KEYTAKEAWAYS
- Ethereum co-founder Vitalik Buterin proposed replacing the Ethereum Virtual Machine with the RISC-V architecture to increase zero-knowledge proof efficiency by 100 times while maintaining compatibility.
- Republican Senator John Kennedy doubts Trump can remove Fed Chair Powell, as Synthetix founder warns stakers to adopt new mechanisms to address sUSD's significant depegging from $1.
- Zora Layer 2 network announces April 23 token launch after completing two snapshots, while Solana meme token trading volume rises for three consecutive weeks, suggesting market recovery.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. AI16z Founder Confirms Token is Native to Auto.fun Platform
AI16z founder Shaw confirmed via social media that ai16z is the native token of the auto.fun platform.
2. Vitalik Buterin Proposes Replacing Ethereum Virtual Machine with RISC-V
Ethereum co-founder Vitalik Buterin proposed replacing the Ethereum Virtual Machine (EVM) with the open-source RISC-V instruction set architecture to significantly improve efficiency. In a post on the Ethereum Magicians forum on April 20, Buterin noted this change could increase zero-knowledge proof efficiency by 100 times while maintaining two-way compatibility with existing EVM contracts. The proposal aims to address Ethereum’s long-term expansion bottlenecks in data availability, block production competitiveness, and ZK-EVM proofs.
3. Whale Address Faces $17 Million Loss on OM Token
According to Lookonchain tracking, an address that withdrew 2.9 million OM tokens (worth approximately $18.7 million at an average price of $6.46) from Binance a month ago has deposited 1.72 million OM (worth about $1 million) back to Binance, suffering a floating loss of approximately $17 million.
4. Indian Supreme Court Rejects WazirX Hack Victims’ Petition
The Supreme Court of India rejected a petition from 54 victims of the WazirX hacking case, citing the lack of a clear regulatory framework for cryptocurrencies. The court stated it had no authority to intervene in such policy matters and suggested victims appeal to relevant regulatory authorities. The case involved user funds worth approximately $235 million. WazirX is currently undergoing court-supervised restructuring in Singapore, with users expected to recover only 45-50% of their losses at most.
5. Trump Posts About Gold as Prices Approach All-Time High
President Donald Trump posted on social media, “The golden rule of negotiation and success: He who owns the gold makes the rules.” He also stated, “Businessmen who criticize tariffs are not good at business, but what they are really bad at is politics. They don’t understand or realize that I am the best friend of American capitalism ever!” Following these comments, spot gold broke through $3,350 per ounce in early trading, approaching its all-time high with a 0.65% daily gain.
NOON NEWS
1. Republican Senator Doubts Trump Can Remove Fed Chair Powell
Republican Senator John Kennedy of Louisiana stated on NBC’s “Meet the Press” that he doesn’t believe President Trump has the authority to remove Federal Reserve Chairman Jerome Powell. “I think the Federal Reserve ought to be independent,” Kennedy said, suggesting that Trump and Powell should “sit down and have a hug and a cup of hot cocoa and work it out.” He added that Powell has “tiger blood” and will do what he believes is right to prevent inflation from spiraling. Powell, whose term runs until May 2026, previously said he wouldn’t resign if asked and recently stated that Trump’s tariffs could lead to higher inflation and economic slowdown.
2. Synthetix Launches Manual Staking Mechanism to Address sUSD Depegging
Synthetix founder Kain announced the launch of a manual staking mechanism to address the sUSD depegging issue, with a complete user interface expected within days. If the new mechanism proves ineffective, it will increase pressure on the 420 liquidity pool pledgers. Kain emphasized that the problem is controllable and called on SNX pledgers to actively optimize the incentive structure to restore the peg. According to CoinGecko data, sUSD is currently trading at $0.7719, indicating the depegging issue remains relatively serious.
3. Zora Announces Native Token Launch for April 23
Zora, an Ethereum Layer 2 network, has announced the launch of its native token, ZORA, scheduled for April 23, 2025. The network has completed two snapshots to determine initial token distribution: the first covering January 1, 2020, to March 3, 2025, and the second from March 3 to April 20, 2025. The token is expected to enhance the network’s functionality by providing a native medium of exchange, incentivizing development, and potentially attracting more users and projects to the platform. The success of ZORA will depend on market conditions, community support, and the platform’s ability to deliver on its promises.
4. Bitget Addresses Affected Accounts After Trading Incident
Xie Jiayin, Bitget’s Head of China Operations, announced on Twitter that the technical team is working to address affected accounts following a trading incident. Some accounts have already completed transaction rollbacks and resumed normal operations. Users who actively participated in VOXELUSDT contract transactions between 16:00-16:30 (UTC+8) on April 20 and suffered losses will receive compensation, while those liquidated due to account restrictions will be fully responsible.
5. Market Sentiment Diverges on Weekend Altcoin Performance
Greeks.Live analyst Adam posted on social media that market sentiment has diverged, with some traders optimistic about weekend altcoin performance, noting SOL has risen more than 10x from its bottom. Others warn this could be the “final frenzy.” Bitcoin’s key price level is in the $66,000-$67,000 range, which many traders believe is a concentrated stop-loss zone for short positions. SOL has been the best performer, while ETH has shown relatively weak performance, moving from its bear market bottom of $1,000 to the current $1,600.
EVENING NEWS
1. Solana Meme Token Trading Volume Rises for Three Consecutive Weeks
According to Dune data, trading volume of meme tokens on the Pump.fun platform has increased for three consecutive weeks, rising from $873.8 million in the first week of April to $1.3 billion. Simultaneously, the graduation rate of meme tokens has increased from 0.58% to 1.08%, reaching levels last seen in early February. This data suggests the Solana meme market may be recovering.
2. Synthetix Founder Warns SNX Stakers to Adopt New Mechanism or Face “The Stick”
Synthetix founder Kain Warwick issued a stern message to SNX stakers, urging them to adopt the protocol’s newly launched staking mechanism aimed at restoring sUSD’s dollar peg. In an April 21 post, Warwick warned that if voluntary participation fails, stronger measures may follow. The sUSD 420 Pool, introduced on April 18, offers stakers a share of 5 million SNX tokens over 12 months if they lock their sUSD for a year. Since early 2025, sUSD has faced repeated instability, falling to $0.68 on April 18 before recovering to $0.77. Warwick noted, “The collective net worth of SNX stakers is in the billions. The money to solve this is there—we just need to dial in the incentives.”
3. USDD 2.0 Supply Exceeds 350 Million
According to ChainCatcher, the official USDD announcement reveals that the total supply of USDD 2.0 has exceeded 350 million tokens, marking an important milestone that indicates rising adoption in the global cryptocurrency market. As a decentralized, over-collateralized stablecoin, USDD has gained favor from an increasing number of users and investors through its transparent mechanism and stable value performance. The USDD team stated they will continue focusing on technology optimization, expanding partnerships, and providing higher-quality decentralized financial services for global users.
4. Senator Lummis Discusses Bitcoin as Strategic Reserve for Debt Reduction
U.S. Senator Cynthia Lummis recently discussed using Bitcoin as a strategic reserve, suggesting that converting liquid assets into Bitcoin and holding them for 20 years could significantly reduce debt, potentially by half. She explained this model presents a promising approach to financial management and debt reduction.
5. Binance to Launch New Trading Pairs and Bot Services
According to an official announcement, Binance will launch ACH/USDC and GMT/USDC spot trading pairs on April 22, 2025, at 08:00 UTC, providing users with more trading options. Additionally, Binance will open trading bot services for several pairs at the same time, including spot algorithm orders for ACH/USDC and GMT/USDC, as well as spot grid and dollar-cost averaging for ALGO/USDC, CRV/USDC, and ENA/USDC.
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