Ethereum Plans Biggest Overhaul Since Merge as Bitcoin Breaks $63K

Ethereum co-founder Vitalik Buterin announces the network's largest upgrade since the Merge, aimed at overhauling the protocol. Bitcoin climbs past $63,000 as buying interest returns and on-chain metrics signal stabilization. DeFi suffers two exploits: Summer.fi loses $6 million in a flash loan attack, and Aave leads a coordinated industry response to contain a $292M shortfall from the KelpDAO hack.

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Vitalik Buterin says Ethereum is reinventing itself with the biggest overhaul since the Merge Ethereum co-founder Vitalik Buterin has declared the network is undergoing its most significant transformation since the Merge, focusing on scalability and efficiency improvements. The announcement comes as ETH trades at $1,776, up 1% on the day. 1

Bitcoin climbs past $63,000 as buying interest returns and on-chain metrics signal stabilization Bitcoin crossed the $63,000 mark amid renewed buying interest, with key on-chain indicators pointing to market stabilization after recent volatility. The crypto was trading at $63,163, while Ethereum slipped 0.5% to $1,770. 2

Aave leads DeFi United initiative to contain systemic risk from KelpDAO's $292M shortfall Following the April 18 exploit on KelpDAO, Aave has mobilized a coordinated industry response under 'DeFi United' to recapitalize the over 100,000 ETH deficit. Lido DAO has proposed up to 2,500 stETH in relief, and Aave founder Stani Kulechov personally pledged 5,000 ETH to stabilize the ecosystem. 3

DeFi yield protocol Summer.fi loses $6 million in flash loan attack on Lazy Summer vaults Summer.fi was exploited for approximately $6 million via a flash loan attack on its Lazy Summer vaults on July 6. The attacker manipulated vault accounting logic using a $65.4 million flash loan, causing the SUMR governance token to drop 18% and prompting an immediate protocol pause. 4