Arbitrum to distribute 50M ARB in incentives

On today's Top Picks:

  1. Arbitrum voting starts to distribute 50M ARB in incentives.
  2. SBF's trial resumes on October 10, Caroline Ellison expected to testify.
  3. Galxe's front end compromised, over 270K USD lost.
  4. Stars Arena exploited for 3M; recovery plan in place.
  5. FTX hacker uses Thorswap; they go into maintenance mode.

Read time: 4 minutes

📰 Crypto News

Abitrum's STIP voting goes live. More than 90 proposals are requesting almost 100M ARB in incentives, only 50M will be distributed. Only the most voted protocols that reach quorum will get the grant. So far only 13 protocols have reached positive quorum: GMX, Camelot, JonesDAO, Pendle, Trader Joe, Abracadabra, Dopex, Frax Finance, Socket Protocol.
See results in real-time in this Comprehensive Dashboard by Ryan Holloway.

Yuga Labs cuts employees, focuses on metaverse extension amid restructuring

Solana's new 1.6 version introduces "Confidential Transfers" enhancing user privacy.

Ledger lays off 12% of staff, cutting costs.

Binance launches new UK domain, in compliance with local regulations.

Starknet Launches Cairo 2.3.0.

FTX used random numbers to generate the size of their insurance fund.

Ethereum Foundation sells 1700 ETH for 2.76 million USDC.


1000+ Ethereum addresses from donors and grantees in Gitcoin GG18 were whitelisted and can sign up for Farcaster today. Check if you qualify.

🪂 Airdrops

BNB Chain launches the "Airdrop Marathon", similar to the "Arbitrum Odyssey". The campaign lasts two months, with new activities launching each Tuesday.

📰 Finance News

SBF's trial resumes in Oct 10, with Caroline Ellison expected to testify after already pleading guilty. Ellison’s testimony could be pivotal; she was appointed CEO of Alameda following Trabucco’s exit and once had a romantic relationship with Sam Bankman-Fried.

Bitmain, the largest Bitcoin mining machine manufacturer, suspended employee payroll citing unprofitability since September.

🛡 Security and Exploits

Galxe's front end compromised, users lost funds. They are working on a recovery fund. They estimated that around 1,120 users were affected and around $270,000 USD was stolen.

Revoke Cash created an "Exploit Checker" tool. Paste your wallet and check if you were affected.

The Gitcoin ecosystem suffered a mishap that saw almost $500,000 in GTC tokens mistakenly transferred to the protocol’s contract address.

THORSwap pauses the platform after a series of transactions from FTX-hack linked wallet.

Stars Arena, a Friend Tech fork in Avalanche, was exploited for 3M. They recommend that users do not deposit funds for now. They secured funding to reimburse users and are ongoing security audits.

Huobi Hacker returns 5000 ETH.

💰 Funding

Metaverse infrastructure developer Hadean closed a strategic funding round led by Yuga Labs. The amount raised is not disclosed.

Web3 eSports platform NexGami raised $2M in a Seed funding round from Polygon Labs, Fundamental Labs, and Ledger Capital.

Ostium Labs raises $3.5 million to bring DEX perpetual swaps to oil and gold.

🌾 The Degen Farmer

Top stablecoin yield farms of the day, more than $1,000,000 in TVL. DYOR and beat the fed!

Idle logoIdleUSDTEthereum$2.17M40.16%
Vela Exchange logoVela ExchangeUSDCBase$1.49M31.85%
DefiChain DEX logoDefiChain DEXUSDT-DUSDDefichain$2.01M26.14%
PearlFi logoPearlFiUSDR-USDTPolygon$20.04M23.17%
Aura logoAuraUSDC-STARArbitrum$1.02M20.81%
Beefy logoBeefyUSDR-USDTPolygon$4.39M20.74%
Liqwid logoLiqwidDJEDCardano$1.28M20.02%
Gamma logoGammaUSDC-WUSDRBSC$4.83M19.98%
Thorchain logoThorchainUSDTEthereum$1.42M19.09%
Angle logoAngleAGEUR-USDCLPEthereum$4.28M16.93%

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That's it for today's dose! See you soon.

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