New Chainlink Staking Release 🎊

GM. This is Degen Scoop. It’s already Wednesday, here's what we're covering for the day:

• New Chainlink Staking Release 🎊

• Ark Dumps $5.3M of Coinbase Shares 🤝

• KyberSwap Hacker Opens Talks 💬

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Chainlink Unveils New Native Staking Mechanism

Oracle protocol Chainlink has unveiled Chainlink Staking v0.2, an upgrade to its native staking mechanism. The new version features an expanded pool size of 45M LINK tokens, or 8% of the current circulating supply, aiming to attract a more diverse range of LINK token holders.

The upgrade is part of Chainlink's Economics 2.0 plan, designed to enhance the security of the network. The priority migration period for existing v0.1 stakers begins, allowing them to transition their staked LINK and rewards to the new version.

Chainlink Staking v0.2 offers improved security guarantees, a more flexible unbonding mechanism, and a modular architecture for future upgrades. The goal is to adapt to the growing value secured by and paid for over the Chainlink Network.

Ark Invest Sheds 44,000 Shares ($5.3M) on Monday

Ark Invest, headed by Cathie Wood, sold an additional 43,956 Coinbase shares (COIN) worth $5.3M on Monday as Coinbase's stock reached its highest level in 18 months. The stock ripped 7% yesterday to $128 and is currently up over 1% in pre-market. We’re taking a moment to reiterate in this TradFi play for crypto exposure.

Ark also made purchases, acquiring 143,063 shares of Robinhood, valued at around $1.2M, for its Ark Fintech Innovation ETF. This comes in addition to the 93,297 Robinhood shares ($780,000) added to its ARK Next Generation Internet fund on the preceding Friday.

While Coinbase stock has surged over 50% this month and 228% year-to-date, it remains around 65% below its all-time high from November 2021. Robinhood shares are trading about 16% above their all-time low and down 85% from their peak in August 2021.

KyberSwap Hacker Begins Treaty Negotiations With Team

The hacker behind the $47M drain from KyberSwap last week has indicated a potential deal with victims. Encoded into an Ethereum transaction on November 28, the hacker pledged to release a statement on a potential "treaty" on November 30. There is never not an interesting day in crypto

Expressing willingness to negotiate, the hacker claimed to have received threats and hostility from the executive team. The ominous message followed the suspicious drainage of $47M from KyberSwap's Elastic Pools liquidity solution.

KyberSwap has advised users to withdraw funds and offered a 10% bounty to the exploiter. A few days ago, the team announced the recovery of $4.7M. While a far cry from the total amount lost in the hack, it’s a start in what will hopefully be a quick affair to return users their funds.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.