Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories of the technological development of cryptocurrencies. I am Margaux Nijkerk, reporter Tech & Coindesk Protocols.
In this issue:
- Okx Slashes Okb Token Supply of 50% with a burn of $ 7.6 billion, prices of prices
- The volume of ETH transactions climbs on the price rally, less expensive challenge costs
- Armed trading robots drain $ 1 million from crypto users via the Youtube scam generated by Ai-Généré
- Babylon presents Bitcoin vaults without confidence for the BTC implementation protocol
Network news
Okx Slashes Token Supply in half: OKB, the OKX cryptocurrency exchange token, more than tripled to a record after the company has executed a punctual burn of 65.26 million OKB, reducing the offer by more than 50%. The combustion of the value of approximately $ 7.6 billion in tokens permanently reduces the maximum offer to 21 million, in accordance with the hard calculation coded in bitcoin. The burn or the sending of tokens to a portfolio address that cannot be accessible, was made from OKX reserves and represents one of the biggest deflationary events in the history of exchange tokens. The effect of the burn was instantaneous. OKB increased to $ 142 of $ 46 before releaseing at around $ 102. The volume of negotiations skyrocketed from 13,000% to $ 723 million while the traders were trying to capitalize on the shock of the offer. The strategy reflects that of BNB, the BNB chain token, which is associated with a rival exchange. This undergoes quarterly burns that often precede short -term gatherings. – Oliver Knight Learn more.
Transaction volume tip : The volume of Ethereum transactions was generally on an ascending trajectory, closing its summit of 1.9 million transactions in a single day in January 2024. The last wave attracts the attention of retail traders and institutional observers, because it reflects a confluence of technical improvements, a feeling of favorable market and a renewed appetite for activity to the chain. According to Etherscan data, daily transaction counts have constantly increasing up in recent weeks. Other data show that the average seven -day daily transactions have already exceeded their previous records. Analysts suggest that this momentum is fueled by a combination of factors: a recent increase in network capacity, the rise in ether prices and a reduction in transaction costs, in particular for decentralized finances (Challenge) Protocols and transfers of Stablecoin. One of the largest catalysts of the current point was a substantial increase in the capacity on the main maintenance of Ethereum. The Fidelity Digital Assets’s research team told Coindesk that “the layer 1 of Ethereum noted a largely increased transactions due to a 50% increase in the gas limit since March, which allows more transactions to integrate into each block.” This upgrade has considerably increased flow, allowing a more effective colony and a reduction in congestion. As a result, stablecoin transfer costs have dropped constantly below a dollar, which makes deffi payments and payments between peers much more affordable. Fidelity Digital Assets notes that DEFI is currently at the top of the graphics for ETH burns, stressing its central role in conducting network activity. – Margaux Nijkerk Learn more.
Armed trading robots fly $ 1 million to cryptography users: More than a million dollars have been siphone by self -employed crypto users through malicious intelligent contracts pretending to be trading MEV robots, according to a new Sentinelabs report. The campaign used the YouTube videos generated by AI, the elderly accounts and the dark solidity code to bypass the basic examination of users and access cryptographic wallets. Schools seemed to use avatars and voices generated by AI to reduce production costs and increase video content. These tutorials are published on elderly YouTube accounts populated by unrelated content and sections of comments manipulated to give the illusion of credibility. In some cases, the videos are not listed and probably distributed via the telegram or the DMS. At the center of the scam was an intelligent contract promoted to a profitable arbitration bot. The victims were informed via YouTube tutorials to deploy the contract using a remix, finance it with ETH and call a “start()“Function. In reality, however, the contract sent the funds to a hidden and controlled portfolio, using techniques such as Xor Obfuscation (which hides the data by blurring it with another value) and great decimal-hex conversions (which convert the large numbers into so -called address formats by the portfolio) To hide the destination address (which makes the recovery of funds more delicate). – Shaurya Malwa Learn more.
Babylon has bitcoin chests without confidence: Bitcoin Project Babylon took another step towards the offer of decentralized funding (Challenge) Experience on its ignition protocol of $ 5 billion similar to that seen elsewhere in the world of cryptography. The latest development is the introduction of without confidence vaults, designed to allow BTC holders to deposit their tokens without relying on a centralized entity, as indicated in a new white paper shared with Coindesk. In DEFI ecosystems, vaults without confidence are a form of storage or management of digital assets which remove the need for users to trust a central authority or an intermediary. Instead, systems use smart contracts to ensure safety and apply the rules of the safe. Babylon claims that its trunk boxes will make it possible to use Bitcoin as guaranteed in DEFI applications such as loans and the emission of Stablecoin, as well as the clears provided by its protocol. Users can also earn a return on their BTC holdings by punctuating it to support the operation of proof networks. They then receive paid awards in Baby, the native token of Babylon. Development is part of the wider movement to use the enormous value maintained in Bitcoin to supply the DEFI activity through other blockchains. – Jamie Crawley Learn more.
In other news
- Sentient, an artificial intelligence company based in New York, presented The Grid, an open source network designed to build and monetize general artificial intelligence (AG) Systems. The company claims that the platform aims to provide a decentralized alternative to the closed markets of companies such as OPENAI. Developers can connect their AI agents, models or tools and gain rewards based on tokens, with user -use fees and optional monetization channels. At the time of its beginnings, the grid hosts more than 40 AI agents, 50 data sources and more than 10 models, covering both web2 and web3. These include tools such as the towel, a generative graphic engine and exam, a research startup, as well as agents connected to the blockchain deployed through the base, the polygon, the arbitrum and others. Users can access it via feeling chat, an interface to discover and combine agents in workflows capable of managing tasks such as calendar coordination, code generation and data visualization. – Oliver Knight Learn more.
- Stripe appointed Matt Huang, co-founder and managing partner of the Capital-Risque company of Crypto Paradigm, as general manager of his next Blockchain tempo. Huang, who already sits on Stripe’s table, will retain his position in the paradigm. It is according to Fortune, citing sources familiar with the project. The movement aligns with an increasing trend in developing blockchains focused on stables. These include plasma, which recently attracted more than $ 373 million to a sale of shouts and a blockchain stable focused on ties. Francisco Rodrigues Learn more.
Regulation and Policy
- The founder of Terraform Labs, Do Kwon, pleaded guilty of conspiracy to commit fraud and fraud by wire in Manhattan on Tuesday morning, three years after the spectacular collapse of $ 60 billion in the terra / Luna Stablecoin ecosystem. The 33-year-old South Korean national arrived in court in handcuffs and a canary yellow prison combination, a metal chain around his size. He admitted that he had “knowingly engaged in a fraud plan and in fact defrauded” the buyers of the Stablecoin Terrausd. Under the accusations of the initial indictment, which included seven other accusations such as fraud in matters of basic securities and products, Kwon was sentenced to a maximum sentence of 135 years in prison if he was sentenced to all the counts. Kwon’s advocacy agreement with the government reduces its maximum sentence to 25 years – 20 for the accusation of wire fraud, and five for the accusation of fraud conspiracy, that the judge can order the significance consecutively or simultaneously – but the prosecutors will require a maximum of 12 years. After serving half of his sentence in the United States, Kwon will be eligible to ask for the rest of his sentence in his South Korea. – Nikhilesh of & Cheyenne Ligon Learn more.
- President Donald Trump’s crypto advisor Bo Hines left after only months of work, and the next online – his assistant, Patrick Witt – will be apparently reduced by industry’s political priorities in Washington because she is still looking for industry -scale regulations and the institution of federal cryptography. Witt shares a remarkably similar story with Hines – the two ex -football stars who played Yale before looking for law diplomas and not to be failed in the offers for the seats of the Congress. Witt had a brief passage as a quarter of free agent for the Saints of New Orleans after having managed the team of Yale Bulldogs who later played on the wide receiver. The two former athletes have linked their political career closely to Trump in recent years, and Witt will now be the main connection of Trump’s White House industry, according to his social media profile which refers to the title Hines left .— Jesse Hamilton Learn more.
Calendar
- September 22-28: Korea Blockchain Week, Seoul
- October 1-22: Token2049, Singapore
- October 13-15: Digital Asset Summit, London
- October 16-17: Blockchain European Convention, Barcelona
- November 17-22: DevConnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: consensus, Hong Kong
- May 5-7, 2026: consensus, Miami
