Welcome to the Protocol, the weekly completion of the most important stories in the development of cryptocurrency technology. This is Margaux Nijkerk and Sam Kessler, the technical team of Coindesk.
In this number:
- Hacking -attempt on Lido -Results in 1.4 ether lost from Oracle Provider
- Bitcoin Defi protection improves the way the Wortelboost Hashrate Share Boost
- The next upgrade ‘fusaka’ from Ethereum can lower Layer-2 and Validator costs
- Telegram tight on $ 8 billion crypto crime market
Network news
Lido avoids a major infringement of security: Lido, the largest fluid insert protocol from Ethereum, avoided a large security incident after one of the nine oracle keys was affected in what seems to be a low-impact, but serious infringement of the validator operator Chorus one. Lido protects more than 25% of all Ether (ETH) set on Ethereum, making it one of the most systematically important protocols in the Ethereum eco system. The compromised key was bound by a hot wallet used for Oracle reporting, which led to the theft of only 1.46 ETH ($ 4,200) in gas costs. No user funds were influenced and no wider compromise was detected, per X reports from both Lido and Chorus One. – Tim Craig Read more.
Bitcoin Defi bloom: Decentralized Finance (Defi) on the Bitcoin -Blockchain may still be in its infancy compared to Ethereum, but Bitcoin Defi (BTCFI) will be safer and cheaper, said Crypto Analytics -Messari in a new report. A central participant is Rootstock, one of the oldest Bitcoin Layer-2 projects, said crypto-analysis company Messari in his “State of Rootstock” report. Rootstock is now protected by 81% of Bitcoin’s total hashrate, which means that miners who take into account the amount that also approves transactions on the layer 2. The figure was only 56% before the onboard of foundry and Spiderpool, the largest and sixth largest mining pools, in February. – Jamie Crawley Read more.
Fusaka planning starts: After the successful implementation of Pectra last week, the largest upgrade of Ethereum in more than a year, the core developers of the network already shift the focus to the next large chain intergrade: Fusaka. Pectra, the greatest code change in Ethereum Since the merger in 2022, introduced important changes to make it easier for institutions, improving the wallet accessibility and stimulating transaction efficiency. Developers have already started planning Fusaka, the next upgrade of the network, and have so far agreed to include an Ethereum improvement proposal (EIP) called “Peerdas” that could help the network to support larger “blobs” of transaction data. – Margaux Nijkerk Read more.
Telegram is creaking at Crypto Crime Marketplace: Messaging app Telegram has closed thousands of channels that belong to suspected Chinese crypto crime marketplaces after new research had shed the situation, according to Elliptic. The closure follows a report published by the Blockchain Analytics firm on Tuesday in the fast-growing telegram-based marketplace called Xinbi Guarantantie. The Marketplace recorded on Colorado has processed more than $ 8.4 billion in transactions since 2022 using Tether’s USDT Stablecoin. It facilitates the services with regard to money laundering, the operation of crypto-scam substances and other illegal services, such as intimidation and sex trade, according to Elliptic. – Tim Craig Read more.
In other news
- Robinhood Markets (Hood)said the financial service provider based in California, which agreed to buy the Canadian crypto company Wonderfi (WNDR) for $ 178.98 million. The All-Cash Acquisition Values Wonderfi with 36 Canadian cent per share, a premium of 41% above the final race prior to the announcement. – Opwar godbole Read more.
- Stock and crypto -trading platform Etoro (Etor) debuted at $ 52 per share at the Nasdaq -fair. The company collected around $ 312 million from investors by selling 6 million shares at a price of $ 52 each. The mention appreciates the company at $ 4.2 billion. Etoro became the first American crypto company that became public after the market uncertainty caused by the tariff actions of President Donald Trump. – Helene Braun Read more.
Regulating and policy
- The Gibraltar government said it is planning to determine the first rules of the world for the clearing and settlement of crypto derivatives, creating a regulatory framework to improve market integrity and reduce the most important risks. In collaboration with the Gibraltar Financial Services Commission (GFSC) and Crypto Exchange Bullish (whose owner, Bullish Group, also the parent of Coindesk), the government has built up a framework in the past six months that adjusts the traditional financial clearing instructions on the Virtual Activa market. – Jamie Crawley Read more.
Calendar
- May 14-16: Consensus, Toronto
- May 19-23: Solana Accelerate, New York City
- May 20-22: Avalanche Summit, London
- 27-29 May: Bitcoin 2025, Las Vegas
- 27-29 May: Ethprague, Prague
- 8-22 June: Berlin Blockchain Week, Berlin
- June 30-3: ETHCC, Cannes
- July 16, July: Web3 Summit, Berlin
- September 22-28: Korea Blockchain Week, Seoul
- October 1: Token2049, Singapore
- 11-13 December: Solana Breakpoint, Abu Dhabi
