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XRP Ledger (XRPL) Update 2.4.0 Unveiled: New Features & Security Fixes

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Takeaways:

  • XRPL version 2.4.0 introduces key amendments and security enhancements.
  • A new subdomain has been added for a smooth transition to the new XRPL Foundation.
  • The update includes bug fixes, improved validator security, and API refinements.

The latest release of XRPL version 2.4.0 is now available, introducing significant updates to enhance network security and functionality. This version of rippled, the core server implementation of the XRP Ledger, brings in a set of amendments and improvements aimed at streamlining blockchain operations.

Among the major highlights are amendments like DynamicNFT, PermissionedDomains, and DeepFreeze, which expand the network’s flexibility and security. These changes improve transaction management and access controls within the XRP Ledger.

A key update in this release is the ability to mint mutable NFT objects, allowing changes to their associated metadata. This feature will help developers and businesses using XRP Ledger to create more dynamic NFT projects.

The DeepFreeze amendment now enables token issuers to halt asset transfers when necessary. Additionally, new security measures prohibit the transfer of liquidity pool tokens containing frozen assets.

Migration to the New XRPL Foundation

In line with the XRPL Foundation’s recent structural changes, a new subdomain has been introduced to support the transition. The new subdomain, unl.xrplf.org, will eventually replace the older vl.xrplf.org.

This staged migration ensures continuous network participation without disruptions. The latest release also updates the validators-example.txt file to include a new public key published by the XRPL Foundation, ensuring a seamless switch.

These changes allow validators and node operators to migrate without affecting network stability. The updates provide a structured approach to maintaining the integrity of the Unique Node List (UNL), preventing potential downtimes. Further details on this transition will be announced by the XRPL Foundation in upcoming updates.

Technical Improvements and Bug Fixes

The 2.4.0 release also includes technical improvements and bug fixes. A new simulated API method allows users to test transactions before executing them, improving reliability. Additional logging features have been introduced to enhance transparency in network validations and proposals.

Bug fixes address previous issues, including those related to validator votes, Windows compatibility, and transaction flag errors. Code optimizations improve performance by reducing unnecessary processes, while improved ledger security enables validators to set minimum agreement levels for trusted nodes.

These updates reinforce the XRP Ledger’s efficiency and reliability. By refining transaction processing, security protocols, and developer tools, this release continues to enhance XRPL’s role as a scalable and secure blockchain network.

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Ripple Co-Founder Chris Larsen Loses $150M in LastPass Hack

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  • Chris Larsen lost $150M after a LastPass security breach in 2022.
  • Stolen XRP moved to exchanges; law enforcement froze portions.
  • Larsen clarifies the hack only affected personal XRP accounts.

Chris Larsen, the co-founder of Ripple, lost approximately $150 million worth of crypto in January 2024. The theft occurred after his private keys were compromised due to a breach of LastPass, a popular password management system. Internet security expert ZachXBT confirmed the link between the hack and the 2022 LastPass breach.

Ripple’s Larsen Loses $150M in LastPass Hack

In a forfeiture complaint filed by U.S. law enforcement, it was revealed that Larsen had stored his private keys in LastPass. This led to unauthorized access to his personal XRP accounts in early 2024. Although Larsen confirmed the incident, he did not initially disclose the cause of the theft.

ZachXBT had earlier reported that over 213 million XRP, valued at $112.5 million, had been stolen. The stolen funds were quickly moved to multiple crypto exchanges, including Binance, Kraken, and OKX. Law enforcement intervened shortly after the theft, as some exchanges froze portions of the stolen funds.

Larsen clarified that the hack affected only his personal accounts, not Ripple’s corporate wallets. However, the attackers managed to launder and convert much of the stolen XRP before it could be seized. However, a large portion remains unaccounted for despite efforts to track and recover the stolen funds.

The LastPass breach, which occurred in 2022, exposed sensitive data such as customer keys, API tokens, and MFA seeds. Attackers used this data to access and steal crypto assets from multiple individuals. The stolen funds were later converted to other cryptocurrencies like Ethereum and Bitcoin.

ZachXBT has been actively monitoring these incidents and tracking the stolen funds. In December 2023, he reported that attackers associated with the LastPass breach had stolen over $5 million from various victims. In January 2024, the total losses related to the breach had reached approximately $250 million.

Security of Crypto Wallets

Many individuals like Larsen now consider the safety of using password management systems following the breach. Larsen’s loss highlights the risks of storing private keys and sensitive data on centralized platforms. However, experts still believe that such tools may still be safer than managing passwords manually.

Furthermore, ZachXBT highlighted that XRP addresses linked to Larsen still hold huge amounts of XRP. Larsen’s addresses are believed to contain over 2.7 billion XRP, worth more than $7 billion. These addresses have remained inactive for several years, raising questions whether Larsen has lost access to them.

The Ripple co-founder’s breach serves as a stark reminder of the importance of secure storage practices in the cryptocurrency industry. Although security measures like multi-factor authentication and encryption are commonly used, they are not foolproof. Crypto users must continue to be vigilant to protect their assets from similar threats.

Reddit Founder’s TikTok Rescue Plan With Blockchain

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  • Reddit’s Ohanian ‘s on-chain TikTok bid! Users own data, creators own audience, and blockchain integration.
  • Reddit’s blockchain dilemma: Public company status hinders on-chain vision, unlike TikTok.
  • Reddit’s crypto holdings: Bitcoin and Ethereum for financial management, no other digital assets.

Alexis Ohanian, co-founder of Reddit, announced that he plans to acquire TikTok’s US operations, aiming to bring the platform’s operations “on-chain.” Ohanian envisions a TikTok where users own their data and creators control their audience, principles he believes are essential for the future of digital communities.

Ohanian emphasized that “Frequency” will materialize these principles, fostering transparency and accountability. He promises a “GREATER” TikTok, built for the people, by the people. This move aligns Ohanian’s career-long commitment to betting on the future, starting with Reddit and continuing with his venture capital firm, Seven Seven Six.

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Reddit Founder's TikTok Rescue Plan With Blockchain 2

Exciting news for the digital world… I’m officially now one of the people trying to buy TikTok US — and bring it on-chain. TikTok has been a game-changer for creators, and it’s future should be built by them

Ohanian believes in empowering creators and users, a stark contrast to the current centralized model. He believes TikTok has been a “game-changer” for creators, but its future should be built by them. By integrating blockchain technology, Ohanian aims to shift ownership and control back to the users.

Reddit’s Blockchain Betrayal? Why Ohanian’s Turning to TikTok

This announcement has sparked debate, particularly given Reddit’s own complex relationship with blockchain. While the social media firm has a digital assets team and previously rolled out digital collectible avatars, there are indications that the platform might be sunsetting these initiatives. This raises the question of why Ohanian isn’t focusing on bringing blockchain to Reddit instead.

However, as Twitter user @0xDith pointed out, its status as a publicly traded company likely brings significant regulatory hurdles for blockchain integration. In contrast, acquiring TikTok would offer a cleaner slate for Ohanian to implement his on-chain vision.

As for cryptocurrencies,  the social media giant earlier disclosed the allocation of allocating a portion of its surplus cash reserves to Bitcoin and Ethereum and used ETH and MATIC as payments for sales of certain virtual goods, according to the S-1 filing. But as of 2025, it holds no other digital assets other than Bitcoin and Ethereum for financial management purposes.

Base Unveils New Tech to Speed Up and Simplify On-Chain Operations

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Key Takeaways:

  • Base introduced Flashblocks, Base Appchains, and Smart Wallet Sub Accounts to enhance on-chain efficiency.
  • Flashblocks significantly speed up block confirmation times to 200 milliseconds.
  • Base Appchains and Smart Wallet Sub Accounts aim to simplify scalability and user experience.

Base, a leading Ethereum Layer-2 network, has rolled out three innovative building blocks to streamline on-chain activity. These include Flashblocks, Base Appchains, and Smart Wallet Sub Accounts. Each of these solutions is designed to improve transaction speeds, scale decentralized applications, and simplify user interactions.

Flashblocks redefine finality in transactions by bringing down block confirmations to just 200 milliseconds from 2 seconds. This makes the network the fastest EVM chain to date. In return, its Appchains offers Layer-3 infrastructure to support high-traffic apps with guaranteed backspace and lower fee payments.

Smart Wallet Sub Accounts elevate this user experience to yet another level by allowing wallet management in an instant with no unnecessary pop-ups or frequent logins.

The network aims to construct an efficient and accessible in-chain economic system. All these achievements lead the network closer to making its vision of enabling long-term builders to solve real-world problems through blockchain a reality.

Flashblocks: Making Base 10x Faster

Speed is key in blockchain applications, and the network is taking the lead with Flashblocks. This was developed in collaboration with Flashbots to have near-instant confirmations in transactions. Flashblocks minimize delays by taking advantage of partial blocks published every 200 milliseconds to gain greater efficiency.

Inspired by Celestia squares of data and shreds of Solana, Flashblocks uses advanced block propagation techniques to obtain finality in an efficient manner. Users can expect faster response to transactions with native revert protection to ensure an enhanced experience on-chain.

Flashblocks can now be used live in the network Sepolia testnet with future deployments to be done in Q2. Developers can test the system in advance before integrating it into their apps.

Base Appchains and Smart Wallet Sub Accounts

Base Appchains introduce Layer-3 scalability solutions created to cater to high-utilization apps. Defined by the op-enclave framework, these Appchains have dedicated block space, gas price adjustability, and better performance. Blocklords and Metacade have already committed to launching their own Appchains to elevate game experience.

Smart Wallet Sub Accounts have been deployed live to the network testnet to aid in seamless management of multiple accounts with fewer frictions, fewer pop-ups, and better security. It has spending limits and hierarchical ownership to aid in efficient payments. Base Appchains and Sub Accounts both launch in Q2 to aid in scalability and user experience.

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THORChain Faces Crisis as Top Validator Warns of Security Threats

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Key Takeaways:

  • THORChain validator TCB revealed he played a role in halting ETH transactions to stop Bybit hackers from laundering funds.
  • Chief developer Pluto announced his resignation, signaling internal challenges within the network.
  • TCB warned that the situation had escalated beyond crypto, becoming a national security issue.

THORChain, a decentralized liquidity network, is facing internal turmoil after key figures within its ecosystem raised concerns over its security vulnerabilities and governance structure.

TCB was part of three verifiers who were responsible for suspending Ethereum transfers in THORChain who came forward to expose that the process was to prevent stolen money laundering by North Korea-related hackers through the system. This was preceded by an explosive announcement that the issue had crossed blockchain to border an area related to national security.

Pluto, THORChain’s lead developer, further fueled the situation, announcing his resignation. Pluto revealed in an X post that he was not working on the project anymore but was assisting Nine Realms, an integral part of the THORChain crew, in making things easier during the transition.

In response, TCB was dissatisfied with the network’s governance, citing that its decentralized status was an illusion. TCB maintained that a select number of entities in North America controlled most THORChain infrastructure and user flow.

Contrary to the network’s foundational beliefs, he revealed that key individuals in this decentralized-branded venture can shape major decisions.

Censorship and Centralization Debates

One of TCB’s key criticisms was the network’s refusal to embrace stricter transfer screening. He asserted that while infrastructure providers and wallet integrations have been censoring in practice, it was still facilitating illicit transfers in the guise of being decentralized.

He employed Chainflip, an alternate between-blockchains system, to demonstrate that this can be done by providing additional security without breaching core blockchain principles.

TCB suggests that THORChain is vulnerable to regulatory crackdowns in the style of Tornado Cash unless it changes, citing an emerging divide between compliance hawks and crypto purists. TCB described that THORChain is limited by complexity in accommodating new validators compared to thousands of Ethereum and Bitcoin validators. As fewer entities translate to increased vulnerability to regulation.

The Future of THORChain

The point is whether THORChain is to adjust to greater regulatory scrutiny or to keep proceeding in its current trajectory, risking jeopardizing itself in the process. As TCB threatens to depart himself unless solutions are put in motion in short order, the protocol is in an unknown future.

For now, THORChain is in this in-between phase where future moves will decide whether it can endure these tests or prove to be yet another cautionary tale in this emerging decentralized finance era.

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Sonic Chain’s TVL Soars 10x as Airdrop Frenzy Fuels DeFi Boom

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Key Takeaways:

  • Sonic chain’s activity rebounded sharply in February after a slow start in January.
  • A 200M S token airdrop has driven massive engagement and TVL growth.
  • The chain’s long-term traction remains uncertain beyond the incentive phase.

SonicLabs, also known as Fantom, picked up speed with its launch in December with the Sonic chain. Transactions initially increased before dropping as much as 50% in late January. The last two weeks, however, experienced a dramatic turn with on-chain activity spiking once again.

This aligns with the network’s aggressive inducements. In January, the team conducted a $200 million Sonic token airdrop that is linked with a points-based reward system.

Participants are awarded points from a range of activities, which involve holding whitelisted tokens, investing in DeFi, as well as transacting with select decentralized apps. The airdrop campaign experienced a high level of participation as users rush to earn points in a bid to claim a slice of the airdrop.

Sonic TVL Growth Driven by Incentive Farming

The impact of the network’s incentive program is evident in its DeFi ecosystem. The chain’s largest decentralized apps (dApps) have seen a surge in total value locked (TVL), largely due to users’ farming points. The top three apps, Beets.fi, SiloFinance, and ShadowOnSonic, have developed a synergistic relationship for point farming.

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Users are locking in S tokens as stS on Beets.fi, lending out stS as S on SiloFinance, as well as providing liquidity in the S/stS on ShadowOnSonic. The strategy is fueling a massive increase in liquidity. ShadowOnSonic alone experienced a 10x growth in TVL in February as Sonic gained more adoption.

One key contributor in that surge is high multiple points on a few liquidity pools. The two highest paying pools, i.e., scETH/WETH (12x) and USDC.e/scUSD (22x), have experienced a massive amount of money flowing into them.

This increased liquidity also fuelled Sonic’s price appreciation, with over 50% appreciation in S token in the last 30 days. The appreciation in S token in turn supported TVL in USD, which worked towards growing the network footprint in DeFi.

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Uncertainty Over Long-Term Adoption

While growth is impressive, whether its momentum can be sustained is in doubt. A high amount of recent activity is due to the airdrop campaign, and whether users will continue once these are no longer in play is uncertain. The same trend is observed in other ecosystems, as activity declines once reward programs are shut down.

Also, more optimistic sentiment in the overall market will have likely increased Sonic’s success. The recent altcoin spike in prices will have encouraged users towards speculation on new possibilities. In case market conditions reverse or reward decreases, the network will likely have a tough time in maintaining its position.

Related Reading | SEC Closes Investigation Into Gemini Marking a Shift in Crypto Regulation

Ondo Finance Introduces Tokenized Assets to Mastercard’s MTN

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  • Ondo Finance becomes first RWA provider on Mastercard’s MTN.
  • Partnership enables faster, seamless B2B transactions via blockchain.
  • Tokenized U.S. Treasury fund offers 24/7 liquidity without intermediaries.

Mastercard has entered a strategic partnership with Ondo Finance to expand its blockchain initiative. This collaboration integrates Ondo Finance into Mastercard’s Multi-Token Network (MTN), a platform designed to connect traditional financial institutions with digital assets. The partnership aims to enhance the speed and efficiency of business transactions .

Mastercard Partners with Ondo Finance

The collaboration will see Ondo Finance become the first provider of real-world assets (RWA) on the MTN. Ondo’s tokenized U.S. Treasury fund (OUSG) will be the first such asset introduced on this network. This initiative aims to improve liquidity, transparency, and 24/7 access to tokenized assets, facilitating seamless business transactions without the limitations of conventional banking hours.

Mastercard’s decision to integrate Ondo Finance follows a growing adoption of blockchain solutions in modern financial systems. Traditional payment methods are often slow due to manual processes and intermediaries that delay transactions. In contrast, blockchain offers real-time processing and operates continuously which eliminates time zone constraints and enhances efficiency.

Ondo Finance Spearheads Tokenization of Real World Assets

Ondo Finance focuses on the tokenization of traditional financial assets, such as securities and gold. The tokenization process helps to streamline asset management by eliminating the need for centralized intermediaries and outdated infrastructures. It also allows investors to access more flexible and automated systems, aligning with the growing trend of decentralized finance.

The tokenization of assets like stocks and exchange-traded funds (ETFs) is expected to grow rapidly in future. Experts anticipate that blockchain-based assets will become mainstream sooner than anticipated, opening up new opportunities for investors. Tokenized assets promise greater liquidity and transparency, offering benefits that could reshape the financial landscape.

Market impact of the Partnership

The MTN infrastructure will enable businesses to access Ondo Finance’s tokenized assets with no need for additional crypto accounts. This ease of access is expected to improve cash management for businesses. Ondo’s integration with the MTN provides firms with instant access to tokenized assets without waiting for traditional banking settlements.

Moreover, the partnership enables cross-border transactions since MTN addresses the complexities of global financial systems. Mastercard and Ondo Finance emphasize that their integration will reduce friction in global commerce and improve settlement times. The move towards blockchain-based financial transactions marks a significant shift in how digital assets will be managed, traded, and utilized.

The collaboration between Mastercard and Ondo Finance reflects a growing trend of blockchain adoption in traditional banking. It seeks to integrate tokenized financial instruments into mainstream financial systems. The partnership positions both companies as leaders in the future of decentralized finance.

Avalanche Foundation Launches Visa Card for Seamless Crypto Payments Worldwide

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  • Avalanche Card lets users spend AVAX, USDT, USDC, and wAVAX at Visa-accepted locations.
  • The card targets Latin America, Southeast Asia, and Africa for crypto adoption growth.
  • Avalanche Card integrates with it’s wallet for seamless crypto-to-fiat transactions.

The Avalanche Foundation and Rain unveiled the Avalanche Card, a Visa credit card that permits cryptocurrency-based purchases. Multiple digital assets function on the Avalanche Card, including the native token AVAX alongside Wrapped AVAX (wAVAX), USDT and USDC. Users of the Card can now spend their crypto without troublesome conversions since the card operates through any Visa-authorized business or online platform.

The Avalanche Card operates as a solution that connects cryptocurrency to traditional financial systems by making it effortless for users to spend digital assets in daily purchases. Users can now use their digital currency holdings directly through the card, which streamlines transactions between digital currency holders and various real-world vendors in the market.

Targeting Key Markets for Expansion

The Card debuts its first release in markets where cryptocurrency interest is rapidly surging, including Latin America, Southeast Asia and Africa. The Foundation marked these geographical areas as primary locations for adoption because they show continuous growth in their adoption rate of digital assets. While experiencing economic instability and inflation many people in certain regions depend on cryptocurrencies to safeguard their capital.

Users in regions without adequate banking structures can easily access the card to perform transactions. The Card users gain access to secure payment capabilities that let them bypass payment platforms and directly use their crypto assets. Avalanche has extended its network into these regions because it strives to bring DeFi accessibility to a wider range of users.

Seamless Integration with Avalanche’s Ecosystem

Through the integrated solution, users can enjoy seamless connectivity from the Card to it’s own on-chain cryptocurrency wallet. Avalanche integrates wallets to permit users to transfer funds directly from their self-managed wallets which creates dedicated payment addresses for each digital asset. Cryptocurrency fans benefit from the card because it provides straightforward possibilities to manage their digital assets.

The Foundation declares that the card is part of its overall approach to fostering decentralized finance adoption by the mainstream market. The simple payment method works to establish digital assets as standard components of everyday financial operations. John Wu, who leads Ava Labs, described the card as a tool for enhancing crypto transactions by providing a bank card like experience.

Tariffs vs. Crypto: Balaji Says Smart Contracts Will Win

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  • Former A16Z investor Balaji Srinivasan says tariffs could hurt the U.S. economy but drive global adoption of crypto.
  • Smart contracts may soon replace cross-border agreements as trust in traditional economic policies erodes.
  • The shift from fiat to crypto is accelerating as economic uncertainty pushes capital into decentralized systems.

U.S. tariffs are back in the limelight but Balaji Srinivasan, former A16Z investor and crypto advocate, believes they could weaken the economy but could accelerate global crypto adoption by pushing more financial activity on-chain. With rising nationalism and economic protectionism, global capitalism will transition to decentralized, trustless smart contracts, making crypto the ultimate winner.

Srinivasan explained that tariffs trigger price rise faster than production can recover, and reshoring industries is significantly harder than building them from scratch. Meanwhile, the U.S. continues to profit from money money-printing business, making domestic manufacturing far less attractive.

Tariffs
Tariffs vs. Crypto: Balaji Says Smart Contracts Will Win 6

However, the real beneficiaries of rising tariffs may not be domestic industries but the crypto sector. Srinivasan believes that as trust in traditional economic policies declines, businesses and investors will look to blockchain-based solutions for cross-border transactions.

“Because internationalist capitalism will move onchain, even as nationalism and socialism gain ground offline. Because the only truly binding cross-border contracts will soon be smart contracts. And because you might not be able to trust a country’s economic promises, but you can trust cryptography’s mathematical guarantees,” he stated, emphasizing how decentralization provides mathematical guarantees that traditional economies cannot.

Code vs. Tariffs: Balaji’s Bold Prediction Comes True?

The argument aligns with predictions made in 2021 when Srinivasan forecasted a shift toward a code-based financial order. He reiterated that while tariffs historically coincided with U.S. industrial expansion, they are unlikely to reverse economic decline. “If the U.S. can print a dollar with 100% margin, why sell a screw for 1% margin, even with a tariff?” he questioned.

While some users pushed back, questioning whether tariffs could ultimately benefit the U.S., Srinivasan remained firm. He acknowledged both sides of the debate but argued that the real shift is happening on-chain. As fiat-based economies struggle with inflation and protectionist policies, the crypto sector is poised to absorb capital fleeing traditional financial systems.

Balaji’s statement comes as Trump unleashed tariff bombshell—25% on Canada and Mexico—sparked a crypto meltdown, wiping out over $110 billion from the market. Bitcoin slid below $89K, and altcoins crashed, as trade war fears rattled investors.

With the rise of decentralized finance (DeFi) and the ability to trade assets trustlessly, Srinivasan’s warning make sense—moving away from traditional economies and securing their wealth in crypto.

Uniswap in Crisis? Governance Rift Sparks $42M Budget Slash Debate

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Key Takeaways

  • Calls for Unichain funding cuts could save up to $42.5M, exposing governance concerns.
  • Uniswap v4 adoption remains slow despite development incentives.
  • Competitor Fluid DEX is rapidly gaining market share amid Uniswap’s internal struggles.

Uniswap’s governance is facing fresh scrutiny after a crypto enthusiast, PEPO, called for an immediate halt to Unichain funding. In a viral post, PEPO highlighted that Unichain operates under Optimism Governance rather than Uniswap’s DAO, raising questions about financial oversight.

PEPO outlined a potential cost ceiling of a maximum of $42.5 million in the removal of the Unichain funding, with costs categorized under infrastructure, DeFi collaborations, compensation, and rewards. The disclosure has fueled debates on whether the DAO in the network still exercises considerable oversight over the spending in their system.

The controversy stems from Unichain’s development, which proceeded without explicit DAO approval. Now, with a $150 million funding request on the table, skepticism is growing over its long-term value to the network’s governance structure. Some DAO members are arguing that such capital would serve better in the core system of Uniswap than in sponsoring a program with autonomous functioning.

Uniswap v4 Struggles Amid Stakeholder Misalignment

Uniswap’s latest upgrade, v4, was billed to revolutionize. Despite having over 150 smart contract hooks produced in the aftermath of a hackathon, however, there is slow adoption. The highest performing v4 hook has only been able to lock in a modest $3 million in TVL, and there are uncertainties over whether the upgrade has found a product-market fit.

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Crypto researcher DMH identified that the inefficiencies in the governance in the network are hampering innovation. He said there are a variety of important players here, venture capitalists, the Foundation, the DAO, and Uniswap Labs that are acting with differing agendas and not allowing Uniswap to have a cohesive strategy.

This fragmentation has hampered driving adoption on v4 or deriving clear benefits with Unichain, vindicating skepticism over the future growth trajectory of the network.

Fluid DEX Gains as Uniswap Stumbles

While the network is grappling with issues around governance, rivals are capitalizing. One such player is Fluid DEX, whose market share on Ethereum has been increasing steadily from 7% to 16% since the introduction of Uni v4.

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The project’s lead developer stated Fluid’s next-gen DEX v2 is set to be the most advanced decentralized exchange yet and is set to top the highest trade volumes in the next year. Fluid’s explosive expansion puts pressure on the network’s efforts to tackle its issues with governance.

By focusing on optimizing resource usage and optimizing product development, Fluid has been able to drive innovation with a fraction of the capital spent on the network. Amid internal disalignment within Uniswap, competitors like Fluid are chipping away steadily at its market share in decentralized exchanges.

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