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first_img Google stated that the Willow chip reduces magical state errors by approximately 40 times

The Google Quantum AI team published a paper in Science, announcing that a technique called magic state cultivation reduces errors by about 40 times on the Willow processor, producing logical fidelity of 99.99% for T states. Magic states are one-time resources required to run useful quantum programs, consumed with each use; according to estimates cited by Google, the cost of producing magic states can account for up to 95% of a quantum computer's total capacity, leaving very limited space for actual computation.The previous standard approach was magic state distillation proposed by physicists Sergei Bravyi and Alexei Kitaev in 2004, which required a large number of qubit factories dedicated solely to this task. Google researchers proposed a cheaper cultivation route in 2024, which behaves more like a filter: injecting rough magic states into a small area of the chip, running a series of checks on them, discarding all attempts found to be defective, and allowing the passers to gradually expand. In the experiments, only about 8% of attempts passed all checks, meaning that more than 90% of attempts had to be discarded for each clean state retained.The cultivation technology is one of the supports for Gidney's 2025 estimate that RSA-2048 encryption could be broken by fewer than a million noisy qubits, a reduction of 20 times from the 20 million estimated in 2019. This experiment used up to 54 of the 105 qubits in Willow, with the paper noting that breaking the RSA-2048 key requires magic states with an error rate of about one in ten billion, which is about a million times cleaner than this result.

Institutional capital inflow coexists with market deleveraging, Gate continues to expand multi-asset trading capabilities

According to Gate's latest institutional weekly report, from September 21 to 27, the decline in oil prices and the easing of trade risks provided some support for U.S. stocks and crypto assets. However, the yield on the U.S. 10-year Treasury bond broke above 5%, and the high interest rate environment continues to put pressure on the valuations of risk assets. In terms of capital, the weekly net inflows for BTC and ETH ETFs were approximately $2.386 billion and $690 million, respectively, while the supply of stablecoins increased by about $1.59 billion, indicating a rebound in institutional capital and on-chain liquidity.The market trading structure remains differentiated. The weekly trading volume on Gate TradFi is about $100 billion, maintaining a high level overall; on-chain funds are further concentrated in structural opportunities such as USDC and SOL LST. In the derivatives sector, BTC rose 4.06% weekly, but the open interest across exchanges decreased by 12.81%, with funding rates turning negative temporarily, and options open interest significantly contracting, indicating signs of deleveraging in the market as prices rebound.Against the backdrop of continuous changes in capital flows and market structure, Gate institutions are continuously improving the multi-asset trading system, covering spot, contracts, stocks, ETFs, options, and other TradFi assets. They are also promoting API trading, cross-platform execution, and settlement collaboration based on infrastructures like OES and CrossEx, providing support for institutions to participate in cross-market trading and diversified asset allocation.

Magic Eden: Current open orders are not affected by this vulnerability; users in the EVM market from February to October 2024 need to revoke related contract authorizations

Magic Eden announced that the vulnerability occurred in the NFT trading protocol Payment Processor V2 maintained by Limit Break. Magic Eden adopted this protocol for EVM network transaction settlements in 2024 but stopped using V2 in October 2024 and will completely shut down the EVM market in the first quarter of 2026. Therefore, NFTs currently listed on Magic Eden are not affected by this vulnerability.NFTs listed through its EVM market between February and October 2024 may be affected, while listings after October 2024 are generally not impacted. The platform is contacting the protocol owner and maintainer Limit Break to explore other risk mitigation measures, including pausing protocol transfers, and will continue to investigate the actual scope of the impact.Magic Eden reminds users who have listed or traded NFTs on its EVM market to revoke relevant contract authorizations on the Ethereum, Polygon, and Base networks. Users can filter the address through revoke.cash and revoke all authorizations marked as "approved for all" for NFTs. Magic Eden emphasizes that revoking authorization cannot recover assets that have already been transferred.Yuga Labs' Vice President of Blockchain Quit stated today that at 9 AM Eastern Time, attackers exploited the Payment Processor V2 vulnerability to steal a large number of NFTs. After contacting the LimitBreak team, the latter quickly paused the similarly affected Payment Processor V3. However, V2 could not be paused, and V3 on ApeChain is also temporarily unable to be paused. Therefore, the team implemented a white-hat operation, successfully transferring and protecting 23,155 NFTs valued at over 5.7 million dollars.
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