An ETH long position held for 70 days incurred a realized loss of $8.8 million upon liquidation. Subsequently, a new 20x leverage $120 million ETH long position is experiencing an unrealized loss of $1.4 million.

Feb 9th, MegaETH’s official team announced on social media that ERC-8004 has been deployed to the MegaETH mainnet. MegaETH has partnered with the Ethereum dAI team to integrate the Intelligent Agent Reputation System into its network. Service providers can now register directly on MegaETH, gain visibility in the Intelligent Agent ecosystem, and earn rewards by building trust over time.

On February 9, Bloomberg published an article noting that plummeting cryptocurrency prices and growing market consolidation have laid bare flaws in the crypto industry. Once thriving amid speculative frenzy, the sector has struggled to build sustainable, revenue-generating businesses. Now, crypto venture capital (VC) is shifting toward traditional startup principles: product-market fit, profitability, and long-term user retention. Despite a pro-crypto stance from the White House and a relaxed regulatory environment, the retail-driven VC logic that once fueled the token economy has dried up. Native crypto funds are reorienting toward higher-performing areas, including stablecoin infrastructure and on-chain prediction markets. Some are also expanding into adjacent sectors like fintech and artificial intelligence (AI). But as traditional institutions continue entering the space, expertise in native crypto alone is no longer sufficient. “The market is consolidating around what actual

On February 9th, Sky Protocol (formerly MakerDAO) officially announced that it repurchased 31 million SKY tokens last week, with the transaction valued at 1.9 million USDS. The protocol’s total repurchase volume has now exceeded 108 million USDS.

On February 9, the MegaETH team officially announced the launch of its mainnet and the release of its ecosystem frontend, The Rabbithole, via social media. Per the announcement, The Rabbithole helps users discover active and upcoming applications, bridges, and asset exchanges, while also sending ecosystem event notifications.

On February 9th, Varun Srinivasan—co-founder of Farcaster—announced via social media that he has joined the Tempo team and will focus on stablecoin research and development.

On February 9, Backpack founder Armani Ferrante took to social media to share: Backpack’s tokenomics revolves around a core principle: no insider dumping to retail. No founder, executive, employee, or venture capitalist should profit from tokens before the product hits “escape velocity.” For Backpack, “escape velocity” is defined as a U.S. initial public offering (IPO). The listing could happen soon, take time, or never materialize—but the team is pushing hard for it. Every time Backpack expands to a new region (EU, Japan, U.S.) or launches a new product (prediction markets, stock trading, card services), it’s a growth opportunity. Tokens act as fuel—just like the points system did in past seasons—to keep igniting new markets. For this to work, there’s a hard rule: the growth value from new token releases must always outweigh the dilution they cause. Here’s how it breaks down: Founders, executives, team members, and VCs won’t get direct token allocations. All “team allocati