LINK soars 18% after Chainlink's bank pilot success, faces a $2M exploit, and over 600 firms reveal massive Bitcoin ETF investments.
Chainlink Jumps 18% Following Bank Pilot

Chainlink Jumps 18% Following Bank Pilot

May 18, 2024
| Issue

Welcome to the final edition of Datawallet Daily for the week. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:

Chainlink Soars 18% After Launching Pilot with Major Banks

Chainlink’s LINK token surged by 18.8% following the announcement of a successful tokenization pilot by the Depository Trust & Clearing Corporation (DTCC) in collaboration with JP Morgan and BNY Mellon. Utilizing Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the pilot aimed to enable Wall Street institutions to make mutual fund data accessible on public networks. 

The LINK price has surpassed $16, approaching a new monthly high, and triggered $1.68 million in short position liquidations. The pilot, named Smart NAV, demonstrates potential for integrating structured data into various blockchain use cases, fostering further industry exploration and enhancing real-time data dissemination. Suffers $2M Flash Loan Exploit, a Solana memecoin launchpad, alleged that a former employee exploited the platform for $1.9 million through a “bonding curve” attack by abusing their access to “withdraw authority.” The incident occurred on May 16, involving flash loans from Solana’s Raydium protocol. 

Despite the exploit, maintains that its smart contracts are safe and has assured users they will receive full liquidity restitution within the next 24 hours. The company is cooperating with law enforcement but has not disclosed the ex-employee’s identity. Trading has resumed on the platform following a temporary pause.

Over 600 Firms Disclose Billions Invested in Bitcoin ETFs

Recently, over 600 firms disclosed substantial investments in spot Bitcoin ETFs in their 13F filings with the SEC, totaling $3.5 billion. Key investors include Morgan Stanley, JPMorgan, Wells Fargo, UBS, BNP Paribas, and Royal Bank of Canada. Millennium Management leads with a $1.9 billion investment, including $844.2 million in BlackRock’s iShares Bitcoin Trust and $806.7 million in Fidelity’s Wise Origin Bitcoin Fund.

Despite declining inflows in recent weeks, the strong early-year demand and significant investments reflect wide institutional interest in Bitcoin ETFs.

Over 80% of Binance’s New Listings Struggle for Growth

Over 80% of new tokens listed on Binance in the past six months have decreased in value, raising concerns for investors. Out of 31 analyzed tokens, only five have appreciated, including MEME, ORDI, JUP, JTO, and WIF. Many recent tokens function as “exit liquidity” for insiders due to their high initial fully diluted valuations (FDVs) of over $4.2 billion and lack of a real user base. This challenging market environment, described as calm with limited momentum, sees new tokens struggling for growth. Memecoins have bucked the trend, with ORDI and WIF showing significant gains driven by retail interest.

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