Ethereum Gas Fee Continues to Drop, Now at 0.352 Gwei

On April 24, CoinGecko reported that 47% of LayerZero OApps still rely on a 1-of-1 Decentralized Verification Network (DVN) configuration, leaving over $45 billion exposed to the vulnerability that led to the ~$2.92 billion exploit targeting Kelp DAO.

On April 24, Bybit co-founder and CEO Ben Zhou took to social media to announce that Bybit will vote in favor of a Mantle community proposal to provide a loan for a coordinated rescue effort involving Aave. As Mantle’s largest holder and supporter, Bybit is backing the plan. Zhou noted that when Bybit was hacked, the industry rallied to assist it—and now, facing a similar challenge, reciprocating is the only right call.

April 24th: Per Hyperinsight monitoring (https://t.me/HyperInsight), a major BTC short seller address (0x004) recently active on Hyperliquid closed out a short position near its breakeven price in the past half hour. The address previously held a $15.58 million position (liquidation price: $77,936) and netted a small $60,000 profit. Subsequently, the address placed a limit sell order at $79,000—above current BTC prices—for 100 BTC (roughly $7.9 million), planning to reinitiate a short position if the price hits that level. Address: 0x004edcd40360e293e4cf260d2ebdf8c7076c1bb8

On April 24th, LookOnChain’s monitoring data indicates Tether minted 3 billion USDT on the Ethereum network last week. Separately, AbraXas Capital received 2.89 billion USDT from the Tether Treasury over the past seven days.

April 24 — Perpetual contract trading platform Pacifica (part of the Solana ecosystem, link: https://app.pacifica.fi/?referral=pacbot) has officially launched its spot market and unified margin system, per an official announcement. The first spot trading pair is SOL/USDC, making Pacifica the first Perp DEX to integrate spot collateral into a full-warehouse margin system. The unified margin system merges users’ USDC balances, perpetual contract P&L, and spot holdings into a single account. Traders can collateralize spot assets directly to open perpetual positions without pre-borrowing USDC. If an account falls into deficit, the system automatically triggers implicit borrowing to cover the gap. For traders, this mechanism natively supports basis trading: long spot positions and short perpetual positions of the same underlying asset can be net-settled in the same account, with the hedged portion eligible for a higher collateralization rate bonus.

April 24 — Per Cointelegraph, ARK Invest’s Q1 report reveals Bitcoin held by “HODLers” jumped 69% from 2.13 million BTC to 3.6 million BTC — the highest level since 2020, even as the crypto’s price dropped 22%.