GeckoPulse: Stable L1 Raises $825M in 1 Hour

The Next Plasma?

The aptly-named Stable Layer-1 network has announced the completion of Phase 1 of its pre-deposit campaign.

The stablecoin-focused network saw $825M worth of stablecoins deposited, in hopes of earning an allocation for the network's native token.

Although the team hinted at the campaign's launch earlier on Wednesday, the official launch of the pre-deposit vaults was just announced today.

As such, there have been claims of insider activity, as well as the fact that the bulk of the deposits originated from a small number of users.

According to Stable's pre-deposit vault address, only 195 users hold the receipt token representing their share of deposits.

Based on on-chain data, crypto researcher 'astronomica' also observed that 10 wallets had deposited $600M in the vault, almost half an hour before the campaign was officially announced.

However, it is worth noting that this is just the first phase of the campaign, and Phase 2 is expected to go live soon.

Lawsuit Cancelled

The legal battle between Ocean Protocol and Fetch might be over before it starts.

Fetch has offered to cancel its lawsuit against Ocean if they choose to return 286M FET tokens that the organization had allegedly sold after the Artificial Superintelligence Alliance was formed.

Fetch CEO Humayun Sheikh also stated that the protocol will cover all legal costs to reobtain their tokens.

During an X Spaces session yesterday, Sheikh stated that the offer could be formally drafted today.

With the string of allegations against Ocean, the protocol has published a blog post outlining their rebuttals and the motives behind their recent decisions.

Since Ocean officially left ASI, the price of FET has fallen by 46% from $0.50 to $0.27 today.

Bye-bye for Bunni

The Bunni DEX will be shutting down, as announced in a recent X post earlier today.

The exchange suffered an $8.4M hack in September, and does not have the necessary funds to securely reopen the protocol to the public.

The team also added that it would take a lot more business development work for the DEX to fully recover, which they simply cannot afford.

With Bunni’s closure, the team stated that user will still be able to withdraw any deposits

Remaining assets in Bunni’s treasury will be distributed based on a snapshot of BUNNI token holders.

BUNNI was last traded at a market cap of $1.7M, before liquidity for the token was removed.

Trump Pardons CZ. US President Donald Trump has officially pardoned Binance founder Changpeng “CZ” Zhao for his previous money laundering charges after “a lot of people” told Trump that CZ wasn’t guilty. This pardon would allow CZ, who was previously barred as part of his plea deal, to officially resume duties at Binance.

Revolut Secures MiCA License. Neobank Revolut has secured a Markets in Crypto-Assets (MiCA) license in Cyprus. This license enables Revolut to offer crypto services in all 30 EEA countries. This move also allows Revolut to issue their own stablecoin which they have once expressed interest in doing.

Trezor Gets Quantum Resistant. Trezor, a popular hardware crypto wallet firm has released its Trezor Safe 7 hardware wallet this week. The Safe 7 is built to be quantum resistant, ensuring crypto assets remain secure even if quantum computing grows to become a threat to cryptographic standards.

Polymarket Raises The Stakes. Predictions market platform Polymarket is reportedly in talks of a new investment valuing their firm at $12B to $15B. This would mark a more than 10x increase since its last valuation at $1B in June.

14 Years Asleep. According to on-chain analytics platform Lookonchain, an anonymous Bitcoin whale has just awoken from 14 years of dormancy and moved 150 BTC worth over $16.6M. The wallet holds a total of 4000 BTC worth $442M.

Aave Acquires Stable. Stable (not to be confused with the L1 by the same name), a savings app powered by stablecoins, has been acquired by Aave. The acquired team will focus on developing consumer apps for Aave to bring on-chain finance to mainstream audiences.

Robinhood Lists BNB. Robinhood, a popular retail-focused stock broker based in the US has just listed BNB in its crypto offerings.

Rabby Wallet Integrates Polymarket. Rabby Wallet, the crypto wallet from the team behind the popular portfolio tracker, Debank, announced that native integration of Polymarket into their Rabby Wallet is in the works.

Kalshi and Polymarket Secures Official NHL Licensing Deal. The National Hockey League has reached official licensing agreements with prediction markets Polymarket and Kalshi, adding pressure onto traditional sports betting companies.

HYPE Is the Strategy. Hyperliquid Strategies Inc., a HYPE treasury firm has just submitted S-1 filings on Wednesday to the US SEC, seeking to raise up to $1B to purchase more HYPE.

Kinetiq Announces KNTQ Token. Kinetiq, a liquid staking DeFi protocol built on Hyperliquid’s HyperEVM announces their KNTQ token. KNTQ will have a 1B maximum token supply with 24% allocated to “kPoints” holders. No TGE date is mentioned.

WazirX Back Online on Friday. WazirX, once India's largest crypto exchange, is set to resume operations on October 24. WazirX’s operations have been on a pause since its $230M hack in July 2024.