March 19, 2025

Exploring the tech behind crypto

one block at a time

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Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. I'm Margaux Nijkerk, the Ethereum protocol reporter at CoinDesk.

In this issue:

Hello, Hoodi: Ethereum Welcomes a New Testnet
Microsoft Raises Alarm of Malware Targeting Coinbase, MetaMask Wallets
Halliday Raises $20M for AI Protocol to Eliminate Writing Smart Contracts for DeFi
Sam Altman's World Network and Razer Want to Defeat Gaming's Bot Problem

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Network News

HELLO, HOODI: ETHEREUM WELCOMES A NEW TESTNET: Ethereum developers launched a new test network, Hoodi, this week that will be used to carry out the blockchain's upcoming "Pectra" upgrade. Pectra will go live on Hoodi on March 26, and if all goes well, the long-awaited upgrade will proceed to Ethereum's mainnet roughly 30 days later, according to the network's core developers. Hoodi was created following faulty Pectra tests on Ethereum's other testnets, Holesky and Sepolia, which failed to finalize properly due to problems with how they were configured. Test networks like Holesky, Sepolia, and Hoodi aim to mimic the main Ethereum network — allowing developers the opportunity to test out code changes or major upgrades like Pectra in a low-stakes environment before deploying them to the mainnet. — Margaux Nijkerk Read more.

MICROSOFT RAISES ALARM OF MALWARE TARGETING COINBASE, METAMASK WALLETS: Tech giant Microsoft shared a new report warning of malware that targets 20 of the most popular cryptocurrency wallets used with the Google Chrome extension. Microsoft's Incident Response researchers raised alarms of a new remote access trojan (RAT), dubbed StilachiRAT, which could deploy "sophisticated techniques to evade detection, persist in the target environment, and exfiltrate sensitive data," the team shared in a blog post. The malware was discovered in November 2024, and it could steal users' wallet information, and any credentials, including usernames and passwords, stored in their Google Chrome browser. StilachiRAT targets 20 crypto wallets including some of the most widely-used ones like MetaMask, Coinbase Wallet, Phantom, OKX Wallet, and BNB Chain Wallet. While the malware has not been distributed widely, Microsoft did share that it has not been able to identify what entity is behind the threat and laid out some mitigation guidelines for current targets including installing antivirus software. — Margaux Nijkerk Read more.

HALLIDAY RAISES $20M FOR AI PROTOCOL TO ELIMINATE WRITING SMART CONTRACTS FOR DEFI: Artificial intelligence (AI)-focused blockchain protocol Halliday said it raised $20 million to help fund development of its Agentic Workflow Protocol (AWP), which aims to speed development of decentralized finance (DeFi) applications and avoid the need for programmers to write smart contracts. The Series A funding round was led by venture capital giant Andreessen Horowitz's (a16z) crypto arm. "Our mission is to pioneer the software era of blockchain, enabling developers to build applications in hours, not years," Halliday said in an emailed announcement. "With Halliday, you can never write a smart contract again."— Jamie Crawley + AI Boost Read more.

SAM ALTMAN'S WORLD NETWORK AND RAZER WANT TO DEFEAT GAMING'S BOT PROBLEM: Sam Altman's blockchain project, World Network, is teaming up with gaming hardware firm Razer on a suite of features designed to weed out bots from video games. "Razer ID verified by World ID" is a single sign-on mechanism that will verify real human gamers from bots. It's built atop Razer ID, Razer's existing login service, and will help guarantee there's "a real person behind every Razer ID account," according to a statement shared by Razer and World. The collaboration between the two firms comes as artificial intelligence (AI) tools are seeping into every corner of online life — including inside of video games, which have been plagued by non-human AI "bots" since long before the rise of Altman's ChatGPT. — Margaux Nijkerk Read more.

In Other News

EOS Network, known for its scalable blockchain infrastructure, is rebranding to Vaulta as it pivots toward Web3 banking. The transition comes with a token swap that is provisionally scheduled for the end of May. It also comes with the launch of the Vaulta Banking Advisory Council, a group of financial and blockchain industry experts focused on bridging the gap between traditional banking and decentralized systems. Members include executives from Systemic Trust, Tetra, and ATB Financial, according to a press release shared with CoinDesk. - Francisco Rodrigues reports.
Solana-based decentralized exchange Raydium is set to start its own token issuance platform in the coming weeks to drive more revenue to the already-popular trading service. Raydium's LaunchLab will initially resemble the hit token issuance platform Pump.Fun, Blockworks first reported. Though developers say it will have several added features that make it more appealing for token launches. - Shaurya Malwa reports.
The U.S. Securities and Exchange Commission (SEC) is set to drop its appeal against Ripple, ending a four-year legal battle, according to the company's CEO Brad Garlinghouse. The XRP token, which is closely associated with Ripple, jumped 10% on Wednesday during U.S. morning hours after Garlinghouse posted about the news on X. - Krisztian Sandor and Helene Braun report.