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Ethereum
NFT Gaming

BitDigital Becomes First Public Ethereum DAT To Deploy Unsecured Leverage – Details

by admin October 5, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

BitDigital (NASDAQ: BTBT) is breaking new ground in finance, becoming the first publicly traded Ethereum DAT to deploy unsecured leverage. The move is an evolution in how public blockchain companies raise capital, blending traditional debt instruments with decentralized infrastructure models. 

Why This Move Redefines Capital Formation For Ethereum DATs

In an X post, BitDigital_BTBT revealed that the company has made history as the first publicly traded Ethereum Digital Asset Treasury (DAT) to deploy unsecured leverage through a convertible notes offering, marking a new milestone in blockchain-based corporate finance. The latest move by the financial behemoth will be beneficial to the company shareholders. 

However, this initiative will enhance capital efficiency for shareholders, without immediate dilution notes due in October 2030. The proceeds will be used to acquire ETH, expand BitDigital’s treasury, and increase institutional staking capacity.

This strategic financing deepens BitDigital’s exposure to ETH, while positioning the asset as a programmable treasury instrument capable of generating institution-grade staking yield. By leveraging traditional debt structures within a decentralized framework, BitDigital reinforces its leadership in ETH-native treasury management and staking strategies. The move also signals ETH’s advanced role in institutional finance, bridging the gap between Web3 infrastructure and legacy capital markets.

Amid the growing exposure to Ethereum, multiple potential projects are being consistently launched on the leading chain. Kriptoloji, an ambassador at Irys_xyz, points out that their restaking design project’s focus isn’t on flashy incentive yields, but on building genuine utility and layering right on top of ETH’s ecosystem. Kriptoloji noted that most projects in DeFi tend to chase the same hype cycles and loops, but Ekoxofficial is building something different with this move. Instead of creating another yield, it aims to make network participation more seamless, efficient, and sustainable.

Meanwhile, the early indicators suggest that a well-received testnet, growing momentum from the Arichain collaboration, and a pipeline of upcoming integrations are starting to establish the foundation for credibility as a long-term infrastructure play rather than a fleeting experiment. “This is not financial advice, but the way they are structuring it’s definitely something worth paying attention to.” Kriptoloji mentioned.

Institutional Adoption Strengthens ETH Long-Term Outlook

Ethereum is still very much recognized at the institutional level. Goldman Sachs’ latest report reveals a powerful trend unfolding as institutional investors are deepening their involvement with ETH, with over $3.5 trillion in assets under management (AUM) now linked to the ecosystem. 

This level of exposure highlights the ETH transformation from a speculative blockchain into a critical layer of institutional-grade infrastructure. According to Crypto Patel, Elite KOL CoinMarketCap and Binance, this institutional pivot is one of the strongest bullish signals for ETH’s future.

ETH trading at $4,490 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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October 5, 2025 0 comments
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Part-MMO, part-FPS, Eve Vanguard's devs are toying with a fascinating solution for bad in-game behaviour: leverage toxic players' actions for content
Game Updates

Part-MMO, part-FPS, Eve Vanguard’s devs are toying with a fascinating solution for bad in-game behaviour: leverage toxic players’ actions for content

by admin September 26, 2025


Eve Vanguard is a strange proposition: part-MMO, part-FPS, part-companion game to the seemingly eternal juggernaut that is Eve Online, it’s developer CCP’s latest attempt to make a shooter that works as part of the storied universe. And I think, so far, it shows a lot of promise. The potential in Vanguard is the result of a passionate team being given (relatively) free rein to do what they want, as long as it’s fun and abides by the Eve bible. In a world where many developers are looking at smaller games with shorter development cycles, Vanguard’s gestation time – and trust from its parent company – is an increasingly rare thing.

But it’s driven by trust, and a genuine desire to see something like Vanguard finally take off. Bigwigs at CCP have told me, directly, that getting a shooter in the world of Eve to work is “an age-old dream CCP has been wanting to realise.” And it’s not for lack of trying. Previously, we’ve had Dust 514, the cult MMOFPS PS3 game that CCP worked on with Sony in 2013, which shut down in 2016. Since then, we’ve heard about both Project Nova and Project Legion, neither of which made it to release. Now, there’s Vanguard – a game I’ve personally been following for quite some time.

CCP’s vision for the world of Vanguard is as expansive as it is pretty. | Image credit: CCP Games

As such, I’ve seen the development process first-hand, seen how the ambitious shooter fleshes out. I’ve played it when the guns didn’t even really have models, when enemies were just amorphous grey blobs. But CCP London has been open about it every step of the way – and when it unveiled the new direction (more 00s space shooter than bland military sim), I was thrilled. It offered something different: a take on the Tarkov-like shooter that puts fun before punishment.

Now, the developer is ready to show off the next aspect of its vision: from the FPS side to the MMO side. Right now, there’s a flotilla of dissatisfied players from Destiny 2 looking for a new home. Marathon’s internal and external issues are well-documented, and it doesn’t bode well for launch. There’s Arc Raiders, which has some hype, and Helldivers 2 continues to dominate the landscape, but there’s just about enough room for Vanguard to muscle in on the action, thinks CCP London. But the social aspect of these games is skinnier than what Davis envisions for Vanguard.

Watch on YouTube

This past week, Vanguard launched ‘Operation Nemesis’, a huge update that was designed to explain the tenets of the game. It has a complete tutorial, a taster of the sort of content you can expect in the final game, and – perhaps most importantly – a live environment where you can meet, interact with (and perhaps get absolutely obliterated by) other players. Generally speaking, when you’re on the ground, you’re fair game: you can work with other teams to extract loot and materials – a rising tide helps all ships, so they say – or you can be a dick and eliminate another team and snatch their loot. It’s the PvPvE way, alas, and has a high-percent chance of being incredibly toxic. But therein, perhaps, lies the fun.

“There are some safeguards we can already draw in,” explains Scott Davis, game director on Eve Vanguard. “Eve Online already has this concept of high-sec, low-sec and null-sec.” For clarity, high security spaces have a higher presence of NPC enforcement troops, which diminish as you go down in classification – mess with other players in high-sec, and you’re going to get some bad attention. “You always start at high-sec, and you tend to be moving into low-sec areas. And that helps to give some guardrails or some safety nets around the more player-versus-player driven parts of the game. We’ll be using those same aspects in Vanguard.”

The baseline of the Vanguard experience is the gunplay – and let me tell you, it is excellent.Image credit: CCP Games

Some of the persistent, strategic zones (which are called ‘bastions’ in Vanguard parlance) will, therefore, have no PvP at all. If you don’t want to get ganked whilst going on a nice mining mission to pick up some ore, you can chill out there. “I play Final Fantasy 14 like a single-player game,” explains Davis, “just with lots of other people around me. And it feels richer because of that. And that’s something I think we can lean into.” That’s what these high-sec ‘bastions’ will look like: pleasant MMO hubs, with “me and my friends running around, doing lots of PvE things”. It’s “mingleplayer”, says Davis.

I love that term: that’s how I spent a lot of my time in both Destiny and FF14. In Destiny, I’d often go off and play PvP as a lone wolf, head back to The Tower, dance with some randos, and then jet off to do some strikes. Seeing other people going about their business was all part of the joy. In Final Fantasy 14, I liked to play a chef; getting ingredients and cooking dishes for players before hitting up a raid. It’s a good way to make friends. But any game operating in an online space has the potential for bad behaviour. That’s not a problem for Vanguard, though.

“But even in that first bastion, you’ll be aware that there are these high-sec planets and low-sec planets and null-sec planets. So if you want to be an absolute bastard, there are specific places you can go to do that. And then anyone who goes there knows that there’s a higher propensity for bastardry in those spaces.”

But that’s not to say that the high-sec portions of the game will be completely safe for the pacifists amongst us. “We’re also thinking, ‘how can we make high-sec cool?’,” explains Davis. “The idea that I shoot you but I’m just not dealing damage to you is an easy way of solving that problem, but are there much more interesting ways of doing that? I think there are. In Eve Online, you can destroy other ships, but then you get a ‘wanted level’, and then police are after you – what if, in these high-sec worlds, you can kill another player, but then all this stuff happens.

“Suddenly, a Space Police Concord drops right next to you. You show up on the map. Security forces announce: ‘right, everyone’s got infinite respawns until this person dies!’ It takes me back to playing DayZ, when you get a player-killer on the server, and then all of a sudden the whole server now wants to rally against the player killer. It’s putting more power into the people to solve the problem. It dissuades you from wanting to do PvP, but sometimes you might just think, ‘I want to cause that to happen. I want a big fight, I want the whole server against me’.”

A fresh batch of Vanguard screenshots, showing off one of the ‘sandbox lite’ areas of the game, alongside the latest version of Vanguard’s brilliant weapons. | Image credit: CCP Games

One of the very Eve Online anecdotes I was told at CCP’s studio is that, recently, the leader of an in-game corporation sided with another corporation out of nowhere. This person started deleting the assets of all the other corporations before he was caught. It was a scandal. “That’s not something you would ever engineer,” laughs Davis. “There’s a system that you make and players just rip, tear, and rend in their own way.”

It very much sounds like CCP London wants to take that philosophy from the main Eve game and shape it into something that works in an MMOFPS. As we see Helldivers 2 devs act like dungeon masters as players opt to cause in-universe havoc, and people bounce off Destiny 2 as its narrative and development direction feels increasingly out-of-touch with the players, it’s a fascinating prospect. Of course, it’s still early days and there is plenty that will be ironed out as the game heads towards a proper early access release next year, but for now, I’m very much picking up what Vanguard is putting down. I just hope it can stick the landing.



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September 26, 2025 0 comments
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Decrypt logo
GameFi Guides

Altcoin Leverage Surges as Traders Brace for Fed Decision

by admin September 16, 2025



In brief

  • Altcoin open interest has jumped to $38 billion, closing in on Bitcoin’s $40 billion and topping Ethereum’s $30 billion, signaling heightened speculative activity.
  • Experts warn the leverage buildup could spark liquidations if the Fed’s expected rate cut triggers a shift in sentiment.
  • Political pressure on Chair Jerome Powell and signs of elevated implied volatility add to expectations of sharp swings in the days ahead.

A surge in leveraged bets on altcoins is beginning to build ahead of a key Federal Reserve policy decision this week, a move that could introduce significant volatility to the crypto markets this month.

Altcoin open interest is now close to surpassing Bitcoin’s, a setup that has historically preceded a drawdown in blue-chip digital assets.

“An uptick in altcoin leverage is the eagerness for alt season,” Stephen Gregory, founder of crypto trading platform Vtrader, told Decrypt. 



Gregory pointed to the recent rally for altcoins last week and leveraged bets as evidence for the shifting sentiment.

Open interest for altcoins has swelled from $30 billion on September 1 to $38.6 billion as of Monday, eclipsing Bitcoin’s $40 billion and Ethereum’s $30 billion, according to Coinalyze data.

While open interest does little to provide a directional bias in the way prices move, it can indicate sophisticated traders are positioning themselves ahead of key events.

“People are rotated out of Bitcoin and into alts in the short term,” Gregory said, cautioning that larger traders may be attempting to “front run” the anticipated rate cut on Wednesday.

“The Fed’s rate cut decision could cause retail to assume its bullish while whales lever up on shorts and push a liquidation event,” he said. 

Tensions have risen across both traditional and crypto markets over the central bank’s future monetary policy as it fights to remain independent amid pressure from the Trump administration.

President Donald Trump and Treasury Secretary Scott Bessent have previously urged the Fed to reduce its September Funds Rate by as much as 50 basis points, going so far as to call for Fed Chair Jerome Powell’s resignation multiple times this year.

Given the backdrop, traders are now “bracing for potential volatility,” Shawn Young, chief analyst at MEXC Research, told Decrypt.

The analyst pointed to an increase in one-week at-the-money implied volatility and one-week 25-delta skews as evidence of anticipated short-term price movements.

“Given these indicators, we might expect heightened market activity and potential price fluctuations in the coming days,” he said. “Traders should remain vigilant and consider adjusting their strategies to navigate the anticipated volatility.”

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September 16, 2025 0 comments
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Maple plants syrupUSDC on Arbitrum as onchain leverage gains traction
Crypto Trends

Maple plants syrupUSDC on Arbitrum as onchain leverage gains traction

by admin September 3, 2025



Maple’s syrupUSDC now lives on Arbitrum, adding institutional-grade yield to the network’s lending stack. The launch layers native returns with ARB incentives, giving DeFi participants new ways to loop and optimize capital efficiency.

Summary

  • Maple Finance deploys its yield-bearing dollar asset, syrupUSDC, on Arbitrum’s layer-2 network.
  • The expansion integrates syrupUSDC with Euler, Morpho, and Fluid and enables ARB rewards via Arbitrum’s DRIP program.
  • Users can now borrow against syrupUSDC while accessing layered DeFi yields.

According to a press release shared with crypto.news on Sept. 3, Maple Finance has officially deployed its yield-bearing dollar asset, syrupUSDC, on the Arbitrum One network.

The asset is now integrated with one of DeFi’s busiest layer-2 networks and its premier money markets, including Euler, Morpho, and Fluid, and will be immediately eligible for incentives from Arbitrum’s ongoing DRIP program.

Maple said the expansion allows users to borrow against syrupUSDC while earning ARB rewards, creating a layered yield environment designed to attract both institutional desks and retail traders.

Bridging the gap between institutional yield and DeFi leverage

Maple’s expansion to Arbitrum is driven by growing institutional curiosity in onchain finance, a trend CEO Sid Powell confirmed is accelerating. The move strategically positions Maple’s yield products at the nexus of this demand, directly within the leveraged loops favored by Arbitrum’s sophisticated user base.

Powell emphasized the synergistic effect of this integration, stating, “Paired with Maple’s robust pipeline of curated yield opportunities, Arbitrum’s DRIP campaign generates new value creation for users, improves liquidity, and accelerates the adoption of onchain capital markets.”

For users, accessing syrupUSDC on Arbitrum is facilitated through two primary methods. They can acquire the asset directly onchain by swapping for it on integrated platforms like Fluid or through various liquidity aggregators. Alternatively, holders can bridge existing syrupUSDC from the Ethereum mainnet using Arbitrum’s native Transporter bridge.

Once in possession of the asset, its utility shines as collateral within the integrated money markets. Users can supply syrupUSDC to protocols like Euler, Morpho, and Fluid, using it as collateral to borrow other assets while qualifying for additional ARB token rewards from the DRIP program, creating a multi-layered yield on their capital.

Initial capacity is being rolled out cautiously, reflecting a measured approach to risk management. Euler will host an initial supply cap of $20 million for syrupUSDC, while Morpho’s capacity is set at $7 million. Fluid will feature the largest initial allocation with $40 million in capacity spread across its various vault strategies.



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September 3, 2025 0 comments
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NFT Gaming

BTC’s Rising Leverage Trades Show Signs of Stress, Galaxy Digital Says

by admin August 18, 2025



Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Leverage in crypto markets is surging back to bull-market levels, even as last Thursday’s pullback reminded traders how quickly overextended bets can unwind.

Galaxy Research’s Q2 State of Crypto Leverage shows crypto-collateralized loans expanded 27% last quarter to $53.1 billion, the highest since early 2022, powered by record demand in DeFi lending and a renewed appetite for risk.

That backdrop set the stage for last week’s shakeout.

Bitcoin’s retreat from $124,000 to as low as $118,000 triggered more than $1 billion in liquidations across crypto derivatives, the largest long wipeout since early August. Analysts framed it as healthy profit-taking rather than the start of a reversal, but it underscored how fragile the market becomes when leverage builds this quickly.

Galaxy’s analysts argue that stress points are already visible.

In July, a wave of withdrawals on Aave pushed ETH borrowing rates above Ethereum’s staking yields, breaking the economics of the popular “looping” trade where staked ETH is used as collateral to borrow more ETH. The unwinding triggered a rush to exit staking positions, sending Ethereum’s Beacon Chain exit queue to a record 13 days.

Galaxy has also flagged that borrowing costs for USDC in the over-the-counter market have been climbing since July, even as on-chain lending rates remain flat.

The spread between the two has widened to its highest level since late 2024. That disconnect suggests demand for dollars off-chain is outpacing liquidity onchain, creating a mismatch that could amplify volatility if conditions tighten further.

With institutional demand and ETF inflows still supporting the bullish backdrop, strategists remain constructive on crypto.

But between ballooning loan volumes, concentration of lending power, DeFi liquidity crunches, and a widening gap between on-chain and off-chain dollar markets, the system is showing more points of stress, Galaxy writes.

Thursday’s $1B flush was a warning that the return of leverage is cutting both ways.

Market Movers

BTC: Volatility has plunged across markets ahead of Jerome Powell’s Jackson Hole speech, with traders betting on September rate cuts, but some warn complacency could mask risks as BTC trades at $118,061.51, up 0.44%.

ETH: A record $3.8B in Ether is queued for unstaking with a 15-day wait, adding potential profit-taking pressure even as ETF and treasury demand surges, with ETH trading at $4,524.10, up 2.13%.

Gold: Gold is trading at $3,332.95, down 0.11%, as hotter U.S. inflation data cut Fed rate-cut bets and left XAU/USD consolidating above key $3,310 support ahead of Powell’s Jackson Hole speech.

Elsewhere in Crypto

  • Stablecoin Boom Has Made Crypto Ramps ‘Sexier’ M&A Targets, Says VanEck VC (Decrypt)
  • Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains (CoinDesk)
  • Gemini Hires Goldmans, Citi, Morgan Stanley and Cantor as Lead Bookrunners For its IPO (CoinDesk)



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August 18, 2025 0 comments
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