1. Grayscale Announces Launch of Crypto Investment Trusts for TAO and SUI link

Grayscale has announced the launch of two new cryptocurrency investment trusts: the Grayscale Bittensor Trust and the Grayscale Sui Trust. The former will invest in Bittensor’s native token, TAO, while the latter will focus on the SUI token of the Sui protocol. Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, stated that these new offerings will provide investors with access to cutting-edge technologies in decentralized AI and smart contract blockchains. To date, Grayscale has introduced 18 cryptocurrency investment products, including those focused on Solana, Litecoin, Stellar, Zcash, Chainlink, and others.

2. Arbitrum DAO Launches Vote on ARB Staking Proposal link

Arbitrum DAO has initiated a vote on an ARB Staking proposal, aiming to enhance the utility of ARB and improve the governance and security of the Arbitrum protocol without distributing fees directly to token holders. The staking mechanism would allocate future rewards generated by the DAO — such as sequencer fees, MEV fees, validator fees, token inflation, and treasury diversification — to token holders who delegate their ARB to active governance participants. The proposal also includes the implementation of a liquid staked ARB token (stARB) through the Tally protocol, enabling automatic compounding of future rewards and DeFi compatibility. As of now, Arbitrum DAO’s treasury has accumulated over $16 million in fees from Arbitrum One and Nova. The proposal has received 5.8 million ARB votes in favor, with the voting set to conclude on August 16.

3. White Hat Hackers Discover Vulnerability in Ronin Bridge Affecting $9.33 Million link

On August 6, the game blockchain Ronin announced an update stating that it had received a notification from a white-hat hacker about a potential vulnerability in the Ronin bridge. After verification, the bridge was suspended approximately 40 minutes after its initial on-chain operation. Attackers extracted around 4,000 ETH and 2 million USDC from the bridge, totaling approximately $12 million, marking the largest single transaction withdrawal. The bridge upgrade encountered issues during governance, leading to a misinterpretation of the operator voting threshold required for fund withdrawals. The team is working to resolve the issue and plans to redeploy the bridge after a thorough audit and re-vote. They are currently negotiating with the attackers, ensuring all user funds are secure, with any shortages to be replenished when the bridge reopens.

On the same day, Ronin tweeted that the white-hat hacker had returned approximately $10 million worth of ETH, with USDC expected to be returned later that day. The bug bounty program will reward the white-hat hacker with a $500,000 bounty.

4. Zircuit Mainnet Launches, with Noted Temporary Backdoor in Validation Contracts link

The L2 project Zircuit has announced the launch of the first phase of its mainnet, initiating Zircuit mainnet nodes and opening the first season airdrop to reward the network’s early contributors and participants. Users participating in the first season rewards activity can now claim their tokens, though they are currently non-transferable. Additionally, users can earn ZRC tokens by paying gas fees on the Zircuit network. Zircuit, which previously received investment from Binance Labs, has achieved a TVL exceeding $2.5 billion.

Bartek, founder of L2Beat, stated that the zkEVM Zircuit, built on Optimism Bedrock, is now live on the mainnet, but its proof system does not meet expectations. An examination of the verification proof contract revealed a clear temporary backdoor in the code, which potential malicious actors could easily obscure behind complex mathematical operations. It is necessary for the community to be able to independently regenerate verification keys and explain the mathematical principles involved. Zircuit co-founder Dr. Z mentioned that, in its initial phase, Zircuit intentionally employs a so-called “template proof” to promptly roll up its state, allowing the chain to quickly achieve finality. As the proof system matures and optimizes, each block will be equipped with zk-SNARK proofs.

5. Franklin Templeton Announces FOBXX Now Live on Ethereum Layer 2 Arbitrum link

Franklin Templeton, with assets under management totaling $1.5 trillion, has announced that its OnChain U.S. Government Money Market Fund (FOBXX) is now available on Arbitrum, an Ethereum Layer 2 blockchain. This marks the third blockchain the fund has been launched on, following Stellar and Polygon. Franklin Templeton noted that while Stellar serves as the official ledger for the fund, it can also utilize Polygon and Arbitrum networks upon request and qualification. Initially, Arbitrum will be accessible only to institutional wallets. Launched in 2021, the fund currently has a market value of $420 million, making it the third largest on-chain product linked to U.S. Treasury securities.

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6. Aave DAO Announces Collaboration for $100 Million On-Chain Fixed Income Loan link

Aave DAO has announced a collaboration with Trident Digital, IntoTheBlock, and TokenLogic to launch the first on-chain fixed-income loan valued at $100 million, designed to offer investment options that mitigate market volatility and risk. Anthony DeMartino, CEO of Trident Digital, stated that the new model will provide borrowers and lenders with certainty regarding fixed interest rates and loan terms. Additionally, this collaboration involves locking 33,000 ETH for three months and supplying funds to Aave v3 via ITB’s non-custodial smart contract suite.

7. Uniswap Foundation: Holds $36.81 Million and 680,000 UNI as of Q2 link

The Uniswap Foundation has released its unaudited quarterly financial summary as of June 30, 2024. The Foundation holds $36.81 million in cash and stablecoins, along with 680,000 UNI tokens. The cash and stablecoins will be allocated for grants and operational activities, while the UNI tokens will be used for employee token incentives. The Foundation anticipates that these funds will sustain operations until the end of 2025, with allocations as follows: Grant commitments and incentives total $26.12 million, with $22.46 million committed for 2024 and 2025, $3.66 million reserved for previously committed grants, and the remaining $10.69 million designated for operational expenses through the end of 2025.

8. Ethena Announces USDe Now Live on Solana link

Ethena has announced the launch of USDe on Solana, marking the official start of its integration with the network. USDe is deployed on Solana through LayerZero Labs’ OFT, with SOL serving as the backing asset for USDe, subject to governance approval. Additionally, Ethena has introduced the Solana Sats campaign. Solana users can now trade using USDe and earn Ethena’s native rewards through sUSDe.

9. Blast Community Token PacMoon Announces Departure from Blast to Migrate to Solana link

The PacMoon community token has announced its departure from Blast to migrate to Solana, receiving an airdrop on Solana based on the PAC tokens burned. PacMoon’s Growth Manager, Lamboland, stated that building on Blast was a challenging endeavor, highlighting that tokens, community, and culture are crucial for blockchain success. However, Blast never prioritized these aspects; the native tokens on Blast were suppressed, and the Blast team did not offer adequate community support.

In response, Blast founder Pacman announced that the foundation will expand its incentive distribution and provide more direct support for local assets. New measures include: 1. Cultural projects (such as memecoins and NFT collectibles) will receive direct gold point incentives; 2. Asset incentives: projects can now allocate gold points to their local assets, subject to Blast Foundation approval. Unfortunately, PacMoon decided to migrate before this new distribution was implemented. The allocation reserved for PacMoon will be distributed to previous holders based on snapshots taken during the two weeks before and after the TGE.

10. OKX Delists Tokens MSN, OMN, REP, IGU, PCI, SLN link

OKX will officially delist the trading pairs MSN/USDT, OMN/USDT, REP/USDT, BTC/EURT, ETH/EURT, EURT/USDT, IGU/USDT, PCI/USDT, and SLN/USDT on August 9, 2024, from 4:00 PM to 4:30 PM (UTC+8). Additionally, OKX has suspended deposits for MSN, OMN, REP, EURT, IGU, PCI, and SLN, and will cease withdrawals for these tokens on November 9, 2024, at 4:00 PM (UTC+8). Notably, MSN was a Jumpstart project on OKX in April, and in January 2024, it announced an investment from Tide Groups, which claimed to be a leading Web3 AI algorithm trading firm, with a valuation of $1 billion. As of the latest update, MSN’s fully diluted market cap is only $11.38 million, representing a decline of over 97% since its listing on OKX. OKX founder Star has criticized the exchange’s token listings, denouncing certain token projects for merely releasing, reducing, and exploiting users post-listing.

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