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Ethereum devs huddled in the Arctic Circle to fix the network. Here’s what to know

Ethereum's core developers have delivered their most significant technical milestone in months, emerging from a week above the Arctic Circle with a credible roadmap to dramatically scale the network's capacity. Last week, just over 100 core contributors gathered in Longyearbyen, on Norway's Svalbard archipelago — some 78 degrees north, where the sun never sets — for the Soldøgn interop, a week of intensive work on the Glamsterdam network upgrade. By Friday, the team had locked in a post-Glamsterdam gas limit floor of 200 million, stabilised external block builder implementations, and finalised gas repricing numbers for EIP-8037. "At their best, interop weeks can compress a month of asynchronous progress into each day," Ethereum Foundation researcher Tim Beiko wrote in a recap shared with developers on Friday. The breakthrough lands as Ether trades at $2,377, still more than 50% below its August peak of $4,946. However, signs of hope are emerging. Ethereum has jumped 14% over the past month, CoinGecko data shows . The 200 million gas limit target is notable because it determines how many transactions Ethereum can process per block. The higher the limit, the more activity the network can handle without congestion — and the stronger the case for Ethereum as the backbone of a global financial system. Beiko billed it as one of the most productive weeks in recent memory for the Ethereum team. Foundation sells, Bitmine buys The Ethereum Foundation wasted no time translating its technical progress into operational runway. On Friday, the Foundation completed a third over-the-counter sale of 10,000 Ether tokens to Bitmine Immersion Technologies — the largest Ethereum treasury company — at an average price of $2,292 per coin, bringing the total transaction value to roughly $23 million. It is the third such deal between the two parties. In March, the Foundation sold Bitmine 5,000 ETH at around $2,043 per coin. Last Friday, another 10,000 ETH changed hands at $2,387. The Foundation has also conducted a separate 10,000 ETH sale to rival treasury firm Sharplink. The money goes straight back into funding Ethereum's development, including research, grants, and the kind of work that just happened in Svalbard, the Foundation said. But despite the price downturn, Bitmine, led by prominent Wall Street bull Tom Lee, is not flinching. Earlier this week the company disclosed its largest Ethereum purchase of the year — 101,901 ETH worth roughly $235 million — bringing its total holdings above 5 million Ether and cementing its position as the dominant corporate accumulator of the asset. Bitmine bought most of its Ethereum at much higher prices. At today's levels, the company is sitting on an unrealised loss of more than $6 billion. Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com

DLNewsDLNews•Lance Datskoluo4 May

Vitalik-backed MegaETH sees token fall 55% on first day trading

MegaETH’s token is off to a shaky start. On Thursday, the layer 2 blockchain, which lists Ethereum co-founder Vitalik Buterin among its early investors, launched its MEGA token, airdropping some 500 million tokens to those who bought them during the project’s October public token sale. The token began trading at 11 am London time and initially rose to an all-time high of $0.38, according to CoinGecko data. But it quickly began to sell off, dropping some 55% to trade at around $0.17. Despite the volatility, those who bought the token during the public sale are still in profit. MegaETH sold the tokens at a clearing price of $0.0999 each, raising just under $50 million. The project also sold 500 million tokens via a $10 million funding round on Echo, the early stage investing platform, at $0.02 each. MegaETH’s wobbly launch comes as investor appetite for new crypto tokens dwindles. The crypto market has been in the lurch since October, when it experienced a huge, structural crash that triggered over $19 billion in leverage liquidations. Since then, investors' interest has been mostly limited to established cryptocurrencies, such as Bitcoin. Slow start MegaETH is an Ethereum layer 2 network which touts itself as the first “real-time blockchain” capable of over 100,000 transactions per second. The project previously secured $30 million in venture funding, almost $28 million by selling NFTs, and another $50 million selling tokens, bringing its total raise to around $108 million. Yet despite the huge amount of funding, MegaETH has been slow to take off. After launching in February, the blockchain has only seen $314 million in deposits to DeFi protocols, with top DeFi lender Aave accounting for just over 71% of its total deposits, per DefiLlama data. Ethereum, the biggest blockchain for DeFi, hosts some $63 billion of deposits to protocols. MegaETH isn’t the only hyped-up blockchain to see its token fall after launch. Plasma, a high‑performance blockchain built for stablecoin payments, launched its XPL token in September. After a brief rally that saw the token hit an all-time high of $1.68, it began to fall. The token now trades at around $0.09 — a 94% drawdown. Monad, another blockchain designed for extreme speed and scalability, launched its token in November. It’s down some 43% from its all-time high set shortly after its launch. Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com .

DLNewsDLNews•Tim Craig30 Apr

DeFi lender Sky hits $124m revenue record. Yet token holders aren’t impressed

Sky is the most profitable it has ever been — and it might have institutions to thank for that. On Wednesday, the Sky Frontier Foundation released the Q1 2026 financial results for the $13 billion lender, revealing it made nearly $124 million in gross revenue, and almost $61 million in net revenue in the first three months of the year. It’s the highest income the protocol has made since it launched as MakerDAO back in 2017. Yet the market doesn’t seem to be impressed by the record figures. Sky’s governance token has registered a decline of around 2.4% since the results were announced publicly. Sky, like many decentralised finance protocols, operates as a type of digital cooperative called a decentralised autonomous organisation, or DAO. Here, those who hold the Sky governance token can suggest and vote on changes to the protocol. The Sky token trades at almost a $2 billion market value, per CoinGecko. Sky’s record earnings come as institutional interest in onchain apps that provide yield on crypto assets continues to grow. DeFi protocols — including Sky — are rushing to make themselves more attractive to traditional finance players by repackaging their products and paying for risk ratings from established firms like S&P Global Ratings and Fitch. Institutional interest In fact, its primarily institutional interest which the Sky Frontier Foundation attributes to Sky’s blow-out quarter. Sky’s gross revenue came in at $13 million more than the nonprofit’s estimate, and was buoyed by higher-than-expected growth of the protocol’s USDS stablecoin. “From our understanding, this outperformance in USDS growth was driven by growing institutional demand for risk-adjusted yield onchain,” the foundation said. “Feedback across the Sky Agent Network indicates that allocators are conducting more rigorous due diligence than ever before.” In addition to Sky beating its previous quarterly revenue record, the protocol also produced a $46 million protocol surplus against a net loss of $13.5 million in the same quarter last year. Protocol surplus refers to the revenue the protocol made over a target previously set by governance participants. No buybacks? One potential reason the positive results haven’t translated into more interest in the Sky governance token is the protocol’s hesitancy to conduct buybacks. On March 14, Sky Governance approved a capital restructuring that shifted how the protocol allocates surplus funds. Rather than directing the majority of earnings to token buybacks and staking rewards, that money now goes towards building a $150 million solvency reserve. While such a fund improves Sky’s resilience, and may help institutional investors feel more comfortable using the protocol, it does little to immediately impact the Sky token’s value. “The message we observed from Sky Governance is that Sky Protocol is building for long-term resilience over short-term distributions,” the Sky Frontier Foundation said. “Sky Reserves currently stand at $50.90 million, and as reserves grow toward the target, buyback and distribution rates will scale back up.” Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com .

DLNewsDLNews•Tim Craig29 Apr

Bitcoin traders flip bullish on price ahead of Powell’s final FOMC as Fed chair

Bitcoin is holding firm near $77,000 ahead of Jerome Powell’s final press conference as Federal Reserve chair. Now, traders’ risk appetite is back, Split Research founder Zaheer Ebtikar said in a note shared with DL News. “The sellers who were spooked by macro shifts or quantum fears have already exited,” he said. “Bitcoin has found a stable floor and moved away from headline-driven drama and toward a more mature phase of growth.” Ebtikar’s call comes amid signs of budding optimism in the crypto industry. Bitcoin has rallied nearly 15% over the past month, while the overall cryptocurrency industry has added about $400 billion in value since February, CoinGecko data shows . To be sure, the top crypto is still down nearly 40% from its October peak despite the S&P 500 hitting a new record in April. Other assets like gold and oil are also near their peaks. Still, Bitcoin exchange-traded fund inflows paint a bright picture. US spot Bitcoin exchange-traded funds drew in over $2 billion in net inflows in April, marking it as a second month in a row of positive inflows, DefiLlama data shows . The surge adds to March’s $1.3 billion gain. “Since we’re currently in a quieter trading range, there’s no immediate rush for the exits,” Ebtikar said. Powell’s last FOMC The signs of life unfold against a pivotal moment in Washington. Powell is expected to keep interest rates unchanged at what economist Ed Yardeni calls his “swan song” — the final press conference of his tenure at the central bank’s helm. Powell is likely to stress that inflation risks have increased, especially with Brent crude climbing back above $100 per barrel as US-Iran peace talks stall, Yardeni wrote . Higher oil prices complicate any immediate case for rate cuts. Lower interest rates are good for risky assets like Bitcoin because they disincentivise investors to hold bonds by paying out less yield. Powell’s term as chair ends on May 15, but he will still hold a Fed governor’s seat through January 2028. The Senate Banking Committee is set to confirm Kevin Warsh as his successor on Wednesday, with a final vote potentially coming soon after. Warsh has publicly called for lower rates sooner, though he has also promised independence from political pressure. President Donald Trump has repeatedly pushed for faster cuts and has clashed with Powell over policy and the Fed’s renovation project, which triggered a Justice Department probe that was later dropped . “At 2:30 p.m. [ET], Jerome Powell will sing his swan song,” Yardeni said. Crypto market movers Bitcoin is up 0.5% over the past 24 hours at $77,031. Ethereum is up 2.1% over the past few hours at $2,323. What we’re reading Aave-led 'DeFi United' campaign raises $300m to address Kelp DAO breach — DL News Banks are fighting a ‘sideshow’ as Clarity Act stalls. Will it matter? — DL News US Military Is Running a Live Bitcoin Node for Cybersecurity Research, Indo-Pacific Commander Tells Congress — Unchained The AI margin trap — Milk Road Bitcoin mining meltdown? Why IREN’s real future is in AI, according to Bernstein — DL News Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com

DLNewsDLNews•Lance Datskoluo29 Apr

Are we back? Crypto is Green! Solana Intern goes rogue! Pump up 13%! Monero hits another ATH!

BTC: 95k (+3%) | BTC.D: 59.2% (-0.1%). ETH: 3313 (+6%) | BNB: 936 (+3%) | SOL: 145 (+2%). Top Gainers: IP, ICP, PUMP, PEPE, ENA. BTC ETFs: +$754m | ETH ETFs: +$130m. Crypto rallies on largest ETF inflow in 3 months. Senate committee to vote on crypto bill on Jan 27. Stablecoin issues with bill still being fought over. Ethena Labs makes USDe free from gas fees. Bitdeer overtakes MARA on ‘managed hashrate’. Polygon Labs to buy Coinme, Sequence for $250m. BitPanda eyes Frankfurt IPO in 1H26. CZ invests in perp trading platform Genius Terminal. Coingecko eyes sales at $500m valuation. Russia to open crypto markets more for payments. Crypto wrench attacks continue in France. Pakistan to integrate WLFI’s USD1.

DecryptDecrypt14 Jan