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Solidity celebrates 10 years.
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GMX suffers an exploit.
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Tokenized RWA TVL hits $25b.
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SEC statement on tokenized securities.
Solidity, the most widely used language for developing smart contracts on the EVM, is celebrating 10 years since the release of its high-level programming language and compiler in 2015. Solidity enables developers to write contract logic that compiles into EVM bytecode. Marking the milestone, Solx, a new alternative Solidity compiler, launched its LLVM-based compiler to beta. Solx automatically spills variables into memory. Looking ahead, the Solidity team aims to simplify the core language and shift more complexity into standard libraries, paving the way for a leaner and formally defined language.
GMX, the second-largest protocol on Arbitrum by TVL, suffered a $40 million exploit on its V1 instance. An attacker manipulated leverage-enabled functionality by opening a large short position just before redeeming the protocol’s LP tokens. It artificially inflated the vault’s Assets Under Management (AUM), allowing the attacker to redeem more funds than the GLP was worth. The root cause was that the executeDecreaseOrder function accepted a smart contract as its first parameter, instead of restricting it to an externally owned account, enabling the attacker to execute arbitrary code and manipulate the vault’s internal state. GMX V1 forks are urged to disable leverage and restrict GLP minting.
The market capitalization of tokenized real-world assets (RWAs) has surpassed $25 billion. Over 58% of tokenized RWAs reside on the Ethereum mainnet. ZKsync is the second-largest network by RWA TVL with more than $2.2 billion in tokenized assets. BlackRock’s BUIDL fund is the largest tokenized RWA with $2.8 billion in TVL. According to data from rwa.xyz, the ecosystem includes 288,596 asset holders and 249 issuers. Meanwhile, stablecoin demand continues to surge, with the supply of stablecoins on Ethereum reaching an all-time high, reaching $131 billion in stablecoin market cap.
SEC Commissioner Hester M. Peirce issued a statement on the tokenization of securities, noting that while tokenized securities can enhance capital formation and asset use as collateral, they are still subject to federal securities laws. Peirce emphasized that tokenized instruments must meet the same legal requirements as traditional securities, and tokens could be classified either as distinct securities or as security-based swaps. Her statement follows Robinhood’s launch of Token Stocks, which are not yet available to U.S. users.
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