Crypto Morning News: EIGEN token transfer restrictions will be lifted on September 30; Babylon mainnet Phase 2 will launch in the second week of October
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Crypto Morning News: EIGEN token transfer restrictions will be lifted on September 30; Babylon mainnet Phase 2 will launch in the second week of October
Sui ecosystem TVL surpasses $1.15 billion, up 47% in a month.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Eigen Foundation: EIGEN Token Transfer Restrictions to Be Lifted on September 30
The Eigen Foundation announced on X that transfer restrictions on the EIGEN token are expected to be lifted on September 30, 2024. The foundation emphasized that there will still be a 7-day withdrawal waiting period after unstaking any currently staked EIGEN tokens.
Arbitrum DAO Voting on Proposal to Allocate 250M ARB for Foundation Strategic Partnerships
According to Snapshot, Arbitrum DAO is voting on a proposal to allocate 250 million ARB (approximately $153 million) to strengthen strategic partnerships for the Arbitrum Foundation. As of publication, the proposal has a support rate of 99.2% and voting will end on September 26. Proposed by Wintermute Governance, the proposal emphasizes that funds will be used to foster key strategic collaborations, with all expenditures adhering to the foundation’s established standards. If approved, the foundation will provide detailed reporting on the budget usage in its Q1 2025 transparency report.
Vitalik: Independent Stakers Are Ethereum’s “First Line of Defense” and “Last Line of Defense”
Ethereum co-founder Vitalik Buterin shared a summary on social media of his recent fireside chat at the Home Staking Summit in Singapore, discussing the real value of independent stakers—including small businesses and community stakers—to the network, and what changes Layer 1 can make to better support them. Vitalik emphasized that independent stakers serve as both the "first line of defense" by providing censorship resistance, and the "last line of defense" by preventing erroneous chains from achieving 67% finality. Because independent stakers are typically unaffiliated with large organizations, they are harder to regulate or coerce, reinforcing Ethereum’s status as a trusted neutral source of blockspace.
Former Alameda CEO Caroline Ellison Sentenced to Two Years in Prison
According to The Block and multiple reports, Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of SBF, has been sentenced to two years in prison for her role in the FTX exchange collapse. Ellison pleaded guilty in December 2022 to seven charges, including two counts of conspiracy to commit wire fraud, two counts of actual wire fraud, one count of conspiracy to commit commodities fraud, one count of conspiracy to commit securities fraud, and one count of conspiracy to launder money. Judge Lewis Kaplan handed down a relatively lenient sentence, citing Ellison’s full cooperation with prosecutors. The ruling also requires Ellison to forfeit approximately $11 billion and allows her to serve her sentence in a minimum-security prison.
On-chain Platform Daylight Raises $6 Million in Seed Round Led by USV and 1kx
Daylight, a personalized on-chain behavior recommendation platform, has raised $6 million in a seed funding round led by Union Square Ventures (USV), with 1kx co-leading. Framework Ventures, Chapter One, and founders of Zerion, Blockaid, and Yup also participated. This brings Daylight’s total funding to $9 million. Daylight offers an “on-chain personalization” API integrated into major wallets such as MetaMask and Coinbase Wallet, providing users with recommendations on actions like claiming airdrops and minting NFTs. The company claims its API currently drives 5% of transactions across partner wallets, delivering recommendations to 6 million active addresses monthly. Daylight plans to introduce a significant new transaction category in Q4 and is currently hiring backend engineers and reviewers.
Sui Ecosystem TVL Surpasses $1.15 Billion, Up 47% in a Single Month
With the Grayscale Sui Trust now open to qualified investors, SUI token daily trading volume has exceeded $800 million. Total Value Locked (TVL) has reached $1.15 billion, up 377% year-to-date and 47% month-over-month. Key DeFi protocols driving this growth include: Navi Protocol (TVL $439 million, +54.67% MoM), Scallop (TVL $233 million, +30.69% MoM), SuiLend (TVL $198 million, +89.27% MoM), Cetus DEX (TVL $159 million, +44.37% MoM), and Aftermath Finance (TVL $80 million, +48.21% MoM).
Movement-based DeFi project Meridian raises $4 million in seed round led by ParaFi Capital and Borderless Capital
Meridian, a decentralized liquidity market and liquid staking protocol built on Movement, has announced the completion of a $4 million seed funding round co-led by ParaFi Capital and Borderless Capital, with participation from Amber Group, Saison Capital, Interop Ventures, and Oak Grove Ventures. With this funding, Meridian plans to expand its global team, actively recruiting talent in engineering, product, and marketing. The protocol is currently live on testnet and intends to launch on day one of the Movement mainnet. Notably, compared to existing EVM and SVM ecosystems, the Move ecosystem currently represents only a small fraction of on-chain liquidity and trading volume. Meridian aims to leverage the security and composability of the Move language to close this gap.
Bithumb Adds UXLINK and FIDA KRW Trading Pairs
According to an official announcement, South Korean cryptocurrency exchange Bithumb will add Korean won (KRW) trading pairs for UXLink (UXLINK) and Solana Name Service (FIDA). Deposit and withdrawal services will open within two hours of the announcement. Trading for UXLink (UXLINK) will begin on September 24 at 17:30 Korea Time, and trading for Solana Name Service (FIDA) will begin at 18:30 Korea Time on the same day.
Babylon Mainnet Phase 2 Launching in Second Week of October
Babylon, the Bitcoin staking protocol, announced on X that the second phase of its mainnet will launch in the second week of October, featuring a higher total staking cap. Participants from Phase 1 must unstake and withdraw any excess collateral to secure their position in Phase 2. More details about Phase 2 will be released soon.
Coinbase to List ZKsync (ZK)
Coinbase Assets tweeted that Coinbase will add support for ZKsync (ZK) on the ZKsync network. Users are warned not to send this asset via other networks, as funds may be lost. Trading is expected to begin on or after 00:00 Beijing Time on September 26, pending sufficient liquidity. Once supply is adequate, ZK-USD trading pairs will be rolled out in phases.
Market Data
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