Top Crypto News Of The Day: Base Decentralization, dYdX Website Recovery, and More
Here are the top crypto news of the day curated by CoinChapter.com
Base Progresses Towards Decentralization
Base, Coinbase’s Layer 2 network, has taken step towards decentralization by deploying fault proofs on its Sepolia testnet. This move marks progress towards “Stage 1” decentralization, as defined by Ethereum’s Vitalik Buterin.
Currently, Base operates with centralized state root verification. The implementation of fault proofs will allow anyone to propose or challenge the network’s state, reducing reliance on a central authority.
This development aligns Base with other Layer 2 networks pursuing increased decentralization. Most L2s start at “Stage 0” and progress through stages, with only a few having reached higher levels of decentralization so far.
Crypto News: dYdX Website Recovers After DNS Attack
Cryptocurrency exchange dYdX successfully restored its version 3.0 website following a DNS hijacking attempt on July 23. The team managed to recover the site within three hours of announcing the compromise.
Users were advised to clear their browser cache and restart before revisiting the website to ensure they weren’t accessing a compromised version. The exchange emphasized that only the website was affected, with the dYdX Chain, dydx.trade, and v3 Protocol remaining secure.
This incident follows a recent major hack of Indian exchange WazirX. dYdX noted that some wallet extensions might still display warnings when connecting to the site, but assured users this would be resolved shortly.
ETH ETF saw $106.7 million Inflows on First Trading Day
US spot Ethereum ETFs saw net inflows of $106.7 million on their first day of trading, with over $1 billion in trading volume. Nine different ether ETFs from eight issuers began trading, with BlackRock’s ETHA leading inflows at $266.55 million.
Grayscale’s Ethereum Trust (ETHE) was the only fund to experience outflows, totaling $484.1 million. The combined assets under management for these ETFs quickly reached over $10 billion.
Related Post: VanEck Ethereum ETF Receives Long-Awaited SEC Approval
Crypto News: BlackRock’s Trading Volume Surpassed $1.2 billion
BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a new all-time high, capturing 67% of the spot Bitcoin ETF volume market share. This surpasses its previous record of 61%, further solidifying BlackRock’s leading position in the crypto ETF market.
Interestingly, despite this record market share, IBIT’s daily trading volume remained at an average level of $1.2 billion. This suggests that while IBIT is outperforming its competitors, overall market activity has not increased significantly.
You May Also Like: BlackRock’s Bitcoin ETF Sees Massive $523M Inflow Day, Biggest Since March
Kraken Returns Bitcoin to Mt. Gox Customers
Kraken has announced the successful distribution of Bitcoin and Bitcoin Cash to customers affected by the Mt. Gox hack from a decade ago. The firm is one of five exchanges tasked with returning funds to the 127,000 creditors impacted by Mt. Gox’s 2014 collapse. The total amount to be distributed across all entities is estimated at over $7 billion in cryptocurrency and cash.
While Kraken has completed its distribution, the timing for other exchanges remains unclear. The Mt. Gox estate still holds about 85,234 BTC, valued at $5.7 billion. This brings some closure to affected customers, though only a portion of the originally stolen 850,000 Bitcoin has been recovered.
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