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subtl daily briefing
Good morning, builders and investors. DeFi had its most consequential week in years — a LayerZero bridge exploit drained $293M from Kelp DAO in under an hour, triggering an industry-wide rescue effort and forcing a hard conversation about trust-based composability. Meanwhile, Google is doubling down on the AI arms race with a staggering $40B Anthropic investment, and SaaStr is sounding alarms on $46.9B in distressed PE-backed SaaS debt. Let's get into it.
In today's briefing
- 1.The DeFi Exploit That Rewrote the Rules
- 2.Google Bets $40B on Anthropic
- 3.The FDE Gap Splitting AI Agent Success
- 4.Samsung's Looming Smartphone Loss
- 5.x402's Unauthorized Wrapper Problem
- ⚡Quick hits on other news
Latest Developments
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Everything else in the news today
Bitmine purchased 10,000 ETH OTC directly from the Ethereum Foundation and is now staking over 70% of its holdings→
Grayscale staked an additional 102,000 ETH for its Ethereum Mini Trust, signaling institutional confidence in staking yields despite the DeFi turbulence→
Justin Sun sued World Liberty Financial in California federal court over frozen WLFI tokens, escalating his public feud with the Trump family's DeFi project→
Bitcoin held near $78K amid $10B in Deribit options settlement this week→
MegaETH locked in an April 30 TGE for its MEGA token after clearing its first KPI milestone→
Polymarket and Kalshi both announced plans to launch perpetual futures trading, moving prediction markets closer to traditional derivatives products→
X's standalone XChat iOS app launched with end-to-end encryption claims, though independent security researchers have publicly questioned the implementation→