Starting off this Monday with a quick recap of the past week’s industry highlights! At Magnet, we’re always staying ahead of the curve by keeping a close eye on the latest developments in the crypto world. From industry trends and regulatory changes to technological innovations, we’re dedicated to bringing you the most relevant and impactful Web3 updates. Let’s dive into the key highlights!
Big news in the crypto space: President Trump has signed an Executive Order to establish the U.S. Strategic Bitcoin Reserve, initially holding 200,000 BTC (valued at around $17.5 billion). This marks the first official move by the U.S. government to hold Bitcoin, with the potential for future acquisitions. While no new purchases are planned for now, this signals a major shift for Bitcoin and the broader crypto market. The creation of a U.S. Digital Asset Stockpile, which could include other digital assets in the future, might play a pivotal role in shaping the industry, particularly amid rising geopolitical tensions and financial instability. However, despite the announcement’s significance, Bitcoin saw a correction, briefly dipping below $80,000.
The White House hosted its first-ever Crypto Summit, with President Trump and top cabinet members gathering some of the biggest names in crypto to highlight the administration's support for the industry and discuss regulation and legislation. Participants left the meeting feeling optimistic, believing that a new crypto era had arrived in Washington. The summit represented a radical departure from the stance of the previous administration. However, the executive order issued by Trump authorized the U.S. government to acquire additional Bitcoin solely through asset forfeiture and budget-neutral strategies, which sparked disappointment among Bitcoin maximalists. Many were hoping for more active government purchases, but this cautious approach led to a $370 million outflow from Bitcoin ETFs as traders found the announcement unremarkable. As Coin Bureau founder Nic Puckrin succinctly put it, “Just looking at the charts, I can assume that nothing groundbreaking came from the White House summit?"
Safe, the secure protocol used by Bybit and other leading crypto platforms, has released a detailed report on the $1.5 billion hack, which was carried out by attackers linked to North Korea. The breach was traced back to a compromised developer's laptop, emphasizing the importance of maintaining strong security practices in the crypto space.
The report also outlines key lessons learned from the incident and provides valuable recommendations on how to strengthen security measures across the entire crypto industry.For more detailed insights and security recommendations, check out the full report here: https://x.com/safe/status/1897663514975649938
PancakeSwap has hit a major milestone, reporting its highest monthly trading volumes since 2021, with total cumulative volume surpassing $1.1 trillion. This surge in activity is largely driven by the recovery of the BNB Chain, which has brought in more users and liquidity to the decentralized exchange. PancakeSwap's strong performance underscores the growing resilience of DeFi platforms, demonstrating their ability to thrive even amid volatile market conditions.
Solana’s DEX volumes continue to rival Ethereum’s, even as meme coin activity has declined sharply. Trading on Solana slowed following the collapse of major meme coins like Libra and Official Trump (TRUMP), which led to a significant drop in stablecoin transfers—down 80% from January. Meme coin trading has historically been a major revenue driver for Solana, especially via the Pump.fun platform. However, the number of new token launches has dropped by over 80% this year, signaling a significant shift in the network’s revenue model.
Vietnam is taking significant steps toward regulating crypto, joining other countries in developing clearer frameworks for digital assets. With its position as the 5th largest country globally for fiat-to-crypto conversions and increasing grassroots adoption, Vietnam’s regulatory shift could greatly influence the global regulatory landscape. Meanwhile, Japan’s SBI Group has received licensing to issue the country’s first stablecoin, opening the door for new opportunities in decentralized finance and digital asset adoption. These moves from both countries highlight the growing momentum toward clearer regulations and innovation in the crypto space.
New York is ramping up its efforts to combat fraud in the crypto industry with a new bill that seeks to criminalize rug-pulls and other fraudulent schemes. The legislation proposes penalties of up to $25 million for offenders. This move is undoubtedly a step toward a safer environment for DeFi and crypto investors. But when can we expect to see similar actions elsewhere?
AAVE has introduced significant updates to its tokenomics, including a buyback program and a new fee-switch mechanism that redistributes a portion of the GHO stablecoin revenue to AAVE stakers. This initiative has generated substantial investor interest, with AAVE’s price rising by 30%. The update not only showcases AAVE’s growing potential for future growth but also highlights the powerful synergy between token utility and community engagement. A strong example of how effective tokenomics can drive value within the DeFi ecosystem. Learn more about: https://governance.aave.com/t/arfc-aavenomics-implementation-part-one/21248
And that’s a wrap for this week’s Weekly Web3 Digest! We’ll be back next week with the latest updates and key insights from the world of crypto. To keep up with the Magnet team’s thoughts on fresh industry news, make sure to follow us on Twitter. Stay tuned, as more valuable insights and updates are on the way!
