Welcome to the Protocol, the weekly completion of the most important stories in the development of cryptocurrency technology. I am Margaux Nijkerk, Coindesk’s Tech & Protocols Reporter.
In this number:
- OKX cuts OKB -Token offering with 50% with $ 7.6 billion burns, price increases
- ETH transaction volume climbs on price rally, cheaper Defi costs
- Armed trade bots escape $ 1 million from crypto users via AI-generated YouTube scam
- Babylon introduces trustless Bitcoin tables for the BTC strike protocol
Network news
OKX slashes token supply in two: OKB, the sign of cryptocurrency exchange OKX, more than tripled to a record high after the company had carried out a one-off burn of 65.26 million OKB, reducing the offer by more than 50%. Burning the approximately $ 7.6 billion in tokens permanently reduces the maximum supply to 21 million, in line with the hard cap that is coded in Bitcoin. The burn, or sending the tokens to a wallet address that is not accessible, was carried out from the reserves of OKX and represents one of the greatest deflotional events in the history of the exchange token. The effect of the burn was immediately. OKB jumped to $ 142 from $ 46 before he withdraws to around $ 102. The trade volume rose by 13,000% to $ 723 million when traders tried to take advantage of the supply shock. The strategy reflects that from BNB, the token of BNB chain, which is associated with rival exchange binance. This is undergoing quarterly burns that often precede rallies in the short term. – Oliver Knight Read more.
ETH transaction volume climbs : The transaction volume of Ethereum has generally been on an upward route, which ended one day in a day in January 2024 with 1.9 million transactions. According to data from Etherscan, the daily transactionllations have been consistently higher in recent weeks. Other data show that seven -day averages of daily transactions have already surpassed their earlier records. Analysts suggest that this momentum is fed by a combination of factors: a recent increase in network capacity, rising eagle prices and a reduction in transaction costs, in particular for decentralized financial protocols (Defi) and Stablecoin transfers. One of the largest enablers of the current peak is a substantial capacity boost on the maintenance of Ethereum. The Fidelity Digital Assets research team told Coindesk to the fact that “Layer 1 of Ethereum sees an increase in transactions, largely as a result of an increase in gas limit of 50% since March, so that more transactions can fit into each block.” This upgrade has considerably increased the transit, which means that more efficient settlement is possible and the congestion is reduced. As a result, the transfer costs of the Stablecoin transfer have fallen consistently under a dollar, making defi-activity and peer-to-peer payments much more affordable. Fidelity Digital Assets notes that Defi is currently at the top of the graphs for ETH burns, which underlines its central role in stimulating network activity. – Margaux Nijkerk Read more.
Weapons for armed trade bots steal $ 1 million from crypto users: More than $ 1 million has been transferred from unsuspecting crypto users through malignant smart contracts that occur as mev -trade bots, according to a new report from Sentinellabs. The campaign used AI-generated YouTube videos, outdated accounts and obscured solidity code to bypass the basic research of the basic users and gain access to crypto portfolios. Scammers seemed to use Avatars and voices generated by AI to lower production costs and scale up video content. These tutorials are published on old YouTube accounts that are populated with non -related content and manipulated comments sections to give the illusion of credibility. In some cases the videos are not mentioned and probably distributed via Telegram or DMS. In the middle of the scam, a smart contract had been promoted as a profitable arbitration bot. Victims were instructed via YouTube -Tutorials to implement the contract using Remix, to finance it with ETH and call a function “Start ()”. In reality, however, the contract led funds to a hidden, attacker-controlled wallet, using techniques such as Xor-Obfuscation (which hides data by scrambling with a different value) and large decimal-to-hex conversions (which convert large numbers into a portfolio-readable address formats). To mask). – Shaurya Malwa Read more.
Babylon introduces trustless Bitcoin -Kluizen: Bitcoin Project Babylon took another step towards offering a decentralized finance (Defi) experience with its $ 5 billion set -up protocol related to that elsewhere in the crypto world. The latest development is the introduction of trustless safes, designed to enable BTC holders to deposit their tokens without trusting a centralized entity, as set out in a new white book shared with Coindesk. In defi -ecosystems, trustless safes are a form of digital assets storage or management that removes the need for users to trust a central authority or intermediary. Instead, the systems use smart contracts to guarantee security and force the rules of the safe. Babylon says that his safes make it possible to use Bitcoin as collateral in Defi applications such as loans and Stablecoin issue, as well as the release that the protocol offers. Users can also earn yields on their BTC companies by using it to support the operation of proof-of-stake networks. They then receive rewards in the baby, the native token of Babylon. The development is part of the wider movement to use the enormous value in Bitcoin to provide Defi activity over other block chains. – Jamie Crawley Read more.
In other news
- Sentient, an artificial intelligence company established in New York, has introduced the grid, an open -source network that is designed for building and earning artificial general intelligence (AGI) systems. The company says that the platform is aimed at offering a decentralized alternative to closed AI market sites of companies such as OpenAI. Developers can connect their AI agents, models or tools and earn token-based rewards, with operating costs and subscriptions that are available as optional income routes. At the time of his debut, the Grid organizes more than 40 AI agents, 50 data sources and more than 10 models, which include both Web2 and Web3. These include tools such as napkin, a generative graphic motor and exa, a searche, as well as blockchain-connected agents who have been implemented about the base, polygoon, arbitrum and others. Users have this access to this via Sentient Chat, an interface for discovering and combining agents in workflows that can process tasks, such as calendar coordination, code generation and data visualization. – Oliver Knight Read more.
- Stripe has appointed Matt Huang, co-founder and managing partner of Crypto Daring Capital Company Paradigm as Chief Executive Officer of his upcoming blockchain tempo. Huang, who is already on the Stripe board, will retain his position at Paradigm. According to Fortune, that is, stating sources that are familiar with the project. The movement is in line with a growing trend of developing stablecoin-oriented block chains. These include plasma, which recently attracted more than $ 373 million in an oversubiled token sale, and tied blockchain stable. Francisco Rodrigues Read more.
Regulating and policy
- Founder of Terraform Labs Do Kwon argued guilty of conspiracy to commit fraud and wire fraud in Manhattan on Tuesday morning, three years after the dramatic collapse of $ 60 billion of the Terra/Luna Stablecoin ecosystem. The 33-year-old South Korean National arrived in the court in handcuffs and a Canary Yellow Prison Jumpsuit, a metal chain around his waist. He admitted that he “was consciously involved in an arrangement to cheat and cheat the buyers of the Terrausd Stablecoin”. According to the charges in the original indictment, including seven other charges such as securities and raw materials fraud, Kwon received a maximum punishment of 135 years in prison with the government. 20 for the wire fraud, and five for the judgment, which the judge can be served in succession or simultaneously -but after having served as a US, Kwon is served to serve the rest of his birthday in the South -Kore. Nikhilesh de & Cheyenne Ligon Read more.
- The crypto advisor of President Donald Trump, Bo Hines, left at work after just a few months and the following in the driving-to-be deputy, apparently Patrick Witt-Zal display the political priorities of the industry in Washington, because it is still looking for a federal regulations and the setting of a federalale-to-t. Witt shares a remarkably comparable history with Hines-Been former football stars who played in Yale before they were looking for the rights of law and failing to bidding bids for conference seats. Witt had a short stint like a free-agent Quarterback for the New Orleans Saints after leading the Yale Bulldogs team that later played Hines as a broad receiver. Both ex-athletes have bound their political career closely to Trump in recent years, and Witt will now be the most important industry for Trump’s White House, according to his social media profile on X that refers to the Hines left behind title. Jesse Hamilton Read more.
Calendar
- September 22-28: Korea Blockchain Week, Seoul
- October 1: Token2049, Singapore
- 13-15 October: Digital Asset Summit, London
- October 16-17: European Blockchain Convention, Barcelona
- November 17-22: DevConnect, Buenos Aires
- 11-13 December: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: Consensus, Hong Kong
- 5-7 May 2026: Consensus, Miami
