🧐 Blast hits $390 million TVL with no product

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Markets

Blast TVL hits $390 million, with no product (4 minute read)
In a span of just a few days, the Blast deposit contract on Ethereum has witnessed a huge surge in value, reaching an impressive $390 million. Positioned as a "bridge" for an optimistic rollup still in development, this smart contract has attracted significant attention, garnering approximately $340 million in ether and $50 million in stablecoins since its launch on Monday.

The contract operates under the control of a Safe 5-key multisig, with transaction execution requiring the consensus of three keys. However, scrutiny reveals that one of the five keys lacks any transaction history, while the other four display initial ether deposits from the same Ethereum account. The opacity surrounding the origin of these five keys raises uncertainty, as external observers cannot ascertain whether they were generated by five independent entities or individuals.

The benefits of being on multiple chains (2 minute read)
Having a multi-chain approach provides a significant advantage over those exclusively focused on a single ecosystem. The rationale is straightforward: engaging in activities such as trading NFTs across Solana, Ethereum, and Bitcoin allows one to observe three distinct NFT metas concurrently. This translates to acquiring market experience at a rate three times faster than traders who adhere to their comfort zones and mono-chain practices, regardless of their skill level. Embracing a diverse range of blockchain ecosystems proves instrumental in staying attuned to various developments and trends in Crypto.

Will This Week’s Economic Calendar and Fed Speeches Move Crypto Markets? (2 minute read)
An eventful week lies ahead on the economic calendar, following the holiday weekend in the United States. The scheduled release of US GDP figures and inflation data holds the potential to significantly influence market sentiment and investor confidence for the remainder of the year. The Kobeissi Letter, a notable macroeconomics outlet, has outlined key economic events for the US starting from November 27, encompassing crucial indicators such as inflation data and a speech from a Federal Reserve governor on Friday.

Tech

Bitcoin user claims to be victim of hack which led to record $3 million transaction fee (4 minute read)
The recipient of the unprecedented $3 million transaction fee in a Bitcoin transfer last week now asserts that they were a victim of hacking. The incident occurred when, on Thursday, a Bitcoin user seemingly mistakenly paid an 83.65 BTC transaction fee, surpassing $3.1 million and establishing a new U.S. dollar record for a single Bitcoin transaction, exceeding the previous high of $500,000 in September.

The individual, identifying as the victim, took to a new account with the handle "83_5BTC" on Friday, narrating the situation and disclosing the transfer of 139 BTC to a new cold wallet, which promptly moved to another wallet. The user speculates that a script running on the wallet might have led to an anomalous fee calculation, indicating a potential vulnerability exploited by a malicious actor.

ATOM Slips 4% as Founder Pushes for Cosmos Fork After Inflation Vote (2 minute read)
After a community vote endorsed the reduction of inflation on the native token ATOM to 10%, Cosmos Hub founder Jae Kwon is advocating for a hard fork of the cryptocurrency. The Cosmos community is currently experiencing a division, resulting in a 4% decline in the price of ATOM over the past day, settling at $9.29.

The proposed adjustment aims to lower ATOM's inflation from approximately 14% to a maximum of 10%, consequently reducing its Annual Percentage Rate (APR) from around 19% to roughly 13.4%. Supporters of the proposal contended that the initial inflation rate was higher than necessary for maintaining network security, asserting that validators could operate at a "break-even or profitable" status with a maximum 10% inflation rate, allowing them the option to increase their commission rate to cover operational expenses.

Misc

Sam Bankman-Fried Used Mackerel to Pay For a Haircut in Brooklyn Detention Center (2 minute read)
Amidst the challenges of incarceration, SBF, the founder of bankrupt crypto exchange FTX, is adapting to a transformed prison economy where mackerel has replaced cigarettes as a form of currency. In the absence of smoking, which is now prohibited, the traditional practice of using cigarettes for transactions in prisons has shifted to the exchange of preserved fish.

Apparently, Bankman-Fried engaged in trading pouches of "macks" to secure a haircut. Currently held at Brooklyn's Metropolitan Detention Center, he awaits sentencing after being found guilty this month on seven counts of defrauding customers and lenders during his tenure as CEO of FTX. Bankman-Fried shares his cell space with notable figures, including a former Honduran president and a former senior Mexican police officer.

Coinbase Stock Hits 18-Month High Alongside Bitcoin and Ethereum (2 minute read)
In the current bullish trend of the crypto space, it's not just leading digital assets like Bitcoin and Ethereum that are experiencing significant growth—Coinbase's stock (COIN) is also thriving. The shares of America's largest crypto exchange listed on the Nasdaq have surged to their highest value since the market downturn in May 2022. Currently priced at $115.75 per share, COIN has witnessed a nearly 6% increase in the past day and came close to reaching $117 per share on Friday. Over the last month, COIN has demonstrated impressive growth, soaring over 41% from its trading price of $82 per share.

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