Gm frENS. Happy Monday, cheers to a new week!
Rainbow announces its $RNBW token.
Vitalik writes about low-risk DeFi.
Sky Protocol activates an upgrade penalty.
BitMine holds 2% of the ETH supply.
Rainbow, a browser and mobile-based Ethereum wallet, introduced its native token $RNBW, expected to launch in Q4 2025, alongside new app features such as real-time pricing, balance updates, candlestick charts, and plans for Hyperliquid-powered perpetuals and a new game. Rainbow also published a public proposal to acquire Clanker, an AI-driven token deployment bot on Base. The proposal offers 4% of the total $RNBW token supply to $CLANKER holders, along with an airdrop of accrued CLANKER LP fees. However, Clanker’s developer, Jack Dishman, responded by stating that the Clanker team had already rejected Rainbow’s acquisition offer last week.
Ethereum creator Vitalik Buterin published an article over the weekend arguing that low-risk DeFi could play the same foundational role for Ethereum that search did for Google. Unlike speculative crypto, low-risk DeFi refers to safer, more stable, and transparent applications, such as payments, savings, and fully collateralized lending. Buterin emphasizes that low-risk DeFi is already helping sustain Ethereum’s economy while expanding global access to finance in a way that aligns with the cultural Ethereum values. Looking ahead, he envisions low-risk DeFi evolving into areas like undercollateralized lending powered by onchain reputation, prediction markets used for hedging strategies, and new forms of stable value.
Sky Protocol activated its delayed upgrade penalty, which imposes a 1% fee on MKR-to-SKY conversions. The penalty will increase by 1% every three months, aiming to incentivize users to upgrade their legacy MKR tokens to the new SKY governance token. The token migration process first began in May 2025, allowing holders to convert MKR at a fixed rate of 1 MKR = 24,000 SKY, as part of the MakerDAO rebrand to Sky. The new migration fees will accrue to the protocol, to be allocated by governance. Major exchanges, including Binance and Kraken, have already delisted MKR and auto-converted holdings to SKY.
BitMine Immersion Technologies announced that it now holds more than 2% of the Ethereum circulating supply. The company holds 2.4 million ETH, worth over $10 billion, making it the largest corporate holder of ETH by more than twofold. BitMine’s stock price has surged from $38 in early August to over $61 today. The company, chaired by Tom Lee, aims to acquire 5% of the total ETH supply. Total ETH in Strategic Reserves has surpassed 5 million, with ETFs holding an additional 6.81 million ETH.
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