Decentralized exchange spot trading rose to about 24% of centralized exchange volume in July 2026, according to The Block’s current DEX-to-CEX data series. Summary July’s DEX-to-CEX spot ratio reached about 24%, according to The Block’s current data series estimate. DefiLlama’s trailing data ranked Solana, BNB Chain and Ethereum among the largest spot ecosystems globally. Robinhood
Special thanks to Vlad Zamfir and Jae Kwon for many of the ideas described in this post Aside from the primary debate around weak subjectivity, one of the important secondary arguments raised against proof of stake is the issue that proof of stake algorithms are much harder to make light-client friendly. Whereas proof of work
First, yes, that is a very clickbait title and completely unusual. This is a real security issue. Here is the official announcement from Coinkite themselves posted yesterday, please read and verify the genuineness of the issue there. TLDR: Coldcard MK2, MK3, MK4, MK5 and Q are being drained. A bug lets attackers find your seed
Coinkite says an attacker used AI to find a flaw its own AI review missed, exposing 500 wallets to a seed generation bug that reduced 128 bits of entropy to 40. Summary An attacker drained 594 BTC, approximately $38 million, from roughly 500 Coldcard hardware wallets in 25 minutes on July 31, exploiting a seed
Warning: this post contains crazy ideas. Myself describing a crazy idea should NOT be construed as implying that (i) I am certain that the idea is correct/viable, (ii) I have an even >50% probability estimate that the idea is correct/viable, or that (iii) “Ethereum” endorses any of this in any way. One of the common
The US Strategic Bitcoin Reserve already exists as an executive-order framework for retaining government-held Bitcoin. ARMA would seek to codify it in law and potentially extend it into an active accumulation strategy — with major implications for Bitcoin’s supply dynamics, reserve-asset status and the next phase of sovereign adoption. The US Strategic Bitcoin Reserve (SBR)
Tether earned $1.5 billion in three months while its safety cushion fell by half, raising questions about whether the world’s largest stablecoin can sustain its reserve strategy through a rate cycle. Summary Tether reported $1.5 billion in net operating profit for the second quarter of 2026, driven primarily by returns from US Treasury holdings and
Special thanks to Andrew Miller for coming up with this attack, and to Zack Hess, Vlad Zamfir and Paul Sztorc for discussion and responses One of the more interesting surprises in cryptoeconomics in recent weeks came from an attack on SchellingCoin conceived by Andrew Miller earlier this month. Although it has always been understood that
In crypto news today (July 31), Bitcoin climbed -0.4% overnight and is sitting just below $64,000 following a turbulent week that saw the Fed freeze interest rates on Wednesday, although SEC Chair Paul Atkins hinted at hikes to come, which has caused a slight weakening of crypto assets and stocks alike. However, Bitcoin ETF flows
Bitcoin mining difficulty has dropped 19.9% from its peak in the third deepest ASIC era decline on record, as miners sell bitcoin at record rates and redirect power capacity toward artificial intelligence data centers. Summary Bitcoin mining difficulty has fallen 19.9% from its November 2025 peak of approximately 156 trillion to 126.23 trillion, the third
