Davide (0xdavide)

🔥Weekly Crypto Recap: 🔹Ondo Finance founder Nathan Allman passed away at the age of 32, and $ONDO started dumping afterwards. Ondo also confirmed that longtime President Ian De Bode will assume the role of CEO moving forward. 🔹The sending of 107 BTC to a "dead" address (without private keys) by an unknown entity has sparked mystery and speculation. 🔹Total TVL of tokenized shares (on-chain) has exceeded $1 billion. 🔹Strategy has temporarily suspended $BTC purchases to focus on debt reduction (gamblers on Polymarket are pricing in a possible sale by June 30, 2026). 🔹BitMine, despite significant losses, continues to accumulate $ETH, bringing its reserves to close to 5.4 million $ETH. 🔹Banca Sella (perhaps the leading Italian crypto-friendly bank) has become the first Italian bank to have completed the MiCA process to offer crypto services (custody and transfer services).

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It's quite impressive how the dapps (protocols) deployed on the chains generate significantly more fees (revenues) than the chain itself. This is explained by the incredibly low gas fees. Ethereum has significantly lowered gas fees, but they remain much higher than Solana (there's more activity here, especially thanks to memecoins). MegaETH demonstrates that there's no room for other layer 2s, and above all, without incentives, certain chains have no reason to exist.

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Yesterday, my main wallet, which I use for airdrops and DeFi farming, was drained. No recent approvals, nor shady sites. Over 200 transfers between assets and NFTs were made. I don't understand what happened. Approvals were likely on old DeFi sites, although on Revoke Cash, there were no approvals for any valuable tokens, except those deprecated or no longer present in the wallet. It could also be a new type of attack that exploits Permit/Permit2 signatures. A few other users were also affected yesterday. I believe that DeFi, in addition to AI, has become enormously insecure since Ethereum introduced EIP7702 Delegations to wallets (EVM). Smart accounts are a disaster and increase the attack surface. Anything that should improve the user experience increases the attack surface because it adds complexity.

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Protocols that have boasted significant volume and usage for years are announcing perpetual exchanges instead of proceeding with their token generation events. The greed of certain teams knows no bounds. It is easy nowadays to fork Hyperliquid or Lighter, tap into their liquidity, and enable trading while charging an additional fee. Jumper is about to launch one, and another bridge (Bungee) has implemented a whitelist though the perp exchange is already live; perhaps they added the whitelist to offer some undefined "privilege" simply because no one is actually using the perpetual. The reasons why these added features (likely intended for future rewards) are a losing game for "farmers" are clear: 1) Products that have been active for years already have significant volume to reward. Adding a perp exchange leads to further dilution. It is not advantageous for either early users or those who start using the new perp exchange.

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