After JPMorgan Chase published a report warning companies they risk falling behind in digital finance, the bank is looking to issue debt linked to cryptocurrency-focused companies.

Ethereum co-founder Vitalik Buterin has predicted that Optimism will release its layer-two scaling solution, which he believes could help the network scale by a factor of 100, in the coming weeks.

Decentralized exchange DODO has announced that attackers exploited bugs in its V2 Crowdpools smart contracts to steal $3.8 million. The exchange has already recovered $1.89 million, comprising about 1.14 million USDT and 411 ETH.

Top stories in the Crypto Roundup today:

• JPMorgan to Launch ‘Cryptocurrency Exposure Basket’
• Ethereum Could Scale ‘100x’ Through Rollups, says Vitalik Buterin
• Decentralized Exchange DODO Partially Recovers Crypto Stolen by Attackers
• Daily Movers – MATIC, AVAX, BNB

JPMorgan to Launch ‘Cryptocurrency Exposure Basket’ Debt Instrument

After JPMorgan Chase published a report warning financial companies they risk falling behind in digital finance, the bank is looking to issue debt linked to cryptocurrency-focused companies.

The incoming debt instrument, called the ‘J.P. Morgan Cryptocurrency Exposure Basket’ is long on companies with exposure to cryptoassets or associated with the industry. These include MicroStrategy, Square, Riot Blockchain, and chipmaker NVIDIA. In total, it has positions in 11 companies.

According to the prospectus, the basket companies ““operate businesses that we believe to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading.”

The notes will pay investors based on the basket companies’ performance minus a 1.5% deduction. They cost a minimum of $1,000 and have a maturation date of May 2022.

Ethereum Could Scale ‘100x’ Through Rollups, says Vitalik Buterin

Ethereum co-founder Vitalik Buterin has predicted that Optimism will release its layer-two scaling solution, which he believes could help the network scale by a factor of 100, in the coming weeks.During a podcast, Buterin said he thinks “rollups are coming very soon,” and added that Ethereum 2.0’s developers are “fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.”

Rollups are a second-layer scaling solution. Transaction data is processed and stored on a designated sidechain, before batches of transactions are bundled together onto Ethereum’s mainnet. Ethereum 2.0 will use sharding to ensure scalability, but Buterin believes rollups will be enough to lower ETTH’s surging transaction fees in the meantime.

“The thing to remember is that if you have rollups, but you do not have sharding, you still have 100X factor scaling, right? You still have the ability for the blockchain to go up to somewhere between 1,000 and 4,000 transactions a second, depending on how complex these transactions are.”

Buterin predicted Optimism will launch Ethereum Virtual Machine-compatible rollups “in around a month or so.”

Decentralized Exchange DODO Partially Recovers Crypto Stolen by Attackers

Decentralized exchange DODO has announced that attackers exploited bugs in its V2 Crowdpools smart contracts to steal $3.8 million. The exchange has already recovered $1.89 million, comprising about 1.14 million USDT and 411 ETH.

The exchange plans to return the funds to affected parties. The attack on DODO is believed to have involved two independent actors. One essentially created counterfeit DODO tokens and exchanged them for real tokens through a smart contract bug, but after the incident contacted a prominent white-hat hacker to return the stolen funds.

The second actor performed three exploits on the smart contract roughly 10 minutes after the first one. Based on its actions, some suspected the second attacker was a bot as it set unusually high gas prices and used CHI gastokens.

Daily Movers – MATIC, AVAX, BNB

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Polygon (MATIC) - Matic provides scalable, secure and instant transactions using sidechains based on an adapted implementation of Plasma framework for asset security and a decentralized network of Proof-of-Stake (PoS) validators.

Avalanche (AVAX) - Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.

Binance Coin (BNB) - BNB powers the Binance ecosystem and is the native asset of the Binance Chain. BNB is a cryptocurrency created in June 2017, launched during an ICO in July. Its used to power the Binance Chain and its native chain token, as well as the Binance Smart Chain, an EVM-compatible network.

State of the Crypto by Top Tier Exchange Volume

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