Over Foundation said on April 28 it has shut down all Over Protocol infrastructure and services due to financial constraints, with no plans to restore operations. The closure covers OverWallet, OverNode, OverFlex, RPC nodes, the block explorer, and related APIs. Over Protocol is a decentralized Layer 1 mainnet, but the foundation's exit raises questions about the network's practical viability. Ongoing block production will hinge on whether independent validators continue running the open-source client, something the foundation said it cannot guarantee. The foundation said the project was created to let everyday users participate in building a Layer 1 network. It thanked the community for its support and said it regrets being unable to continue.

Coinbase is set to list Virtuals Protocol (VIRTUAL) for spot trading on April 29, according to BlockBeats. The exchange said the VIRTUALUSD pair is expected to go live at or after 9:00 a.m. Pacific Time, subject to liquidity conditions and trading support.

Tether is stepping up its investment in Bitcoin infrastructure, unveiling plans for modular mining systems being developed with Canaan and ACME Swisstech. The initiative signals a broader strategy that extends beyond the company's core stablecoin business.

Saturn (@Saturn_credit), a digital credit protocol backed by Michael Saylor, has topped $100 million in total value locked (TVL) just 20 days after launch. The platform offers DeFi-powered credit to eligible participants globally, excluding users in the United States and European Union due to regulatory constraints. Onchain data shows inflows are being fueled by demand for variable-yield credit products that function independently of traditional banking hours. While returns are not guaranteed, the speed of liquidity accumulation is positioning Saturn as a notable infrastructure layer for onchain private debt.

NYSE Arca has filed a proposed rule change to expand the assets that can qualify under the exchange's updated standards for Commodity-Based Trusts, explicitly naming XRP. The filing, submitted yesterday, would amend Rule 8.201E, which sets generic listing standards for these products. Under the proposal, NYSE Arca cites XRP, Bitcoin, Solana, and Ethereum as examples of assets that could be eligible for commodity-based crypto trusts. A key requirement is that at least 85% of a trust's net asset value (NAV) must be invested in approved assets that already satisfy existing surveillance and listing criteria. Up to 15% of holdings could fall outside the approved category without disqualifying the product. The U.S. Securities and Exchange Commission has opened the filing for public comment before deciding whether to approve the change. NYSE Arca said the update is intended to give issuers more flexibility while preserving investor protections tied to surveillance-sharing arrangements and regulated market oversight. While XRP is referenced as a qualifying example, the filing does not formally label it a commodity. The mention is notable amid ongoing U.S. regulatory debate: a New York court ruled in 2023 that XRP is not a security in certain contexts, and market participants continue to argue over whether it should be treated as a commodity. The debate has persisted even as the SEC and CFTC have pointed to taxonomies that describe the token as a digital commodity alongside Bitcoin and Ethereum. Industry stakeholders say only clear, congressionally backed legislation such as the Clarity Act would fully address remaining uncertainty and reduce the risk of future policy reversals. Disclaimer: This content is informational and not financial advice. The views expressed may reflect the author's opinions and do not represent The Crypto Basic's position. Readers should conduct their own research before making investment decisions. The Crypto Basic is not responsible for financial losses.

DeFi United, a coalition of blockchain projects and crypto community members, has published a detailed recovery proposal aimed at restoring rsETH’s backing after this month’s Kelp DAO hack created an estimated $300 million shortfall and rattled DeFi lending markets. The plan, shared via Aave’s official X account, outlines a coordinated remediation that relies heavily on Aave’s infrastructure to unwind tainted positions and stabilize affected protocols. The exploit dates to April 18, when an attacker abused a vulnerability in rsETH’s bridge. By forging a message that appeared valid, the attacker caused the Ethereum-side system to release 116,500 rsETH as if funds had been transferred when they had not, effectively minting unbacked rsETH. Those tokens were then distributed across multiple wallets and deployed throughout DeFi, with a sizeable share used as collateral on Aave and other lending venues. That exposure turned the incident into a broader market issue, leaving lending protocols temporarily holding collateral that was not fully backed. DeFi United says most of the impacted assets remain active. Around 107,000 of the 116,500 rsETH are still locked in open positions across Aave and Compound. The proposal targets two parallel objectives: recapitalizing rsETH and dismantling loans created using the unbacked tokens. On recapitalization, the group says it has secured sufficient ETH commitments to fully re-collateralize rsETH. The plan would inject that ETH in stages, convert it into rsETH, and redeposit it so rsETH returns to full backing. In lending markets, the proposal calls for a controlled unwind of the attacker-linked positions on Aave—loans backed by rsETH that should not have existed. Rather than allowing disorderly liquidations, the plan proposes temporary adjustments to how rsETH is valued within the system to enable smoother liquidation or closure of the compromised positions. As the unwind proceeds, recoverable underlying assets such as ETH would be reclaimed. DeFi United estimates the approach could release roughly 13,000 ETH from Aave alone. Once recovered, that collateral would be converted into ETH and applied to cover the deficit created by the exploit. Execution depends on governance approvals across multiple chains, the successful deployment of pledged funds, and an orderly unwind process. Even so, the proposal signals a more coordinated response than is typical in past DeFi incidents. The stated objective is to ensure “rsETH backing is fully restored, and all affected markets are stabilized.”

The United Arab Emirates has announced it is leaving OPEC after 59 years, a move that comes as markets react to supply disruption risks tied to the Strait of Hormuz. Bitcoin fell below $76,000 amid the broader risk-off tone sparked by the potential shock to energy flows through the key shipping corridor.

Polymarket has applied for approval from the U.S. Commodity Futures Trading Commission (CFTC) to bring its main exchange back to the U.S., Bloomberg reported.

Polymarket is pursuing approval from the U.S. Commodity Futures Trading Commission (CFTC) to bring its main exchange platform to the U.S., Bloomberg reported.