RaaS #449: GMX Recovers All Funds!

Coinbase Poaches Opyn’s Leadership, Tether To Wind Down Support For Legacy Chains, and Moar!

The plot thickens. Let’s see how this goes!

ACP is Virtuals Protocol’s onchain coordination layer for AI agents, enabling trustless collaboration through request, negotiation, evaluation, and settlement. It powers use cases like hedge funds and media studios, turning agentic labor into real economic output.

The Ethereum Foundation sold 10,000 ETH OTC at ~$2,572 each to SharpLink Gaming to fund core ops, R&D, and grants. This follows EF’s new transparency policy for accountability and informed insights.

Inception is shutting down after two years and 15+ LRTs launched, citing a lack of product-market fit and unsustainable incentives. Despite integrations and audits, the team couldn’t overcome liquidity challenges but remains committed to Ethereum’s vision.

ETH Strategy has acquired 6,900 ETH in its presale, aiming to build one of the largest onchain ETH treasuries. Backed by DAOs and Ethereum veterans, this reflects rising institutional trust in ETH as a treasury asset and onchain financial primitive.

Virtuals’ Genesis Launchpad eclipses CreatorBid with $600M+ FDV vs $50M. Backed by ACP, it offers a permissionless coordination layer that scales agent-to-agent commerce, proving infra beats curation in the race to grow the agent economy.

It’s my responsibility!

Weed teams up with R&B artist Mario to boost brand visibility. The partnership reflects broader efforts to destigmatize cannabis and tap into expanding consumer markets.

Jane Street faces Indian regulators' scrutiny for alleged index manipulation using derivatives. Similarly, many altcoins have OI surpassing their market cap, risking major short squeezes. As BTC breaks ATHs and ETH’s increased institutional interest, an altseason may arise as these large shorts unwind in a thin market.

A reentrancy flaw in GMX V1’s OrderBook contract exposed $42M in GLP funds. The hacker has returned the funds, getting a $5M bounty. GMX V2 was unaffected.

Top Gainers: OMNI, M, IMF, RESOLV, AIN.

Coinbase acquires Opyn’s CEO and research head to expand onchain derivatives. The Opyn protocol isn’t part of the deal, but the team will help grow Coinbase’s Verified Pools on Base using their DeFi-native expertise.

Tether will stop supporting USD₮ on Omni, SLP, Kusama, EOS, and Algorand by Sept 1, 2025, citing low usage. They aim to refocus resources on high-utility chains and emerging L2s, aligning with shifting user demand and infrastructure priorities.

That’s all for today, have a nice weekend!