Sui Announces $50M Ecosystem Fund 💰

GM. This is Degen Scoop. It’s Friday, here’s the scoop:

• Sui Announces $50M Ecosystem Fund 💰

• Friend.tech Users Getting Hacked 💸

• Crypto Developers At 3 Year Low ⌨️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Sui Announces $50M Ecosystem Fund to Fortify DeFi Offerings

The Sui Foundation has announced a $51.3 million ecosystem fund aimed at fortifying its DeFi ecosystem and supporting its platform DeepBook. The foundation plans to claim 117 million SUI tokens to provide grants to developers of DeFi applications and bolster DeepBook. Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism that the allocation would provide a new tailwind for developers and ecosystem participants.

In addition to supporting DeepBook, the foundation aims to back other native DeFi applications. Currently, Sui holds the 35th position in TVL, boasting assets worth $38.2 million, according to DeFiLlama. The move aligns with the Sui Foundation's strategy to strengthen its position in the crypto space.

Friend.tech Users Getting Hacked Via Sim Swap, Inspires Protocol Changes

Friend.tech has seen more SIM swap attacks resulting in a loss of $385,000 for four users. The attacks were traced back to the same hacker who targeted four users earlier in the week. SIM swapping involves deceiving mobile carriers to transfer a user's phone number to the hacker's SIM card. This effectively gives the hacker over online accounts tied to the number.

Needless to say, the issue became so prevalent that the devs need to act quickly before further attacks happened to users. In response, Friend.tech implemented a new feature allowing users to log into their accounts without reliance on phone numbers. So if you haven’t done so already, do change your login settings to stay safe from a potential hack.

Active Crypto Developers At Three Year Low

The number of active open-source developers in the crypto space has declined to its lowest level since 2020, dropping from 36,500 in January 2022 to 19,630 in September 2023, according to data from a16z and Electric Capital. This trend marks a significant decrease reflecting the current state of the market. The lack of volatility, which is a draw to many, scares away retail until better conditions return to the market.

While the decline appears dire, a16z suggests that devs might be moving into the application layer of crypto, making their activities harder to track. The decline in open-source developers contrasts with the potential growth in overall crypto development, as indicated by rising developer library downloads. The shift in developer focus and the evolving nature of crypto development may contribute to a more nuanced understanding of the industry's current state.

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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.