Anton Andell

The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications. After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users. As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.

We’re hiring! SODAX is looking for a strong Community Manager to spark real conversation, support and connect 🤝 If you live in r/DeFi, love Discord ops, and know how to turn feedback into signal? You could be a great fit.

The L1 premium is disappearing. The Fat Protocol to Fat App transition has been underway for a while but the market is now starting to price it in. Appetite for undifferentiated infrastructure is decreasing and investor expectations have shifted. Chains are under more pressure to demonstrate real recurring revenue. Stablecoins could be an avenue for this. Over $30B of USDC and USDT sits across alt L1s and L2s, generating north of $1B annually for Circle and Tether. The ecosystems actually driving that demand collectively earn around $800M in fees. Many chains have recognized this and are moving to internalize stablecoin economics rather than subsidize issuers.