Time Travel Is for Sci-Fi, Not Blockchains ⏲️
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OVERVIEW
Time Travel Is for Sci-Fi, Not Blockchains ⏲️
Source: Tenor
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total market and altcoin market cap charts:
Source: TradingView
NEWS IN THREE SENTENCES
Crypto News 📰
⚙️ Pump.fun Tests AMM, Threatens Raydium’s Throne
Pump.fun is toying with its own automated market maker on Solana, so new meme coin liquidity might stay in-house instead of defaulting to Raydium. Ray’s token price dipped 28% in a panic as everyone wonders if they’ll lose that sweet fee revenue from shilling shitcoins. Crypto-Economy.
🐻 Berachain Leaps to $3.26B TVL
A new Layer-1 chain named after cartoon bears is now 6th in DeFi, surpassing Arbitrum and Base in TVL. Their “Proof-of-Liquidity” consensus means staking BERA keeps the ecosystem’s liquidity from leaking out. They also airdropped 80 million BERA tokens—one of the largest in crypto—and apparently it worked. ecoinimist.
🏦 OX.FUN Denies ‘Extortion’ Amid Liquidity Rumors
An artist collective claims OX.FUN offered to unlock their $1 million in frozen funds if they’d do some social media praising the exchange. OX.FUN says the user manipulated their “JAILSTOOL” meme coin, violating TOS. On-chain sleuths say OX.FUN has ties to Su Zhu of Three Arrows Capital. Decrypt.
💰 Ethena Nabs $100M Funding, Touts Next-Gen Stablecoins
Franklin Templeton, F-Prime Capital, and Dragonfly just threw $100M at Ethena for its USDe stablecoin. They’re offering a “synthetic” approach, so it remains fully collateralized even after the Bybit fiasco. Ethena wants to push a stablecoin that appeals to TradFi folks with 20%+ yields. Because if you can dangle that big an APY, you’ll snag the attention of legacy finance. CryptoBriefing.
🚨 Infini Hacked for $50M (Days After Bybit’s $1.5B)
Stablecoin neobank Infini got hit by an inside job: a dev left admin rights in the contract and drained nearly $50 million. The stolen USDC became 17,696 ETH before it disappeared. Founder Christian Li says they can pay back losses, while the community faces déjà vu—just after Bybit’s monstrous hack last week. More scars for a battered DeFi scene. CoinJournal.
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BYBIT HACK UPDATE
Post-Bybit Hack: The Latest Updates ✅
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Adam Back (CEO of Blockstream) pinned the blame on “EVM mis-design,” calling Ethereum’s complexity and “blind signing” a recipe for disaster.
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In a scramble to fill the $1.4 billion gap, Bybit tapped emergency loans, OTC buys, and some friendly whales. CEO Ben Zhou claims the exchange is fully solvent again, promising an audited proof-of-reserves (PoR) report soon.
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Big-name players came to Bybit’s rescue. Bitget floated some ETH loans, MEXC sent stETH, and Tether froze suspicious addresses. Even smaller outfits pitched in to keep the crisis from becoming a full-blown meltdown.
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Not everyone joined the unity parade. Non-KYC exchange eXch refused to freeze stolen funds—citing an old grudge where Bybit allegedly locked eXch’s user accounts. Hackers wasted no time funneling ETH to DAI through decentralized exchanges and eXch. The end result? A chunk of the stolen money is likely unreachable.
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Calls for an Ethereum rollback popped up—a 2016 DAO hack flashback. Samson Mow and Arthur Hayes joked (I hope) it has been done before, so why not do it again? The community (and most of the dev world) doesn’t find that so funny.
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Industry cooperation froze upwards of $42 million in stolen funds.
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As if the Bybit fiasco weren’t enough, the hacker’s methods were eerily similar to attacks on Phemex, BingX, and even the Poloniex exploit. ZachXBT tied them all together with a neat bow.
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Bybit processed hundreds of thousands of withdrawal requests in record time. Zhou says over 99.9% were handled, leaving only a tiny fraction in limbo. That’s either a testament to Bybit’s crisis management or a major sign that people just wanted out. Either way, the show goes on.
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Bottom line? Bybit says they’re safe. The rest of the ecosystem holds its breath.
NEWS
Rollback Vs. Immutability 🎢
What is a rollback and why is it such a contentious issue? If you don’t know – that’s fine. It’s not a conversation the space has had to have lately. A rollback is basically hitting the rewind button – but there’s problems with that. 🧠
Did You Know? Ethereum Isn’t The Original Chain 🤯
Ethereum has seen this movie before—cue the DAO attack of 2016. Hackers siphoned off millions of ETH from a decentralized venture capital fund. Panic ensued, prompting a controversial fork to roll back the theft. 🥷
The move split the Ethereum community and the original Ethereum blockchain, what we know as Ethereum Classic, forked into what is now known as Ethereum.
That’s right, Ethereum isn’t the original Ethereum.
Many saw the rollback as a breach of core principles. Those scars still haven’t fully healed. Example: it’s why Charles Hoskinson left Ethereum.
Nightmare Scenario If There’s A Rollback 😱
If Ethereum were to do another rollback like the 2016 DAO fork, the layer 2s (L2s) like Arbitrum, Optimism, Coinbase’s Base, would be thrown into absolute chaos. Why? Because L2s rely on Ethereum’s L1 as the final arbiter of truth. 😲
A rollback would mean that everything settled on Ethereum would be rewritten, forcing L2s to either:
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Follow the rollback – This would require them to reorg their own history, invalidating transactions, smart contracts, and user balances that were previously settled.
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Ignore the rollback and keep their own chain state – This would effectively make them a separate chain, no longer inheriting Ethereum’s security, which defeats the whole point of being an L2.
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Try to reconcile the mess manually – Good luck with that. Users would be screaming about missing funds, protocols would be scrambling to figure out what’s real, and centralized sequencers (where applicable) might have to pick a side, risking credibility.
So, in short, it would be a disaster. L2s would either have to hard fork themselves, scramble to implement emergency fixes, or risk breaking entirely. The whole point of L2s is that Ethereum’s L1 is immutable and final. If that assumption is shattered, everything downstream breaks. 💔
Rewinding The Blockchain Undermines Everything 📼
Rolling back undermines immutable ledgers. Once one hack gets reversed, what’s the logic in not reversing another? If some event hits the right headlines or pockets, does it also get an “Oops, my bad, let’s undo that” button?
That’s a slippery slope. It calls into question why we even bother with a blockchain when someone can just wave a wand and erase it like a line item on a spreadsheet. So far, thankfully, no major player in ETH’s ecoystem, including Buterin, has voiced support for a rollback. 😰
NEWS
Unlock-A-Palooza: March 1st’s Token Tsunami 🌊
Before the Bybit hack, the market was already treading sideways to lower. If you’re looking for a fundamental reason, then these token unlcoks might just be the reason(s) you’re looking for.
February 28, 2025 📆
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Optimism ($OP): Unlocking over 31.3 million OP tokens, which is 1.93% of its circulating supply, valued at approximately $36.47 million.
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Manta Network ($MANTA): Releasing 1.87 million MANTA tokens, representing 0.49% of its circulating supply, worth about $750,000.
March 1, 2025 📅
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Solana ($SOL): A significant unlock of 11.2 million SOL tokens, constituting nearly 2.3% of its total supply, valued at approximately $1.78 billion. This event could introduce notable market volatility for SOL.
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Sui ($SUI): Releasing 10.34 million SUI tokens, accounting for 0.33% of its circulating supply, with an estimated value of over $35.6 million.
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DYDX ($DYDX): Unlocking over 8.3 million DYDX tokens, which is more than 1.1% of its circulating supply, valued at $7.42 million.
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ZetaChain ($ZETA): Releasing over 22.4 million ZETA tokens, representing over 3% of its circulating supply, worth approximately $7.12 million.
LINKS
Links That Don’t Suck 🔗
💲 Dubai approves Circle’s USDC and EURC as first recognized stablecoins under new crypto framework
🪙 Trump meme coin was ‘a gut punch’, BitMex research says
🥷 People are streaming Assassin’s Creed Shadows a month ahead of its official release date
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Author Disclosure: The author of this newsletter holds positions in ADA, LTC, IMX, WMT, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋
