The cryptocurrency landscape continues to evolve at a rapid pace, with major developments across ecosystems, exchanges, and regulatory frameworks. From foundation-led clarifications to exchange listings and protocol innovations, today’s updates highlight both technical progress and shifting market dynamics.
Sui Foundation Refutes Claims of $400M Internal SUI Dump
Amid growing speculation about insider selling on the Sui Network, the Sui Foundation has issued a clear statement denying allegations that internal stakeholders sold $400 million worth of SUI tokens during recent price surges.
In a post on X (formerly Twitter), the foundation emphasized:
“No insiders, including employees or investors from Mysten Labs, the Sui Foundation, or its founders, have collectively or individually sold $400 million in SUI tokens. There has been no premature dumping or violation of lock-up agreements.”
While the original claim did not include wallet addresses, Sui investigators believe the transactions likely originated from an infrastructure partner who holds tokens under predefined vesting schedules. These lock-ups are enforced by third-party custodians and continuously monitored by the foundation to ensure compliance.
This clarification aims to restore confidence among Sui ecosystem participants, especially as decentralized applications (dApps) continue gaining traction on the high-performance Layer 1 blockchain.
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Coinbase to List Degen (DEGEN) on Base Network
In a significant move for meme coin enthusiasts and Base chain adopters, Coinbase announced it will list Degen (DEGEN) on its platform. The token, native to the decentralized social platform Degen Chain, will be available for trading under the DEGEN-USD pair—pending liquidity conditions.
Trading is scheduled to begin after October 16 at 00:00 UTC, with transfers enabled on Coinbase.com and Coinbase Exchange in supported regions.
Users are strongly advised to deposit DEGEN only via the Base network, as using other chains may result in irreversible fund loss. This listing marks another milestone in Coinbase’s strategy to support emerging assets built on Ethereum Layer 2 solutions.
With growing interest in community-driven tokens, DEGEN's inclusion reflects broader market recognition of decentralized social finance (DeSo) and user-owned economies.
Bluefin and Pyth Network Expand Partnership, Distribute $PYTH Rewards
Bluefin, a leading decentralized exchange (DEX) in the Sui ecosystem, has deepened its integration with Pyth Network, a decentralized oracle providing real-time financial data across blockchains.
As part of this collaboration, Bluefin will distribute 500,000 $PYTH tokens to eligible community members. The airdrop targets users who participated in snapshots between July 16 and October 7, 2024, with rewards scaled according to user tier levels.
Recipients will receive wrapped PYTH (wPYTH), reinforcing incentives for active engagement within Sui-based DeFi protocols. This initiative underscores the importance of data accuracy and incentive alignment in next-generation trading platforms.
Oracle reliability remains a cornerstone of secure DeFi operations, making partnerships like this critical for scalable and trustworthy financial infrastructure.
Hyperliquid Launches Foundation, Prepares for HYPE Token Release
Hyperliquid, the fast-growing decentralized derivatives exchange, has announced the formation of the Hyper Foundation, dedicated to advancing the development of the Hyperliquid blockchain and its expanding ecosystem.
With the upcoming launch of HyperEVM, developers building on Hyperliquid will gain access to deeper liquidity pools and native financial primitives—bridging high-speed trading with Ethereum compatibility.
A key milestone ahead is the introduction of HYPE, Hyperliquid’s native utility token. HYPE will play a central role in securing the network through HyperBFT proof-of-stake consensus, powering governance, and enabling MEV (Maximal Extractable Value) capture.
Eligible users can participate in the genesis event by accepting terms on the official site before November 11, 2024, 23:59 UTC. Participants may receive HYPE tokens along with a commemorative Hypurr NFT, marking the mainnet debut of HyperEVM.
This transition positions Hyperliquid as a full-stack Layer 1 with integrated DeFi capabilities, competing directly with established players in the derivatives space.
Trust Wallet Introduces First Launchpool for TWT and slisBNB Staking
Multi-chain wallet provider Trust Wallet is launching its first-ever Launchpool, offering users new ways to earn passive income through staking.
The program features two participation pools:
- TWT (Trust Wallet Token) Pool
- slisBNB (Lista Staked BNB) Pool
By locking either asset, users can earn rewards from upcoming project launches hosted on the Trust Wallet platform. This initiative enhances utility for TWT holders while expanding access to early-stage opportunities within the Web3 ecosystem.
As self-custody wallets become gateways to decentralized finance, features like Launchpools help onboard mainstream users into yield-generating activities without compromising security.
Solv Protocol Raises $11M to Advance Bitcoin Staking
Solv Protocol, a pioneering platform enabling Bitcoin staking, has secured $11 million in funding** at a $200 million valuation. Backers include Laser Digital (a subsidiary of Nomura), Blockchain Capital, and OKX Ventures**.
Its flagship product, SolvBTC, has already deployed over 20,000 BTC (~$1.3 billion) across 10 major blockchain networks. By allowing BTC holders to earn yield while maintaining exposure to price appreciation, Solv taps into growing demand for productive Bitcoin use cases.
According to co-founder Ryan Chow, if Bitcoin reaches Ethereum’s current staking rate of 28%, it could unlock up to $330 billion in value**. While still early—Babylon alone has attracted over $1.5 billion in staked BTC—the sector lags behind leaders like Lido ($23.7B)** and **EigenLayer ($10.9B)** in ETH staking.
Still, Solv’s expansion signals increasing institutional interest in making traditionally inert assets work harder in DeFi environments.
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Vitalik Buterin Proposes Reducing Ethereum Staking Threshold to 1 ETH
In a new blog post, Ethereum co-founder Vitalik Buterin outlined a vision for greater accessibility and efficiency in the network’s consensus layer.
Having successfully operated under proof-of-stake (PoS) for nearly two years, Ethereum now targets two major upgrades:
- Achieving single-slot finality (SSF) — reducing confirmation time from ~15 minutes to under 12 seconds.
- Democratizing participation by lowering the staking requirement from 32 ETH to just 1 ETH.
To achieve this, Vitalik proposed three potential paths:
- Improving signature aggregation techniques
- Introducing a "checkpoint committee" model
- Implementing a two-tier staking system
These changes aim to enhance Ethereum’s scalability and inclusivity while preserving decentralization and security—key differentiators against high-throughput but more centralized competitors.
UNI vs ETH: Who Benefits from Unichain?
The launch of Unichain on October 10 has sparked debate over value distribution in Ethereum’s ecosystem. According to Michael Nadeau, founder of DeFi Report, UNI token holders stand to gain significantly—potentially capturing nearly $500 million annually in fees previously directed to ETH validators.
Unichain allows Uniswap Labs to:
- Collect transaction fees directly
- Capture all MEV (estimated at ~10% of Uniswap fees)
- Control validation on its own Optimistic Rollup
While this boosts revenue for Uniswap and its stakeholders, critics argue it may reduce inflows to Ethereum’s core protocol—a shift that could impact long-term ETH value accrual if replicated widely.
Still, proponents see Unichain as a necessary evolution toward scalable, interoperable DeFi experiences across chains.
China Begins Taxing Overseas Investment Gains for Ultra-Wealthy
According to a Bloomberg report citing insiders, Chinese authorities have begun enforcing taxes on overseas investment returns earned by ultra-high-net-worth individuals. Residents in major cities are being asked to self-report or attend meetings with tax officials to assess liabilities—including back taxes from previous years.
The standard capital gains tax rate is believed to be 20%, though penalties may apply for overdue payments. Targets reportedly include those with over $10 million in offshore assets, particularly those holding stakes in listed companies in Hong Kong and the U.S.
China adopted the Common Reporting Standard (CRS) in 2018 to combat tax evasion, but enforcement has intensified recently—highlighting increased scrutiny on global income reporting for domestic elites.
Frequently Asked Questions (FAQ)
Q: Is Sui Foundation selling large amounts of SUI?
A: No. The foundation denies any insider sales of $400M worth of SUI. The activity likely stems from an infrastructure partner adhering to vesting schedules.
Q: Can I stake TWT on Trust Wallet now?
A: Yes. Trust Wallet has launched its first Launchpool allowing users to stake TWT or slisBNB for rewards.
Q: What is the significance of Vitalik’s 1 ETH staking proposal?
A: Lowering the barrier from 32 ETH makes staking accessible to more users, promoting decentralization and broader network participation.
Q: How does Unichain affect Ethereum?
A: It redirects some fee revenue away from ETH validators toward Uniswap Labs and UNI holders, raising questions about long-term value flow in Ethereum’s ecosystem.
Q: When will HYPE token be distributed?
A: Details are pending, but users must accept genesis terms by November 11, 2024, UTC to qualify for HYPE and Hypurr NFT distribution.
Q: Why is Bitcoin staking gaining attention?
A: Protocols like SolvBTC enable BTC holders to earn yield without selling, unlocking new DeFi use cases for the largest cryptocurrency by market cap.
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