Tag: rsETH

BroadChain learned that at 00:00 on April 20, according to CryptoNews, former US Treasury Secretary Henry Paulson, who led the 2008 financial crisis bailout, issued a warning that the $35 trillion US debt could trigger a Treasury market crash, urging authorities to formulate emergency 'circuit breaker' plans before a crisis erupts. The transmission path to the crypto market is direct and clear: disorderly bond selling will rapidly tighten US dollar liquidity, and history shows that before Bitcoin's safe-haven narrative solidifies, tightening dollar liquidity first punishes risk assets. The 30-year US Treasury yield has broken through 5%, a level last breached during the inflation surge in October 2023, and after the pre-Great Recession era,

BroadChain learned that at 23:46 on April 19, according to NewsBTC, recent on-chain analysis shows a divergence has re-emerged among Bitcoin investor groups, with institutional and retail behaviors diverging. CryptoQuant's Quicktake analysis points out that Bitcoin spot ETF net inflows are positively correlated with the Coinbase Premium Index (approximately 0.56), indicating synchronized capital inflows and spot demand. However, the key distinction is that institutional buying actually leads ETF inflows, contrary to the common market perception of the opposite logic. The rising Coinbase premium shows U.S. investors are buying back in, becoming a core driver of Bitcoin's price. Yet, the Fear & Greed Index remains

BroadChain learned that at 23:46 on April 19, according to NewsBTC, although the breakdown of US-Iran negotiations over the weekend slowed Ethereum's price rally, on-chain data shows the market structure remains largely unaffected. Analyst CryptoOnchain pointed out that the 365-day simple moving average of Ethereum's exchange net flow has dropped to its lowest level since May 2024, and a sustained downward trend is typically viewed as a bullish signal—this indicates investors are moving assets from exchanges like Binance to self-custody wallets for long-term holding. Historical data shows that whenever this metric hits extreme lows, it often precedes a macro uptrend for Ethereum. The current pattern strongly suggests the market is in an accumulation phase.

BroadChain learned that at 23:30 on April 19, according to TechFlow, on April 19, Curve Finance announced that due to a hacker attack on the LayerZero infrastructure of rsETH, as a precautionary measure, it has suspended its LayerZero infrastructure until the root cause is identified. This suspension affects CRV cross-chain bridging initiated from chains such as BNB, Sonic, Avalanche, Fantom, Etherlink, and Kava. Bridging services for other chains can still use native bridges. Additionally, the fast bridging service for crvUSD has been affected, but the slow bridging service for Layer2 remains operational.

BroadChain learned that at 23:30 on April 19, according to Bitcoinist, Bitcoin mining company NYDIG is in advanced negotiations with Alcoa to acquire its idle smelter in Massena, New York. The transaction is expected to be completed by mid-2026, with specific financial terms undisclosed. The smelter has been closed since 2014 due to rising energy costs and increased overseas competition. NYDIG is attracted by its ready-made heavy industrial infrastructure, including substations, transmission lines, and grid connections, which can handle massive electrical loads and can connect to the New York Power Authority's hydroelectric supply, reducing operational costs and carbon footprint. This is not an isolated case; this year, Century Aluminum has already...

BroadChain learned that at 14:16 on April 19, according to PANews, in the early hours of April 19, the rsETH cross-chain bridge of Kelp DAO, a product under Kernel DAO based on LayerZero, was attacked. The attacker stole approximately 116,500 rsETH, valued at about $292 million, accounting for 18% of its circulating supply, from the mainnet OFTAdapter contract by forging cross-chain messages. The attacker subsequently deposited the stolen rsETH as collateral into lending protocols such as Aave and Compound, borrowing over $236 million worth of ETH, with Aave alone incurring approximately $196 million in debt. Due to the collateral

BroadChain learned that at 13:16 on April 19, according to TechFlow, monetsupply.eth, the strategy lead of Spark Protocol, disclosed on April 19 that the protocol delisted low-usage assets such as rsETH and tightened collateral scope in January this year. Although this move once caused dissatisfaction among ETH loop leverage users, it has proven to be forward-looking in the current market environment. Spark has long set a higher interest rate cap for ETH lending, ceding some business and revenue to Aave over the past year, with the latter's ETH borrowing rate once dropping below 10%. Currently, SparkL

BroadChain learned that at 12:16 on April 19, according to PANews, at 17:35 (UTC) on April 18, an attacker stole 116,500 rsETH (approximately $292 million) from the Kelp DAO bridge contract by forging LayerZero cross-chain messages. The attacker subsequently collateralized the stolen rsETH on Aave V3, borrowing approximately $236 million in wETH. As the bridge reserves have been emptied, this batch of rsETH effectively lacks underlying asset support, resulting in approximately $177 million in bad debt for Aave V3. 46 minutes later, Kelp paused the contract, but two subsequent attempts by the attacker failed. This

BroadChain has learned that on April 19 at 09:30, according to TechFlow, on April 18, an attacker stole approximately 116,500 rsETH (worth $292 million) from the Kelp DAO bridge contract by forging LayerZero cross-chain messages, subsequently collateralizing it on Aave V3 to borrow approximately $236 million in wETH. This attack exposed the structural risks of the cross-chain bridge reserve model: the depletion of mainnet reserves has left 18% of the total rsETH supply without underlying backing, potentially triggering a run by L2 holders. Aave's Umbrella fallback mechanism faces its first major stress test, needing to cover an estimated $177 million shortfall with staked assets.

BroadChain learned that at 09:16 on April 19, according to PANews, in response to the KelpDAO attack incident, Aave announced it has frozen the rsETH market on its V3 and V4 protocols. This asset currently has no borrowing capacity. Aave emphasized that its contracts themselves were not attacked; the freeze is to prevent new rsETH deposits and collateralized borrowing, allowing the team to assess the situation. Currently, Aave V3 and V4 no longer hold rsETH. The team is reviewing rsETH borrowing information that occurred after the exploit and will disclose details as soon as possible. If the protocol incurs bad debt due to this incident, the team will explore ways to cover the losses. Previously, the KelpDAO cross-chain bridge

BroadChain learned that at 08:30 on April 19, according to Bitcoinist, Charles Edwards, founder of the digital asset hedge fund Capriole Investments, warned that listed Bitcoin mining companies are accelerating their shift to artificial intelligence (AI) business, which could pose a threat to Bitcoin's price and network security. Data shows that the proportion of Bitcoin revenue for major listed mining companies is expected to plummet from about 90% to 30% within the next 2-3 years. Market performance has become a key driver: companies setting AI revenue targets exceeding 80% have seen their stock prices rise by an average of over 500%, while those with targets below 60% have performed weakly. Mining companies' investment strategies have also shifted,

BroadChain learned that at 08:16 on April 19, according to NewsBTC, Bitcoin has confirmed a breakthrough of the macro downtrend on the linear chart, signaling a potential shift in the broader market structure. However, the current price is at a key resistance area on the logarithmic chart, and uncertainty remains. The upcoming price action will be crucial to determine whether this breakthrough develops into a sustained bull trend or a potential bull trap. From the linear chart perspective, breaking the main trendline may mark the end of the bear market cycle, but the logarithmic chart shows the price is at a major resistance level. For the breakthrough to be valid, the price needs to push into the mid-$85,000 range and maintain closing prices for several days to shift the macro structure from bearish to bullish.