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Monthly volume of cryptocurrency trading in euros has increased 2x year-to-date, outpacing KRW, JPY and CAD — link : unfolded.
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💵 💵 💵 50,800,000 #USDC (50,800,310 USD) minted at USDC Treasury
Details : Whale Alert
$PENGU to launch at 9am EST tomorrow - LucaNetz : Leviathan News
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💵 💵 💵 50,000,000 #USDC (50,000,916 USD) minted at USDC Treasury
Details : Whale Alert
DeFi’s honeymoon phase is over—2025 is shaping up to be the year of turf wars.
Aave’s proposal to deprecate its Polygon deployment isn’t just a technical move; it’s a response to the growing risks of rehypothecation, where assets meant to be “safe” are instead leveraged to chase yield. As Andre Cronje pointed out in his thread response, proposals like Polygon’s attempt to earn interest on bridged assets are a dangerous step toward fractional reserve banking in DeFi.
Cronje uses a simple analogy to break it down: “You deposit $10,000 into a bank, and they lend out $9,500. Your friend deposits that $9,500 back, and now the bank’s balance sheet shows $19,500 from only $500 in cash. Repeat this process, and you have the recipe for financial collapse.” In DeFi terms, this happens when stablecoins, wrapped assets, and bridge tokens are stacked on top of one another, creating IOUs far in excess of the original collateral.
Let’s apply this to the Polygon/Morpho/Aave situation:
- Over $1B in stablecoins are locked in Polygon’s bridge, represented as wrapped deposit receipts (a form of debt).
- The new proposal suggests using these assets to earn yield via Morpho on Ethereum L1, effectively rehypothecating the collateral.
- The problem? A third of those assets are already pledged as collateral on Aave. Morpho, a direct competitor to Aave, would become the quasi-senior debtor in any liquidation/exploit/doomsday scenario.
As Cronje notes, “No amount of yield should ever be worth double-dipping user assets.” Yet, this is precisely what the proposal implies—leveraging user funds for additional yield without their explicit consent. Aave’s move to pull out of Polygon is an attempt to protect its users. If there’s a failure in Morpho, Aave’s collateral could go to zero, leaving its users at a loss while Morpho has first claim to liquidate and recover funds on the L1.
What’s more troubling, as Cronje highlights, is the sheer fact that such a proposal is even possible. “The best way to avoid an ‘unlikely event’ is to turn it into an ‘impossible event.’” The ability of bridges to rehypothecate assets without sufficient checks undermines one of DeFi’s core principles: not your keys, not your assets.
This battle between Polygon, Aave, and Morpho is just the beginning of a broader turf war in DeFi. With 1000s of L2's launching, L3's on the horizon, we're going to see hard questions raised about who/what has ultimate control and if rehypothecation is preferred by the market.
The lines are drawn. The game has changed. And DeFi’s future will depend on how these risks are addressed. Buckle up. : Leviathan News
FTX ANNOUNCES EFFECTIVE DATE AND RECORD DATE OF JANUARY 3, 2025 FOR ITS CHAPTER 11 PLAN OF REORGANIZATION - RTRS : unfolded.
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FTX ANNOUNCES EFFECTIVE DATE AND RECORD DATE OF JANUARY 3, 2025 FOR ITS CHAPTER 11 PLAN OF REORGANIZATION - RTRS : Tree News
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🚨 🚨 🚨 🚨 🚨 1,000 #BTC (107,022,435 USD) transferred from unknown wallet to unknown new wallet
Details : Whale Alert
FTX Will Allow Bankruptcy Payouts in Stablecoins via BitGo and Kraken Exchanges : unfolded.
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$100k milestone achieved. 🚀 Congrats to WajMug 🥳
Zero-to-six-figure crypto portfolio completed as SYMM launches on Base—what’s next for the journey? - Youtube : Leviathan News
JUST IN: 🇺🇸 President-elect Trump says Elon Musk's Department of Government Efficiency (DOGE) will eliminate billions in waste and fraud, potentially saving $2 trillion. : Watcher Guru
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🚨 🚨 🚨 🚨 877 #BTC (93,746,647 USD) transferred from #Coinbase to unknown wallet
Details : Whale Alert
Ripple unveils RLUSD stablecoin globally, setting new standards in trust, compliance, and liquidity with full USD backing. - Ripple : Leviathan News
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UK Government Issues Warning Against “Retardio” Coin: X
🔗 velo.xyz
Ripple will launch the US dollar stablecoin RLUSD on December 17, with independent auditing agencies providing asset certification every month. RLUSD will be launched on platforms such as Uphold and MoonPay in the early stage. RLUSD issues a trust company license based on NYDFS. — link : Wu Blockchain News
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🚨 🚨 🚨 🚨 🚨 50,000,000 #XRP (124,426,463 USD) transferred from unknown wallet to unknown wallet
Details : Whale Alert
🚨 🚨 🚨 🚨 🚨 1,000 #BTC (106,942,993 USD) transferred from unknown wallet to unknown new wallet
Details : Whale Alert
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 50,674 #ETH (200,368,294 USD) transferred from unknown wallet to #Binance
Details : Whale Alert
FTX and its affiliated debtors today announced that its court-approved Chapter 11 plan of reorganization will become effective on January 3, 2025, with the first distribution expected to occur within 60 days of the effective date.
FTX also announced today that it has entered into agreements with BitGo and Kraken to assist in the distribution. — link : Wu Blockchain News
*FTX: INITIAL DISTRIBUTION WITHIN 60 DAYS OF EFFECTIVE DATE: BBG : Tree News
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FTX Announces Effective Date And Record Date Of January 3, 2025 For Its Chapter 11 Plan Of Reorganization - RTRS: Tree
🔗 velo.xyz
Avalanche Blockchain’s Largest-Ever Upgrade, 'Avalanche9000,' Is Live — link | tl;dr : unfolded. DeFi
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According to Sunil, a Twitter user claiming to be an FTX creditor, FTX has added Bitgo and Kraken as distribution partners to its creditor claims portal and plans to introduce a third partner. The platform has also enabled stablecoin distribution. — link : Wu Blockchain News
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Coinbase announced support for Parcl (PRCL), a Solana-based digital real estate investment platform. Trading will begin on December 18, 2024, at 1 AM (UTC+8), subject to liquidity conditions. The PRCL-USD trading pair will launch in phases, with restrictions in certain regions. — link : Wu Blockchain News
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JUST IN: Bitcoin reaches new all-time high of $107,000. : Watcher Guru
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JUST IN: 🇺🇸 President-elect Trump will keep promise to pass historic tax cuts. : Watcher Guru
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🚨 🚨 🚨 🚨 🚨 999 #BTC (106,280,823 USD) transferred from unknown wallet to unknown wallet
Details : Whale Alert
According to Mask Network founder Suji Yan, many Pudgy Penguins toy products were opened and QR codes were stolen in New York stores today. The sudden token airdrop caused some people to rush into Walmart to steal the QR codes that may receive airdrops. He said that the crypto community should condemn this behavior. — link : Wu Blockchain News
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