This week’s hot project updates cover a Magic Eden NFT theft and Ethereum developments.
During September 20–26, New York State sued Polymarket and others over alleged illegal gambling operations, Magic Eden faced a restriction vulnerability with a white hat rescue of 23,000 NFTs, and Ethena worked with Binance to expand the USDe basis strategy to equity perpetual contracts. These three items led the week because they cover legal scrutiny, NFT security, and the expansion of the USDe basis strategy into equity perpetual contracts.
Legal pressure and NFT security lead the roundup
The lawsuit against Polymarket and others is the most immediate headline because it names New York State and alleges illegal gambling operations. For readers, it shows that platforms must face legal scrutiny alongside product development. Magic Eden’s vulnerability also moved quickly into the spotlight: the issue involved a restriction vulnerability and a white hat rescue of 23,000 NFTs.
Ethena, Circle, Aave, Camelot, and Pyth expand products and access
Ethena and Binance extended the USDe basis strategy into equity perpetual contracts. Circle Mint launched DABB, allowing BTC to be used as collateral for USDC. Aave V4 was deployed on multiple chains, with $1.2 billion in deposits and tokenized stocks launched on Base. Camelot and Cypher merged into Frontier, built on Uniswap v4. Pyth became an external distributor for Nasdaq Basic, providing US stock market data.
Sonic, Aster, and LayerZero adjust issuance, marketplaces, and chain support
Sonic Labs decided to cancel the artificial issuance of the S token while maintaining automatic issuance. Aster launched Grid 2.0 and Grid Marketplace. LayerZero will stop off-chain services for 13 chains, and Stargate Hydra is affected by that change.
The next items to watch are the Polymarket lawsuit, the rollout of equity perpetual strategies around USDe, and the impact of LayerZero’s decision to stop off-chain services for 13 chains on Stargate Hydra.
Risk Warning
This article is only a summary of publicly available information and does not constitute investment advice. Crypto assets are highly volatile, and prices can change rapidly due to regulatory actions, security incidents, market sentiment, and protocol updates. Always conduct your own research, understand the risks involved, and consider your financial situation before making any investment or trading decisions. Do not rely solely on this content; make informed judgments and proceed with caution.
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