Secret Network Proposes SCRT Migration to Arbitrum Amid Security Concerns
- Security Risk Warning: Secret Network highlights that older bridge code is increasingly vulnerable to attacks, particularly as AI advancements lower the cost of exploitation, prompting the decision to migrate SCRT from Cosmos to Arbitrum following a $4.7 million Axelar-Secret bridge exploit.
- Liquidity Pressure Intensifies: The network indicates that declining liquidity and fewer developers in the Cosmos ecosystem have rendered the original choice unsuitable, with current DeFi TVL at $1.32 million compared to $2 billion across Cosmos chains, illustrating a significant market shift.
- Snapshot Rules Established: SCRT holders must convert eligible balances to native or staked SCRT before the September 1 snapshot, as non-native or contract-held balances will be excluded from claims; if the proposal passes, SCRT Labs will cease official support for the Cosmos-based Secret L1 on the same date.
- Negative Market Reaction: SCRT holders have reacted poorly to the migration proposal, with CoinGecko data showing the token trading around $0.041, down approximately 25% in 24 hours and over 99% below its 2021 peak, reflecting market concerns regarding the proposal.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00719 | 0.0124 | 0.0168 | 0.022 | 0.0264 | 0.0316 | 0.036 |
| Fibonacci | 0.0124 | 0.0161 | 0.0183 | 0.022 | 0.0257 | 0.0279 | 0.0316 |
About AI
About the author
