| Hey Cryptonews, here's our curated daily bundle of crypto news. | | | Bitcoin Risk Index may be worth considering says Analyst |  | With a 70% hike in price, BTC was the best-performing asset class BTC Risk Index had fallen to 1.78 at press time
Bitcoin was able to beat predictions of a further decline into the new year. This was a testament to the coin's willingness to change the market playbook. The 70% hike in price also accorded it the plaque as the best-performing asset class over the sometimes correlating S&P 500 Index (SPX). However, as Q2 begins, the conversations that preceded Q1's performance have started to unfold again. However, one analyst believes that the current BTC state should act as a positive sign for investors.
Consider this - The BTC Risk Index had fallen to 1.78, at press time, from a maximum value of 3.34 in November. A fall in the index is a pointer for investors to accumulate and expand their portfolios. In fact, when the index rises, BTC's price decreases.
Additionally, an analyst dwelling on the Short Term Holder Realized Price (STH RP) and Long Term Holder Realized Price (LTH RP) pointed out that the realized price decreased to $19,722 over the past week. He noted,
"... The fact that the short-term holder's realized price has exceeded the long-term holder's realized price is significant because it has only happened three times before, and each time, it signaled the end of a bear market." | | Learn More | | Ethereum records most active developers in L1 ecosystems |  | Ethereum had 199 developers, while Polkadot could only register 172 Open Interest across all exchanges has been increasing since 24 March
Ahead of the 12 April completion of the Shanghai upgrade, Ethereum [ETH] has taken the mantle as the blockchain with the most active developers in the Layer one (L1) and Layer Two (L2) ecosystems.
The active developers metric, as measured by Token Terminal, tracks the number of GitHub developers engaged in polishing the features of a project. According to the blockchain data and dApp aggregator, Ethereum had 199 developers, while Polkadot could only register 172 in second place.
According to Glassnode, the options Open Interest was $7.56 billion at press time and has been increasing across all exchanges since 24 March. This indicated that traders are increasingly forecasting which direction ETH will head given the blockchain's forthcoming upgrade.
Additionally, Ethereum's fear and greed index was 61 out of a possible 100, at the time of writing. The indicator uses price volatility, market volume, and social trend data to assess if an asset is at a fair price.
| | Learn More | | Arbitrum to break up governance votes post community backlash |  | Arbitrum Foundation's first governance proposal, AIP-1, likely will not pass The move will break up the debatable governance package into smaller segments
Ethereum layer 2 solutions provider Arbitrum has backtracked on its governance voting system following community backlash from token holders. On 2 April, the Arbitrum Foundation tweeted that its first governance proposal, AIP-1, likely will not pass. The move will break up the debatable governance package into smaller segments. The team noted:
"AIP-1 is too large and covers too many topics. We will follow the DAO's advice and split the AIP into parts. This will allow the community to discuss and vote on the different subsections."
The proposal would have given the foundation, a centralized company, control over 750 million Arbitrum (ARB) tokens worth around $1 billion. The foundation stated that the 750 million tokens received would be voted on in its own AIP.
There will also be a budgeting proposal, in which the foundation will propose transparency reports "to make the community aware of how the funds are spent over time."
| | zkSync Era encounters block production failure |  | | The launch of ZkSync Era on Ethereum promised to revolutionize transactions, but it encountered a glitch as the zero-knowledge platform failed to generate blocks for a few hours. On 1 April, just eight days after its launch, it was reported that the L2 platform had stopped generating blocks.
On 1 April, zkSync Era Block Explorer showed no blocks were created on the mainnet blockchain for about five hours. Though blockchain failures aren't new, this drew attention due to the short period since launch. Following the same, the team acknowledged the network is still in alpha.
The zkSync Era team also stated that the block production failure was due to the malfunction of the block queue database, which went undetected as the health alert was not activated. They soon resolved the issue in five minutes and introduced alerts for monitoring agent malfunctions. The team has implemented other solutions too, but admitted that decentralizing the platform would be the ultimate solution. | | Learn More | | Bitcoin Ordinals inscriptions hit new high |  | Ordinals touched a new daily all-time high of 58,179 inscriptions Text-based Ordinals climbed to a level of > 55,000 inscriptions
Bitcoin Ordinals reached a new daily all-time high of 58,179 inscriptions on 2 April, a significant increase from the previous record of 31,692 on 9 March. This, due to a new "token standard" for the blockchain, according to data from Dune Analytics.
The recent surge in Bitcoin Ordinals is attributed to the introduction of BRC-20 tokens on the Ordinals protocol by a pseudonymous on-chain analyst named Domo. According to Ordinals-focused podcast host Leonidis, text-based Ordinals reached over 55,000 inscriptions on 2 April, many of which were represented by BRC-20 tokens.
Leonidis explained that the surge was due to new tools launched to interact with BRC-20 tokens, improving the user experience and reigniting interest in the technology. Since the BRC-20 standard was created, 1,600 tokens have been created according to one of the new tools. Notably, the most popular BRC-20 tokens currently are "pepe," "ordi," and "punk," with respective market caps of $2.5 million, $2.1 million, and $900,000. | | Allbridge offers bounty to $573K flash loan attacker |  | Attacker was asked to come forward to claim bounty, avoid any legal consequences Allbridge is actively tracking the hacker via social networks, law enforcement
Multichain token bridge Allbridge has offered the attacker responsible for a $573,000 exploit on its platform the chance to come forward and claim a bounty as a white hat. The attack, identified by Peckshield on 1 April, involved an individual manipulating the swap price in BNB Chain pools, This resulted in the draining of $282,889 in BUSD and $290,868 in USDT.
Allbridge extended an offer to the attacker responsible for the hack to come forward and claim a bounty, as well as avoid any legal consequences. The offer was made on 1 April in a tweet, where Allbridge requested the attacker to reach out through official channels to discuss returning the funds.
However, in a separate series of tweets, Allbridge said it's actively pursuing the stolen funds and tracking the hacker through social networks with the help of its partners and community. The company is monitoring wallets, transactions, and linked CEX accounts, and is working with law enforcement and other affected projects.
| | Binance, CZ, influencers face $1B lawsuit |  | | Binance CEO CZ and three crypto influencers have been sued for promoting unregistered securities, with a new $1 billion lawsuit filed just days after the U.S. CFTC sued them for trading violations. The lawsuit filed by the Moscowitz Law Firm and Boies Schiller Flexner alleges that Binance traded unregistered securities and paid influencers for unlawfully promoting such services.
The filing read,
"...This is a classic example of a centralized exchange, which is promoting the sale of an unregistered security."
The law firm previously sued Voyager, alleging that influencers promoting unregistered securities are responsible for customer losses. Based on similar claims, Binance, Jimmy Butler, Graham Stephen, and Ben Armstrong have been challenged to pay $1 billion in damages to affected investors.
The lawsuit also alleges that exchanges and promoters would be liable for customer losses and that investors need not prove they were influenced.
| | Bitcoin & co. lack direction |
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