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Project Overview
Block, Inc. (NASDAQ:SQ)is a technology company focused on financial services and digital payments. The company was founded in 2009, formerly known as Square, Inc., and was renamed Block in 2021 to reflect its expanding product portfolio. The company operates Square merchant payment solutions, Cash App (provides peer-to-peer payments and Bitcoin transactions), Afterpay (provides buy-to-pay-after-pay), TIDAL (provides music streaming services), Bitkey (provides self-hosted Bitcoin wallets), and Proto (provides Bitcoin mining services).
HIFI Closes $37 Million Series A Funding Round Led by Left Lane Capital
According to The Block, New York-based stablecoin payment and tokenized asset company HIFI has announced the completion of a $37 million Series A financing round led by Left Lane Capital. Proceeds from the funding will be used to expand its tokenized capital market infrastructure and product lines. HIFI provides API infrastructure that integrates fund flows, compliance, and settlement capabilities, currently processing over $7 billion annually across 87 countries. Prior to this round, HIFI participated in a tokenized securities production trade co-hosted by DTCC, BlackRock, Goldman Sachs, and Nasdaq in July. Later this month, it partnered with Visa to extend its stablecoin settlement platform to remittance and card payment scenarios, initially supporting stablecoin settlements for more than 4 billion Visa cards globally.
Perpetual contract platform RWAperp completes $2 million in financing
perpetual contract platform RWAperp has announced the completion of $2 million in financing, with a post-investment valuation of $50 million. Participants in the round include Lime co-founder Brad Bao, Cresta AI co-founder Tim Shi, Tesla Autopilot team member Phil Duan, Crux members William Freiberg and Charles Ferguson, as well as members of the a16z and Sequoia Scout networks.RWAperp is a decentralized perpetual contract protocol for traditional financial assets. It is currently live on OKX X Layer and has opened 19 markets, covering BTC, ETH, SOL, Korean and U.S. stocks, the S&P 500 Index, the DRAM Index, gold, silver, and WTI crude oil. Users can settle in USDC, USDT, or USDG and gain leveraged long and short exposure to stocks, indices, commodities, and crypto assets without needing to hold, custody, or tokenize the underlying assets.RWAperp primarily designs its trading, pricing, liquidity, and risk management systems around the trading characteristics of the stock market, and handles situations such as market closure periods, overnight gaps, trading halts, and corporate actions. The platform uses a multi-issuer composite oracle and provides a professional order book trading terminal.RWAperp is also developing Agent Mode. This AI feature is designed to understand natural language trading instructions, analyze market conditions, and gradually support trading execution operations such as opening positions, position management, and closing positions. (The Block)
India's Securities and Exchange Board: Three institutions raise $1.072 billion through tokenized corporate bonds
Odaily reports: The Securities and Exchange Board of India (SEBI) stated that under the Demat 2.0 pilot, three issuers have raised a cumulative 102.5 billion rupees (approximately $1.072 billion) through tokenized corporate bonds. The pilot utilizes distributed ledger technology to issue, hold, and settle corporate bonds.Among them, REC was the first to complete a 50 billion rupee fundraising on September 7, with 18 investors participating; L&T raised 50 billion rupees on September 9, subscribed by 4 investors; IIFL raised 2.5 billion rupees on the same day, subscribed by 1 investor.SEBI stated that Demat 2.0 records corporate bonds as native digital tokens on depository institutions' distributed ledgers, and connects to wholesale central bank digital currency (CBDC) through the Reserve Bank of India's (RBI) Unified Market Interface, enabling atomic settlement of bonds and funds, which is expected to shorten post-issuance fund settlement time from the traditional 2 to 3 days to same-day.SEBI emphasized that tokenized bonds do not constitute a new category of corporate bonds, and their ISIN, issuer obligations, coupons, maturity dates, covenants, ratings, and investor rights remain consistent with traditional electronic corporate bonds. Currently, the first phase of the pilot is aimed at institutional issuance, with secondary trading and retail investor participation to be advanced in subsequent phases. (The Block)
DeFi Development Corp plans to issue $20 million in preferred stock to increase its SOL holdings.
According to The Block, Nasdaq-listed Solana treasury company DeFi Development Corp (ticker: DFDV) announced plans to publicly offer up to $20 million in Variable Rate Series C Perpetual Preferred Stock, with a par value of $10 per share, an initial annual dividend rate of 13%, and the first dividend payment date set for October 1, 2026. The company plans to use the proceeds to purchase additional SOL and other crypto-related assets. Currently, the company holds approximately 2.33 million SOL, having increased its holdings by around 19,000 at an average price of $98.14 last week. DFDV shares rose 8.03% on Monday to $5.38, posting a cumulative gain of 110% over the past month; SOL appreciated approximately 41% during the same period, currently trading at $103.3.
PURR price rises 15%, Hyperliquid Strategies discloses $1.9 billion HYPE reserve
Odaily News - PURR, a token related to the Hyperliquid ecosystem, rose approximately 15% after Hyperliquid Strategies published its "HYPE Treasury" and balance sheet updates.According to the disclosure, Hyperliquid Strategies has completed a $647 million equity financing round and increased its HYPE token reserve to 29.3 million tokens, valued at approximately $1.9 billion based on fiscal year-end prices—more than doubling from its previous size.The company stated that it subsequently invested an additional $773.4 million to acquire approximately 16.5 million HYPE tokens at an average purchase price of $46.77. The company said the continued expansion of its HYPE holdings is aimed at building a "fortress balance sheet" to strengthen long-term support for the Hyperliquid ecosystem.Market observers believe that sustained institutional allocation to HYPE assets has further reinforced expectations regarding the Hyperliquid ecosystem's value-capture capabilities, driving related ecosystem tokens like PURR higher. (The Block)
Coinbase opens crypto-backed mortgage service to Coinbase One members
Odaily News Crypto exchange Coinbase and digital mortgage company Better Mortgage have announced the full rollout of token-backed conforming mortgages for Coinbase One members, allowing eligible borrowers to use crypto assets as collateral in the home buying process.The product became available to Coinbase One members on August 12. The two companies first announced their partnership in March of this year, with the first mortgage loan under this program designed within the framework of a Fannie Mae-compliant conforming mortgage. According to the announcement, Coinbase One members who qualify for Better's mortgage products can receive a lender credit equal to 1% of the loan amount, up to a maximum of $10,000. This credit can be applied toward mortgage closing costs and is available for standard mortgages, home equity lines of credit (HELOCs), and refinancing products. (The Block)
U.S. community bank organization sues OCC, seeking to block crypto firms from entering the banking system through trust charters
Odaily News: The Independent Community Bankers of America (ICBA) filed a lawsuit on Friday against the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District of Columbia, challenging its authority to grant national trust bank charters to crypto firms and asking the court to vacate the final rule dated March 2, 2026, and Interpretive Letter No. 1176.ICBA President and CEO Rebeca Romero Rainey said the charters give crypto firms the credibility of a federal bank charter without requiring compliance with federal deposit insurance, capital and liquidity standards, and the Community Reinvestment Act. The ICBA also seeks to revoke Protego Holdings' conditional charter, citing deficiencies in its governance and risk controls.The lawsuit involves digital asset firms that have applied for or obtained OCC charters, including Circle, Ripple, Paxos, Fidelity, BitGo, Kraken parent company Payward, Block, and World Liberty Financial. Senator Elizabeth Warren separately accused the approvals of being unlawful, drawing pushback from the industry; the OCC plans to complete stablecoin rules under the GENIUS Act by November. (Decrypt)
U.S. Judge Issues Preliminary Injunction to Temporarily Block Illinois from Classifying Kalshi Sports Contracts as Gambling
According to Ariel Givner, Judge Pacold of the U.S. District Court for the Northern District of Illinois issued a ruling supporting a partial preliminary injunction in a lawsuit involving Coinbase, Kalshi, and the U.S. federal government/U.S. Commodity Futures Trading Commission (CFTC) against Illinois Attorney General Kwame Raoul, thwarting Illinois' attempt to classify sports event contracts on the prediction market platform Kalshi under the state's gambling regulations in its initial legal push.
After the CLARITY Act's Senate vote setback, Stand With Crypto unveils its first batch of Senate candidate endorsements
Odaily News: Coinbase-backed crypto advocacy group Stand With Crypto (SWC) has announced its first batch of Senate candidate endorsements, including Ohio Republican Senator Jon Husted, as well as Iowa candidate Ashley Hinson and New Hampshire candidate Chris Pappas.Previously, the U.S. Senate failed to advance the CLARITY Act in a procedural vote on September 15. SWC Executive Director Mason Lynaugh stated that following this vote, the organization will shift more of its focus toward elections. SWC also announced expanded support and advertising spending for certain House candidates. The organization had previously said it would factor senators' performance on key CLARITY Act votes into candidate records. (The Block)
ASIC plans to regulate digital assets and tokenized custody platforms starting in April 2027.
According to The Block, the Australian Securities and Investments Commission (ASIC) is preparing to regulate digital assets and tokenized custodial platforms under a framework scheduled to take effect in April 2027. The regulator stated that it will issue consultation papers, guidance documents, and draft rules during this period, while monitoring market integrity and risk management.
Recovering £851,400: UK FCA Plans to Return Funds to Crypto Scam Victims
Odaily News: The UK Financial Conduct Authority has obtained a court order requiring two individuals involved in a fraudulent crypto investment scheme to jointly repay £851,400, with plans to return the funds to victims. At least 65 investors suffered combined losses of £1.54 million, and the recovered amount accounts for approximately half of the total losses.
HIFI Closes $37 Million Series A Funding Round Led by Left Lane Capital
According to The Block, New York-based stablecoin payment and tokenized asset company HIFI has announced the completion of a $37 million Series A financing round led by Left Lane Capital. Proceeds from the funding will be used to expand its tokenized capital market infrastructure and product lines. HIFI provides API infrastructure that integrates fund flows, compliance, and settlement capabilities, currently processing over $7 billion annually across 87 countries. Prior to this round, HIFI participated in a tokenized securities production trade co-hosted by DTCC, BlackRock, Goldman Sachs, and Nasdaq in July. Later this month, it partnered with Visa to extend its stablecoin settlement platform to remittance and card payment scenarios, initially supporting stablecoin settlements for more than 4 billion Visa cards globally.
The Zano network was attacked due to a gateway address vulnerability, forcing it to restart the blockchain.
According to The Block (@TheBlockCo), the Zano network was recently subjected to a Gateway Address vulnerability attack, resulting in the unauthorized minting of ZANO and fUSD that have since entered the market. To contain the losses, the team has urgently restarted the blockchain. The team is currently actively negotiating with affected projects and relevant counterparties regarding compensation for losses, and will publish a formal compensation and claims process in the near future.
Bernstein: Progress on the CLEAR Act exceeds market expectations, with any positive surprises remaining unpriced.
According to The Block, Bernstein analysts indicated that Senate Republicans' progress on the Clarity Act may surpass market consensus expectations. The Republican proposal has been finalized, incorporating 126 substantive amendments put forward by Democrats. President Trump has also endorsed most measures within the bipartisan ethics framework, including granting enforcement authority to state attorneys general. Bernstein pointed out that the crypto market currently holds a pessimistic view toward Tuesday’s procedural vote, with "any upside surprises not yet priced in." The probability of the bill's passage on prediction market platform Kalshi has climbed back above 30%. Analysts cautioned that a failure to pass the legislation, combined with hawkish remarks from the Federal Reserve, could trigger a "significant pullback" in markets. However, even if the bill fails, it will accelerate SEC and CFTC crypto regulatory rulemaking rather than derail broader regulatory efforts.
Analysis: Bitcoin's 23% Weekly Surge Sparks Bull Market Resurgence Expectations, Short Squeeze and Bessent Policy Catalysts May Usher in a New Cycle
Odaily News Bitcoin has rebounded strongly recently. Analysts believe that record-breaking short squeeze activity, along with policy signals from U.S. Treasury Secretary Scott Bessent, may be pushing the market into a new phase of bull market cycle adjustment.Data shows that Bitcoin has risen approximately 23% over the past week, marking its largest weekly gain since the post-U.S. election rally in November 2024. Crypto market trading activity has also recovered in tandem, with spot and perpetual contract trading volume surging 188%. CME Bitcoin futures volume rose 152%, and the annualized futures basis climbed to 11.1%—the highest level since January 2025. Additionally, Bitcoin ETF products recorded net inflows of approximately 31,740 BTC over the week, the strongest capital inflow since the market peak in October 2025.Vetle Lunde, Head of Research at crypto research firm K33 Research, stated that the early phase of this rally was primarily driven by short covering. On August 19, Bitcoin short positions saw a single-day liquidation scale of $1.37 billion, a record high, followed by another $739 million in short liquidations on August 21. The massive short squeeze pushed open interest in perpetual contracts down to 284,000 BTC, the lowest level since May, while market funding rates also returned to neutral.On the macro front, policy signals from U.S. Treasury Secretary Scott Bessent regarding increased long-term Treasury buybacks are also viewed by analysts as a market catalyst. K33 believes that the Treasury buyback program could lower long-term interest rates and boost demand for scarce assets. Meanwhile, Bitcoin's correlation with gold has risen, with the 90-day correlation coefficient reaching 0.52—the highest since October 2020—while its correlation with the Nasdaq index has declined to 0.38, a one-year low.Matt Hougan, Chief Investment Officer at crypto investment firm Bitwise Asset Management, believes that Bessent's recent remarks on sanctions against Iran's financial network have further strengthened Bitcoin's investment thesis: as the global financial system becomes increasingly influenced by geopolitics, the value of assets that are decentralized and do not rely on any single nation's financial system may appreciate further. (The Block)
Bernstein analysts assign Circle an “Outperform” rating with a $140 price target
Odaily News: Bernstein analysts have assigned Circle an “Outperform” rating with a price target of $140, noting that its growth cycle does not depend on the progress of the Clarity Act. The analysts pointed out that USDC supply grew by $1.7 billion over the past week, and the stablecoin trading volume market share continues to expand. (The Block)
Upbit Trading Volume Surges 273% in a Single Day as Korean Investors Return to the Crypto Market
According to The Block, South Korea's largest cryptocurrency exchange Upbit saw a 273% surge in trading volume over the past 24 hours, reaching approximately $1.84 billion and marking its highest single-day level since mid-March. XRP was the most traded cryptocurrency on the platform, with approximately $419 million in volume, followed by Bitcoin, USDT, and Ethereum.
Block updates Bitcoin roadmap, with multiple features already launched across its products
Bitcoin News announced on X platform that @BitcoinatBlock has updated its Bitcoin roadmap, having rolled out multiple features across its products over the past year. Recently launched features include: - Cash App supports Bitcoin purchases via ACH. - More readable Bitcoin addresses. - Dollar payments via the Lightning Network. - Square merchants support Bitcoin payments and Tap to Pay. - 5% Bitcoin cashback. - Increased withdrawal limits and reduced fees. - Open-source mining management through Proto. Features currently in development include: automatic withdrawals to Bitkey, Coin Control, multi-account support, and multi-beneficiary inheritance.
The Zano network was attacked due to a gateway address vulnerability, forcing it to restart the blockchain.
According to The Block (@TheBlockCo), the Zano network was recently subjected to a Gateway Address vulnerability attack, resulting in the unauthorized minting of ZANO and fUSD that have since entered the market. To contain the losses, the team has urgently restarted the blockchain. The team is currently actively negotiating with affected projects and relevant counterparties regarding compensation for losses, and will publish a formal compensation and claims process in the near future.
Cosmos Hub Resumes Block Production, Neutron Attacker Wallet Transfers 1.23 Million ATOM
According to The Defiant, Cosmos Hub resumed operations after ceasing block production for 24 hours and 48 minutes. The Neutron attacker purchased voting power for 20,199 USDC and completed staking just 12 minutes before an expedited proposal expired; the relevant wallet subsequently transferred 1.23 million ATOM.
Glamsterdam Test: Attackers Could Exploit Free Testnet ETH to Win Sepolia Block Auctions and Withhold Transaction Payloads
Odaily reports: Ethereum developers have warned that attackers could exploit free testnet ETH and one-time builder identities to win Sepolia block auctions and withhold transaction payloads during the Glamsterdam testing period.This attack does not threaten mainnet funds, but it could disrupt infrastructure testing. The Sepolia public test is scheduled to launch on October 6, while the Hoodi test is tentatively set for October 27. The mainnet activation date remains undetermined. (CoinDesk)
Wyoming Expands Partnership with Chainlink to Introduce On-Chain Reserve Verification for FRNT Stablecoin
According to The Block, the Wyoming Stable Token Committee announced the adoption of Chainlink Proof of Reserve to provide near-real-time on-chain reserve validation for its official stablecoin, Frontier Stable Token (FRNT). The Network Firm will audit FRNT reserves in accordance with AICPA standards, while Chainlink will post verification data on-chain in real time to bridge information gaps between reporting cycles. Previously, Wyoming fully migrated FRNT from LayerZero to Chainlink CCIP last month as its sole cross-chain infrastructure. The committee is also advancing the Chainlink Proof of Reserve Secure Mint feature, which requires verifying that reserves do not fall below FRNT's total supply before minting new tokens to prevent infinite minting attacks. FRNT launched in January this year and is the United States' first government-issued stable token, backed by U.S. dollars and short-term U.S. Treasuries.
StarkWare Completes First Quantum-Resistant Bitcoin Transaction, Says Protocol-Level Upgrades Still Needed
According to The Block, StarkWare announced it has successfully executed the first post-quantum Bitcoin transaction. Avihu Levy, Head of Applications, used a "signature grinding" approach to repeatedly generate millions of candidate signatures before the transaction entered the Bitcoin mempool, thereby avoiding the exposure of mathematical data related to public keys that could be exploited by future quantum computers to forge signatures. This method incurs significant computational costs, with a single transaction potentially taking several hours. Because the transaction format is unrecognized by standard Bitcoin nodes, it bypassed the public mempool and was submitted directly to miners for inclusion via MARA’s Slipstream service. StarkWare noted that while this technique can serve as a transitional safeguard, Bitcoin will still require protocol-level upgrades or a hard fork to systematically mitigate quantum computing threats.
TRM Labs: AI Applications in Crypto Crime Grew by 40% Over the Past Year
According to The Block, TRM Labs' latest report shows that AI applications in cryptocurrency crime grew by 40% year-over-year over the past year, primarily driven by fraud activities. In the first half of 2026, digital asset hacking incidents reached 201, a new record high, with approximately 75% of the losses concentrated in just 4% of the incidents. North Korean-linked activities caused approximately $600 million in losses, accounting for 61% of the total losses in the first half of the year. TRM Labs noted that AI has not created new types of crime, but has significantly lowered the barrier to criminal activity and expanded the scale of attacks.
U.S. Judge Issues Preliminary Injunction to Temporarily Block Illinois from Classifying Kalshi Sports Contracts as Gambling
According to Ariel Givner, Judge Pacold of the U.S. District Court for the Northern District of Illinois issued a ruling supporting a partial preliminary injunction in a lawsuit involving Coinbase, Kalshi, and the U.S. federal government/U.S. Commodity Futures Trading Commission (CFTC) against Illinois Attorney General Kwame Raoul, thwarting Illinois' attempt to classify sports event contracts on the prediction market platform Kalshi under the state's gambling regulations in its initial legal push.
Robinhood Executive: Still Working on "Innovation Exemption" with the U.S. SEC
Odaily News: Johann Kerbrat, Senior Vice President of Crypto at Robinhood, stated during Korea Blockchain Week 2026 that the company is still working on matters related to the "innovation exemption" with the U.S. SEC to support its tokenized stock business. Kerbrat said that as tokenized stock trading scales up, its trading volume could reach the relevant cap set by the SEC. (The Block)
After the CLARITY Act's Senate vote setback, Stand With Crypto unveils its first batch of Senate candidate endorsements
Odaily News: Coinbase-backed crypto advocacy group Stand With Crypto (SWC) has announced its first batch of Senate candidate endorsements, including Ohio Republican Senator Jon Husted, as well as Iowa candidate Ashley Hinson and New Hampshire candidate Chris Pappas.Previously, the U.S. Senate failed to advance the CLARITY Act in a procedural vote on September 15. SWC Executive Director Mason Lynaugh stated that following this vote, the organization will shift more of its focus toward elections. SWC also announced expanded support and advertising spending for certain House candidates. The organization had previously said it would factor senators' performance on key CLARITY Act votes into candidate records. (The Block)
Gemini Switches Zcash Software Ahead of NU7 Upgrade's 25-Second Block Times
Odaily News: Cryptocurrency exchange Gemini has switched its Zcash system operating software from Zebra to Zakura, reducing the time required for nodes to catch up with the network state from nearly a day to just over 6 hours.The switch was made ahead of Zcash's planned NU7 upgrade. The upgrade aims to reduce block times from 75 seconds to 25 seconds, requiring network computers to process transactions at three times the previous frequency.Developers aim to implement the mainnet upgrade on November 5, but Gemini has not yet published performance test results for Zakura under the faster block production frequency. (CoinDesk)
ASIC plans to regulate digital assets and tokenized custody platforms starting in April 2027.
According to The Block, the Australian Securities and Investments Commission (ASIC) is preparing to regulate digital assets and tokenized custodial platforms under a framework scheduled to take effect in April 2027. The regulator stated that it will issue consultation papers, guidance documents, and draft rules during this period, while monitoring market integrity and risk management.
Block Integrates Bitcoin Lightning Network into x402 Payment Standard
Odaily News: Payment company Block announced on September 24 that it has integrated the Bitcoin Lightning Network into the x402 payment standard. The x402 protocol can complete verification and unlock data through Lightning Network invoices and payment preimages after a server returns an HTTP 402 payment request.Steve Lee, head of Spiral, Block's open-source Bitcoin research and development division, stated that the integration targets instant, low-cost micropayment use cases. Block has not yet disclosed a timeline for bringing the standard to Cash App, Square, or Bitkey, and the related Python implementation still needs to be tested on real nodes. (Bitcoin.com News)
Related news
U.S. community bank organization sues OCC, seeking to block crypto firms from entering the banking system through trust charters
Odaily News: The Independent Community Bankers of America (ICBA) filed a lawsuit on Friday against the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District of Columbia, challenging its authority to grant national trust bank charters to crypto firms and asking the court to vacate the final rule dated March 2, 2026, and Interpretive Letter No. 1176.ICBA President and CEO Rebeca Romero Rainey said the charters give crypto firms the credibility of a federal bank charter without requiring compliance with federal deposit insurance, capital and liquidity standards, and the Community Reinvestment Act. The ICBA also seeks to revoke Protego Holdings' conditional charter, citing deficiencies in its governance and risk controls.The lawsuit involves digital asset firms that have applied for or obtained OCC charters, including Circle, Ripple, Paxos, Fidelity, BitGo, Kraken parent company Payward, Block, and World Liberty Financial. Senator Elizabeth Warren separately accused the approvals of being unlawful, drawing pushback from the industry; the OCC plans to complete stablecoin rules under the GENIUS Act by November. (Decrypt)
U.S. Judge Issues Preliminary Injunction to Temporarily Block Illinois from Classifying Kalshi Sports Contracts as Gambling
According to Ariel Givner, Judge Pacold of the U.S. District Court for the Northern District of Illinois issued a ruling supporting a partial preliminary injunction in a lawsuit involving Coinbase, Kalshi, and the U.S. federal government/U.S. Commodity Futures Trading Commission (CFTC) against Illinois Attorney General Kwame Raoul, thwarting Illinois' attempt to classify sports event contracts on the prediction market platform Kalshi under the state's gambling regulations in its initial legal push.
Robinhood Executive: Still Working on "Innovation Exemption" with the U.S. SEC
Odaily News: Johann Kerbrat, Senior Vice President of Crypto at Robinhood, stated during Korea Blockchain Week 2026 that the company is still working on matters related to the "innovation exemption" with the U.S. SEC to support its tokenized stock business. Kerbrat said that as tokenized stock trading scales up, its trading volume could reach the relevant cap set by the SEC. (The Block)
After the CLARITY Act's Senate vote setback, Stand With Crypto unveils its first batch of Senate candidate endorsements
Odaily News: Coinbase-backed crypto advocacy group Stand With Crypto (SWC) has announced its first batch of Senate candidate endorsements, including Ohio Republican Senator Jon Husted, as well as Iowa candidate Ashley Hinson and New Hampshire candidate Chris Pappas.Previously, the U.S. Senate failed to advance the CLARITY Act in a procedural vote on September 15. SWC Executive Director Mason Lynaugh stated that following this vote, the organization will shift more of its focus toward elections. SWC also announced expanded support and advertising spending for certain House candidates. The organization had previously said it would factor senators' performance on key CLARITY Act votes into candidate records. (The Block)
Abracadabra Plans Orderly Wind-Down of Protocol, MIM Bad Debt Reaches Approximately $21 Million USD
According to The Block, the Abracadabra governance is considering an orderly termination of the SPELL protocol. Related proposals indicate that the protocol currently faces approximately $21 million in MIM bad debt. The proposal recommends liquidating recoverable collateral prior to formal closure and distributing the proceeds to borrowers and MIM holders.
Gemini Switches Zcash Software Ahead of NU7 Upgrade's 25-Second Block Times
Odaily News: Cryptocurrency exchange Gemini has switched its Zcash system operating software from Zebra to Zakura, reducing the time required for nodes to catch up with the network state from nearly a day to just over 6 hours.The switch was made ahead of Zcash's planned NU7 upgrade. The upgrade aims to reduce block times from 75 seconds to 25 seconds, requiring network computers to process transactions at three times the previous frequency.Developers aim to implement the mainnet upgrade on November 5, but Gemini has not yet published performance test results for Zakura under the faster block production frequency. (CoinDesk)