RISE ships first ecosystem apps on Socket-powered bridge
Socket is powering the bridge behind RISE's newly shipped first wave of ecosystem apps. RISE builders can plug into the integration, which routes users in from sources like Binance, Hyperliquid, cards, any token, and 50+ chains via Socket's one-API, zero-fee model.
Socket API enables 1:1 stablecoin swaps across USDC, USDT, PYUSD
Socket added support on the Socket API for swapping between USDC, USDT, and PYUSD at a 1:1 rate. The feature is aimed at payins, payouts, deposits, and treasury moves, so users send one stablecoin and land the equivalent fiat-pegged asset directly.
Socket API adds ultra-fast routing into Sui
Socket announced ultra-fast routing into Sui on the Socket API, letting Sui applications onboard users in under 10 seconds from sources like Binance, Hyperliquid, and EVM chains. The feature taps an advertised $300B+ in stablecoin liquidity with a 0 fee model for builders.
Socket API adds Fixed Output for deterministic cross-chain payments
Socket launched Fixed Output on its API to make cross-chain and cross-token payments deterministic. Rather than estimating how much arrives after fees and slippage, builders can now specify the exact amount they need to land and route around that guarantee.
Socket publishes chain abstraction whitepaper and introduces MOFA
Socket released its whitepaper detailing Modular Order Flow Auctions (MOFA), positioning itself as the first chain-abstraction protocol. The team demoed Magic Account by Zerodev — the first chain-abstracted app built on Socket — enabling a single balance across all Ethereum rollups.
Socket Protocol suffers $3.3M exploit via Bungee exchange approval vulnerability
An attacker exploited an incomplete user-input validation in a newly deployed SocketGateway contract, draining approximately $3.3M in USDT, USDC, MATIC, and DAI from users who had granted unlimited token approvals. The team paused affected contracts and disabled the vulnerable route.
Socket raises $5M strategic round co-led by Coinbase Ventures and Framework Ventures
Socket secured an additional $5M from Coinbase Ventures and Framework Ventures to deepen its interoperability work with Coinbase products including Coinbase Wallet and the newly launched Base layer-2 network.
Socket raises $5M seed round, rebrands from Movr Network, and launches Bungee
Socket (formerly Movr Network) announced a $5M seed round led by Framework Ventures with participation from Coinbase Ventures, Lightspeed, Mark Cuban, and others. Alongside the raise, Socket launched its liquidity layer for cross-chain asset transfers and unveiled Bungee, a bridge aggregator for end users.