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Pi Network’s token has surged 86% in value, reflecting strong market interest despite ongoing controversies.
Quick Take This is an excerpt from the 22nd edition of The Funding sent to our subscribers on Feb. 23. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Quick Take A recent proposal by the Arbitrum DAO’s recently-appointed Growth Management Committee has sparked backlash after recommending that 7,500 ETH be deployed to Lido, Aave, and Fluid, three decentralized finance protocols not native to Arbitrum. The proposal argues the selected protocols “represent safe applications that achieve conservative yield and strongly support ecosystem growth,” while critics argue the move signals that Arbitrum-native protocols are inferior. Should the proposal fail, the co
- 19:32US Media: Trump Administration Reviews Contracts with Musk’s CompaniesAccording to a report by Jinse Finance, citing US media on the 20th, after the relationship between US President Trump and billionaire Elon Musk broke down, the Trump administration has begun reviewing contracts between Musk’s Space Exploration Technologies Corp. (SpaceX) and various federal government agencies. The Wall Street Journal reported that the US General Services Administration has asked several government agencies, including the Department of Defense and NASA, to fill out forms detailing their cooperation with SpaceX and to assess whether industry competitors could perform the same tasks more efficiently. Preliminary assessments indicate that, due to SpaceX’s dominant position in rocket launches and low-Earth orbit satellite services, most government contracts would be difficult to terminate. Previously, Trump stated on social media that the simplest way to reduce federal spending would be to “terminate” government contracts signed with Musk’s companies. Musk had fully supported Trump in the 2024 US presidential election, but the two have recently had serious disagreements and public disputes over issues such as the “Build Back Better” tax and spending bill.
- 19:12RWA sector TVL surpasses $12.4 billionAccording to Jinse Finance, data from DefiLlama shows that the total value locked (TVL) in the Real World Asset (RWA) tokenization sector has reached $12.452 billion. Among them: BlackRock's BUIDL TVL stands at $2.598 billion; Ethena USDtb TVL is $1.456 billion; Ondo Finance TVL is $1.393 billion.
- 17:57James Wynn’s Long Positions in Ethereum and PEPE Have Accumulated $600,000 in Unrealized GainsAccording to ChainCatcher, on-chain data shows that James Wynn's 25x leveraged long position on Ethereum is now showing an unrealized profit of over $100,000, while his 10x leveraged long position on PEPE is showing an unrealized profit of over $500,000. The specific position details are as follows: 25x leveraged long position on Ethereum ($12,271,839.43), entry price $3,726.28, liquidation price $3,431.2; 10x leveraged long position on PEPE ($11,673,648.65), entry price $0.01358, liquidation price $0.012852.