dYdX Chain Suffers Network Outage, 1inch Launches New Crypto Debit Card
Market Update
- Crypto assets are building on the weekend’s gains.BTC (+3.47%) eclipsed $72.7k this morning before paring gains to approximately $71.8k. ETH (+5.58%) is showing relative strength today, gaining to $3,650, helping the ETHBTC ratio reclaim the .05 mark. Last week’s ETF net flows totaled $484 million, displaying the continued demand for exposure among traditional investors. Equity indices are relatively flat today, with the SPY and QQQ both gaining about 0.05% ahead of a significant macroeconomic week. Important data releases this week include the NFIB optimism index tomorrow, March CPI and FOMC meeting minutes on Wednesday, and PPI data on Thursday. Given the strength of recent data and hawkish fed-speak, the CPI data release will be particularly important in determining the direction of near-term interest rates and the timeliness of any rate cuts.
- The dYdX Chain has been suffering from a network outage that started early this morning as a result of its version 4.0.0 upgrade. The development team has confirmed the chain has been halted and has posed a potential fix. The fix recommends using a snapshot at a post-upgrade block and running the v4.0.2 software to fix the state corruption issue. They also advised anyone running a validator node to contact its operations team to assist with recovery instructions. The team expects the issue to be resolved within the next few hours. dYdX Chain went live on mainnet in October and this is the first major technical issue they have run into. Factoring in today’s halt, the dYdX chain has 96.11% uptime in the last 90 days, according to dYdX’s status page. The DYDX token has been unphased during the outage, gaining 3.11% today despite the issues.
- 1inch, a popular DEX aggregator, has revealed a new crypto debit card in conjunction with Baanx and Mastercard. The 1inch Card will enable users to pay for online and in-person purchases using their crypto balances and make ATM withdrawals. 1inch knows many crypto holders use its products for swaps but recognizes that they can tap into users’ daily lives by enhancing the real-world utility of digital assets. The 1inch Card leverages Mastercard’s payment network, making the crypto payments available at any of the 160 million merchants within the Mastercard network. Traditional payment providers like Mastercard and Visa continue to explore the Web3 space as crypto payments remain a largely untapped sector, and blockchains can improve upon their existing infrastructure. Users within the UK and EEA can add themselves to the early access waitlist to be among the first users to get their hands on the new card.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
ETHBTC has shown its first promising signs of strength after recent weakness to test a prominent former area of support from early January 2024. The act of turning back higher to multi-day highs today is thought to be a technical positive which could allow this to show further near-term strength and regain at least half of the prior weakness from February's peaks. Any success in regaining more than 62% of this prior decline would significantly boost the potential for much better strength out of Ethereum vs Bitcoin, and a move over February peaks would clearly favor ETH to be favored over BTC. At present, the last 24 hours has brought about the first evidence of an uptick in relative strength in nearly two months and supports the view that ETHBTC can push higher.
Daily Important Metrics
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All metrics as of April 8, 2024 10:28 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.41T | $71,620 | ↑ 2.24% | ↑ 70% | |
 ETH | $438B | $3,646 | ↑ 7.02% | ↑ 60% | ↓ -9.35% |
 SOL | $81B | $182 | ↑ 0.21% | ↑ 79% | ↑ 9.01% |
 DOGE | $29B | $0.2029 | ↑ 0.66% | ↑ 128% | ↑ 58% |
 ADA | $22B | $0.6095 | ↑ 2.51% | ↑ 2.83% | ↓ -67% |
 DOT | $13B | $9.05 | ↑ 4.04% | ↑ 12% | ↓ -58% |
 LINK | $11B | $18.31 | ↑ 2.90% | ↑ 22% | ↓ -47% |
 MATIC | $9.3B | $0.9424 | ↑ 2.24% | ↓ -1.86% | ↓ -71% |
 NEAR | $7.8B | $7.37 | ↑ 5.00% | ↑ 105% | ↑ 35% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| BITW | ↓ -32% | $34.99 | ↑ 4.95% | ↑ 50% | ↓ -19% |
| ETHE | ↓ -26% | $25.63 | ↑ 10.00% | ↑ 32% | ↓ -37% |
News
QUICK BITS
CoinDesk HashKey’s Crypto Exchange Goes Live After Winning License in Bermuda The HashKey Group, an Asian firm offering digital asset services, has launched the HashKey Global exchange, after being granted a license in Bermuda to offer li... |
MARKET DATA
Bitcoinist Pantera Capital’s Crypto Fund Records 66% Profit In 2024 Q1: Report Pantera Capital, a prominent crypto-focused asset management firm, recorded a significant profit for its Liquid Token Fund in the opening quarter of 2024. This ... |
DOSE OF DEFI
The Block DYdX community votes to stake $60 million from treasury to boost security The community of decentralized derivatives exchange dYdX has voted to stake 20 million dYdX Chain tokens, worth about $60 million at current prices, with Cosmos... |
The Block Aave Chan founder Marc Zeller teases upcoming ‘fee switch’ vote for Aave stakers Decentralized protocols Aave, Frax Finance, and Uniswap are all in some stage of the process to turn on additional fees meant to benefit holders. |
The Block DYdX experiences chain halt during upgrade, engineers are investigating The outage has been ongoing for over two hours with no fix expected for several hours, according to an incident report. |
FUNDRAISING AND M&A
CoinDesk Blockchain firms are attempting to address concerns that Big Tech giants like Microsoft, Meta and Alphabet will build an artificial-intelligence oligarchy. |
The Block Crypto anon McKenna launches Arete Capital, with first fund targeting $20 million Former ROK Capital researcher McKenna’s first fund will focus on institutional DeFi and blockchain gaming as well as other emerging sectors. |
HIRING
The Block Chainalysis hires former chief of IRS Criminal Investigations Former IRS Criminal Investigations Chief James Lee will help law enforcement, regulators and agencies build the capacity to fight illicit financial crime. |
PRODUCT UPDATES AND PARTNERSHIPS
Bitcoinist Cardano Set For Boost With Two Major Upgrades, Says Hoskinson In a rebuff to detractors of the Cardano network and its native token, Charles Hoskinson has announced the soon release of two significant upgrades designed to ... |
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