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BTC $76,730.48 -1.84%
ETH $2,288.38 -3.02%
BNB $622.80 -1.65%
XRP $1.39 -2.36%
SOL $84.52 -2.56%
TRX $0.3256 +0.46%
DOGE $0.0979 -1.34%
ADA $0.2458 -2.68%
BCH $448.60 -0.93%
LINK $9.24 -2.66%
HYPE $41.76 +0.38%
AAVE $96.33 -0.57%
SUI $0.9260 -2.12%
XLM $0.1648 -3.55%
ZEC $355.80 -0.02%

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Lido discloses the impact of the Kelp security incident: approximately 9% of EarnETH exposure affected, core staking assets are secure

Lido has released the latest developments regarding the Kelp security incident, stating that its Earn series vaults are working with the management to address the issues, which involve two major risk points: the rsETH exposure and the liquidity tension in the lending market. Lido emphasizes that the core staking protocol has not been affected, and both stETH and wstETH remain safe and stable.Currently, only the EarnETH vault has an approximately 9% TVL exposure to rsETH, and related deposits and withdrawals have been suspended by the management, awaiting a solution. Approximately $70 million in ETH has been recovered from the previous attack, and the subsequent asset recovery and loss distribution are still in progress. In response to liquidity pressure, the management has reduced leverage and optimized the position structure, significantly decreasing the wETH debt exposure. If losses ultimately occur, EarnETH will activate a $3 million "first loss protection mechanism" (funded by the DAO). As for other vaults, DVV and EarnUSD have not been affected and are operating normally; the GGV sub-vault is currently experiencing negative returns due to the combination of circular staking strategies and rising lending rates, but adjustments are ongoing. Withdrawal requests submitted by users will be processed based on valuations prior to the incident.

Kalshi and Polymarket announce the launch of perpetual contract trading, as the prediction market platform accelerates its entry into the derivatives space

According to CoinDesk, the prediction market platform Kalshi is preparing to launch cryptocurrency trading in the United States, expanding beyond its core prediction market business. According to insiders, the platform plans to initially introduce perpetual contracts linked to cryptocurrencies like Bitcoin.This move will put Kalshi in more direct competition with cryptocurrency platforms like Coinbase. Coinbase currently does not offer true perpetual contracts in the U.S., but has launched "perpetual-like" futures contracts with long durations and has expressed intentions to introduce more advanced derivatives products within the U.S.Kalshi holds several licenses from the U.S. Commodity Futures Trading Commission (CFTC) and has recently been approved to offer margin trading, positioning it to enter the derivatives market. Insiders say the company expects to start with cryptocurrency-linked perpetual contracts and may expand this model to other asset classes in the future.Kalshi's competitor Polymarket also announced on X plans to launch perpetual futures on its platform, but did not disclose further details. A video in the tweet shows that users will be allowed to trade leveraged long and short positions on assets like gold, NVIDIA, BTC, AAPL, and indicates that registration will provide early access.
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