RaaS #491: Sky Bids For USDH!

NPM Attack Flopped, MNT Lists on Hyperliquid, Upbit’s OP L2, and Moar!

Kinetiq hit $100M TVL in 5 days, but it smells more like a kPoint-farming derby than real demand for Hyperliquid infra. With 2,000% APYs and snapshot bait pulling in degens, the question isn’t “how big can it get” but “how long till the music stops?”

Ethereum on Tour has hit 20+ campuses across 4 continents, blending workshops, mixers, and core dev access to onboard the next gen of builders. From IITs to Stanford, it’s less a lecture circuit, more a global recruiting tour for Ethereum’s braintrust. Next stops: Seoul, Delhi, Harvard.

MegaETH just flipped the L2 business model. Instead of taxing users, it uses yield from stablecoin reserves (USDtb/BUIDL via Ethena) to pay sequencer costs, making sub-cent gas sustainable. More usage leads to more yield and to even cheaper ops.

ZachXBT criticises QuillAudits after a project they audited ended up rugging users.

Ethena just scored a juggernaut partnership: USDe is now integrated across Binance’s $190B platform, spot, futures, collateral, and Binance Earn. It’s the first external stablecoin with native rewards for just existing on Binance.

The NPM supply chain attack flopped thanks to dev crashes exposing the malware early. Attackers aimed to hijack transactions across ETH, SOL, etc. via phishing & malicious packages, but were too sloppy. Reminder: one compromised script can drain you.

OpenSea is in full send mode ahead of SEA. A new AI-native mobile app, over $1 million Flagship NFT fund (starting with a Punk), and a rewards sprint kicking off Sept 15 that redirects 50% of fees to users. TGE info drops early Oct.

Prediction markets don’t need a miracle; they need better liquidity. F&O-style MMs, bonding curve bootstraps, vest-on-resolution rewards, a shared liquidity layer, and yield-bearing vaults.

I don’t like this post!

Symbiotic is the Title Sponsor of Staking Summit Buenos Aires. Expect modular, capital-efficient staking infra on full display this November, as partners showcase how Symbiotic powers sovereign ecosystems from the ground up.

Ethereum is for AI. Virtuals just opened submissions for its EF-backed hackathon with $100K in prizes. They’re betting on AI agents as Ethereum’s next power users. Build autonomous agents, settle onchain, get funded. Submissions are now live.

The CeFi x DeFi convergence play is heating up. MNT going live on Hyperliquid Spot signals a bid to meet retail where it trades, 24/7.

Binance Bahrain and SGB have just rolled out instant USD bank transfers for retail, eliminating corporate-only perks. One-click fiat on/off-ramps, direct rails, and real-time access, all wrapped in regulatory approval. GCC banking meets crypto without the usual friction.

Sky proposes powering USDH with its $8B+ collateral, offering Hyperliquid 4.85% APY, 2.2B USDC redemption liquidity, LayerZero multichain support, and a 25M-funded DeFi incubator. If approved, USDH would inherit Sky’s 7-year track record, S&P rating, and risk models.

SwissBorg confirms a ~$41M SOL exploit via an external counterparty wallet linked to their Earn strategy, affecting less than 1% of users. The core platform remains uncompromised. User balances are untouched, and any losses will be fully covered. Redemptions are paused; recovery with white-hats and law enforcement is ongoing.

Upbit’s parent company, Dunamu, just launched Giwa, a new L2 on the OP Stack aimed at streamlining digital finance in Korea. With 1s block times, EVM compatibility, and native support for a Korean won stablecoin, Giwa positions Upbit as a key infra player.

Raydium turned infra overload into a $120M+ revenue engine by charging pool creation fees during memecoin mania, capturing protocol revenue on swaps, and doubling down on Solana. It’s Solana’s launch layer, with its active trading base as the real moat.

Top Gainers: MXY, FLOCK, WLD, OG, ACT.

The US Treasury sanctioned 19 Southeast Asian entities tied to $10B+ in 2024 “pig butchering” scams, targeting compounds in Burma and Cambodia that enslave workers to run fake crypto investment schemes. OFAC aims to sever their access to stablecoin liquidity, but experts warn these networks often rebrand.

HYPE hit a new ATH at $55.85 as competition for the coveted USDH ticker heats up. Paxos, Frax, Sky, and Agora are among 21 proposals vying to launch a Hyperliquid-first stablecoin.

That’s all for today!