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Preventing a disaster
There are approximately 1.38 million ERC-20 tokens. But exchanges naturally only support a small portion of these tokens for deposits and trading. Coinbase serves about 200.
If you sent one of the unsupported tokens to an exchange deposit address, you will be very disappointed to find that it has disappeared into Ether (not to be confused with Ether!).
Enter asset recovery. Coinbase’s own tool, launched in December 2023, was recently updated to support Base.
The tool will allow users to recover approximately 4,000 different ERC-20 tokens mistakenly sent to Coinbase addresses in recent years, the spokesperson said.
The US dollar value of all this previously abandoned cryptocurrency has not been disclosed, but if you were an unwitting Coinbase customer with assets scattered, you might be in luck.
Customers can recover eligible assets and send them to a self-custody wallet, although recoveries over $100 are subject to a “small admin fee” as well as network fees (deducted from the user’s Ether balance).
Secure Sygnum Solution
What if, after you recover your lost cryptocurrency from Coinbase and send it to your vault, you suffer another unfortunate misfortune and lose the private key to your multisig?
Today Sygnum Bank has included a module for the Safe’s Recovery hub that can come to the rescue.
Sygnum is the first bank to offer this service, which has been in development since last year, providing an institutional-grade recovery option for users who have lost access to their secure wallets. By being a designated restorer on the Safe platform, Sygnum can restore access to a wallet, thereby solving a pressing problem in the crypto space.
The bank estimates that forgotten keys often lead to funds being unavailable, and somewhere north of 900,000 ETH – worth billions of dollars – could be irretrievably stranded due to lost keys.
The secure module is an alternative to social recovery methods such as sharing private key fragments with friends and family or managing personal backups.
And you don’t have to trust a Swiss bank to appoint it as a third-party collector. It is important to note that the Safe design allows the owner to override any recovery attempt by using chain veto power in the event of a bogus recovery attempt. The tool is designed to be flexible, allowing users to install multiple restorers, and also has additional safety features such as time delays.
The service is designed to comply with regulatory requirements and requires identity verification (KYC) for both the installation and recovery process.
This may not sound right, but Martin Burgerr, Sygnum’s chief customer officer, says the bank takes “appropriate security measures to ensure the necessary security of personal data and ensure its confidentiality.”
In the future, a more alternative Web3 identity could be introduced that uses zero-knowledge proofs to allow clients to provide selective disclosure. The bank is watching, Burger told Blockworks.
Key management remains a challenge for many, but Sygnum and Safe are working on a practical solution that preserves the concept of sovereignty for both institutional and individual users.
— Macauley Peterson
It’s pronounced “sweet”
Today I opened Twitter and Sui was everywhere.
MoveVM L1 is ranked 6th in daily trading volume, the Sui bridge connecting EVM-based chains will go live on the mainnet today, and the SUI token entered the top 20 tokens by market cap this week with $5.2 million.
An armchair analyst can explain this sudden surge in growth by looking at how much Sui is committing in the form of liquidity incentives.
As far as I can tell, this figure is not officially reported. But we can make some guesses based on the tweets:
- Navi Protocol, the largest lending marketplace on Sui, will receive 520,000 SUI ($936K) for two weeks.
- Scallop, Sui’s second-largest lending market, receives about SUI 170,000 ($314K) weekly..
- Suilend, the third largest lending market, issues 426,195 SUI in two weeks.
Combined, this averages out to about 643 thousand SUI per week. Assuming the 15 Sui dApps have their liquidity faucet enabled, this bill would be around SUI 77.2 million ($139 million) over the last two months.
That is many money for a very short period of time.
Again, this is just a guess, but with so much money to be made, it explains why Sui’s TVL chose to only go up:
This doesn’t take away from the Sui’s technological design, which I’m sure is impressive.
Like all the new L1s this block, Sui is fast. Its founders stated in the 0x Research podcast that the chain’s parallel execution design allows horizontal scalability to be “infinite”, making Vitalik’s blockchain trilemma “irrelevant”.
Sui doesn’t have to deal with many of the scalability issues that plague older blockchains like Ethereum. He doesn’t have to deal with the political upheaval that comes when a promising new researcher like Max Resnik comes along and questions the overarching multi-decade roadmap and proposes a radical idea of his own (several current authors).
Sui commission markets are also segmented and use auctions to ensure stable network commissions. globallyeven when the price of SUI rises or falls sharply. This multi-dimensional fee market is seeing gas surges, local commission markets. This is a similar idea to what Solana talked about when trying to solve the problem of numerous network outages in previous years due to transactional spam.
— Donovan Choi
Daily schedule
USDC transfers based on:
Base’s share of total USDC transfer volumes on the main EVM networks reaches a second consecutive weekly peak on the Ethereum main network, this time with a share of 60.2%. It is unclear what online activity is causing the spike.
My first guess was memcoins, however Base memcoins do not generate as much trading volume. Its top memecoin, BRETT, generated $44 million in trading volume in the last 24 hours. For comparison: the total volume of USDC transfers in the last week of September was $75.8. billion.
Other important variables could include an update to Coinbase’s Web3 smart wallet, which allows users to send USDC (and EURC, cbBTC) for free, or the completion of Base’s three-month “Onchain Summer” campaign, which gave away over 300 ETH to builders and generated Creator Revenue will be 5 million dollars.
— Donovan Choi
