance/voting\"\u003eGovernance Portal\u003c/a\u003e. In its first day, the topic has already accumulated about 150 comments from 50 users.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","tokenomics"],"customFields":{"display_options":[]},"meta":{"title":"PancakeSwap veCAKE gets sliced in new proposal","description":"The controversial new model aims to cut emissions by 43% and redirect incentives to high-volume, high-fee pools.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal","og_locale":"en_US","og_type":"article","og_title":"PancakeSwap veCAKE gets sliced in new proposal","og_description":"The controversial new model aims to cut emissions by 43% and redirect incentives to high-volume, high-fee pools.","og_url":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal","og_site_name":"Blockworks","article_published_time":"2025-04-09T17:18:44+00:00","article_modified_time":"2025-04-09T17:18:46+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/P-pancake.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal","url":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal","name":"PancakeSwap veCAKE gets sliced in new proposal","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal#primaryimage"},"image":{"@id":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/P-pancake.jpg","datePublished":"2025-04-09T17:18:44+00:00","dateModified":"2025-04-09T17:18:46+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"The controversial new model aims to cut emissions by 43% and redirect incentives to high-volume, high-fee pools.","breadcrumb":{"@id":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/P-pancake.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/P-pancake.jpg","width":1600,"height":900,"caption":"PancakeSwap and Ruang Zezen/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/pancakeswap-vecake-tokenomics-new-proposal#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"PancakeSwap veCAKE gets sliced in new proposal"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"stablecoin-infrastructure-platform-solana","id":100321,"permalink":"/news/stablecoin-infrastructure-platform-solana","title":"Stablecoin infrastructure platform M^0 expands to Solana","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-M0.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-M0.jpg","caption":"\u003cp\u003eM^0 and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 09 Apr 2025 00:34:06 GMT","publishedAt":"Wed, 09 Apr 2025 00:34:03 GMT","publishedAtTimestamp":1744158843,"excerpt":"M^0’s first Solana user will be a platform offering banking-like services with stablecoins","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eM^0, an EVM protocol for stablecoin coordination, has expanded to Solana, the team told Lightspeed exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eM^0’s (pronounced Em-Zero) first Solana user will be Kast, a platform offering banking-like services with stablecoins. The move comes as various and sundry actors bring new stablecoins to market, and M^0 hopes to unify the increasingly fragmented sector.\u003c/p\u003e\n\n\n\n\u003cp\u003eAt a basic level, M^0 offers a stablecoin “building block” called $M — a kind of vanilla stable backed by US T-bills. Clients who want to launch their stablecoin effectively wrap $M and can customize things like yield or custody.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e$M’s first user was the Cosmos ecosystem app Noble, which made use of the infrastructure when launching the \u003ca href=\"https://blockworks.co/news/noble-yield-bearing-stablecoin\"\u003eyield-bearing USDN stablecoin\u003c/a\u003e. It also \u003ca href=\"https://www.theblock.co/post/331801/rapidly-growing-stablecoin-issuer-usual-latest-to-use-m0-infrastructure-to-launch-token\"\u003epaired\u003c/a\u003e with RWA stablecoin outfit Usual to launch UsualM.\u003c/p\u003e\n\n\n\n\u003cp\u003eM^0’s latest partner in Kast plans to offer two Solana stablecoins: a payments and a savings one. The tokens, the names of which have not been finalized, will eventually be able to be swapped for other $M stablecoins on Solana and bridged to other ecosystems via Wormhole.\u003c/p\u003e\n\n\n\n\u003cp\u003eTo my mind, the M^0 model sounds a bit like white label stablecoins — a concept Kast has also made use of through its Solana validator partnership with Kiln. And white label stablecoins make a lot of sense, given how everyone from the \u003ca href=\"https://blockworks.co/news/wyoming-could-be-first-us-state-to-issue-official-stablecoin\"\u003eWyoming state government\u003c/a\u003e to President Trump-backed \u003ca href=\"https://blockworks.co/news/bitgo-to-custody-wlfi-usd1\"\u003eWorld Liberty Financial\u003c/a\u003e wants to have a stablecoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn an interview, M^0 chief strategy officer Joao Reginatto said “a couple of other companies” will be leveraging $M to build stablecoins on Solana.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut despite all the buzz, the stablecoin landscape remains pretty duopolistic. 76% of all stablecoins on Solana are Circle’s USDC, and another 18% are Tether’s USDT, according to DeFiLlama. M^0’s clients will hope to unseat Circle — and Solana might hope one of them can do so.\u003c/p\u003e\n\n\n\n\u003cp\u003eAmong Solana’s chief competitors is Base, which is operated by Coinbase, the latter of which has a revenue sharing agreement with Circle.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Solana perhaps doesn\u0026#8217;t see with very good eyes the widespread use of USDC on Solana” given how some of USDC’s revenue filters back down to Coinbase, Reginatto said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","Solana","stablecoins"],"customFields":{"display_options":[]},"meta":{"title":"Stablecoin infrastructure platform M^0 expands to Solana","description":"M^0, partnered with Kast, offers a “building block” called $M, which clients customize for their own stablecoins.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana","og_locale":"en_US","og_type":"article","og_title":"Stablecoin infrastructure platform M^0 expands to Solana","og_description":"M^0, partnered with Kast, offers a “building block” called $M, which clients customize for their own stablecoins.","og_url":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana","og_site_name":"Blockworks","article_published_time":"2025-04-09T00:34:03+00:00","article_modified_time":"2025-04-09T00:34:06+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-M0.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana","url":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana","name":"Stablecoin infrastructure platform M^0 expands to Solana","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana#primaryimage"},"image":{"@id":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-M0.jpg","datePublished":"2025-04-09T00:34:03+00:00","dateModified":"2025-04-09T00:34:06+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"M^0, partnered with Kast, offers a “building block” called $M, which clients customize for their own stablecoins.","breadcrumb":{"@id":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/stablecoin-infrastructure-platform-solana"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-M0.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-M0.jpg","width":1600,"height":900,"caption":"M^0 and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/stablecoin-infrastructure-platform-solana#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Stablecoin infrastructure platform M^0 expands to Solana"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"bitcoin-heartbleed-bug-2014-history-cybersecurity","id":100270,"permalink":"/news/bitcoin-heartbleed-bug-2014-history-cybersecurity","title":"Bitcoin’s crisis playbook: Lessons from the Heartbleed bug","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-heartbleed-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-heartbleed-1.jpg","caption":"\u003cp\u003eBitcoin and Oskar Orsag/Shutterstock and Adobe, modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 09 Apr 2025 17:14:53 GMT","publishedAt":"Tue, 08 Apr 2025 16:01:26 GMT","publishedAtTimestamp":1744128086,"excerpt":"11 years ago, the Bitcoin world scrambled mitigate Heartbleed","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Supply Shock newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/supplyshock\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eHeartbleed \u003c/em\u003ewas a \u003ca href=\"https://blog.cloudflare.com/heartbleed-revisited/\"\u003etiny but critical flaw\u003c/a\u003e in the “heartbeat” extension of OpenSSL, the widely-used open source cryptography library. OpenSSL powers both Secure Sockets Layer (SSL) and Transport Layer Security (TLS) encryptions meant to protect sensitive data when using websites and other online services.\u003c/p\u003e\n\n\n\n\u003cp\u003eOpenSSL’s heartbeat is a type of ping — a tiny message passed back and forth between the user’s machine and the server they’re connected to — which proves the connection is alive.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA missing check for the length of that message meant that whatever was sitting in the target’s RAM could be siphoned, in plaintext, without a trace: usernames, passwords, cookies, or even bitcoin private keys.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs cryptographer Matt Blaze \u003ca href=\"https://x.com/mattblaze/status/453422425968218112\"\u003eput\u003c/a\u003e it, \u003cem\u003eHeartbleed\u003c/em\u003e “leaks data beyond what it’s protecting. So [it’s] worse than no [cryptography] at all.”\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eHeartbleed\u003c/em\u003e actually went undiscovered for two years. Initial estimates \u003ca href=\"https://arstechnica.com/information-technology/2014/04/critical-crypto-bug-in-openssl-opens-two-thirds-of-the-web-to-eavesdropping/\"\u003esuggested\u003c/a\u003e that two-thirds of the internet was relying on OpenSSL at the time (2014), but not all of it was running vulnerable versions. \u003c/p\u003e\n\n\n\n\u003cp\u003eMore specific \u003ca href=\"https://www.netcraft.com/blog/half-a-million-widely-trusted-websites-vulnerable-to-heartbleed-bug/\"\u003ecalculations\u003c/a\u003e pointed to half a million affected websites, equivalent to around 17% of all SSL web servers globally, including Instagram, Tumblr, Google, DropBox and GitHub, as well as routers, VPNs, some Android \u003ca href=\"https://www.cnet.com/news/privacy/how-to-tell-if-your-android-device-is-vulnerable-to-heartbleed/\"\u003edevices\u003c/a\u003e, and perhaps most importantly for Bitcoiners, crypto platforms.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnyone who ran software containing the \u003cem\u003eHeartbleed \u003c/em\u003ebug, or otherwise interacted with sites or services which did, was technically at risk of attack, even if the exploit required them to be active at the time.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo, as admins around the world rushed to patch their systems (95 out of the top 100 sites on Alexa were \u003ca href=\"https://jhalderm.com/pub/papers/heartbleed-imc14.pdf\"\u003epatched\u003c/a\u003e within 24 hours), the Bitcoin ecosystem ran its own crisis playbook.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitstamp \u003ca href=\"https://siliconangle.com/2014/04/09/bitcoin-weekly-2014-april-9-the-heartbleed-bug-edition/\"\u003ebriefly\u003c/a\u003e took itself offline, and Bitfinex suspended withdrawals as Coinbase and BitPay confirmed their stacks were free of the flaw. Cybersecurity researchers and industry figures urged users to change their credentials as soon as possible, while others independently compiled lists of sites and services still running the vulnerable versions of OpenSSL.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin Core developers, meanwhile, pushed through an emergency patch within a day.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe consensus software itself did not rely on OpenSSL (network messages are unencrypted by default), but other parts of the client did — particularly relevant for those directly interacting with nodes and the now-depreciated BIP-70 payment requests, which enabled payments by clicking a “bitcoin:” link.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAmazingly, the most \u003ca href=\"https://jhalderm.com/pub/papers/heartbleed-imc14.pdf\"\u003esevere\u003c/a\u003e known case of a bitcoin-related \u003cem\u003eHeartbleed\u003c/em\u003e exploit was the matter of 28 BTC ($6,500 then, $2.5 million now) stolen from 12 customers of early lending platform BTCJam. The platform quickly \u003ca href=\"https://web.archive.org/web/20140621110906/http://blog.btcjam.com/post/82158642922/official-btcjam-update\"\u003erefunded\u003c/a\u003e the lost coins.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat \u003cem\u003eHeartbleed\u003c/em\u003e wasn’t worse for Bitcoin is down to the fast and effective response from the ecosystem as it was in 2014. Bitcoin Core developers would go on to shed the software’s dependencies on OpenSSL over the following years, and by June 2020 it was completely free of it.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe all know bitcoin is backed by Bitcoin. It’s valuable partly due to the energy that miners spend in pursuit of the protocol’s longevity, amplified by external demand for the coins they earn in return.\u003c/p\u003e\n\n\n\n\u003cp\u003eMore critically, however, is that bitcoin is backed by those who’ve contributed to its evolution and safety — and they’ve become exceedingly efficient at it over the past decade and a half, even if they’re only human.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e\u003cem\u003e— David Canellis\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eRizzo’s take, the Bitcoin Historian\u003c/h2\u003e\n\n\n\n\u003cp\u003eIn an era where Bitcoin upgrades appear \u003ca href=\"https://www.youtube.com/watch?v=GdgQ3IflBJ0\"\u003eever-gridlocked\u003c/a\u003e, the Heartbleed bug may seem like a dusty relic of Bitcoin’s reckless past, a callback to a time when the project’s developers moved at the speed of more traditional software projects. (Think: “Move fast and break things.”)\u003cbr\u003e\u003cbr\u003eIn other ways, the Heartbleed bug is a timeless reminder of the risks Bitcoin developers must consider on behalf of users, and how, despite our proclivity to dismiss their recognition as a special class of project contributor, they retain distinctive responsibilities and privileges.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI recall Jameson Lopp’s \u003ca href=\"https://blog.lopp.net/against-quantum-recovery-of-bitcoin/\"\u003eexcellent new essay\u003c/a\u003e, “Against Allowing Quantum Recovery of Bitcoin,” on how Bitcoin might respond to a potential quantum computing threat.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn many ways, the arrival of quantum computers and their deployment on the Bitcoin network would be reminiscent of the Heartbleed bug. Developers would have to act, and those actions will have an effect not just on users, but on the wider network.\u003c/p\u003e\n\n\n\n\u003cp\u003eLopp’s work raises more questions than answers, but it’s a solid reminder that while some populist Bitcoin evangelists like Michael Saylor are touting the technology as ready for centuries in Washington DC, there remain scenarios where Bitcoin might need human maintenance, and that may invite new opportunities for human error.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e— Rizzo\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003e\u003c/p\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Supply Shock"],"primaryTag":"Bitcoin","tags":["Bitcoin","Cybersecurity","History","Supply Shock"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin’s crisis playbook: Lessons from the Heartbleed bug","description":"11 years ago, the Bitcoin world scrambled mitigate Heartbleed, a flaw in OpenSSL that let data be siphoned.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity","og_locale":"en_US","og_type":"article","og_title":"Bitcoin’s crisis playbook: Lessons from the Heartbleed bug","og_description":"11 years ago, the Bitcoin world scrambled mitigate Heartbleed, a flaw in OpenSSL that let data be siphoned.","og_url":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity","og_site_name":"Blockworks","article_published_time":"2025-04-08T16:01:26+00:00","article_modified_time":"2025-04-09T17:14:53+00:00","og_image":[{"width":1024,"height":576,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-heartbleed-1-1024x576.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"7 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity","url":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity","name":"Bitcoin’s crisis playbook: Lessons from the Heartbleed bug","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-heartbleed-1.jpg","datePublished":"2025-04-08T16:01:26+00:00","dateModified":"2025-04-09T17:14:53+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"11 years ago, the Bitcoin world scrambled mitigate Heartbleed, a flaw in OpenSSL that let data be siphoned.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-heartbleed-1.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-heartbleed-1.jpg","width":1600,"height":900,"caption":"Bitcoin and Oskar Orsag/Shutterstock and Adobe, modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-heartbleed-bug-2014-history-cybersecurity#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin’s crisis playbook: Lessons from the Heartbleed bug"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""}],"blurhash":null},{"slug":"pipe-network-solana-sync-snapshots","id":100219,"permalink":"/news/pipe-network-solana-sync-snapshots","title":"Pipe Network cuts Solana sync time by 30% for some validators","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-pipe.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-pipe.jpg","caption":"\u003cp\u003ePipe Network and Yankovoi Oleksii/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 07 Apr 2025 20:31:56 GMT","publishedAt":"Mon, 07 Apr 2025 20:31:53 GMT","publishedAtTimestamp":1744057913,"excerpt":"The decentralized infrastructure project is spotlighting its verifiable access to Solana snapshots through a decentralized CDN","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003ePipe Network, a decentralized infrastructure project from Permissionless Labs, is publicly spotlighting its verifiable access to Solana snapshots through its decentralized CDN in a new case study. According to internal performance benchmarks provided to Lightspeed, usage points to 30% faster node initialization and far lower infrastructure costs.\u003c/p\u003e\n\n\n\n\u003cp\u003ePipe also reports handling approximately 100 TB of snapshot traffic daily, 700 TB weekly, and around 3 PB per month. For context, Solana node operators collectively share an estimated 7–14 PB of snapshot data monthly to help validators and RPC nodes bootstrap. So, the contribution from Pipe is a weighty share of the network\u0026#8217;s overall bandwidth burden.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s an interesting early look at the returns from a techy new DePIN startup on Solana. Pipe \u003ca href=\"https://www.coindesk.com/business/2024/09/16/multicoin-led-10m-raise-for-crypto-incentivized-internet-infrastructure-network-pipe\"\u003edisclosed\u003c/a\u003e a $10 million funding round led by Multicoin Capital in the fall.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor anyone who doesn\u0026#8217;t know, Content Delivery Networks (CDNs) are distributed systems of servers that deliver mass volumes of content quickly and reliably by caching data closer to where it\u0026#8217;s needed.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn Pipe\u0026#8217;s case, it acts as a high-speed delivery network specifically for snapshots of Solana\u0026#8217;s ledger, which basically show the state of all the network’s accounts at a given point in time. Validators use these snapshots to restore state quickly after outages, updates or desynchronization events, enabling nodes to catch up with the network and rejoin consensus without full reprocessing.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana needs this, because the size and frequency of snapshot downloads have far outpaced the capacity of traditional community-run endpoints. Pipe\u0026#8217;s CDN maintains uptime more effectively by making sure that validators can draw down critical data without waiting on slow or overloaded sources.\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana snapshots tend to be massive. We\u0026#8217;re talking an order of magnitude in the hundreds of gigabytes. The kind of scale you\u0026#8217;d expect from full-resolution 4K video libraries or major enterprise backups, except it\u0026#8217;s happening regularly on a live network.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd yet, in the past, users usually downloaded this data from a modest set of validator-hosted endpoints or community-run servers. As the network\u0026#8217;s ledger continues to grow, those download speeds have slowed, and availability has become patchy. There just aren\u0026#8217;t enough reliable, high-bandwidth sources from which to get these snapshots. That scarcity leads to validators stuck in sync purgatory, which degrades performance for everyone.\u003c/p\u003e\n\n\n\n\u003cp\u003ePipe Network\u0026#8217;s solution was to host Solana snapshots on a high-availability CDN designed for bandwidth-intensive applications. Operators can grab snapshots via Pipe\u0026#8217;s Web UI or JSON API and integrate them directly into their validator or RPC setup. Snapshots come in full and incremental formats. Fetching the latest snapshot can be automated, and setup, they say, is minimal.\u003c/p\u003e\n\n\n\n\u003cp\u003ePipe also bakes in ways to verify network data in addition to hosting it. \u0026#8220;We verify data integrity using Merkle tree proofs,\u0026#8221; Pipe Network core contributor David Rhodus told Lightspeed. \u0026#8220;When a node serves data, clients can request a Merkle proof to confirm it matches the expected Merkle root. We also run random Merkle proof audits, as well as spot checks to ensure nodes actually have the cached data they\u0026#8217;re reporting.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor node operators, the best part might be the price: There isn\u0026#8217;t one.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;This is currently being offered as a public good funded by the Pipe Foundation for the betterment of the Solana node operator experience,\u0026#8221; Rhodus said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"data","tags":["data","Lightspeed Newsletter","Solana","startup"],"customFields":{"display_options":[]},"meta":{"title":"Pipe Network cuts Solana sync time by 30% for some validators","description":"The decentralized infrastructure project is spotlighting its verifiable access to Solana snapshots through a decentralized CDN.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/pipe-network-solana-sync-snapshots","og_locale":"en_US","og_type":"article","og_title":"Pipe Network cuts Solana sync time by 30% for some validators","og_description":"The decentralized infrastructure project is spotlighting its verifiable access to Solana snapshots through a decentralized CDN.","og_url":"https://blockworks.co/news/pipe-network-solana-sync-snapshots","og_site_name":"Blockworks","article_published_time":"2025-04-07T20:31:53+00:00","article_modified_time":"2025-04-07T20:31:56+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-pipe.jpg","type":"image/jpeg"}],"author":"Jeff Albus","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/muchfunsuchjeff","twitter_misc":{"Written by":"Jeff Albus","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/pipe-network-solana-sync-snapshots","url":"https://blockworks.co/news/pipe-network-solana-sync-snapshots","name":"Pipe Network cuts Solana sync time by 30% for some validators","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/pipe-network-solana-sync-snapshots#primaryimage"},"image":{"@id":"https://blockworks.co/news/pipe-network-solana-sync-snapshots#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-pipe.jpg","datePublished":"2025-04-07T20:31:53+00:00","dateModified":"2025-04-07T20:31:56+00:00","author":{"@id":"https://blockworks.co/#/schema/person/81d908bdb2a2116f62b40268244b9397"},"description":"The decentralized infrastructure project is spotlighting its verifiable access to Solana snapshots through a decentralized CDN.","breadcrumb":{"@id":"https://blockworks.co/news/pipe-network-solana-sync-snapshots#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/pipe-network-solana-sync-snapshots"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/pipe-network-solana-sync-snapshots#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-pipe.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-pipe.jpg","width":1600,"height":900,"caption":"Pipe Network and Yankovoi Oleksii/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/pipe-network-solana-sync-snapshots#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Pipe Network cuts Solana sync time by 30% for some validators"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/81d908bdb2a2116f62b40268244b9397","name":"Jeff Albus","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://secure.gravatar.com/avatar/86d4590109ad848f74cb25247b433d95?s=96\u0026d=mm\u0026r=g","contentUrl":"https://secure.gravatar.com/avatar/86d4590109ad848f74cb25247b433d95?s=96\u0026d=mm\u0026r=g","caption":"Jeff Albus"},"description":"Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for over a decade, most recently working as US news editor at Cointelegraph. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities, and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.","sameAs":["https://www.linkedin.com/in/jeffreyalbus/","https://x.com/https://twitter.com/muchfunsuchjeff"],"url":"https://blockworks.co/news/author/jeffrey-albus"}]}},"authors":[{"title":"Jeff Albus","id":99,"slug":"jeffrey-albus","image_url":""}],"blurhash":null},{"slug":"solana-inflation-left-curve-228-proposal-federa","id":100090,"permalink":"/news/solana-inflation-left-curve-228-proposal-federa","title":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","caption":"\u003cp\u003eCzBchs/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 21:13:05 GMT","publishedAt":"Fri, 04 Apr 2025 13:00:00 GMT","publishedAtTimestamp":1743771600,"excerpt":"Solana Foundation’s former head of strategy proposes increasing the disinflation rate","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s been three weeks since Solana’s validators \u003ca href=\"https://blockworks.co/news/what-simd-0228-failing-means-for-solana/\"\u003efailed to pass\u003c/a\u003e SIMD-0228, a governance proposal that aimed to shift Solana’s issuance to a market-based mechanism and reduce inflation in the process. But while validators — who earn their keep partly from Solana inflation — voted the measure down, issuance still doesn’t feel like a settled question.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWith the \u003ca href=\"https://blockworks.co/news/solana-monetary-decisions\"\u003eimplementation of SIMD-0096\u003c/a\u003e, which got rid of Solana’s priority fee “burn,” the network also lost a disinflationary mechanism, and many ecosystem participants feel that the network is “overpaying” for economic security by way of inflation. While there’s no looming fix for this in the short term, the Solana Foundation’s former head of strategy has made a counterproposal.\u003c/p\u003e\n\n\n\n\u003cp\u003eAustin Federa’s “left curve 228” \u003ca href=\"https://github.com/solana-foundation/solana-improvement-documents/discussions/261\"\u003epitch\u003c/a\u003e says Solana should accelerate the network’s disinflation curve and “see if anything breaks.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s inflation curve sets a current issuance \u003ca href=\"https://solanacompass.com/tokenomics\"\u003erate\u003c/a\u003e of around 4.6%, which will shrink to 1.5% in 15% increments every 180 epochs, or roughly one year. Federa, who is now co-founder of the buzzy internet infrastructure for crypto startup DoubleZero, would increase the disinflation rate to 30% every 180 epochs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRounding 180 epochs to a year, Federa’s proposal would drop Solana’s inflation rate to around 1.5% in roughly three years. The benefit of such a scheme, Federa points out, is that it would keep Solana from overpaying for security without creating uncertainty on inflation rates — which some in Solana criticized SIMD-0228 for doing.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe proposal has taken some heat, most notably from Kevin Ricoy, founder of \u003ca href=\"https://blockworks.co/news/former-solana-foundation-employee-media-venture\"\u003ecrypto media startup Allmight\u003c/a\u003e. Ricoy chafed against “well-meaning autists playing central banker [and] constantly fiddling with the monetary policy” while arguing that bitcoin’s value comes from its changeless inflation mechanics. He followed up with a more measured rebuttal later on.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen I DMed Federa to ask whether he had any comment to add on “left curve 228,” he said: “Heh. Not really,” before writing: “I think at its core, 228 felt complicated at a time when people crave simplicity. As people feel the change from AI, from a change in government in many countries around the world, it just seemed messy.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Left curve 228 was an attempt to not let the great be the enemy of the good, and to move Solana in the right general direction. Left curve 228 is objectively wrong — but I do think it is less wrong…And less wrong is great. Solana burns 50% of base fees, which is not optimal — but it’s pretty close to optimal, and it’s very easy to understand.”\u003c/p\u003e\n\n\n\n\u003cp\u003eHe then added, “[Oh] no, did I just do a \u003ca href=\"https://x.com/Timccopeland/status/1891857037190898052\"\u003eCobie\u003c/a\u003e?”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Inflation","tags":["Inflation","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","description":"Solana Foundation’s former head of strategy has proposed increasing the disinflation rate, ramping it up to 30% roughly every year.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","og_locale":"en_US","og_type":"article","og_title":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","og_description":"Solana Foundation’s former head of strategy has proposed increasing the disinflation rate, ramping it up to 30% roughly every year.","og_url":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","og_site_name":"Blockworks","article_published_time":"2025-04-04T13:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","url":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","name":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","datePublished":"2025-04-04T13:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Solana Foundation’s former head of strategy has proposed increasing the disinflation rate, ramping it up to 30% roughly every year.","breadcrumb":{"@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","width":1600,"height":900,"caption":"CzBchs/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"babylon-genesis-launch-l1-bitcoin-liquidity","id":99968,"permalink":"/news/babylon-genesis-launch-l1-bitcoin-liquidity","title":"Babylon Genesis to launch as a Bitcoin-secured L1 and liquidity hub","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-babylon.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-babylon.jpg","caption":"\u003cp\u003eBabylon Labs and VRVIRUS/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 02 Apr 2025 18:15:13 GMT","publishedAt":"Wed, 02 Apr 2025 18:15:00 GMT","publishedAtTimestamp":1743617700,"excerpt":"The chain could mark a turning point in bitcoin’s utility","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eBabylon Labs has released details of Genesis, the first-ever bitcoin-secured layer-1 blockchain. \u003c/p\u003e\n\n\n\n\u003cp\u003eBased on Babylon’s own bitcoin staking technology, the chain marks a turning point in bitcoin’s utility. Genesis has the potential to turn BTC from a passive store-of-value asset (derided as a “pet rock”) into a cornerstone for proof-of-stake (PoS) security and liquidity.\u003c/p\u003e\n\n\n\n\u003cp\u003eAncient Babylon’s Code of Hammurabi, one of the oldest recorded legal codes (circa 1754 BC), introduced the concept of codified, public and enforceable rules with clear penalties for violations. It marked a transition from informal justice (based on trust, status or brute force) to a formal system of accountability.\u003c/p\u003e\n\n\n\n\u003cp\u003eBabylon’s bitcoin staking introduces a modern crypto-native parallel, codifying slashing-based accountability into bitcoin staking.\u003c/p\u003e\n\n\n\n\u003cp\u003eSince Babylon’s August 2024 launch of \u003ca href=\"https://blockworks.co/news/0xresearch-newsletter-babylon-btc-staking-deposits\"\u003ePhase 1\u003c/a\u003e, the protocol has attracted as much as 57.5k BTC staked in self-custodial contracts. It \u003ca href=\"https://defillama.com/\"\u003eranks\u003c/a\u003e third by staking market cap — behind \u003ca href=\"https://blockworks.co/tag/lido\"\u003eLido\u003c/a\u003e and \u003ca href=\"https://blockworks.co/tag/eigenlayer\"\u003eEigenLayer\u003c/a\u003e, which currently have about $4.4 billion in assets. Despite this impressive figure, it represents just 0.27% of bitcoin’s total supply.\u003c/p\u003e\n\n\n\n\u003cp\u003eInstead of relying on custodial bridges or centralized intermediaries, the Babylon protocol enables native BTC holders to secure PoS networks without ever relinquishing control of their coins. That focus on self-custody and trust-minimized participation appeals to long-time Bitcoiners like Spencer Yang, co-founder of Fractal Bitcoin.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Bitcoin OGs really care about custodying [their] own keys, having control over [their] own financial decisions,” Yang \u003ca href=\"https://www.youtube.com/watch?v=UM4V2PLCPFQ\"\u003esaid\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe “three facets”\u003c/h2\u003e\n\n\n\n\u003cp\u003eBabylon Genesis functions as:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eA bitcoin-secured L1 — built on CometBFT from \u003ca href=\"https://blockworks.co/news/cosmos-ecosystem-changes-after-skip-acquisition\"\u003ethe Cosmos stack\u003c/a\u003e with dual-quorum staking: 100 validators staking BABY (the L1’s native token) plus 60 BTC-staked finality providers. The network boasts hourly Bitcoin timestamping for fast unbonding and protection against \u003ca href=\"https://github.com/slowmist/Cryptocurrency-Security-Audit-Guide/blob/main/Blockchain-Common-Vulnerability-List.md#long-range-attack\"\u003elong-range attacks\u003c/a\u003e.\u003c/li\u003e\n\n\n\n\u003cli\u003eA control plane — Genesis coordinates security and staking information across what it terms BSNs, or Bitcoin Secured Networks. BSNs use Genesis for timestamping, finality and protocol integration, sharing revenue back to Genesis participants.\u003c/li\u003e\n\n\n\n\u003cli\u003eA BTC liquidity hub — with DEXs, restaking, vaults and, in a subsequent phase, BTC LST minting. Genesis will compete as a prime venue for BTCFi, with other trust-minimized bridge destinations building on BitVM.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eBabylon certainly has some narrative winds in its sails. “Babylon Genesis feels like something that could change the entire system,” \u003ca href=\"https://x.com/jack_mfer/status/1907381085761134849\"\u003ewrote\u003c/a\u003e @jack_mfer on X. “Every network that connects to Genesis benefits from Bitcoin’s strength.”\u003c/p\u003e\n\n\n\n\u003cp\u003eDozens of other protocols and teams have rallied around the Babylon ecosystem, such as:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eLiquid staking: PumpBTC, Chakra, Solv, Acorn, Bedrock\u003c/li\u003e\n\n\n\n\u003cli\u003eCustodians/wallets: Binance, Anchorage, Cobo, OKX\u003c/li\u003e\n\n\n\n\u003cli\u003eBitcoin-secured networks: Osmosis, Sei, Nomic, Manta, Corn, Cosmos Hub\u003c/li\u003e\n\n\n\n\u003cli\u003eFinality providers: Kiln, Chorus One, P2P, Figment, Blockdaemon\u003c/li\u003e\n\n\n\n\u003cli\u003eInfra: AltLayer, Ankr, Satlayer\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eNext up: A trust-minimized bridge\u003c/h2\u003e\n\n\n\n\u003cp\u003eTo fulfill its role as a liquidity hub, Babylon is building a trust-minimized bridge between Bitcoin and Genesis, with research grounded in \u003ca href=\"https://blockworks.co/news/bitcoin-scaling-price-evolution\"\u003eBitVM2\u003c/a\u003e. The goal is to remove the need for trusted multisigs in BTC bridging and enable native staking for apps and other networks without needing upgrades to Bitcoin Core, explained Babylon co-founder David Tse.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Rather than waiting for protocol changes, simply leverage Bitcoin\u0026#8217;s existing capabilities in novel ways,” Tse \u003ca href=\"https://x.com/dntse/status/1906695727201620299\"\u003esaid\u003c/a\u003e, “replacing trusted committees with bitcoin-backed stakers who face automatic slashing for misbehavior.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe ambitions of Babylon Genesis thus go beyond being a proof-of-concept bitcoin-secured chain, but extend to a Bitcoin-native coordination layer designed around trustless interoperability, liquidity and PoS security with crypto’s premier asset.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s market cap is larger than all other crypto assets combined, \u003ca href=\"https://www.youtube.com/watch?v=sKUvoJsKfxY\"\u003enoted\u003c/a\u003e Dan Held, general partner at Asymmetric. “If we unlock any sort of DeFi activity on top of Bitcoin, that would soon be larger than all other DeFi combined.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Bitcoin","security","staking"],"customFields":{"display_options":[]},"meta":{"title":"Babylon Genesis to launch as a Bitcoin-secured L1 and liquidity hub","description":"The chain marks a turning point in bitcoin’s utility, codifying slashing-based accountability into bitcoin staking.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity","og_locale":"en_US","og_type":"article","og_title":"Babylon Genesis to launch as a Bitcoin-secured L1 and liquidity hub","og_description":"The chain marks a turning point in bitcoin’s utility, codifying slashing-based accountability into bitcoin staking.","og_url":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity","og_site_name":"Blockworks","article_published_time":"2025-04-02T18:15:00+00:00","article_modified_time":"2025-04-02T18:15:13+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-babylon.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity","url":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity","name":"Babylon Genesis to launch as a Bitcoin-secured L1 and liquidity hub","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity#primaryimage"},"image":{"@id":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-babylon.jpg","datePublished":"2025-04-02T18:15:00+00:00","dateModified":"2025-04-02T18:15:13+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"The chain marks a turning point in bitcoin’s utility, codifying slashing-based accountability into bitcoin staking.","breadcrumb":{"@id":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-babylon.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-babylon.jpg","width":1600,"height":900,"caption":"Babylon Labs and VRVIRUS/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/babylon-genesis-launch-l1-bitcoin-liquidity#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Babylon Genesis to launch as a Bitcoin-secured L1 and liquidity hub"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"bybit-hack-paradigm-samczsun-north-korea","id":99858,"permalink":"/news/bybit-hack-paradigm-samczsun-north-korea","title":"Paradigm’s Samczsun warns there’s ‘more to the DPRK than just the Lazarus Group’","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-bybit-dprk.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-bybit-dprk.jpg","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 01 Apr 2025 14:38:27 GMT","publishedAt":"Tue, 01 Apr 2025 15:00:00 GMT","publishedAtTimestamp":1743519600,"excerpt":"Both samczsun and ZachXBT have issued warnings after the Bybit hack last month","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThere’s no denying that North Korea’s Lazarus Group is a threat, especially as crypto works overtime to be seen as a safe and acceptable industry (sorry degens, there are still corners for you).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eParadigm’s samczsun \u003ca href=\"https://www.paradigm.xyz/2025/03/demystifying-the-north-korean-threat\"\u003ehighlighted\u003c/a\u003e the good, the bad, and the ugly, a month after the Lazarus Group pulled off the biggest digital heist in history. Oof, that hurt to write.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe upside is that only one bad actor (which, I guess on the downside, is North Korea) has been so successful in stealing funds.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut “there’s more to the DPRK than just the Lazarus Group,” he warned.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnfortunately, the team would later find out that the group had managed to compromise SafeWallet’s own infrastructure, deploying “a malicious payload specifically targeting Bybit. This was a level of sophistication that no one had considered or been prepared for, and it was a major update to many of our threat models.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBut there are ways to stay safe, samczsun noted. He urges caution across the board for individual folks like us. And organizations should “install Mobile Device Management (MDM) and Endpoint Detection and Response (EDR) software” on work devices for security prior to any hack and to ensure visibility afterwards.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSamczsun’s tune was slightly more optimistic than Paradigm advisor ZachXBT, who earlier this month said the effort to try to freeze funds tracked to the Bybit attack had been an “eye-opening” experience.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXet4pzhRcDbBuh26UAGIlTfK496-5aWkZP-pf6T7Co25HZfgKVz4kLRHLtch_p3Gc5YKjdRtaQNedw7fmsNMUeVj-1mDgM_yQfYjAWiz3t9a4u9wPRIn1otLodLOr-hOdc4O1VmYw?key=Uyw_GkgyI-NUIl5ahE5nEq4m\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eFrom ZachXBT’s Telegram group\u003c/em\u003e.\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“The industry is unbelievably cooked when it comes to exploits/hacks,” he wrote.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSamczsun’s holding out hope that the FBI’s unit dedicated to both tracking and preventing DPRK attacks is strong, an encouraging sign given his recent work with them.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhether or not the FBI paired with super sleuths such as ZachXBT and samczsun — alongside members of Seal 911 — remains to be seen.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Empire Newsletter"],"primaryTag":"Bybit","tags":["Bybit","Empire Newsletter","hacks","paradigm","security"],"customFields":{"display_options":[]},"meta":{"title":"Paradigm's Samczsun warns there's 'more to the DPRK than just the Lazarus Group'","description":"Both samczsun and ZachXBT have issued warnings after the Bybit hack last month, citing vulnerability of crypto platforms.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea","og_locale":"en_US","og_type":"article","og_title":"Paradigm's Samczsun warns there's 'more to the DPRK than just the Lazarus Group'","og_description":"Both samczsun and ZachXBT have issued warnings after the Bybit hack last month, citing vulnerability of crypto platforms.","og_url":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea","og_site_name":"Blockworks","article_published_time":"2025-04-01T15:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-bybit-dprk.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea","url":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea","name":"Paradigm's Samczsun warns there's 'more to the DPRK than just the Lazarus Group'","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea#primaryimage"},"image":{"@id":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-bybit-dprk.jpg","datePublished":"2025-04-01T15:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"Both samczsun and ZachXBT have issued warnings after the Bybit hack last month, citing vulnerability of crypto platforms.","breadcrumb":{"@id":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-bybit-dprk.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-bybit-dprk.jpg","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bybit-hack-paradigm-samczsun-north-korea#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Paradigm\u0026#8217;s Samczsun warns there\u0026#8217;s \u0026#8216;more to the DPRK than just the Lazarus Group\u0026#8217;"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"jupiter-solana-risk-vault-hyperliquid-attack","id":99847,"permalink":"/news/jupiter-solana-risk-vault-hyperliquid-attack","title":"Jupiter’s risk vault unlikely to face Hyperliquid-style attack","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-jupiter-hyperliquid.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-jupiter-hyperliquid.jpg","caption":"\u003cp\u003eJupiter and GizemG/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 01 Apr 2025 12:38:46 GMT","publishedAt":"Tue, 01 Apr 2025 13:15:00 GMT","publishedAtTimestamp":1743513300,"excerpt":"The exchange has structural defenses and protocols to limit manipulations","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eFollowing Hyperliquid\u0026#8217;s $13 million \u003ca href=\"https://blockworks.co/news/hyperliquid-jelly-short-blockworks-research\"\u003ebrush with disaster\u003c/a\u003e, some in Solana\u0026#8217;s orbit are wondering: Could Jupiter\u0026#8217;s JLP vault — a similar product to Hyperliquid’s vulnerable vault — face a similar exploit?\u003c/p\u003e\n\n\n\n\u003cp\u003eNope.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat\u0026#8217;s my short but genuinely confident answer. Let\u0026#8217;s unpack why.\u003c/p\u003e\n\n\n\n\u003cp\u003eTo recap briefly: Last week, some unknown trader thought they\u0026#8217;d get cute by manipulating the price of thinly-traded Jelly-my-Jelly (JELLY) memecoin on decentralized perp exchange Hyperliquid. The presumed goal was to mobilize a massive short squeeze, allowing them to profit from leveraged long positions while forcing the protocol to absorb the loss from their short.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe attacker’s leveraged long positions quickly created over $13 million in unrealized losses to Hyperliquid’s HLP risk vault and an emergency shutdown that forcibly closed all JELLY positions at a price favorable to Hyperliquid\u0026#8217;s balance sheet.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow, we can argue \u003ca href=\"https://blockworks.co/news/hyperliquid-decentralization-validator-put\"\u003ewhether it was a bailout\u003c/a\u003e, anathema to a decentralized ethos, or just pragmatic damage control another time. The point is, it worked.\u003c/p\u003e\n\n\n\n\u003cp\u003eBy forcibly settling all JELLY positions at the exploiter’s short entry of $0.0095, the protocol basically reversed the attack. Which is to say that Hyperliquid actually, hilariously, ended up posting a profit of around $700,000 while the attacker walked away with less than they deposited. The Hyperliquid team promptly assured users they would be made whole through the Hyper Foundation, and everyone lived happily ever after.\u003c/p\u003e\n\n\n\n\u003cp\u003eHooray.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut if perps DEXs can be attacked, that raises questions about Jupiter, Solana\u0026#8217;s biggest DEX aggregator and perps exchange. Like Hyperliquid, Jupiter\u0026#8217;s platform is powered by a vault that acts as the counterparty to all trades. This would be the very creatively named (/s) Jupiter Liquidity Provider pool, or JLP. The JLP collects trading fees and earns big when traders lose but takes a hit when they win.\u003c/p\u003e\n\n\n\n\u003cp\u003eHLP. JLP. It sounds pretty same-same. So with that in mind, could this vault be squeezed in a similar way? In theory, yes. Anything\u0026#8217;s possible. I\u0026#8217;m not going to call the Titanic unsinkable. But Jupiter\u0026#8217;s architecture makes it an improbable outcome in practice.\u003c/p\u003e\n\n\n\n\u003cp\u003eFirst, consider its asset list. No offense to JELLY, but the token had very little liquidity, making price manipulation easier. Hyperliquid listed it because it prioritized volume, novelty, and a wide-open asset strategy to attract degens.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eJupiter doesn\u0026#8217;t do that. Its perpetuals are limited to major assets like SOL, ETH, and wrapped BTC. That decision alone eliminates the kind of thin-market vulnerability that made JELLY so exploitable. A Jupiter representative said the platform’s maximum order size is much smaller than Hyperliquid’s as well.\u003c/p\u003e\n\n\n\n\u003cp\u003eSecond, price execution. Hyperliquid relies on its internal orderbook to match traders directly against each other. Users submit their own limit orders, giving them more flexible, dynamic pricing. However, that also leads to a plethora of exploitable scenarios. A motivated attacker can influence the price displayed on the platform, setting up artificial moves that trigger cascading liquidations and/or dislocations. No bueno, compadres.\u003c/p\u003e\n\n\n\n\u003cp\u003eJupiter\u0026#8217;s perp markets operate in a totally different way, choosing instead to execute at oracle prices from external sources like Pyth. Even if a trader tried to pump the spot price of SOL on another exchange, they\u0026#8217;d still be trading against the median on-chain price, not a manipulated in-platform quote.\u003c/p\u003e\n\n\n\n\u003cp\u003eFrankly, it\u0026#8217;s just harder to game the house when the pricing comes from outside the casino.\u003c/p\u003e\n\n\n\n\u003cp\u003eThird, Jupiter handles risk with guardrails, not emergency exits. JLP is always the counterparty. If a trade gets liquidated, the levers for that would pull automatically at the set Oracle price. As far as we know, there\u0026#8217;s no handoff to a second vault, no delay that a bad actor can game, and no pause for a team call or validator vote. Losses go straight to the pool.\u003c/p\u003e\n\n\n\n\u003cp\u003eAgain, one could argue this makes the system blunt or unforgiving, but it\u0026#8217;s something LPs accept as part and parcel (and the reasons why should now be pretty clear).\u003c/p\u003e\n\n\n\n\u003cp\u003eThat\u0026#8217;s not to say that JLP is immune to risk, because it\u0026#8217;s not. It regularly takes losses in the case of a one-sided market where most traders win, for instance. But Jupiter bakes in defenses for that, too. Traders pay borrow fees to open leveraged positions, which go straight to the pool. If everyone piles into longs, funding rates rise to balance the associated risks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCould some unforeseen scenario force Jupiter to intervene someday in a way that its users find questionable? Yes. Every protocol has an edge case. But in this specific scenario, Jupiter seems to have designed JLP to absorb such hazards. While Hyperliquid had to delist a token to save its vault, Jupiter has taken the opposite approach: limit risk at the door.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo, with that in mind — rest easy, Lightspeeders.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eJupiter isn’t playing the same game Hyperliquid nearly lost.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"investors","tags":["investors","Jupiter","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Jupiter’s risk vault unlikely to face Hyperliquid-style attack","description":"The exchange has structural defenses that limit risk and minimize the kind of scheme that rocked Hyperliquid last week.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack","og_locale":"en_US","og_type":"article","og_title":"Jupiter’s risk vault unlikely to face Hyperliquid-style attack","og_description":"The exchange has structural defenses that limit risk and minimize the kind of scheme that rocked Hyperliquid last week.","og_url":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack","og_site_name":"Blockworks","article_published_time":"2025-04-01T13:15:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-jupiter-hyperliquid.jpg","type":"image/jpeg"}],"author":"Jeff Albus","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/muchfunsuchjeff","twitter_misc":{"Written by":"Jeff Albus","Est. reading time":"8 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack","url":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack","name":"Jupiter’s risk vault unlikely to face Hyperliquid-style attack","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack#primaryimage"},"image":{"@id":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-jupiter-hyperliquid.jpg","datePublished":"2025-04-01T13:15:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/81d908bdb2a2116f62b40268244b9397"},"description":"The exchange has structural defenses that limit risk and minimize the kind of scheme that rocked Hyperliquid last week.","breadcrumb":{"@id":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-jupiter-hyperliquid.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-jupiter-hyperliquid.jpg","width":1600,"height":900,"caption":"Jupiter and GizemG/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/jupiter-solana-risk-vault-hyperliquid-attack#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Jupiter’s risk vault unlikely to face Hyperliquid-style attack"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/81d908bdb2a2116f62b40268244b9397","name":"Jeff Albus","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://secure.gravatar.com/avatar/86d4590109ad848f74cb25247b433d95?s=96\u0026d=mm\u0026r=g","contentUrl":"https://secure.gravatar.com/avatar/86d4590109ad848f74cb25247b433d95?s=96\u0026d=mm\u0026r=g","caption":"Jeff Albus"},"description":"Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for over a decade, most recently working as US news editor at Cointelegraph. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities, and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.","sameAs":["https://www.linkedin.com/in/jeffreyalbus/","https://x.com/https://twitter.com/muchfunsuchjeff"],"url":"https://blockworks.co/news/author/jeffrey-albus"}]}},"authors":[{"title":"Jeff Albus","id":99,"slug":"jeffrey-albus","image_url":""}],"blurhash":null},{"slug":"credora-crypto-risk-rating-system","id":99818,"permalink":"/news/credora-crypto-risk-rating-system","title":"From vibes to value: DeFi risk gets a new rating system","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-credora-risk.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-credora-risk.jpg","caption":"\u003cp\u003eCredora and Kittapud Janpirom/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 31 Mar 2025 16:55:44 GMT","publishedAt":"Mon, 31 Mar 2025 17:00:00 GMT","publishedAtTimestamp":1743440400,"excerpt":"Credora and others are setting new standards for transparent, user-facing risk in DeFi","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIn the realm of macro risks, this week is stacked with market-moving events — particularly relevant to risk assets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Liberation Day” on Wednesday could trigger sweeping tariffs and exacerbate trade war fears, while Friday’s US jobs report will test the resilience of the labor market and offer clues into future Fed policy moves. Throw in Eurozone CPI, Fed Chair Powell’s post-jobs-report remarks, and a Congressional hearing on the future of stablecoins, and you have a volatile mix of economic, political and regulatory items converging at once.\u003c/p\u003e\n\n\n\n\u003cp\u003eOh, and don’t overlook Japan, where a new fiscal year on April 1 \u003ca href=\"https://x.com/acrossthespread/status/1906591368765681835\"\u003ecould trigger\u003c/a\u003e large-scale capital redeployment, notwithstanding headline-driven US tariff chatter. I’m tired, boss!\u003c/p\u003e\n\n\n\n\u003cp\u003eDeFi, on the other hand, has its own set of risks to worry about. Navigating the part of the crypto game where risks are too often opaque and inconsistent leads the degens among us to simply ignore them. Yet, as protocols like Morpho scale into multi-billion dollar platforms, that problem compounds. The risks aren’t just about smart contracts anymore; they span asset types, market design and human factors like governance and custody.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut things are improving. The latest tool in the toolbox is Credora’s \u003ca href=\"https://x.com/CredoraNetwork/status/1905614429183791337\"\u003erecent launch\u003c/a\u003e of risk ratings for Morpho vaults. These aren’t merely marketing labels — they’re probabilistic, institutional-grade assessments that break down risk at the collateral, market and vault level.\u003c/p\u003e\n\n\n\n\u003cp\u003eA vault rated A+ should be more than a vibe; it should be a signal derived from a consensus process involving crypto-native and traditional credit experts that simulate real-world defaults and loss probabilities.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis move towards pushing risk transparency forward reminds me of other standout projects:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eBluechip.org is one \u003ca href=\"https://blockworks.co/news/liquity-v2-staked-ether\"\u003esource\u003c/a\u003e for stablecoin analysis, providing transparent and curated risk profiles for fiat-backed and decentralized assets alike. Its community-first model prioritizes credibility over hype — though it’s hard to keep up with all the new launches these days.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eSerenity Research \u003ca href=\"https://serenityresearch.substack.com/\"\u003ebrings\u003c/a\u003e a similar rigor to stablecoin yield hunters. Its risk-adjusted yield rankings aim to standardize a discount rate for constructing risk-reward profiles.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eRisk curators like Gauntlet and Chaos Labs have spent years advising protocol governance on risk parameters using agent-based simulations. It’s critical work but advice that often stays inside governance forums or within core teams.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat’s new here is the shift toward user-facing, accessible risk signals. A Credora score is an accessible way to help users understand and trade-offs. That opens the door to something bigger: risk-aware capital flows. Firms can build structured products with embedded risk scores. Wallets can surface safer options by default. Insurance markets can price policies with real inputs.\u003c/p\u003e\n\n\n\n\u003cp\u003eRisk, in other words, becomes composable. DeFi players have spent years optimizing for yield. The next phase is about risk-adjusted yield — and how to verify it. By translating complexity into standardized, transparent metrics, we can set the stage for more intelligent capital allocation.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe dream isn’t risk-free DeFi. It’s know-your-risk DeFi.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","investors","Markets","Risk"],"customFields":{"display_options":[]},"meta":{"title":"From vibes to value: DeFi risk gets a new rating system","description":"Credora and others are setting new standards for transparent, user-facing risk in DeFi, with accessible scores and ratings.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/credora-crypto-risk-rating-system","og_locale":"en_US","og_type":"article","og_title":"From vibes to value: DeFi risk gets a new rating system","og_description":"Credora and others are setting new standards for transparent, user-facing risk in DeFi, with accessible scores and ratings.","og_url":"https://blockworks.co/news/credora-crypto-risk-rating-system","og_site_name":"Blockworks","article_published_time":"2025-03-31T17:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-credora-risk.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/credora-crypto-risk-rating-system","url":"https://blockworks.co/news/credora-crypto-risk-rating-system","name":"From vibes to value: DeFi risk gets a new rating system","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/credora-crypto-risk-rating-system#primaryimage"},"image":{"@id":"https://blockworks.co/news/credora-crypto-risk-rating-system#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-credora-risk.jpg","datePublished":"2025-03-31T17:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Credora and others are setting new standards for transparent, user-facing risk in DeFi, with accessible scores and ratings.","breadcrumb":{"@id":"https://blockworks.co/news/credora-crypto-risk-rating-system#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/credora-crypto-risk-rating-system"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/credora-crypto-risk-rating-system#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-credora-risk.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-credora-risk.jpg","width":1600,"height":900,"caption":"Credora and Kittapud Janpirom/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/credora-crypto-risk-rating-system#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"From vibes to value: DeFi risk gets a new rating system"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"multicoin-3x-estimate-jito-token","id":99776,"permalink":"/news/multicoin-3x-estimate-jito-token","title":"Multicoin estimates a 3x for Jito’s token","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/jto.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/jto.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 28 Mar 2025 21:20:35 GMT","publishedAt":"Fri, 28 Mar 2025 21:20:32 GMT","publishedAtTimestamp":1743196832,"excerpt":"With a friendlier regulatory outlook and the airdrop flow being stemmed, some are looking to how new native tokens can become valuable assets","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIn 2023 and 2024, a number of Solana startups \u003ca href=\"https://blockworks.co/news/jito-airdrop-value\"\u003egenerated native tokens\u003c/a\u003e to reward users and let investors and early contributors book returns.\u003c/p\u003e\n\n\n\n\u003cp\u003eMuch of the attention surrounding these tokens went to how lucrative they were for recipients of so-called airdrops — and actual utility took a backseat, especially with a US regulatory regime eager to classify tokens as securities. Now with a \u003ca href=\"https://blockworks.co/news/washington-dc-blockchain-summit-takeaways\"\u003efriendlier regulatory outlook\u003c/a\u003e and the airdrop flow being stemmed, some are looking to how these new native tokens can become valuable assets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOne such example is early Solana investor Multicoin Capital, which recently published an asset report for JTO, the native token of its portfolio company Jito. Multicoin’s forward-looking base case priced JTO at $6.80, roughly three times its current price. I had the report’s author, Multicoin investment partner Shayon Sengupta, as a guest on the Lightspeed podcast this week to discuss his valuation further.\u003c/p\u003e\n\n\n\n\u003ciframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https://www.youtube.com/embed/Oz2uew_I9PI?si=uuQ2mnt6lO3MB-Fb\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen\u003e\u003c/iframe\u003e\n\n\n\n\u003cp\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e“If you assume Solana \u003ca href=\"https://app.blockworksresearch.com/analytics/solana\"\u003eREV\u003c/a\u003e is going to increase and you assume that demand for priority blockspace is going to increase, Jito is going to be the direct beneficiary of that,” Sengupta said.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s likely true. 93% of the Solana network’s stake runs on the Jito-Solana client, which offers off-chain blockspace auctions that maximize economic returns for validators and makes it easier for users to land transactions. Jito tips from these auctions made up around 56% of Solana’s total REV in February. That’s not to mention Jito offering Solana’s largest LST in JitoSOL — a product it seems to be angling to have included in Solana staking ETFs.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat I’m less convinced of is the concept that Jito’s success as a company will trickle down to the JTO token. JTO’s price-to-earnings ratio swung wildly this year when Jito’s revenue greatly increased and its token price stayed roughly the same. That’s probably because there is currently no direct connection between Jito revenue and the JTO token.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Jito Foundation — which oversees Jito’s stake pool as well as JTO — takes in revenue, but if the foundation were to do things like distribute its revenue to token holders, JTO might start to look uncomfortably like a security. That’s likely part of why the Uniswap Foundation is still yet to distribute fee revenue to UNI holders. Sengupta hinted to me that this may change.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Our general framing is that as capital markets mature, you end up in a stage where revenues are going to matter,” Sengupta said, vaguely citing “changing policy dynamics” as one potential reason why.\u003c/p\u003e\n\n\n\n\u003cp\u003eDonald Trump’s presidency has brought previously unheard of legal possibilities to the crypto industry. Can it make native tokens great again?\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Jito","tags":["Jito","Lightspeed Newsletter","Multicoin capital","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Multicoin estimates a 3x for Jito’s token","description":"With a friendlier regulatory outlook and the airdrop flow being stemmed, some are looking to how native tokens can become valuable assets.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/multicoin-3x-estimate-jito-token","og_locale":"en_US","og_type":"article","og_title":"Multicoin estimates a 3x for Jito’s token","og_description":"With a friendlier regulatory outlook and the airdrop flow being stemmed, some are looking to how native tokens can become valuable assets.","og_url":"https://blockworks.co/news/multicoin-3x-estimate-jito-token","og_site_name":"Blockworks","article_published_time":"2025-03-28T21:20:32+00:00","article_modified_time":"2025-03-28T21:20:35+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/jto.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/multicoin-3x-estimate-jito-token","url":"https://blockworks.co/news/multicoin-3x-estimate-jito-token","name":"Multicoin estimates a 3x for Jito’s token","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/multicoin-3x-estimate-jito-token#primaryimage"},"image":{"@id":"https://blockworks.co/news/multicoin-3x-estimate-jito-token#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/jto.jpg","datePublished":"2025-03-28T21:20:32+00:00","dateModified":"2025-03-28T21:20:35+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"With a friendlier regulatory outlook and the airdrop flow being stemmed, some are looking to how native tokens can become valuable assets.","breadcrumb":{"@id":"https://blockworks.co/news/multicoin-3x-estimate-jito-token#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/multicoin-3x-estimate-jito-token"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/multicoin-3x-estimate-jito-token#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/jto.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/jto.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/multicoin-3x-estimate-jito-token#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Multicoin estimates a 3x for Jito’s token"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"ethereum-full-eof-despite-dev-friction","id":99739,"permalink":"/news/ethereum-full-eof-despite-dev-friction","title":"EOF moves forward despite dev friction","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-Ethereum-Full-EOF.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-Ethereum-Full-EOF.jpg","caption":"\u003cp\u003eSkorzewiak/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 28 Mar 2025 17:51:23 GMT","publishedAt":"Fri, 28 Mar 2025 17:51:11 GMT","publishedAtTimestamp":1743184271,"excerpt":"Ethereum core developers debated a major overhaul of the EVM, weighing complexity and benefits","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eOn Thursday’s ACD call, Ethereum core developers reaffirmed their intent to ship Full EOF (EVM object format) with the Fusaka fork alongside the PeerDAS main driver. (Ipsilon wrote up a \u003ca href=\"https://notes.ethereum.org/@ipsilon/eof_fusaka_options\"\u003ethorough review\u003c/a\u003e of the options, with Full EOF referred to as “Option A.”)\u003c/p\u003e\n\n\n\n\u003cp\u003eEOF is a major overhaul of the EVM that aims for long-term optimization, safety and modularity of Ethereum’s execution engine.\u003c/p\u003e\n\n\n\n\u003cp\u003eIts scope has \u003ca href=\"https://blockworks-research.beehiiv.com/p/ethereum-s-pectra-split\"\u003estirred controversy\u003c/a\u003e. Felix (from the Geth team) backed the more moderate Option D, putting him slightly at odds with fellow Geth college Lightclients.\u003c/p\u003e\n\n\n\n\u003cp\u003eFrom outside the client teams, Pascal Caversaccio voiced strong opposition, following up on his \u003ca href=\"https://hackmd.io/@pcaversaccio/eof-when-complexity-outweighs-necessity\"\u003epublished critique\u003c/a\u003e: “EOF: When Complexity Outweighs Necessity.” His main claim: No application developers are asking for EOF, and its rollout risks alienating the broader dev community.\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite this, EF staff —\u0026nbsp; including Piper Merriam and Ansgar Dietrichs, as well as client teams like Besu and Erigon — stood behind Full EOF. Their reasoning: It’s a clean structural reset, demanded by compiler authors, and backward-compatible for developers preferring the legacy EVM.\u003c/p\u003e\n\n\n\n\u003cp\u003eTim Beiko acknowledged the complexity, but noted it emerged from years of iterative work. “We can’t decide not to do something just because it’s complex,” he told participants on the call.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Long live Full EOF,” cheered Merriam.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo EOF is coming. For developers, the negotiation phase seems over, and the upgrade’s next chapter will focus on implementation and testing.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Developers","Ethereum","EVM"],"customFields":{"display_options":[]},"meta":{"title":"EOF moves forward despite dev friction","description":"On Thursday’s ACD call, Ethereum developers debated a major overhaul of the EVM, whose complexity was a central point of discussion.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction","og_locale":"en_US","og_type":"article","og_title":"EOF moves forward despite dev friction","og_description":"On Thursday’s ACD call, Ethereum developers debated a major overhaul of the EVM, whose complexity was a central point of discussion.","og_url":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction","og_site_name":"Blockworks","article_published_time":"2025-03-28T17:51:11+00:00","article_modified_time":"2025-03-28T17:51:23+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-Ethereum-Full-EOF.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction","url":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction","name":"EOF moves forward despite dev friction","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction#primaryimage"},"image":{"@id":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-Ethereum-Full-EOF.jpg","datePublished":"2025-03-28T17:51:11+00:00","dateModified":"2025-03-28T17:51:23+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"On Thursday’s ACD call, Ethereum developers debated a major overhaul of the EVM, whose complexity was a central point of discussion.","breadcrumb":{"@id":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/ethereum-full-eof-despite-dev-friction"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-Ethereum-Full-EOF.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post-Ethereum-Full-EOF.jpg","width":1600,"height":900,"caption":"Skorzewiak/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/ethereum-full-eof-despite-dev-friction#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"EOF moves forward despite dev friction"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"coti-v2-mainnet-privacy-compliance-l2-solutions","id":99725,"permalink":"/news/coti-v2-mainnet-privacy-compliance-l2-solutions","title":"COTI launches V2 mainnet: A new era of privacy-focused L2 solutions","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_hacks_20231105d-2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_hacks_20231105d-2.jpg","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 28 Mar 2025 17:03:25 GMT","publishedAt":"Fri, 28 Mar 2025 17:03:18 GMT","publishedAtTimestamp":1743181398,"excerpt":"Introducing garbled circuits for enhanced privacy and regulatory compliance","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAfter about 16 months from when the team first \u003ca href=\"https://blockworks.co/news/privacy-ethereum-layer-2\"\u003eannounced\u003c/a\u003e its roadmap and more than two years of R\u0026amp;D later, COTI launched v2 of its mainnet yesterday.\u003c/p\u003e\n\n\n\n\u003cp\u003eCOTI’s v2 mainnet marks a shift from its DAG (directed acyclic graph)-based protocol L1, launched in 2018, to a new EVM-compatible and privacy-focused L2 chain.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe goal is to gradually migrate user activity from the L1 to the L2 and eventually sunset the L1, COTI CEO Shahaf Bar-Geffen told Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe cornerstone of COTI’s new privacy tech on its L2 chain is the use of “garbled circuits,” a kind of cryptography commonly used in multi-party computation (MPC).\u003c/p\u003e\n\n\n\n\u003cp\u003eDeveloped in partnership with Soda Labs, garbled circuits allow parties to compute functions over private data inputs that are garbled, i.e., encrypted. This works without revealing the underlying data, similar to zero-knowledge proofs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“The technology was impractical to implement on the existing L1 due to its lack of smart contracts and DAG structure,” Bar-Geffen said. He explained the team’s shift in focus to an EVM L2, also citing the fact that most users are also on EVM chains.\u003c/p\u003e\n\n\n\n\u003cp\u003eCOTI’s choice not to use zero-knowledge technology may seem like an unusual one, given the prominence of zk usage in the industry for privacy use cases.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut Bar-Geffen believes garbled circuits as a technology are far more efficient than incumbent solutions.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Garbled circuits are multi-party-computing, whereas zero-knowledge is limited to a 1-to-1 relationship. You cannot build sophisticated applications with multiple users like, for instance, a DEX with zero-knowledge.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWith its privacy tech stack, COTI also plans to target enterprises and institutions with a need for regulatory compliance, what COTI touts as “privacy-on-demand.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThis points to the crypto industry’s desire to bring trillions of real-world assets onchain.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, most tokenized RWAs are walled off from the composability of public blockchains.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFor instance, BlackRock’s USD Institutional Digital Liquidity (BUIDL) Fund uses a KYC whitelist enforced by its tokenization partner Securitize, though it exists as an ERC-20 token on a public chain like Ethereum. Only qualified investors with pre-approved wallets can hold BUIDL tokens.\u003c/p\u003e\n\n\n\n\u003cp\u003ePrivacy chains like COTI could potentially solve this compliance pain point by allowing institutions to easily build smart contracts on top of its tokenized RWAs, and then choosing how the information around these assets are revealed.\u003c/p\u003e\n\n\n\n\u003cp\u003e“When transactions are 100% anonymous, that is illegal. But 100% transparency is also not in compliance. What COTI’s technology offers is the selective disclosure that allows institutions to reveal or not reveal exactly what they want, and [which] decides who gets to see what,” Bar-Geffen explained.\u003c/p\u003e\n\n\n\n\u003cp\u003eCOTI’s v2 mainnet is going live with support from ecosystem partners integrating into its chain. Partners include Bancor, Carbon DeFi, Band Protocol, MyEtherWallet and PriveX.\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to COTI’s official \u003ca href=\"https://cotinetwork.medium.com/coti-mainnet-launch-wrap-up-2f00d0b89f2e\"\u003eblog\u003c/a\u003e, about 15,000 wallets were airdropped COTI tokens to celebrate the launch.\u003c/p\u003e\n\n\n\n\u003cp\u003eCOTI is not the only chain with a privacy focus.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOther similar privacy-focused chains, like the Aztec Network L2 and Aleo L1, are building toward a similar niche within privacy, though both have opted to use zero-knowledge tech rather than garbled circuits.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","EVM","Privacy","security"],"customFields":{"display_options":[]},"meta":{"title":"COTI launches V2 mainnet: A new era of privacy-focused L2 solutions","description":"The cornerstone of COTI’s new privacy tech is \"garbled circuits\"; their goal is \"privacy-on-demand.\"","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions","og_locale":"en_US","og_type":"article","og_title":"COTI launches V2 mainnet: A new era of privacy-focused L2 solutions","og_description":"The cornerstone of COTI’s new privacy tech is \"garbled circuits\"; their goal is \"privacy-on-demand.\"","og_url":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions","og_site_name":"Blockworks","article_published_time":"2025-03-28T17:03:18+00:00","article_modified_time":"2025-03-28T17:03:25+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_hacks_20231105d-2.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions","url":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions","name":"COTI launches V2 mainnet: A new era of privacy-focused L2 solutions","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions#primaryimage"},"image":{"@id":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_hacks_20231105d-2.jpg","datePublished":"2025-03-28T17:03:18+00:00","dateModified":"2025-03-28T17:03:25+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The cornerstone of COTI’s new privacy tech is \"garbled circuits\"; their goal is \"privacy-on-demand.\"","breadcrumb":{"@id":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_hacks_20231105d-2.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_hacks_20231105d-2.jpg","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/coti-v2-mainnet-privacy-compliance-l2-solutions#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"COTI launches V2 mainnet: A new era of privacy-focused L2 solutions"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"solana-startups-validators-revenue-power","id":99691,"permalink":"/news/solana-startups-validators-revenue-power","title":"Solana startups spin up validators for revenue and ‘soft power’","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_Solana_20240731e-3.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_Solana_20240731e-3.png","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 27 Mar 2025 21:08:49 GMT","publishedAt":"Fri, 28 Mar 2025 13:00:00 GMT","publishedAtTimestamp":1743166800,"excerpt":"Solana validators can reap benefits including payments, votes and community clout","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eTwo weeks ago, Solana validators \u003ca href=\"https://blockworks.co/news/what-simd-0228-failing-means-for-solana\"\u003evoted down SIMD-0228\u003c/a\u003e, a proposal that would have significantly cut network inflation. Still, core Solana stakeholders seem interested in cutting inflation at some point, a prospect that would hurt the bottom line for validators.\u003c/p\u003e\n\n\n\n\u003cp\u003eValidators run Solana’s software to help add blocks to the blockchain, and they’re paid for the labor partly via inflation. Validators can be pretty much anyone with some pricey hardware and internet access, but in a world of lower SOL inflation, it may become less worthwhile to run a Solana validator for financial reasons. Instead, startups building businesses on Solana can reap unique benefits from running a validator, and some have already taken the leap.\u003c/p\u003e\n\n\n\n\u003cp\u003e“[We] have seen a big push over the past six months,” InfStones head of global sales Parker Poor said when I asked about Solana-native teams wanting to spin up validators.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Solana payments business Sphere is one such \u003ca href=\"https://x.com/0xdirichlet/status/1902359663842058379\"\u003eexample\u003c/a\u003e, although it runs its validator nodes itself rather than through a staking provider.\u003c/p\u003e\n\n\n\n\u003cp\u003e“[SOL] issuance getting cut is probably inevitable,” Sphere CEO Arnold Lee said, but he added that running a validator “would probably still be worth it for distribution and alignment,” even if it failed to turn a profit.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-solana-core-governance\"\u003eprocess for protocol governance\u003c/a\u003e involves validators voting on proposals based on their share of delegated staked SOL. Solana startups need to run validators if they want a direct say in the future direction of the network.\u003c/p\u003e\n\n\n\n\u003cp\u003e“[C]ontested votes like [SIMD-228] underscore the strategic importance of having a seat at the table to make these decisions,” Bernat Fages, co-founder of the node operator firm Firstset, said in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eBeyond the rare contested vote, running a validator can confer “soft power” on startup teams as well, Lee said. Users who like the startup’s product might delegate some stake, Lee added. Or it could be even simpler than that: “Toly [Solana’s co-founder] will probably want to retweet you if you’re really active in governance.”\u003c/p\u003e\n\n\n\n\u003cp\u003eA Solana validator’s financial prospects mainly revolve around the validator’s ability to attract stakers. Solana startups with significant distribution can effectively monetize that mindshare with a validator.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe RPC provider Helius is a popular example of this: The company’s CEO (and Lightspeed podcast co-host) Mert Mumtaz is big on Crypto Twitter, which partly helped Helius to become the largest Solana validator based on publicly available \u003ca href=\"https://solanabeach.io/validators\"\u003erecords\u003c/a\u003e. Solana prioritizes network traffic based on stake, so Helius has an incentive to gather more stake to make its RPCs more effective.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDown the line, there are other ways Solana startups could make use of validator operations. Lee offered an interesting thought: Apps could give users perks like lower fees in exchange for staking with the app’s validator, kind of like a Solana-native customer loyalty program.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Lightspeed Newsletter","tags":["Lightspeed Newsletter","Solana","Validator"],"customFields":{"display_options":[]},"meta":{"title":"Solana startups spin up validators for revenue and ‘soft power’","description":"Solana validators can reap benefits, including payments, voting power, and community influence, though proposals may impact the system.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-startups-validators-revenue-power","og_locale":"en_US","og_type":"article","og_title":"Solana startups spin up validators for revenue and ‘soft power’","og_description":"Solana validators can reap benefits, including payments, voting power, and community influence, though proposals may impact the system.","og_url":"https://blockworks.co/news/solana-startups-validators-revenue-power","og_site_name":"Blockworks","article_published_time":"2025-03-28T13:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_Solana_20240731e-3.png","type":"image/png"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-startups-validators-revenue-power","url":"https://blockworks.co/news/solana-startups-validators-revenue-power","name":"Solana startups spin up validators for revenue and ‘soft power’","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-startups-validators-revenue-power#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-startups-validators-revenue-power#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_Solana_20240731e-3.png","datePublished":"2025-03-28T13:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Solana validators can reap benefits, including payments, voting power, and community influence, though proposals may impact the system.","breadcrumb":{"@id":"https://blockworks.co/news/solana-startups-validators-revenue-power#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-startups-validators-revenue-power"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-startups-validators-revenue-power#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_Solana_20240731e-3.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_Solana_20240731e-3.png","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-startups-validators-revenue-power#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Solana startups spin up validators for revenue and ‘soft power’"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"hyperliquid-decentralization-validator-put","id":99656,"permalink":"/news/hyperliquid-decentralization-validator-put","title":"A perp too far: Hyperliquid’s ‘validator put’","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/post-hyperliquid-validation.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/post-hyperliquid-validation.jpg","caption":"\u003cp\u003eCryptoFX/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 27 Mar 2025 17:09:50 GMT","publishedAt":"Thu, 27 Mar 2025 17:09:47 GMT","publishedAtTimestamp":1743095387,"excerpt":"A memecoin short squeeze pushed Hyperliquid to the brink — and revealed decentralization limits","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eYesterday, Hyperliquid — the onchain perps DEX standard-bearer — faced an arguably \u003ca href=\"https://blockworks.co/news/hyperliquid-jelly-short-blockworks-research\"\u003eexistential stress test\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eA trader opened an $8 million short on JELLYJELLY, a low-cap memecoin, then pumped its onchain price, triggering a liquidation cascade that dumped the position onto Hyperliquid’s communal risk vault, HLP. As JELLYJELLY soared, \u003ca href=\"https://blockworks.co/news/hyperliquid-liquidation-market-uncertainty\"\u003ethe vault bled\u003c/a\u003e: At peak, onchain watchers tracked over $10 million in unrealized losses.\u003c/p\u003e\n\n\n\n\u003cp\u003eThen, Hyperliquid made its move. Validators delisted the market and forcibly settled all JELLYJELLY perp positions at $0.0095 — the entry price of the attacker’s short. The vault was magically spared. In fact, it booked a $700k profit.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut in the process of of breaking the glass in an emergency, the protocol seems to have shattered any illusions about one of Hyperliquid’s core aspirations: decentralization.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe key takeaway wasn’t that Hyperliquid acted — it’s what that action revealed. The validator set not only delisted the asset but set the price at which all open positions were forcibly closed. This was more than an oracle tweak — it was an override of the market. And one that benefited the protocol’s own balance sheet.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"zxx\" dir=\"ltr\"\u003e\u003ca href=\"https://t.co/qe17rAO4tq\"\u003ehttps://t.co/qe17rAO4tq\u003c/a\u003e \u003ca href=\"https://t.co/O9rtVNmLRW\"\u003epic.twitter.com/O9rtVNmLRW\u003c/a\u003e\u003c/p\u003e\u0026mdash; Googly 👀 (@0xG00gly) \u003ca href=\"https://twitter.com/0xG00gly/status/1904922260114174425?ref_src=twsrc%5Etfw\"\u003eMarch 26, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn effect, Hyperliquid demonstrated what Galois Capital \u003ca href=\"https://x.com/Galois_Capital/status/1904942479608312301\"\u003edubbed\u003c/a\u003e a “validator put”: an implicit backstop where, if losses to the HLP vault grow too large, the protocol will intervene to cap them.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat changes the nature of the game. HLP becomes an asymmetric bet: full upside during normal operation, downside protection when markets go wild. It’s attractive for stakers, but dangerous for everyone else — including external market makers, who now know they’re competing with an entity that doesn’t always play by known rules.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd that’s the second break: the illusion of neutrality. While Hyperliquid claims the delisting was a validator vote — and some validators did confirm quorum was reached — the governance set is top-heavy. More than half the stake belongs to five “Hyper Foundation” validators. Whether it’s \u003ca href=\"https://www.youtube.com/watch?v=cxyUtPoC1-E\"\u003eJeff\u003c/a\u003e or the foundation, the practical result is the same: Core protocol actors made a discretionary call to save protocol capital.\u003c/p\u003e\n\n\n\n\u003cp\u003eCritics like \u003ca href=\"https://x.com/hasufl/status/1904922139200725201\"\u003eHasu\u003c/a\u003e, \u003ca href=\"https://x.com/zachxbt/status/1904920202560647635\"\u003eZachXBT\u003c/a\u003e and Wintermute’s \u003ca href=\"https://x.com/evgenygaevoy/status/1905101423508873721\"\u003eEvgeny Gaevoy\u003c/a\u003e weren’t subtle: You can’t claim to be a DEX and then override prices when it suits you. Others drew parallels to FTX and Alameda, pointing out that Hyperliquid’s internal liquidity engine (HLP) now acts as both market participant and protocol beneficiary — with all the risk of favoritism and opaque intervention implied.\u003c/p\u003e\n\n\n\n\u003cp\u003eManaging director of Bitget Gracy Chen was quick to \u003ca href=\"https://x.com/GracyBitget/status/1904941729834557453\"\u003edenounce\u003c/a\u003e Hyperliquid’s handling of the incident — calling it “immature, unethical and unprofessional.” But the critique rang hollow for those who \u003ca href=\"https://x.com/matrixbt/status/1904946393631858701?s=46\u0026amp;t=yjAdM2ddX0KgGQimu7jcDQ\"\u003eremembered\u003c/a\u003e that just last year, Hyperliquid founder Jeff Yan publicly accused Bitget of dishonest matching — alleging it didn’t route user trades to the open market, but rather through an internal trading desk.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis practice, known as B-booking — or profiting when users lose — is “unequivocally unethical,” Jeff \u003ca href=\"https://x.com/chameleon_jeff/status/1643610601065955329\"\u003ewrote\u003c/a\u003e in 2023, and “probably illegal in any jurisdiction.” So we have a Bitget exec framing that exchange as a paragon of transparency while calling out a rival for discretionary intervention. The pot may be calling the kettle opaque.\u003c/p\u003e\n\n\n\n\u003cp\u003eMeanwhile, Binance and OKX were \u003ca href=\"https://www.binance.com/en/square/post/22072846141889\"\u003elisting\u003c/a\u003e JELLYJELLY perps mid-crisis, pouring fuel on the fire and capitalizing on the volatility in a way that may have forced Hyperliquid’s hand.\u003c/p\u003e\n\n\n\n\u003cp\u003eThere’s no question the system held up. Hyperliquid users weren’t rugged, but rather were defended from loss. The cost was clarity: Is Hyperliquid a rules-based DEX, or a discretionary platform with validator-administered emergency powers?\u003c/p\u003e\n\n\n\n\u003cp\u003eDecentralization doesn’t fail in moments like this — it’s revealed. And what Hyperliquid has shown is that it can, and will, act to protect itself first. That may be rational — maybe even necessary. But let’s not pretend it’s neutral.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","decentralization","Markets","Perpetuals"],"customFields":{"display_options":[]},"meta":{"title":"A perp too far: Hyperliquid’s ‘validator put’","description":"A memecoin short squeeze pushed Hyperliquid to the brink — and revealed decentralization limits as the exchange used an emergency protocol.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/hyperliquid-decentralization-validator-put","og_locale":"en_US","og_type":"article","og_title":"A perp too far: Hyperliquid’s ‘validator put’","og_description":"A memecoin short squeeze pushed Hyperliquid to the brink — and revealed decentralization limits as the exchange used an emergency protocol.","og_url":"https://blockworks.co/news/hyperliquid-decentralization-validator-put","og_site_name":"Blockworks","article_published_time":"2025-03-27T17:09:47+00:00","article_modified_time":"2025-03-27T17:09:50+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/post-hyperliquid-validation.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/hyperliquid-decentralization-validator-put","url":"https://blockworks.co/news/hyperliquid-decentralization-validator-put","name":"A perp too far: Hyperliquid’s ‘validator 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Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"pumpswap-large-amm-solana","id":99543,"permalink":"/news/pumpswap-large-amm-solana","title":"PumpSwap is already the 2nd-largest AMM on Solana","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/pump-1.jpeg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/pump-1.jpeg","caption":"\u003cp\u003ePump.fun and Adobe modified by Blockwoks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 25 Mar 2025 21:19:56 GMT","publishedAt":"Tue, 25 Mar 2025 21:19:53 GMT","publishedAtTimestamp":1742937593,"excerpt":"Over the past 24 hours, PumpSwap’s largest liquidity pool by volume contains tokens with the tickers DOGEMOON and ballscoin","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eLast week, pump.fun completed Solana’s most consequential DEX launch in some time when it unveiled PumpSwap, an automated market maker for pump.fun token migrations.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, pump.fun passed Whirlpool to become the second-largest Solana AMM by volume, according to a Dune \u003ca href=\"https://dune.com/adam_tehc/pumpswap#pumpswap-current-view\"\u003edashboard\u003c/a\u003e. Raydium — which used to be pump.fun’s AMM of choice — still leads the category with 50% market share compared to PumpSwap’s 18%, but the brand new AMM’s growth is noteworthy nonetheless.\u003c/p\u003e\n\n\n\n\u003cp\u003eOver the past 24 hours, PumpSwap’s largest liquidity pool by volume contains tokens with the tickers DOGEMOON and ballscoin, according to the dashboard.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdvcoRsgmQJ75zcFsirR66-CIFsUrLPmqiXLV_Z4IP3cT33tDyKvCNMjvm6ufyGJS2RRUJRi_n-j4A8Uh-crGVJROcYc68j1s8_Nb4dViXmn58VE2kpCI5rNpBXZA4MPo6QsvJEmQ?key=025m9ijGac6mN-YZRFjZWzsq\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003ePumpSwap is supposed to offer some benefits compared to pump.fun’s previous Raydium arrangement. For starters, SOL liquidity is no longer removed from a pump.fun token that completes its bonding curve. Pump.fun will instead drive revenue from transaction fees, the startup’s anonymous co-founder Alon said today on the Bankless podcast.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePump.fun has also said that token creator revenue sharing is coming soon to PumpSwap.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLast week, Raydium told Blockworks that it’s launching its \u003ca href=\"https://blockworks.co/news/raydium-launching-pumpfun-version\"\u003eown memecoin launchpad\u003c/a\u003e called LaunchLab. Raydium is weathering the loss of pump.fun okay so far, and pump.fun memecoin volume has actually increased on the platform over the past week, per Blockworks Research. In the longer term, Raydium will need to find trading volume elsewhere as pump.fun volume moves exclusively to PumpSwap.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnsurprisingly, the most popular pools on pump.fun’s AMM all contain memecoins. It also seems like some of the false volume accusations users have \u003ca href=\"https://blockworks.co/news/lightspeed-newsletter-raydium-volume-growth\"\u003ehistorically lobbed\u003c/a\u003e at Raydium may also apply to pump.fun. The aforementioned ballscoin and DOGEMOON have marginal market caps — and if the dashboard data is correct, then the volume is likely inorganic.\u003c/p\u003e\n\n\n\n\u003cp\u003eA Telegram channel with 28,000 monthly users offering a “Solana Volume Booster” announced that it had begun supporting PumpSwap, and it was offering a special deal: 10% off artificial volume boosts on the AMM.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"DEXs","tags":["DEXs","Lightspeed Newsletter","Pump.fun","Solana"],"customFields":{"display_options":[]},"meta":{"title":"PumpSwap is already the 2nd-largest AMM on Solana","description":"Today, pump.fun passed Whirlpool to become the second-largest Solana AMM by volume.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/pumpswap-large-amm-solana","og_locale":"en_US","og_type":"article","og_title":"PumpSwap is already the 2nd-largest AMM on Solana","og_description":"Today, pump.fun passed Whirlpool to become the second-largest Solana AMM by volume.","og_url":"https://blockworks.co/news/pumpswap-large-amm-solana","og_site_name":"Blockworks","article_published_time":"2025-03-25T21:19:53+00:00","article_modified_time":"2025-03-25T21:19:56+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/pump-1.jpeg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/pumpswap-large-amm-solana","url":"https://blockworks.co/news/pumpswap-large-amm-solana","name":"PumpSwap is already the 2nd-largest AMM on Solana","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/pumpswap-large-amm-solana#primaryimage"},"image":{"@id":"https://blockworks.co/news/pumpswap-large-amm-solana#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/pump-1.jpeg","datePublished":"2025-03-25T21:19:53+00:00","dateModified":"2025-03-25T21:19:56+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Today, pump.fun passed Whirlpool to become the second-largest Solana AMM by volume.","breadcrumb":{"@id":"https://blockworks.co/news/pumpswap-large-amm-solana#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/pumpswap-large-amm-solana"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/pumpswap-large-amm-solana#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/pump-1.jpeg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/pump-1.jpeg","width":1600,"height":900,"caption":"Pump.fun and Adobe modified by Blockwoks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/pumpswap-large-amm-solana#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"PumpSwap is already the 2nd-largest AMM on Solana"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"defi-priorities-decentralization-vs-growth","id":99488,"permalink":"/news/defi-priorities-decentralization-vs-growth","title":"Crypto’s original sin: Trading decentralization for growth","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/david-chaum.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/david-chaum.jpg","caption":"\u003cp\u003eDigiCash founder David Chaum | \u003ca href=\"https://flickr.com/photos/74711243@N06/52476266266\"\u003ewebsummit/”PO1_8471″\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by/2.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 25 Mar 2025 16:31:26 GMT","publishedAt":"Tue, 25 Mar 2025 17:00:00 GMT","publishedAtTimestamp":1742922000,"excerpt":"David Chaum’s ecash in the 90s offers insights into balancing priorities in DeFi today","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e“What if the internet had had a decentralized payments system from day one?”\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is one of the crypto industry’s favorite thought experiments.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt may surprise you to know it was almost a reality.\u003c/p\u003e\n\n\n\n\u003cp\u003eLegendary cryptographer and computer scientist David Chaum founded the company DigiCash in 1990, which produced the digital payment system “ecash.”\u003c/p\u003e\n\n\n\n\u003cp\u003eEcash was revolutionary in its time. The payments system relied on “blind signatures,” a kind of cryptography that allowed anonymous payments between users (though it would’ve been on traditional banking rails).\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are various reasons ecash failed to take off, but legend has it that its lack of expansion was primarily due to Chaum’s reluctance to sacrifice on principles of decentralization and privacy.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBased on the history recounted in the seminal book \u003cem\u003eCryptoassets\u003c/em\u003e, Chaum turned down $50-100 million deals from not one, but three, major institutions — Microsoft, Netscape and Visa — seeking to integrate ecash into the early internet.\u003c/p\u003e\n\n\n\n\u003cp\u003eDigiCash eventually declared bankruptcy in 1998, and Web2’s walled gardens went up, presaging crypto’s perennial tension between its libertarian principles and growth.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs a growth industry, we want to build for the mainstream to attract more users. But that brings concessions or tradeoffs that can be tough to justify.\u003c/p\u003e\n\n\n\n\u003cp\u003eTake, for example, Ethena’s announcement of its \u003ca href=\"https://blockworks.co/news/evm-blockchain-defi-tokenized-assets\"\u003e“Converge” chain”\u003c/a\u003e with Securitize last week.\u003c/p\u003e\n\n\n\n\u003cp\u003eNot only is Converge a whole new L1 chain in itself (and not an Ethereum L2), but DeFi applications building on Converge will be “vetted by Ethena and Securitize via a whitelist,” Ethena’s official \u003ca href=\"https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/UmVelxhKuuCgad0VLF6u9kqxMmmxBps-EJyjYKNbXKM\"\u003eblog\u003c/a\u003e reads. Its validators will be a permissioned set “composed of traditional finance entities and centralized exchanges” staking ENA.\u003c/p\u003e\n\n\n\n\u003cp\u003eDecentralization maximalists will find a lot to pound the table about. Bankless’ David Hoffman \u003ca href=\"https://x.com/TrustlessState/status/1901683543547244662\"\u003ecalled out\u003c/a\u003e Converge for being another permissioned chain and what he perceives as a regression from traditional banking.\u003c/p\u003e\n\n\n\n\u003cp\u003eMost of the \u003ca href=\"https://app.rwa.xyz/\"\u003e$19 billion\u003c/a\u003e onchain tokenized real-world assets today are walled off from the rest of DeFi for compliance reasons, and not composable with the innovation machine that is DeFi.\u003c/p\u003e\n\n\n\n\u003cp\u003eConverge needs its own settlement layer so that it can fence itself off for its TradFi clients to integrate with permissioned DeFi liquidity. That’s difficult on Ethereum today.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo herein lies the dilemma — the same one Chaum faced:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eDo we want to grow the pie of onchain wealth quickly by making it accessible to TradFi? or\u003c/li\u003e\n\n\n\n\u003cli\u003eDo we want to pursue the far more arduous task of courting marginal organic growth to permissionless DeFi? (Spoiler alert, the latter option is running its limits.)\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThe dilemma points to the harsh reality Vitalik once \u003ca href=\"https://x.com/VitalikButerin/status/1827642283560144916\"\u003epointed\u003c/a\u003e out: DeFi is a circular ouroboros of capital chasing yields and airdrops.\u003c/p\u003e\n\n\n\n\u003cp\u003eEthena founder Guy Young basically conceded the point when he \u003ca href=\"https://x.com/leptokurtic_/status/1901673199638818903\"\u003esaid\u003c/a\u003e Ethena “no longer has any interest in shuffling around the same chips between each other. We need to think bigger.”\u003c/p\u003e\n\n\n\n\u003cp\u003eIf the goal was reaching the mainstream masses, onboarding TradFi at the incremental expense of crypto’s libertarian ethos is inevitable.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd Ethena, of course, is not the only crypto business making that tradeoff. Pendle, too, \u003ca href=\"https://x.com/tn_pendle/status/1886763833081126976\"\u003eannounced\u003c/a\u003e its desire last month to roll out a KYC’d yield-trading product for regulated entities.\u003c/p\u003e\n\n\n\n\u003cp\u003eLast week, Coinbase also announced “\u003ca href=\"https://www.coinbase.com/en-sg/blog/the-future-of-onchain-Liquidity-is-here-via-coinbase-verified-pools\"\u003eVerified Pools\u003c/a\u003e” as a way for KYC’d institutions to trade on segregated Uniswap liquidity pools, made possible by its v4 “hooks.”\u003c/p\u003e\n\n\n\n\u003cp\u003eTrading off decentralization sucks, but one can also appreciate the ambition for growth.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe silver lining is that some of these centralized initiatives may spur positive externalities that would eventually spill over into DeFi innovation.\u003c/p\u003e\n\n\n\n\u003cp\u003eMarkets work in unpredictable ways. I like decentralization. But I also don’t want DeFi to go the way of David Chaum’s ecash.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","decentralization","Payments","TradFi"],"customFields":{"display_options":[]},"meta":{"title":"Crypto’s original sin: Trading decentralization for growth","description":"David Chaum pioneered ecash in the 90s, and his story can teach us a lot about the choices being made today by Ethena, Pendle and Uniswap.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth","og_locale":"en_US","og_type":"article","og_title":"Crypto’s original sin: Trading decentralization for growth","og_description":"David Chaum pioneered ecash in the 90s, and his story can teach us a lot about the choices being made today by Ethena, Pendle and Uniswap.","og_url":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth","og_site_name":"Blockworks","article_published_time":"2025-03-25T17:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/david-chaum.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth","url":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth","name":"Crypto’s original sin: Trading decentralization for growth","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth#primaryimage"},"image":{"@id":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/david-chaum.jpg","datePublished":"2025-03-25T17:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"David Chaum pioneered ecash in the 90s, and his story can teach us a lot about the choices being made today by Ethena, Pendle and Uniswap.","breadcrumb":{"@id":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/defi-priorities-decentralization-vs-growth"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/david-chaum.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/david-chaum.jpg","width":1600,"height":900,"caption":"DigiCash founder David Chaum | websummit/\"PO1_8471\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/defi-priorities-decentralization-vs-growth#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Crypto’s original sin: Trading decentralization for growth"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"understanding-automatic-market-makers","id":99394,"permalink":"/news/understanding-automatic-market-makers","title":"Understanding automatic market makers","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_AMMs-question.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_AMMs-question.jpg","caption":"\u003cp\u003eJack_the_sparow and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 24 Mar 2025 20:36:04 GMT","publishedAt":"Mon, 24 Mar 2025 20:35:56 GMT","publishedAtTimestamp":1742848556,"excerpt":"The real strength of tailored AMMs might lie in their capacity to cultivate deeper loyalty and engagement within niche communities","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAutomated market makers (AMMs) offer continuous market liquidity and decentralized trading mechanisms that make a whole host of \u003ca href=\"https://blockworks.co/news/the-future-of-automated-market-makers-are-key-to-unlocking-defi-liquidity\"\u003eDeFi innovations\u003c/a\u003e viable. Recently, a few projects — including memecoin launchpad pump.fun — have taken an interest in developing their own use case-specific AMMs, veering away from reliance on third-party platforms.\u003c/p\u003e\n\n\n\n\u003cp\u003eTo understand this trend, we need a more intimate understanding of how AMMs work, the problems they solve, and the \u003ca href=\"https://x.com/blockworksres/status/1791184195265671479\"\u003estrategic advantage\u003c/a\u003e of customizing liquidity mechanisms to align\u0026nbsp; with project objectives.\u003c/p\u003e\n\n\n\n\u003cp\u003eAMMs remove TradFi\u0026#8217;s order book model entirely, instead replacing the concept with liquidity pools. These are user-supplied reserves of tokens (typically equal in value within constant-product concepts) that get locked inside of smart contracts. Instead of matching buy and sell orders directly, AMMs facilitate trades using formulas that continuously determine token prices based on their relative quantities within each pool.\u003c/p\u003e\n\n\n\n\u003cp\u003eOne of the most prevalent AMM models utilizes the constant-product market maker algorithm, expressed mathematically as x * y = k. In this markup, x and y represent the reserve balances of two tokens in the liquidity pool, while k is a constant representing the product of these reserves.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen a user conducts a trade, exchanging token x for token y (or vice versa), the quantities shift, altering the ratio of tokens in the pool. To maintain the invariant constant (k), the AMM algorithm adjusts the price dynamically, ensuring the product of the token quantities remains stable post-trade.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf it\u0026#8217;s helpful, you can also just pretend this all happens by magic, the mechanics of which are entirely indiscernible to all but the most learned pursuers of the occult. The outcome is the same either way, with the key point being: At the end of a trade, a given liquidity pool will always remain balanced according to the AMM\u0026#8217;s ruleset. Through the maintenance of this balance, the system preserves a continuous state of liquidity and predictable token pricing without reliance on centralized counterparties. Abracadabra.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOf course, this model also introduces certain trade-offs. Impermanent loss for one, \u003ca href=\"https://blockworks.co/news/the-investors-guide-to-navigating-impermanent-loss\"\u003ewhich can occur\u003c/a\u003e due to price fluctuations and alter token ratios. AMMs also typically require significant liquidity to reduce slippage (the difference between expected and executed trade prices). When a liquidity pool has limited reserves, even relatively small trades can substantially impact the token ratio, causing notable price swings during execution.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSo why would a project that is not primarily concerned with generalized token swapping want to operate its own AMM? Let\u0026#8217;s take pump.fun as a recent for-instance. It initially employed a bonding curve mechanism for token launches, where token prices increased as more tokens were purchased. Once a token\u0026#8217;s bonding curve was completed, it would migrate to third-party provider Raydium to facilitate all of the aforementioned AMM balderdash.\u003c/p\u003e\n\n\n\n\u003cp\u003eHowever, pump.fun \u003ca href=\"https://blockworks.co/news/pumpdotfun-ditching-raydium-rumor\"\u003ehas recently transitioned\u003c/a\u003e to its own proprietary DEX, PumpSwap, eliminating the need for migration to Raydium and the associated fees. By internalizing its AMM, pump.fun gains complete control over liquidity dynamics, and can customize incentives and trading features to match the unique speculative and meme-centric interests of its community. For users, this means a more streamlined trading experience with scaled back costs.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Web3 platforms progress, it\u0026#8217;s clear that some believe tailored AMMs offer competitive advantages and facilitate closer alignment of economic incentives with community-specific behaviors and objectives. Thus, the real strength of tailored AMMs might lie not just in their financial or technical innovations, but in their capacity to cultivate deeper loyalty and sustainable engagement within niche communities.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"AMMs","tags":["AMMs","Lightspeed Newsletter","Pump.fun"],"customFields":{"display_options":[]},"meta":{"title":"Understanding automatic market makers","description":"The real strength of tailored AMMs might lie in their capacity to cultivate deeper loyalty and engagement within niche communities.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/understanding-automatic-market-makers","og_locale":"en_US","og_type":"article","og_title":"Understanding automatic market makers","og_description":"The real strength of tailored AMMs might lie in their capacity to cultivate deeper loyalty and engagement within niche communities.","og_url":"https://blockworks.co/news/understanding-automatic-market-makers","og_site_name":"Blockworks","article_published_time":"2025-03-24T20:35:56+00:00","article_modified_time":"2025-03-24T20:36:04+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_AMMs-question.jpg","type":"image/jpeg"}],"author":"Jeff Albus","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/muchfunsuchjeff","twitter_misc":{"Written by":"Jeff Albus","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/understanding-automatic-market-makers","url":"https://blockworks.co/news/understanding-automatic-market-makers","name":"Understanding automatic market makers","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/understanding-automatic-market-makers#primaryimage"},"image":{"@id":"https://blockworks.co/news/understanding-automatic-market-makers#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_AMMs-question.jpg","datePublished":"2025-03-24T20:35:56+00:00","dateModified":"2025-03-24T20:36:04+00:00","author":{"@id":"https://blockworks.co/#/schema/person/81d908bdb2a2116f62b40268244b9397"},"description":"The real strength of tailored AMMs might lie in their capacity to cultivate deeper loyalty and engagement within niche communities.","breadcrumb":{"@id":"https://blockworks.co/news/understanding-automatic-market-makers#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/understanding-automatic-market-makers"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/understanding-automatic-market-makers#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_AMMs-question.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_AMMs-question.jpg","width":1600,"height":900,"caption":"Jack_the_sparow and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/understanding-automatic-market-makers#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Understanding automatic market makers"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/81d908bdb2a2116f62b40268244b9397","name":"Jeff Albus","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://secure.gravatar.com/avatar/86d4590109ad848f74cb25247b433d95?s=96\u0026d=mm\u0026r=g","contentUrl":"https://secure.gravatar.com/avatar/86d4590109ad848f74cb25247b433d95?s=96\u0026d=mm\u0026r=g","caption":"Jeff Albus"},"description":"Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for over a decade, most recently working as US news editor at Cointelegraph. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities, and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.","sameAs":["https://www.linkedin.com/in/jeffreyalbus/","https://x.com/https://twitter.com/muchfunsuchjeff"],"url":"https://blockworks.co/news/author/jeffrey-albus"}]}},"authors":[{"title":"Jeff Albus","id":99,"slug":"jeffrey-albus","image_url":""}],"blurhash":null},{"slug":"nillion-launch-privacy-focus","id":99354,"permalink":"/news/nillion-launch-privacy-focus","title":"Starting from NIL: Privacy focus of Nillion","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Nillion4.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Nillion4.jpg","caption":"\u003cp\u003eNillion modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 24 Mar 2025 17:11:09 GMT","publishedAt":"Mon, 24 Mar 2025 17:11:06 GMT","publishedAtTimestamp":1742836266,"excerpt":"With mainnet now live, Nillion looks to bring privacy-preserving compute to Web3","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAfter months of delay, Nillion has officially launched its mainnet — a milestone for one of crypto’s more technically-ambitious privacy networks.\u003c/p\u003e\n\n\n\n\u003cp\u003eFocused on the market for “blind compute,” Nillion hopes its architecture will unlock a new set of use-cases with long-term impact.\u003c/p\u003e\n\n\n\n\u003cp\u003eAlongside mainnet is the NIL token, which debuted today on exchanges, including Binance.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe mainnet was previously slated for February (under the moniker “Nilluary”), but the launch slipped into late March. “Good tech needs time to cook,” a team member quipped on the project’s Discord last month.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd this wasn’t the first time. Nillion marketing head Charlie Rogers previously wrote the mainnet delay was due to the fact that “the broader economic markets and the crypto industry have been filled with uncertainty and turmoil,” and urged that “during times of uncertainty, the best path forward is to keep building.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThat sounds like it could easily apply to the present day, but it was in August 2024!\u003c/p\u003e\n\n\n\n\u003cp\u003eAt the time, Nillion’s community was already eagerly awaiting the release of NIL. The project has \u003ca href=\"https://blockworks.co/news/depin-glow-solar-farms-fundraise\"\u003eraised\u003c/a\u003e $50 million across VC and angel rounds \u003ca href=\"https://blockworks.co/news/web3-funding-builders-in-bear-market\"\u003esince 2022\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut now the day has finally arrived. While only 19.5% of supply is circulating at launch — and a 48-month total unlock schedule — a full 80% is allocated to insiders or entities under their control.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcPta3O0b16-BkAXf4Vf3CiF2uDzF_7vC-75V_l72wp8ZYEEFE-Itk1wT8xu-WseMc5NL-lxvswuklO-NLS6acn1VBmFET7W1gBL88QBrRQG7qT0doWQz9gOAWzOJlLYiwJHuP-vA?key=hQ_QmSOkv9gOo4QHi9EhJWR4\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: \u003ca href=\"https://x.com/nillionnetwork/status/1902724262806355986\"\u003eNillion\u003c/a\u003e\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThe figures for early backers (21%) and core contributors (20%) are straightforward. Another 10% goes to “protocol development,” and 29% to “ecosystem and R\u0026amp;D” — both typically team-directed. That leaves 20% clearly earmarked for the community.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnlock cliffs hit between months 6 and 12, followed by linear vesting. Most insider allocations will be substantially unlocked within three years.\u003c/p\u003e\n\n\n\n\u003cp\u003eDespite the typical vesting period, the structure skews toward early stakeholders, leaving an important question: Will the team deploy the ecosystem and community buckets in ways that meaningfully decentralize ownership — or will governance and value capture remain top-heavy?\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e‘Validator’ is a misnomer\u003c/h2\u003e\n\n\n\n\u003cp\u003eNillion isn’t a blockchain — it doesn’t rely on consensus to settle transactions or produce blocks. Instead, it’s a decentralized infrastructure for privacy-preserving computation.\u003c/p\u003e\n\n\n\n\u003cp\u003eConsequently, its validators\u0026#8217; nodes don’t validate transactions or reach consensus on a shared state like in Ethereum or Solana. Instead, their role is to jointly perform secure, distributed computations on encrypted data.\u003c/p\u003e\n\n\n\n\u003cp\u003eIts architecture is built around multi-party computation (\u003ca href=\"https://blockworks.co/news/mpc-wallets-security\"\u003eMPC\u003c/a\u003e) — a cryptographic technique that allows multiple parties to jointly compute a function over private inputs, without ever revealing the inputs themselves.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhereas most privacy networks in crypto focus on \u003ca href=\"https://blockworks.co/news/crypto-exchanges-delisting-privacy-coins\"\u003eprivacy in transaction\u003c/a\u003e layers (e.g., Zcash with zk-SNARKs, Monero with ring signatures, or \u003ca href=\"https://blockworks.co/tag/tornado-cash\"\u003eTornado Cash\u003c/a\u003e with mixers), Nillion targets off-chain compute privacy — enabling smart applications (e.g., AI inference, genomic analysis, financial modeling) to operate on encrypted data without decrypting it. This unlocks a different class of use cases beyond anonymous payments or shielded transfers.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo far, the mainnet supports an early wave of ecosystem projects. These include:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/news/artificial-intelligence-decentralization-web3\"\u003eRitual\u003c/a\u003e, for blind AI inference;\u003c/li\u003e\n\n\n\n\u003cli\u003eSkillful AI, a privacy-first AI assistant network;\u003c/li\u003e\n\n\n\n\u003cli\u003eSalt, a financial application enabling confidential portfolio comparisons among wealth managers;\u003c/li\u003e\n\n\n\n\u003cli\u003eMonadic DNA, for secure genomics analytics; and\u003c/li\u003e\n\n\n\n\u003cli\u003eSoarchain, which lays claim to having processed over 130 million privacy-preserved data points from a global driving competition.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThat said, access to the network remains tightly gated. Nillion’s node program \u003ca href=\"https://nillion.com/news/where-are-we-now-a-2024-product-update/\"\u003eended\u003c/a\u003e in late 2024, and there are currently no plans to open validator participation. The current set of testnet validators remains closed, and community node operations are on pause. Developers can build on the network, but compute execution depends on approved infrastructure — a \u003ca href=\"https://app.blockworksresearch.com/unlocked/privacy-crypto-s-sleeping-giant\"\u003escaleability tradeoff\u003c/a\u003e for MPC networks.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor participants in Nillion\u0026#8217;s 2024 CoinList Community Round, the vesting schedule is as follows:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eCapped purchases: 5% of tokens unlock at the TGE (today), with the remaining 95% vesting linearly over six months.\u003c/li\u003e\n\n\n\n\u003cli\u003eUncapped purchases: 25% of tokens unlocked, with the remaining 75% vesting monthly over the subsequent 24 months, completing by mid-March 2027.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eLooking ahead, Nillion says it will focus on expanding its orchestration layer and building out tooling to make private computation more accessible. The long-term ambition is to become a generalized privacy layer for Web3 applications and beyond.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe question now is whether the network can translate its unique architecture into real-world traction — before the token unlocks start to ramp up. As of 12:00 p.m. ET, NIL is changing hands at about $0.74, giving Nillion a $750-million fully-diluted valuation.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","decentralization","Privacy"],"customFields":{"display_options":[]},"meta":{"title":"Starting from NIL: Privacy focus of Nillion","description":"With mainnet now live, Nillion looks to bringing privacy-preserving compute to Web3","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/nillion-launch-privacy-focus","og_locale":"en_US","og_type":"article","og_title":"Starting from NIL: Privacy focus of Nillion","og_description":"With mainnet now live, Nillion looks to bringing privacy-preserving compute to Web3","og_url":"https://blockworks.co/news/nillion-launch-privacy-focus","og_site_name":"Blockworks","article_published_time":"2025-03-24T17:11:06+00:00","article_modified_time":"2025-03-24T17:11:09+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Nillion4.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"8 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/nillion-launch-privacy-focus","url":"https://blockworks.co/news/nillion-launch-privacy-focus","name":"Starting from NIL: Privacy focus of Nillion","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/nillion-launch-privacy-focus#primaryimage"},"image":{"@id":"https://blockworks.co/news/nillion-launch-privacy-focus#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Nillion4.jpg","datePublished":"2025-03-24T17:11:06+00:00","dateModified":"2025-03-24T17:11:09+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"With mainnet now live, Nillion looks to bringing privacy-preserving compute to Web3","breadcrumb":{"@id":"https://blockworks.co/news/nillion-launch-privacy-focus#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/nillion-launch-privacy-focus"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/nillion-launch-privacy-focus#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Nillion4.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Nillion4.jpg","width":1600,"height":900,"caption":"Nillion modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/nillion-launch-privacy-focus#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Starting from NIL: Privacy focus of Nillion"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"crypto-etfs-macro-risks","id":99286,"permalink":"/news/crypto-etfs-macro-risks","title":"Crypto crossroads: ETF flows stabilize, but macro risks loom","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/btc-eth.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/btc-eth.jpg","caption":"\u003cp\u003emorison13/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 21 Mar 2025 17:04:48 GMT","publishedAt":"Fri, 21 Mar 2025 17:30:00 GMT","publishedAtTimestamp":1742578200,"excerpt":"Bitcoin ETF outflows are leveling off, Ethereum’s price action is increasingly sentiment-driven, and TradFi’s role in crypto is expanding","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe crypto market is at an interesting crossroads. While showing some signs of bottoming 10 days ago near $77,000, BTC is in a period of high correlation with US markets, which are rolling over following this week’s FOMC meeting. Bitcoin and Ethereum have seen ETF flows stabilize alongside declining volatility, allowing macro forces to take center stage.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe past month saw record \u003ca href=\"https://blockworks.co/news/btc-price-at-critical-juncture\"\u003eETF outflows\u003c/a\u003e, coinciding with a -22% dip in BTC price. Nick at Ecoinometrics notes that every significant ETF inflow or outflow cycle has correlated with major price swings:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eThe initial ETF launch drove BTC from $40k to $70k.\u003c/li\u003e\n\n\n\n\u003cli\u003eA second wave of inflows in late 2024 pushed BTC to $110k.\u003c/li\u003e\n\n\n\n\u003cli\u003eThe recent outflow wave aligned with BTC’s -22% correction.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eNow, ETF flows are \u003ca href=\"https://farside.co.uk/btc/\"\u003eleveling out\u003c/a\u003e, which could indicate a new accumulation phase if inflows return. \u0026#8220;If flows turn positive in the coming weeks, it could mark the beginning of a new accumulation phase by professional investors,\u0026#8221; Ecoinometrics suggests.\u003c/p\u003e\n\n\n\n\u003cp\u003eHistorically, Bitcoin halvings were the dominant narrative shaping price action. But the current cycle is breaking from precedent, Nick argues. Bitcoin is well below its historical post-halving growth trajectories, suggesting that supply-side factors are no longer the primary driver of price. Instead, institutional flows and macroeconomic conditions are playing a far greater role.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eEthereum: Sentiment over mindshare\u003c/h2\u003e\n\n\n\n\u003cp\u003eAnalysis out Friday from FalconX’s David Lawant highlights how ETH’s price correlates more with sentiment, while SOL’s price is driven by mindshare, based on Kaito sentiment data.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor SOL, “changes in mindshare can explain up to 36% of price variance,” and using a more sophisticated model, this jumps to 46%, Lawant wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor ETH, the most significant statistical predictor is sentiment, not mindshare, with a causality test showing that sentiment can help predict future ETH price action. In other words, Ethereum’s price is more sensitive to narrative shifts.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eUncertainty remains\u003c/h2\u003e\n\n\n\n\u003cp\u003eThe Federal Reserve maintained its rate projections, giving risk assets a temporary reprieve, but not enough to reverse the crypto market’s downward momentum from the \u003ca href=\"https://blockworks-research.beehiiv.com/p/bull-market-over\"\u003elate-February breakdown\u003c/a\u003e below the 91,000 range.\u003c/p\u003e\n\n\n\n\u003cp\u003eInflation risks remain, even as Fed Chair Powell \u003ca href=\"https://blockworks.co/news/tariff-inflation-fed-projections-2025\"\u003erevived\u003c/a\u003e the infamous “transitory” adjective to describe policymakers’ expectations when confronting tariff-induced inflation. The Fed has \u003ca href=\"https://blockworks.co/news/fed-holds-interest-rates-2025\"\u003eslowed\u003c/a\u003e measures of quantitative tightening, but that shouldn’t be mistaken for quantitative easing. Any shift in the stance toward a more hawkish outlook could hit crypto liquidity.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe bottom line is, after an anemic bounce attempt, BTC looks headed to chop around its 200-day moving average a bit longer before picking a direction and dragging the rest of the crypto market with it. Institutional flows may take a front seat going forward as macro conditions dictate risk appetite.\u003c/p\u003e\n\n\n\n\u003cp\u003eOne bright spot in the news coming out of Blockworks’ Digital Asset Summit is that sentiment at TradFi institutions is much better than what we see in the crypto-native trenches — an unusual dichotomy. That’s due to the many real improvements on the regulatory front, ranging from the \u003ca href=\"https://blockworks.co/news/hester-peirce-reveals-sab-121-rescission\"\u003erepeal of SAB 121\u003c/a\u003e, to late breaking news of Tornado Cash being \u003ca href=\"https://ofac.treasury.gov/recent-actions/20250321\"\u003eremoved\u003c/a\u003e from OFAC\u0026#8217;s SDN list — which may bode well for the future mainstreaming of DeFi protocols generally.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","DeFi"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","BTC","ETFs","ETH","TradFi"],"customFields":{"display_options":[]},"meta":{"title":"Crypto crossroads: ETF flows stabilize, but macro risks loom","description":"Bitcoin ETF outflows are leveling off, Ethereum’s price action is increasingly sentiment-driven, and TradFi’s role in crypto is expanding.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/crypto-etfs-macro-risks","og_locale":"en_US","og_type":"article","og_title":"Crypto crossroads: ETF flows stabilize, but macro risks loom","og_description":"Bitcoin ETF outflows are leveling off, Ethereum’s price action is increasingly sentiment-driven, and TradFi’s role in crypto is expanding.","og_url":"https://blockworks.co/news/crypto-etfs-macro-risks","og_site_name":"Blockworks","article_published_time":"2025-03-21T17:30:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/btc-eth.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-etfs-macro-risks","url":"https://blockworks.co/news/crypto-etfs-macro-risks","name":"Crypto crossroads: ETF flows stabilize, but macro risks loom","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-etfs-macro-risks#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-etfs-macro-risks#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/btc-eth.jpg","datePublished":"2025-03-21T17:30:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"Bitcoin ETF outflows are leveling off, Ethereum’s price action is increasingly sentiment-driven, and TradFi’s role in crypto is expanding.","breadcrumb":{"@id":"https://blockworks.co/news/crypto-etfs-macro-risks#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/crypto-etfs-macro-risks"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/crypto-etfs-macro-risks#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/btc-eth.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/btc-eth.jpg","width":1600,"height":900,"caption":"morison13/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/crypto-etfs-macro-risks#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Crypto crossroads: ETF flows stabilize, but macro risks loom"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"jupiter-competitor-private-mainnet","id":99249,"permalink":"/news/jupiter-competitor-private-mainnet","title":"Jupiter competitor Titan moves to private mainnet","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/titan-.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/titan-.jpg","caption":"\u003cp\u003eTitan Exchange modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 21 Mar 2025 14:27:58 GMT","publishedAt":"Fri, 21 Mar 2025 14:27:55 GMT","publishedAtTimestamp":1742567275,"excerpt":"Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eTitan’s so-called meta DEX aggregator has moved to private mainnet, the team told Lightspeed exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe platform lets users swap by choosing among quotes from multiple Solana DEX aggregators, including Titan’s own. Titan Exchange CEO and co-founder Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time.\u003c/p\u003e\n\n\n\n\u003cp\u003eDEX aggregators algorithmically route trades across multiple DEXs to find the best possible price for a user. As a result, swapping between tokens on Jupiter nearly always nets traders more bang for their buck than on, say, Phantom. Meta DEX aggregators let users choose between the quotes given by various aggregators. LlamaSwap is a popular meta DEX on Ethereum, but Titan is porting the concept to Solana.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSitting in a coffee shop a stone’s throw away from the Blockworks Digital Asset Summit, I asked Chung to explain how Titan can beat Jupiter on price. He said it’s “pure mathematics.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“Classical pathfinding is more like spray and pray. That’s why [Jupiter’s] routes are always like in 10% chunks,” Chung said. “Our contracts right now get into basis point precision,” meaning they can reduce trades to 0.01% increments. Chung added that Titan’s aggregator is able to route through more pools than what Jupiter is capable of.\u003c/p\u003e\n\n\n\n\u003cp\u003eTitan’s approach is inspired by pathfinding in traditional equities markets where low-latency trading requires a “probabilistic” pathfinding approach, Chung said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTech improvements aside, Jupiter also recently \u003ca href=\"https://blockworks.co/news/jupiter-majority-stake-moonshot\"\u003ebegan charging\u003c/a\u003e a 0.1% fee on swaps, and Titan initially will not. I ran a few swaps on Titan in parallel to Jupiter swaps, and Titan’s aggregator did get me a better price each time. The price improvement is marginal if you’re moving a few cents around like me, but the improvement would be more noticeable with size.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s not to say switching to Titan will be a no-brainer for users. Jupiter’s aggregator includes quite a few memecoins that Titan’s does not, and Jupiter has a smoother UX. Jupiter still boasts a suite of features like perpetual futures, the JLP token, and recently-acquired businesses like the Moonshot memecoin platform. Plus, Titan is only in mainnet beta, and its better pricing algorithm is yet to face the wild.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut in any event, competition ideally creates better outcomes for users, and Jupiter is currently pretty unchallenged in the Solana DEX aggregation landscape. Solana traders will likely welcome any new protocol that’s able to swap one coin for another at a better price.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt strikes me that Solana’s newest battle between protocols has a mythological theme. In Roman mythology, Jupiter was king of the gods. The Greeks had Titan gods, though Titan will hope it can avoid their fate.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"DEXs","tags":["DEXs","Jupiter","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Jupiter competitor Titan moves to private mainnet","description":"Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/jupiter-competitor-private-mainnet","og_locale":"en_US","og_type":"article","og_title":"Jupiter competitor Titan moves to private mainnet","og_description":"Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time.","og_url":"https://blockworks.co/news/jupiter-competitor-private-mainnet","og_site_name":"Blockworks","article_published_time":"2025-03-21T14:27:55+00:00","article_modified_time":"2025-03-21T14:27:58+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/titan-.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/jupiter-competitor-private-mainnet","url":"https://blockworks.co/news/jupiter-competitor-private-mainnet","name":"Jupiter competitor Titan moves to private mainnet","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/jupiter-competitor-private-mainnet#primaryimage"},"image":{"@id":"https://blockworks.co/news/jupiter-competitor-private-mainnet#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/titan-.jpg","datePublished":"2025-03-21T14:27:55+00:00","dateModified":"2025-03-21T14:27:58+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time.","breadcrumb":{"@id":"https://blockworks.co/news/jupiter-competitor-private-mainnet#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/jupiter-competitor-private-mainnet"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/jupiter-competitor-private-mainnet#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/titan-.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/titan-.jpg","width":1600,"height":900,"caption":"Titan Exchange modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/jupiter-competitor-private-mainnet#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Jupiter competitor Titan moves to private mainnet"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"defi-accountability-morpho-pyth","id":99206,"permalink":"/news/defi-accountability-morpho-pyth","title":"Who’s responsible when something breaks in DeFi?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_BitcoinHalving_R1_20240320c.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_BitcoinHalving_R1_20240320c.png","caption":"\u003cp\u003eArtwork by Crystal Le\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 21 Mar 2025 16:30:48 GMT","publishedAt":"Thu, 20 Mar 2025 17:45:55 GMT","publishedAtTimestamp":1742492755,"excerpt":"What a Pyth/Morpho/Re7 debacle says about decentralized accountability","content":"\n\u003cp\u003eWhen a DeFi user loses 14 ETH (~$33,000) due to a faulty oracle update, who takes responsibility? If you ask Morpho, Pyth Network and Re7 Labs, the answer is: no one.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat’s exactly what happened in early March when “jameis” — a user of an Re7 vault on Morpho — found their cbETH-backed loan liquidated due to a price feed delay between Pyth’s cbETH/USD and ETH/USD feeds. While ETH’s price kept updating, cbETH’s remained frozen for 7 minutes. The result? A price ratio distortion that triggered liquidations, even though the cbETH/ETH ratio never actually diverged in reality.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe blame game begins\u003c/h2\u003e\n\n\n\n\u003cp\u003eFaced with a $33,000 loss, jameis turned to the Morpho \u003ca href=\"https://forum.morpho.org/t/pyth-cbeth-price-feed-is-easily-manipulated-resulted-in-me-losing-33000/1577/8\"\u003egovernance forum\u003c/a\u003e — where they go by “chicitybulls” — and Morpho’s Discord to demand answers. But instead of a resolution, they found themself caught in a circle of decentralized responsibility-dodging:\u003c/p\u003e\n\n\n\n\u003cp\u003eTo paraphrase:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eMorpho’s stance: We’re \u003ca href=\"https://docs.morpho.org/morpho/concepts/oracle-agnostic-pricing\"\u003eoracle-agnostic\u003c/a\u003e. Vault curators (Re7) choose their own oracles. We just provide the infrastructure.\u003c/li\u003e\n\n\n\n\u003cli\u003ePyth’s stance: Our prices were accurate. We’re permissionless. Someone (Re7, or even the user) should have run an extra scheduler to update the feed.\u003c/li\u003e\n\n\n\n\u003cli\u003eRe7 Labs’ stance: Yeah, there was a timing mismatch…but that’s just how push-based oracles work. We’ll improve our setup next time.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eNo one has claimed direct responsibility. No one has offered compensation.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe devil is in the details. This \u003ca href=\"https://x.com/KemarTiti/status/1897965709071659466\"\u003ewasn’t\u003c/a\u003e an exploit or price manipulation, but rather an architectural failure:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003ePyth’s push-based model meant price updates weren’t automatically synchronized.\u003c/li\u003e\n\n\n\n\u003cli\u003eRe7 Labs did not run an independent scheduler to ensure updates stayed in sync.\u003c/li\u003e\n\n\n\n\u003cli\u003eMorpho, despite offering the vault listings, does not enforce reliability standards for oracle updates — leaving it up to the curator.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThe liquidation bot saw the distorted price, deemed the position underwater and executed the liquidation. That was it — game over for the user’s 14 ETH.\u003c/p\u003e\n\n\n\n\u003cp\u003e$30,000 is a small sum in the grand scheme of DeFi, a minor tragedy that won’t make the \u003ca href=\"https://rekt.news/leaderboard/\"\u003eRekt leaderboard\u003c/a\u003e. But the incident reflects a problem with much bigger ramifications: What happens when decentralized responsibility means no accountability?\u003c/p\u003e\n\n\n\n\u003cp\u003eWe all know the adage \u003ca href=\"https://blockworks.co/news/qa-crypto-lawyers-talk-3ac-liquidation-whether-code-is-law\"\u003ecode is law\u003c/a\u003e, but what is a yield farming minnow to do here?\u003c/p\u003e\n\n\n\n\u003cp\u003eDecentralization is often sold as a fix for TradFi’s opacity and unfairness, but this case highlights its own set of flaws. In TradFi, if a brokerage incorrectly liquidates your position due to faulty data, you have legal recourse. In DeFi? You sometimes get forum replies about permissionless infrastructure.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt seems clear that Re7 Labs could have implemented safeguards, such as a timestamp verification, to prevent liquidations based on stale data.\u003c/p\u003e\n\n\n\n\u003cp\u003ePyth could also improve its scheduling guarantees instead of shifting the burden onto integrators. Its \u003ca href=\"https://docs.pyth.network/price-feeds/sponsored-feeds/evm#base-mainnet\"\u003estated\u003c/a\u003e update rate per 1% price move failed.\u003c/p\u003e\n\n\n\n\u003cp\u003eMorpho still can blacklist curators via its frontend, so it has a regulatory hand at which vaults get listed on its platform (or which curators get the boot).\u003c/p\u003e\n\n\n\n\u003cp\u003eInstead, all parties claim it’s not their problem. Re7 didn’t return a request for comment.\u003c/p\u003e\n\n\n\n\u003cp\u003eA Morpho spokesperson said in practice that “unless [curators] are deliberately trying to scam, vaults are displayed on Morpho\u0026#8217;s frontend,” calling the platform “completely unopinionated and [a] neutral infrastructure.”\u003c/p\u003e\n\n\n\n\u003cp\u003eMarc Tillement, director of Pyth Data Association, told Blockworks “if the vault manager (or the protocol, in some cases) had run its own scheduler or an extra scheduler to trigger price updates themselves, this issue could have been avoided.”\u003c/p\u003e\n\n\n\n\u003cp\u003eMeanwhile, the user — who evidently did nothing unusual or unduly risky — is hung out to dry.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf DeFi is to scale beyond a niche of power user whales, risk curation has to come with some responsibility attached when users suffer unintended losses. Without accountability mechanisms — be it insurance, fund recovery processes or stricter oracle integration standards — events like this will keep happening.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor now, one thing is clear: “Jameis” lost 14 ETH, and none of the parties cares enough to make it right.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003eCorrection, March 21, 2024 at 12:23 pm ET: Pyth\u0026#8217;s cbETH price feed was frozen for 7 minutes, not one hour. An hour is the standard update cadence, absent a 1% or greater price deviation.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi"],"primaryTag":"decentralization","tags":["decentralization","governance","oracles"],"customFields":{"display_options":[]},"meta":{"title":"Who's responsible when something breaks in DeFi?","description":"What a Pyth/Morpho/Re7 debacle says about decentralized accountability.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/defi-accountability-morpho-pyth","og_locale":"en_US","og_type":"article","og_title":"Who's responsible when something breaks in DeFi?","og_description":"What a Pyth/Morpho/Re7 debacle says about decentralized accountability.","og_url":"https://blockworks.co/news/defi-accountability-morpho-pyth","og_site_name":"Blockworks","article_published_time":"2025-03-20T17:45:55+00:00","article_modified_time":"2025-03-21T16:30:48+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_BitcoinHalving_R1_20240320c.png","type":"image/png"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/defi-accountability-morpho-pyth","url":"https://blockworks.co/news/defi-accountability-morpho-pyth","name":"Who's responsible when something breaks in DeFi?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/defi-accountability-morpho-pyth#primaryimage"},"image":{"@id":"https://blockworks.co/news/defi-accountability-morpho-pyth#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_BitcoinHalving_R1_20240320c.png","datePublished":"2025-03-20T17:45:55+00:00","dateModified":"2025-03-21T16:30:48+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"What a Pyth/Morpho/Re7 debacle says about decentralized accountability.","breadcrumb":{"@id":"https://blockworks.co/news/defi-accountability-morpho-pyth#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/defi-accountability-morpho-pyth"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/defi-accountability-morpho-pyth#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_BitcoinHalving_R1_20240320c.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/ED_BitcoinHalving_R1_20240320c.png","width":1600,"height":900,"caption":"Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/defi-accountability-morpho-pyth#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Who\u0026#8217;s responsible when something breaks in DeFi?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"eigenlayer-restaking-mantle-zksync","id":99115,"permalink":"/news/eigenlayer-restaking-mantle-zksync","title":"EigenLayer expands restaking links with Mantle and ZKsync","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_Logo_EigenLayer_2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_Logo_EigenLayer_2.jpg","caption":"\u003cp\u003eCryptoFX/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 19 Mar 2025 17:26:55 GMT","publishedAt":"Wed, 19 Mar 2025 17:26:53 GMT","publishedAtTimestamp":1742405213,"excerpt":"New integrations grow EigenLayer’s role in Ethereum’s modular security stack","content":"\n\u003cp\u003eEigenLayer has enhanced two major integrations, with Mantle Network and ZKsync adopting EigenDA for data availability and ZKsync also incorporating EigenLayer’s Autonomous Verifiable Services (AVSs) for decentralized zero-knowledge (zk) proving. These partnerships expand EigenLayer’s role in Ethereum’s modular security landscape, reinforcing its position as the leading restaking protocol.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn Ethereum restaking, \u003ca href=\"https://blockworks.co/tag/eigenlayer\"\u003eEigenLayer\u003c/a\u003e and \u003ca href=\"https://blockworks.co/tag/symbiotic\"\u003eSymbiotic\u003c/a\u003e are the dominant players, though they have a wide gap in scale. EigenLayer \u003ca href=\"https://defillama.com/protocols/Restaking\"\u003ecommands\u003c/a\u003e approximately $9.4 billion in total value locked (TVL) — over 9 times Symbiotic’s $1 billion. A breakdown of the top five AVSs by economic security highlights this difference:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXchK057syVPp2CTGjjmuOm_igzLccPNQq17ZMmSyNtIp0sV8j-7TaOMJNTblLQkKviWL5c64ctDsMgwpNCOguJ6rXtGuTDqmwMFDd4KXg1I2AOei0mJvvxykocErBJAOGN3PGMi?key=te1lCJAGcblEg9YSLqWL7dtK\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eTop AVSs by Economic Security (USD) | Source: Blockworks/\u003c/em\u003e\u003ca href=\"https://inceptionlrt.com/restaking-explorer\"\u003e\u003cem\u003eInceptionLRT\u003c/em\u003e\u003c/a\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eEigenLayer:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eEigenDA: $8.8 billion\u003c/li\u003e\n\n\n\n\u003cli\u003eeoracle: $7.9 billion\u003c/li\u003e\n\n\n\n\u003cli\u003eWitness Chain: $7.6 billion\u003c/li\u003e\n\n\n\n\u003cli\u003eLagrange ZK Prover: $7.3 billion\u003c/li\u003e\n\n\n\n\u003cli\u003eCyber MACH: $7.2 billion\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eSymbiotic:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eDitto Network: $227.19 million\u003c/li\u003e\n\n\n\n\u003cli\u003eCapx Cloud: $183.85 million\u003c/li\u003e\n\n\n\n\u003cli\u003eHuman Network: $158.60 million\u003c/li\u003e\n\n\n\n\u003cli\u003eKalypso: $119.20 million\u003c/li\u003e\n\n\n\n\u003cli\u003eRadius: $87.83 million\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eEigenLayer’s larger TVL reflects deeper adoption within Ethereum’s security model. However, the disparity is also influenced by differences in how each protocol enforces security risks today.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe absence of slashing on EigenLayer’s mainnet means that restaked assets currently face no risk of penalties, effectively giving validators and stakers a “free roll” — they can earn additional rewards without the downside of losing their stake due to misbehavior or failure to meet service requirements. This significantly lowers the perceived risk of participating in EigenLayer, encouraging higher capital inflows and contributing to its $9.4 billion TVL. It also encourages participation with the EIGEN native token.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn contrast, Symbiotic has live slashing on mainnet, meaning operators and stakers must weigh potential rewards against the risk of losing funds if validation services fail to meet predefined security criteria. This added risk will likely make some participants more cautious, leading to lower total restaked capital. And while it has an ongoing points system, the scale and valuation of a future token distribution is uncertain.\u003c/p\u003e\n\n\n\n\u003cp\u003eUntil EigenLayer activates slashing on mainnet, its restaking model remains more attractive to risk-averse capital, further reinforcing the TVL disparity between the two protocols. If Symbiotic releases a token, it may also narrow the gap by incentivizing deposits more directly than points alone can.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eWhat Mantle Network and ZKsync are doing\u003c/h2\u003e\n\n\n\n\u003cp\u003eMantle Network, which describes its design as an optimium — a hybrid of optimistic and zk rollup features — has integrated EigenDA as its primary data availability layer. Previously, Mantle operated MantleDA, a system limited to 10 operators. With this transition, the network now benefits from a 200+ operator set, improving censorship resistance and network resilience.\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eScalability increase: EigenDA supports 15MB/s throughput, compared to Ethereum’s 0.0625MB/s limit.\u003c/li\u003e\n\n\n\n\u003cli\u003eEnhanced economic security: $335 million in restaked assets now back Mantle’s data availability.\u003c/li\u003e\n\n\n\n\u003cli\u003eExpanded validator set: More operators reduce downtime risks and improve service reliability.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eThis shift aligns Mantle with Ethereum’s broader modular scaling approach, allowing for increased throughput as a tradeoff against the full security of Ethereum mainnet.\u003c/p\u003e\n\n\n\n\u003cp\u003eZKsync’s Elastic Network, an ecosystem of customizable rollups, has designated EigenDA as its preferred alternative data availability (altDA) solution. Rollups within \u003ca href=\"https://blockworks.co/tag/zksync\"\u003eZKsync\u003c/a\u003e will now be able to use EigenDA for scalable data storage, reducing bottlenecks.\u003c/p\u003e\n\n\n\n\u003cp\u003eBeyond data availability, ZKsync is integrating EigenLayer AVSs for zk proving. This moves it away from centralized cloud providers like AWS and Google Cloud.\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eCompetitive proving costs: EigenLayer introduces a marketplace for zk proving, where AVSs compete for jobs, driving down expenses.\u003c/li\u003e\n\n\n\n\u003cli\u003eModular security expansion: Using Ethereum restaked assets, ZKsync integrates EigenLayer’s AVSs directly into its proving system.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eEigenLayer founder Sreeram Kannan described these integrations as part of a shift toward a “verifiable cloud,” leveraging Ethereum’s cryptoeconomic security to support decentralized infrastructure.\u003c/p\u003e\n\n\n\n\u003cp\u003eWith 57+ AVSs live and over $8 billion in TVL, EigenLayer continues to expand beyond its initial restaking use case. While early enthusiasm around restaking has cooled, Mantle and ZKsync’s adoption of EigenLayer services reflects growing demand for modular blockchain infrastructure.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi"],"primaryTag":"EigenLayer","tags":["EigenLayer","Ethereum","staking","zksync"],"customFields":{"display_options":[]},"meta":{"title":"EigenLayer expands restaking links with Mantle and ZKsync","description":"New integrations strengthen EigenLayer’s role in Ethereum’s modular security stack, part of a shift toward a “verifiable cloud.\"","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync","og_locale":"en_US","og_type":"article","og_title":"EigenLayer expands restaking links with Mantle and ZKsync","og_description":"New integrations strengthen EigenLayer’s role in Ethereum’s modular security stack, part of a shift toward a “verifiable cloud.\"","og_url":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync","og_site_name":"Blockworks","article_published_time":"2025-03-19T17:26:53+00:00","article_modified_time":"2025-03-19T17:26:55+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_Logo_EigenLayer_2.jpg","type":"image/jpeg"}],"author":"Macauley Peterson","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/yeluacaM","twitter_misc":{"Written by":"Macauley Peterson","Est. reading time":"7 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync","url":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync","name":"EigenLayer expands restaking links with Mantle and ZKsync","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync#primaryimage"},"image":{"@id":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_Logo_EigenLayer_2.jpg","datePublished":"2025-03-19T17:26:53+00:00","dateModified":"2025-03-19T17:26:55+00:00","author":{"@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4"},"description":"New integrations strengthen EigenLayer’s role in Ethereum’s modular security stack, part of a shift toward a “verifiable cloud.\"","breadcrumb":{"@id":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/eigenlayer-restaking-mantle-zksync"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_Logo_EigenLayer_2.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/Post_Logo_EigenLayer_2.jpg","width":1600,"height":900,"caption":"CryptoFX/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/eigenlayer-restaking-mantle-zksync#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"EigenLayer expands restaking links with Mantle and ZKsync"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/50839baf1e52e068535d90ee8f5692c4","name":"Macauley Peterson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Peterson-Twitter_sm.jpg","caption":"Macauley Peterson"},"description":"Macauley was an editor and content creator in the professional chess world for 14 years. Prior to joining Blockworks, he researched stablecoins, decentralized finance and central bank digital currencies at Bucerius Law School (Master in Law and Business, 2020). He also holds an MA in Film Studies; film credits include Associate Producer of the 2016 Netflix feature documentary, \"Magnus\" about World Chess Champion Magnus Carlsen.","sameAs":["https://www.linkedin.com/in/macauleypeterson/","https://x.com/https://twitter.com/yeluacaM"],"url":"https://blockworks.co/news/author/macauleypeterson"}]}},"authors":[{"title":"Macauley Peterson","id":32,"slug":"macauleypeterson","image_url":""}],"blurhash":null},{"slug":"raydium-launching-pumpfun-version","id":99085,"permalink":"/news/raydium-launching-pumpfun-version","title":"Raydium is launching its own version of pump.fun","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/raydium.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/raydium.jpg","caption":"\u003cp\u003eRaydium and Adobe stock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 18 Mar 2025 20:51:26 GMT","publishedAt":"Tue, 18 Mar 2025 20:51:18 GMT","publishedAtTimestamp":1742331078,"excerpt":"The platform, called LaunchLab, comes less than a month after news broke that pump.fun was developing an AMM of its own","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe Solana DEX and automated market maker Raydium is launching a token launchpad that will initially resemble a direct fork of pump.fun, Blockworks has learned exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe release of the platform, which is named LaunchLab, comes less than a month after \u003ca href=\"https://blockworks.co/news/pumpdotfun-ditching-raydium-rumor\"\u003enews broke\u003c/a\u003e that the wildly popular Solana memecoin launchpad pump.fun was developing an AMM of its own, essentially severing an unofficial partnership it had struck with Raydium. LaunchLab will offer linear, exponential and logarithmic bonding curves that match demand and price for a token. It will also let third party UIs set their own fees.\u003c/p\u003e\n\n\n\n\u003cp\u003ePump.fun tokens that reach a market cap of $69,000 have some liquidity deposited into a Raydium trading pool and burned. Pump.fun memecoins made up 41% of Raydium’s swap fee revenue over the past 30 days, according to Blockworks Research. Raydium’s native token crashed 25% in February as investors expect a major drawdown in Raydium revenue once pump.fun begins migrating tokens to pump’s in-house AMM.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEven after the flash crash, Raydium still holds some $168 million on its balance sheet, per Blockworks Research. The nice thing about having a big war chest is it allows a company to move quickly on things like suddenly building a pump.fun fork — though for what it’s worth, pump.fun’s in-house AMM had bounced around the Solana rumor mill for some time before the news leaked.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnonymous Raydium core contributor Infra told me the protocol began developing LaunchLab “several months ago” but kept the project shelved because it “didn’t want teams to feel Raydium was competing with them directly.” That magnanimity appears to have dried up after pump.fun’s AMM plans emerged.\u003c/p\u003e\n\n\n\n\u003cp\u003eRaydium believes pump.fun found product-market fit partly because of Raydium’s infrastructure, Infra told me. But although they think Raydium’s liquidity pools could be a draw for users, Infra didn’t cast LaunchLab as a pump.fun killer.\u003c/p\u003e\n\n\n\n\u003cp\u003e“LaunchLab isn’t about replacing Pump or any other platform — it’s an alternative for teams who don’t want to develop their own programs from scratch, and for Pump users who prefer Raydium’s AMM v4 for pool migrations,” Infra wrote in a text message.\u003c/p\u003e\n\n\n\n\u003cp\u003eBesides offering novel bonding curves and flexible fees, LaunchLab will also support multiple quote tokens besides SOL and will integrate with Raydium’s liquidity provider locker, which lets issuers secure swap fees for tokens in perpetuity. LaunchLab is the first piece of a broader “suite of tools” that Raydium is pushing out for token creation, Infra said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"DEXs","tags":["DEXs","Lightspeed Newsletter","Pump.fun","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Raydium is launching its own version of pump.fun","description":"The platform, called LaunchLab, comes less than a month after news broke that pump.fun was developing an AMM of its own.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/raydium-launching-pumpfun-version","og_locale":"en_US","og_type":"article","og_title":"Raydium is launching its own version of pump.fun","og_description":"The platform, called LaunchLab, comes less than a month after news broke that pump.fun was developing an AMM of its own.","og_url":"https://blockworks.co/news/raydium-launching-pumpfun-version","og_site_name":"Blockworks","article_published_time":"2025-03-18T20:51:18+00:00","article_modified_time":"2025-03-18T20:51:26+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/raydium.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/raydium-launching-pumpfun-version","url":"https://blockworks.co/news/raydium-launching-pumpfun-version","name":"Raydium is launching its own version of pump.fun","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/raydium-launching-pumpfun-version#primaryimage"},"image":{"@id":"https://blockworks.co/news/raydium-launching-pumpfun-version#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/raydium.jpg","datePublished":"2025-03-18T20:51:18+00:00","dateModified":"2025-03-18T20:51:26+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The platform, called LaunchLab, comes less than a month after news broke that pump.fun was developing an AMM of its own.","breadcrumb":{"@id":"https://blockworks.co/news/raydium-launching-pumpfun-version#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/raydium-launching-pumpfun-version"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/raydium-launching-pumpfun-version#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/raydium.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/03/raydium.jpg","width":1600,"height":900,"caption":"Raydium and Adobe stock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/raydium-launching-pumpfun-version#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Raydium is launching its own version of pump.fun"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null}],"category":{"id":535,"parent":0,"count":1514,"slug":"defi","name":"DeFi","description":"Stay ahead of the curve with timely insights about decentralized finance (DeFi). Blockworks reports the news that moves the industry one way or the other.\r\n"},"pageLimit":24,"meta":{"title":"Category: DeFi News \u0026 Insights","description":"Stay ahead of the curve with timely insights about decentralized finance (DeFi). 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