24 May 2025, 07:03

Binance Empowers Entertainment Industry with Exciting New Altcoin Launch

Binance is listing Sophon (SOPH) on Binance Alpha on May 28, 2025. Sophon integrates blockchain into daily activities like entertainment and gaming. Continue Reading: Binance Empowers Entertainment Industry with Exciting New Altcoin Launch The post Binance Empowers Entertainment Industry with Exciting New Altcoin Launch appeared first on COINTURK NEWS .

24 May 2025, 07:02

An Interview With Tranchess

BitcoinWorld An Interview With Tranchess In an exclusive interview with BitcoinWorld , we got the chance to speak with Danny Chong , Co-founder of Tranchess Danny, you’ve had a significant career in TradFi before co-founding Tranchess. How has this experience shaped your approach to building DeFi solutions, particularly in designing products that appeal to both traditional investors and crypto natives? As Co-founder of Tranchess, I have over 17 years of experience in investment banking at firms like Société Générale, BNP Paribas, and Crédit Agricole which have taught me the importance of structured risk management and clear investment options, principles that TradFi has refined over decades. My journey in decentralised finance began with an opportunity to run a “build-a-bank” project during my career in investment banking. Leading a team of IT professionals, I built emerging products that are client-facing and new to the traditional finance system. TradFi’s strength lies in its ability to segment risk and align products with diverse investor needs, but it often stifles innovation with bureaucracy. DeFi, by contrast, is liberating, open, and permissionless, yet it can overwhelm users with complexity and high-risk volatility. My experience shaped Tranchess to bridge these worlds by simplifying DeFi without sacrificing sophistication. Our products draw on TradFi’s risk tranching concepts used in structured finance to create varied risk-return profiles from a single asset and make DeFi accessible. The name “Tranchess” came from the words “tranche” and “chess”. “Tranche” is a TradFi term for varied risk solutions, whereas “Chess” is based on international chess, a game centred on strategy and optimisation. For traditional investors, we offer familiar structures with clear risk levels, like fixed-income-style yields, which resonate with their preference for stability. For crypto natives, we provide high-yield, leveraged options catering to their appetite for risk and innovation. By combining TradFi’s clarity with DeFi’s transparency and automation, we create a platform that empowers both groups to engage confidently, addressing the bottleneck of DeFi’s complexity. Tranchess recently highlighted its $CHESS Token Buyback Programme. Could you elaborate on the strategic thinking behind this initiative and how it compares, from your TradFi lens, to corporate equity buybacks in terms of signaling confidence and delivering value to token holders? The $CHESS Token Buyback Programme is market agnostic, reliant on Tranchess’ roadmap rather than on the ever-changing market dynamics. It is a strategic move to enhance value for our token holders and signal Tranchess’s confidence in our long-term growth. In DeFi, token economics are critical, and buybacks help manage circulating supply, potentially stabilising or increasing token value while rewarding our community. The programme uses a portion of revenue to repurchase $CHESS tokens from the open market, reducing supply and aligning with our commitment to sustainable ecosystem growth, signalling our confidence in $CHESS. In TradFi, buybacks signal financial health, indicating that companies believe their stock is undervalued and have excess capital to return to shareholders. Similarly, our $CHESS buyback demonstrates Tranchess’s robust revenue, showing we’re not just surviving but thriving in a volatile market. Unlike TradFi, where buybacks often benefit institutional shareholders, our programme directly supports our decentralised community, enhancing $CHESS’s utility in governance and rewards. The key difference is DeFi’s transparency, where every buyback transaction is on-chain and verifiable, unlike in TradFi. This initiative reflects my honed belief in disciplined capital allocation, adapted to DeFi’s open ethos to deliver tangible value to holders. Tranchess aims to offer more than basic yields through its structured products like QUEEN, BISHOP, and ROOK. Can you explain the core concept behind these offerings and how they cater to different risk appetites while aiming for sustainable, layered yields? Tranchess’s structured products, QUEEN, BISHOP, and ROOK, are designed to bring TradFi’s risk tranching to DeFi, offering tailored risk-return profiles from a single underlying asset, like BTC or ETH, to meet diverse investor needs. The core concept is to segment risk and reward, making DeFi accessible and appealing to varying risk appetites. QUEEN tracks the underlying asset’s price with staking rewards, ideal for crypto natives seeking market exposure with added yield. BISHOP offers fixed-income-style yields, appealing to risk-averse investors, including those from TradFi, who prioritise stability. ROOK provides leveraged exposure, catering to high-risk, high-reward seekers comfortable with volatility. These products are denominated in USDC for clarity, lowering entry barriers by making profit and loss intuitive. By leveraging DeFi’s automation, we enable users to switch between tranches seamlessly on one platform, ensuring simplicity, stability, and cost efficiency, unlike TradFi’s complex derivatives markets. Sustainability comes from diversified revenue streams, such as yield farming and validator services, which reduce reliance on volatile token emissions. This approach, inspired by TradFi’s structured finance but enhanced by blockchain’s transparency, ensures layered yields that balance risk and reward, attracting conservative investors and DeFi enthusiasts. You’ve spoken about RWA tokenization as a pivotal trend. How does Tranchess view the integration of RWAs into its yield-focused offerings, and what role do you see regulatory clarity playing in accelerating the adoption of tokenized real-world assets on platforms like the BNB Chain? RWA tokenisation is a game-changer. We see it as a natural extension of our yield-focused structured products. Tokenised stocks, bonds, or real estate, or RWAs, add real value to DeFi and support our objective of providing modular, risk-adjusted yields. We must explore how to integrate RWAs into our framework, potentially allowing users to stake tokenised assets or create tranches with RWA-backed yields, combining TradFi’s familiarity with DeFi’s efficiency. Regulatory clarity is critical to accelerate RWA adoption, especially on scalable platforms like BNB Chain, which is seeing a push by VanEck for a spot ETF which could pave the way for innovation. Clear frameworks, like those emerging in the UAE or Singapore, legitimise tokenised assets, assuaging institutional concerns about compliance and security. As evidenced by the RWA category’s explosive growth from $200 million to $2 billion in just six months, RWAs run the risk of becoming niche if they are not regulated. If they are, however, they could greatly accelerate DeFi’s TVL. Beyond structured products, Tranchess also offers liquid staking. Could you shed some light on your liquid staking solutions and how they provide users with both yield and liquidity, and the security measures Tranchess employs? Tranchess’ liquid staking solutions allow users to stake assets like Ethereum while maintaining liquidity through tokenised staking positions, which can be traded or used in DeFi protocols. This addresses a key pain point in traditional staking, where assets are locked, limiting flexibility. By staking through Tranchess, users earn validation rewards, which are often higher than TradFi savings rates. This benefit of yield and liquidity appeals to both crypto natives seeking DeFi composability and TradFi investors accustomed to liquid assets. Security is paramount, especially given DeFi’s history of breaches. Tranchess employs rigorous measures, including regular smart contract audits, multi-signature wallets for treasury management, and robust governance to prevent centralised failures. Our team prioritises network security, drawing on my TradFi experience where risk controls were non-negotiable. While staking carries risks, we mitigate them through diversified validator partnerships and transparent on-chain operations, ensuring user funds are protected and accessible. The $CHESS token is central to Tranchess’s governance and rewards system. Beyond the buyback, how does Tranchess ensure active community participation and align the protocol’s growth with the interests of $CHESS holders, especially through mechanisms like veCHESS? The $CHESS token is the backbone of Tranchess’s governance and rewards, empowering our users to shape the protocol’s future. Beyond the buyback programme, we foster active community participation through the veCHESS mechanism. veCHESS allows users to lock $CHESS for a set period to gain enhanced voting power and higher yield boosts on our products, incentivising long-term commitment. This aligns holder interests with protocol growth by rewarding those who contribute to governance and stability, drawing on my TradFi understanding of stakeholder alignment. We encourage participation via transparent governance proposals, where veCHESS holders vote on upgrades, fee structures, or new products, ensuring community input drives Tranchess’s evolution. Regular X spaces and talking to users on social media keep users engaged, while $CHESS staking rewards distribute protocol profits, reinforcing economic incentives. By balancing accessibility with incentives, we make governance inclusive yet rewarding for dedicated holders. This approach has helped sustain our community since our $1.5 million seed round in 2021, and it’s key to maintaining protocol health in DeFi’s competitive landscape. Given Tranchess’ success, such as reaching over $1 billion in TVL relatively quickly, where do you see the broader DeFi space evolving in the next couple of years, and what is Tranchess’s vision for continuing to innovate and lead in this evolving landscape? A deeper integration with real-world assets, more institutional adoption, and more transparent regulatory frameworks are probably going to be characteristics of DeFi’s next few years. We at Tranchess see this as a chance to further our objective of providing yield strategies that are adjusted for risk while preserving transparency and composability. As we have done from day one, we will continue to innovate at the intersection of structured products and liquid staking, developing tools that serve experienced DeFi users and new institutions alike. Finally, for our audience looking to explore DeFi or deepen their involvement, what key piece of advice would you offer, particularly when considering protocols that aim to bridge the best of TradFi and DeFi like Tranchess? Instead of focussing only on short-term yield attractiveness, start with protocols that prioritise long-term sustainability, cybersecurity, transparency, strong team setup, and sound risk frameworks. As DeFi matures, those who successfully strike a balance between innovation and resilience will rise to the top. Anyone bridging the gap between TradFi and DeFi, as we do at Tranchess, is embracing the agility and innovation that DeFi allows whilst introducing the discipline and standards of traditional finance into a decentralised, open-access setting. Stay tuned for more thought-provoking content and engaging interviews on Bitcoinworld.co.in , World of Cryptocurrency & Blockchain News. This post An Interview With Tranchess first appeared on BitcoinWorld and is written by Keshav Aggarwal

24 May 2025, 06:47

Hyperliquid Sets New Records, Surges to Fifth Place Among Crypto Derivatives Exchanges

Hyperliquid , a swiftly advancing contender in the arena of cryptocurrency derivative trading, has hit an unprecedented landmark, achieving an all-time high (ATH) in both open interest and 24-hour trading volume. This explosive growth means that the platform now finds itself in the unlikely position of occupying the fifth slot in the global crypto derivatives market. The only names it trails are those of four very large cryptocurrencies: Binance, Bitget, Bybit, and OKX. Not just the platform’s surging popularity but also its groundbreaking way of trading through a transparent, Web3-native infrastructure—one that is redefining how traders interact with digital assets—is what this achievement reflects. Web3 Transparency Brings New Era of Trust in Trading What distinguishes Hyperliquid in a surging field is its commitment to transparent on-chain activity. Its Web3 infrastructure allows users to directly observe trading behavior and positions on the blockchain. And traders can access a whole set of stats—from the behavior of their own trades to those of large players—in building a more informed trading environment. A kind of visibility that is rare among centralized exchanges, where most of the trading activity occurs behind closed doors. By putting data on-chain, Hyperliquid gives users real-time, verifiable information about what’s going on. This is clearly striking a chord with the crypto community and is part of the transparency demand that we see growing in all financial systems. As traders grow more aware of the dangers linked to unclear platforms, a good number of them are now opting for services like Hyperliquid. These services provide the twin benefits of decentralization and combined usability with that of centralized exchanges. Such a platform seems to be on the fast track for success and to popularize the hybrid approach it represents. Record-Breaking Trading Activity Marks Key Turning Point Hyperliquid recently reached new heights of activity and set a new all-time high (ATH) for both open interest and trading volume. Open interest—the total value of outstanding derivative contracts—soared to $8.92 billion. At the same time, the platform enjoyed an impressive $18.91 billion in 24-hour trading volume. These numbers mean more than simply being statistics. They indicate that trust in this platform is increasing. It also tells us that liquidity is on the rise, too. And both of these things—trust and liquidity—are absolutely essential if any exchange wants to seriously position itself as a market leader. Hyperliquid Hits New ATH @HyperliquidX has become a key hub for the crypto community when it comes to trading derivatives. Its Web3 infrastructure allows users to see on-chain activity directly tied to trading on the platform. This transparency — such as the ability to view the… pic.twitter.com/2bxw4bpioF — CryptoRank.io (@CryptoRank_io) May 23, 2025 Hyperliquid now sits comfortably in the fifth position among exchanges globally, having surpassed many competitors that have been around far longer. These figures indicate that not only is the platform technologically strong, but it has also implemented a robust marketing and community strategy. The crypto market is far from static, and in this space, the winning platforms seem destined to be the ones that combine community engagement with innovative changes and incremental improvements. $HYPE Token Gathers Steam Amid Buyback Strategy Adding even more boosters to the platform’s march skyward is its homegrown token, $HYPE. The token has seen dazzling price action of late, and this appears largely down to Hyperliquid’s very ongoing buyback. By purchasing tokens from the open market, the team is not only making a very loud statement about the long-term value of the token but is also quite obviously helping to reduce the circulating supply. And that reduced supply, given the same sort of demand, should quite obviously lead to a higher price. This financial reward is congruent with the platform’s growth, providing both early adopters and loyal users with more reasons to stay engaged. What’s more, it evinces a level of financial maturity and foresight that investors can appreciate — and that’s a nice change in a market often characterized by volatility and uncertainty. The increasing user adoption and record-setting trading activity seem to be strengthening the positive feedback loop between the utility of the platform and the value of the token. Conclusion Hyperliquid’s ascent has been anything but normal. By synthesizing blockchain openness with the smoothness of contemporary trading platforms, it has hewn out a one-of-a-kind niche in the cryptocurrency ecosystem. With unprecedented growth, a buzzing community, and a clear token economy, Hyperliquid is not merely in pursuit of the field’s front-runners; it is rapidly closing in on them. All eyes in the crypto universe are on Hyperliquid as it makes its next moves. They could cement its status as a solid fifth or take it even higher in the global rankings. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

24 May 2025, 06:40

Polygon Co-founder Mihailo Bjelic Departs: A Crucial Shift for the Network’s Evolution

BitcoinWorld Polygon Co-founder Mihailo Bjelic Departs: A Crucial Shift for the Network’s Evolution Major news from the world of scaling solutions: Polygon , one of the leading platforms for building and connecting blockchain networks, is seeing a significant change in its core leadership. Mihailo Bjelic, one of the project’s co-founders, has announced his decision to step down from the board of the Polygon Foundation and will be phasing out his involvement with Polygon Labs. This development marks a crucial moment for the project’s evolution. Understanding the Role of the Polygon Foundation Before diving deeper into Mihailo Bjelic’s departure, it’s helpful to understand the structure of the Polygon ecosystem. It’s not just one entity; it involves several key components: Polygon Labs: This is the primary development and research hub, focused on building the core technology, protocols, and infrastructure. Polygon Foundation: This entity typically focuses on supporting the broader ecosystem, community grants, partnerships, and advocating for the network’s adoption and decentralization. Board members play a vital role in guiding the foundation’s strategic direction and ensuring it aligns with the overall goals of the network. The Decentralized Community: Ultimately, Polygon aims to be governed by its community through decentralized mechanisms. Mihailo Bjelic’s role on the Foundation board placed him in a position to influence the strategic, non-technical direction of the ecosystem’s growth and community support. His stepping down from this role is particularly noteworthy because of the Foundation’s role in fostering decentralization and ecosystem health. Why the Departure? Exploring “Diverging Visions” In his public statement on X (formerly Twitter), Mihailo Bjelic was candid about the reason for his departure: “diverging visions.” He elaborated, “As projects evolve and mature, it is natural for visions to evolve, and sometimes diverge. With this in mind, I can no longer contribute to Polygon to the best of my abilities.” What exactly do “diverging visions” mean in this context? While Bjelic didn’t provide specific details, such divergences in a rapidly evolving space like blockchain could stem from various areas: Technical Direction: Disagreements on the prioritization or approach to key technologies like zk-rollups (zkEVM), optimistic rollups, or the broader Polygon 2.0 architecture. Governance Philosophy: Different ideas on how quickly or in what manner governance should be decentralized, or the structure of future governing bodies. Ecosystem Strategy: Varying opinions on how best to allocate resources for developer grants, attract specific types of dApps, or pursue enterprise partnerships. Overall Market Positioning: Different views on Polygon’s place in the wider layer 2 landscape and how it should compete or collaborate with other networks. Such disagreements are not uncommon in ambitious tech projects, especially as they grow from startups into established players. Co-founders, while sharing a common goal in the beginning, may develop different perspectives on the best path forward as the landscape changes and the project matures. The Impact on Polygon ‘s Future and Evolution Any time a co-founder leaves a major project, it prompts questions about the potential impact. For Polygon , Bjelic’s departure from the Foundation board and gradual exit from Labs brings several points to consider: Potential Challenges: Loss of Institutional Knowledge: Co-founders hold deep historical context and understanding of the project’s origins and early decisions. Market Perception: While Bjelic expressed confidence in the remaining team, high-profile departures can sometimes cause short-term uncertainty among investors and users, impacting crypto news sentiment. Shift in Strategic Focus: If his vision was significantly different, his absence could lead to a noticeable shift in the Foundation’s priorities or Polygon Labs’ long-term roadmap, though Polygon 2.0 is already a clear path. Potential Benefits/Opportunities: Streamlined Decision Making: Resolving fundamental disagreements can sometimes lead to clearer, more unified strategic execution. New Perspectives: His departure might open doors for new leaders or ideas within the Foundation or Labs, potentially bringing fresh energy and expertise. Focus on Remaining Leadership: Highlights the strength and continued commitment of the other co-founders and core team members who remain dedicated to the project’s success. It’s important to note that Polygon has a strong leadership team beyond Bjelic, including co-founders Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun, along with a large, experienced team at Polygon Labs. Bjelic himself stated his continued confidence in the project’s leadership and pledged support from the sidelines, suggesting the split is amicable despite the strategic differences. What Does This Mean for Users and Investors? Actionable Insights For those involved with Polygon , whether as developers, users, or token holders, Mihailo Bjelic ‘s departure is significant news but doesn’t necessarily signal immediate alarm. Here are some actionable insights: Stay Informed: Keep an eye on official announcements from Polygon Labs and the Polygon Foundation regarding leadership transitions and any updates to the roadmap or strategy. Follow reliable crypto news sources. Focus on Fundamentals: Evaluate Polygon based on its technological progress (especially Polygon 2.0 development), adoption metrics (active users, dApps), and ecosystem health, rather than solely on leadership changes. Understand the ‘Why’: While details are scarce, the reason cited (diverging visions) suggests a strategic difference rather than issues of misconduct or project failure. This is a natural part of a project’s maturation. Observe Market Reaction: While short-term price fluctuations might occur due to news, observe the long-term market reaction and how the community and institutions respond over time. The project is currently focused on implementing its ambitious Polygon 2.0 vision, which aims to create a network of interconnected ZK-powered chains. This strategic direction appears to be well underway, suggesting that while leadership perspectives may differ, the core technical path remains a priority for the remaining team. Comparing Leadership Transitions in Blockchain Projects Leadership changes are not unique to Polygon in the blockchain space. Many prominent projects have seen founders or key figures step back, move into advisory roles, or leave entirely. Examples include: Project Key Figure Transition Context Ethereum Vitalik Buterin (Reduced direct involvement) Shifted focus to research, protocol development, and ecosystem guidance as the network matured. Cardano Charles Hoskinson (Remains active) Has maintained a prominent role but the project’s development is handled by multiple entities (IOHK, Emurgo, Cardano Foundation). Polkadot Gavin Wood (Reduced CEO role) Stepped down as CEO of Parity Technologies to focus on core technology and decentralization efforts. These examples show that projects can continue to thrive and evolve even as initial founders change their roles. The key often lies in the strength of the remaining team, the clarity of the project’s vision, and the robustness of its decentralized community and governance structures. Conclusion: Navigating the Evolution of Polygon Mihailo Bjelic ‘s decision to step down from the Polygon Foundation board and phase out his role at Polygon Labs is undoubtedly a significant event. His contribution as a co-founder has been integral to bringing Polygon to its current standing as a major player in the blockchain ecosystem. While the exact nature of the “diverging visions” remains private, it highlights the dynamic nature of leadership and strategy in a rapidly evolving industry. For the community and stakeholders, the focus now shifts to how the remaining leadership will continue to execute the ambitious Polygon 2.0 roadmap and navigate the challenges and opportunities ahead. Bjelic’s expressed confidence in the team is a positive sign. As Polygon continues its evolution, its resilience will be tested by how it adapts to this change, maintains development momentum, and strengthens its decentralized foundation. To learn more about the latest Polygon trends, explore our articles on key developments shaping Polygon’s future. This post Polygon Co-founder Mihailo Bjelic Departs: A Crucial Shift for the Network’s Evolution first appeared on BitcoinWorld and is written by Editorial Team

24 May 2025, 06:36

SEI Network Surges as TVL Hits Record High, Outpacing Competitors

The Sei Network is making headlines this week as it breaks new ground in the decentralized finance (DeFi) arena. In a sign of warm investor sentiments and institutional acceptance, the blockchain’s total value locked (TVL) has hit an all-time peak of $1.15 billion—a breathtaking 56.51% rise in just 30 days. No other DeFi platform comes close to that speed. Recently, only the Ethereum network was mentioned as having surpassed $1 billion in TVL. $SEI ecosystem EXPLODING! TVL just hit ATH of $1.15B with +56.51% growth in 1 month, that's institutional money pouring into the fastest blockchain for trading! With $21.6M in daily DEX volume and parallel execution capabilities, @SeiNetwork is positioning as the go-to chain… https://t.co/ZAsHr5l1yg pic.twitter.com/cwE7I24PaA — CryptoBusy (@CryptoBusy) May 23, 2025 Institutional Interest Driving TVL and Volume Surge The really strong gain in TVL for Sei Network is drawing close attention from both retail and institutional investors. An exceptional monthly growth rate of 56% makes it strongly suggestive that substantial capital—most probably from institutional players—has been flowing into the ecosystem. This level of investment may be seen as not only a very strong vote of confidence in Sei’s technological prowess but also a signaling that its potential as a high-performance infrastructure for decentralized trading is being seriously recognized. The Sei Network has serious ambition. It wants to be an alternative to Ethereum, and it has gotten the attention of well-known crypto backers to prove it. Volume is only a guess, but at $21.6 million per day, the Sei Network is inching closer to where some of those decentralized exchanges hanging on to DeFi really start to matter. In second place, the Sei Network is almost half of what the Uniswap DEX is doing on Ethereum. If Sei keeps this up for any stretch, a much larger crypto scene than the one we have now is going to have to take it seriously. Explosive User Growth Signals Increasing Adoption The Sei Network is not only amassing a staggering amount of capital lately; it is also rapidly swelling with users. In just the past week, 802,700 more unique addresses have been created in the platform’s second version, bringing the total count to a dizzying 1,682,700. That’s some serious velocity, and it puts the user attainment by this layer-1 blockchain far ahead of other EVM-compatible chains you can think of. For contrast: Viction (@BuildOnViction) increased by 20%, now at 88,000 addresses. Chiliz (@Chiliz) reached 3,300 addresses for a 13% uptick. Polygon (@0xPolygon) enjoyed a 12% rise to 2.22 million addresses. Ethereum, the original smart contract platform, saw comparatively modest growth of 7.7%. EVM chains growth leaders by active address change the last 7d: @SeiNetwork v2: +101% (1.68M addresses) @BuildOnViction : +20% (88K addresses) @Chiliz : +13% (3.3K addresses) @0xPolygon : +12% (2.22M addresses) @ethereum growing slower than all major competitors at just +7.7%.… pic.twitter.com/tx8cTU2HwM — Nansen (@nansen_ai) May 22, 2025 The data indicate that Sei is swiftly establishing itself as a favored blockchain among both novice and veteran users in the decentralized finance (DeFi) arena. This intensity of activity is frequently a forerunner to upward price shifts in a project’s native token, as the user base tends to expand and on-chain activity grows. Demand often translates into higher prices. Positioning as the Go-To Chain for DeFi Trading Sei Network stands out in the world of decentralized finance due to its unique sales model. Where many EVM-based blockchains are built to perform sequential transaction processing, Sei executes transactions in parallel. This makes it a lot faster and less congested—ideal conditions for the sorts of high-demand, high-frequency trading apps that today’s DeFi users want. Decentralized finance, or DeFi, is constantly advancing. And when it comes to trading and developing in DeFi, speed and scalability are must-have features. That’s why Sei has chosen a distinctively DeFi approach to its user experience; it has built an incomparably fast, virtually lagless system for trading, all while maintaining a staggeringly high level of security. The DeFi landscape is intensifying, but Sei Network has found its niche—something that feels increasingly important to us as we watch several new direct competitors enter the space. Sei optimized for something we think is foundational to DeFi and something few projects are focusing on: speed, cost-efficiency, and user scalability. It has an exciting growth trajectory, to say the least. Looking Ahead As the crypto market bounces back and moves toward base-layer blockchains that can deliver performance, Sei Network would seem to be one of the best-positioned protocols to capture the ensuing growth. With its combination of fundamental strengths (growing trading volume, user base, and total value locked), Sei Network appears to be one of the rising protocols in the rapidly reconstituting crypto market. Although the market is always volatile in the short term, the indicators underlying Sei suggest it is more than a passing fancy. If the current trend holds, it could soon become the go-to chain for power users of DeFi and trading platforms of an almost institutional grade. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

24 May 2025, 06:34

Cetus Exploit Drains $223M: DeFi Faces Massive Breach While Sui Network Holds Firm

In one of the most momentous events of 2025, the decentralized exchange Cetus suffered a sophisticated attack that brought about the loss of $223 million in crypto assets. The incident, now generally called ‘The Cetus Hack,’ was not a simple exploitation of a vulnerability but rather an orchestrated digital heist that used token spoofing, smart contract manipulation, and a neat escape route that concluded with tens of thousands of Ether apparently disappearing into thin air. Even though the incident was serious, the Sui blockchain—hosting the Cetus DEX—was still running and stable. While parts of the DeFi ecosystem panicked, the Sui infrastructure stood tall, keeping coordinated in real-time and maintaining zero downtime. Inside the Exploit: Token Spoofing and Overflow Glitch Per security analysts and on-chain forensics, the attacker started the breach by creating a fake token and shoving an almost nonexistent amount of liquidity into a Cetus pool. This action, while seemingly trivial, caused an overflow in the automated market maker’s math logic, breaking its balance calculations and allowing the attacker to pull out large quantities of legitimate tokens—$SUI and $USDC—without providing any corresponding value. In just a few minutes, the assailant siphoned off an estimated $223 million worth of tokens. Of that, about $60 million got out of the protocol before countermeasures were enacted. The money was swiftly bridged to Ethereum, where it was turned into around 22,000 ETH. THE CETUS HACK: $223M GONE. $6M ON THE TABLE. This wasn’t a glitch. It was a heist. Fake tokens. Overflow exploit. 22K ETH exit. Now a $6M bounty is being offered to get the money back. But the real story? Sui just proved it’s built for chaos. pic.twitter.com/TFpnOCCa1d — Kyle Chassé / DD (@kyle_chasse) May 23, 2025 The attack’s audacity and precision took many in the DeFi world by surprise. Memecoins across the Sui ecosystem fell by as much as 90%; the satellite tokens that go along with the Sui ecosystem saw huge price drops. Even the stablecoin $USDC temporarily fell off its peg. And yet, the blockchain’s native token, $SUI, pump stays relatively safe. That’s the takeaway from the episode. Damage Control in Real-Time: No Chain Halt, No Panic What made this exploit different from other high-profile breaches? It wasn’t just the mass of stuff they made off with; it was what happened next. Most blockchains, when they’re really under threat, either pause operations and go into emergency mode or just flat-out roll back some transactions. Didn’t happen here. Sui kept right on operating. In fact, the validators coordinated so well that you’d almost think they were prepped & ready for a network-defining moment. This is particularly remarkable in a setting where numerous layer-1 blockchains count on centralized interventions or “pauses” to reduce harm. Sui, instead, illustrated the advantages of strong architecture and decentralized decision-making, even in extreme levels of stress. Cetus proclaimed a $6 million bounty in the hours after the attack—payable in $SUI tokens—for the return of the stolen funds. This is not your standard bug bounty; it’s a last-ditch negotiation. Cetus is offering what amounts to ransom, and hoping to recover stolen assets before they are laundered using the usual privacy tools and mixers. Sui Deploys Emergency Tools as Recovery Effort Begins In a high-stakes effort to reclaim authority over the situation, Sui has put into effect a fresh whitelist function that enables certain transactions to circumvent standard security protocols. Rounding out the suite of new tools is a restore module, accessible only to a select few, that could let Sui either pull back assets snatched by the attackers or pay back the many liquidity providers whose funds were misappropriated. These devices signify a bold but thoughtful move in the direction of responding to DeFi incidents. While detractors may ask whether security is being bypassed in too many places, the transparency of Sui’s actions and the speed with which they have been carried out suggest that a very well-coordinated recovery plan is in progress. Even though Cetus has suffered a large amount of damage and the wider DeFi space on Sui has been impacted, the Sui chain itself seems to have passed a significant stress test. This situation serves not only to starkly illustrate how vulnerable complex smart contracts are but also to underline the resilience and responsiveness of Sui’s core architecture. The next move is for the attacker to make—but the bounty is active, and the pursuit has begun. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !