Track market-moving stories before they get noisy

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Bonk Guy: PONS buyback is severely undervalued by the market, will continue adding positions during pullbacks.

Renowned trader Bonk Guy posted that PONS has seen sustained revenue growth recently, with daily income staying above $1.3 million to $2 million for most of the past week, and not dropping below $1.1 million for seven consecutive days. Meanwhile, PONS’ buyback wallet has accumulated nearly $3 million so far; these funds will be used to repurchase PONS via Time-Weighted Average Price (TWAP), and the wallet’s fee replenishment rate is currently outpacing its fund consumption rate. 100% of PONS’ generated fees are allocated to repurchases and token burns. PONS’ actual market cap is likely significantly lower than its Fully Diluted Valuation (FDV). At the time of posting, its price stood at around $0.736, translating to an FDV of roughly $736 million. However, since PONS’ launch, approximately 30% of its token supply has been repurchased and burned via fees, bringing its actual market cap closer to $515 million. Additionally, PONS hit an all-time high of ~80% market share on Robinhood Chain yesterday, holding between 75% and 80% for most of the past week. The platform also set a new all-time high for daily token issuance, peaking at 28,560 tokens in a single day, with around 27,600 new tokens launched over the past 24 hours. PONS is benefiting from the growth of the Robinhood Chain ecosystem and has established itself as the chain’s leading Launchpad. Bonk Guy noted that PONS currently boasts daily revenue of $1 million to over $2 million, nearly $3 million in buyback funds, ~30% of its supply burned, no VC unlock pressure, and strong early community support. Comparing PONS to PUMP, he argued its current actual market cap remains attractive. Traditional finance quant trading networks are also starting to take notice of PONS, calling it a potential “most tradable asset of this cycle”. He expects sustained buying during market pullbacks and is bullish on its market cap eventually reaching the multi-billion-dollar level.

3 minutes ago

Iran claims to have seized "the world's most advanced intelligent unmanned submarine", with US authorities yet to confirm.

According to Iran's Tasnim News Agency, the Navy of Iran's Islamic Revolutionary Guard Corps (IRGC) claimed it captured a U.S. unmanned underwater vehicle (UUV) at the entrance to the Strait of Hormuz early local time today and brought it back to Iran. The IRGC Navy stated that the vessel is "one of the most advanced intelligent unmanned submarines in the world", was delivered to the U.S. Navy in 2025, and seized at "a complex facility". The IRGC will release photos of the UUV within hours. The claim has not yet been confirmed by U.S. officials.

3 minutes ago

Polymarket launches its in-app social feature Squads.

Prediction market platform Polymarket today announced the launch of Squads, a new social feature for its US version of the Polymarket app. Squads provides an exclusive communication space for friends, where users can discuss markets, share their prediction selections, and trade directly with friends on Polymarket. The feature brings market discussions that originally took place in group chats onto the Polymarket platform, centralizing conversations and actual trading in one place to make it easier for friends to jointly participate in and experience prediction markets.

3 minutes ago

Venice (VVV) market capitalization breaks through $2.7 billion, hitting an all-time high.

According to GMGN market data, Venice (VVV) has hit an all-time high market capitalization of over $2.7 billion, with a 24.69% 1-hour price increase, and is currently trading at $23.89. Per a July 1 report, Venice AI completed a $65 million Series A funding round led by Dragonfly Capital.

3 minutes ago

The premium of BNC4 crypto stock over the underlying BNC share has narrowed sharply to 12%.

According to GMGN data, the BSC-based coin-stock BNC4 has fallen 27.07% in the past hour, trading at $5.3. Per BIT (bit.com) market data, US stock BNC is now priced at $4.72. The premium of the coin-stock over its underlying stock has narrowed sharply. Note: 4Stock originated from the "stock meme" narrative launched by Four.meme. It first rolls out 4Stock underlying assets linked to stock assets, then allows the community to issue meme coins using these assets as the pool. BNC4 is the first 4Stock coin-stock, pegged 1:1 to the BNC stock of the corresponding BNB Treasury Company, with the meme coin "4Stock" tied to the BNC4 pool. BlockBeats reminds users that most meme coins lack practical use cases, are highly volatile, and investors should exercise caution.

3 minutes ago

An Ethereum OG whale sold 11,023 ETH, worth approximately $27.23 million.

According to Lookonchain's monitoring, roughly an hour ago, an Ethereum OG whale sold 11,023 ETH via Wintermute, valued at approximately $27.23 million.

3 minutes ago

ZEC rises above $1200, hitting an all-time high.

According to HTX market data, privacy token ZEC (Zcash) has surged sharply to break through $1200, hitting an all-time high. It is now trading at $1193, with a 24-hour gain of 17.8%.

21 minutes ago

Bitwise: The correlation between Bitcoin and gold has risen to its highest level since 2020, while its correlation with US stocks has fallen to a one-year low.

André Dragosch, Head of European Research at Bitwise, published a report stating that Bitcoin’s 90-day rolling correlation with gold has risen to its highest level since 2020, while its correlation with the Nasdaq 100 index has fallen to a one-year low. Meanwhile, Bitcoin remains significantly negatively correlated with the U.S. Dollar Index. In August, U.S. long-term Treasury yields climbed, leading Treasury Secretary Besent to intervene in the market by expanding long-term Treasury repurchase operations. After this move, Bitcoin surged 22.4% in a single week, marking its largest weekly gain since March 2024; gold rose roughly 5% over the same period, while stocks dropped. The last time Bitcoin’s correlation with gold hit such a high was after governments rolled out fiscal and monetary stimulus during the 2020 COVID-19 pandemic. Bitcoin and gold remain distinct assets, but as macroeconomic pressure and currency devaluation risks grow, investors are increasingly holding both as hedges, with Bitcoin recently acting as a more volatile proxy for gold. If this correlation trend persists, Bitcoin could enter a larger capital pool led by central banks, sovereign entities, and asset allocators, and face repricing.

21 minutes ago

Robinhood Chain has generated over $20 million in revenue this week, with cumulative revenue exceeding $28 million.

According to DefiLlama data, Robinhood Chain’s weekly revenue has reached $21.49 million, hitting an all-time high. Its cumulative revenue now stands at $28.76 million.

21 minutes ago

Robinhood's ecosystem token PAIR has seen its market cap surge past $40 million, hitting an all-time high.

According to GMGN market data, PAIR, the native token of pair.fund — Robinhood’s token launch platform — has surpassed $40 million in market capitalization, hitting an all-time high. It is currently priced at $40.06 million, with a 24-hour gain of 420% and trading volume of $19 million over the same period. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.

21 minutes ago

Robinhood acts as the landlord, Ethereum as the security: An Arbitrum (ARB) Layer 2 has pushed mainnet settlement fees to nearly zero.

According to DefiLlama data, amid the meme token hype, Robinhood Chain generated $2.61 million in protocol revenue yesterday, with a 7-day total of $22.45 million. As an Ethereum Layer 2 (L2) built on Arbitrum Orbit, Robinhood Chain is required to allocate 10% of its net protocol revenue to the Arbitrum ecosystem. Over the past seven days, Arbitrum, which provides the underlying tech stack, has received around $2.48 million, split between its DAO and developer fund. Meanwhile, Uniswap, a decentralized exchange (DEX) on Robinhood, brought in $609,234 in protocol revenue yesterday, with a 7-day total of $3.36 million. Notably, Ethereum mainnet, as the settlement layer, saw negligible revenue: per growthepie data, Robinhood Chain paid just $1,270 in settlement fees to Ethereum mainnet yesterday, totaling $3,550 over the past seven days. This has sparked widespread debate in the crypto community. Prominent DeFi researcher Ignas pointed out that this structure—where platforms rake in massive profits while the settlement layer receives almost nothing—raises questions about whether this poses a problem for Ethereum. He noted that Ethereum may currently be using low fees to onboard TradFi players into its ecosystem, planning to increase charges once user migration costs become sufficiently high. If Ethereum’s official roadmap does include a strategy of first attracting a large number of L2s, then monetizing Layer 1 (L1) after switching costs rise, this could be positive for ETH, though such an approach is not currently outlined in Ethereum’s roadmap. Arbitrum co-founder Steven Goldfede responded that Robinhood chose Arbitrum to act as a landlord, not a tenant: controlling its own sequencer and keeping most fees for itself.

21 minutes ago

According to news reports, a trader paid 40.8 BNB in node bribe fees and Gas fees to front-run the purchase of the token Hakimi, netting a profit of $378,000.

According to on-chain analyst Yu Jin Monitoring, a news-driven trader scooped up the Hakimi token within one second of Binance releasing its contract listing announcement. The trader paid a total of 40.8 BNB (≈$31,000) in node bribes and gas fees, then sold most of his position to net roughly $378,000 in profit. The announcement was published at 13:55:12; within that same second, the trader paid 35.3 BNB (≈$26,800) in bribes to the BNB48 Club node, used a private RPC channel to buy 9.89 million Hakimi tokens for 264.7 BNB (≈$200,000) at an average price of ~$0.02 per token, plus an extra 5.5 BNB (≈$4,200) in gas fees. After other traders piled in to drive up the token’s price, the news-driven trader sold most of his position in batches at an average of ~$0.058 per token.

21 minutes ago

In brief Electoral Commission records published Thursday show that Ben Delo gave Reform £1 million on April 17 and £3 million on April 30. The payments made up 75% of the £5.33 million Reform accepted in donations, where no other gift reached £200,000. Delo has now given £8 million this year, second only to billionaire Tether investor Christopher Harborne. BitMEX co-founder Ben Delo has given Reform UK a further £4 million, taking his donations to Nigel Farage's party to £8 million this year, according to Electoral Commission records published Thursday.

The money came as two cash payments, received on April 17 and April 30 and accepted the next day. Together they made up 75% of the £5.33 million Reform took in donations, and were the two largest single gifts to any British party in the quarter.

Reform out-raised Labour, which accepted £3.59 million, though the Conservatives reported more overall. Christopher Harborne, the Thailand-based Tether stakeholder who has given Reform £15 million since the last election, gave nothing to any party.

Since March, donors have needed 12 months on the UK electoral register to give more than £100,000 a year. A Reform source told The Guardian the party is confident it will not have to hand back Delo's £4 million, raising the possibility he was registered for longer than assumed.

Myriad: Where does Bitcoin price go next? Click to make your prediction.Cash, not cryptoNone of it was paid in cryptocurrency. Britain banned crypto political donations in March, and Reform was the only major party accepting them. Neither Delo's nor Harborne's money has taken that form.

Delo pleaded guilty in 2022 to violating the Bank Secrecy Act over anti-money laundering failures at BitMEX, before U.S. President Donald Trump pardoned him and the exchange's fellow co-founders Arthur Hayes and Samuel Reed in 2025. Writing in the Telegraph in April, Delo called the case "a regulatory failing that isn’t even a crime in the UK."

BitMEX itself is winding down. Owner HDR Global Trading said in July that the exchange, which Delo co-founded in 2014 and no longer runs, closes on September 23 after a strategic review.

The donation lands as Reform's funding faces wider scrutiny. Farage's aide Dan Jukes and policy chief James Orr stepped down on Friday, hours before the party conference opened, after Channel 4 aired footage of them arranging for a supposed U.S. company—in fact controlled by undercover journalists—to fund £32,500 of party polling.

Farage said Reform had "taken no illegal money," blamed "loose pub talk" by two men not authorized to act as they did, and ordered an internal investigation. The Electoral Commission says it is in touch with the Metropolitan Police, which has not opened an inquiry. The Parliamentary Commissioner for Standards is separately weighing whether Farage should have declared Harborne's £5 million personal gift.

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BitMEX co-founder Ben Delo has supplied £4 million ($5.4 million), or about 75%, of the £5.3 million raised by Reform UK during the second quarter of 2026.

Summary

Ben Delo gave Reform UK £4 million through two donations made in April. Delo’s contributions accounted for about 75% of the party’s second-quarter funding. Reform UK raised more than Labour and the Conservatives from April through June. President Donald Trump pardoned Delo and two other BitMEX co-founders in March 2025. Ben Delo supplied most of Reform UK’s Q2 funding Electoral Commission records published on Sept. 3 showed that Delo made two cash donations to Reform UK in April, giving the party £1 million and £3 million in separate transactions.

Together, the contributions accounted for roughly three-quarters of the £5.3 million that Reform reported between April and June. The total was equivalent to about $7.1 million based on the exchange rate cited by Reuters, while Delo’s share was worth approximately $5.4 million.

Reform collected more private donations during the quarter than Britain’s governing Labour Party and the opposition Conservatives, Reuters reported. Labour received about £3.6 million, while the Conservatives raised £2.8 million.

Responding to the figures, Reform credited its funding to support from British business owners.

“We are delighted to be supported by successful British entrepreneurs as we continue to build for the next general election,” the party said in a statement cited by Reuters.

Delo, who co-founded the crypto derivatives exchange BitMEX, announced in 2026 that he was returning to the UK from Hong Kong. Reuters reported that he said he wanted to enter politics “to save Britain before decline becomes irreversible.”

Having donated another £4 million during the first quarter, Delo has now given Reform £8 million in 2026. In June, crypto.news reported that Delo and crypto investor Christopher Harborne had supplied £7 million of the party’s first-quarter total.

Reform raised £9.3 million in that period, according to Electoral Commission figures cited by Reuters. Delo contributed £4 million, while Harborne provided slightly more than £3 million.

Reform UK’s crypto-linked donations face scrutiny Harborne, previously Reform’s largest financial backer, did not report a contribution to the party during the second quarter. The British-born investor lives in Thailand and holds a stake in stablecoin issuer Tether.

His absence followed the UK government’s plans to limit political donations from British citizens living abroad to £100,000 per year. Reuters reported that Harborne had registered to vote in the UK, although the proposed rules have placed renewed attention on how overseas donors qualify to fund domestic political parties.

Delo’s return to Britain could affect how the rules apply to his future contributions. The Guardian reported that Reform believes he meets UK donor requirements, which generally depend on a person appearing on an electoral register or meeting another permitted-donor category.

The party’s funding has also drawn attention because of its leader Nigel Farage’s financial links to Harborne and George Cottrell, another figure connected to the crypto sector.

A parliamentary inquiry is examining whether Farage failed to declare a £5 million personal gift from Harborne under House of Commons rules. Farage has said the money was an unconditional personal gift intended to pay for security and did not need to be entered in the parliamentary register.

Reform has also said the payment complied with the applicable rules. Political opponents have disputed that position, and Parliamentary Standards Commissioner Daniel Greenberg opened an investigation into the matter.

In July, Farage resigned as an MP and sought a new mandate from voters in Clacton while the inquiries remained active. He later returned to Parliament after winning 63.34% of the vote, or 22,239 ballots, in the resulting by-election.

His return allowed parliamentary officials to resume their examination of the £5 million payment and other support associated with Harborne and Cottrell. Farage has denied wrongdoing and said he complied with the relevant disclosure requirements.

UK lawmakers have questioned crypto political donations Political funding linked to the digital asset industry has led some UK lawmakers to call for tighter donation controls. The debate has focused on whether crypto transactions make it harder for authorities to identify the original source of political funds, particularly when assets pass through several wallets or services.

In February, Labour MP Matt Western called for a temporary ban until the Electoral Commission produced statutory guidance. His proposal included source checks, the use of platforms registered with the Financial Conduct Authority, and restrictions on funds connected to crypto mixers.

As previously covered in February, Western warned in a letter to the government that the existing system lacked a clear national enforcement lead for political finance and foreign interference risks.

The government introduced a moratorium on political donations made in cryptocurrency in March, according to an earlier report covering the policy. Labour lawmakers later considered making the restriction permanent as questions continued over crypto-linked funding received by Farage and Reform.

Neither Delo’s second-quarter contributions nor Harborne’s earlier donations to Reform were reported as cryptocurrency transfers. Electoral Commission filings identified Delo’s April payments as cash donations, meaning the debate over crypto funding also covers the political role of wealthy people whose fortunes came from the digital asset industry.

Farage had previously positioned Reform as receptive to crypto. During the Bitcoin 2025 conference in Las Vegas, he announced that the party would accept digital asset donations, making it the first major Westminster party to adopt such a policy.

Trump pardoned Delo after his BitMEX conviction Delo’s record in the United States provides a direct connection between Reform’s latest donor figures and American crypto enforcement. He was one of three BitMEX co-founders charged over the exchange’s failure to maintain an adequate anti-money laundering program.

The U.S. Department of Justice said Delo pleaded guilty in February 2022 to violating the Bank Secrecy Act. Prosecutors alleged that BitMEX had operated without the anti-money laundering controls required for a company serving customers in the United States.

Under his plea agreement, Delo accepted responsibility for failing to establish, implement, and maintain the required compliance program. A federal judge sentenced him to 30 months of probation, and he agreed to pay a $10 million criminal fine representing financial gains tied to the offense.

Arthur Hayes and Samuel Reed, the other BitMEX co-founders charged in the case, also pleaded guilty to Bank Secrecy Act violations. Each agreed to pay a $10 million fine, while former BitMEX executive Gregory Dwyer later entered a guilty plea and accepted a $150,000 penalty.

President Donald Trump granted full pardons to Delo, Hayes, and Reed in March 2025. The clemency ended the remaining federal consequences attached to their convictions but did not erase the fines they had already paid under their plea agreements.

The BitMEX pardons followed other clemency decisions involving people tied to the U.S. crypto industry. Trump had pardoned Silk Road founder Ross Ulbricht in January 2025 after Ulbricht served more than a decade of a life sentence.

Latest NewsPublishedSep 3, 2026

The UK political party and its leader, Nigel Farage, have accepted contributions from figures tied to the crypto industry, raising questions about potential influence on policies.

Records from the UK’s Electoral Commission showed that BitMEX co-founder Ben Delo’s contributions to the country’s Reform party made up about three-quarters of the $7.3 million it received in the second quarter of 2026.

As of Thursday, the Electoral Commission showed that Delo had made two separate contributions to Reform UK of 1 million and 3 million pounds — about $1.3 million and $4 million, respectively — in April. While the political party also received significant contributions from entities and individuals between April and June 2026, Delo’s donation amounted to 74% of all funds reported in the second quarter.

Source: UK Electoral Commission

Nigel Farage, leader of Reform UK, is currently under investigation after receiving millions of dollars’ worth of donations and gifts from two figures tied to the crypto industry: Christopher Harborne and George Cottrell. The UK lawmaker resigned his position as a member of parliament in July amid the crypto scandal, triggering a controversial by-election that Farage won 63% of the vote, ahead of satirical candidate Count Binface.

The contributions tied to the crypto industry have raised questions from many lawmakers about the influence of digital assets on UK politics. In July, Labour MPs were reportedly considering that a moratorium on crypto donations imposed in March be made permanent in response to what Farage called “gifts” from Harborne and Cottrell.

Delo also contributed $5.3 million to Reform UK in the first quarter of 2026.

BitMEX co-founders pardoned by US president last yearDelo was one of three figures tied to cryptocurrency exchange BitMEX who pleaded guilty to federal charges in the US related to violations of the Bank Secrecy Act. While he agreed to pay a $10 million fine in 2022, the BitMEX co-founder did not serve time in prison. He and his colleagues Arthur Hayes and Samuel Reed received a pardon from US President Donald Trump in March 2025.

Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead

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MARSCOIN rallied over 40% in a short period following its listing on Binance's derivatives contracts.

According to GMGN market data, MarsCoin (MARSCOIN) experienced a rapid short-term rally driven by news of its listing on Binance derivatives contracts. Its market capitalization once climbed to around $69.74 million, and as of press time, MARSCOIN’s market cap stands at approximately $65.05 million, with a 24-hour increase of 44.38%.

2 minutes ago

HashKey Exchange will launch FDUSD today, restricted to professional investors only.

According to official announcements, HashKey Exchange has announced the listing of the First Digital USD (FDUSD) token, which is restricted exclusively to professional investors. Users can now deposit and withdraw funds via the Ethereum ERC20 network. The spot trading pairs FDUSD/USD, BTC/FDUSD, and ETH/FDUSD will go live at 16:00 (UTC+8) on September 1, 2026.

2 minutes ago

Gemini 3.8 Flash: Coming Tomorrow? Reports Claim Production Deployment Completed

Beating AI Flash News: Gemini 3.8 Flash is reportedly set to launch imminently. Leaker lyra claims gemini-3.8-flash has completed deployment and will release "tomorrow". Last week, Business Insider obtained internal screenshots showing Gemini 3.8 Flash Preview on Google’s internal coding platform Jetski. A testing employee noted the model is significantly better than Gemini 3.7 Flash. Gemini 3.8 Flash’s internal codename is skimaki. The update primarily addresses issues exposed by Gemini 3.7 Flash while reducing generic, verbose "AI fluff". Notably, Gemini 3.7 Flash launched as recently as August 13, with the gap between the two versions being less than three weeks.

2 minutes ago

Binance will list MARSCOINUSDT perpetual contracts with up to 20x leverage.

According to an official announcement, Binance Futures will launch the MARSCOINUSDT perpetual contract at 09:45 UTC on September 1, 2026, with a maximum leverage of 20x. MarsCoin is a meme token built on BNB Chain, which distributes SPCXB (a tokenized stock asset) to its holders. The contract’s specifications are as follows: minimum trade size of 1 MARSCOIN, minimum notional value of 5 USDT, funding rate cap of +2%/-2%, settlement every 4 hours, support for multi-asset margin mode, and 24/7 trading. Contract copy trading will be available within 24 hours of the contract’s launch.

2 minutes ago

Runway has launched an App World Model that enables users to generate full app interfaces directly without any coding.

Insight | Beating AI News Flash: Runway Releases World Model Solaris That Directly Generates App Interfaces Traditionally, when using AI to develop apps, the process usually involves first generating HTML, CSS, and JavaScript, then having the browser render the code into an interface. Solaris skips this step entirely: the entire interface users see is a real-time generated output from the model. Solaris is modified from Runway’s Gen-4.5. When users click, drag, or input text, these actions become conditions for generating the next frame. A language model determines what should happen next on the interface, and Solaris renders it in real time. Pages, buttons, and interaction states do not need to be hard-coded in advance. Runway also conducted a comparative test between Solaris and code-generated interfaces from Claude Opus 5. 250 participants tested 30 interaction groups, producing nearly 7,500 evaluations. For "completing operations as instructed", 61% chose Solaris, while 24% chose Claude; for naturalness, the ratio was 71% to 21%. Solaris is currently still a research preview, far from replacing real apps. Since each frame is generated in real time, its cost remains higher than that of ordinary web pages. Text stability, long-term interface consistency, and accessibility support also remain unresolved challenges.

2 minutes ago

Hong Kong stocks closed, with the Hang Seng Tech Index down nearly 1.5% and MINIMAX falling nearly 4.2%.

According to Bitget market data, after the Hong Kong stock market closed, the Hang Seng Index fell 0.928%, the Hang Seng Tech Index dropped 1.493%, and MINIMAX-W declined 4.183%.

2 minutes ago

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Kuaishou: Beijing Keling signs an affiliation agreement with the National Artificial Intelligence Fund and Chia Tai Robot.

Kuaishou released an announcement stating that on August 31, 2026, Beijing Keling entered into capital increase agreements with the National Artificial Intelligence Fund and CITIC Robot respectively. Per the agreements, the National Artificial Intelligence Fund and CITIC Robot will each act as additional investors in the deal, injecting RMB 1.4 billion in cash and approximately $19.29 million (equivalent to around RMB 131.45 million) into Beijing Keling respectively.

10 minutes ago

The yield on the 5-year U.S. Treasury note rose to 4.5%, marking its highest level since January 2025.

The yield on the US 5-year Treasury note rose to 4.5%, its highest level since January 2025.

10 minutes ago

Bill Gates: Will not invest in cryptocurrency, skeptical of 'frenzy-driven assets'

Microsoft co-founder Bill Gates, during an interview when asked if he would diversify his assets into currencies or assets other than the U.S. dollar, said: "I would not choose cryptocurrency. I am a well-known skeptic of assets driven purely by hype. I missed out on gold. I think generally, a basket of stocks is the best long-term investment, ideally a globally balanced portfolio of stocks."

10 minutes ago

Cronos chain has resumed block production, with its chain state rolled back to before the Tectonic exploit.

Cronos Network has officially announced that it has resumed block production and full operation. Prior to this, Cronos suspended block production following a vulnerability exploit incident involving the Tectonic protocol. Validators implemented emergency consensus measures to protect user funds, rolling back the chain state to a point before the Tectonic exploit on August 30. The network resumed block production at 23:49:01 UTC on August 30, starting from block height 90,896,189. Cronos noted that node operators can now restart their nodes using Cronos v1.7.8 and the latest mainnet snapshot. The network remains under continuous monitoring, with some protocols, RPC providers, block explorers, and cross-chain bridges expected to take longer to fully recover. Cronos added that its team will release a full incident review report once network stability is confirmed.

10 minutes ago

Mediatek: Alphabet Participates in $3.9 Billion Overseas Convertible Bond Offering

MediaTek stated that Alphabet (GOOG.O), one of its long-term artificial intelligence infrastructure partners, participated in the company’s record $3.9 billion overseas convertible bond offering.

10 minutes ago

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BitMEX co-founder Arthur Hayes delivered a blunt message to investors following a sudden market surge, telling Crypto Banter host Ran Neuner that avoiding risk assets right now would be foolish.

His comments came just after the US Treasury moved to double the size of its debt buybacks.

Note: Arthur Hayes recent crypto trading actions have been anything but examplarary. BeInCrypto published an extensive analysis of his publicly known wallets. KOL comments and discussions shouldn’t be considered as investment advice.

What Triggered Hayes’s Bullish CallSoft yield curve control refers to central bank or Treasury actions that cap bond yields without formally announcing a fixed target, injecting liquidity through indirect market intervention. Hayes described the buyback expansion in exactly those terms.

“You’re an idiot if you’re not long stocks, long gold, long Bitcoin, long the market,” Arthur Hayes said, linking the Treasury’s actions directly to renewed liquidity-driven gains.

Treasury Secretary Scott Bessent announced the expansion targeting longer-dated Treasuries. Markets had been testing the 5% level in 10-year yields, a threshold many view as unsustainable for US debt servicing.

By increasing buybacks, the Treasury effectively capped yields, injecting liquidity much like previous interventions under Janet Yellen.

Hayes argued that when governments suppress bond yields artificially, private capital flees fixed income in search of scarce alternatives.

“That’s why markets ripped gold, Bitcoin stocks, right? This is the the Yellen put if you want to call it that. Uh she started this. Um, funny at the time, you know, he wasn’t this treasur treasury secretary then. You know, Scott Bessent had a lot of choice words for how moronic it was that uh Janet Yellen was issuing so much debt at the short end,” Hayes explained.

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He drew a parallel to the Bank of Japan’s decade-long experiment with yield-curve control, arguing that capped yields inevitably push capital toward equities, gold, and Bitcoin.

Why Hayes Sees This as the Start of a PatternThe immediate market reaction validated his view. The 30-year Treasury yield fell, Bitcoin broke above key moving averages near $70,000, equities rose, and altcoins turned sharply green.

Hayes called the move a recognition that authorities will keep intervening to defend debt sustainability, creating a series of liquidity injections over time rather than a single event.

With the Federal Reserve holding rates steady to support Treasury operations and additional tools, such as expanded repo facilities, still on the table, Hayes sees the policy bias as firmly pro-asset prices. He added that Trump’s focus on a strong stock market further aligns those incentives.

While acknowledging that part of Bitcoin’s sharp move reflected a short squeeze, Hayes stressed a deeper structural shift: governments now prioritize debt defense over free-market pricing of yields.

“The balance sheet expands infinitely because the market say, ‘Oh, you want to you want a capul 5%? Yours. Here are all these bonds. I want equities. I want gold. I want Bitcoin. I want anything that has a scarce supply if you’re going to create more dollars to artificially manipulate these yields.” BitMEX co-founder noted.

Bitcoin (BTC) Price Performance. Source: BeInCryptoIn that environment, he argued, holding cash or staying under-allocated to equities, gold, and Bitcoin becomes the riskier choice. Hayes said he remains heavily positioned, having stayed risk-on for weeks with significant exposure to both Bitcoin and Ethereum.

His words, which also touched on his new project Flop Labs, underscored a simple thesis for the current regime: stay long scarce assets while authorities keep printing and intervening.

“I mean, I’ve been riskon for a, you know, a few weeks now. I mean, we pumped a lot into Ethereum, bought some Athena, bought some Ethery. So, we’re pretty much at probably maximum risk, I would say, right now, uh, given our holdings and so, you know, just sitting back and watching the number go up on the screen. So, it’s nice,” Hayes said.

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Short-term funds take profits, Bitcoin inflow to Binance hits new high since February.

Crypto analyst Darkfost noted in a post that Bitcoin has rallied more than 23% cumulatively over the past three days. As prices surged rapidly, signs of profit-taking began to surface, with roughly 53,000 BTC flowing into major exchanges—of which about 17,800 BTC was transferred to Binance. Notably, all of the 17,800 BTC that entered Binance came from short-term holders, especially investors with positions held for less than a day. By contrast, long-term holders who have held BTC for over six months did not send any BTC to Binance. This indicates the current round of inflows is driven primarily by short-term speculative funds, not structural selling by long-term holders. Data shows this marks the largest BTC inflow to Binance since February 2026. Back in February this year, short-term holders went through a notable market capitulation. Now, short-term funds are once again moving in and out of exchanges on a large scale, reflecting a sharp rise in speculative trading activity. These brief, sudden capital flows are also pushing crypto market volatility back up.

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Yilihua: Remains bullish, weekend adjustments won’t alter the trend, strongly advises against short selling

Liquid Capital (formerly LD Capital) founder Yilihua stated in a post that he remains bullish, noting the weekend’s minor price adjustment was merely shorts taking advantage of low liquidity to stage a small resistance move, which does not alter the overall trend. He strongly advises against shorting, recommending closing long positions once the price reaches a certain level, as corrections typically occur at periodic stages.

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The ETH iron-headed bulls successfully completed a T trade and plan to submit another order to buy back 10,000 ETH.

On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that the diehard bull address holding a long position of 120,000 ETH closed out 40,000 ETH at an average price of $2,513 this morning, generating a profit of $9.897 million. Another address linked to the same entity has resumed adding to its long position, having already acquired 9,021 ETH, with pending orders indicating plans to add another 10,000 ETH. Currently, the three addresses under this entity hold a combined total of 59,000 ETH in long positions, with an unrealized profit of $8.73 million.

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Stablecoins' total market cap rises to $303 billion, up 0.74% over seven days.

According to data from DefiLlama, the total market capitalization of all stablecoins across the network currently stands at $303.079 billion, up 0.74% over seven days, with USDT's market share rising to 60.43%.

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An ETH whale that opened a position in February is suspected of liquidating its entire position, booking a profit of $1.68 million.

On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that a whale, who withdrew 4,819.11 ETH from OKX at an average price of $1,941.28 in late February this year, sold 1,200 tokens at a loss a month ago, and deposited all remaining 3,619 ETH into the exchange 30 minutes ago. The whale’s final average selling price reached $2,290, with an estimated profit of $1.68 million.

1 minutes ago

Bitcoin, Ethereum, and the entire cryptocurrency market are experiencing a major surge. BTC has climbed above $79,000, while ETH has surpassed $2,400.

As the bullish sentiment in the market continues, Arthur Hayes, the former CEO of BitMEX and a closely watched figure, has made new statements about BTC and ETH.

Speaking to crypto journalist Laura Shin, Hayes revealed that his largest portfolio position outside of Bitcoin is in Ethereum.

Hayes noted that although ETH ranks second by market capitalization, it has yet to surpass its 2021 peak, adding that Ethereum has a lower risk of falling to zero compared to other cryptocurrencies and is therefore more suitable for large-scale investments.

“…Currently, excluding Bitcoin, Ethereum makes up the largest portion of my portfolio. Compared to other cryptocurrencies, the risk of Ethereum’s value falling to zero is much lower. I invest a significant portion of my money because it is attractive in terms of expected return and risk ratio.”

Hayes noted that Ethereum’s weak performance in the recent bull cycle has left significant room for recovery for ETH. He stated that if ETH surpasses the $3,000 level, its rise could accelerate and it could quickly climb above $5,000.

“…Since Ethereum’s gains in this cycle have been relatively limited, there is still significant room for further upside.”

Looking at ETFs for Bitcoin Makes More Sense! Hayes, also speaking about Bitcoin, said that investors who want to invest in BTC through exchanges would be better off buying spot ETFs instead of Strategy (MSTR) shares.

Hayes stated that Strategy made sense during a period when the market feared BTC could fall to $20,000, but its importance diminished as liquidity expanded and the economic environment eased.

Hayes argued that if investors wanted to use the exchange to invest in BTC, they could buy BlackRock’s spot Bitcoin ETF IBIT or other ETFs, and there was no reason for them to buy Strategy.

*This is not investment advice.

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3 hours ago

BitMEX co-founder Arthur Hayes has published a lengthy article titled *The Book of Genesis*, introducing the vision for Flop Labs and Flop Network, two initiatives he backs, while exploring the development direction of the AI agent economy and decentralized computing power markets. Hayes argues that as AI agents grow in scale, future AI will need the ability to autonomously acquire computing power, store memories, and participate in economic activities. However, the current AI computing power market relies heavily on centralized platforms, lacking a unified global market priced by actual computing resources (FLOPs, floating-point operations per second). He proposes that Flop Network will build a blockchain-based decentralized computing network, using the "Proof of Useful Inference (PoUI)" mechanism, allowing computing resource providers to earn the native token $FLOP by contributing their computing power. Hayes states that the FLOP token represents direct equity in the network’s computing resources, and will serve as the base currency for AI agents to access computing resources, store memories, and conduct transactions. He believes that if the AI agent economy continues to grow, Flop Network could become a critical infrastructure linking AI and the crypto economy. Additionally, Hayes says Flop Network will avoid the large-scale pre-sale model of traditional projects, planning to airdrop approximately 20% of its total token supply to testnet participants to advance a community-first development model. The project is still in the construction phase, with more technical details to be announced later.

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Hayes Steps Back Into Protocol BuildingBitMEX co-founder Arthur Hayes is returning to an active role in crypto as CEO of Flop Labs. The announcement came with a characteristically direct pitch:

Fair Launch Model and Key Milestones

The project's timeline comes with an unusual sequencing note.

Sources:
Crypto Briefing: Arthur Hayes comes out of retirement to lead Flop Labs
The Crypto Times: Arthur Hayes Comes Out of Retirement to Launch New AI Token
Yahoo Finance: Arthur Hayes' New Token Will Airdrop Before Its Blockchain Exists

Kalshi Brings Crypto’s Perpetual Futures Model to Stocks With CFTC Filing

Japan Escaped a 30-Year Economic Slump, But Crypto Could Pay the Price

BitMEX co-founder Arthur Hayes believes a Federal Reserve-backed rescue of the Japanese yen could become an unexpected catalyst for Bitcoin, gold, and Ether to rally. 

He says that the move could inject new U.S. dollar liquidity into global markets, potentially creating new buying pressure for major crypto assets.

How a Yen Rescue Could Add More Dollars to the MarketAccording to Arthur Hayes, Japan is facing two big problems. Firstly, the yen is getting weaker, and, secondly, Japanese government bond yields are rising.

If Japan raises interest rates too much to support the yen, it could trigger a major market shock by unwinding the global yen carry trade. If it sells its large holdings of U.S. Treasury bonds to buy yen, U.S. bond yields could also jump.

To avoid these problems, Hayes says Japan could use the Fed’s Foreign and International Monetary Authorities (FIMA) Repo Facility. 

Instead of selling its U.S. government bonds, Japan can use them as collateral to borrow newly created U.S. dollars from the Fed.

Because the Fed creates new dollars to provide these loans, Hayes says the process works much like quantitative easing (QE) and adds more liquidity to global markets.

Recently, the U.S. and Japan have already discussed ways to support the yen, while U.S. Treasury Secretary Scott Bessent has said it is reasonable for the Fed to consider increasing the size of its FIMA facility.

Hayes Sees Bitcoin, Gold as Key WinnersHayes believes more U.S. dollar liquidity usually pushes investors toward assets like Bitcoin, Ether, and gold. Here’s how.

Bitcoin and Ether Are Highly Liquidity SensitiveHayes says that whenever the Federal Reserve puts more money into the financial system, assets like Bitcoin usually go up. He points to 2020–2022, when the Fed added huge amounts of money during the COVID pandemic, Bitcoin and Ether reached record highs.

Gold Remains a Safe ChoiceWhile many crypto investors buy Bitcoin and Ether, traditional investors often choose gold when central banks increase the money supply.

Avoidance of Market ShocksUsing the FIMA facility could help Japan support the yen without causing a sudden market shock, creating a better environment for risk assets like Bitcoin and Ether.

Japan Could Have $1.37 Trillion in Treasury CollateralThe scale of Japan’s potential Treasury backed borrowing is another major part of Hayes’ argument.

He estimates that the Japanese government holds around $1.143 trillion in U.S. Treasuries, while Japan’s GPIF pension fund holds another $230 billion. Together, that represents about $1.373 trillion in Treasury assets that could potentially matter to his liquidity thesis.

However, Hayes notes that the current FIMA facility has a $60 billion per counterparty limit. He says that the limit would need to be removed or expanded significantly for his proposed strategy to work at a much larger scale.

What Investors Should WatchFor now, Hayes says investors should monitor the Federal Reserve’s weekly H.4.1 report.

If the “Foreign Currency Denominated Assets” section starts increasing, it could be a sign that the Fed is providing more dollar liquidity to foreign markets, which Hayes believes would be positive for Bitcoin, Ether, and gold.

Story Ends Here

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Arthur Hayes, Japonya’nın zayıflayan yenini desteklemek için kullanılabilecek bir Fed planının yeni dolar likiditesi yaratabileceğini ve bunun Bitcoin‘i yükseltebileceğini savunuyor. Ancak plan henüz kesinleşmiş değil.

BitMEX’in kurucu ortaklarından ve Maelstrom yöneticisi Hayes’in senaryosunun merkezinde, Japonya’nın elindeki ABD Hazine tahvilleri ile Fed’in FIMA Repo Facility mekanizması bulunuyor.

Peki Japonya’nın yen savunması nasıl olup da Bitcoin’i etkileyebilir?

Japonya Yen İçin Hangi Seçeneği Kullanabilir? Hayes’e göre Japonya’nın yenin değerini desteklemek için üç seçeneği bulunuyor.

İlk seçenek, Japonya Merkez Bankası’nın faizleri agresif şekilde artırması. İkinci seçenek ise Japon kamu kurumlarının yabancı varlıklar yerine yerel varlıklara yönelmesi.

Hayes’in tercih ettiği üçüncü seçenek ise ABD Hazine tahvillerinin Fed’e repo edilmesi. Japonya bu tahvilleri teminat göstererek dolar likiditesi sağlayabilir ve ardından dolarları piyasada satarak yen satın alabilir.

Böylece Tokyo, büyük miktarda ABD tahvilini doğrudan piyasaya sürmeden yen üzerindeki baskıyı azaltabilir.

FIMA Mekanizması Bitcoin’i Nasıl Etkileyebilir? FIMA Repo Facility, yabancı merkez bankalarının ve uluslararası para otoritelerinin ABD Hazine tahvillerini teminat göstererek Fed’den geçici dolar likiditesi almasını sağlıyor.

Hayes’in senaryosunda Japonya tahvilleri Fed’e repo edilir ve karşılığında dolar alınır. Fed’in bilançosu da bu işlem nedeniyle geçici olarak büyür.

Hayes’in Bitcoin tezinin temel noktası burada ortaya çıkıyor. Yeni dolar likiditesinin finansal piyasalara yayılması halinde BTC gibi riskli varlıkların bundan faydalanabileceğini düşünüyor.

Hayes, bu görüşünü geçmişteki Fed bilançosu ve Bitcoin hareketleriyle de destekliyor.

Fed Bilançosu Büyürken Bitcoin de Yükseldi Pandemi döneminde Fed’in bilançosu yaklaşık 4,2 trilyon dolardan 8,9 trilyon dolara yükseldi.

Aynı dönemde Bitcoin, 10.000 doların altındaki seviyelerden 2021 sonunda yaklaşık 69.000 dolara kadar çıktı.

Hayes bu dönemi, genişleyen likiditenin Bitcoin üzerindeki etkisine örnek olarak gösteriyor.

Ancak bu geçmiş korelasyon, yeni bir FIMA kullanımının Bitcoin’i otomatik olarak yükselteceği anlamına gelmiyor. Hayes’in varsayımı, sağlanan yeni likiditenin riskli varlıklara yönelmesi üzerine kurulu.

Yen Carry Trade Neden Önemli? Yen, küresel piyasalarda uzun süredir düşük maliyetli bir fonlama para birimi olarak kullanılıyor.

Yatırımcılar düşük faizle yen borçlanıp daha yüksek getirili varlıklara yatırım yapabiliyor. Buna yen carry trade deniyor.

Yenin hızlı şekilde değer kazanması ise bu işlemlerin tersine dönmesine yol açabiliyor. Yatırımcılar borçlandıkları yeni geri almak için riskli varlıklarını satabiliyor.

Bu durum Ağustos 2024’te hisse senetleri ve kripto paralarda sert satışlara katkıda bulunmuştu.

Hayes’e göre agresif bir BOJ faiz artışı benzer bir şok yaratabilir. FIMA üzerinden daha kontrollü bir müdahale ise bu riski azaltabilir.

Bessent’in Açıklaması Planı Güçlendirdi mi? Hayes’in senaryosu, ABD Hazine Bakanı Scott Bessent’in açıklamalarının ardından daha fazla dikkat çekti.

Bessent, 4 Ağustos’ta FIMA Repo Facility’nin mevcut 60 milyar dolarlık limitinin artırılmasının değerlendirilmesini destekledi. Japonya’nın yaklaşık 1,143 trilyon dolarlık ABD Hazine tahvili tuttuğunu da belirtti.

Hayes ayrıca ABD ve Japonya’nın yaklaşık iki hafta önce yen’i desteklemek için ortak müdahalede bulunduğunu ve iki ülkenin kur politikasında birlikte hareket ettiğini savunuyor.

Ancak Bessent’in yaklaşımı ile Hayes’in yorumu aynı şey değil.

Bessent limit artışının değerlendirilmesini destekliyor. Hayes ise bunun Bitcoin için güçlü bir likidite dalgasına dönüşebileceğini düşünüyor.

Fed Henüz FIMA Limitini Artırmadı FIMA limitinin artırılması için Federal Açık Piyasa Komitesi’nin (FOMC) onayı gerekiyor.

Fed Başkanı Kevin Warsh ise henüz bir takvim açıklamadı.

Üstelik herkes FIMA’nın bu amaçla kullanılmasını uygun görmüyor. Eski Hazine yetkilisi Brad Setser, mekanizmanın finansal stres dönemlerinde likidite desteği sağlamak için oluşturulduğunu ve doğrudan kur müdahalesini finanse etmek için tasarlanmadığını savunuyor.

Dolayısıyla Hayes’in senaryosunun en önemli ayağı henüz gerçekleşmiş değil.

Hayes’in Bitcoin Tahmininde Bir Çıkar Çatışması Var mı? Hayes’in görüşünü değerlendirirken kendi yatırım pozisyonları da dikkate alınmalı.

Maelstrom’un Bitcoin, Ethereum ve Ethena (ENA) pozisyonlarında long olduğu belirtiliyor.

Bu durum Hayes’in tezini geçersiz kılmıyor. Ancak yükseliş beklentilerinin kendi yatırım pozisyonlarıyla örtüştüğü unutulmamalı.

Hayes’in senaryosu gerçekleşirse mekanizma kabaca şöyle işleyecek:

Japonya ABD Hazine tahvillerini Fed’e repo eder → dolar likiditesi alır → dolarları yen almak için kullanır → Fed bilançosu geçici olarak büyür → riskli varlıklara likidite akışı güçlenebilir.

Fakat zincirin henüz tamamı gerçekleşmiş değil. FIMA limitinin artırılması, Japonya’nın mekanizmayı kullanması ve oluşan likiditenin Bitcoin’e yönelmesi gerekiyor.

Bu nedenle şu aşamada Bitcoin için kesinleşmiş yeni bir likidite dalgasından söz etmek mümkün değil. Hayes’in öngörüsü, gerçekleşmesi halinde Bitcoin için güçlü bir katalizör oluşturabilecek politika senaryosu olarak öne çıkıyor.

Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.

Son Dakika kripto para haberleri için hemen tıkla.

Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.

BitMEX co-founder and Maelstrom CIO Arthur Hayes (@CryptoHayes) is making the case that Washington's effort to shore up the Japanese yen could unleash a wave of dollar liquidity that ultimately finds its way into $BTC.

The FIMA Mechanism Hayes Is Watching The argument centres on the Federal Reserve's Foreign and International Monetary Authorities (FIMA) repo facility. Following one of the most dramatic currency-market interventions in decades, a joint US-Japan effort in late July to bolster the weakening yen, Treasury Secretary Scott Bessent urged the Fed to expand the FIMA facility, which would allow Japan to use Treasuries as collateral to borrow dollars that could then be used to buy yen.

Hayes says Japan could tap this route using part of its massive Treasury stockpile. Upsizing the cap might allow Japan to fund yen purchases without having to sell any of its $1.14 trillion of Treasury holdings, the largest of any foreign power. That matters because Bessent wants the FIMA facility expanded so Japan can raise dollars without selling Treasuries outright, since selling them could push yields higher and add pressure to US borrowing costs.

The FIMA facility currently allows foreign authorities to borrow up to $60 billion in short-term funds using US Treasuries as collateral. Bessent argued in a CNBC interview that when FIMA was first launched six years ago, the bond market was much smaller, making it reasonable for the Fed to consider upsizing the facility.

Why Hayes Thinks $BTC Benefits For Hayes, the key insight is what happens to the dollars created through this process. Increasing FIMA repo activity means more dollar liquidity in global markets, and he argues this form of money printing benefits Bitcoin and other cryptocurrencies. He says joint foreign-exchange market intervention by the US and Japan, along with discussion of an expanded FIMA repo limit, points to a policy shift that could become a powerful bullish driver for the digital-asset market.

Hayes has drawn on historical precedent to support the view. During the pandemic, the Fed's balance sheet expanded sharply and $BTC surged from under $10,000 to nearly $69,000. His thesis is straightforward: fiat liquidity, specifically the printing of more units of fiat money, is the primary driver of Bitcoin's value proposition. A Japan-focused liquidity move, he believes, could follow a similar pattern.

Whether the Fed agrees to expand the facility is far from settled. Any change to the FIMA cap would require approval from a majority of the Federal Open Market Committee. Critics also note that lifting the FIMA caps could complicate efforts to shrink the Fed's balance sheet, since heavy FIMA usage would add to Fed holdings at least on a temporary basis. For now, the Fed has declined to comment on Bessent's request.

Sources:
CNBC: How Bessent is pushing the Fed to expand the FIMA backstop for Japan's yen defense
Bloomberg: Why Bessent Wants the Fed to Expand the FIMA Backstop
Crypto Briefing: Scott Bessent champions Federal Reserve facility to support yen

8h05 ▪ 12 min read ▪ by Ghiles A.

Summarize this article with:

In 2026, more than 100 crypto projects have shut down, filed for bankruptcy, or ceased operations, according to RootData. This wave has affected exchanges, wallets, DeFi, NFTs, and some blockchains. In late July, BitMEX, BitMart, Movement Labs, and Storj Labs announced their closure or bankruptcy filings within a single week. Meanwhile, Moonbeam stopped producing blocks on July 31. The sector is therefore entering a broad and highly visible phase of consolidation.

In brief More than 100 crypto projects have shut down, filed for bankruptcy, or ceased operations in 2026, according to RootData data. Closures are affecting several segments, including exchanges, DeFi, NFTs, wallets, and some blockchains. The proliferation of general-purpose Ethereum Layer 2 solutions is now accelerating market consolidation. Hacks and liquidity shortages are further weakening projects whose treasuries consist primarily of tokens. The projects that are weathering the downturn are increasingly relying on products with real usage and sustainable revenue, rather than on their token alone. The trend is affecting several categories of players, including exchanges, wallets, DeFi lending protocols, NFT marketplaces, and Layer 1 blockchains. It is therefore not limited to a specific segment of the ecosystem. The wave is now affecting different types of projects and spreading across the entire sector. According to RootData data, more than 100 crypto projects have already shut down, ceased operations, or filed for bankruptcy in 2026.

At the end of July, four companies announced their closure or bankruptcy filing during the same week. BitMEX, BitMart, Movement Labs, and Storj Labs are among the affected players. This succession of announcements provides a concrete measure of the movement. It also shows that the difficulties now go beyond young projects still in the launch phase.

Moonbeam illustrates this evolution on the scale of an entire blockchain. This Polkadot parachain permanently ceased its activities on July 31. Users who had not transferred their assets in time are left without a solution. The contracts remain present, but the chain no longer produces blocks to allow their normal use.

This situation poses a particular question to users and developers. A project can disappear as a company without its code disappearing immediately. Smart contracts sometimes continue to function after the teams dissolve. This peculiarity distinguishes decentralized infrastructures from traditional tech companies and creates new operational risks.

Ethereum Layer 2 Enters a Consolidation Phase The Ethereum layer 2 ecosystem concentrates a significant part of this restructuring. These networks experienced rapid growth in 2023 due to technical advances. They have strongly reduced costs and facilitated the launch of new chains. Their principle is to process transactions, group them, and then send them back to Ethereum.

However, the simplification of network launches has also multiplied generalist offers. The market now includes many solutions that offer similar functions. This multiplication has reduced differentiation between some projects. The question is therefore no longer just about technology, but about a network’s ability to maintain real usage.

In a statement attributed to CoinDesk, Ben Fisch, CEO of Espresso Systems, describes this period as a consolidation of generalist layer 2 solutions.

There were far too many layer 2 solutions, which, frankly, makes no sense as a product, because there is no reason to have so many versions of the same thing. We are now in a phase of consolidating these networks, not layer 2 as a whole.

Ben Fisch, CEO of Espresso Systems. According to him, the problem does not concern all layer 2s but mainly projects that replicate a similar offering. This distinction helps understand why some infrastructures continue to develop while others cease their activities.

On his side, Orkun Mahir Kılıç, co-founder and CEO of Chainway Labs, which develops Citrea, the layer 2 Bitcoin platform, told CoinDesk that this wave of closures reflects market maturity where raising capital is more difficult and investors become more selective.

Every company has its own reasons and underlying issues to close its doors. The phenomenon we are seeing is not an inherent problem of the layer 2 ecosystem. The market and technology are maturing, investments are much slower and more cautious, and only projects with solid business models and clearly defined problems will survive.

Orkun Mahir Kılıç, co-founder and CEO of Chainway Labs In other words, investors now favor projects capable of demonstrating a viable business model and clearly identifiable utility, at the expense of more speculative initiatives.

For his part, Lorenzo Valente, research director at Ark Invest, reaffirmed his analysis of crypto market consolidation by estimating that the sector is currently going through the largest consolidation phase in its history, much deeper than previous bear markets. According to him, capital has become much more selective, and teams and exchange platforms without real real estate investment trust (REIT) resources are shutting down.

The Crypto Business Model Shows Its Limits Some disappeared projects heavily depended on their own token to finance operations. These assets were used to pay engineers, support liquidity, and finance audits. As long as their dollar value remained sufficient, this mechanism could work. However, the sharp decline of altcoins has reduced the financial visibility of many projects.

Tally provides a particularly telling example. This governance tools platform for DAOs supported more than 500 protocols, including Uniswap, Arbitrum, and ENS. It had processed over a billion dollars in payments and helped secure up to 80 billion dollars in value. Despite this activity, the platform announced its closure due to lack of a sufficiently sustainable model.

Step Finance followed a different trajectory. This Solana portfolio tracking and analysis platform had obtained funding to develop its product. In January, a phishing attack on an executive’s device allowed the theft of 261,854 SOL, about 35 million dollars. After failed funding and acquisition attempts, the platform closed in February.

Everclear shows another problem related to the business model. The cross-chain settlement protocol had reached 500 million dollars in monthly volume. Yet the cross-chain solver segment never reached sufficient commercial depth. The company had signed several partnerships, but its financial resources ran out before full implementation.

These three cases present different situations but share a common point. Product usage does not automatically guarantee sufficient revenues. Significant activity can coexist with a fragile treasury and limited funding. The market thus gives more importance to a project’s ability to generate sustainable revenues.

Hacks Increase Pressure on Fragile Projects Security adds a major constraint to this consolidation period. According to a Blockaid report, on-chain exploits caused 1.1 billion dollars in losses in the first half of 2026. This amount exceeds losses recorded for the entire year of 2025. April also set a historical record for the number of attacks according to CROWDFUND INSIDER.

Two operations accounted for a large part of the losses. Kelp DAO suffered a theft of 293 million dollars on April 18. Drift Protocol lost 285 million dollars on April 1 after a social engineering operation conducted over several months. Attackers affiliated with North Korea are said to have targeted the platform without exploiting any smart contract code line.

TRM Labs estimates that actors linked to North Korea account for 66% of hack-related losses in the first half. This proportion reached 64% in 2025, compared to less than 10% at the beginning of the decade. Increasing sophistication of operations thus raises the minimum cost needed to protect protocols. Medium-sized projects sometimes have fewer resources to absorb this pressure.

The response to attacks has also changed. Previously, some communities could mobilize their treasuries to cover losses. In 2026, these token reserves have already suffered from the bear market effects. Venture capital investments have also slowed, while liquidity remains under pressure after losses related to leverage effects in October.

This combination reduces many projects’ capacity to bounce back after an incident. A hack can then become a definitive event rather than a temporary crisis. Security, treasury, and financing access thus become closely linked. For still active teams, these constraints reinforce the importance of an economic structure capable of withstanding shocks.

“Zombie” Projects Reveal Another Risk The disappearance of a team does not necessarily mean the disappearance of a protocol. Already deployed smart contracts can continue to operate without developers maintaining them. This situation creates a category of projects sometimes described as “zombies.” Their code remains active, while the structure able to monitor or fix it no longer exists.

The Lazy Summer case shows possible consequences. In July, a flaw causing 6 million dollars in losses was directly linked to Stream Finance. This protocol had already ceased operations in November 2025. Eight months later, unresolved code related to this old infrastructure contributed to creating an attack vector.

Moonbeam exacerbates this difficulty. After the blockchain shutdown on July 31, assets still locked in some DeFi protocols deployed on the chain become inaccessible. The contracts still exist, but no team can intervene to modify their functioning. Users must therefore cope with an environment that continues to exist without an active operator.

Security researchers also highlight the limits of old audits. These documents concern specific versions of code and set periods. They thus do not guarantee protocol security after modification or team disappearance. As projects accumulate, the number of active contracts without interface or maintenance may increase.

Business Models That Resist Consolidation Crypto is evolving towards a stricter selection of business models. Projects that continue their activity have used products and revenues that do not rely solely on their own token. This evolution strengthens the importance of real usage, revenues, and the ability to sustainably finance operations. It could also accelerate sector consolidation.

Despite this wave of closures, some players still maintain solid activity. Hyperliquid surpassed one billion dollars in cumulative fees as of June 30. Its trading volume increased despite the market decline, while the platform represents 70% of the decentralized perpetual contracts market. Aave held more than 12 billion dollars in deposits in July and generated more than 100 million dollars in annualized borrowing fees.

Ether.fi also presents a more diversified model. Its debit card product linked to digital assets accounts for about half of the protocol’s revenues. Its transaction fees reached 2.72 million dollars in the second quarter of 2026. The total value locked then reached 7.8 billion dollars.

These examples reveal a common criterion among projects that continue their activity. They have used products and revenue sources that do not rely solely on their own token. Consolidation thus does not mean a general disappearance of the sector. It rather translates a stronger selection between projects capable of transforming their usage into sustainable economic activity and those that fail to do so.

In the short term, the number of closures could continue to evolve with financing conditions, liquidity, and security costs. Still active projects will have to maintain their users sustainably while ensuring sufficient revenues. Abandoned infrastructures could remain present in blockchains despite the disappearance of their teams. The future will therefore depend as much on the capacity to finance operations as on the real use of products.

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Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

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