Aave is rallying the DeFi ecosystem under a coordinated effort it’s calling “DeFi United” to help make users whole after the April 18 Kelp bridge exploit left rsETH — a liquid restaking token — underbacked, putting funds at risk across multiple lending markets.

Aave announced on X today, April 23, that “multiple strong indicative commitments are now in place” to join the recovery effort, with Lido Finance named as the first public participant.

The announcement came just after Lido contributors submitted a governance proposal to contribute up to 2,500 Lido Staked Ether (STETH), worth appoximately $5.7 million, to the dedicated relief fund “to be used solely to reduce the rsETH deficit.”

Per Lido’s proposal, the total deficit exceeds 100,000 ETH, and both Aave and Lido noted that there are already indicative commitments from other service providers for the fund.

Without full coverage, Lido warns that EarnETH vault depositors could face losses of up to approximately 9,000 ETH.

Earlier today, Aave also announced on X that it had paused rsETH reserves across Ethereum Core, Arbitrum, Base, Mantle, and Linea to support recovery efforts.

Aave said in its X post that further commitments will be announced as they are formalized.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Pi Network has introduced PiRC1, a new token issuance framework launched under Protocol 22 on April 22, that bars projects from issuing tokens unless they can first demonstrate a functioning application with real user demand, a direct attempt to filter out speculation-driven launches from the ecosystem.

Pi Network launched PiRC1, its Token Design Framework, on April 22 as part of the Protocol V22 upgrade. As HOKANEWS.COM reported, the core principle of PiRC1 is straightforward: only applications that demonstrate genuine use cases and tangible user demand within the Pi ecosystem will be eligible to participate in token issuance. The framework is designed to address one of the crypto industry’s most persistent problems, the proliferation of low-value tokens created primarily as speculative instruments rather than functional components of a real digital economy.

Pi Network PiRC1 Token Issuance Framework Sets a New Standard for Ecosystem Projects

Under PiRC1, no project can launch a token without first having a working application. Token proceeds do not go directly to project teams but are instead routed into permanent liquidity pools, anchored to Pi Coin as the ecosystem’s foundational currency. This design separates fundraising from direct project control, introducing a structural safeguard that prevents teams from pulling liquidity after launch, a pattern that has caused widespread losses across Web3. Pi’s network of KYC-verified users adds an additional accountability layer, since developers and users operate under verified identities rather than anonymously. As crypto.news reported, PiRC1 was released alongside a new PiRC2 document opening the subscription smart contract model to technical review and community feedback. PI traded at approximately $0.1687 as of April 23, with a $1.73 billion market cap and a 24-hour volume of $11.17 million.

How PiRC1 Fits the Broader Protocol Upgrade Roadmap

PiRC1 was introduced under Protocol V22 as a direct follow-on to the V21 and V21.2 network upgrades that strengthened Pi’s infrastructure and prepared it for smart contract readiness. Protocol 22 also carries an urgent node deadline: as crypto.news tracked, Mainnet node operators must upgrade to Protocol 22 by April 27 to remain connected to the network. The next major milestone is Protocol 23, expected in May 2026, which will introduce full smart contract functionality for developers. Together, the PiRC1 token framework and Protocol 23 smart contract tools represent what Pi Network is framing as the transition from a mining-focused network to a structured Web3 ecosystem capable of supporting real commercial applications.

What PiRC1 Means for PI’s Market Position

Pi co-founder Chengdiao Fan first introduced PiRC1 as a proposal in late February, emphasizing that tokens should function as tools within applications rather than as stand-alone financial instruments. The framework’s open review period on GitHub and Google Forms gave the developer community a chance to shape the final design before it launched. As crypto.news documented, PI’s market trajectory in 2026 has been heavily dependent on whether the network’s technical milestones translate into actual on-chain usage. Each prior roadmap release has been treated largely as a sell-the-news event by the market. Whether PiRC1 changes that dynamic will depend on how many developers build functioning applications under the framework and how quickly user engagement on those apps becomes measurable.

Pi Network said it plans to continue expanding the PiRC1 framework with feedback from its developer community, and has flagged Protocol 23 smart contract support as the next major technical deliverable expected in May.

Everyone on a liquidity route in Bitcoin’s Lightning Network wants the same rebalance of funds to happen, but none of them wants to be the first person to pay.

The tenuous impasse is a classic Mexican standoff.

When this situation occurs, Lightning node operators can neither pay nor not pay first without harming themselves, so nobody moves, and nobody wins. It has been a recurring problem for years.

After almost a decade of tools and research chasing this problem, the network’s routing nodes remain locked in a standoff that quietly erodes routing reliability of bitcoin (BTC).

The Lightning Network, Bitcoin’s largest layer 2 network with no connection to an altcoin, has a structural bias toward channel depletion.

That is, money tends to flow in one direction along channels from senders toward structural receivers, such as merchants receiving BTC who deliver goods and services to customers.

Routing nodes are left with channels that are stuffed with BTC on one side and depleted of BTC on the other. A channel that cannot send in both directions is effectively half-broken for routing purposes. 

Lightning’s total capacity set a fresh all-time high of roughly 5,600 BTC in December 2025, but that surge arrived almost entirely through institutional deposits from Binance and OKX into existing channels. Year-to-date data tells a different story.

BTC capacity from December’s high above 5,600 has declined to 4,884 today, and payment channels have declined from more than 80,000 in mid-2023 to about 45,000 today, nearly halving as liquidity consolidated into lopsided channels on a shrinking graph.

The cheapest fix is the one nobody will start

René Pickhardt, one of the network’s most prolific routing researchers, wrote that most channels “are expected to be depleted over time, primarily due to selfish routing behavior within the current protocol design.”

By his accounting, any given payment link has roughly a coin-flip chance of avoiding long-term depletion.

Researchers have described the embarrassingly simple yet elusive solution. 

Presenting several nodes sitting on a circular payment path connected to one another by payment channels and all lopsided in the same direction, each could push BTC around the loop and finish a complete cycle with healthier channels as a result.

Everyone would benefit if everyone cooperated at the same time.

The problem, as with every Mexican standoff, is who pays first. 

Routing BTC over Lightning costs money. Whichever node kicks off the rebalance owes routing fees to every other hop on the loop. If they wait, other nodes can receive their rebalancing for free and pocket the fee.

Although every node operator on the ring would benefit most as a collective if they all pushed BTC around for a single sending plus a single receiving fee — i.e. for nearly free in net — each operator also has the rational choice to wait for someone else to send first so they can collect without sending.

Wait for someone else to move first. It is a Mexican standoff.

• XRP price held support near $1.40 and could eye a retest of $1.50.
• Bitcoin and Ethereum continued to dictate sentiment.
• Cryptocurrencies are showing upside potential despite geopolitical headwinds.

XRP is positioning for a crucial retest of the $1.50 resistance level, buoyed by broader upside signals across the cryptocurrency market.

As Bitcoin stabilizes above $78,000 and Ethereum holds near $2,300, XRP’s price around $1.40 reflects relative stability in today’s trading.

BTC and ETH holding current levels could help reinvigorate capital flows, with top altcoins likely to follow despite ongoing geopolitical uncertainties.

XRP price holds support

As noted, XRP held above key support at $1.40 on Thursday, with a slight uptick to intraday highs signaling a potential move back toward $1.50.

While prices were down about 1.8% at the time of writing, trading volume had also declined by 11%, suggesting bulls are absorbing selling pressure rather than capitulating.

XRP climbed to highs of $1.45, showing resilience as Bitcoin reclaimed $78,600 and Ethereum touched $2,350.

Cryptocurrencies have broadly held key levels despite geopolitical headwinds, including tensions in the Middle East.

“This month’s sustained rebound reflects capital inflows. If macroeconomic pressures bottom out by mid-year, Bitcoin’s bottom will also be confirmed,” analysts at Greekslive wrote on X.

On-chain data points to reduced selling pressure, with whale accumulation increasing in recent weeks. This stability suggests buyers are regrouping and could challenge overhead resistance if momentum continues.

XRP price outlook

XRP’s broader outlook remains tied to movements across risk assets, including recent outflows from crypto ETFs.

Macro factors—such as Federal Reserve hawkishness and equity market pullbacks—could amplify downside risks. If Bitcoin weakens, XRP is likely to follow.

Lingering geopolitical uncertainty, including limited progress from the US-Iran ceasefire, could further weigh on sentiment.

That said, institutional and retail interest remains supportive. Ripple’s ongoing partnerships and expansion in payments adoption continue to underpin fundamentals.

Despite delays in a spot XRP ETF launch, analysts believe Ripple could still attract sustained capital inflows.

Technical setup signals breakout potential

From a technical perspective, a potential cup-and-handle pattern is forming on the daily chart.

The “cup” base developed between $1.10 and $1.65 over the past month, with the handle consolidating in the $1.40–$1.50 range.

A decisive breakout above $1.50 could open the path toward $1.80. However, XRP has struggled to regain momentum after falling below the $2.00 level.

Failure to break resistance may see the token revisit lower support levels around $1.30 or even $1.20, last seen in early April.

Going forward, investors are likely to watch macroeconomic data and geopolitical developments closely for direction.

TLDR

• Bitmine staked about $320 million worth of ETH within 24 hours through Coinbase Prime.
• The company now generates yield on more than 70% of its total ether holdings.
• Onchain data shows Bitmine has staked roughly 3.5 million ETH valued at about $8.1 billion.
• Reports indicate that Bitmine may hold up to 5.08 million ETH if recent wallet transfers are confirmed.
• Bitmine controls over 4.1% of the total ether supply and targets 5%.

Bitmine expanded its Ethereum staking position after moving about $320 million worth of ETH within 24 hours. The company now generates yield on more than 70% of its total ether reserves. Onchain trackers reported fresh transfers to Coinbase Prime as Ethereum traded at $2,317 on Thursday.

Bitmine increases Ethereum Staking Allocation Through Coinbase Prime

Bitmine transferred about 75,600 ETH to Coinbase Prime for staking on Thursday morning. Onchain data from Arkham Intelligence recorded the transaction. The move followed a separate transfer of more than 61,200 ETH on Wednesday.

Blockchain analytics platform Lookonchain flagged the transactions in a public update. It stated that Bitmine has now staked around 3.5 million ETH. That amount equals roughly $8.1 billion and represents about 70.1% of its overall holdings.

Lookonchain also reported that three new wallets likely tied to Bitmine received 100,000 ETH. The tokens carried an estimated value of $234 million before Thursday’s staking activity. Bitmine has not yet confirmed ownership of those wallets.

If confirmed, Bitmine would hold about 5.08 million ETH in total. That level would extend its lead over SharpLink. SharpLink currently holds about 868,699 ETH.

As a result, Bitmine controls more than 4.1% of the total ether supply. The firm has stated a target of reaching 5% of supply. Recent purchases align with that objective.

On Monday, The Block reported that Bitmine bought over 100,000 ETH in the prior week. Chairman Tom Lee said he sees ether in the “final stages of the ‘mini-crypto winter.’” He commented while discussing the firm’s acquisition strategy.

Ethereum Price Declines as Bitmine Advances Treasury Strategy

Ethereum traded at $2,317 on Thursday, reflecting a 3.5% daily decline. The token ranked as the largest loser among the top 20 cryptocurrencies by market value. The broader crypto market also showed weakness during the session.

In March, Bitmine announced plans to migrate its ether treasury to MAVAN. The company launched MAVAN as its in-house staking platform last month. However, recent staking allocations continue to move through Coinbase Prime.

Bitmine has projected nearly $300 million in annual staking rewards once it completes the migration. The estimate relies on a 2.83% seven-day staking yield. The company has not provided a timeline for full migration.

Bitmine’s stock, trading under BMNR, has declined over the past six months. Shares traded near $22 on Thursday. The price reflects a 55% drop since October.

BMNR has tracked Ether’s roughly 50% decline during the broader crypto market drawdown. The company continues to expand its ether holdings despite market pressure. Its latest transfers mark the most recent treasury update.