Welcome to the Protocol, Coindesk’s weekly wrapping of the most important stories in cryptocurrency tech development. This is Margaux Nijkerk and Sam Kessler, Coindesk’s Tech Team.
In this number:
- Hacking attempts at Lido result in 1.4 ether lost from Oracle Provider
- Bitcoin Defi Security is improved when Rootstock increases the hashrate -proportion
- Ethereum’s next upgrade ‘Fusaka’ could cut layer-2 and validator costs
- Telegram cracks down at $ 8 billion cryptoberimet market
Network news
Lido avoids major security breach: Lido, Ethereum’s largest fluid poor protocol, avoided an important security event after one of its nine Oracle keys was compromised in what appears to be a low effect, but severe violation involving the validator operator’s choir. Lido secures over 25% of all ether (ETH) stack in Ethereum, making it one of the most systemically important protocols in the Ethereum ecosystem. The compromised key was tied to a hot wallet used for Oracle reporting, which led to theft of only 1.46 ETH ($ 4,200) in gas fees. No user funds were affected and no wider compromise was discovered per day. X -positions from both Lido and Chorus One. – Tim Craig Read more.
Bitcoin Defi Blooms: Decentralized funding (DEFI) on Bitcoin Blockchain may still be in its infant compared to Ethereum, but Bitcoin Defi (BTCFI) becomes more secure and cheaper, Crypto Analytics company Messari said in a new report. A central participant is Rootstock, one of the oldest Bitcoin Layer-2 projects, the Crypto Analytics company Messari said in his “State of Rootstock” report. Rootstock is now secured by 81% of Bitcoin’s total hash rate, which means that miners who account for an amount also approve transactions on layer 2. The figure was only 56% before the onboarding of foundry and Spiderpool, the world’s largest and sixth largest mining pools in February. – Jamie Crawley Read more.
Fusaka -Planning begins: After the successful implementation last week of Pectra, Ethereum’s biggest upgrade in more than a year, the network’s core developers are already shifting focus to the next big chain upgrade: Fusaka. Pectra, the biggest code change to Ethereum since the merger in 2022, introduced key changes aimed at making it easier to put into institutions, improve the wallet accessibility and increase transaction efficiency. Developers have already started planning for Fusaka, the network’s next upgrade, and so far have agreed to include an Ethereum Improvement Proposal (EIP) called “peerdas” that can help the network support larger “clatter” of transaction data. – Margaux Nijkerk Read more.
Telegram cracks down on Crypto Crime Marketplace: Messaging app Telegram has closed thousands of channels belonging to suspected Chinese crypto crime marketing places after new research sheds light on the situation, according to Elliptic. The closure follows a report published by the Blockchain Analytics company Tuesday in the rapidly growing telegram-based marketplace called Xinbi Guarantee. The Colorado-In-In-In-In-In-Inchorporated Market Square has treated over $ 8.4 billion transactions using Tether’s USDT stableCOin since 2022. It facilitates services relating to money laundering, crypto-fraud connections and other illegal services, such as intimidation and sex trade, according to elliptical. – Tim Craig Read more.
In other news
- Robinhood Markets (Hood)The California-based Financial Services Company said it agreed to buy Canadian crypto company Wonderfi (WNDR) for $ 178.98 million. All-Cash acquisition values Wonderfi to 36 Canadian Cent per Share, a 41% premium over its closure rate before the message. – Omrar Godbole Read more.
- Stock and crypto trading platform Etoro (Etor) Debuted for $ 52 per Stock at Nasdaq Exchange. The company raised about $ 312 million from investors by selling 6 million shares at a price of $ 52 per year. Piece. The list appreciates the company at $ 4.2 billion. Etoro became the first US Crypto company published after market uncertainty performed by President Donald Trump’s customs actions. – Helene Braun Read more.
Legislative and politics
- The Gibraltar government said it plans to establish the world’s first rules for clearing and settlement of cryptoderivatives, creating a legislative framework to improve market integrity and reduce key is risk. Working with Gibraltar Financial Services Commission (GFSC) and Crypto Exchange Bullish (whose owner, Bullish Group, is also the parent of Coindesk), the government has built a framework in the last six months tailoring traditional financial clearing rules to the virtual asset market. – Jamie Crawley Read more.
Calendar
- 14.-16. May: Consensus, Toronto
- 19.-23. May: Solana Accelerate, New York City
- 20. To 22 May: Avalanche Summit, London
- 27-29. May: Bitcoin 2025, Las Vegas
- 27-29. May: Ethprague, Prague
- June 8-22: Berlin Blockchain Week, Berlin
- June 30. July: ETHCC, Cannes
- July 16-18: Web3 Summit, Berlin
- 22-28. September: Korea Blockchain Week, Seoul
- 1-2 October: Token2049, Singapore
- 11-13. December: Solana Breakpoint, Abu Dhabi
