Rocket Pool to Complete Atlas Upgrade, Hundred Finance Tries to Recover $7.4 Million
Market Update
- Traditional indices are trading lower today, with the ^SPX 1.11% (-0.20%) and NDQ (-0.62%) declining as market focus is shifting to the upcoming earnings season. Crypto markets are underperforming today as BTC (-3.14%) and ETH 4.75% (-2.20%) are cooling off after rallying over the last week. As mentioned in last week’s Crypto Weekly, supply overhang projections following the Ethereum Shapella upgrade were too pessimistic. As of this morning, total withdrawals since the upgrade surpassed 1 million. At the same time, depositors have staked an additional 380k Eth, resulting in a net staking balance of -675k, still representing less than a 1% change in Eth’s total circulating supply. Additionally, the rally in ETHBTC following Shapella remains intact, rising 1.09% today.
Source: Metrika
- Liquid staking protocol Rocket Pool has been one of the best performers over the last week, as their Atlas Update is slated to be completed today. The Atlas upgrade will enable rETH holders to immediately exchange for ETH. Additionally, Atlas will mark the launch of 8-ETH Bonded Minipools. Minipools will lower the staking barriers to entry as users will be able to provide 8 Eth in contrast to the former 16 Eth requirement. This significantly reduces capital requirements for stakers and should encourage deposits from smaller market participants. Other features of the Atlas upgrade include the ability for solo validators to directly convert into four Rocket Pool minipools without needing to unstake, and new smartnode features like automatic reward distributions and a new Gradana dashboard where depositors can track the health of their nodes. RPL has appreciated over 33% since Ethereum completed the Shapella upgrade on April 12th.
- Multichain lending protocol Hundred Finance suffered an exploit over the weekend of approximately $7.4 million. According to Certik, the hacker manipulated the exchange rate between hBTC (Hundred Finance’s version of bitcoin) and WBTC to withdraw more tokens than they originally deposited. The hacker also appeared to use a flash loan to quickly borrow the funds needed to manipulate the exchange rate. Hundred Finance has sent a message to the hacker to try and negotiate a return of the funds in exchange for a whitehat bounty. They have yet to release a post-mortem on the exploit but tweeted that any Compound V2 forks should reach out as the exploit was a broader problem with the code and not a Hundred Finance specific problem. Following the exploit, Hundred’s token HND fell over 50% in weekend trading.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Rocket Pool has finally shown some minor consolidation to kick off the new week after gaining nearly 40% over the last four days. Price moved to new all-time highs on a closing basis over the weekend, and while momentum has gotten a bit overbought, further upside looks likely to test intra-day highs at $68.90 before any meaningful stalling out. Technically it's worth pointing out that the February weakness into mid-March bottomed at a near exact 61.8% Fibonacci retracement of the prior low to high rally into early February. Gains since the Shapella upgrade for Ethereum have occurred on much bigger volume than has been seen since February for RPL which is a technical positive. Overall, until price shows some evidence of reversing to multi-day closes, trends are bullish and pullbacks likely prove short-lived ahead of a push into areas of resistance into late April.
Daily Important Metrics
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All metrics as of April 17, 2023 12:11 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $569B | $29,385 | ↓ -3.10% | ↑ 77% | |
 ETH | $248B | $2,077 | ↓ -0.74% | ↑ 73% | ↓ -4.07% |
 ADA | $15B | $0.4359 | ↓ -2.40% | ↑ 77% | ↓ -0.77% |
 DOGE | $13B | $0.0903 | ↑ 1.18% | ↑ 29% | ↓ -49% |
 MATIC | $11B | $1.16 | ↓ -0.07% | ↑ 52% | ↓ -25% |
 SOL | $9.6B | $24.56 | ↑ 1.25% | ↑ 148% | ↑ 71% |
 DOT | $7.9B | $6.71 | ↓ -0.69% | ↑ 54% | ↓ -23% |
 LINK | $4.2B | $8.12 | ↑ 2.09% | ↑ 46% | ↓ -31% |
 NEAR | $2.0B | $2.27 | ↓ -1.43% | ↑ 78% | ↑ 0.92% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -37% | $16.51 | ↓ -5.28% | ↑ 99% | ↑ 22% |
| BITW | ↓ -57% | $11.49 | ↓ -2.46% | ↑ 114% | ↑ 37% |
| ETHE | ↓ -46% | $10.29 | ↓ -5.77% | ↑ 116% | ↑ 39% |
| BTCC | ↑ 0.19% | $5.41 | ↓ -3.39% | ↑ 79% | ↑ 1.17% |
News
QUICK BITS
Coin Telegraph China’s state-affiliated banks are on-boarding crypto companies in Hong Kong Chinese banks are opening bank accounts for regulated crypto companies, with several acting as a payment layer for the... |
MARKET DATA
CryptoSlate Coinbase CEO Brian Armstrong offloaded $1.8M worth of stocks in April Coinbase CEO Brian Armstrong sold $1.8 million worth of the company’s stocks in April, according to Dataroma data. According to the data, Armstrong sold a total... |
CryptoPotato CleanSpark Boosts Mining Capacity With New Machinery Worth $145 Million The BTC miner described the Antminer S19 XP as "the most power-efficient" mining machinery available on the market. |
The Block 1 million ether has been withdrawn since Ethereum’s Shanghai hard fork Deposited ether since Ethereum's Shanghai hard fork went live, meanwhile, stands at 373,040 — creating a net staking balance of -646,210. ... |
REGULATION
CoinDesk Crypto Exchange Bittrex Violated Federal Laws, SEC Charges in Lawsuit The U.S. Securities and Exchange Commission (SEC) alleged that crypto exchange Bittrex simultaneously operated a national securities exchange, broker and cleari... |
CoinDesk Shaquille O'Neal Finally Served FTX Lawsuit: Lawyers Legendary Basketballer Shaquille O'Neal has finally been served a class-action lawsuit against FTX founder Sam Bankman-Fried, lawyers of the plaintiffs tweeted ... |
PRODUCT UPDATES AND PARTNERSHIPS
CryptoPotato OKX and Manchester City Captain İlkay Gündoğan Launch Football Masterclass in the Metaverse [PRESS RELEASE – MANCHESTER, UK, April 17th, 2023] OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, toda... |
BTC Manager Rocket Pool rallies amid future upgrade for ETH stakers RPL has gained over 10% within 24 hours amid an anticipated upgrade at Rocket Pool for ETH stakers. This new upgrade will allow validators to create and conver... |
HACKS, EXPLOITS, AND SCAMS
CryptoPotato DeFi Protocol Hundred Finance Loses $7M in Latest Exploit The protocol says it has contacted the hacker to discuss terms for a refund. |
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