“As president, on day one, CBDC goes into the trash can — we’re not going to allow it," said Ron DeSantis at a New Hampshire campaign event.
Florida Gov. Ron DeSantis has pushed a platform based partly on “economic independence” in his 2024 presidential campaign, specifically taking a stance on digital currencies.
Speaking at a campaign event in New Hampshire on July 31, DeSantis reiterated his plans of banning central bank digital currencies, or CBDCs, should he win the Republican nomination and presidential race and take office in 2025. The Florida governor added he planned to end U.S. President Joe Biden’s “war on Bitcoin and cryptocurrency” should he win the presidency.
Ron DeSantis speaking at a campaign event in New Hampshire on July 31. Source: YouTube
It’s unclear to which specific policies DeSantis was referring, but he suggested they were coming through the Federal Reserve. President Biden signed an executive order establishing plans for a regulatory framework for digital currencies in March 2022. The Securities and Exchange Commission has also filed several lawsuits against crypto firms while Biden has been in office, and the Department of Justice has overseen criminal charges for former FTX CEO Sam Bankman-Fried and former Celsius CEO Alex Mashinsky.
DeSantis went on to compare the United States government’s plans for a CBDC to those in China, where the central bank is currently conducting trials of a digital yuan. He claimed that “unaccountable elites” in the government could not be trusted to handle the potential rollout of a digital dollar.
“[The Fed wants] to go to a cashless society. They want to eliminate cryptocurrency,” claimed DeSantis. “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.”
New Hampshire is widely considered a suitable testing ground for U.S. presidential candidates due to the state holding the first primary in the national race. DeSantis has had a rocky start to his official campaign since announcing it on Twitter — now X — in May but is still considered the second most viable Republican candidate, according to several different polls.
Nearly all polls show DeSantis trailing well behind twice-impeached former president and federally indicted candidate Donald Trump. Both candidates are expected to face elections in state primaries starting in January, leading to a final vote to determine the party candidate at the Republican National Convention in July 2024.
Both Democratic and Republican candidates vying for a place in the 2024 presidential election have voiced opinions on cryptocurrencies like Bitcoin (BTC) and CBDCs. Robert F. Kennedy Jr., a Democratic party candidate polling roughly 40-50 points behind Biden, has made several pro-crypto statements in his campaign and revealed several BTC purchases. Miami Mayor Francis Suarez, who accepted a BTC salary for his position and helped launch the "MiamiCoin" project, announced his candidacy for the Republican nomination in June.
A combination of human expertise, NFTs and blockchain technology could help humanity protect its priceless artifacts from theft and looting.
Computer scientist Adel Khelifi, of the University of Abu Dhabi, and archaeologist Mark Altaweel, from University College London, recently announced the development of a Web3-based verification-as-a-service model for determining and recording the authenticity and provenance of cultural artifacts.
Called Salsal, the big idea behind the service is to bridge the world of historical artifacts with an on-chain validation system that can’t be fudged or cloned.
In an email interview with Cointelegraph, Altaweel said Salsal would be offered specifically to “cultural heritage organisations.”
There currently exists no official globally recognized registry for items of historical significance. Despite this, most territories have laws governing the procurement, collection, trade, buying and selling of artifacts of cultural significance, especially when they’re discovered on public or protected land.
Some of the most historically valuable artifacts known to exist remain unaccounted for. Missing treasures, such as the Honjo Masamune and the Crown Jewels of Ireland, have been lost to time and, in many cases, theft. And countless others have been looted from historically significant sites over the years before experts could even catalog them.
Prior to Salsal, project co-leads Altaweel and Khelifi worked together on research using AI to identify looting at historically significant sites. Source: Altaweel, et al
The team behind Salsal hopes to address some of these concerns by creating what’s essentially a protocol for identifying, grading and recording information about specific artifacts using a suite of technology tools.
When a cultural heritage organization has its collection validated, it uploads images and descriptions to the service. A group of experts then use a process similar to the one used by the Museums Association to grade the artifacts on a five-point scale.
“Once proven to be legitimate, the Collector can turn it into an NFT which is a Non Fungible Token. We use NFTs as their data is stored on the Blockchain and is immutable, allowing us to document the transfer of ownership accurately.”
Ultimately, the researchers hope to see mass adoption of their service. They envision a paradigm where curators aspire to have their collections validated via Salsal as a matter of verification — something that might be akin to having a rare collectible such as a comic book graded by a commercial validator.
There are already databases containing information on historical artifacts, but a unified database running on an immutable blockchain could help thwart theft and looting by requiring sellers and curators to document provenance.
Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.
Bitcoin miners make moves in preparation for the BTC block reward halving, which is scheduled for April 2024.
In July, Bitcoin mining stocks continued their positive 2023 run, with the top 10 stocks by market cap gaining 23.10% on the month on average, with a year-to-date return of 277.34%.
In comparison, the Bitcoin (BTC) price lost 3.59% in July as it failed to build support above $30,000 for the sixth week since June. Despite a difficult July, the BTC price is still up 78.88% in 2023.
The decline in Bitcoin’s price reduced the profitability of miners. To make conditions more challenging for miners, the mining difficulty reached a new all-time high, reducing miner profitability.
Historical trends show that the network’s hash rate could continue to rise leading up to the halving on April 26, 2024 as miners increase their hashing power by installing new efficient machines.
Besides adding to their processing power, miners are also adopting other hedging techniques like selling Bitcoin futures to lock in current prices.
As the network’s hash rate is expected to increase through the year as miners reinvest in new machines and adopt other hedging techniques, miner profitability and stock valuations will continue to face pressure in the lead-up to the event.
Bitcoin hash rate projected to grow until halving
While the BTC price has increased by around 80% year-to-date, the mining difficulty has also increased by 51%, offsetting the rise in profitability from the price surge.
In mid-July, Bitcoin’s difficulty set a new all-time high of 53.91 trillion units. The increase in difficulty triggered a capitulation event in the sector, which was already reeling under pressure at the start of the month.
BTC/USD price chart with hash ribbon indicator. Source: TradingView
Bitcoin’s hashprice index, a metric used to quantify the average daily miner earnings from 1 TH/s across the industry, dropped from $78.30 per TH/s on July 1 to $72 per TH/s by the end of July, per Hashrate Index data.
Hashprice index chart. Source: Hashrate Index
The network’s hash rate deflated in the second half of July, resulting in a 2% decline in its difficulty in the adjustment on July 26.
The adjustment will likely ease the pressure on miners, but only slightly. The total hash rate is still ranging above last month’s lows after rising consistently since the start of 2023.
Moreover, historical trends suggest that miners will likely continue adding to their fleet, which could cramp profitability further.
Bitcoin daily hash rate. Source: Glassnode
Before the previous halving, Bitcoin’s hash rate grew consistently for a year, peaking only a month before the halving in May 2020. The current rise in the network’s hash rate is showing a similar trend.
Miners are preparing for the halving
Besides increasing hash power, the miners are adopting various strategies to prepare for the event.
These strategies involve improving the cash flow and profits of their operations by managing the existing and newly mined BTC before the halving.
In the previous cycle, Bitcoin miners had started accumulating BTC a year before the event and began unloading only after the rewards were slashed. However, with less than nine months, or three quarters, before the next halving, the trend hasn’t repeated yet. Miners have been seen sending large amounts of BTC to exchanges.
The one-hop supply of miners, which represents the coins received from mining pools, dipped toward a 2023 low in July.
Bitcoin one-hop supply. Source: Coin Metrics
Data from Bitfinex also shows that miner inflow to exchanges is part of a de-risking strategy to hedge their BTC on derivatives exchanges. For instance, selling BTC one-year futures allows miners to lock in a selling price of $30,000 for next year.
Some miners could also be selling to improve their cash balances before the halving.
Miners are selling record amounts of newly mined #Bitcoin to cover operational costs. Despite the prolonged bear market, mining firms like @Hut8Mining , @Foundry & @Brains remain confident and bullish on #BTC's future. Many are looking to derisk their operations by hedging in the… pic.twitter.com/xVyAmb8BTE
According to data from TheMinerMag, public miners have liquidated nearly all of their newly mined Bitcoin in the last two months.
Meanwhile, Bitcoin mining stocks have continued their impressive positive rally from the start of the year and could be en route to another positive monthly closing in July.
Notably, miner stocks were fueled by reports of a $500 million investment by the United States-based investment fund Vanguard, a $7.2 trillion asset management firm. The fund added to its allocations of Riot Platforms (RIOT) and Maraton Digital Holdings (MARA) in certain indices.
The potential for further upside could be triggered by an ongoing short squeeze, as Marathon Digital Holdings, Riot Platforms and Cipher Mining are heavily shorted, with 20-25% of their float shares, according to Fintel data.
Nevertheless, the mining stocks showed the first signs of weakness in the second half of July, as most mining stocks recorded two negative weekly closings.
Given that the competition in the Bitcoin mining industry is expected to increase throughout the year, miners’ profitability and stock valuations may remain under stress leading up to the halving.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin’s record low volatility is also a sign that the next price breakout will be volatile, but everyone is guessing which direction the price will go and how it will impact altcoins.
The S&P 500 Index continued its march toward its all-time high with a 3% gain in July. Signs of receding inflationary pressures and expectations of an end to the Federal Reserve’s tightening cycle are the factors that boosted risk-on sentiment.
However, this bullish mood did not benefit Bitcoin (BTC) as it largely remained range-bound in July and is on track to end the month with a loss of more than 3%. The biggest question troubling traders is when will Bitcoin’s range break and in which direction.
Typically, the longer the time spent inside the range, the greater the force needed for the breakout. Once the price escapes the range, the next trending move is likely to be strong. The only problem is that it is difficult to predict the direction of the breakout with certainty. Hence, it is better to wait for the price to sustain above or below the range before taking large bets.
With Bitcoin trading inside a range, could the action shift to altcoins? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) has been in an uptrend. The bears tried to pull the price back below the breakout level of 4,513 on July 27, but the bulls held their ground. This suggests that buyers are trying to flip the 4,513 level into support.
SPX daily chart. Source:TradingView
The upsloping moving averages indicate that bulls are in control, but the negative divergence on the relative strength index (RSI) suggests that the bullish momentum could be slowing down.
The up move is likely to face strong selling at 4,650. If the price turns down from this level but rebounds off the 20-day exponential moving average (EMA) of 4,509, it will suggest that the uptrend remains intact.
The first sign of weakness will be a break and close below the 20-day EMA. That could open the gates for a potential drop to the 50-day simple moving average (SMA) of 4,371.
U.S. Dollar Index price analysis
The bears tried to yank the U.S. Dollar Index (DXY) below the 100.82 support on July 27, but the bulls fiercely defended the level. That started strong buying, which pushed the price above the 20-day EMA (101.46).
DXY daily chart. Source:TradingView
The bulls will next try to extend the recovery to the 50-day SMA (102.51) and later to the downtrend line. This remains the key level to keep an eye on because a break above it could indicate that the bears are losing their grip. The index may then rise to the stiff overhead resistance at 106.
On the downside, the bears will have to sink and sustain the price below 100.82 to establish their supremacy. The index could then slide to 99.57. A break below this support could signal the resumption of the downtrend.
Bitcoin price analysis
Bitcoin dropped below the 50-day SMA ($29,442) on July 30, indicating that the bears are trying to take control. However, the long tail on the day’s candlestick shows buying near the horizontal support at $28,861.
BTC/USDT daily chart. Source:TradingView
The downsloping 20-day EMA ($29,624) and the RSI below 44 suggest that bears have a slight edge. Any attempt to start a relief rally could face selling at the 20-day EMA. If the price turns down from this resistance and breaks below $28,861, it could start a decline to $27,500 and then to $26,000.
If bulls want to prevent the fall, they will have to thrust the price above the 20-day EMA. The BTC/USDT pair could first rise to $29,500 and then to the $31,500 to $32,400 resistance zone.
Ether price analysis
Ether (ETH) has been trading between the moving averages for the past few days, indicating indecision among the bulls and the bears about the next directional move.
ETH/USDT daily chart. Source:TradingView
Generally, tight ranges are followed by a range breakout that starts the next leg of the trending move. If the price plunges below the 50-day SMA ($1,859), it will indicate that bears have overpowered the bulls. That may start a downward move toward $1,700.
Instead, if the price turns up and closes above the 20-day EMA, it will signal the start of a short-term up move. The ETH/USDT pair could first rise to $1,929 and thereafter attempt a rally to the psychological resistance at $2,000.
XRP price analysis
XRP (XRP) has been consolidating inside a large range between $0.67 and $0.85. Although the bulls successfully defended the support, they have failed to start a strong recovery.
XRP/USDT daily chart. Source:TradingView
The gradually rising 20-day EMA ($0.69) and the RSI in the positive territory indicate that the bulls have a slight edge. If buyers overcome the barrier at $0.75, the XRP/USDT pair may start a relief rally to the resistance at $0.85.
Contrarily, if the price turns down and dives below the 20-day EMA, it will suggest that every minor rise is being sold. The pair could then retest the support at $0.69. If this support crumbles, the pair may extend the decline to the breakout level of $0.56.
BNB price analysis
BNB (BNB) continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears.
BNB/USDT daily chart. Source:TradingView
The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains above the moving averages, the BNB/USDT pair could rise to the resistance line. A break and close above the triangle could propel the price to $265.
On the other hand, if the price breaks below the moving averages, it will suggest that bears are trying to pull the pair to the support line. If this support cracks, the pair may plunge to $220.
Cardano price analysis
Cardano (ADA) rose above the 20-day EMA ($0.31) on July 28, but the recovery lacks momentum. This suggests that demand dries up at higher levels.
ADA/USDT daily chart. Source:TradingView
If the price skids back below the 20-day EMA, the ADA/USDT pair could consolidate inside a tight range between $0.30 and $0.32 for some time. Buyers will have to kick the price above $0.32 to start an up move to $0.34 and subsequently to $0.38.
Contrarily, if the price continues lower and plummets below the 50-day SMA ($0.29), it may trap several aggressive bulls. That may start a rush to the exit, resulting in a deeper correction to $0.28 and then to $0.26.
Dogecoin (DOGE) is facing selling just above the $0.08 level, but a minor positive is that the bulls have not ceded ground to the bears. This suggests that the buyers expect another leg higher.
DOGE/USDT daily chart. Source:TradingView
The upsloping 20-day EMA ($0.07) and the RSI in the positive territory indicate that the bulls have the upper hand. If the price turns up from the 20-day EMA, the bulls will again attempt to drive the DOGE/USDT pair above the overhead resistance. If they succeed, the pair may start its northward march to $0.10 and eventually to $0.11.
Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair may then slide to the breakout level at $0.07.
Solana price analysis
Solana (SOL) is trying to find support at the 20-day EMA ($24.14), but the bulls are struggling to sustain the rebound. This suggests that the bears have not given up.
SOL/USDT daily chart. Source:TradingView
If the price cracks and maintains below the 20-day EMA, the SOL/USDT pair may slide to $22.30. This remains the key short-term support to watch out for. If the price rebounds off this level, the pair may consolidate between $22.30 and $27.12 for some time. The flattening 20-day EMA and the RSI near the midpoint also suggest a range formation in the near term.
A break and close above $27.12 will signal that bulls are back in the driver’s seat. The pair may then rally to $32.13. On the downside, a break below $22.30 could pull the pair to the 50-day SMA ($20.71).
Litecoin price analysis
Buyers pushed Litecoin (LTC) above the 20-day EMA ($92) on July 29, but they could not clear the hurdle at $97.
LTC/USDT daily chart. Source:TradingView
The flattish 20-day EMA and the RSI just below the midpoint indicate the possibility of a range formation. Buyers purchased the dip on July 30, as seen from the long tail on the candlestick, but they failed to build upon the strength on July 31. This suggests that bears are aggressively defending the $97 level.
If the price tumbles below the 50-day SMA ($91), the LTC/USDT pair could descend to $87. A strong bounce off this level may keep the pair range-bound for a few days. Buyers will have to propel the price above $97 to open the doors for a rally to $106.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer claims not to have sold any coins.
A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market, according to social media reports and blockchain data. The developer for Bald (BALD) denied making any market sales of the coin, stating, “[I] just added/removed 2 sided liquidity and bought.”
Coinbase’s Base network was launched for builders on July 13. However, its development team has urged ordinary users not to use the network, as it lacks a functioning user interface (UI) for its bridge. The team plans to officially release the network to users in August, at which point a bridge UI will be made available.
Despite these warnings, some investors have sought early returns by buying up assets on the network before it is officially launched. They’ve done so by using development tools to bridge Ether (ETH) from Ethereum to Base without a UI.
On July 29, a pseudonymous developer with the Twitter handle “Bald” announced the launch of the BALD token on Base at address 0x27D2DECb4bFC9C76F0309b8E88dec3a601Fe25a8.
The token gained 289,000% within the first 14 hours of trading. But on July 31, Twitter users began reporting that the token’s deployer account had removed 1,034 ETH in liquidity, causing its price to fall to nearly zero.
$BALD deployer just removed 1034 ETH from Liquidity
In a social media post, the BALD developer denied selling tokens through a market order, stating, “I didn’t sell a single token at any point since deployment. Just added/removed 2 sided liquidity and bought.” In response, one coin collector argued that adding two-sided liquidity is, in fact, selling tokens, to which the BALD developer replied, “correct.”
Blockchain data reveals that the BALD token was deployed by account 0xccfa0530b9d52f970d1a2daea670ce58e4176389, which removed 1,009.41 Wrapped Ether (WETH) in liquidity at 12:13 pm UTC on July 31.
Investors have lost significant sums from failed memecoin launches recently. On July 26, over $2 million was lost following the launch of Pond0x, which allegedly contained a faulty transfer function that allowed any user to transfer another user’s tokens without consent.
The highest recently generated block reward was 584 ETH, created by a MEV bot front-running transactions during the DeFi chaos.
The recent Curve Finance exploit has reportedly led to one of the largest ever maximal extractable value (MEV) reward blocks of 584.05 Ether (ETH).
On July 31, Ethereum core developer “eric.eth” reported that “today has produced some of the largest MEV reward blocks in Ethereum’s history,” adding it was caused by the exploit of Curve Finance stable pools on July 30.
Data shows a larger MEV reward block of 692 ETH was recorded in March.
“A bot notices an incoming hack in the mempool, reproduces the tx [transaction] and front runs it”, he explained before adding, “To do so they pay the block producer a lot of ETH to be front of the line.”
Today has produced some of the largest MEV reward blocks in Ethereum’s history.
Slot 6,992,273: 584 ETH
Slot 6,993,342: 345 ETH
Slot 6,992,050: 247 ETH
Slot 6,993,346: 51 ETH
A MEV bot is designed to generate extra revenue by reordering and/or inserting transactions in an otherwise normal block to generate arbitrage opportunities.
MEV bots can also see pending liquidation transactions and front-run them to buy the liquidated assets first at a discount.
The validator gets to propose a block using a relay that outsources their block production to entities specialized in extracting this extra revenue. They will get a cut of this revenue in exchange for allowing the MEV bot to front-run the transaction.
This is known as the “block reward” and some huge ones have been logged over the past few hours.
The highest MEV bot block reward was 584.05 ETH, valued at around $1 million, confirmed at 1.34 am UTC on July 31, according to Beaconcha.in. There have also been block rewards for 345 ETH and 247 ETH over the past few hours.
Moral questions were raised among the responses to the tweet and the implications of potentially illicit funds being used to pay validators to allow the front-running of transactions.
“And this is where the morality of MEV rewards going to miners gets pretty shady. These are effectively hacked funds.”
In April, a Subway-themed trading bot made millions in extractable value by using “sandwich attacks” during the memecoin trading frenzy.
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Chainalysis policy lead Chengyi Ong warned crypto users may eventually have no choice but to deal with offshore unregulated exchanges.
Australia’s Bendigo Bank has become the fourth major bank in the country to announce blocks for “high-risk crypto payments,” citing the need to protect customers from investment scams.
The bank said on July 31 it implemented new rules on instant payments to crypto exchanges which adds “some friction to certain genuine payments,” explained its head of fraud Jason Gordon.
It cited combatting fraudulent payments and enhancing protections for its 2.3 million customers as reasons for the blocks.
Screenshot of Bendigo Bank's warning about investment scams. Source: Bendigo Bank
A Bendigo Bank spokesperson told Cointelegraph that certain instant crypto transactions that it identifies as higher risk will be blocked, but the bank is not disclosing further details at this time.
The spokesperson said it identifies high-risk transactions by employing “a combination of factors” but refused to comment on specifics. The bank said it was not disclosing what exchanges may be affected by its changes.
In an interview conducted before the recent Bendigo Bank announcement, Chainalysis’ APAC Policy Head Chengyi Ong warned that such actions will force Australia’s crypto public to interact with offshore exchanges.
Speaking to Cointelegraph, Ong argued that such blocks won’t stop criminal actors from using other platforms, crypto or not, while uncertainty over banking access could also drive crypto exchanges and users outside the jurisdiction of authorities.
Instead of cutting off exchanges, Ong says banks — alongside regulators, telecommunication providers and social media platforms — need to cooperate at every point of the scam lifecycle.
“[We need to target] all the potential attack vectors and all the potential points of interaction between a victim and a scammer. We have to tackle every single one of those touchpoints.”
Dr. Aaron Lane, Senior Lecturer with the RMIT Blockchain Innovation Hub told Cointelegraph the “best thing” banks can do for consumer protection is to constructively work with exchanges, adding:
"Debanking as a risk tool should be reserved for individual cases of serious and unacceptable risk, not a general posture towards an entire industry or asset class."
Australia has been weighing crypto-specific laws for over three years, and Dr. Lane urged lawmakers to take crypto law reform “out of the too-hard basket.”
Ong’s and Dr. Lane’s comments follow an official statement from the Department of the Treasury in June that included similar warnings.
The Treasury said it understands its inaction on debanking will stifle financial services competition and innovation and could “drive businesses underground and to operate exclusively in cash.”
Today marks eight years since the Ethereum Foundation first announced the rollout of its network.
The crypto community has come together to celebrate the 8th birthday of the Ethereum network, marking eight years since when the Ethereum Foundation first sent the network live.
On July 30, 2015, former Ethereum Foundation CCO Stephan Tual penned a blog post, officially announcing that the network had been rolled out.
"The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality," he wrote.
Screenshot of blog post from Stephan Tual. Source: Ethereum Foundation
Eight years later, Ethereum and its native currency Ether (ETH) has grown to become the second largest crypto asset in existence, boasting a market capitalization of $225 billion and more than 1,900 monthly active developers.
8 years of growth
Community members marked the occasion by sharing fond memories and looking back at its prices, development and overall growth since inception.
Bankless co-host Ryan Sean Adams, noted that Ethereum reportedly boasts $400 billion in secured value, $3.6 billion in annualized profits, and a total of 17.8 million blocks of digital assets.
Happy birthday Ethereum!
$400 billion in secured value, $3.6 billion in annualized profits, and a total of 17.8 million blocks of uncensorable digital property.
Not bad for an 8 year old.
— RYAN SΞAN ADAMS - rsa.eth (@RyanSAdams) July 30, 2023
Using the networks’ 8th birthday as an opportunity to reminisce, Binance CEO Changpeng Zhao posted a tweet on X — regaling the time that Ethereum co-founder Vitalik Buterin stayed with him in Tokyo in the months leading up to the launch of Ethereum.
CZ said Buterin was speaking about ETH “non-stop” at the time and joked about missing out on buying Ethereum at inception. “If I had bought ETH then, I might not have had the need or drive to start Binance. Who knows?” he quipped.
On this 8th birthday of #Ethereum, a little throw back to May 2, 2015, in Tokyo, just before #ETH was officially born. @VitalikButerin stayed in my apartment in Tokyo during this trip. He was already working on and talking about ETH non-stop. And I still missed (didn't buy)… pic.twitter.com/84B6KN73Qf
By allowing developers to create smart contracts and build new blockchain-based applications, Ethereum became integral to the Initial Coin Offering (ICO) boom in late 2017 to the explosion of decentralized finance (DeFi) protocols and development — dubbed “DeFi summer” — in 2020.
It was 8 years ago today, we launched #ethereum from a small office in Waldemarstraße 37A in Berlin
What a journey its been since then?
It became the most widely used cryptocurrency network, switched to PoS and spawned many alt-L1s and L2s
— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) July 30, 2023
A little more than a year after DeFi summer, Ether notched its all-time-high of $4,878 on Nov. 10, 2021. At the time of writing ETH is changing hands for $1,869.
The popularity of liquid staking tokens could usher in a new age for Ethereum and the rest of cryptocurrency — and play a key role in the new bull market.
Before we know it, liquid staking tokens (LSTs) are going to replace Ethereum’s native cryptocurrency, Ether (ETH). The LST market is already worth approximately $17 billion, and it has grown continuously since Ethereum’s Merge.
While LSTs are just beginning to hit their stride, their advantages over traditional ETH will soon become clear to liquidity providers (LPs), toppling ETH from its throne and ushering in a new era of LST domination.
Since the Merge, ETH can now be staked to produce a roughly 4% annual yield, depending on factors of network activity, total ETH staked, number of validators and the value captured by maximum extractable value. This development is significant because of the nature of ETH as a generally stable asset. Many cryptocurrencies are more volatile, so owners have to consider both yield and whether the price of that asset will appreciate or depreciate. Alternatively, ETH now offers yields from both staking and gradual price stability and appreciation.
The new capacity to stake ETH and earn yield means that those who hold ETH today must decide: Should they provide liquidity with their ETH and hope to earn fees, or would they be better off staking that ETH and earning a surefire yield?
LSTs solve this dilemma for LPs. Unlike regular staked ETH, which is illiquid in the Ethereum staking contract, LSTs unlock the inherent value of staked tokens, giving LPs a liquid “receipt” token that can be freely traded and utilized as collateral within decentralized finance (DeFi) protocols. Because LSTs make staked assets liquid, they offer flexibility for tokenholders to engage in other activities across different networks while still earning ETH staking rewards.
This means that LPs can now earn the yield from staked ETH while simultaneously using LSTs to provide liquidity in automated market makers (AMMs). Critically, LSTs also offer a much lower cost to entry than regular ETH staking, which is appealing for reaching new audiences and smaller dollar investors.
The argument that LSTs will replace ETH in DeFi is evident: Any LP who chooses to supply ETH to an AMM instead of an LST is sacrificing roughly 4% APR. What kind of sense would that make for folks looking to maximize their yield?
There are undoubtedly some in this space who would argue that ETH is ETH — that it’s the second biggest token in the cryptocurrency landscape and that it’s not going anywhere. But crypto is quick to evolve. This community is always looking for the next technical development that makes earning yield easier and more efficient, and when it comes down to it, LSTs offer a more effective way to earn yield.
The transition to LSTs will come swiftly, but right now, it’s still very early days. Ethereum’s Shanghai upgrade, which enabled ETH to be unstaked for the first time, only happened in April. But LSTs have a much larger market potential than their current market share represents. As people become more comfortable with staking ETH now that it can be easily unstaked, I believe that we will see a rapidly growing adoption of liquid staking platforms.
The beginning of this transition can already be seen in staking trends in the post-Shanghai world. In 2023 alone, the ETH deposited with the Lido protocol has increased from 4.9 million to 8 million, representing more than 30% of all staked ETH. The Swell Network, which launched in mid-April, already has more than 43,000 ETH staked on its platform.
ETH staked on Swell as of July 30, 2023. Source: DeFiLlama
This shift could mean LSTs will take over as the dominant asset in decentralized exchanges and eventually replace ETH entirely as the go-to token in crypto. The sweeping growth of “LSTFi” could usher in an age in which all ETH will be staked through liquid staking protocols and users will do all trading and other activities using LSTs.
Yes, ETH is the more familiar asset. But familiar doesn’t necessarily mean “best.” Before settling into purchasing ETH and then having to make decisions about what financial opportunity to forfeit via providing liquidity vs. staking, folks in DeFi should take a spin through the up-and-coming LST ecosystem. Right now may be the last real chance to get in on the ground floor and maximize the impact of their investments.
Ultimately, an LST takeover would be a positive thing for the industry. Many crypto users left during our “crypto winter,” and there’s been a noticeable slowdown in garnering interest from new users. LSTs are a more accessible option to attract new users and could be the new breath of life this industry needs.
Bob Baxley is a core builder for the Maverick Protocol. He worked previously for Apple as a senior manager of design and product management and as a director of design for Yahoo. He holds an undergraduate degree from the University of Texas at Austin and a master’s degree from Stanford University.
The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.
A number of pools using Vyper have been exploited due to a malfunctioning reentrancy lock that potentially exposes all pools with wrapped Ether (WETH).
Decentralized finance (DeFi) protocols are undergoing a stress test following a critical vulnerability was found on versions of Vyper programming language, resulting in the theft of millions of dollars' worth of cryptocurrencies on July 30.
A number of pools using Vyper 0.2.15, 0.2.16 and 0.3.0 have been exploited due to a malfunctioning reentrancy lock, targeting at least four liquidity pools on Curve Finance protocol. "The short answer is that everything that could be drained was drained. The targeted pools are aETH/ETH, msETH/ETH, pETH/ETH and CRV/ETH. All remaining pools are safe and unaffected by the bug," Curve Finance said on Discord.
BlockSec, an auditing firm for smart contracts, noted that the reentrancy could potentially place all pools with wrapped Ether (WETH) at risk of attack.
Vyper is a contract programming language designed for Ethereum Virtual Machine (EVM). It is considered one of the most widely used Web3 programming languages, which means the bug in three of its versions could have an impact on several other protocols.
The attack affects a number of decentralized finance projects, with Alchemix's alETH-ETH reporting outflows of $13.6 million, PEGd’s pETH-ETH pool drained by $11.4 million, Metronome’s sETH-ETH pool hacked by $1.6 million and over 32 million in Curve DAO (CRV) tokens worth over $22 million drained over the past few hours. Decentralized exchange Ellipsis also reported that a small number of stable pools with BNB were exploited using an old Vyper compiler.
The incident also negatively affected CRV's price, which was down over 12% at the time of writing at $0.64. Community members also noted a potential ripple effect on Aave's protocol, as the falling price of CRV could force Curve's founder Michael Egorov to liquidate a $70 million borrowing position on Aave.
Bitcoin’s price consolidation is giving altcoin traders confidence that DOGE, MKR, OP and XDC could break out.
Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high. This suggests that the bulls are not rushing to the exit as they anticipate another leg higher.
Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up.
However, an altcoin recovery is likely to remain in place only till Bitcoin shows strength. If Bitcoin turns down sharply, the possibility of a sell-off in altcoins remains high. While select altcoins provide trading opportunities, cryptocurrency traders should be careful and keep a close watch on Bitcoin’s price action.
What are the important support and resistance levels to watch out for on Bitcoin? Let’s study the charts of top-5 cryptocurrencies that may try to move in the near term.
Bitcoin price analysis
The bulls managed to sustain Bitcoin above the 50-day simple moving average ($29,377) for the past few days but a negative sign is that they haven’t been able to propel the price above the 20-day exponential moving average ($29,670).
The bears will try to strengthen their position by pulling the price below the immediate support at $28,861. If they manage to do that, it will suggest that the BTC/USDT pair could stay range-bound between $31,000 and $24,800 for some time. The gradually downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to bears.
This bearish view will invalidate if the bulls drive the price above the 20-day EMA. The pair could then rise to the overhead resistance zone between $31,000 and $32,400. The bulls will have to overcome this barrier to signal the start of a new uptrend to $40,000.
BTC/USDT 4-hour chart. Source: TradingView
The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The pair is stuck inside a narrow range between $28,861 and $29,690.
A break and close above the overhead resistance will indicate that the advantage has tilted in favor of the bulls. The pair could then rise to $30,500 and later to $31,500.
Alternatively, if the price turns down and breaks below $28,861, it will suggest that bears are in control. The pair could then slump to $27,500.
Dogecoin price analysis
Dogecoin (DOGE) is facing resistance just above the $0.08 level but a positive sign is that the bulls have not given up much ground.
The bulls purchased the dip on July 28, indicating that the sentiment remains positive and traders are buying the dips. If bulls propel the price above the intraday high made on July 25, the DOGE/USDT pair could pick up momentum. The pair could then soar to $0.10 and subsequently to $0.11.
Contrarily, if the price turns down from the current level and plummets below the 20-day EMA, it will suggest that bears are selling on rallies. The pair could then slide to the breakout level of $0.07.
DOGE/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is in an uptrend. The price dipped below the 20-EMA but the bulls bought the dip and again pushed the price above $0.08. If bulls clear the overhead hurdle, the pair may resume its up-move.
The important support to watch on the downside is the 20-EMA and then the 50-SMA. Sellers will have to sink the price below the 50-SMA to gain the upper hand. The pair could then slump to the breakout level at $0.07.
Maker price analysis
Maker (MKR) had been stuck below $1,200 for the past several months. The bulls finally cleared this overhead obstacle on July 29.
Usually, after the price breaks above a stiff overhead resistance, the price turns down and retests the breakout level. In this case, the price may drop to the breakout level of $1,200. If the price turns up sharply from this level, it will suggest that the bulls have flipped $1,200 into support. The MKR/USDT pair may then start a new uptrend toward $1,600 and then $1,900.
Conversely, if bears sink and sustain the price below $1,200, it will suggest that the recent breakout may have been a bull trap. The pair could then skid to the 20-day EMA ($1,079). A break and close below this level will suggest that the bears are back in the game.
MKR/USDT 4-hour chart. Source: TradingView
The upsloping moving averages and the RSI above 66 on the 4-hour chart indicate that the pair is in an uptrend. The price turned down from $1,361 but the bulls are likely to buy the dip to the 20-EMA.
If they do that, the pair will again try to rise above the overhead resistance of $1,361. If that happens, the pair may soar to $1,600. On the contrary, a decline below the moving averages will indicate that bears have seized control. The pair may then dump to $1,000.
The 20-day EMA ($1.46) has started to turn up and the RSI is in the positive territory, indicating that the bulls have the upper hand. There is a minor resistance at $1.66 but if this level is crossed, the OP/USDT pair could rise to $1.88 and then to $2.
Contrary to this assumption if the price turns down from $1.66, it will suggest that bears are selling on rallies. The pair could then drop to the 20-day EMA, which is an important level to keep an eye on. If this support cracks, the pair may descend to the 50-day SMA ($1.33).
OP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price is stuck between $1.66 and $1.40 for some time. The 20-EMA has started to turn up and the RSI is just below the overbought region, indicating that the bulls have a slight edge.
If bulls thrust the price above $1.66, the pair could resume the up-move. The first target objective on the upside is $1.92.
If the price turns down from $1.66, it will signal that the pair may extend its range-bound action for some more time. The bears will have to sink and sustain the price below $1.40 to come out on top. That could clear the path for a potential fall to $1.15.
XDC Network price analysis
The XDC Network (XDC) surged from $0.03 on July 11 to $0.06 on July 25, indicating a strong uptrend.
The price could first correct to the 38.2% Fibonacci retracement level of $0.05 and then to the 20-day EMA ($0.05). This is an important zone to watch out for because a strong bounce off it will suggest that the sentiment remains bullish.
If the price turns up from this zone, the bulls will attempt to resume the uptrend. A rally above the intraday high of July 27 could open the gates for an up-move to $0.10. This positive view will be negated on a break and close below the 20-day EMA.
XDC/USDT 4-hour chart. Source: TradingView
The bulls are attempting to arrest the pullback at the 50-SMA on the 4-hour chart. This is a positive sign but the flattening 20-EMA and the RSI near the midpoint suggest that the positive momentum may be weakening.
If the price turns down from the current level or the overhead resistance at $0.06 and breaks below the 50-SMA, it will signal the start of a deeper correction. The XDC/USDT pair may then slide to the 50% Fibonacci retracement level near $0.05.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
John Deaton believes the unequal treatment raises concerns about the regulatory body’s effectiveness and fairness, as well as the overall framework for digital assets.
Pro-XRP lawyer, John Deaton, has said that the actions taken by the United States Securities and Exchange Commission (SEC) against the crypto industry are driven by a broader motive to safeguard corporate capitalism rather than prioritizing the protection of investors.
Deaton highlighted what he views as an assault on cryptocurrencies, particularly in relation to the SEC’s actions targeting Coinbase and Ripple. In his remarks, he touched on several aspects, such as the accredited investor rules, the SEC’s approach to regulating cryptocurrencies and its position concerning retail investors in the Ripple case.
On X (Twitter), Deaton expresses his conviction that the U.S. operates within a framework of corporate capitalism rather than a genuine capitalist system. He highlights various facets of the present financial landscape to bolster his argument.
For years I’ve said we don’t exist in a true capitalist system. We have corporate capitalism in the U.S. Look at the accredited investor rules and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase which allows non-accredited… https://t.co/JVis3xw30f
Deaton said the SEC’s allocation of limited resources toward Section 5 cases and its focus on targeting the secondary market on exchanges instead of addressing fraud within the crypto space indicates a misplacement of priorities. He contends that this approach could potentially hinder innovation and impede the growth of the developing cryptocurrency industry.
Additionally, Deaton highlights the SEC’s opposition to retail investors participating as amici curiae (friends of the court) in the Ripple case. With this stance, Deaton suggests a reluctance to consider the views of retail investors, further solidifying the perception that the regulatory body may prioritize the interests of larger financial institutions over those of individual investors.
The unequal treatment raises concerns about the regulatory body's effectiveness and fairness, as well as the overall framework for digital assets. The SEC's differing approach to various players in the industry could impede the growth of innovative startups while potentially favoring more established entities.
Michael Saylor, Layah Heilpern and Steven Lubkha were among those in the crypto community that took an interest in what Australian actress Margot Robbie had to say about Bitcoin.
Australian actress Margot Robbie, who is playing the lead in the new Barbie movie, has caused quite a stir within the crypto community after stating that simply talking about Bitcoin (BTC) gives off Ken vibes.
In the last 24 hours, the crypto community on Twitter, including Microstrategy's Michael Saylor and prominent Youtuber Layah Heilpern, showed a mixed response to Robbie’s statement about Bitcoin that she made in an interview with Fandango on June 22.
Robbie revealed that every time she overheard her husband Tom Ackerley and television producer David Heymen discussing Bitcoin on set, it brought to mind the traits of Ken, the fictional co-star character in Barbie, portrayed by Ryan Gosling.
“When David and Tom would start talking about Bitcoin or something, Gretta and I would be like you’re being such Kens!”
Along with Saylor declaring that Bitcoin is in fact “Big Ken Energy,” several other prominent figures in the crypto industry shared their thoughts on Robbie's comment.
Crypto influencer Lea Thompson, better known to her 225,000 Twitter Followers as Girl Gone Crypto, stated that she is “so bullish” after hearing Robbie’s comments on Bitcoin.
Bitcoiners last week: yah haven't seen the Barbie movie, whatever, looks dumb
Bitcoiners today: MARGOT ROBBIE SAID THAT BITCOIN IS BIG KEN ENERGY, SO BULLISH
Robbie stated in the interview that it is hard to define what makes a Ken, or what gives off Ken energy, as it can be subjective.
“It is not something you can define; it is just something you can sense” Robbie stated.
However, a United States psychologist indicates that having “Ken energy” could be a sign of someone who is selfless and has the ability to adapt to different situations.
Dr Mark Travers, lead psychologist at Awake Therapy, stated in a July 13 Forbes report, that the character of Ken challenges traditional gender stereotypes.
“In a universe which revolves around Barbie, Ken has only a supportive role to play, and he plays it gladly” Travers stated, adding:
“Barbie is and comes before everything, we see male counterpart Ken relegated to the uni-dimensional and purely aesthetic role that women have often been confined to in the past, in a flippant and parody-like manner.”
Steven Lubka, a managing director at Swan Bitcoin, shared the video and suggested it could be positive for the Bitcoin community, declaring “we are so back.”
Among the 300 payment leaders surveyed across 45 countries, 97% believe that blockchain will play a crucial role in faster payment systems within the next three years.
Blockchain has the potential to save financial institutions approximately $10 billion in cross-border payment costs by the year 2030, according to a recent report.
Published by digital payment network Ripple, in collaboration with the US Faster Payments Council (FPC) on July 29, the report surveyed 300 finance professionals across 45 different countries, from various sectors, such as fintech, banking, media, consumer technology and retail.
Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.
Among 97% of those surveyed, who range from analysts to directors and CEOs, firmly believe that blockchain technology will play a crucial role in facilitating faster payment systems within the next three years.
According to the report, fintech analyst company Juniper Research predicts that the use of blockchain in global transactions will result in substantial cost savings for banks over the next si years.
“Juniper Research supports this notion, pointing to blockchain’s potential to significantly increase savings for financial institutions conducting cross-border transactions – an estimated $10 billion by 2030.”
The report revealed a split in opinions among the surveyed leaders over when the majority of merchants would embrace digital currency payments.
While 50% of those surveyed were confident that most merchants would adopt crypto payments within the next three years, there were varied confidence levels whether it would happen within the next year.
Ripple and US Faster Payments Council report: 'Transforming the way money moves' report. Source: Ripple
Participants from the Middle East and African region showed the highest level of confidence, with 27% of them believing that most merchants will accept crypto as a payment method within the next year.
Meanwhile, leaders in the Asia-Pacific (APAC) region were the least confident, with only 13% believing in the same timeframe. However, across all 300 surveyed participants worldwide, 17% expressed their belief that such adoption could happen within the next year.
This comes after research from the Bank of International Settlements (BIS) revealed there could be up to 24 central bank digital currencies (CBDC) by the year 2030.
In a report published by BIS on July 10 – which surveyed 86 central banks from October to December 2022 – it revealed 93% of those institutions are researching CBDCs, and there could be up to 15 retail and 9 wholesale CBDCs in circulation by 2030.
Crypto legislation goes to the House floor in the U.S., Worldcoin’s controversial launch and Russia’s digital ruble signed into law.
Top Stories This Week
Crypto bills pass congressional committee in huge win for US crypto
A key United States House panel has approved a pair of bills that could finally deliver some regulatory clarity to crypto firms in the country. On July 26, lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act, which establishes rules for crypto firms on when to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The panel also approved the Blockchain Regulatory Certainty Act, which sets out guidelines that remove hurdles and requirements for blockchain developers and service providers such as miners, multisignature service providers and decentralized finance platforms. Despite the passage of these acts, a number of Republicans and Democrats refused to support another proposed piece of legislation dubbed the Digital Assets Market Structure bill.
Worldcoin token launch sparks response from Vitalik Buterin
Vitalik Buterin, the co-founder of the Ethereum network, released a long-form essay with his thoughts on the recently launched Worldcoin human identity verification system, addressing the larger concept in discussion with the release of the Worldcoin token proof-of-humanity. Worldcoin initiated its public launch on July 25 after nearly two years of development and beta testing, but criticism of it erupted almost immediately. The United Kingdoms Information Commissioners Office is deciding whether to investigate the project for violating the countrys data protection laws. The French National Commission on Informatics and Liberty also questioned Worldcoins legality. In response to criticism of its data collection practices, the project released an audit report on July 28.
Putin signs law on introduction of digital ruble in Russia
Russia is moving forward with its central bank digital currency as President Vladimir Putin signed the digital ruble bill into law on July 24. With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023. Individuals in the country will have the choice to choose whether or not to use the digital ruble. According to Bank of Russia Deputy Governor Olga Skorobogatova, the government doesnt expect mass adoption of the digital ruble in Russia before 2025.
Binance withdraws crypto license application in Germany
Binance has withdrawn its cryptocurrency custody license application in Germany, nearly a month after reports of concerns from the German Federal Financial Supervisory Authority. A spokesperson from Binance told Cointelegraph that it intends to reapply for a license in Germany, with changes to its application reflecting adjustments in the regulatory environment. Binance CEO Changpeng Zhao said it would focus on becoming compliant with the European Unions Markets in Crypto-Assets regulations to offer its services in European countries. However, its European expansion plans have seen a setback amid its regulatory troubles in the United States.
FTXs Bankman-Fried seeks gag order for all witnesses in criminal case
Former FTX CEO Sam SBF Bankman-Fried has agreed to a gag order preventing him from making comments to third parties that may interfere with his trial but argues other potential witnesses should be gagged as well, including current FTX CEO John Ray. The gag order against Sam Bankman-Fried was initially requested on July 20, when the U.S. government accused the FTX founder of attempting to interfere with a fair trial by publicly discrediting former business partner and witness Caroline Ellison in an interview with the New York Times. According to SBF’s lawyers, there has been a toxic media environment surrounding their client since the collapse of the exchange.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $29,331, Ether (ETH) at $1,876 and XRP at $0.71. The total market cap is at $1.18 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XDC Network (XDC) at 45.69%, GMX (GMX) at 11.82% and Bone ShibaSwap (BONE) at 9.60%.
The top three altcoin losers of the week are Pepe (PEPE) at -12.36%, Gala (GALA) at -11.85% and Injective (INJ) at -11.58%.
In the months to come, we will add [to X] comprehensive communications and the ability to conduct your entire financial world. The Twitter name does not make sense in that context.
BTC price shrugs off strong PCE data as Bitcoin traders eye $28K range
Bitcoin stayed range-bound at the end of the week despite United States inflation data beating expectations. Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures Price Index print.
Among traders, there was still an appetite for BTC price downside, with the $30,000 resistance now in place for over a week. Popular pseudonymous trader Crypto Tony confirmed that he remained short on BTC below $29,600.
I expect continuation down to $28,000 in time, but for sure we could range here for a little while before the drop, he told Twitter (now known as X) followers on the day.
FUD of the Week
SEC files charges against Quantstamp for $28M initial coin offering
Blockchain security firm Quantstamp is set to return $28 million raised in a 2017 initial coin offering (ICO) following charges brought by the U.S. Securities and Exchange Commission for allegedly conducting an unregistered ICO of crypto asset securities. The SECs order outlines that Quantstamps ICO, which took place in October and November 2017, raised over $28 million by selling its native QSP tokens to some 5,000 investors. According to the SEC, the company failed to register its tokens offering, which the agency deemed to be securities.
Alphapo payment provider hack now estimated at over $60M ZachXBT
The Alphapo payments provider hack is now estimated to have caused losses exceeding $60 million, according to a report from pseudonymous on-chain sleuth ZachXBT. The loss was previously reported at roughly $31 million. The new report identifies an additional $37 million allegedly drained from the old addresses on the Tron and Bitcoin networks. Citing data from Dune Analytics, the ZachXBT argued that the Lazarus Group may be behind the attack. Neither company confirmed that the issues were caused by a hack, but security researchers have argued that the large outflows from known hot wallets, combined with stalled withdrawals, imply that the funds may have been moved by an attacker.
Pond0X token launch snafu leads to millions of dollars in losses
The launch of memecoin Pond0x (PNDX) has led to millions of dollars in losses for investors, according to multiple reports on social media on July 28. Data from the Maestrobots trading app shows that the token reached a price of $0.36 before collapsing to near zero in a span of five minutes. According to initial reports, PNDX had a faulty transfer function that allows users to transfer coins from any other user. Investors lost at least $2.2 million in the launch. The memecoin was announced on July 28 by pseudonymous Not Larva Labs founder Pauly, a developer of an NFT trading app for CryptoPunks and a separate parody collection called CryptoPhunks.
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