1. Frax Finance introduces Frax stablecoin into the Cosmos ecosystem
Frax Finance is working with Noble to bring the Frax stablecoin to the Cosmos ecosystem. Frax’s initial offering on Noble will include Frax tokens, a decentralized stablecoin that combines collateral and algorithmic mechanisms to achieve peg stability, and sFrax, a staking version of Frax designed to provide yield.
2. Bloomberg: The obvious fluctuations in tokens in the Asian market may be caused by the Bitcoin algorithm that tracks ETF fund flows.
According to Bloomberg, Bitcoin investors faced significant volatility in the Asian market, possibly due to automated trading protocols responding to fund flow data from U.S. ETFs that hold cryptocurrencies. Daily data on demand levels for these Bitcoin spot ETFs is reportedly broadcast to the entire cryptocurrency market during the Asian session after the end of U.S. stock trading. On Tuesday, the digital asset saw its biggest drop in a month when fund flow data showed that investors were withdrawing funds. "From an algorithmic trading perspective, robots can automatically crawl and buy and sell based on this data," said Shiliang Tang, president of Arbelos Markets. "It seems that this is what is happening."
3. Bitcoin spot ETF had a total net inflow of US$39.47 million yesterday, and ARKB ETF showed net outflow for two consecutive days
According to SoSoValue data, yesterday (April 2, Eastern Time), the total net inflow of Bitcoin spot ETFs was 39.47 million US dollars. Yesterday, Grayscale ETF GBTC had a net outflow of 81.86 million US dollars in a single day, and the current historical net outflow of GBTC is 15.15 billion US dollars. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was BlackRock ETF IBIT, with a net inflow of about 150 million US dollars in a single day, and the current total net inflow of IBIT in history reached 14.27 billion US dollars. The second was Fidelity ETF FBTC, with a net inflow of about 44.77 million US dollars in a single day, and the current total net inflow of FBTC in history reached 7.65 billion US dollars. It is worth noting that Ark Invest & 21Shares ETF ARKB had a net outflow of US$87.49 million in a single day, showing net outflows for two consecutive days. As of press time, the total net asset value of the Bitcoin spot ETF was US$55.11 billion, and the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 4.27%, with a historical cumulative net inflow of US$12.08 billion.
4. Grayscale GBTC’s BTC holdings as of April 2 were less than 330,000
Grayscale official data shows that as of April 2, local time, GBTC held 329,265.1127 BTC, a decrease of about 4,354 from the previous trading day. In addition, GBTC's asset management scale (non-GAAP) is US$21,758,227,180.80, and the circulating shares are 369,440,100.
5. Ethereum-compatible blockchain IoTeX receives $50 million in financing
The Ethereum-compatible blockchain IoTeX ecosystem optimized for DePIN has received $50 million in financing, with Borderless Capital, Amber Group, Foresight Ventures, FutureMoney Group, SNZ, Metrics Ventures, EV3 and Waterdrip Capital participating in this round of financing. The IoTeX team said that this investment will drive DePIN's growth and ecosystem adoption by investing in long-term staked IOTX (DePIN tokens that manage and drive IoTeX DePIN), and invest in IoTeX-based DePIN projects together with the IoTeX Foundation and DePINsurf Accelerator Fund.
6. Arbitrum proposes to activate Arbitrum Stylus on Arbitrum One and Arbitrum Nova mainnets
Arbitrum has proposed to activate Arbitrum Stylus on the Arbitrum One and Arbitrum Nova mainnets. Stylus is a general programming environment that supports writing smart contracts using WASM. Stylus supports development in high-level programming languages such as Rust, C, and C++. Stylus also reduces gas costs. Stylus is called EVM+, an additional enhancement that ensures seamless compatibility between Stylus and existing EVM contracts. After community approval and completion of the security audit, the initial vote decided to initially activate Stylus on Arbitrum Sepolia and then enable it on Snapshot.
7. Lido’s SOL staking protocol made users’ $24 million in deposits inaccessible due to a code error
Lido’s SOL staking protocol has lost $24 million in users’ deposits due to a code error. Lido announced in October 2023 that it planned to phase out support for Solana in the coming months and removed a webpage that allowed stSOL holders to redeem their tokens for SOL. When Lido deleted the webpage in February, users still held over 112,000 stSOL with a market value of over $24 million. In addition to having no easy way to withdraw funds, a new bug was discovered in Lido’s smart contract that also prevented stSOL holders from withdrawing funds. Now, more than 31,000 wallets holding stSOL are in trouble.
8. KuCoin has seen over $1.2 billion in outflows since the U.S. Department of Justice and CFTC sued it
Following the charges filed by the U.S. Department of Justice and the Commodity Futures Trading Commission last week, cryptocurrency exchange KuCoin's daily trading volume fell by about 75% from $2 billion on March 26 to $520 million. Since March 26, KuCoin's fund outflows have exceeded $1.2 billion. Kaiko analysts believe that on-chain data shows that KuCoin users have been moving funds to competing cryptocurrency exchanges, including Coinbase, Binance, and OKX.
