Flash News

TREE NEWS reports: Traders on loss-funded venue Papertrade have lost $32.4 million two days after its launch. The platform booked more revenue than Pump.fun and Hyperliquid in the latest shared full-day data, while its house pool held about $4.27 million.

TREE NEWS reports: XASH is proposing gold rewards as a way to solve the stablecoin distribution problem. The pitch centers on using gold-based incentives to drive adoption of stablecoin products. No figures, launch date or partner names were disclosed.

TREE NEWS update: Standard Chartered has launched custody services for Ripple’s RLUSD stablecoin on the XRP Ledger. The bank is working with Ripple and LMAX Group to enable RLUSD as collateral for certain LMAX products under its collateral mirroring model. The move marks a further step in bank-backed infrastructure for stablecoin settlement and collateral use.

TREE NEWS update: According to a report by on-chain tracking tool Lookonchain on October 12, an address executed 1,012 trades on Papertrade, with cumulative trading volume reaching $10.1 billion, but ultimately recorded a trading loss of $979,000. The address received 252 million PAPER tokens as compensation for the loss, and additionally earned 997,000 USDC in staking rewards, resulting in a net profit of $17,800.

TREE NEWS reports: An address executed 1,012 trades on Papertrade for a cumulative volume of $10.1 billion, ending with a trading loss of $979,000, on-chain tracker Lookonchain reported on October 12. The address received 252 million PAPER tokens for the losses plus 997,000 USDC in staking rewards, leaving it with a net profit of $17,800.

TREE NEWS update: Standard Chartered has launched custody for Ripple’s RLUSD stablecoin on the XRP Ledger and plans to let institutions use the tokens as trading collateral. The bank said it is also eyeing a collateral deal with LMAX. The move extends Standard Chartered’s digital-asset custody business to Ripple’s dollar-backed stablecoin.

TREE NEWS reports: Jeonbuk Bank has begun offering Bitcoin-backed loans to corporate customers, with a third-party custodian holding the cryptocurrency used as collateral. The South Korean lender’s move marks a further step by a regulated bank into crypto-collateralized lending.

TREE NEWS update: PaperTrade, a new perpetuals protocol, recorded $14.4 billion in notional trading volume within 10 minutes of launch and more than $678 billion in its first 24 hours, founder Jez said in an interview. The platform offers up to 1,000x leverage with zero slippage and no order book, drawing liquidity from a pool built from users’ cumulative losses; losing traders receive Paper tokens. Jez said the project was enabled by Hyperliquid testnet precompiles that read Hyperliquid’s best bid and offer on-chain for free.

TREE NEWS update: Polygon’s protocol burned 100 million POL tokens two weeks ago using network-generated fees, founder Sandeep Nailwal said, an amount equal to roughly 1% of the token’s total supply. A further 22 million POL, about 0.2% of total supply, is now queued for the next burn phase, Nailwal said.

TREE NEWS update: A new ENSv2 activation proposal would stop new ENSv1 registrations, while existing .eth holders would face no migration deadline. Under the plan, ENS Labs would hand its remaining ENSv2 admin roles to the DAO. The proposal marks a step toward moving the Ethereum Name Service’s core registration system to its next version.

TREE NEWS reports: An address 0x93c…3C6B9 deposited 11.64 million ENA, worth about $2.85 million, to Bybit on October 12, roughly a month after its previous deposit to the exchange. The tokens originated from an Ethena Proxy address, and the transfer marks the largest such deposit in nearly a year.

TREE NEWS update: DFINITY has tied its Cloud Engines enterprise product to a deflationary plan called Mission 70, under which node providers keep 80% of Cloud Engines revenue while 20% is used by the network to buy and burn ICP. The plan targets cutting ICP’s inflation rate from 9.72% to 2.92%. Cloud Engines is still in Early Access, and SEV encrypted nodes remain a roadmap feature with zero nodes live.

TREE NEWS reports: Starknet’s STRK token climbed 322% over four weeks, outpacing both bitcoin and ether, while the network’s DeFi total value locked rose about 5% over a slightly shorter period. Starknet’s proposed shift to a Layer 1 remains under discussion.

TREE NEWS reports: MAGIC rose 38.96% to $0.1359 over 24 hours, leading a Layer 2 scaling and modular blockchain sector rally, while bitcoin gained 0.82% to top $84,000. Ether traded at $2,535, BNB at $754 and SOL at $111, with total crypto market capitalization down 0.3% at $2.894 trillion. S, W, LUMIA, PLUME and STRK gained 27.81%, 24.26%, 21.44%, 21.21% and 20.52% respectively.

TREE NEWS reports: A trader netted $1.28 million on new 1,000x exchange Papertrade by moving Hyperliquid’s ETH prices, then lost $450,000 when 30 short positions were liquidated on Saturday night. The positions had stayed open for more than three hours before the liquidation.

TREE NEWS update: The XRP Ledger has patched a decade-old overflow bug in its payment engine that could have allowed an attacker to mint roughly 18 trillion spendable XRP in a single transaction. The flaw has been fixed, closing a vulnerability that threatened the ledger’s supply integrity.

TREE NEWS update: Liquid has kept bitcoin redemptions frozen with reserve coverage at 85.8%, leaving a gap of about 603 BTC. The protocol said peg-outs require full backing and completed security reviews before they can restart.

TREE NEWS update: Papertrade said it is tightening trading limits after manipulation allegations, restricting exposure onchain and through relayers. The team’s statement does not confirm claims that a trader was blacklisted or prevented from closing positions.

TREE NEWS reports: deBridge, Cronos and zkSync are scheduled to release locked tokens this week. deBridge will unlock 630 million DBR worth about $12.03 million, more than 10% of its circulating supply. Cronos will release 1.16 billion CRO valued at roughly $69.73 million, while zkSync will unlock 170 million ZK worth about $2.76 million.