The Protocol

Happy
Juneteenth
to
our
readers
in
the
U.S.!
CoinDesk
staff
is
off
for
the
federal
holiday
but
we
have
compiled
an
abbreviated
issue
of
The
Protocol
with
the
latest
news
headlines
on
blockchain
tech,
along
with
our
top
picks
from
the
past
week’s

Protocol
Village
column.

Featuring:

This
article
is
featured
in
the
latest
issue
of


The
Protocol,
our
weekly
newsletter
exploring
the
tech
behind
crypto,
one
block
at
a
time.


Sign
up
here

to
get
it
in
your
inbox
every
Wednesday.
Also
please
check
out
our
weekly


The
Protocol

podcast.

DJT
DOX!
Martin
“Pharma
Bro”
Shkreli
said
on
Tuesday
that
he
was
behind
the
controversial
DJT
token
in
an
X
space
tuned
in
by
thousands
of
people,
days
after
denying
any
involvement,
as

colorfully
reported
by
CoinDesk’s
Shaurya
Malwa.
The
flavor-of-the-week
token
caused
certain
crypto
enthusiasts
to
extensively
wonder
who
was
behind
it
after
it
went
viral
on
Monday
for
its
supposed
links
to
Donald
Trump
and
his
son
Barron.
Blockchain
sleuths
found
that
DJT’s
Telegram
channel
appeared
to
share
the
same
admins
as
a
token
supported
by
Shkreli.
Shkreli
denied
any
involvement
at
the
time,
while
DJT
continued
to
rally.
On-chain
intelligence
firm
Arkham
posted
a
$150,000
bounty
that
would
pay
out
the
amount
to
whoever
unveiled
the
creator
of
the
DJT
token.
This
drew
out
ZachXBT,
one
of
the
most
widely
followed
crypto
sleuths
on
X,
to
submit
his
findings
to
Arkham.
According
to
ZachXBT,
that’s
when
Shkreli
“panic”
DM’d
him.
The
DJT
token
was
down
58%
in
the
past
24
hours
–
apparently
due
to
some

panic
selling.
As
of
press
time
there
was
a

donnybrook
raging
on
X
over

whether
Shkreli
now
owes
$100
million
on
a
bet
on
whether
the
token
was
connected
in
some
way
to
Trump.

GRAY
HAT?
The
crypto
exchange
Kraken
said
Wednesday
in
a

tweet
thread
and

blog
post
that
it
has
contacted
law
enforcement
after
“security
researchers”
allegedly
exploited
a
bug
to
withdraw
nearly
$3
million
from
artificially
inflated
account
balances,
and
then
refused
to
return
the
sums
in
accordance
with
the
company’s
Bug
Bounty
program.
“This
is
not
white-hat
hacking,
it
is
extortion!”
Kraken
Chief
Security
Officer
Nick
Percoco

wrote
on
X.

IN
THE
CLEAR:
The
price
of
ether

(ETH)
rose
after
Consensys
disclosed
receiving
letters
from
the
U.S.
Securities
and
Exchange
Commission
(SEC)
notifying
that
the
regulator
had
ended
its
investigation
into
the
technology
incubator
company
and
was
not
going
to
recommend
an
enforcement
action
against
it.
The
SEC
told
Consensys,
whose
products
include
the
MetaMask
wallet,
it
was
not
bringing
any
enforcement
actions
in
a
pair
of
letters
sent
to
its
law
firms
on
Tuesday.
In

a
blog
post,
Consensys
said
the
SEC
was
“closing
its
investigation
into
Ethereum
2.0.”

TROUBLE
WITH
THE
CURVE.
The
exploit
of
UwU
Lend
on
Monday
put
in
motion
a
series
of
events
that
led
to
Thursday’s
multimillion
liquidations
on
DeFi
lending
giant
Curve,
representatives
for
its
founder
Michael
Egorov

told
CoinDesk
over
Telegram.

JUST
NOT
IN
THE
U.S….
Coinbase,
the
big
crypto
exchange,
launched
support
for
“pre-launch
markets”
on
Coinbase
International
Exchange
and
Coinbase
Advanced
–
for
users
in
eligible
jurisdictions
of
the
U.S.,
UK
and
Canada.
“Once
the
underlying
token
is
launched
on
relevant
spot
exchanges,
these
contracts
seamlessly
transition
into
standard
perpetual
futures
contracts,”
according
to
a

blog
post.
On
Tuesday,
Coinbase
International
Exchange
tweeted
that
the
pre-launch
market
was
“now
in
full
trading
mode”
for
contracts
on
EigenLayer’s
new
EIGEN
token,
which
has
been

airdropped
but
not
unlocked
for
trading.
According
to
at
least
one
estimate
posted
on
X,
the
trading
implies
a
fully
diluted
market
capitalization
for
the
EIGEN
token
at
$12.2
billion.

Tether,
the
company
behind
the
$110
billion
stablecoin

(USDT),

debuted
Monday
a
new
token
minting
platform
called

Alloy
on
the
Ethereum
network
that

lets
users
create
tokens
collateralized
by
Tether’s
tokenized
gold
(XAUT).

Top
picks
of
the
past
week
from


our
Protocol
Village

column,
highlighting
key
blockchain
tech
upgrades
and
news.

Screenshot
from
the
demonstration
video
on
Minima’s
McLaren
GT4
data
tracker.
(Minima/X)

1.
Mysten
Labs,
the
primary
developer
behind
the
Sui
blockchain,

unveiled
a
developer
preview
of
“Walrus,”
a
new
decentralized
data-storage
and
data-availability
(DA)
platform.
According
the
project

documentation,
Walrus
provides
two
key
benefits:
cost-effective
blob
storage
as
well
as
high
availability
and
robustness.
“Data
recovery
is
still
possible
even
if
two-thirds
of
the
storage
nodes
crash
or
come
under
adversarial
control.
Further,
availability
may
be
certified
efficiently
without
downloading
the
full
blob,”
the
documentation
reads.

2.
Ronin,
a
gaming-focused
blockchain
developed
by
Sky
Mavis,
creator
of
the
Axie
Infinity
play-to-earn
game,
announced
the
upcoming
launch
of
a
new
zkEVM,
which
is
an
Ethereum-compatible
zero-knowledge
rollup
network.
It
will
be
built
with
a
Sky
Mavis-modified
version
of
the
open-sourced
Polygon
Chain
Development
Kit
(CDK),
according
to
a
press
release:
“By
building
a
dedicated
ZK
blockchain,
the
Ronin
network
will
be
able
to
serve
infinitely
more
users,
supporting
the
rapid
growth
of
its
thriving
game
studio
partners
and
further
enhancing
the
permissionless
environment
to
onboard
more
gaming
experiences.
Additional
plans
include

enshrining
a
Polygon
ZK
prover
directly
into
Ronin
to
provide
a
turnkey
solution
for
game
studios
to
easily
build
their
own
zkEVM
blockchains
on
Ronin
without
needing
to
establish
their
own
security
and
consensus.”

3.
Polkadot’s
decentralized
governance
approved
the
Join-Accumulate
Machine
(JAM)
protocol
as
the
network’s
future
architecture,
according
to
the
team:
“JAM,
a
minimalist
blockchain
concept,
will
support
secure
rollup
domain-specific
chains
and
offer
synchronous
composability
across
services.
To
encourage
development,
Web3
Foundation
launched
the

JAM
Implementer’s
Prize,
a
10
million
DOT
fund
(~$64.7M
USD),
for
creating
diverse
JAM
implementations.
This
initiative
aims
to
enhance
scalability
and
flexibility
in
blockchain
applications,
integrating
elements
from
Polkadot
and
Ethereum
for
a
versatile,
secure
environment.”
The
JAM
“gray
paper”
by
Polkadot
founder
Gavin
Wood
is

here.

4.


Arcana
Network,
which
is
building
a
modular
layer-1
blockchain
aiming
to

help
developers
improve
the
Web3
user
experience,
announced
the
launch
of
its
“Chain
Abstraction
protocol,”
according
to
the
team:
“The
new
protocol
will
help
streamline
the
management
of
crypto
assets
across
multiple
blockchains,
enabling
users
to
effortlessly
execute
transactions
on
any
chain
by
removing
the
complexities
of
bridging,
promising
a
seamless
and
highly
user-friendly
multichain
experience.
The
Chain
Abstraction
protocol
will
significantly
impact
blockchain
technology’s
evolution
and
mainstream
acceptance.”

5.
Minima,
describing
itself
as
the
only
blockchain

lightweight
enough
to
run
entirely
on
mobile
and
device
chips,
says
it’s
working
with
Influx
Technology
to
integrate
a
data
tracker
into
a

McLaren
GT4
–
a
capability
that
could
improve
racing
performance
as
well
as
prevent
cheating.
According
to
a

press
release:
“Data
points
on
over
20
parameters
including
vehicle
ignition
timing,
braking,
oil
pressure,
engine
temperature,
steering
angle
and
rotation,
as
well
as
gear
switching,
are
collected
by
the
‘DePIN
Data
Logger’
in
real
time.”

Fundraisings

Renzo
Founding
Contributor
Lucas
Kozinski
(Renzo)

Latest
Headlines