Crypto Morning Brief: CZ to be released early today, Robinhood considering launching a stablecoin
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Crypto Morning Brief: CZ to be released early today, Robinhood considering launching a stablecoin
uniBTC vulnerability causes approximately $2 million in losses; contract has been suspended.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
FORTUNE: CZ to be released early today, lawyer says he does not wish to give interviews
According to FORTUNE, Binance founder Changpeng Zhao ("CZ") will be released early this Friday—two days ahead of his official release date, as inmates are typically discharged early if their release falls on a weekend. Zhao’s lawyer stated that Zhao does not wish to give interviews upon release. However, the publication speculated about his next steps. His first stop is likely to be Dubai or Paris, where his children and former partner He Yi reside. Additionally, the media outlet expects that in the coming months, more details may emerge about Giggle Academy, the project Zhao initiated before his incarceration. Beyond family and philanthropy, the now-free Zhao may turn his attention to a third pursuit: the cryptocurrency industry that made him immensely wealthy and has dominated his life over the past decade.
Insiders: Robinhood considering launching its own stablecoin
According to Bloomberg, fintech giants Robinhood and Revolut are exploring the possibility of issuing their own stablecoins to enter the rapidly growing $170 billion stablecoin market. Sources said both companies are currently evaluating the idea and have not yet made final decisions. A Robinhood spokesperson said there are currently "no plans" to launch a stablecoin but did not rule out the possibility. A Revolut representative said the company intends to "further expand" its crypto offerings. Analysts believe the upcoming EU MiCA regulations could boost stablecoin development in the region. The rules, set for full implementation by the end of 2024, establish specific requirements for stablecoin issuers, including licensing and strict reserve management protocols.
Avalanche launches $40 million retroactive incentive program Retro9000 to support L1 blockchain development
The Avalanche Foundation announced the launch of Retro9000, a retroactive incentive program with up to $40 million in funding aimed at rewarding developers who have built L1 blockchains and related tools on Avalanche. The program is part of the broader Avalanche9000 upgrade. Luigi D'Onorio DeMeo, COO of Ava Labs, said Retro9000 is designed to guide the development of the L1 ecosystem and incentivize early builders. Projects will be evaluated through public leaderboards and community voting.
Ethena plans to launch new stablecoin UStb backed by BlackRock’s tokenized BUIDL fund
Ethena announced plans to launch a new stablecoin, UStb, with reserves invested in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). UStb will operate as a standalone product, offering different risk characteristics compared to USDe. In adverse market conditions, UStb could help mitigate risks associated with USDe. Ethena plans to use UStb as margin collateral on partnered centralized exchanges such as Bybit and Bitget. Specific launch timelines and exchange integration details will be announced in the coming weeks. BUIDL is BlackRock’s first tokenized asset fund, tokenized via Securitize.
Telos unveils zkEVM roadmap, aims for mainnet deployment by end of 2025
The Telos Foundation has released the development roadmap for its SNARKtor-powered zero-knowledge Ethereum Virtual Machine (zkEVM). The project will leverage hardware acceleration, use TLOS as its native token, and operate as a rollup on Ethereum. According to the roadmap, Telos plans to deploy the hardware-accelerated zkEVM on testnet in Q4 2024, followed by deployment on Ethereum mainnet in Q1 2025. In Q2 and Q3 of 2025, Telos will gradually integrate SNARKtor on testnet, enabling aggregation of multiple zero-knowledge proofs to improve verification efficiency on L1. Full integration of SNARKtor on mainnet is scheduled for Q4 2025.
Berachain announces RFB incentive program to provide liquidity and support for early teams
On September 26, Berachain announced the launch of its Request For Broposal (RFB) incentive program. RFB primarily offers support—including liquidity—to ecosystem projects and testnet developers on Berachain, helping them bootstrap. Projects already deployed on the Berachain testnet can apply to participate in the RFB program before October 9 and may also choose to join the Boyco initiative. Through Boyco, projects can integrate with the Royco Protocol, enabling direct access to liquidity from Berachain so they can focus on development and community growth.
Investment bank Macquarie bullish on Bitcoin miners pivoting to AI and high-performance computing, rates several miner stocks as “outperform”
According to The Block, Australian multinational investment bank Macquarie has rated several Bitcoin mining companies—including MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining—as “outperform.” Analysts believe these firms are shifting from a sole focus on cryptocurrency toward artificial intelligence (AI) and high-performance computing (HPC) models. Macquarie analysts Paul Golding and Emma Liang noted that Bitcoin miners have increasingly diversified their businesses in recent years, a trend accelerated after Bitcoin’s fourth halving in April. Some miners see their unique power infrastructure as an opportunity to diversify into non-crypto hosting services, while others remain focused on accumulating Bitcoin holdings.
Bedrock: uniBTC vulnerability leads to ~$2M loss, contracts paused
Multichain liquidity restaking protocol Bedrock announced on its Telegram channel that the team has identified a security vulnerability involving uniBTC. In response, the team has paused contracts to protect users and assets. The team confirmed that BTC in custodial wallets remains safe, as does BTC in reserves. Estimated total losses are approximately $2 million. The team is actively coordinating with DEXs, security auditors, and partner projects to revoke permissions. For permissions that cannot be revoked, corresponding wallet addresses will be blacklisted.
Data: Stacks Stacking market cap hits $700M, StackingDAO TVL reaches $100M
According to official data, Stacking DAO has driven significant growth in the Stacks DeFi ecosystem. Through its liquid staking token stSTX, it has successfully brought 13% (approximately $90 million) of the $700 million STX staking market into the Stacks DeFi ecosystem.
Currently, 48% of stSTX has been deployed by over 21,000 users across various DeFi protocols on Stacks. The broad integration of stSTX has fueled notable expansion in the Stacks ecosystem. According to DefiLlama, Stacks’ TVL has surged from $40 million to over $180 million, while monthly active users have grown from hundreds to thousands.
Market Data
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