Abracadabra.Money’s GMX pools hacked, $13M lost
About $13 million worth of cryptocurrency has been drained from decentralized lending protocol Abracadabra.Money following an exploit targeting pools using GMX tokens.In a March 25 X post, crypto cybersecurity firm PeckShield reported that contracts related to GMX and Abracadabra.Money had been compromised, resulting in the loss of about 6,260 Ether (ETH), worth around $13 million.The news follows Abracadabra.Money losing $6.49 million after its smart contracts were compromised in late January 2024. At the time, this also led to the protocol’s Magic Internet Money (MIM) stablecoin losing its peg to the US dollar.Related: Pump.fun’s new DEX reaches $1B volume a week after launchGMX denies contract vulnerabilityDespite initial reports, a pseudonymous GMX communications contributor claimed on X that “GMX contracts are not affected.” According to the user, GMX is involved because MIM’s pools are based on GMX v2 pools.GMX Market (GM) tokens are a core part of the GMX platform, earning fees from swaps and leveraged trading. MIM’s pools, known as cauldrons, are the protocol’s core product and provide isolated lending exposure.Related: DeFi lender Nostra pauses borrowing after price feed errorIn an official X post, GMX stated that the hack involved MIM’s pools that used GM tokens. The post further claimed that “no issues have been identified with GMX contracts,” adding:“We believe the issue relates solely to the Abracadabra/Spell cauldrons. These cauldrons allow for borrowing against specific GM liquidity tokens.”GMX and Abracadabra.Money had not responded to Cointelegraph’s inquiry by the time of publication.Hackers use Tornado Cash, bridge to EthereumGraphic tracking the hacked funds. Source: AMLBotCrypto forensics firm AMLBot provided Cointelegraph with a partial reconstruction of how the hack was performed. The hacker’s address was first funded through the Tornado Cash decentralized cryptocurrency mixer, and then those funds were used to pay the transaction fees of the malicious transactions. The stolen ETH was later moved from the Arbitrum network to Ethereum via a blockchain bridge:“The stolen funds, totaling 6,260 ETH, have been transferred from Arbitrum to Ethereum via a bridge.”AMLBot’s investigations department also confirmed to Cointelegraph that only Abracadabra.Money contracts were breached as part of the hack. The GMX smart contracts, on the other hand, were not exploited in the malicious transactions, AMLBot added.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation
CME Group taps Google Cloud for pilot asset tokenization program to boost efficiency
US derivatives exchange operator CME Group is piloting solutions for tokenized assets using Google Cloud Universal Ledger (GCUL), a new distributed ledger that was designed for traditional financial institutions.CME has begun integrating GCUL to improve capital market efficiency and wholesale payments, the company announced on March 25. CME Group Chairman and CEO Terry Duffy said GCUL could “deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading.”The announcement did not provide details about which assets would be tokenized. CME Group and Google Cloud will begin testing the technology with market participants in 2026.Source: CME GroupGoogle Cloud has been expanding into blockchain technology for several years, beginning in 2018 by adding Bitcoin blockchain data to its data warehouse. In 2023, Google Cloud added 11 blockchains to its data warehouse. They included Ethereum, Arbitrum, Avalanche and Optimism. Related: Google boss expects to spend $75B on AI this yearTokenization goes mainstreamTokenization — or the process of converting real-world and financial assets into digital tokens — has generated significant interest from major institutions. A March 24 article published by the World Economic Forum said the integration of traditional finance with blockchain is “now becoming a reality” and that tokenization was taking center stage. “With only $25 trillion of securities currently eligible for collateral use — out of a $230 trillion potential — tokenization could significantly expand liquidity and capital efficiency,” wrote Yuval Rooz, co-founder of the New York-based company Digital Asset. The tokenization industry is expected to take off in the United States under President Donald Trump, who has promised to make the US the blockchain and crypto capital of the world. Tokenized securities platform Tokeny said the Securities and Exchange Commission’s (SEC) repeal of SAB 121 would be a boon for the industry by “enabling institutions to provide custody solutions for tokenized securities without unnecessary financial risk. Excluding stablecoins, the RWA tokenization market is approaching $20 billion. Source: RWA.xyzMeanwhile, BlackRock CEO Larry Fink has also become a cheerleader for the tokenized securities market. In a January CNBC interview, Fink urged the SEC to “rapidly approve” the tokenization of stocks and bonds. Related: Tokenized real estate trading platform launches on Polygon
Timeline: How Trump tariffs dragged Bitcoin below $80K
Since US President Donald Trump’s inauguration on Jan. 20, Bitcoin (BTC) has swung from a record high of $109,000 to below $78,000 as major tariff announcements from the US and retaliatory moves from trade partners shaved off chunks of cryptocurrency market value and rattled global markets.“The back-and-forth on tariffs, with Trump sometimes tough and sometimes accommodating, has left markets in a limbo state, where few people are willing to be decidedly bullish but just as few are willing to part with their assets, fearing to be left on the side-lines at the next rally,” Justin d’Anethan, head of sales at Liquify, told Cointelegraph.By mid-March, investors began regaining confidence as White House messaging pointed to a more measured approach. But mixed signals remain, and with a second wave of “reciprocal tariffs” looming on April 2 — dubbed Liberation Day — market jitters haven’t fully subsided.Trump’s trade war saga has rattled global markets but evolved to a softer stance by late March.Colombian tariff standoff and DeepSeek disruption shakes BitcoinBitcoin hovered above $100,000 until Jan. 26, when Trump threatened 25% tariffs on all Colombian imports after Colombian President Gustavo Petro refused to accept US military aircraft carrying deported migrants. Petro accused Trump of mistreating immigrants and retaliated with tariffs of his own.Colombia quickly reversed course — agreeing to accept deportees — after facing pressure over its dependence on US trade. Bitcoin reclaimed $100,000 shortly after. But market sentiment was further shaken by the sudden rise of Chinese AI firm DeepSeek, whose budget-built model sparked fears of disruption in the tech sector and contributed to risk-off sentiment across markets.Bitcoin’s dip below $100,000 in late January coincided with US tariffs standoff with Colombia and the rise of DeepSeek. Source: CoinGeckoTariff war begins and Bitcoin racks lossesOn Feb. 1, Trump signed an executive order to impose 10% tariffs on all Chinese imports and 25% on Canadian and Mexican goods, effective Feb. 4, citing national emergency over immigration and fentanyl. China, Canada and Mexico all threatened retaliation.Bitcoin tumbled below $93,000, rebounding only after Trump agreed to a 30-day pause on the Canada and Mexico tariffs on Feb. 3. But the Chinese tariffs took effect as scheduled on Feb. 4 — and that was the last time Bitcoin traded above $100,000.Bitcoin’s falls as Trump signs executive order, its subsequent recovery was a dead cat bounce. Source: CoinGeckoBitcoin remained volatile through mid-February. On Feb. 10, Trump announced the removal of steel and aluminum tariff exemptions, raising all metal tariffs to 25%, effective March 12. He then unveiled a “reciprocal tariffs” plan to match foreign import taxes.Bitcoin held steady around $93,000 and briefly rallied to $99,000. But on Feb. 21, the momentum collapsed following the Bybit hack — the largest crypto breach in history — sending Bitcoin back below $90,000.Related: In pictures: Bybit’s record-breaking $1.4B hackBitcoin falls just before reaching $100,000 following Bybit hack, then copper tariff. Source: CoinGeckoOn Feb. 25, Trump added to bearish pressure by ordering a review of potential tariffs on imported copper, citing national security. Bitcoin dipped below $80,000 for the first time since November.March shows signs of relief for BitcoinMarch kicked off with Trump issuing another order reviewing tariffs on lumber and timber. But crypto briefly rallied after the White House unveiled plans for a Strategic Bitcoin Reserve and digital asset stockpile — including XRP, SOL, and ADA.On March 4, Trump followed through with 25% tariffs on Canada and Mexico, and doubled Chinese tariffs to 20%. All three countries vowed to retaliate. The next day, Trump granted a one-month exemption on tariffs for US automakers importing from Canada and Mexico. A day later, the White House extended the tariff pause on many imports that qualify under the USMCA, while still threatening reciprocal tariffs on April 2.Related: Does XRP, SOL or ADA belong in a US crypto reserve?Trump credited Mexican President Claudia Sheinbaum for “unprecedented” border cooperation. Canada also signaled easing tensions. Bitcoin see-sawed on the $90,000 mark but eventually dipped below on March 7, and it has not reclaimed that level at the time of writing.Meanwhile, Trump finalized the steel and aluminum hikes. Then on March 13, he threatened 200% tariffs on European wine, champagne and spirits if the EU moved forward with a 50% tax on American whiskey as a retaliation against steel and aluminum tax.Bitcoin trades at around $84,000 on March 1 and March 16 despite large swings in between. Source: CoinGeckoTone softens and Bitcoin starts rebound but ‘Liberation Day’ loomsBy mid-March, the administration’s tone began to soften. On March 18, Treasury Secretary Scott Bessent said tariffs would be tailored to each country’s trade practices and could be avoided entirely if partners lowered their own barriers.Financial markets, rattled for weeks, began to recover. On March 24, Bitcoin rose to $88,474 on reports that Trump’s next round of tariffs would be more targeted than initially feared.Softer White House tone sparks Bitcoin recovery. Source: CoinGecko“In the week leading up to Trump’s reciprocal tariffs on April 2, expect market volatility, corporate lobbying for exemptions, preemptive price hikes, and global diplomatic efforts to mitigate the impact,” Ryan Lee, chief analyst at Bitget Research said in a written analysis shared with Cointelegraph.“After the tariffs take effect, anticipate inflation spikes, supply chain disruptions, and mixed job outcomes, with potential stock market shocks and retaliatory trade measures from partners like China and Canada possibly slowing US economic growth.”Meanwhile, Liquify’s d’Anethan said investors should continue monitoring traditional market developments, especially with Bitcoin’s rising correlation with traditional indexes.“With BTC’s correlation to the S&P 500 and other traditional assets, it wouldn’t be silly to discount tariffs and geopolitical maneuvering,” he said.With April 2 approaching, crypto markets remain fragile — and investors are bracing for what “Liberation Day” might bring. Trump recently hinted while speaking to reporters that tariffs on automobiles, aluminum and pharmaceuticals are under consideration.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation
Bitcoin sets sights on 'spoofy' $90K resistance in new BTC price boost
Bitcoin (BTC) passed $88,000 after the March 25 Wall Street open as risk assets stayed highly sensitive to US trade tariffs.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBTC price gains anticipate classic April comeback Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tightly clinging to the daily open.US stocks opened modestly higher, building on a comeback that provided traders some long-awaited cause for optimism.A key ingredient in stemming the risk-asset rout were cues from the US government and President Donald Trump over their planned round of trade tariffs set to begin on April 2. “Risk assets staged one of their strongest sessions of the year, helped by a temporary easing of fears around the April 2nd tariff deadline,” trading firm QCP Capital summarized in its latest bulletin to Telegram channel subscribers. “Trump signalled twice on Monday that trading partners might secure exemptions or reductions, offering a reprieve that helped soothe market jitters.”BTC/USD vs. S&P 500 1-day chart. Source: Cointelegraph/TradingViewQCP noted that others were coming to believe that the worst of the equities setback had come and gone, including JPMorgan.“Q2, and April in particular, has historically been one of the best periods for risk assets, second only to the festive December rally,” it added. “The S&P 500 has delivered an average annualised return of 19.6% in Q2, while Bitcoin has also recorded its second-best median performance during this stretch – again, trailing only Q4.”BTC/USD monthly returns (screenshot). Source: CoinGlassAs Cointelegraph reported, expectations for April among Bitcoin market participants are also high, given historical tendencies for strong price performance.Statistics from monitoring resource CoinGlass put average returns for BTC/USD for both March and April at just under 13% over the past eleven years.Bitcoin stares down major seller liquidityAnalyzing short-timeframe BTC price action, traders increasingly focused on the $90,000 mark on the day.Related: Bitcoin flips ‘macro bullish’ amid first Hash Ribbon buy signal in 8 months“$BTC Is still trading at a solid spot premium during this bounce,” popular trader Daan Crypto Trades acknowledged in one of his latest X posts. “If it can maintain that while slowly making its way back into the previous range ($90K+), I’d be confident we’re due for a move back to new highs. For now it still remains a big resistance and price has been correlated to equities.”BTC/USD 1-day chart with perps basis. Source: Daan Crypto Trades/XMeanwhile, CoinGlass showed ongoing sell-side liquidity just below $90,000 — previously attributed to market manipulation by a high-volume trader dubbed “Spoofy the Whale.”Keith Alan, co-founder of trading resource Material Indicators, who coined the phrase, said that this entity alone would keep price trapped at around $87,500 going forward.BTC liquidation heatmap (screenshot). Source: CoinGlassThis week, Alan said that another important level to flip to support is the yearly open at just above $93,000. Failure to do so, he warned, could still trigger a return to multimonth lows.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
History suggests that digital gold can rush in an economic revolution
Opinion by: Michael Amar, co-founder of Chain of Events and general partner at v3ntureOnce upon a time, in 1848, a man could walk into the wilderness on the brink of poverty and emerge, caked in mud, dust and days-old sweat, a multimillionaire. The discovery of gold in California in the mid-19th century ignited a fuse, causing explosive ripples that transformed the American economy.In 2025, a relatively new resource, less shiny but no less brilliant and scarce, looks set to reshape the global economy and spark another race for accumulation. Only this time, there won’t be pickaxes and pans. There will be ASICs, algorithms and distributed ledger technology. Of course, this refers to Bitcoin (BTC), also known as digital gold.Just as the gold rush spurred on banking, financial systems, lending, trading and changes to monetary policy, history is repeating itself with Bitcoin, digital payments, asset tokenization and crypto-politicians. Laws, regulations and culture changed to accommodate gold. They’re now doing the same for Bitcoin and cryptocurrencies at large.Exploring the historical parallelsThe gold rush created wealth “out of thin air,” and Bitcoin is doing the same. With around $2 trillion in market value, those who adopted early and took the most risk are now millionaires (in fact, over 85,000 are confirmed) and, in some cases, billionaires (there are thought to be 17 of them). From the hundreds of thousands that descended on California, those who struck real gold used their newfound wealth to build railroads, telegraph lines and entire towns. Bitcoin’s early success stories used their financial muscle to stake further claims by developing applications, growing infrastructure businesses and nurturing the industry. Michael Saylor founded MicroStrategy, which had rebranded to Strategy. This business intelligence company holds over $48 billion worth of Bitcoin, while Changpeng Zhao founded the world’s biggest crypto exchange and is worth over $57 billion. Recent: Coinbase, Gemini CEO throws support behind Bitcoin-only US crypto reserveToday’s business analysts and market experts should look into the American gold rush, where they’ll find striking similarities. Just as gold mining once attracted workers and investors, Bitcoin attracts institutions, startups, talent, governments and capital inflows. Gold-backed reserves changed global economics and drove gold demand. Will a US strategic Bitcoin reserve do the same?Men started the gold rush with pickaxes and pans and ended it with hydraulic mining equipment. The earliest Bitcoin users mined with their home computers, whereas now there are enormous energy-efficient Bitcoin mining facilities, cutting-edge cooling apparatus and the Lightning Network. Scalability and efficiency have leaped forward.Broader implications for international financeBeyond instant wealth, infrastructure, monetary policy and economic ripples, there’s monetary sovereignty. Any country that establishes Bitcoin reserves as a hedge against inflation or geopolitical stability takes the future into its own hands. This is identical to gold, which has been used as a reserve for a long time. Since “The Nixon Shock” in 1971, however, the US dollar has decoupled from gold, creating an overdue opportunity for a new resource to fill its large gilded shoes.Monetary sovereignty is also a major driving force for retail adoption, with Bitcoin offering protection against inflation and government policy through economic decentralization.Addressing skepticism from different audiencesWidespread enthusiasm among tech leaders, libertarians, celebrities, businesses and popular political figures has met with years of fear, uncertainty and doubt (FUD) from regulators, skeptics and some of the world’s most prominent investment managers. They say that Bitcoin has no real value, but let it be said that gold is just a shiny, semi-scarce rock.Larry Fink, CEO of BlackRock — the world’s largest investment company with $10 trillion in assets under management — once called Bitcoin “an index of money laundering.” Over the years, he has gone from the messiah of the skeptics to purchasing 2.7% of the global Bitcoin supply and publicly stating his belief that it could reach $700,000 per BTC. “As I became a student of crypto, it was very clear to me that crypto is a currency of fear,” Fink said. “But that’s OK. If you’re frightened of the debasement of your currency or the economic or political stability of your country, you can have an international-based instrument called Bitcoin that can overcome those local fears.” If Fink can change his mind, so can other skeptics. In the run-up to his election win, Trump was quite vocal about a strategic Bitcoin reserve, and has continued to be. Things also seem to be taking shape in terms of individual states moving toward building their own reserves. Gold has had a transformative effect on the world. Bitcoin is now here to relieve it of its duties.Opinion by: Michael Amar, co-founder of Chain of Events and general partner at v3nture. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
ETH price to $1.2K? Ethereum's PoS 'deflation' ends with fees at all-time lows
Ether’s (ETH) price printed a bear flag on the daily chart, a technical chart formation associated with strong downward momentum. Could this bearish setup and decreasing transaction fees signal the start of the second leg of ETH’s drop toward $1,200?Ethereum’s network activity slumpsThe market drawdown, fueled by US President Donald Trump’s tariff threats, saw Ether’s price drop by nearly 50% from a high of $3,432 on Jan. 31 to a 16-month low of $1,750 on March 11.While ETH has rebounded 18% since, it failed to produce a decisive break above $2,000 for a second time in less than 10 days.This weakness is reflected in onchain activity, with Ethereum’s daily transaction count dropping to levels last seen in October 2024, before Donald Trump’s presidential election victory.Ethereum daily transaction count. Source: CryptoQuantEthereum’s average transaction fees also plummeted, reaching an all-time low of 0.00025 ETH ($0.46) on March 24. Ethereum: Fee per transaction. Source: Source: CryptoQuantLow transaction count and fees suggest less demand for block space —whether for DeFi, NFTs or other DApps. It suggests lower network activity, often correlating with diminished interest or market confidence.Historically, Ether’s price has correlated with periods of high network activity. For example, during the 2021 DeFi boom, fees spiked to as high as 0.015 ETH due to high demand. Conversely, lower fees require less ETH, which puts downward pressure on price. ETH supply inflation returnsOther key factors weighing down Ether’s performance are its declining burn rate and rising supply. With transaction fees declining, the daily ETH burn rate has plunged to all-time lows, resulting in an inflationary trend. According to data from Ultrasound.money, the projected ETH burn rate has declined to 25,000 ETH/year, and its supply growth has risen to an annual rate of 0.76%, bringing the issuance rate to 945,000 ETH per year.ETH burn rate. Source: Ultrasound.moneyAs a result, Ethereum’s supply has steadily increased since April 2024, reversing the deflationary period ushered in by the switch to proof-of-stake (the Merge) in September 2022. Ethereum’s total supply has now surpassed pre-Merge levels, as shown in the chart below.Ethereum supply reclaims pre-Merge levels. Source: Ultrasound.moneyThe Merge eliminated Ethereum’s mining-based issuance, which previously had a high supply inflation rate. Ethereum also implemented the London hard fork in August 2021, which introduced a mechanism that burns a portion of transaction fees. Related: Ethereum down 57% from its all-time high, but it’s still worth more than ToyotaWhen network activity is low, the amount of ETH burned is lower than newly issued ETH, making the asset inflationary.Ether’s bear flag targets $1,230The ETH/USD pair is positioned to resume its prevailing bearish momentum despite the recovery from recent lows, as the chart shows a classic bearish pattern in the making.Ether’s price action over the past 30 days has led to the formation of a bear flag pattern on the daily chart, as shown in the figure below. A daily candlestick close below the flag’s lower boundary at $2,000 would signal the start of a massive breakdown.The target is set by the flagpole’s height, which comes to about $1,230, an approximately 40% drop from the current price.ETH/USD daily chart featuring bear flag pattern. Source: Cointelegraph/TradingViewDespite these risks, some traders remain optimistic about Ether’s upside potential, with analyst Jelle saying that the price is bouncing and trying to get back above the key support level at $2,200.If this happens, “we’ll have a monster deviation on our hands,” Jelle added.Fellow analyst Crypto Ceaser said that Ethereum is “heavily undervalued” and is bottoming out at current levels.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
eToro trading platform publicly files for US IPO
Cryptocurrency-friendly trading platform eToro has filed for an initial public offering (IPO) in the United States following several previous attempts.The company said in a March 24 announcement that it had submitted a registration statement on Form F-1 with the US Securities and Exchange Commission related to the IPO of its Class A common shares.EToro has applied to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol “ETOR,” according to the announcement, which stated:“A registration statement on Form F-1 relating to these securities has been filed with the SEC but has not yet become effective.”eToro public IPO announcement. Source: eToroThe public filing comes over two months after eToro made confidential filings to the SEC in a move toward a potential IPO in New York, the Financial Times reported on Jan. 16.Submitted in January, eToro’s IPO filing may value the business at more than $5 billion and list the platform as soon as the second quarter of 2025, the report noted, citing unidentified sources familiar with the matter.Trading platforms such as eToro are often used by beginning investors looking to buy their first stock shares or cryptocurrency, thanks to their ease of use.EToro’s IPO received attention from some of the world’s most notable investment banks, including Goldman Sachs, Jefferies, UBS and Citigroup, as lead managing bookmakers.Related: Friday’s PCE inflation report may catalyze a Bitcoin April rallyEToro tried to go public in 2021 via SPAC offeringThe crypto-friendly trading platform had multiple previous attempts to go public on the US stock exchange.In 2021, eToro announced plans to go public via a merger with Fintech Acquisition Corp V, a special purpose acquisition company, valuing the company at $10.4 billion. However, the deal was terminated in mid-2022 due to unfavorable market conditions.Related: Friday’s US inflation report may catalyze a Bitcoin April rallyAlthough the United Kingdom remains its largest market, eToro is pursuing a US listing to tap into a broader investor base.“Very few of our global clients would trade UK shares,” eToro founder and CEO Yoni Assia reportedly said last year. He added:“Something in the US market creates a pool of both deep liquidity and deep awareness for those assets that are trading in the US.”In 2023, eToro raised $250 million in a funding round that valued the brokerage at $3.5 billion. The business may now be valued at more than $5 billion in its upcoming IPO, said one of the people familiar with the flotation plans.According to Forbes, eToro was one of the first regulated trading platforms in Europe to offer Bitcoin (BTC) services in 2013, just a few years after the first BTC transaction was made in January 2009.Magazine: Trump’s Bitcoin policy lashed in China, deepfake scammers busted: Asia Express
BlackRock’s BUIDL expands to Solana as tokenized money market fund nears $2B
BlackRock’s tokenized money market fund has expanded to the Solana blockchain as its market capitalization approaches the $2 billion mark.On March 25, Carlos Domingo, the founder and CEO of real-world asset (RWA) tokenization platform Securitize, welcomed the Solana network to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This marked the tokenized money market fund’s expansion to another blockchain network. BlackRock launched BUIDL in March 2024 in partnership with Securitize. In a Fortune report, Securitize chief operating officer Michael Sonnenshein said the fund aims to make offchain assets “unboring.” The executive said they are advancing some of the deficiencies of money markets in their traditional formats. BlackRock’s BUIDL at $1.7 billion market capRWA data platform rwa.xyz shows that BlackRock and Securitize’s BUIDL leads the Tokenized United States Treasurys in market capitalization. The platform’s data shows that the fund has a market capitalization of $1.7 billion and a nearly 34% market share. BlackRock’s BUIDL reached a $1.7 billion market cap. Source: RWA.xyzBUIDL dominates the Tokenized US Treasurys list as the leading asset in its class. The tokenized product is followed by Hashnote, Franklin Templeton and Ondo USDY. The fund has experienced significant growth in just seven months. In July 2024, BUIDL’s market capitalization first reached $500 million. Its current market capitalization represents 240% growth since July. BUIDL’s price is pegged to the US dollar and pays daily accrued dividends to investors each month through its Securitize partnership. As of August 2024, the fund had paid its holders $7 million in dividends. Related: Frax community approves frxUSD stablecoin backed by BlackRock’s BUIDLBUIDL’s Solana expansion comes over 1 year since launchThe tokenized product’s expansion into the Solana ecosystem comes months after the product started to go multichain. On Nov. 13, the tokenized money market fund, which was initially launched on the Ethereum network, expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon. The chain expansion was expected to attract more investors to the product. While tokenized Treasurys have expanded to other blockchains, Ethereum continues to dominate the asset class. According to RWA.xyz, Ethereum-based treasuries have a market capitalization of $3.6 billion, 72% of the market. Tokenized treasuries market capitalization by blockchain. Source: RWA.xyzMagazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge