The rise of Ethena

Coinbase’s cheeky musical satire ad Everything is Fine, which portrays Britain’s economy as a crumbling, inflation-ravaged mess, has been yanked from UK TV airways by broadcasters like the BBC for lacking risk disclosure. Brian Armstrong responded to the news on X, by stating “If you can’t say it, then there must be a kernel of truth in it.” The ad drama falls on the heels of former UK Chancellor George Osborne publicly criticizing the Labour government's cautious stance on crypto, warning that Britain is falling behind the US, EU, and Asia. Read more →

USDe’s market cap is up more than 75% over the last month and 24% over just the last week to a new all-time high of $9.3 billion. The yield-bearing stablecoin issued by Ethena Labs, is now the third-largest dollar-pegged token. As a reminder, USDe offers a yield-bearing stablecoin offering returns from 10-19% APY. What’s causing the rise? A combination of a high yield (currently 11%), the GENIUS bill passing, and the launch of Stablecoin X, a treasury company focused on Ethena. Read more →

Arkham reports that it has uncovered evidence of a massive theft involving 127K BTC stolen from the Chinese mining pool LuBian in December 2020. At the time, the stolen Bitcoin was worth approximately $3.5 billion (~$14.5 billion today) and would officially be the largest crypto hack of all time. Remarkably, the breach went unnoticed for nearly five years with neither LuBian nor the hacker publicly acknowledging the incident. So far though, the stolen BTC has remained mostly untouched. At the time of the theft, LuBian operated ~6% of the total Bitcoin network hash rate. Read more →

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