The Block
Quick Take Osmosis, the largest decentralized exchange on Cosmos, and lending protocol UX Chain are proposing a merger. The merger proposal includes integrating UX Chain’s lending logic with Osmosis’ decentralized exchange, aiming to form a comprehensive DeFi hub. If approved, the process will begin with integrating UX Chain’s codebase into Osmosis Chain, combining their capabilities and total value locked. Separate governance votes from each network’s community will guide the merger process, including the
Quick Take SoFi is exiting crypto and giving users three weeks to migrate their accounts to Blockchain.com before automatically liquidating the accounts, the fintech company announced. The firm will no longer offer crypto services due to increased scrutiny of the sector by regulators, according to a report from Bloomberg.
Quick Take The price of Bitcoin has surpassed $40,000 for the first time since April 2022, bolstered by industry-wide enthusiasm around potential upcoming exchange-traded products.
Quick Take Rep. Tom Emmer, R-Minn., who sits on the House Financial Services Committee, criticized the U.S. Treasury Department for having a savior-like complex when asked about its crypto recommendations on Thursday during the Blockchain Association Policy Summit.
Quick Take Indexed DAO, which was hacked for $16 million in 2021, survived two hijacking attempts in recent days by attackers who sought to access the protocol’s remaining treasury. Control of the DAO will return to Indexed’s founders, who plan to distribute the remaining funds to victims of the 2021 hack.
Quick Take Tieshun Roquerre, also known as Pacman, sought to clear the air over what he called “misunderstandings” about the new Ethereum Layer 2 Blast, ranging from “humorous” memes to outright Ponzi scheme criticisms. Roquerre addressed “too good to be true” yields, the rationale behind its invite rewards and the role of Paradigm in Blast’s launch. Blast also responded to concerns that the bridge currently used to send funds to the Layer 2 is a multisig wallet owned and controlled by just five people.
Quick Take KyberSwap offered a 10% bounty to the hacker who stole $47 million. The team replied to an on-chain message previously left by the perpetrator.
Quick Take Lido operator InfStones is expected to take precautionary measures after a vulnerability disclosure. The Tailon library-linked vulnerability, discovered in July 2023 by dWallet Labs, has been addressed. Lido Finance clarified there is no evidence of key leakage or exploit.
Quick Take The Arbitrum DAO has approved a $23.54 million one-time “backfund” to support 26 projects that missed out on its initial round of grant funding. The initiative, which passed with two-thirds voting in favor, aims to develop and incentivize the use of the projects’ applications on the Ethereum Layer 2 network.
Quick Take Changpeng Zhao, Binance’s ex-CEO, represents a substantial risk of flight given his minimal ties with the U.S., prosecutors said.
