Crypto Industry News & Market Trends

SharpLink opposes Ethereum plan to cut staking yield to zero

SharpLink CEO Joseph Chalom has opposed an Ethereum proposal that could eventually eliminate issuance-based staking rewards, warning that the change may weaken ETHs appeal to institutions and raise capital costs across decentralized finance.　　SummarySharpLink opposes tapered issuance burn, arguing that native yield helps distinguish Ethereum from Bitcoin.Validator issuance rewards would fall to zero near a 50% staking ratiounder the proposal.SharpLink stakes nearly all its ETH and has earned more than 18,000 ETHin rewards.Chalom supports controlling issuance but wants Ethereum to rely on its existing base-fee burn.　　SharpLink challenges Ethereum staking proposal　　Chalom said the proposed issuance model would damage one of Ethereums main economic advantages by gradually destroying part of the rewards paid to validators.　　The SharpLink executive referred to the plan as EIP-8363. However, the mechanism he described matches EIP-8361, the Tapered Issuance Burn proposal previously covered by crypto.news.　　EIP-8361 would burn a growing percentage of consensus-layer rewards as more ETH enters staking. The burn rate would reach 100% when approximately 60.25 million ETH, or about half of Ethereums current supply, is staked.　　You might also like:　　SharpLink buys more Ethereum as ETH heads for rare quarterly slump　　Validators would then stop receiving newly issued ETH but could continue earning transaction priority fees and maximal extractable value.

08-08Industry

SpaceX stock rallies 14% as lockup fears fade

SpaceX stock surged 14% on Friday after an analyst upgrade, softer U.S. jobs data, and limited insider selling eased pressure on the recently listed company.　　SummarySPCX climbed 14.09% to $131.06, extending its rebound from an August low near $105.Argus upgraded SpaceX to Buyand maintained a $160 price target.Up to 911.5 million insider sharesbecame eligible for sale without triggering the feared sell-off.Weak U.S. payroll data reduced expectationsfor another short-term Federal Reserve rate hike.　　SpaceX stock jumps after Argus upgrade　　Space Exploration Technologies Corp. traded at $131.06 as of 3:26 p.m. EDT, up $16.14 for the session. The stock opened near $115 before rising above $120 and accelerating toward $131 during afternoon trading.　　Source: Yahoo Finance　　Fridays rally followed a 6.1% gain on Thursday, reversing part of the 13.6% decline recorded after SpaceX released its first quarterly results as a public company.　　Argus Research helped drive the latest move by upgrading SpaceX from Hold to Buy. The firm maintained a $160 price target, implying further upside from the stocks Thursday close.　　Argus pointed to SpaceXs second-quarter performance despite concerns about its planned spending on artificial intelligence infrastructure. The company reported $7.8 billion in revenue, up 92% from a year earlier and above the roughly $6.8 billion expected by analysts.　　SpaceX

08-08Industry

SharpLink CEO warns EIP-8363 could kill ETHs biggest advantage over Bitcoin

Quick TakeSharpLink CEO Joseph Chalom has formally opposed EIP-8363, warning the progressive burn of validator rewards would undermine DeFi and limit institutional interest in Ethereum.The “Tapered Issuance Burn” proposal would phase in a rising burn of consensus rewards over about 18 months, reaching zero issuance yield near 50% of ETH staked.　　Sharplink CEO Joseph Chalom has come out against EIP-8363, the controversial Ethereum Improvement Proposal that is looking to cap the amount of ETH staked by instituting a progressive burn of validator rewards.　　In an X post on Friday, Chalom said the draft would undermine DeFi, erase one of ETH‘s key advantages over Bitcoin, and arrive at the worst possible moment for the network’s institutional momentum.　　The proposal, formally titled “Tapered Issuance Burn,” would gradually increase the portion of consensus-layer rewards that are burned as the staking ratio rises, reaching a full 100% burn — and thus zero issuance yield — once roughly 50% of the ETH supply is staked.　　Introduced earlier this week, EIP-8363 has generated a significant amount of backlash and support, with critics noting that it could disproportionately hurt solo stakers and weaken Ethereums security.　　Authors of the draft proposal include Ethereum Foundation researcher Justin Drake and EthCC founder Jérôme de Tychey,

08-08Industry

Bybit sues North Korea over $1.5B Lazarus hack

Bybit has sued North Korea, its intelligence agency and the Lazarus Group in a U.S. federal court as the exchange seeks to recover assets stolen in the record $1.5 billion crypto hack.　　SummaryBybit filed its case against North Korea, the RGB and Lazarus Groupin Washington, D.C.A federal judge issued a preliminary injunction freezing certain stolen assetsheld by unidentified defendants.The FBI previously attributed the $1.5 billion February 2025 attackto North Korean actors.Bybit said the civil case remains separate from ongoing U.S. criminal investigations.　　Bybit takes Lazarus Group to US court　　Bybit filed the civil lawsuit in the U.S. District Court for the District of Columbia, naming the Democratic Peoples Republic of Korea, its Reconnaissance General Bureau intelligence agency and the Lazarus Group as defendants.　　The case concerns the Feb. 21, 2025, breach that drained more than 400,000 Ether (ETH) and staked Ether from the Dubai-based exchange. The assets were valued at about $1.5 billion at the time, making the incident the largest recorded cryptocurrency theft.　　The FBI attributed the attack to North Korea shortly after the breach. U.S. authorities track the actors involved under the name TraderTraitor and urged exchanges, validators and blockchain firms to block transactions connected to addresses identified in the laundering operation.　　You might

08-08Industry

Bitcoin price tags $65.3K August high as low US jobs numbers cool Fed rate bets

Bitcoin (BTC) hit new August highs into Fridays Wall Street open as markets reacted to weaker US jobs numbers.　　Key points:Crypto and risk assets gained after US nonfarm payrolls fell by 23,000 in July.Fed interest-rate bets for September shift from a 0.25% hike to a pause on signs of a weaker labor market.Bitcoin and altcoins stayed “resilient” after a week of bearish surprises, per analysis from QCP Capital.　　Crypto, stocks higher on low nonfarm payrolls print　　Data from TradingView showed BTC/USD hitting $65,340 on Bitstamp, up 1.3% on the day, as fresh US labour-market data was released.　　BTC/USD four-hour chart. Source: Cointelegraph/TradingView　　The US economy lost 23,000 jobs in July, per nonfarm payrolls data from the Bureau of Labor Statistics (BLS), with the unemployment rate at 4.1%, numbers it described as “little changed” versus the month prior.　　“The change in total nonfarm payroll employment for May was revised down by 66,000, from +129,000 to +63,000, and the change for June was revised down by 37,000, from +57,000 to +20,000. With these revisions, employment in May and June combined is 103,000 lower than previously reported,” an official statement added.　　The combination of negative July values and downward revisions appeared to boost both crypto and US stocks, with traders

08-08Industry

Circle expands USDC to OKX ecosystem with X Layer launch

Circle has launched its USDC stablecoin on X Layer, OKX‘s Ethereum layer-2 network, extending the stablecoin to an ecosystem connected to one of the world’s largest cryptocurrency exchanges by trading volume.　　Circle announced Friday that native USDC and its Cross-Chain Transfer Protocol (CCTP) are now available on X Layer. The network is compatible with the Ethereum Virtual Machine (EVM), allowing applications built for Ethereum to run on it with relatively few changes.　　CCTP allows USDC to move between X Layer and other supported blockchains by burning the tokens on the source chain and minting an equivalent amount on the destination chain. The integration supports uses including payments, decentralized finance lending and borrowing, trading and crosschain transfers.　　Circle added that eligible businesses can also access USDC on- and offramps through Circle Mint.　　The integration brings the worlds second-largest stablecoin by market capitalization to the blockchain ecosystem of a major centralized exchange. OKX recorded more than $975 million in spot trading volume over the past 24 hours, making it the fourth-largest crypto exchange by that measure, according to CoinMarketCap data.

08-08Industry

Circle brings native USDC and CCTP to OKX X Layer

Circle has launched native USDC and its Cross-Chain Transfer Protocol on OKXs X Layer, giving developers and businesses direct access to the regulated stablecoin across payments, DeFi and automated applications.　　Circle launches native USDC on X Layer　　Circle announced on Aug. 7 that native USDC and CCTP are now live on X Layer, an Ethereum-compatible layer-2 network developed by crypto exchange OKX.　　Native USDC and CCTP are now live on @XLayerOfficial by @okx!　　PSPs, fintechs, AI agents, and DeFi apps and protocols on X Layer can now access the worlds largest regulated dollar stablecoin for a range of use cases:　　→ DeFi activity: Use USDC as collateral to enable onchain　　The integration gives applications on X Layer access to USDC issued directly by Circle. Previously, users primarily depended on USDC bridged from Ethereum, which represents tokens locked on one network and recreated on another.　　Native issuance removes that additional bridge structure. It also gives developers a standard version of USDC that can connect with Circles broader payment and cross-chain infrastructure.　　Payment providers, trading platforms and decentralized applications can use native USDC for transfers, settlements, lending and other financial services. Qualified businesses can also access issuance and redemption through Circle Mint, subject to Circles eligibility requirements.　　X Layer offers compatibility

08-08Industry

XRP at a Crossroads as Senate Punts on Clarity Act

In briefXRP fell 2.05% in 24 hours to $1.02, the lone red coin among the top 10; every other major is green.The Senate left Washington without voting on the Clarity Act, delaying the market-structure bill until at least September.XRP trades within a confirmed death cross, but prediction market traders remain optimistic for now.　　The Senate left town without taking up the Clarity Act, pushing the market-structure vote to at least September. Every major coin shrugged it off—except XRP.　　While Bitcoin stayed flat, dealing with its own headwinds, and Dogecoin gained 1.38% over the day to be the best performer in the top 10 crypto assets by market cap, XRP dropped 2.05%, the only major token to close red.　　On a week that saw it fall 3%, its the weakest of the majors by a wide margin.　　The delay isnt just procedural for XRP. The tokens entire 2025–2026 rally thesis rested on the U.S. finally deciding what XRP is. The Clarity Act would sort crypto into securities and commodities and, in drafts Decrypt previously reported, would reclassify XRP, Solana, and Dogecoin as non-securities.　　That means these coins would fall under the regulatory purview of the CFTC, widely viewed as the more preferable option by crypto industry

08-08Industry

Crypto Biz: Cryptos biggest business is starting to look a lot like banking

At first glance, this weeks biggest business stories could have come straight from Wall Street. BlackRock launched tokenized money market funds for stablecoin reserves. Tether generated another $1.5 billion in profit from its US Treasury holdings. Tokenized gold continued gaining traction, though its use in decentralized finance remains limited. Even Bitcoin (BTC) mining was defined by production costs, profitability and balance sheet management rather than the price of Bitcoin.　　The digital asset industry‘s business model is increasingly converging with traditional finance. Stablecoin reserves, tokenized money market funds and onchain collateral are emerging as some of the industry’s most important revenue drivers, signaling that blockchains next phase may be shaped as much by financial infrastructure as by digital assets themselves.　　BlackRock launches tokenized reserve funds for stablecoin issuers　　Asset manager BlackRock has introduced two tokenized money market products designed to help stablecoin issuers meet reserve requirements under the US GENIUS Act, expanding its push into blockchain-based financial infrastructure.　　One fund tokenizes shares of BlackRocks existing Treasury liquidity strategy on Ethereum, allowing approved investors to transfer ownership onchain while the underlying assets remain invested in cash and short-term US government securities. The second is a new institutional money market vehicle built for digital asset markets that

08-08Industry

BTCPay warns of actively exploited vulnerability that could drain funds

Quick TakeMakers of the free, open-source bitcoin payment processor BTCPay urged users to update their servers as a critical vulnerability is “being actively exploited.”　　BTCPay Server disclosed that a critical vulnerability is “being actively exploited” on Friday and urged users to update their servers to version 2.4.2, according to its official X account.　　While the team said funds may be at risk, it is unclear how many users have been exploited or how much has been lost, if any.　　“If you are unable to update right away, turn off your BTCPay Server to prevent unauthorized access until you can update,” BTC Pay said.　　Details surrounding the attack are also currently limited. The Block reached out to BTCPay Server for comment.　　BTCPay Server is a free, open-source, self-hosted bitcoin payment processor that lets individuals and businesses accept bitcoin and Lightning payments directly with no fees or intermediaries. Launched as an alternative to BitPay, it has gained particular affection among Bitcoin maximalists.　　The vulnerability comes on the heels of the Coldcard exploit affecting a popular brand of Bitcoin-only wallets that has led to at least $116 million in confirmed losses so far.　　This article is breaking and may be updated as The Block learns more.　　Disclaimer: The Block is an

08-08Industry

...

362364

...

1000