ToE's Weekly Highlights #31

Digging up the grinds for the week.

GM Readers of ToE!

• Macro: Banks share their earnings in the coming week. Looks like an incoming rate hike

• Trend: ETH has impressive staking stats. RWA is getting noticed. LSD is always the talk of the town. BTC ETFs push BTC prices upwards but SEC have requested for more details and its been sideways now

• Defi: Layer 3 projects. Bullish on Defi 1.0. BCH and COMP pump. VISA debit cards. SNX, RNDT, FLASH, PLX, SILO, GEAR, GENIE.

• Tools: Chainedge guide, lots of AI tools, cheatsheets

• Spicy drama: Multichain hack, USDC blocked, SEC going after small defi projects, Unsettling finds at Kraken CEO home

If you have not read the previous week’s highlight, here it is:

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Segmenting the megathread of content into 5 parts:

1. Macro news

2. Trending narratives

3. Defi happenings

4. Educational resources and tools

5. Spicy crypto drama

1. Macro News

Positive economic data has raised concerns about the Federal Reserve potentially maintaining higher interest rates for a longer duration to address inflation concerns.

• Treasury Yield: The 2-year Treasury yield has climbed to 5.004%, a level last seen in June 2007, while the 10-year Treasury yield rose to 4.04%. These increases suggest expectations of higher borrowing costs.

• Employment: Substantial rise of 497,000 private sector jobs in June, surpassing expectations. This positive indication hints at the possibility of a stronger-than-expected non-farm payrolls report, which could influence the Fed's decision on interest rate hikes.

• Consumer prices and spending: Grew slower than anticipated, with the Fed's preferred inflation measure, the personal consumption expenditures price index, showing its slowest pace in two years. These data points suggest a potential easing of inflationary pressures.

@_FabianHD macro weekly

@arndxt_xo reading the Fed next move

Overview of interest rates throughout the year

The Wooly Bully Vibe

@Maverick_Equity on the oil market size

@ZssBecker feeling bearish

@ramahluwalia on Fox business

@dunleavy89 bullish on BTC ETF as it will move markets

@Rancune_eth and his macro thoughts

@0xjaypeg Bob navigating markets

@DarioCpx on banking crisis

2. Trending Narratives

• First leveraged bitcoin futures ETF, 2x Bitcoin Strategy ETF (BITX), started trading last week.

• TrueUSD continues to grow despite Prime Trust insolvency

• Perp DEXes are gaining traction and one to watch is Vertex (Spot and Perps Exchange on Arbitrum )

• Vertex, a decentralized exchange for spot and derivatives trading on Arbitrum has seen recent growth in transactions and active users since its launch in April 2023.

@ThorHartvigsen shares ETH stats

@belizardd RWA projects

@2lambro strategy for Q3

@Prithvir12 narratives

@eva_xiaoyu LSD projects

@DegenCamp early project finds

@ThorHartvigsen on q3 narratives

@stacy_muur LSD and LSDfi developments

@CoinNotes_io crypto conviction

@leilanibabiez DEX wars

@BringMeCoins early project finds

@QuantMeta Shibarium

3. Defi Happenings

@poopmandefi on crvUSD

@aeyakovenko cross chain DEXes faults

@opsec_crypto on concept of liquidity

@cryptonary on Layer 3 projects

@DefiSquared on BCH analysis

@Web3_buidl bullish on RDNT

@c_storry explore other ecosystems

@Echoes_erc degen reflection token…hmmmm…

@Blockanalia on COMP pumper

@0xElyy Genie bot price pump during the week

@cryptoaioli bullish on $GEAR

@crypto_noodles bullish on SNX

@ryanberckmans on VISA debit cards

Ignas bullish on Defi 1.0

Why I'm Bullish on DeFi 1.0

@SiloFinance receives deposit

@Flashstake Flash 2.0 launch

Dewhales on LSD future

Redefining Traditional Staking: Part 1 - A Close Look at Liquid Staking Derivatives

Decentralized Proving, Proof Markets, and ZK Infrastructure

Fully On-Chain Game III: The Inheritance of Will - MUD & Dojo

@JiraiyaReal on Parallax finance

@CryptoNikyous on projects funded by VCs

@DefiVampire on Harvest protocol

@Average_JO___ on Camelot’s ARB grants

@Cryptovoxam on Satori finance

4. Educational resources and tools

@OnChainApprent1 Chainedge analysis

Dev tools

useWeb3 - 2023 #6

@AmirOrmu discovered the truth behind modest trades

@Flowslikeosmo on 30 data tools

@tiktok_onfire77 LSDfi google sheets

@theaipreneursof super prompt tutorial

@exliquidity notion page of researched projects

Here: https://exliquidity.notion.site/615bf376be0948cfb4ade6c143e0c3ee?v=3a51a3119cf449d5b7e7d76c78da49c8

@bitfool1 on 13 AI tools

@2lambro on KyberAI (my favourite thread on this tool so far)

@splinter0n personal tools

@the_smart_ape 5 AI tools

@loch_chain Loch whale tracking tool

@arndxt_xo shares Ethereum cheat sheet and all that you need to know

Collection of all the bridge hacks

ChainSwap 1

• $800k
• July 2, 2021
• Vulnerability: Smart-contract bug
• Note: Users reported lost funds, ChainSwap shut down all nodes and a fix was deployed within 30 minutes.
• Source: https://chain-swap.medium.com/chainswap-post-mortem-and-compensation-plan-90cad50898ab

ChainSwap 2

• $4.4M
• July 10, 2021
• Vulnerability: Smart-contract bug
• Note: Funds lost
• Source: https://halborn.com/explained-the-chainswap-hack-july-2021/

Multichain 1 (Anyswap)

• $7.9M
• July 10, 2021
• Vulnerability: Repeated k-value caused compromised MPC keys
• Source: https://medium.com/multichainorg/anyswap-multichain-router-v3-exploit-statement-6833f1b7e6fb

Thorchain 1

• $5M
• July 16, 2021
• Vulnerability: Smart-contract bug
• Source: https://thearchitect.notion.site/THORChain-Incident-07-15-7d205f91924e44a5b6499b6df5f6c210, https://halborn.com/explained-the-thorchain-hack-july-2021/

Thorchain 2

• $8M
• July 26, 2021
• Vulnerability: Smart-contract bug
• Source: https://www.coindesk.com/markets/2021/07/23/blockchain-protocol-thorchain-suffers-8m-hack/

Poly Network

• $610M
• August 10, 2021
• Vulnerability: Smart-contract bug
• Note: Tether froze $33 million worth of USDT, funds returned by hackers
• Source: https://blog.chainalysis.com/reports/poly-network-hack-august-2021/

Multichain 2

• $3M
• January 17, 2022
• Vulnerability: Smart-contract bug
• Note: Approvals got drained
• Source: https://halborn.com/explained-the-multichain-hack-january-2022/

Wormhole

• $326M
• February 2, 2022
• Vulnerability: Smart-contract bug
• Source: https://blog.chainalysis.com/reports/wormhole-hack-february-2022/

Li Finance

• $600k
• March 20, 2022
• Vulnerability: Smart contract bug
• Response: Discovered 12 hours later and then contracts paused
• Source: https://blog.li.fi/20th-march-the-exploit-e9e1c5c03eb9

Ronin

• $650M
• March 23, 2022
• Vulnerability: Compromised keys
• Note: Lazarus group, Unnoticed for 6 days!
• Source: https://roninblockchain.substack.com/p/back-to-building-ronin-security-breach

Harmony Horizon Bridge

• $100M
• June 24, 2022
• Vulnerability: Compromised keys
• Source: https://halborn.com/explained-the-harmony-horizon-bridge-hack/

Nomad

• $190M
• August 1, 2022
• Vulnerability: Smart-contract bug
• Note: Whitehats rescued some funds
• Source: https://halborn.com/the-nomad-bridge-hack-a-deeper-dive/

BNB Chain Bridge

• $566M
• October 7, 2022
• Vulnerability: Improper Merkle tree validation
• Source: https://www.halborn.com/blog/post/explained-the-bnb-chain-hack-october-2022

Poly Network 2

• $10M
• July 1, 2023
• Vulnerability: Smart-contract bug/signature validation (under review)
• Source: https://metisdao.medium.com/post-mortem-polynetworks-exploit-87614cd42396

Multichain 3

• +$130M (ongoing)
• July 6, 2023
• Note: Investigation ongoing
• Source: https://twitter.com/FantomFDN/status/1677055684716683264

view raw bridge_hacks.md hosted with ❤ by GitHub

5. Spicy Crypto Drama

@cmspeary Another day, another bridge

@adamscochran SEC going after small projects

@WinterSoldierxz multichain hack again

@Crypto_Crib_ on LDO in defi fund

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Twitter: https://twitter.com/arndxt_xo/status/1678056883561852928