Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Manta Network Faces Disruptive DDoS Attack During Token Generation Event

Layer 2 blockchain Manta Network faced a disruptive DDoS attack during its Token Generation Event, targeting RPC nodes with over 135 million requests. Co-founder Kenny Li reported the attack on January 18, causing significant disruption to communication channels between applications and the blockchain infrastructure.

Read the full story here.

Grayscale CEO Believes Most Bitcoin ETFs Will Fail As Grayscale BTC Dumping Continues

Grayscale Investments' CEO, Michael Sonnenshein, expressed concerns about the future of recently approved Bitcoin exchange-traded funds (ETFs) during a World Economic Forum interview. He predicts that most of the 11 approved ETFs won't survive due to increasing management fees. While some started with 0% fees, they have gradually risen to 0.2% to 0.4%. 

Learn more in the article.

Binance Launches $80,000 Airdrop for Web3 Wallet Users

Binance launched its first airdrop in 2024, featuring a reward pool of $80,000 for users actively engaging with the Binance Web3 wallet. Named after the Maverick Protocol (MAV), this marks Binance's 34th launchpool project. The airdrop is set to take place from January 16 to January 29, 2024, requiring users to complete designated tasks for a chance to claim a portion of the prize pools.

Find more information here. 

Manta Network Addresses Money Laundering Concerns Amidst Controversy

Manta Network faced money laundering allegations on its listing day on major exchanges, including Binance, Bithumb, and KuCoin. The network, in its defense, cited expansion in South Korea and the need to allocate community funds for the Korean BD representative, according to their token economic model.

Find details in the article.

Solana Mobile Announces Second Crypto-Enabled Smartphone

Solana Mobile plans to release its second crypto-enabled phone following the success of the Saga. The upcoming smartphone will maintain key features like a built-in crypto wallet, customized Android software for crypto operations, and a dedicated decentralized app store for cryptocurrency applications.

Read the full story here.