Arbitrum DAO approves $215 million gaming ecosystem fund, Cardano's Chang hard fork is coming soon, Orbit Chain hacker moves assets with Tornado Cash.
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Arbitrum DAO Approves $215 Million Gaming Ecosystem Fund

Arbitrum DAO Approves $215 Million Gaming Ecosystem Fund

Date:
Jun 10, 2024
| Issue
#
297

Welcome to another exciting week in crypto. During the weekend, the market was mostly quiet, with Bitcoin and Ethereum prices consolidating sideways. Despite this, crypto projects like Aribtrum, Cardano, and Friend.tech didn't take rest days and are here to make some noise.

On the macro front, discussions about the final results of the 2024 EU elections will dominate this week. There might be an impact on MiCA crypto regulations in Europe as well. Additionally, tech stocks will be busy as well with Nvidia's 10-1 stock split today and Apple's WWDC event between June 10 to 14.

Arbitrum DAO Approves $215 Million Gaming Ecosystem Fund

The Arbitrum Foundation will distribute 225 million ARB tokens, worth approximately $215 million, over three years to support gaming projects on its Ethereum L2 network through the newly established Gaming Catalyst Program (GCP). The proposal, first introduced in March and passed with over 75% approval, aims to increase the adoption of Arbitrum among game developers and players.

Supporters include L2Beat and Treasure DAO, while Blockworks Research and Camelot DAO oppose it. Funds will be mainly allocated to publishers and developers, with grants up to 500k ARB for new developers and equity-based investments for established ones. Bounties and operational expenses will also be funded, with operations managed by a GCP team under a council's oversight.

Cardano Hardfork Might Come in June According to Founder

Charles Hoskinson, founder of Cardano, announced that the Cardano Node is expected to reach version 9.0 in June, marking the culmination of years of development on the Chang Hard Fork. For this to proceed, 70% of the protocol's Stake Pool Operators must install the new node, enabling the transition to the "Age of Voltaire," which promises enhanced decentralized governance.

Despite criticisms of centralization, Cardano aims to establish the most advanced blockchain governance system, complete with annual budgets, a treasury, and community guidance. This significant milestone could potentially drive the ADA price higher, as investors may respond positively to the improved governance structure. The hard fork could attract renewed interest and investment in Cardano.

Orbit Chain Hacker Transfers $48 Million Using Tornado Cash

The entity behind the $82 million hack of cross-chain bridge Orbit Chain in December has emerged from silence to move about $48 million in funds through Ethereum-based mixing service Tornado Cash, according to Arkham Intelligence. Following the attack, Orbit Chain, which has resumed some services post-hack, announced it is collaborating with authorities to track the stolen assets.

The hacker still controls approximately $71 million in ether and DAI stablecoins, which have appreciated since the theft. Orbit Chain suggests that the hack may be linked to actions by their former chief information security officer, refuting claims that it stemmed from vulnerabilities in their smart contract or validator key theft. The protocol promised to share further updates with the community soon.

Friend.tech Token Falls After Native Blockchain Announcement

Web3 social network Friend.tech has announced its migration from Coinbase's Layer 2 blockchain Base to a new proprietary network called Friendchain, developed in partnership with blockchain infrastructure provider Conduit. The new blockchain will use Friend.tech's native token FRIEND as a gas token. The announcement assured users they would be kept informed.

This decision follows a period of declining engagement on the platform, despite a temporary surge in activity following the launch of Friend.tech's 'v2' upgrade. Notably, while Racer's earlier hints at a move caused a 20% drop in the token's price, the official announcement has led to an 11% increase over the first 24 hours. Since then FRIEND has seen great volatility with its price ranging from $0.66 to $1.24.

Data of the day

The total crypto market cap is currently $2.68 trillion, about 14.2% below its all-time high (ATH) of $3.06 trillion on November 9, 2021, per CoinGecko. The total value locked (TVL) in decentralized finance (DeFi) is $106 billion, down 40.8% from its all time high (ATH) of $179 billion on the same date, per DefiLlama.

Crypto ETFs are boosting Bitcoin and Ethereum prices, bringing the total market cap close to a new ATH. Memecoins are also contributing to the market cap increase without adding to TVL. Despite the success of projects like EigenLayer, Swell, and Pendle, the anticipated DeFi summer 2.0 has yet to materialize.

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More breaking news

  • Hong Kong may allow the introduction of staking for spot Ethereum ETFs by the end of this year, according to Animoca Brands Chairman Yat Siu.
  • CoinGecko confirmed it witnessed a data breach on June 5 via its third-party email marketing platform, GetResponse, compromising nearly 2 million contacts.
  • Base overtakes OP Mainnet in TVL, becoming the largest Layer 2 network in OP Stack-based 'Superchain', after reaching $1.7 billion in total value locked.
  • Binance, the largest centralized cryptocurrency exchange in the world by daily volume, announced last Saturday it had reached 200 million users worldwide.
  • ZkSync’s Gemholic project is suspected of a $3.5 million rug pull with community members currently trying to trace the Gemholic contract creator’s address.
  • IONET, a Solana-based DePIN project, is undergoing a major transition after its CEO resigned from the role days before the token launch.

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