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The Protocol: EigenLayer Ready to Launch Missing Feature

Published

1 месяц ago

9 апреля, 2025

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Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. We’re Margaux Nijkerk and Sam Kessler, reporters on CoinDesk’s Tech team.

In this issue:

EigenLayer Finally Ready To Launch Critical Missing Feature

RootstockLabs Prepares To Release SDKs for Bitcoin Layer 2s Using BitVMX

Inside North Korea’s Favorite Crypto Laundering Tool: THORChain

Bitcoin Developer Proposes Hard Fork To Protect BTC From Quantum Computing Threats

This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.

Network News

EIGENLAYER’S KEY FEATURE IS FINALLY COMING: EigenLayer, the restaking protocol, shared last week that it will finally introduce its long-awaited slashing feature on April 17, marking the protocol’s first «feature-complete» version. Slashing will allow Actively Validated Services (AVSs) — apps built atop EigenLayer’s restaking system — to penalize operators who fail to meet pre-established conditions, and reward those who do. EigenLayer originally pioneered the concept of restaking, a way for Ethereum users to secure additional protocols beyond the base layer by recommitting their staked Ether. Slashing was supposed to be a core part of this system, providing apps a way to punish bad actors by seizing a portion of their capital. Since slashing was not part of EigenLayer when it initially launched in 2024, it left room for competitors to gain market share. Symbiotic, which allows for the restaking of any asset, has been used by EigenLayer early adopters including Hyperlane, an interoperability framework, and Ethena, a popular synthetic dollar protocol. — Sam Kessler Read more.

BUILDING LAYER-2S ON BITCOIN COMING SOON: One of the oldest Bitcoin ecosystem projects is moving to the next stage of enabling developers to build layer-2 networks using its computational layer. Rootstock is one of many projects currently advancing the goal of bringing greater utility and interoperability to Bitcoin, which it is doing using «BitVMX», a modified version of the BitVM programming language. RootstockLabs project is weeks away from releasing software development kits (SDKs), allowing developers to start producing their own Bitcoin layer-2s using BitVMX, founder Sergio Lerner told CoinDesk. SDKs are sets of tools enabling third-parties to build applications using a particular platform or framework. «We are very close to having all the pieces ready for people to start building their own solutions on top of BitVMX,» Lerner said in an interview. — Jamie Crawley Read more.

NORTH KOREA’S PREFERRED CRYPTO LAUNDERING TOOL: In February, North Korea stole $1.4 billion in the biggest-ever crypto heist. THORChain, a network used to swap crypto, has become central to North Korea’s laundering operations — used to bridge 85% of funds from the hack. Unlike some other blockchain services, THORChain’s operators have refused to block transactions linked to the Bybit heist, despite requests from the FBI and other government agencies. THORChain wallets like Asgardex and Vultisig — tools that most people use to transact on the network — haven’t budged, either. According to estimates from blockchain security researchers who spoke to CoinDesk, THORChain’s major wallet developers and validators — many publicly identified and based in jurisdictions with strict anti-money-laundering regulations, including the U.S. — have earned over $12 million in fees connected to the heist. The U.S. Office of Foreign Assets Control (OFAC) has previously sanctioned blockchain services used in connection with money laundering, such as the mixer app Tornado Cash (which has since been delisted after a court ruling) and Bitzlato, an exchange. Prosecutors have also charged operators behind similar platforms. For legal experts and the crypto community, whether THORChain — a layer-1 blockchain — should be treated differently than these other services revives a fundamental debate faced by virtually all crypto platforms: Is the network truly decentralized? — Sam Kessler Read more.

CAN BITCOIN RESIST QUANTUM COMPUTING?: Bitcoin could be headed for its most sweeping cryptographic overhaul yet if a new proposal gains traction. A draft Bitcoin Improvement Proposal (BIP) titled Quantum-Resistant Address Migration Protocol (QRAMP) has been introduced by developer Agustin Cruz. It outlines a plan to enforce a network-wide migration of BTC from legacy wallets to ones secured by post-quantum cryptography. Quantum computing involves moving away from a process reliant on binary code, ones and zeros, and exponentially increasing computing power by employing Quantum bits (qubits) that exist in multiple states simultaneously. Such a jump in power is expected to threaten modern computing encryption built by classic machines. The proposal suggests that after a predetermined block height, nodes running the updated software would reject any transaction trying to spend coins from an address using ECDSA cryptography, which could theoretically make it vulnerable to quantum attacks. — Francisco Rodrigues Read more.

In Other News

The first Ripple (XRP) ETF went live on Tuesday. Also on Tuesday, Ripple agreed to acquire multi-asset prime brokerage firm Hidden Road for $1.25 billion, marking one of the largest M&A deals in the digital asset industry to date. — Will Canny and Shaurya Malwa

Galaxy Digital plans to redomicile in Delaware and list shares on Nasdaq after May 9 shareholder vote. The news comes a week after Galaxy, a major crypto venture firm, agreed to pay $200 million in a settlement with the New York attorney general’s office related to the fund’s involvement in the 2022 Terra-Luna collapse. — Tom Carreras Read more

Regulatory and Policy

China and Europe both approved retaliatory tariffs against the United States — the latest development in a trade war ignited by U.S. President Donald Trump that has ripped through global markets, including digital asset markets. — CoinDesk

The price of bitcoin dropped below $77K on Wednesday, representing a relatively modest 8% decline since the announcement of Donald Trump’s ‘Liberation Day’ tariffs. Recession fears have teed up a major test for crypto markets, which were born out of the 2008 financial crisis and have not existed through a major U.S. recession. So far, the decentralized finance (DeFi) sector has shown signs of resilience. — Oliver Knight Read more

Argentina’s congress has launched an investigation into LIBRA, the alleged pump-and-dump memecoin project promoted by president Javier Milei. The token wiped out 90% for investors and led to calls for Mile’s impeachment. —Francisco Rodrigues Read more

Calendar

April 8-10: Paris Blockchain Week

April 30-May 1: Token 2049, Dubai

May 14-16: Consensus, Toronto

May 20-22: Avalanche Summit, London

May 27-29: Bitcoin 2025, Las Vegas

June 30-July 3: EthCC, Cannes

Oct. 1-2: Token2049, Singapore

Uncategorized

Bitcoin Nears Golden Cross Weeks After ‘Trapping Bears’ as U.S. Debt Concerns Mount

Published

11 часов ago

18 мая, 2025

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Bitcoin’s BTC price chart is echoing a bullish pattern that foreshadowed the late 2024 price surge from $70,000 to $100,000 amid mounting concerns over the sustainability of the U.S. debt.

The leading cryptocurrency by market value appears on track to confirm a «golden cross» in the coming days, according to charting platform TradingView. The pattern occurs when the 50-day simple moving average (SMA) of prices crosses above the 200-day SMA to suggest that the short-term trend is outperforming the broader trend, with the potential to evolve into a major bull run.

The moving average-based golden cross has a mixed record of predicting price trends. The impending one, however, is worth noting because it’s about to occur weeks after its ominous-sounding opposite, the death cross, trapped bears on the wrong side of the market.

A similar pattern unfolded from August through September 2024, setting the stage for a convincing move above $70,000 in early November. Prices eventually set a record high above $109K in January this year.

BTC's price chart: 2024 vs 2025. (TradingView/CoinDesk)

The chart on the left shows that BTC bottomed out at around $50,000 in early August last year as the 50-day SMA moved below the 200-day SMA to confirm the death cross.

In other words, the death cross was a bear trap, much like the one in early April this year. Prices turned higher in subsequent weeks, eventually beginning a new uptrend after the appearance of the golden cross in late October 2024.

The bullish sequence is being repeated since early April, and prices could begin the next leg higher following the confirmation of the golden cross in the coming days.

Past performance does not guarantee future results, and technical patterns do not always deliver as expected. That said, macro factors seem aligned with the bullish technical setup.

Moody’s amplifies U.S. debt concerns

On Friday, credit rating agency Moody’s downgraded the U.S. sovereign credit rating from the highest ”Aaa” to ”Aa1”, citing concerns over the increasing national debt, which has now reached $36 trillion.

The bond market has been pricing fiscal concerns for some time. Last week, CoinDesk detailed how persistent elevated Treasury yields reflected expectations for continued fiscal splurge and sovereign risk premium, both bullish for bitcoin.

Read: BTC Boom Likely as Bond Yields Surge

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XRP Price Surges After V-Shaped Recovery, Targets $3.40

Published

19 часов ago

18 мая, 2025

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Global economic tensions and regulatory developments continue to influence XRP’s price action, with the digital asset showing remarkable resilience despite recent volatility.

After experiencing a significant dip to $2.307 on high volume, XRP has established an upward trajectory with a series of higher lows, suggesting continued momentum as it approaches resistance levels.

Technical indicators point to a potential bullish breakout, with multiple analysts highlighting critical support at $2.35-$2.40 that must hold for upward continuation.

Technical Analysis Highlights

Price experienced a 3.76% range ($2.307-$2.396) over 24 hours with a sharp sell-off at 16:00 dropping to $2.307 on high volume (77.9M).
Strong support emerged at $2.32 level with buyers stepping in during high-volume periods, particularly during the 13:00-14:00 recovery.
Asset established upward trajectory, forming higher lows from the bottom, with resistance around $2.39 tested during 07:00 session.
In the last hour, XRP climbed from $2.358 to $2.368, representing a 0.42% gain with notable volume spikes at 01:52 and 01:55.
Price surged past resistance at $2.36 to reach $2.366, later establishing new local highs at $2.369 during 02:03 session on substantial volume (539,987).
Currently maintaining strength above $2.368 support level with decreasing volatility suggesting potential continuation of upward trajectory.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

External References

«XRP price path to $3.40 remains intact — Here is why«, Cointelegraph, published May 16, 2025.
«XRP Price Watch: Bulls Eye $2.60 as Long-Term Trend Holds«, Bitcoin.com News, published May 17, 2025.
«XRP Price Explosion To $5.9: Current Consolidation Won’t Stop XRP From Growing«, NewsBTC, published May 17, 2025.

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SUI Surges After Finding Strong Support at $3.75 Level

Published

20 часов ago

18 мая, 2025

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Global economic tensions and shifting trade policies continue to influence cryptocurrency markets, with SUI showing particular resilience.

The asset established a trading range of 4.46% between $3.70 and $3.86, finding strong volume support at the $3.755 level.

A notable bullish momentum emerged with price surging 1.9% on above-average volume, establishing resistance at $3.850.

The formation of higher lows throughout the latter part of the day suggests consolidation above the $3.775 support level.

Technical Analysis Highlights

SUI established a 24-hour trading range of 0.165 (4.46%) between the low of 3.700 and high of 3.862.
Strong volume support emerged at the 3.755 level during hours 17-18, with accumulation exceeding the 24-hour volume average by 45%.
Notable bullish momentum occurred in the 20:00 hour with price surging 7.2 cents (1.9%) on above-average volume.
Resistance established at 3.850 with higher lows forming throughout the latter part of the day.
Decreasing volatility in the final hours suggests consolidation above the 3.775 support level.
Significant buyer interest appeared between 01:27-01:30, forming a strong support zone at 3.756-3.760 with exceptionally high volume (over 300,000 units per minute).
Decisive bullish reversal began at 01:42, establishing a series of higher lows and higher highs.
Breakout above 3.780 occurred at 01:55, followed by consolidation near 3.785 with decreasing volume.