The Protocol: OKX Slashes Native Token Supply In Half
Main Idea
The article covers key developments in the cryptocurrency space, including OKX's token supply reduction, Ethereum's transaction volume surge, a trading bot scam, and Babylon's Bitcoin vaults for DeFi.
Key Points
1. OKX slashed its OKB token supply by 50% through a $7.6 billion burn, causing a price surge and a 13,000% increase in trading volume.
2. Ethereum's transaction volume is nearing its all-time high, driven by increased DeFi activity and lower transaction costs due to network upgrades.
3. A scam involving weaponized trading bots stole over $1 million from crypto users by tricking them into deploying malicious contracts via AI-generated YouTube tutorials.
4. Babylon introduced trustless Bitcoin vaults to enable BTC staking in proof-of-stake networks, aiming to leverage Bitcoin's value for DeFi across blockchains.
Description
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. I'm Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter. In this issue: OKX Slashes OKB Token Supply by 50% With $7.6B Burn, Price Surges ETH Transaction Volume Climbs on Price Rally, Cheaper DeFi Costs Weaponized Trading Bots Drain $1M From Crypto Users via AI-Generated YouTube Scam Babylon Introduces Trustless Bitcoin Vaults for BTC Staking Protocol Unknown block type "divider...
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