The new tokens wrap perpetual positions into transferable ERC-20s, giving holders fixed-leverage exposure to assets like bitcoin and Robinhood stock without managing a position.
Arcus, the decentralized exchange built by dYdX Labs, launches
Posted August 25, 2026 at 11:54 am EST.
Arcus, the decentralized exchange built by dYdX Labs, has launched leveraged and inverse tokens on Robinhood Chain that turn a managed perpetual account into a single ERC-20 token, which it calls a pToken, carrying fixed-leverage exposure to one market. Arcus also lets traders use eligible tokenized stocks as collateral to back leveraged positions.
The tokens span assets including bitcoin, solana, and HYPE at fixed leverage levels, in 1x and 3x long and short versions. Examples include pBTC3x, for 3x long bitcoin exposure, and pHOOD3x, for 3x long exposure to Robinhood’s HOOD stock token. Because each is an ERC-20 token, it can be held, transferred, or traded like any other token while carrying its leverage inside the wrapper.
“Traditional markets have spent decades making sophisticated investment strategies easier to access through products like leveraged ETFs,” Arcus CEO Eddie Zhang said in a statement announcing the launch. “We believe the next step is making those strategies native to blockchain infrastructure.”
How the Tokens Work Leveraged and inverse ETFs hold roughly $200 billion in assets in traditional finance, and Arcus is trying to bring that structure onchain. Each pToken represents a pro-rata stake in an underlying Arcus perpetual futures account at a fixed market and leverage level, settled in USDG, the Paxos-issued stablecoin that serves as the platform’s primary collateral. On the spot side, Arcus recently doubled its catalogue to about 200 tokenized stock markets, while its perpetual contracts run with leverage of up to 50x.
Backed by dYdX and Robinhood dYdX Labs is the team behind the decentralized perpetuals exchange dYdX, whose founder Antonio Juliano is joining the Arcus board, while Robinhood Crypto invested as a strategic backer and supplies distribution to Robinhood’s users. Arcus is a separate product from the independent dYdX Chain, which keeps operating on its own with existing funds and positions unaffected. Arcus runs on Robinhood Chain, the EVM-compatible network that Robinhood opened to the public on July 1.
Arcus said it has processed more than $2 billion in trading volume since launch, with average daily volume above $100 million. The company said its tokenized stock products are not available in the United States, the United Kingdom, Canada, and other restricted jurisdictions, reflecting the uneven regulatory treatment of tokenized securities across markets.
As tokenized stocks move from buy-and-hold positions toward collateral for active trading, Arcus is betting that leveraged exposure packaged as a single token finds an audience onchain.
Related Listen: Why Robinhood Chain Saw Memecoins Take Off Before Real World Assets
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
The dYdX Foundation is pleased to release the dYdX Ecosystem Report - H1 2026, a structured overview of protocol and ecosystem performance across trading activity, token dynamics, governance participation, and infrastructure development.
In the first half of 2026, the dYdX Chain continued to mature under community governance, marked by steady participation, expanding programs like Surge and Buyback, and deepening transparency — with the protocol remaining community-owned, governed, and secured throughout.
📄 Full report
Key Highlights:Trading volume: $406B since the launch of the dYdX Chain, bringing dYdX to $1.58T+ cumulative volumeProtocol fees: $66.3M in cumulative protocol fees since v4DYDX Buybacks: expanded Buyback Program converted 75% of net protocol fees into cumulative 22.3M DYDXTrader participation: unique traders totalled 6,268 in Q1 2026 and 4,210 in Q2Token distribution: DYDX token holders increased to 98.5K (+44% YoY)Staking rewards: ~$48.1M in cumulative staking rewards distributedCampaigns: dYdX Surge seasons 10-15, Affiliate Booster Program, Voltrade Trading Competition and BONK partnershipLooking ahead: following the launch of Arcus, the dYdX Foundation reaffirmed that dYdX Chain is unaffected and continues to operate as it always has - governed by its token holders, secured by its validators, and owned by its community.
Treasury and Operations SubDAOs continue to operate under their existing mandates and funds managed only by community decision aiming to continue dYdX’s role as a scalable alternative to centralized platforms.
📄 Full report
About the dYdX Foundation
Legitimacy and Disclaimer
Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.
The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.
The dYdX Chain software (including dYdX Unlimited) is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components (including dYdX Unlimited) be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software (including dYdX Unlimited) or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software, i ncluding dYdX Unlimited (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited) “AS IS, WHERE IS”.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.
Depositing into the MegaVault carries risks. Do your own research and make sure to understand the risks before depositing funds. MegaVault returns are not guaranteed and may fluctuate over time depending on multiple factors. MegaVault returns may be negative and you may lose your entire investment.The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of any component of the dYdX Unlimited software (including the MegaVault).
Tokenized stocks have been a talking point in crypto circles for years. Arcus, a new decentralized exchange built by the dYdX team in partnership with Robinhood Crypto, is trying to make them a reality at scale.
Eddie Zhang, CEO and founder of Arcus, recently sat down with Ryan Baggs to walk through what the platform is building and where it’s headed. Arcus launched on July 1, 2026, and the team has been moving fast since.
What Arcus actually does The core pitch is straightforward. Arcus lets users trade tokenized versions of U.S. stocks, think Nvidia, Tesla, Apple, and Microsoft, twenty-four hours a day, seven days a week, with no trading fees.
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The platform currently supports over 95 tokenized U.S. equities. It runs on Robinhood Chain, a blockchain developed by Robinhood Crypto, and is accessible to users in more than 120 countries. The notable exclusions: the U.S., Canada, and the UK.
On Arcus, users hold their own assets rather than relying on a centralized intermediary to custody them. That removes a layer of counterparty risk and pulls the platform squarely into DeFi territory despite trading instruments that look very traditional.
The platform uses USDG, a stablecoin, as collateral, and it lets users margin across tokenized stocks, other real-world assets, and crypto simultaneously.
Perpetual futures enter the picture On July 21 and 22, 2026, Arcus announced beta perpetual futures markets, adding a layer of complexity and appeal for more sophisticated traders.
Perpetual futures are derivative contracts with no expiration date. They let traders hold leveraged positions indefinitely as long as they maintain their margin. Arcus is offering up to 50x leverage on these contracts, again using USDG for margin.
The bigger picture for tokenized equities There has also been community speculation about a potential Arcus token airdrop. No native protocol token exists currently, and the team has not made formal announcements.
The exclusion of U.S., Canadian, and UK users is not an accident. Tokenized securities remain a regulatory gray zone in those jurisdictions, and operating without registration as a securities exchange or broker-dealer carries real legal risk. Arcus is threading that needle by focusing on markets where the rules are either more permissive or less defined.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ondo, Backed Finance, and Robinhood Chain all set all-time highs in tokenized equity holdings this week, while dYdX's new Arcus exchange posted record perps volume — signs the market for onchain stocks is scaling on multiple fronts at once.
The market for tokenized stocks reached a record $2.3 billion in market capitalization in mid-July, according to Token Terminal data, nearly doubling since March, when the sector first cleared $1 billion, and the growth is showing up across every major issuer at once.
On July 21 alone, Artemis data recorded all-time highs for Ondo Finance's tokenized shares outstanding (514.5 million) and holder count (93,880), Backed Finance's tokenized market cap ($579.4 million), and Robinhood Chain's tokenized shares (126,720) and equity holder count (36,170).
Arcus, the tokenized-stock exchange launched this month by the team behind dYdX, posted record daily perps volume of $11.9 million and record open interest of $6.8 million the same day.
Ethereum leads the sector with 34% of tokenized stock market share, followed by BNB Chain at 30% and Solana at 23%, per Token Terminal. Tokenized stocks remain a small corner of the broader tokenized real-world asset market — roughly 5% by Token Terminal's count, while DefiLlama tracks about $27.3 billion in active RWA market cap — but they have been the fastest-growing asset class on Ethereum this year.
Ondo Extends Its LeadOndo's tokenized shares outstanding roughly doubled over six months to 514.5 million, while holder count more than tripled to 93,880 — both all-time highs on July 21. Data: Artemis.Ondo Finance is the largest issuer with $955 million in onchain equities, per Token Terminal, and its July has been dense with catalysts. The firm partnered with Japan's SBI Group on July 16 to tokenize Japanese stocks and explore settlement in JPYSC, SBI's trust-backed yen stablecoin. It also switched on 24/7 minting and redemption for tokenized US stocks and ETFs, added voting rights to its tokenized stocks, and enabled tokenized stock collateral on OndoPerps, its perpetual futures venue — the product behind its record $39.8 million in open interest, per Artemis.
The firm's catalog has passed 430 tokenized stocks and ETFs across Ethereum, Solana, and BNB Chain, and its distribution now runs through MetaMask and Felix on Hyperliquid.
ONDO traded around $0.41 on July 22 with a market capitalization of $1.99 billion, near the top of its seven-day range of $0.32 to $0.41, per CoinGecko. The token jumped roughly 15% in the 24 hours after the SBI announcement.
Backed and the Exchange-Issued WaveBacked Finance, the Swiss issuer behind the xStocks product distributed on Kraken, Bybit, and Solana DeFi, reached a record $579.4 million in tokenized market cap on July 21, per Artemis. Kraken said xStocks surpassed $25 billion in cumulative transaction volume within eight months of launch. Token Terminal puts xStocks' onchain holdings at $507 million, with Binance's bStocks third among issuers at $334 million — a sign exchange-issued products are becoming a distinct growth channel alongside DeFi-native issuers.
Backed Finance's tokenized market cap nearly tripled since late January, jumping from about $430 million to over $530 million in a June 29 step-change before its July 21 record. Arcus perp volume, overlaid since its July 1 launch, hit $11.9 million the same day. Data: Artemis.New Entrants: Robinhood Chain and ArcusRobinhood's Stock Tokens, issued on the company's own Layer 2 that launched July 1, remain the smallest of the cohort at $19.3 million in tokenized market cap, but all three of the product's Artemis metrics — market cap, shares tokenized, and holder count — hit records on July 21. The tokens are available in more than 120 countries and are already being used as collateral on Lighter, a derivatives protocol on the chain.
The speculative layer is arriving too. Arcus, launched July 1 by dYdX Labs with investment from Robinhood Crypto, offers 24/7 spot trading on 95 stock tokens with zero fees and is rolling out perpetual futures on equities, commodities, and indices with up to 50x leverage. The exchange is not available in the US, UK, or Canada. Its record $11.9 million in daily perps volume, while small against crypto-native perps venues, is an early data point for leveraged trading built on tokenized equities.
The Road to $3BAn Ondo executive said in May the company expects the tokenized equity market to reach between $2.5 billion and $3 billion by year-end, per TheStreet. At the current pace — the sector has nearly doubled in four months — that target implies slower growth than the market is delivering.
Holder counts remain the metric to watch. Ondo's 93,880 and Robinhood Chain's 36,170 tokenized-equity holders are records, per Artemis, but are small next to any retail brokerage's user base. Whether 24/7 settlement, DeFi collateral use, and yen-settled Japanese stocks translate into sustained holder growth is what the next two quarters will show.
A decentralized exchange (DEX) backed by Robinhood is expanding into tokenized stocks and derivatives as platforms compete to build onchain markets for traditional assets.
Arcus, a DEX built by the team behind decentralized trading platform dYdX and backed by Robinhood Crypto, launched tokenized stocks and perpetual futures on Robinhood Chain on Tuesday, according to an announcement shared with Cointelegraph.
The company previously launched spot markets when Robinhood Chain went live on July 1. Arcus offers more than 95 stock tokens, perpetual markets and crypto assets through a self-custodial trading account, with Paxos-issued stablecoin USDG serving as its primary collateral and settlement asset.
The launch comes as crypto companies and financial platforms increasingly compete to build infrastructure for tokenized real-world assets (RWAs), while regulatory questions around access and product structure remain a key challenge for the sector.
Self-custody shapes approach to onchain tradingArcus’s launch includes tokenized versions of stock in major US companies such as Nvidia, Tesla, Apple, Microsoft, Meta, Google and Amazon, as well as perpetual markets tied to equities, exchange-traded funds, commodities, indexes and crypto assets.
The platform uses a self-custodial model, allowing users to retain control of their assets rather than deposit them with a centralized exchange. Arcus uses Privy, a wallet infrastructure company that helps applications create and manage crypto wallets, allowing users to sign up through email or social logins.
Source: Robinhood Chain
Users who already hold crypto can connect existing self-custodial wallets, including MetaMask, Ledger and WalletConnect, with the company citing support for additional Ethereum-compatible wallets.
Tokenized stocks face regulatory questionsArcus said its stock tokens are unavailable in the US, Canada, the UK and other restricted jurisdictions, highlighting the different regulatory approaches to tokenized securities across markets.
Cointelegraph contacted Arcus for clarification on the restrictions but did not receive a response by publication time.
Regulators in markets including the US and UK have been examining how blockchain-based representations of traditional assets fit within existing financial frameworks, with questions around custody, ownership and market structure being addressed.
The launch adds another player to the growing race to build infrastructure for tokenized assets, with platforms including Coinbase-backed Base exploring ways to bring traditional financial products onchain.
Magazine: Is Robinhood Chain’s success bullish or bearish for ETH the asset?
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The team behind dYdX just launched a new exchange that lets you trade Tesla stock and a 50x leveraged perpetual contract from the same self-custodial wallet. Arcus, which went live on July 1 on Robinhood Chain, is what happens when a DeFi trading powerhouse and a retail brokerage giant decide traditional finance needs to live onchain.
The platform already processed nearly 285,000 transactions in its first week, racking up $33 million in trading volume and $15 million in total value locked.
What Arcus actually does Here’s the pitch: around 95 tokenized stock tokens available for fee-free trading, 24 hours a day, seven days a week. No waiting for the NYSE to open. No settlement delays. Just onchain representations of equities that trade whenever you want them to.
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Then there’s the spicier side. Arcus also offers 35 real-world asset perpetual futures contracts with leverage up to 50x. In English: you can take outsized bets on traditional assets using DeFi infrastructure, with no intermediary holding your funds.
The real kicker is composability. Tokenized stocks on Arcus can be used as collateral for perpetual futures positions. So if you’re holding Apple stock tokens, you can put them to work backing a leveraged trade.
Arcus runs on Robinhood Chain, a Layer-2 network built using Arbitrum Orbit technology. The platform is accessible in over 120 countries, though notably not in the US, Canada, or the UK. Eddie Zhang serves as CEO of the project, with dYdX founder Antonio Juliano sitting on the board. The team has been careful to note that Arcus operates separately from the dYdX v4 Chain, positioning it as a distinct product rather than a rebrand.
What this means for investors The planned ARCUS governance token is the obvious thing to watch. The team has indicated reserved allocations for the existing dYdX community, which could create interesting dynamics for current dYdX token holders. No tokens are available for trading yet.
The 50x leverage on RWA perpetuals deserves scrutiny. The platform’s decision to exclude the US, Canada, and the UK from its 120-country footprint is a preemptive compliance move, but the regulatory landscape for tokenized securities remains deeply unsettled globally.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The Japanese yen's exchange rate against the US dollar has hit its lowest level since 1986.
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An unnamed whale has been steadily adding to its WBTC and ETH positions this month, now sitting on over $12 million in unrealized gains.
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Hyperliquid, a decentralized perpetuals protocol operating on its own Layer 1 blockchain, is preparing to update its market structure in 2026 as trading activity shifts rapidly toward its open market system. Recent data shows that HIP-3, the network’s permissionless perpetuals market, has surged to account for nearly 50% of Hyperliquid’s daily trading volume, marking a significant increase from about 2% at the start of the year.
With the introduction of HIP-3, Hyperliquid enabled any developer or community to launch perpetuals markets on its platform without the need for central approval. This marks a departure from the traditional exchange-led listing process and reflects a broader trend in decentralized finance favoring open market creation and greater accessibility.
The HIP-3 system relies on an order book structure, using USDC as collateral and managing risk through shared liquidity pools and vaults. This framework has facilitated the rapid proliferation of niche derivatives products and allowed for increased user participation in assets that might not be listed on conventional exchanges.
Mini dictionary: Hyperliquid is a decentralized perpetuals trading platform that allows users to trade crypto derivatives without relying on a centralized operator. It offers both traditional and permissionless markets and operates its own Layer 1 blockchain.
Interest in long-tail and small-cap derivatives has increased as users are able to trade these assets without passing through typical listing hurdles. Permissionless perpetuals lower entry barriers for early-stage crypto projects and investors seeking new market opportunities.
HIP-3 permissionless perp markets have grown to nearly half of Hyperliquid’s daily volume, a substantial rise from just 2% at the beginning of the year.
Strategic growth and competitionThe shift toward open derivatives markets has not only expanded Hyperliquid’s product suite but also helped the platform tap into new revenue streams. By catering to niche asset classes, Hyperliquid is positioning itself to withstand competition from both centralized exchanges such as Binance and decentralized rivals including dYdX and GMX.
Recent surges in trading volume on alternative chains like Solana have underscored the intensity of competition in the decentralized derivatives sector, pushing platforms to continuously innovate in order to retain user interest.
PlatformCore MechanismMain CompetitorsHyperliquid (HIP-3)Order book, permissionless perpsdYdX, GMXBinanceCentralized exchange, vetted listingsOKX, BybitSolanaLayer 1, high trading volume, ecosystem perpsEthereum, Arbitrum protocolsChallenges and regulatory landscapeIndustry experts see the evolving landscape as part of a larger shift toward on-chain derivatives and alternatives to major centralized exchanges. However, in regions like the US and EU, the regulatory environment for decentralized perpetuals remains uncertain, leaving questions about long-term compliance and growth.
Going forward, Hyperliquid is focused on closely monitoring the performance of its vaults and evaluating cross-margin risk management. Another area under review is whether the liquidity provided by HIP-3 can remain resilient in volatile market conditions.
The platform’s long-term acceptance may depend on the appeal of market-making incentives, the availability of advanced tools, and the stance that regulators ultimately take regarding the legal status of permissionless derivatives.
The degree of market participation and regulatory clarity will play a pivotal role in shaping the future of permissionless derivatives on Hyperliquid and similar platforms.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Perpetual futures are right now crypto’s most active trading category. DefiLlama data showed $21.9 billion in perp DEX volume over 24 hours on July 3, 2026, with open interest across derivatives protocols at about $15.5 billion.
But the market is dominated and defined by Hyperliquid. The exchange led the sector with about $250.5 billion in 30-day perp volume, leaving little serious competition at the top.
That gap explains why new trading chains are still entering the market. The demand is clear, but the winner is not yet protected by regulation, brand loyalty, or deep institutional lock-in.
AFX is one of the newer challengers. It is a sovereign Layer 1 built around perpetual futures, with a fully on-chain order book, on-chain matching and settlement, zero-gas execution, 100ms median latency, fair ordering, and MEV-resistant protection.
On paper, the pitch is long. But the actual goal is simple: give traders Hyperliquid-style speed and liquidity, but with more of the trading stack moved fully on-chain.
AFX Daily Perp Volume and TVL. Source: DeFiLlama PlatformCore modelWhat it has provedWhere AFX differsHyperliquidCustom trading L1Deep perp liquidity and strong trader adoptionAFX follows a similar trading-chain thesis, but from a much earlier basedYdX ChainCosmos-based appchainPerp DEXs can leave shared execution environmentsAFX pushes more of the order flow and matching process on-chainGMXPooled liquidity and oracle pricingTraders will use pool-backed leverage without a central order bookAFX is built around exchange-style order book tradingDriftSolana-native hybrid modelFast execution can support active perp tradingAFX uses a sovereign L1 rather than Solana infrastructureLighterZK-verified derivativesVerification can become part of exchange designAll fees are redistributed to usersAevoRollup-based derivativesDerivatives can run through a dedicated rollupAFX takes the more vertically controlled L1 route The comparison is not whether AFX has more features than these platforms. The real question is whether its design solves the problems that matter during live trading: fast order placement, reliable cancels, deep maker liquidity, stable liquidations, and predictable execution when markets move sharply.
AFX Vs. Hyperliquid and dYdX AFX sits closest to Hyperliquid and dYdX, but the comparison is practical rather than one-to-one.
Hyperliquid is the liquidity benchmark. It has already proved that a custom trading L1 can attract serious perp volume, open interest, and trader mindshare.
AFX follows a similar high-performance trading-chain thesis, with 100ms median latency, zero-gas execution, on-chain orderbook trading, and deterministic ordering. Its challenge is proof: deeper liquidity, more market makers, and a longer record during volatile markets.
We didn't build another app.
We built the chain beneath it.
A sovereign Layer 1 where execution, settlement and risk management all happen fully onchain.
Designed for professional traders.
Ready for autonomous AI agents.
The next generation of perp trading starts here.… pic.twitter.com/JwSqMEeU9v
— AFX Trade (@AFX_XYZ) July 7, 2026 dYdX is the architecture benchmark. Its Cosmos-based chain uses in-memory orderbooks to keep trading fast while blocks sync the final state.
AFX pushes more of the trading process on-chain, including order placement, matching, and settlement. That gives traders more visible execution data, but it also raises the performance test.
Perp traders punish slow cancels, delayed matching, and weak liquidation systems quickly.
AFX Versus Lighter, Drift, and Aevo Lighter, Drift, and Aevo really show how varied the perp DEX field has become:
Lighter emphasizes ZK verification for matching and liquidations; Drift uses Solana-native execution with a hybrid system combining an AMM and a central limit orderbook; Aevo uses an EVM-based optimistic rollup for derivatives trading. AFX differs through vertical control. It uses a trading-specific L1 and aims to coordinate consensus, orderbook execution, settlement, margin, liquidation, APIs, and trader UX inside one dedicated system.
This is also where the AI-agent angle becomes important. AFX offers agent wallets that can place, cancel, and modify orders, update leverage and margin mode, and receive private WebSocket data.
Moreover, users can limit agent permissions for withdrawals, transfers, agent authorization, revocation, and vault operations.
Risk Design During Market Stress Perp DEX quality becomes visible during volatile markets. Mark-price design, liquidation mechanics, and backstop liquidity determine whether traders face orderly execution or unstable loss socialization. A strong venue needs risk controls able to hold up when price moves become fast, liquidity thins, and leverage unwinds at once.
AFX highlights several risk controls: manipulation-resistant mark pricing based on native orderbook data and external exchange feeds, staged liquidations, backstop liquidity through its vault, and capped open interest per market.
Security also deserves a word. Zellic’s public audit repository lists an AFX Bridge audit from May 2026 on EVM, which supports mention of a third-party audit for the bridge scope.
A Note on Incentives and Trader Alignment Perp DEXs often compete through points, rebates, fee tiers, maker rewards, vault yield, and revenue sharing. These tools can seed order flow, attract market makers, and reward active traders, although long-term value depends on sticky liquidity after rewards cool.
AFX’s VIP Program is a great example, where high-volume traders can receive lower fees and a share of platform fee revenue, with 30% to 50% of protocol revenue allocated across eligible tiers.
Importantly, AFX’s revenue sharing may help attract professional traders, but its durability will depend on execution quality, spreads, open interest, trader retention and more.
AFX Tokenomics and Community Distribution AFX’s tokenomics also support its active-trader positioning. The model is built around community distribution first, with 73% of the 1 billion token supply allocated across genesis distribution, protocol incentives, core community, and ecosystem development.
The largest single bucket is protocol incentives at 30%, which means the token model is designed to reward ongoing trading activity, liquidity participation, and node staking rather than only early access.
Genesis distribution accounts for 27% of supply and is fully unlocked at TGE, creating meaningful early float from day one instead of concentrating liquidity around delayed unlocks.
How AFX Promises to Distribute Its Revenue. Source: Medium AFX also has no VC allocation and no private rounds, which gives the token model a user-participation angle rather than a private-investor allocation structure. Core contributors receive 19% of supply, but this allocation has no TGE unlock, a one-year cliff, and 36-month linear vesting. This ties contributor incentives to longer-term protocol development rather than immediate liquidity.
The treasury allocation is set at 8% and is intended for compliance, infrastructure, and risk reserve needs under governance and foundation discretion. Points also connect current user activity with future token distribution, with a fixed 10 million-point pool across three seasons and conversion expected at TGE.
Who AFX Is Really Built For AFX makes the most sense for traders who care about execution control rather than simple leveraged exposure.
Active perp traders who want order book trading, fast order placement, and more control over entries, exits, and cancellations. Market makers and high-volume traders who need low fees, API access, predictable sequencing, and enough technical transparency to monitor execution quality. On-chain-native traders who prefer public settlement, visible order flow, and a trading stack that keeps more of the exchange process on-chain. Automated strategy builders who want agent wallets, private WebSocket data, and permission controls for bots or AI-assisted trading systems. Traders looking beyond crypto pairs who want perpetual exposure to stocks, indices, metals, and commodities inside a crypto-native venue. AFX is less suitable for casual users, passive DeFi investors, or traders who only want a simple leverage product with minimal setup. It is also not the obvious first choice for users who prioritise the deepest existing liquidity, the longest operating history, or the broadest stress-tested track record.
For those traders, Hyperliquid, dYdX, or GMX may still feel safer until AFX proves its liquidity, uptime, and liquidation design across more volatile market cycles.
The open issue is proof. AFX has early volume, a defined technical thesis, and a set of features aimed at active traders, but the strongest perp venues are judged over time. Liquidity depth, uptime during volatility, liquidation behavior, independent audits, and trader retention will matter more than launch metrics.
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.
dYdX Labs, the team behind a decentralized exchange (DEX) focused on perpetuals (perps), has unveiled a new platform, Arcus, on Robinhood Chain.
According to the announcement, Arcus will be separate from dYdX and its chain, but will charge zero fees while allowing traders a round-the-clock trading experience.
We built Arcus to reduce these barriers. Arcus gives traders 24/7 access to 95 tokenized stocks and perpetuals backed by Robinhood Chain’s deep liquidity.
Robinhood Crypto’s director of product management, Seong Seog Lee, also echoed the move as a way to democratize access to financial markets.
Robinhood has always believed that the financial system should work for everyone. Arcus is the natural extension of that mission into the onchain world.
The platform will begin with perps and stock trading and later on expand to pre-IPO offerings and allow tokenized stocks as collateral.
Worth pointing out that the update has been teased for the past five days. Traders have been front-running the announcement, pushing the DYDX token to nearly double.
dYdX dumps 45% after Arcus debut But the final update turned out to be a ‘sell-the-news’ event as earlier projected by AMBCrypto. As of writing, DYDX, the native token of dYdX, has sharply dropped by 45% and effectively erased the gains made ahead of the Arcus announcement.
Source: DYDX/USDT, TradingView Worth pointing out, the Arcus update has no link or direct impact on the native token. In a statement, the dYdX Foundation said,
DYDX is, and remains, the governance and staking token of dYdX Chain. Its mechanics, supply, and operational characteristics remain unchanged.
That said, the Arcus update saw the token surge to record positive Weighted Sentiment. However, the Supply on Exchanges spiked slightly while the amount of Tokens Outside of Exchanges remained flat (blue line).
Source: Santiment This meant that despite the update being positive, it didn’t lead to significant spot demand for the DYDX token, as underscored by the flat blue line. In other words, traders didn’t jump to accumulate the token after the update.
Thus, it was not a surprise, as the announcement had been front-run in the past few days. That said, the 200-day Moving Average (MA, blue line on price charts) and the trendline support could be potential price floors.
If so, the massive dump could be a buying opportunity only if the broader market sentiment also improves.
Final Summary The team behind dYdX has unveiled a similar DEX, Arcus, that will be based on the Robinhood Chain According to the project team, Arcus would help democratize access to stock markets, but DYDX traders turned bearish.
dYdX Labs founder Antonio Juliano launched Arcus, a new DEX combining tokenized stock trading with perpetual futures, built jointly with Robinhood Crypto on Robinhood Chain.
dYdX Labs launched Arcus on Wednesday, a decentralized exchange that combines tokenized stock trading with perpetual futures. Founder Antonio Juliano announced the launch on X, built jointly with Robinhood Crypto.
Arcus runs on Robinhood Chain, the EVM-compatible layer 2 that Robinhood opened to the public earlier the same day. Spot trading across 95 stock tokens is live now, letting users trade tokenized equities around the clock instead of only during market hours. Perpetuals covering 35 real-world-asset markets remain in a waitlist phase, dYdX said in its launch post.
Eddie Zhang, whose trading startup Pocket Protector was acquired by dYdX Labs, runs Arcus as chief executive. Juliano is joining its board, according to the dYdX blog post announcing the launch. The stock tokens give holders contractual economic exposure to the underlying equity rather than direct share ownership, the post said, the same tokenization structure Robinhood uses across the rest of Robinhood Chain.
dYdX, the decentralized perpetuals exchange that runs its own Cosmos-based appchain, holds $92.4 million in total value locked, per DefiLlama. Its DYDX token traded around $0.1451, according to CoinGecko. dYdX Chain v4 keeps operating alongside Arcus, with existing funds and positions unaffected, the blog post said.
Robinhood Crypto supplies the trading infrastructure and distribution to Robinhood's user base for Arcus, but the brokerage has not issued its own statement naming Arcus or dYdX as of publication.
dYdX said a future Arcus token will reserve allocation for people who traded, staked or validated on dYdX, prioritizing the existing dYdX community over new entrants when the token launches. No launch date for that token or for the Arcus perpetuals waitlist has been set.
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.
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.
The company behind the dYdX decentralized exchange (DEX) has partnered with Robinhood to rebrand and launch the protocol as Arcus on the Robinhood Chain.
An X account for Arcus posted on Wednesday that “dYdX is now Arcus” and would launch on the Robinhood Chain, Robinhood’s Arbitrum-based layer 2 blockchain that went live the same day.
The dYdX Foundation said that dYdX Labs created Arcus “in partnership with Robinhood” and that the dYdX blockchain “is not affected by it in any way.” The platform is set to be blockchain’s “leading DEX” and will give users access to perpetual products and fee-free trading of 95 tokenized stocks.
Source: Charles d’Haussy
The DEX is part of Robinhood’s expanded push into tokenized assets and perpetual trading, two areas of crypto that have recently exploded in popularity as US regulators have shown interest in allowing the products to more easily come to market.
Robinhood’s embrace of perpetual trading comes as it looks to entice traders who have flocked to the crypto perpetual futures platform Hyperliquid, whose token has climbed nearly 150% so far this year as it has captured market share.
Arcus to offer tokenized stock, perps trading“Until now, traders have been shut out of the most valuable markets on earth — US equities, commodities, and indices — because of where they live, market hours, and institutions restricting access,” Arcus said in a blog post. “We built Arcus to reduce these barriers.”
The protocol said that it will offer perpetuals and tokenized stock trading that will go live this month, allowing tokenized stocks to be used as collateral for perpetuals and providing access to pre-IPO markets.
It added that Robinhood Crypto, the company’s crypto technology arm, made an investment in Arcus but did not disclose further details.
The dYdX Foundation said that Arcus “is a distinct, independent product built on separate infrastructure” and that the dYdX blockchain would continue to operate and be owned by its community.
Major retail-focused trading platforms have been moving to expand their offerings to remain competitive. Crypto exchange Coinbase has looked to rival Robinhood and become a full-service trading platform, having added access to thousands of stocks earlier this year.
Robinhood’s blockchain also follows a similar move from Coinbase in 2023, when the latter launched its Ethereum layer-2 blockchain Base that has grown to be the fifth-largest by value locked, according to DeFiLlama.
Meanwhile, Bitget Wallet, the self-custodial wallet from the Bitget crypto exchange, said on Wednesday that it partnered with Robinhood Crypto to integrate the company’s blockchain to allow its users to trade tokenized stocks.
The decentralized exchange 1inch also said on Wednesday that it would be among the first major swap platforms to support Robinhood Chain.
Big Questions: Do we really only need 2–5 cryptocurrencies?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
The company behind the dYdX decentralized exchange (DEX) has partnered with Robinhood to rebrand and launch the protocol as Arcus on the Robinhood Chain.
An X account for Arcus posted on Wednesday that “dYdX is now Arcus” and would launch on the Robinhood Chain, Robinhood’s Arbitrum-based layer 2 blockchain that went live the same day.
The dYdX Foundation said that dYdX Labs created Arcus “in partnership with Robinhood” and that the dYdX blockchain “is not affected by it in any way.” The platform is set to be blockchain’s “leading DEX” and will give users access to perpetual products and fee-free trading of 95 tokenized stocks.
Source: Charles d’Haussy
The DEX is part of Robinhood’s expanded push into tokenized assets and perpetual trading, two areas of crypto that have recently exploded in popularity as US regulators have shown interest in allowing the products to more easily come to market.
Robinhood’s embrace of perpetual trading comes as it looks to entice traders who have flocked to the crypto perpetual futures platform Hyperliquid, whose token has climbed nearly 150% so far this year as it has captured market share.
Arcus to offer tokenized stock, perps trading“Until now, traders have been shut out of the most valuable markets on earth — US equities, commodities, and indices — because of where they live, market hours, and institutions restricting access,” Arcus said in a blog post. “We built Arcus to reduce these barriers.”
The protocol said that it will offer perpetuals and tokenized stock trading that will go live this month, allowing tokenized stocks to be used as collateral for perpetuals and providing access to pre-IPO markets.
It added that Robinhood Crypto, the company’s crypto technology arm, made an investment in Arcus but did not disclose further details.
The dYdX Foundation said that Arcus “is a distinct, independent product built on separate infrastructure” and that the dYdX blockchain would continue to operate and be owned by its community.
Major retail-focused trading platforms have been moving to expand their offerings to remain competitive. Crypto exchange Coinbase has looked to rival Robinhood and become a full-service trading platform, having added access to thousands of stocks earlier this year.
Robinhood’s blockchain also follows a similar move from Coinbase in 2023, when the latter launched its Ethereum layer-2 blockchain Base that has grown to be the fifth-largest by value locked, according to DeFiLlama.
Meanwhile, Bitget Wallet, the self-custodial wallet from the Bitget crypto exchange, said on Wednesday that it partnered with Robinhood Crypto to integrate the company’s blockchain to allow its users to trade tokenized stocks.
The decentralized exchange 1inch also said on Wednesday that it would be among the first major swap platforms to support Robinhood Chain.
Big Questions: Do we really only need 2–5 cryptocurrencies?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
The dYdX Foundation exists to support the dYdX protocol and to foster community-driven governance and growth across the dYdX ecosystem. That role is unchanged.
Today, dYdX Trading Inc. (d.b.a. dYdX Labs) announced Arcus, a new decentralized exchange built in partnership with Robinhood on the Robinhood Chain. Arcus is a distinct, independent product built on separate infrastructure; dYdX Chain is not affected by it in any way. dYdX Chain continues to operate as it did yesterday – governed by its token holders, secured by its validators, and owned by its community.
What follows is for those who rely on that: traders, token holders, validators, and the wider ecosystem.
OperationsTrading, deposits, withdrawals, staking, governance, and validator operations all continue to run as normal. The community-owned infrastructure maintained by the dYdX Operations SubDAO - the indexer, the dydx.trade front end, and the iOS and Android applications - remain in service. Any change to availability would be communicated in advance.
The DYDX TokenDYDX is, and remains, the governance and staking token of dYdX Chain. Its mechanics, supply, and operational characteristics remain unchanged. No token swap or migration has been announced; any such decision would belong to dYdX Labs and to DYDX token holders and governance participants.
Staking rewards continue to be paid in USDC, drawn from dYdX Chain protocol fees, for as long as the Chain operates.
Validators and GovernancedYdX Chain is secured by its validators, and that requirement is undiminished. The validator set will continue to operate as it does today, with any changes to the validator set or validator requirements needing governance approval by the dYdX community.
Governance continues to function as it always has. dYdX Chain validators and DYDX stakers propose and vote; the Treasury SubDAO and Operations SubDAO continue to operate under their existing mandates. The Community Treasury, the Rewards Treasury, and their respective vester accounts all remain under dYdX Chain governance control, and their funds can only move pursuant to a community decision via governance. Community initiatives, likewise, are governed by token holders, who determine any future initiatives or changes to the existing ones.
The Foundation's RoleThe dYdX Foundation will continue to do what it was formed to do: support the dYdX protocol, foster governance participation and engagement, guide its validator community, and report to token holders with transparency.
dYdX Chain is operational, community-owned, and governed by the token holders. The Foundation's commitment to it is undiminished.
Legitimacy and Disclaimer
Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.
The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.
The dYdX Chain software (including dYdX Unlimited) is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components (including dYdX Unlimited) be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software (including dYdX Unlimited) or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software, i ncluding dYdX Unlimited (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited) “AS IS, WHERE IS”.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.
Depositing into the MegaVault carries risks. Do your own research and make sure to understand the risks before depositing funds. MegaVault returns are not guaranteed and may fluctuate over time depending on multiple factors. MegaVault returns may be negative and you may lose your entire investment.The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of any component of the dYdX Unlimited software (including the MegaVault).
A new decentralized exchange born from a collaboration between dYdX Labs and Robinhood Crypto is officially open for business. Arcus, which offers perpetual futures and tokenized equities, went live after roughly a year of development, marking one of the more ambitious attempts to merge traditional finance assets with DeFi infrastructure.
The platform currently supports live spot trading across 95 Stock Tokens and 35 Real World Asset perpetuals. Access to perpetual contracts remains on a waitlist for now.
What Arcus actually is The platform runs on Robinhood Chain, an EVM-compatible Layer-2 solution that enables 24/7 trading. Robinhood brings a retail user base exceeding 25 million people, and Arcus is positioning itself to tap directly into that audience.
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Eddie Zhang serves as CEO of Arcus. Zhang previously worked at Meta and co-founded Pocket Protector, a social trading app that dYdX acquired in July 2025. That acquisition was explicitly part of building toward the Arcus launch, bringing product development talent and social trading expertise into the fold.
Antonio Juliano, the founder of dYdX, has called Arcus the best advancement for the dYdX ecosystem.
Why dYdX needed a new approach dYdX Chain, the protocol’s v4 iteration, achieved full decentralization of an order book-based perpetuals exchange. The problem was that being fully decentralized didn’t automatically translate into being fast or easy to use. Platforms like Hyperliquid and others gained significant traction by prioritizing speed and user experience, and dYdX’s share of on-chain perpetuals volume shrank.
Token economics and community incentives Arcus hasn’t launched a token yet, but any future Arcus token will reserve allocations specifically for dYdX community members, granting them priority access and trading capabilities on the platform.
What this means for investors Perpetual contracts are still waitlisted, meaning the core product isn’t fully live yet. How quickly the team opens up perpetuals access, and how the platform performs under real trading load, will determine whether Arcus becomes a genuine competitor.
The social trading elements inherited from the Pocket Protector acquisition could also prove to be a differentiator. Pocket Protector had over 50,000 users prior to acquisition. Bringing copy trading and social mechanics to a decentralized environment, where trades settle on-chain and users maintain custody, would be a new offering in the market.
Traders and investors should watch three things closely: the timeline for opening perpetuals access beyond the waitlist, early volume numbers once perps go live, and any announcements around the Arcus token launch and its specific allocation mechanics for dYdX holders.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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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Decentralized exchange (DEX) dYdX has had to take out millions from its insurance fund to cover user liquidations on its platform, according to a recent announcement. This action was forced by the recent liquidations in the Yearn.Finance (YFI) market.
What Led To The $9 Million Insurance Fund Withdrawal? On Saturday, November 18, the Yearn.Finance’s governance token (YFI) witnessed a drastic 43% decline in value, leading to a wipeout of $50 million in YFI Open Interest.
Consequently, this dramatic drop in price triggered a moment of fear, uncertainty, and doubt (FUD) within the crypto community, with some members speculating on the possibility of an exit scam.
In a post on the X (formerly Twitter) platform, the team behind dYdX disclosed that about $9 million from the platform’s v3 insurance fund was used to fill gaps in liquidations processed in the YFI market.
Last night about $9m from the dYdX v3 insurance fund were used to fill gaps on liquidations processed in the YFI market. The v3 insurance fund remains well funded with $13.5m in funds remaining
No user funds were affected and our team is working to investigate the event
— dYdX (@dYdX) November 18, 2023
According to the decentralized exchange’s website, the insurance fund is “the first backstop to maintain the solvency of the system when an account has a negative balance.” The fund is not decentralized, meaning that the protocol’s team is directly responsible for deposits to and withdrawals from it.
In the announcement, the protocol’s team also clarified that the insurance reserve still remains “well-funded” with $13.5 million left. However, this only means that the protocol was forced to part with about 40% of its initial balance to cover the liquidations in the YFI market.
Furthermore, the team asserted that no user funds were affected by this event. And they also revealed that they are currently investigating the incident.
dYdX Founder Claims ‘Targeted Attack’ – What Next? In a separate post on X, dYdX founder Antonio Juliano made accusations of market manipulation in the Yearn.Finance token market. The executive said:
This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market.
Juliano reiterated that the protocol is currently investigating the incident alongside other partners. And the founder promised to be fully transparent with the results of their findings.
This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market
We are investigating alongside several partners and will be transparent with what we discover https://t.co/djWHaaPIua
— Antonio(@AntonioMJuliano) November 18, 2023
Furthermore, Antonio Juliano mentioned that there will be a thorough review of the protocol’s risk parameters. “We will be making appropriate changes to both v3 and potentially the dYdX Chain software if necessary,” he added.
dYdX remains one of the largest trading platforms in the decentralized finance (DeFi) space. As of this writing, the protocol boasts a total value locked of $372 million, according to data from DefiLlama.
DYDX price rebounds on the daily timeframe | Source: DYDXUSDT on TradingView Featured image from Shutterstock, chart from TradingView
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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.
The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.
In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest.
The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.
The SEC also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.
The advisory highlights a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. On Dec. 24, 2025, Philippine regulators blocked Coinbase and Gemini as part of their broader crackdown on unlicensed CASPs.
Philippine SEC advisory against dYdX. Source: Philippine SEC
Broader crackdown on unlicensed crypto operatorsThe latest advisory comes as Philippine regulators continue to step up enforcement against crypto platforms operating without local authorization.
In 2024, authorities moved to block access to Binance after a compliance deadline expired, with regulators also directing app stores to remove the trading platform’s app from users’ devices in the country.
The crackdown has since expanded to include other major platforms. In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks.
While regulators have targeted unlicensed operators, compliant firms have continued rolling out crypto products. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within its app.
Magazine: Telegram avoids Philippines ban, yen carry trade going onchain: Asia Express
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
dYdX and Aevo included in latest enforcement advisory from authorities
Regulators expand compliance enforcement across digital asset sector
Platforms operating without registration face access restrictions and penalties
Securities watchdog strengthens oversight of unregistered cryptocurrency service providers
Philippine financial regulators have escalated enforcement measures against numerous cryptocurrency platforms conducting operations without obtaining necessary licenses. Authorities identified seven distinct entities providing investment-related digital asset services while lacking mandatory regulatory approvals. This action represents part of broader efforts to eliminate unauthorized cryptocurrency activities throughout the nation.
Regulatory Spotlight on dYdX and Aevo Platforms Financial authorities specifically named [[LINK_START_0]]dYdX[[LINK_END_0]] and Aevo as operators providing unlicensed investment services to local residents. Regulators determined these platforms actively solicit customer deposits while promoting potential financial gains. Officials confirmed neither organization possesses valid authorization under current cryptocurrency regulations.
Authorities stressed that all digital asset operators must obtain full compliance with crypto-asset service provider regulations before accepting Philippine customers. Registration protocols mandate significant capital reserves alongside rigorous operational compliance measures. Regulators made clear that non-compliant platforms will face immediate enforcement measures.
The securities commission noted that individuals promoting unauthorized platforms may face criminal prosecution under existing statutes. Enforcement provisions authorize substantial monetary fines alongside potential incarceration for regulatory violations. These measures aim to discourage unlicensed marketing activities targeting domestic investors.
gTrade, Pacifica and Orderly Face Compliance Actions Regulators additionally identified gTrade, Pacifica, and Orderly for operating without proper authorization. Officials concluded these entities provide cryptocurrency services while lacking essential regulatory permits. Consequently, authorities continue broadening enforcement activities across numerous platform operators.
The commission has transitioned from issuing advisory warnings toward implementing direct platform restrictions. Regulators recently ordered internet service providers to block access to non-compliant cryptocurrency exchanges. This represents heightened regulatory pressure on international operators serving Philippine markets.
Officials emphasized that unlicensed platforms create substantial financial and security vulnerabilities for users. Regulatory compliance mechanisms ensure proper transparency and institutional accountability across digital asset operations. Authorities remain committed to establishing comprehensive regulatory frameworks for the cryptocurrency industry.
Deriv and Ostium Join Growing Enforcement Roster The latest regulatory advisory incorporates Deriv and Ostium among flagged entities. Authorities determined both platforms conduct business without satisfying registration or compliance requirements. This reinforces the commission’s ongoing opposition to unauthorized cryptocurrency services.
Previous enforcement campaigns have targeted prominent international exchanges operating within Philippine jurisdiction. Authorities implemented access restrictions against Binance following expired compliance deadlines. Additional platforms including Coinbase and Gemini faced similar blocking measures during late 2025.
Despite aggressive enforcement activities, regulators continue encouraging properly licensed cryptocurrency developments. Officials acknowledged that authorized firms have successfully launched services meeting domestic legal requirements. Authorities maintain explicit differentiation between licensed operators and unregistered cryptocurrency platforms.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
The Philippine Securities and Exchange Commission has added dYdX and six other crypto trading platforms to its list of unauthorized operators, warning Filipino investors against using services that lack local registration.
In a Facebook post on Tuesday, the regulator named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, stating that based on its review, the platforms “appear to be offering investments to the public” in exchange for promised returns, profits, or interest.
The SEC said none of the named entities are registered with the Commission or hold authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the country to obtain licenses and meet capital and operational requirements.
Penalties Under the Securities Regulation Code The regulator also warned that individuals promoting any of the listed platforms may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.
The advisory forms part of a broader shift toward stricter enforcement in the Philippines, where regulators have progressively moved from investor warnings to the outright blocking of unlicensed crypto operators.
A Widening Crackdown on Unlicensed Operators The latest notice builds on prior actions that have reshaped the local crypto landscape. In 2024, Philippine authorities moved to block access to Binance after a compliance deadline expired, later directing app stores to remove the exchange’s app from users’ devices. Coinbase and Gemini were similarly blocked on Dec. 24, 2025, according to local reports.
In August 2025, the SEC issued a separate advisory naming 10 exchanges, including OKX, Bybit, KuCoin, and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks including total loss of funds, fraud, and identity theft.
The SEC has repeatedly raised national security concerns tied to unregistered platforms, arguing that the absence of robust anti-money laundering controls could enable misuse for illicit finance. The regulator has warned that such gaps could undermine the country’s efforts to comply with Financial Action Task Force standards and heighten the risk of gray-listing.
New Rules Aim to Strengthen Enforcement The push follows the SEC’s June 2025 introduction of formal rules for crypto asset service providers, which officials have said will give the agency more authority to act against non-compliant firms.
“We believe that the rules will give more teeth to our enforcement team,” Atty. Paolo Ong, Assistant Director at the SEC, said during a panel at Philippine Blockchain Week 2025, adding that the agency could be more assertive in pursuing unregistered platforms operating in the country.
While unlicensed operators face tightening restrictions, the Philippines continues to welcome compliant firms seeking registration under its evolving crypto framework.
Kevin Warsh crypto holdings disclosed in his 69-page OGE Form 278e financial filing include indirect stakes in more than 20 blockchain and digital asset companies spanning Solana, dYdX, Polymarket, Dapper Labs, and Lightning Network infrastructure, with combined assets alongside his wife totaling at least $192 million.
Summary
The crypto positions are concentrated in two venture fund structures, DCM Investments 10 LLC and a series of AVF funds. Fed ethics rules require confirmed officials to complete all required divestitures within six months of taking office, and Office of Government Ethics official Heather Jones certified Warsh will be in compliance once the divestitures are completed. Warsh has previously described Bitcoin as “a good policeman” for economic policy and called AI “the most disruptive moment in modern economic history,” views that informed both his venture investments and his rate policy outlook. Kevin Warsh crypto exposure is unlike anything a previous Fed chair nominee has disclosed. His 69-page financial filing reveals indirect positions across DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure through a web of venture fund structures. If confirmed, he would be the first Federal Reserve Chair in the institution’s 113-year history with prior personal investment in the crypto ecosystem.
The divestiture obligation is clear. Fed ethics rules introduced by Jerome Powell in 2022 following trading scandals among regional Fed presidents explicitly ban senior officials from holding cryptocurrencies, individual equities, sector funds, commodities, and derivatives. New officeholders have six months to achieve compliance. Warsh has pledged unconditional divestiture of all affected positions upon confirmation.
Senators on both sides of the aisle pressed Warsh at Tuesday’s hearing on the transparency of his disclosures, with several Democrats arguing that the use of confidentiality agreements to shield the underlying assets of his largest fund positions makes it impossible for the public to assess conflicts of interest before voting on confirmation.
What Is in the Portfolio and Why It Must Go The Warsh crypto portfolio details published by CoinDesk based on a full review of the OGE filing include identifiable stakes in Solana and Optimism through AVGF I funds, dYdX, Polymarket, Compound, and Blast through DCM Investments 10 LLC, and Dapper Labs, DeSo, and Friends With Benefits through a separate AVF fund series. A direct position in SpaceX and stakes in AI firms including Recraft and 11x also appear.
The two positions that most concern ethics reviewers are both in Juggernaut Fund LP, each listed at over $50 million with no upper limit disclosed. The underlying assets of both are covered by confidentiality agreements. OGE analyst Heather Jones flagged them specifically, noting that compliance requires full divestiture of both. Unwinding LP stakes in illiquid venture funds is more complex than selling publicly traded positions and could take the full six-month window even after confirmation.
The Divestiture Challenge and Recusal Landscape Even after divestiture is complete, Warsh faces a complicated recusal landscape. Federal ethics rules generally require a one-year cooling-off period for matters directly affecting recent financial interests. That means decisions the Fed makes affecting stablecoin issuers, DeFi protocols, or Layer 2 networks in his former portfolio could require Warsh to recuse himself from any deliberations in his first year.
For the Fed’s role in overseeing stablecoin yield regulation, bank crypto custody policy, and any future central bank digital currency framework, a one-year recusal by the chair would be a significant operational constraint. The breadth of Warsh’s portfolio, spanning every major category of digital asset infrastructure, means the recusal landscape is unusually wide compared with any prior Fed chair whose financial conflicts were largely confined to traditional securities.
What a Crypto-Aware Fed Chair Means for the Industry The portfolio is a double-edged signal. A Fed chair with personal venture exposure across DeFi and blockchain infrastructure has more detailed knowledge of the technology than all of his predecessors combined. His views on crypto will not be formed by staff briefings alone. At the same time, the mandatory divestiture and extended recusal obligations mean that whatever policy sympathies his investments implied will be formally constrained for at least the first year of his tenure.
The crypto industry should expect a Fed chair who understands the technology at a structural level and who has publicly described Bitcoin as having a positive disciplinary effect on economic policy. What the industry may not get, at least initially, is a Fed chair who can vote on matters directly affecting the specific networks in which he was invested.
Crypto platform dYdX declared unregistered by the Philippine SEC, with strict warning against investment solicitation and potential criminal liability for promoters.
The Philippine Securities and Exchange Commission (SEC) has issued a public advisory warning against engaging with several crypto trading platforms that are not authorized to operate in the country.
Among the flagged entities was the widely used decentralized trading platform dYdX. The SEC said it received reports indicating that these platforms have been offering investment opportunities and collecting funds from users in exchange for promises of returns, profits, or interest, activities that fall under regulatory oversight.
Without proper registration, investors who use these platforms may face increased risks, including exposure to fraud and a lack of legal recourse in case of disputes.
Crypto Crackdown In its notice, the regulator stated that dYdX is not registered with the commission and does not hold the required license to solicit or accept investments from the public.
“Records of the Commission show that DYDX IS NOT REGISTERED as a corporation, partnership, or one-person corporation in the Philippines and DOES NOT HAVE THE NECESSARY LICENSE AND/OR AUTHORITY to offer, sell, or distribute securities to the public, or to act as a broker or dealer in securities under Section 28 of the SRC.”
The SEC reiterated that under its Crypto-Asset Service Provider (CASP) Rules, all entities offering crypto-related services to investors in the country must first register with the Commission and secure the appropriate licenses. Anyone acting as a salesman, broker, dealer, agent, promoter, recruiter, influencer, endorser, or enabler of dYdX in the Philippines, online or otherwise, may face criminal liability under Section 28 of the Securities Regulation Code (SRC).
Violators may be penalized under Section 73 of the SRC with a fine of up to ₱5,000,000, imprisonment of up to 21 years, or both, depending on the court’s ruling.
Other Unlicensed Firms Flagged Besides dYdX, the regulators also named Aevo, GTrade (also known as Gains Trade), Pacifica, Orderly, Deriv, and Ostium as unregistered platforms that are not authorized to offer or solicit crypto-asset services or investment opportunities to Filipinos.
The SEC urged the public to verify a company’s registration status and to report any suspicious investment activities to its Enforcement and Investor Protection Department.
PANews reported on April 22 that, according to The Block, Federal Reserve Chairman nominee Kevin Warsh stated at his Senate Banking Committee hearing that digital assets have become integrated into the U.S. financial services industry and should be incorporated into the financial system. Warsh's previously disclosed financial information shows that he holds dozens of crypto assets, including dYdX, Lighter, Polychain, Dapper Labs, Solana, and Optimism. Warsh supports exploring limited central bank digital currencies (CBDCs) but stated that issuing a CBDC would be a "bad policy choice."
Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, suggested at her hearing that Warsh could become a "puppet" of Trump, potentially leading the president to use the Federal Reserve's power to benefit his family's crypto company. Senator Tillis stated that she would not vote for Warsh's nomination until the Justice Department's investigation into Federal Reserve Chairman Powell is resolved.
dYdX launched in 2017 and pioneered decentralized perpetual trading when nobody else was trying it. Eight years later, the platform still holds credibility among professional traders who respect longevity.
But credibility doesn’t translate to feature velocity. While dYdX refined order book execution, a newer platform called TradeView introduced live streaming trading that unlocked a $100 billion market.
Best crypto presales backing platforms with new features tend to outperform clones. Top presale crypto projects like TVX represent differentiation rather than copycat infrastructure.
How TradeView’s Live Streaming Created a $100B Underserved Market Table of Contents
How TradeView’s Live Streaming Created a $100B Underserved MarketComparing Professional Precision with Retail SimplicityUnderstanding TVX Presale Pricing and Early Buyer AdvantagesWhat the $100B Market Means for Future Perpetuals Trading The $100 billion figure comes from retail perpetuals volume that existing DEXs couldn’t capture. Most retail traders avoid professional platforms because they feel intimidating.
You open dYdX and face order books, funding rates, and interfaces designed for quants. Newer traders bounce quickly to centralized exchanges with friendlier interfaces but worse custody.
Live streaming bridges this gap. Watching experienced traders navigate real market positions offers a much better lesson than reading a dry manual. This approach allows people to learn through direct observation, making it easier for retail capital to transition away from centralized platforms.
When you look for presale crypto tokens, the ones solving these specific market gaps often hold their value far better than simple clones. They provide the actual infrastructure that traders need to feel confident in a decentralized space.
Comparing Professional Precision with Retail Simplicity Platforms like dYdX were designed from the ground up for the professional crowd. They focus on deep liquidity and the kind of high-speed execution that institutional trading desks require to function properly.
The interface is built for sophisticated users who are already comfortable with complex tools and algorithmic strategies. It is a powerful system, but it can feel quite intimidating for someone just starting their journey in on-chain trading.
TradeView takes a very different path by focusing on the everyday user. With a mobile-first design and social features like live streaming, it makes entering the market feel much more natural.
These tools give retail traders the access they want without the technical barriers that often hold them back. It bridges the gap between high-level trading and a user experience that anyone can navigate comfortably.
Both approaches valid. Both platforms can coexist because they serve different trader profiles. The next big presale cryptocurrency space rewards specialization rather than competition for the same users.
Understanding TVX Presale Pricing and Early Buyer Advantages Presale mechanics reward early conviction through price stages. Understanding where you enter determines cost basis and sets expectations for exit strategies.
$TVX is priced at $0.015 per token right now. The next stage increases that price to $0.02. These price points matter because presale tokens crypto move through stages where early buyers get better rates. USDT raised so far totals $180,173, showing solid interest. $TVX sold indicates 12,011,533 tokens have moved during this presale phase.
Best crypto presales in 2026 structure their rounds to reward staged participation rather than one-time buyers who dump at listing.
What the $100B Market Means for Future Perpetuals Trading The $100 billion untapped market doesn’t disappear once one platform targets it. Multiple DEXs will compete for retail perpetuals share over the next few years. dYdX may adapt by adding consumer features.
Competition is a natural part of any growing market, and TradeView will likely see others try to mimic its live streaming approach.
The best crypto presales in 2026 are those that manage to secure their value while the industry is still expanding and new platforms are finding their footing. Investing in TVX provides a way to get involved in this specific area of growth before the market begins to settle.
Learn more about the project:
Website: https://tradeview.com/
X: https://x.com/Tradeview_Perps
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
The next dYdX x Voltrade trading competition is here. From April 30 to May 14, 2026, we’re launching the first-ever RWA trading competition on dYdX.
Trade the PAXG-USD, XAG-USD, and WTI-USD perpetual markets via Voltrade to compete for a share of a $5,000 prize pool - with daily lottery rewards on top. Whether you’re pushing for the top of the leaderboard or aiming to win through the daily draw, there’s something for every trader.
Registration is now open and remains open throughout the competition - so you can jump in at any time.
Only the PAXG-USD, XAG-USD, and WTI-USD perpetual markets on dYdX are eligible Trades must be executed via Voltrade, and users must register on Voltrade for trades to count Competition Period
Start: April 30, 2026 at 12:00 PM UTC End: May 14, 2026 at 12:00 PM UTC Registration
All participants must register for the competition on Voltrade from April 29, 2026 Remains open for the full duration of the competition How Scoring Works Leaderboard rankings are based on Voltrade Points (VXP).
Trading Score:
Earn 0.1 VXP for every $1 in notional trading volume on dYdX Daily Volume Cap:
Up to $500,000 notional per day counts toward scoring Maximum of 50,000 VXP per day Leaderboard Rewards:
The main pool is distributed pro rata based on each eligible participant's final share of qualifying VXP Formula: (your eligible VXP / total eligible VXP) × $4,300.00 All participants who earn qualifying VXP are eligible to receive a share of the prize pool Daily Lottery Rewards In addition to leaderboard rewards, traders can qualify for a daily $50 USDC lottery.
Trade ≥ $10,000 notional value in a given day to qualify One winner selected per day Lottery resets daily at 12:00 PM UTC How to Participate Connect your wallet and register for the competition on Voltrade (click "Join and Track" on the competition page) Trade the PAXG-USD, XAG-USD, and WTI-USD perpetual markets on dYdX via Voltrade Track your VXP score and leaderboard ranking, updated hourly Check daily to see if you've won the $50 Daily Lottery Competition Page: https://voltrade.xyz/competition/dydx-rwa-trading-competition
Getting started on dYdX: https://www.dydx.xyz/crypto-learning/how-to-start-trading-on-dydx
Campaign Rules & Fair Play Leaderboard Eligibility: All participants who earn qualifying VXP are eligible to share the prize pool Daily Cap: $500,000 notional per trader per day Fair Play: Any abusive, manipulative, or fraudulent behavior will result in immediate disqualification Need Help? For technical questions or competition support, join Voltrade's Telegram community.
Terms & Conditions By entering or participating in this competition, each entrant or participant ("Entrant") represents that they have read, and agree to comply with, the dYdX Terms of Use (available at https://www.dydx.xyz/legal/terms-of-use), as well as with the following terms and conditions. This competition is in no way associated with 𝕏 or any social media channels. To enter the competition on social media platforms, follow the requirements in the announcement tweet. Eligible entrants must register for the competition on Voltrade and trade during the competition period in order to be eligible to receive a reward. All participants who earn qualifying VXP will be eligible to receive a pro rata share of the $4,300 prize pool, with $50 per day awarded to a qualified daily lottery winner. Notional volume is capped at $500,000 per day (50K VXP per trader). Participants can trade more, but capped volume won't count towards points that day. An eligible user is someone that has completed all of the requirements listed in the social media announcement post. Winners will be announced on Voltrade's Official 𝕏 account no later than 7 days after the campaign end date. dYdX International Ltd ("DI") reserves the right to disqualify any participant immediately due to any improper behaviors. Example: if a participant was proven to be a batch user who creates multiple accounts to win rewards. Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. DI reserves the right to cancel or amend the competition or the applicable terms and conditions, at its sole discretion and at any time, without notice to you. DI's decision on the winners is final and binding. DI reserves the right to retweet, repost, or use the image/video entries (at the moment, and in the future) related to the competition as shared by participants for its marketing purposes. Users who violate these terms may be barred from entering future dYdX community contests or reward campaigns. Participants who are citizens of or residing in the Restricted Jurisdictions as per the dYdX Software Terms of Use, accessible via https://dydx.exchange/v4-terms are prohibited from using the dYdX Software and/or participating in this trading competition. Such countries include but are not limited to: United States, Canada, United Kingdom, Cuba, Iran, North Korea (Democratic People's Republic of Korea), Syria, Venezuela (in certain sectors), Belarus (sectoral / targeted sanctions), Afghanistan, Balkans region (Balkans-related sanctions), Burma / Myanmar, Central African Republic, Democratic Republic of the Congo, Ethiopia (selected sanctions), Iraq (in specific sanctions programs), Lebanon, Libya, Mali, Nicaragua, Somalia, South Sudan, Sudan / Darfur region, Yemen.
dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other Restricted Persons. All use of dYdX software is subject to the dYdX Software Terms of Use.
dYdX International Ltd ("DI"), dYdX Trading Inc. dba dYdX Labs (“dYdX Labs”) and their affiliates do not develop, control or participate in the operation of any component of the dYdX protocol for public use.
To the extent this content describes anticipated features in the open source dYdX software, the implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community.
The information provided herein is for general informational purposes only, and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.
Engaging in any activity involving crypto-assets (including staking, trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. The inclusion of any launchable market on dYdX does not represent endorsement of the projects and all listings are community-driven. You should perform your own research and due diligence before engaging in any activity involving crypto-assets. In no event will DI, dYdX Labs or their affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this content. By continuing to access this content, you agree to the above and accept the possibility of changes in the information provided.
About dYdX
At dYdX, we’re reimagining what DeFi and perpetual trading can be. Combining the freedom of decentralization with deep liquidity, advanced order types, a high-performance API, and instant market listings, dYdX empowers you to trade boldly and confidently.
May brings the return of dYdX Surge Season 14 and another round of BONK Trading Events, building on the momentum from the month of April.
Traders can once again take advantage of ongoing fee incentives and liquidation rebates through Surge, alongside a fresh set of weekly BONK Trading Events centered on individual RWA markets.
Continued BONK RWA Trading Competition Following strong participation in April, the BONK RWA Trading Competition is back for another month. The format remains the same - a set of 1-week sprints, P&L-based trading competitions taking place on bonk.trade.
The first event kicks off May 4, with each week highlighting a specific market:
Non-API traders Traders using the bonk.trade UI powered by dYdX Prize Pool: $10,000 USDC per event, distributed to the top 10 traders by P&L
Prize Distribution:
1st: $3,000 2nd: $2,000 3rd: $1,000 4th–5th: $750 each 6th–10th: $500 each Rewards will be distributed by CLC following the conclusion of each event.
Surge Season 14 Surge Season 14 continues as part of the community-approved incentives program, keeping the focus on consistent and organic trading activity across the platform.
Here's what's live in May:
Zero maker and taker fees on BTC and BONK perpetual markets Liquidation rebates for traders liquidated on non-BTC markets Trade BTC & BONK Perpetuals with Zero Fees BTC and BONK perpetual markets will continue to offer 100% maker and taker fee discounts throughout May.
As approved by the dYdX community, these markets remain fee-free for all traders during the incentive period. Note: Other fees remain unchanged, including gas, bridging, slippage, and third-party fees. All future fee changes remain subject to governance decisions.
Liquidation Rebate Program The Liquidation Rebate Program continues into May, providing partial rebates to traders who are liquidated on eligible non-BTC perpetual markets.
The program remains a key part of the Surge incentive structure, helping to support traders through periods of market volatility.
Looking Ahead With Surge Season 14 and the return of BONK Trading Events, May offers another month of meaningful incentives for both active traders and those looking to explore specific markets in a competitive setting.
Disclaimer dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other restricted persons. All use of dYdX software is subject to the dYdX Software Terms of Use.
This post describes anticipated features in the open source dYdX software. The implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community. dYdX International Ltd. ("DI"), dYdX Trading Inc. dba dYdX Labs ("dYdX Labs") and their affiliates do not develop, control or operate any component of dYdX software for public use.
The information provided in this website is for general informational purposes only and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.
Engaging in any activity involving crypto-assets (including trading crypto assets) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be suitable for retail investors. You should perform your own research and due diligence before engaging in any activity involving crypto-assets.
In no event will DI or its affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this website. By continuing to access this website, you agree to the above and accept the possibility of changes in the information provided.
dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other Restricted Persons. All use of dYdX software is subject to the dYdX Software Terms of Use.
dYdX International Ltd ("DI"), dYdX Trading Inc. dba dYdX Labs (“dYdX Labs”) and their affiliates do not develop, control or participate in the operation of any component of the dYdX protocol for public use.
To the extent this content describes anticipated features in the open source dYdX software, the implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community.
The information provided herein is for general informational purposes only, and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.
Engaging in any activity involving crypto-assets (including staking, trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. The inclusion of any launchable market on dYdX does not represent endorsement of the projects and all listings are community-driven. You should perform your own research and due diligence before engaging in any activity involving crypto-assets. In no event will DI, dYdX Labs or their affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this content. By continuing to access this content, you agree to the above and accept the possibility of changes in the information provided.
dYdX Foundation: 4 trading pairs including AKT-USD and GNO-USD have been officially approved for delisting.
PANews reported on May 3 that the dYdX Foundation governance proposal vote has officially concluded, with the four perpetual trading pairs—AKT-USD, GNO-USD, MNRY-USD, and MOG-USD—approved for delisting. The vote involved 16 out of 31 active validators and 124 accounts, representing a 46.86% voter turnout; 90.96% voted in favor, 0% against, and 9.04% abstained, resulting in a high vote for the proposal.
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Injective USDC is set to be the primary stablecoin standard across the Cosmos ecosystem and dYdX. This automatically sets Injective up to be one of the largest blockchains in history for onchain stablecoin issuance and payments.
Skip:Go, the dominant routing layer in Cosmos, will also make Injective USDC the default denomination across its integrations.
A four-year minimum commitment will ensure that this integration is carried forward for years to come with a unified stablecoin issuance source. One canonical USDC for the interchain led by Injective.
A Canonical Stablecoin Standard, ExplainedCanonical has a specific meaning here. When a chain designates a canonical version of USDC, every wallet, exchange, lending market, and DEX in that ecosystem treats it as the single source of truth. New issuance flows through one route. Liquidity does not fragment across wrapped or bridged variants. Default integrations point to one place.
A canonical standard extends that across sovereign ecosystems. Multiple chains and applications draw their USDC from a shared issuance source, settle in a common denomination, and route transfers through native infrastructure. With this announcement, Cosmos chains and applications have standardized on Injective USDC.
This is the model that has made USDC durable elsewhere. It is also the model Circle has framed as the foundation of an internet financial system, where regulated digital dollars move with the same openness and reliability as information. A canonical standard reduces the cost of moving capital across chains. It is the reason banks settle in shared currencies, and it is increasingly the reason chains do.
USDC Across the Interchain EcosystemCosmos Hub and Cosmos Labs confirmed that USDC issued through Injective will route across the Cosmos ecosystem via IBC. The announcement carries a four-year minimum commitment to long-term USDC support through Injective, which provides the runway that builders, institutions, and applications need to deploy real capital without renegotiating their stablecoin layer every cycle.
Skip Protocol’s Skip:Go, which handles the bulk of interchain transfers in Cosmos today, is adopting Injective USDC as its default USDC denomination. Migration tooling will be released through Cosmos Labs for chains and applications moving from prior USDC sources.
USDC has anchored payments, swaps, and treasury flows across Cosmos since 2023. What this standardization adds is permanence: a known issuer, native infrastructure, and a single denomination that does not need to be re-bridged for every counterparty.
Filling the Gap Noble LeftEarlier this year, Noble announced its migration away from Cosmos. Noble had been the longtime native USDC issuer in IBC. The move left Cosmos chains and applications without a long-term issuance source. Injective now fills this gap directly and takes over $100 Million in issuance.
The selection of Injective is the result of a deliberate process by Cosmos Hub, Cosmos Labs, and Skip Protocol to find a blockchain that is here long-term and is proven to succeed for years to come. The four-year minimum commitment gives Cosmos chains a stable counterparty to build against and removes the cost of another issuer migration in the next cycle.
For applications already running USDC in Cosmos, the question is no longer which stablecoin comes next. Injective USDC is the only final answer.
dYdX, First in Line alongside Cosmos HubdYdX, one of the largest perpetuals DEXes ever built, is the first chain to migrate. The sovereign Cosmos appchain processes over $4 billion in monthly volume across derivatives markets where USDC is the collateral and the settlement asset.
Every perpetual position, every margin deposit, and every PnL settlement on dYdX will trace back to Injective USDC. Funding rate payments and liquidation flows will settle in Injective USDC. The trader experience does not change. Deposits, fills, and withdrawals look the same on the frontend. Underneath, the dollars come from Injective.
dYdX is one of the most demanding consumers of USDC liquidity in the industry. Choosing Injective as the issuance source for that collateral is a direct statement about which chain dYdX considers the most credible long-term anchor for derivatives in Cosmos.
Skip:Go and CCTP. One-Signature Onchain UX.Skip:Go, Skip Protocol’s interchain routing layer, makes Injective USDC the recommended default USDC denomination across Cosmos. Users moving USDC into and across Cosmos will see Injective USDC as the standard route.
CCTP support on Injective enables one-signature transfers between Injective and the broader CCTP network of supported chains. As of December 2025, USDC was natively available on 30 blockchains, with CCTP connecting 19 of them and processing $126 billion in cumulative crosschain volume. The Skip:Go user experience does not change. A single signature settles a route that increasingly crosses ecosystems.
For builders integrating USDC for the first time, the recommendation is direct: default to Injective. Long-term onboarding support, canonical denomination, and ecosystem alignment all point to one place.
The Numbers Behind This DecisionUSDC entered 2026 with roughly $79 billion in circulation and processed $11.9 trillion in onchain transaction volume in Q4 2025 alone, with 108% year-over-year circulation growth as of 2025. USDC’s lifetime trading volume crossed $55 trillion in January 2026.
The broader stablecoin market is moving with it. Total stablecoin market capitalization closed Q1 2026 above $315 billion, up roughly 55% year-over-year, and stablecoin transaction volume across all networks exceeded $33 trillion in 2025. Visa Onchain Analytics reported $1.23 trillion in stablecoin transaction volume in December 2025 alone.
Payments adoption is where the trendline gets sharper. BCG’s January 2026 white paper, Stablecoin Payments: The Truth Behind the Numbers, tracked B2B stablecoin payments growing from under $100 million in monthly volume in early 2023 to over $6 billion by mid-2025. Total stablecoin payments volume hit a $122 billion annualized run rate in 2025. Visa’s stablecoin-linked card spend reached a $3.5 billion annualized run rate in Q4 FY2025, growing 460% year-over-year. Fireblocks reported a 3x year-over-year increase in institutional stablecoin payment flows across its enterprise client base in the same year.
The regulatory perimeter has caught up. The GENIUS Act, enacted in 2025, gave US payment stablecoins a federal framework with full reserve backing requirements, monthly disclosure obligations, and holder priority in insolvency. The EU’s MiCA regulation gave issuers a passportable license across the European market. The dollar stablecoin is no longer a parallel system. It is part of the financial system.
The chain that becomes the canonical issuance layer for that dollar inside one of the largest sovereign ecosystems in crypto sits at a different tier from the chain that does not.
Why InjectiveThe architectural reasons are direct. Injective runs an onchain order book with 0.64-second block times and transaction fees as low as $0.00008. Native IBC, Ethereum, and Solana connectivity make it a natural home for an issuer that already lives on 30 chains. The native EVM mainnet that launched in November 2025 added a MultiVM environment supporting Cosmos-native applications and the existing EVM stablecoin tooling stack inside the same execution layer.
The institutional posture is the other half. Google Cloud and Binance’s YZI Labs sit on the Injective Council and operate validators on the network. CFTC-regulated INJ futures began trading on Bitnomial Exchange in April of 2026. Canary Capital has an active staked-INJ ETF filing with the SEC. Paxos has brought yield-bearing stablecoin issuance to the network. USD-denominated stablecoin volume on Injective has exceeded $40 billion since launch.
The combination of payments-grade performance, MultiVM execution, regulated derivatives infrastructure, and an institutional stablecoin footprint is what brought Cosmos Hub, dYdX, and Skip Protocol to Injective rather than another chain.
Migration in MotionThe migration rolls out over the coming months. dYdX is first. Cosmos Labs is coordinating the rollout for additional chains and applications across the ecosystem.
Live integration details will continue to be published at injective.com/usdc. There you will find faucets, simple swaps into USDC and ecosystem projects that support Injective’s native USDC standard.
dYdX leads the migration, with the remainder of the Cosmos ecosystem to follow over the coming months. Cosmos Labs is the operational point of contact for any chain or application ready to move.
About InjectiveInjective is a lightning fast interoperable layer one blockchain optimized for building premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
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2 minutes ago
UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.
Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.
2 minutes ago
Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH
According to monitoring by Yu Jing, a whale that earned $23.77 million from participating in the BAT ICO sold 15,000 ETH (valued at roughly $24.29 million) two hours ago. The whale has now fully liquidated all 27,586 ETH it received from selling 35 million BAT on-chain over the past day and a half, converting the proceeds into 44.836 million USDS at an average selling price of $1,625.
2 minutes ago
Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.
A senior Iraqi oil ministry official said that if OPEC quotas are not significantly increased, Iraq will be forced to consider all available options. Sources said Iraqi officials had considered withdrawing from OPEC, but the current plan is to remain a member and push for higher quotas. (Jinshi)
2 minutes ago
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
2 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
Following momentum throughout May, dYdX Surge Season 15 continues into June with ongoing trading incentives designed to support active participation across the platform.
This month, traders can continue to take advantage of zero fees on select perpetual markets and liquidation rebates on eligible non-BTC markets as part of the community-approved Surge incentives program.
Surge Season 15 Surge Season 15 remains focused on encouraging consistent and organic trading activity across the dYdX ecosystem through fee incentives and trader support programs.
Here’s what’s live in June:
Zero maker and taker fees on BTC and BONK perpetual markets Liquidation rebates for traders liquidated on non-BTC markets Trade BTC & BONK Perpetuals with Zero Fees BTC and BONK perpetual markets will continue to offer 100% maker and taker fee discounts throughout June.
As approved by the dYdX community, these markets remain fee-free for all traders during the incentive period.
Note: Other fees remain unchanged, including gas, bridging, slippage, and third-party fees. All future fee changes remain subject to governance decisions.
Liquidation Rebate Program The Liquidation Rebate Program also continues into June, providing partial rebates to traders who are liquidated on eligible non-BTC perpetual markets.
The program remains an important part of the Surge incentive structure, helping support traders during periods of heightened market volatility.
Looking Ahead With Surge Season 15 continuing into June, traders can continue benefiting from reduced trading costs and ongoing incentive programs across the platform.
Additional updates and community initiatives will be shared throughout the month.
Disclaimer dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other restricted persons. All use of dYdX software is subject to the dYdX Software Terms of Use.
This post describes anticipated features in the open source dYdX software. The implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community. dYdX International Ltd. ("DI"), dYdX Trading Inc. dba dYdX Labs ("dYdX Labs") and their affiliates do not develop, control or operate any component of dYdX software for public use.
The information provided in this website is for general informational purposes only and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.
Engaging in any activity involving crypto-assets (including trading crypto assets) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be suitable for retail investors. You should perform your own research and due diligence before engaging in any activity involving crypto-assets.
In no event will DI or its affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this website. By continuing to access this website, you agree to the above and accept the possibility of changes in the information provided.
dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to other Restricted Persons. All use of dYdX software is subject to the dYdX Software Terms of Use.
dYdX International Ltd ("DI"), dYdX Trading Inc. dba dYdX Labs (“dYdX Labs”) and their affiliates do not develop, control or participate in the operation of any component of the dYdX protocol for public use.
To the extent this content describes anticipated features in the open source dYdX software, the implementation of these features in any live deployment of dYdX software will be decided by the relevant deployer community.
The information provided herein is for general informational purposes only, and DI reserves the right to update, modify, or amend any contents herein, at its sole discretion and without prior notice. Nothing herein should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act in any way by anyone.
Engaging in any activity involving crypto-assets (including staking, trading crypto assets and depositing into the MegaVault) is risky due to high volatility. Returns are not guaranteed and may fluctuate over time depending on multiple factors, and you may lose your entire investment, particularly when using leverage. The inclusion of any launchable market on dYdX does not represent endorsement of the projects and all listings are community-driven. You should perform your own research and due diligence before engaging in any activity involving crypto-assets. In no event will DI, dYdX Labs or their affiliates be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from or in connection with the use of this content. By continuing to access this content, you agree to the above and accept the possibility of changes in the information provided.
Pyth Network, a blockchain oracle and market data provider, has launched new pricing indexes for US stocks and commodities, a move aimed at supporting around-the-clock trading products across crypto exchanges.
The company announced Wednesday that Coinbase, Kraken, dYdX and Nado are already using the indexes to power new trading markets.
According to Pyth, the indexes are designed for perpetual futures, tokenized assets, prediction markets, derivatives settlement and exchange-traded product benchmarking, providing continuous reference prices even when traditional financial markets are closed.
The initial lineup includes major US stocks such as Nvidia, Tesla, Apple, Circle and Strategy, as well as gold, silver, West Texas Intermediate (WTI) crude and Brent crude.
Pyth also partnered with MarketVector, an index provider owned by VanEck, to develop thematic equity index futures covering sectors and themes including artificial intelligence, defense, technology and China.
The launch expands Pyth’s push into institutional market data services. Earlier this year, the blockchain oracle provider introduced a platform that allows financial institutions to publish and monetize market data across blockchain networks.
Continuous pricing could become critical infrastructure for tokenized assetsThe launch reflects a broader push toward around-the-clock trading of real-world assets on blockchain rails. Platforms offering tokenized stocks, commodities exposure and perpetual futures require reference prices even when traditional exchanges in New York or London are closed.
That presents a challenge for products tracking assets such as Nvidia shares or Brent crude, whose primary markets operate on fixed schedules, creating demand for continuous pricing infrastructure.
The market for tokenized RWAs, excluding stablecoins. Source: RWA.xyz
The shift comes as tokenized real-world asset (RWA) markets continue to expand, led by tokenized stocks and commodities. Binance Research reported this week that the tokenized stocks sector grew 422% year over year, making it the fastest-growing segment of the RWA market.
Tokenized precious metals also gained traction, with the market expanding 39% over the same period, much of that growth occurring earlier in the year.
Tokenized stocks, commodities and real estate experienced significant growth over the past year. Source: Binance Research
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
dYdX just made it possible to go from dollars in your bank account to leveraged perpetual futures in about three taps. The decentralized exchange integrated MoonPay’s fiat on-ramp into its mobile app, letting users deposit funds through credit and debit cards, Apple Pay, and Google Pay.
The MoonPay integration is live on both iOS and Android versions of the dYdX mobile app. Users can now convert fiat currency directly into USDC, which serves as the collateral currency for trading on the platform. The payment rails include standard card payments alongside Apple Pay and Google Pay.
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MoonPay operates in more than 160 countries, which gives this integration a broad geographic reach from day one.
This isn’t dYdX’s first attempt at solving the fiat on-ramp problem. The platform previously partnered with Banxa, which began facilitating USDC purchases using various payment methods starting January 24, 2025. The MoonPay integration represents an expansion of that strategy rather than a replacement, giving users more options for getting money onto the platform.
The timing here aligns with a broader trend across decentralized exchanges. MoonPay launched a similar integration with Hyperliquid, another perpetual futures DEX, reflecting the payment processor’s deliberate push into the decentralized trading vertical.
dYdX has cited its mobile fiat deposit feature as a core improvement in its 2025 annual report.
The risk side is worth noting. MoonPay handles KYC and compliance on their end, but the ease of accessing leveraged trading products through familiar payment methods could draw regulatory attention, particularly in jurisdictions already scrutinizing crypto derivatives.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
2 minutes ago
UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.
Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.
2 minutes ago
Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH
According to monitoring by Yu Jing, a whale that earned $23.77 million from participating in the BAT ICO sold 15,000 ETH (valued at roughly $24.29 million) two hours ago. The whale has now fully liquidated all 27,586 ETH it received from selling 35 million BAT on-chain over the past day and a half, converting the proceeds into 44.836 million USDS at an average selling price of $1,625.
2 minutes ago
Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.
A senior Iraqi oil ministry official said that if OPEC quotas are not significantly increased, Iraq will be forced to consider all available options. Sources said Iraqi officials had considered withdrawing from OPEC, but the current plan is to remain a member and push for higher quotas. (Jinshi)
2 minutes ago
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
2 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
Livepeer token formed a God candle on Friday, May 30, reaching its highest point since January 23 as other cryptocurrencies retreated.
Livepeer (LPT) price surged to a high of $12.22, up 265% from its lowest point this month. The move occurred in a high-volume environment, with 24-hour trading volume climbing to over $1.4 billion.
Livepeer, which offers decentralized video infrastructure, spiked after it was listed on dYdX and Upbit. dYdX is one of the top platforms in decentralized finance, while Upbit is the largest exchange in South Korea. It is common for tokens to rally sharply after being listed on major exchanges.
However, these gains could be short-lived as the excitement around the listings fades. On-chain data shows that the supply of LPT on exchanges jumped to over 2.3 million on Friday, the biggest increase since December last year. Rising inflows to exchanges often indicate that investors are beginning to take profits.
LPT inflow and outflow | Source: CoinGlass Another reason the Livepeer rally may lose steam is that the funding rate has dropped to its lowest level in months. It fell to minus 1.7%, one of the steepest declines in recent years. A falling funding rate suggests that traders expect the future price to be lower than the current level.
Additionally, LPT gained traction after Grayscale included it on its list of top crypto projects in the artificial intelligence sector. Other coins on the list include Bittensor, Near, Render, and Worldcoin.
Introducing the Artificial Intelligence Crypto Sector.
The #AI Sector includes 20 tokens with a combined market capitalization of $20 billion — up from just $4.5 billion in Q1 2023*.
Learn more about the AI Crypto Sector: https://t.co/LmvVvv9WHr
— Grayscale (@Grayscale) May 27, 2025 Livepeer price technical analysis LPT price chart | Source: crypto.news The daily chart shows that LPT surged suddenly, forming a God candle that pushed the token to its highest level since January 23. It broke above key resistance at $6.67, the previous high from May 15.
Livepeer also climbed above the 50-day and 100-day Exponential Moving Averages, with all oscillators spiking.
The most likely scenario is a loss of momentum and a pullback, possibly toward the support level at $6.67, a 40% drop from current prices.
PANews reported on August 26th that dYdX has officially released a new roadmap, with its core development company, dYdX Trading, rebranding as dYdX Labs. Over the next 90 days, dYdX plans to conduct software upgrades to support the community and achieve significant breakthroughs in performance, user experience, and token utility. These upgrades include: 1. Partner fee sharing: Partners who bring trading volume and liquidity to dYdX can earn up to 50% of protocol fees; 2. The introduction of segmented and TWAP orders; 3. Designated proposers to significantly reduce end-to-end transaction latency; 4. Improved order gateways; 5. Telegram trading functionality, enabling seamless trading between dYdX accounts on the web and Telegram, launching in September 2025; 5. Social login, supporting instant login and deposits using Google, Apple, or Passkey; 6. Front-end integration with Osmosis, enabling one-click swaps and staking between USDC and DYDX; and 7. DYDX staking to reduce transaction fees.
Switzerland-based dYdX Foundation, the supporting entity behind the decentralized crypto exchange dYdX, has requested $30 million from the project’s decentralized autonomous organization (DAO). The requested funds are intended to be allocated for the next three years. This proposal aims to bolster the development and expansion of dYdX into what the Foundation envisions as “the exchange layer of the internet.”
Foundation’s vision and budget breakdown The dYdX Foundation, which provides crucial support in legal, research and development, marketing, and technical assistance for the dYdX crypto trading project, has put forth an ambitious vision for the future.
Their ultimate goal is to transform dYdX into a pivotal component of the digital exchange landscape. If approved by the DAO’s tokenholders, the funding request would allocate 4% of the current treasury to the Foundation over three years.
Payroll: Approximately 50% of the requested budget would be dedicated to payroll expenses. This funding would ensure the continued growth of the dYdX team, enabling them to drive innovation and maintain the platform’s operational excellence.
Marketing and Growth: A significant portion, 18%, of the funds would be channeled towards marketing and growth initiatives. This allocation underscores the Foundation’s commitment to expanding the user base and enhancing the platform’s reach.
Legal Disbursements: Legal matters account for 14% of the proposed budget. This includes expenses related to compliance, regulatory issues, and any necessary legal support.
Contractors: Around 5.5% of the requested funds would be allocated to contractors, who play a crucial role in the project’s development and operation.
Commitment to responsible money management In a forum post addressing the proposal, the dYdX Foundation emphasized its commitment to responsible financial management, highlighting its focus on “capital preservation” strategies to mitigate risk. To this end, the Foundation diversified its holdings from USDC to treasury bonds in response to the stablecoin de-pegging during a banking crisis in March. While transitioning away from cryptocurrency assets, this move contributed to reduced risk exposure and yielded substantial returns.
Additionally, the Foundation plans to diversify some of the requested funds into fiat currency and stablecoins. Furthermore, they intend to invest in expanding their staking operations, which currently generate staking yield on 2.5 million dYdX tokens.
The injection of $30 million into their operational budget would comprise 10.5 million DYDX tokens and extend their financial runway beyond 18 months.
Future financial planning and reporting The dYdX Foundation is keen on maintaining transparency and accountability. The Foundation plans to provide regular financial updates to its stakeholders in lieu of annual budget votes.
This includes issuing an annual report and a semi-annual report detailing the utilization of the funds. Their next budget request is anticipated to come into consideration when they approach the 18-month runway mark, likely in mid to late 2026 based on current projections.
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A newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.
According to monitoring by Onchain Lens, a newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.
4 minutes ago
JPMorgan Chase raised its S&P 500 target to 7,800 points, while warning of an overcrowded AI trade.
JPMorgan Chase has raised its year-end outlook for U.S. stocks, while cautioning investors that the overcrowding in AI-related momentum stocks is becoming the market’s most vulnerable segment. The JPMorgan strategy team led by Dubravko Lakos-Bujas lifted its 2026 year-end target for the S&P 500 from 7,600 to 7,800 points, citing continued upward revisions to corporate earnings expectations and nearly doubling of AI-related capital expenditures. The bank noted that consensus earnings expectations for both 2026 and 2027 have been revised up by roughly 10% since the start of the year, a magnitude typically only seen in the recovery phase after a recession or major shock. However, JPMorgan does not interpret this upward revision as a risk-free rally. The bank pointed out that low-quality growth stocks, speculative growth stocks, and second- and third-tier AI-related concept stocks have become "extremely overcrowded," and a pullout of capital could trigger a rapid correction. The strategists also noted that rising equity supply in the coming quarters and potentially tight monetary policy could cap further valuation expansion. On the allocation front, JPMorgan recommends a barbell strategy: holding high-quality growth stocks and stocks directly benefiting from AI on one end, and low-volatility, high-quality stocks as a portfolio buffer on the other. The bank remains bullish on tech, select industrials, utilities, defense, banks, and some healthcare growth stocks, but believes the market’s upward trajectory will not be linear.
4 minutes ago
Preview: The U.S. May core PCE data will be released at 20:30 tonight, and is projected to hit its highest level since October 2023.
The Fed’s key inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released at 20:30 tonight, with markets expecting a sharp rise in May inflation that could reignite rate hike bets. The headline PCE year-over-year growth rate is projected to hit 4.1% in May, up from 3.8% in April and marking its highest level since 2023. Core PCE, which excludes food and energy, is forecast to rise to 3.4% year-over-year, up from 3.3% in April and its highest reading since October 2023. Core PCE has remained above the Fed’s 2% inflation target since 2021. The recent short-term inflation uptick was driven mainly by surging gasoline prices amid the Iran conflict in May. Oil prices have since edged lower following the signing of a peace deal between the U.S. and Iran, but core inflation has strengthened in tandem, indicating that price pressures are not solely tied to geopolitical oil shocks. Data from the CME FedWatch Tool shows that as of Wednesday, markets are pricing in a 34% probability of a 25 basis point rate hike in July. Aditya Bhave, U.S. economist at Bank of America Securities, noted that the recent inflation rebound stems in part from tariffs and one-off disruptions, but successive supply shocks have eroded the Fed’s patience, while deflationary room in the housing sector has largely been exhausted. Data shows that core PCE dipped to 2.6% in April, its lowest level since 2022, but annualized core PCE growth over the past three and six months has hovered near 3.8%.
4 minutes ago
SK Hynix plans to list on NASDAQ on July 10: A crypto whale opens 90% of its bullish positions in a single day, with all $21.27 million in long positions in unrealized profit.
According to Hyperinsight’s monitoring, SK Hynix officially announced its U.S. listing date today, targeting a July 10 debut on the NASDAQ. The company had previously disclosed a over $29 billion listing fundraising plan yesterday afternoon. Driven by listing optimism, SKHX surged 14% intraday, hitting $1930 at press time, with a daily trading volume of $407 million and open interest of $237 million. Since the news broke yesterday, 10 whales have built positions in SKHX on Hyperliquid, 9 of which opened long positions totaling around $21.27 million, at an average entry price of ~$1797.8 and average unweighted liquidation price of ~$1390.6. With price gains, all 9 long positions are now in unrealized profit. Market data shows that positions of over $1 million amount to roughly $140 million, with a long-short ratio (longs/shorts) of ~0.715. The average entry price for longs is ~$1672, while shorts average ~$1640. The nearest short liquidation threshold stands at $2149, just $200 away from the current price, mounting short-side pressure. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group, set it as admin (enable message sending permission) to auto-sync on-chain updates.
4 minutes ago
The "Retail vs. Wall Street" concept-linked token WEN continues its strong run, rising over 18% in after-hours trading.
According to Bitget market data, Wendy's (WEN) rallied 25.66% in the regular trading session, then climbed an extra 18.96% in after-hours trading, now changing hands at $9.35. Earlier reports noted that Serenity took to Twitter to mock the latest meme stock movement unfolding on Reddit's high-risk trading communities, targeting U.S. fast-food chain Wendy's. The Reddit community's meme warning reads: "If Wendy's goes bankrupt, we'll all be out of jobs, and after losing all our trading money, we'll have to work behind Wendy's trash cans." Serenity later clarified that they hold no positions, only found the activity amusing, and added they were unsure if the campaign would succeed. Wendy's holds a special cultural status on Reddit's WallStreetBets community; for years, "working behind Wendy's trash cans" has been a staple joke among retail investors mocking their trading losses.
4 minutes ago
Danske Bank: Federal Reserve may raise interest rates at least twice
Danske Bank senior analyst Kirstine Kundby-Nielsen and chief analyst Jens Peter Sorensen stated in a report that they expect the U.S. Federal Reserve to raise interest rates twice, in December 2026 and March 2027 respectively, bringing the federal funds rate to 4.00%-4.25%. "However, we emphasize there is a risk that rate hikes could come earlier and that the number of hikes may exceed two," they said. The first Federal Reserve meeting led by Kevin Warsh sent a clear signal that the Fed is increasingly moving away from forward guidance surrounding future monetary policy decisions. "All signs indicate that (the Fed) is leaning toward having greater discretion in future policy decisions," the Danske Bank analysts added. Source: Jin10
PANews reported on April 3rd that, according to data and analysis from The Block, Hyperliquid's market share in the perpetual contract market has climbed to nearly 6%, a significant increase from approximately 3.5% a year ago, with monthly trading volume approaching $200 billion. This growth occurred during a period when overall exchange trading volume has declined from its peak in August 2025, indicating that Hyperliquid is truly capturing market share. On-chain competitors such as dYdX and GMX have not yet reached Hyperliquid's level in terms of trading volume growth or product expansion. Hyperliquid's expansion into non-crypto assets such as oil is a significant part of its growth, and its 24/7 trading model eliminates the gap risk caused by traditional market opening time restrictions. If decentralized perpetual contract platforms can continue to expand liquidity and asset coverage, their reach will extend far beyond native crypto trading volume, reaching the multi-trillion-dollar traditional derivatives market.
PANews reported on April 8th that, according to The Block , Hyperliquid , a decentralized perpetual contract trading platform, saw its share of global perpetual contract trading volume rise to nearly 6% in March , a significant increase from approximately 3.5% a year ago, with monthly trading volume approaching $ 20 billion. The report states that even with the overall decline in exchange trading volume since August 2025 , Hyperliquid's share has continued to rise, indicating its acquisition of real market share from centralized exchanges. Compared to other decentralized platforms such as dYdX and GMX , Hyperliquid is leading in both trading volume growth and product expansion. The platform has expanded to non-crypto assets, including 24/7 commodities such as crude oil, and the proportion of related transactions in overall trading volume is constantly increasing, seen as an early sign of decentralized derivatives platforms entering the traditional multi-trillion-dollar derivatives market.
[PRESS RELEASE – Kingstown, Saint Vincent and the Grenadines, May 21st, 2026]
NOW Wallet, a non-custodial crypto wallet focused on security, multi-chain access, and seamless DeFi experience, now has direct access to perpetual futures and prediction markets built into the app. That means platforms like Hyperliquid, Aster, Lighter, GMX, and dYdX for perps trading, and Polymarket and PancakeSwap for prediction markets — all accessible without leaving the wallet.
Perps and prediction markets
Perpetual futures (“perps”) allow users to take positions on cryptocurrency price movements without holding the underlying asset. These instruments support features such as leverage, short positioning, and continuous trading, which have contributed to their widespread use in digital asset markets.
Prediction markets operate on a different model. Rather than tracking asset prices, they reflect the perceived likelihood of specific outcomes. Participants take positions on whether an event will occur, such as a cryptocurrency reaching a certain price level, a macroeconomic development, or other predefined scenarios. Market prices adjust as expectations change, and positions are resolved once the outcome is determined.
Both segments have expanded within decentralized finance (DeFi) in recent years.
Bring this into the wallet
Until now, accessing advanced DeFi trading tools meant a fragmented workflow — separate accounts on separate platforms, funds split across multiple places, constant switching between apps and browser tabs. It worked, but it wasn’t clean.
This update brings that access into one place. Users can connect to supported protocols directly through their wallet, fund trading balances, sign transactions, and manage positions — all while keeping self-custody of their assets. No centralised exchange accounts required.
The aim is straightforward: make on-chain trading more direct, less fragmented, and actually usable on mobile.
Part of a broader shift in crypto UX
Wallets started as storage tools. That’s changing. As more users engage with swaps, staking, trading, and prediction markets at the same time, the expectation has shifted — a wallet should be the access layer for all of it, not just a place to park funds between sessions.
Adding perps and prediction markets is part of that direction for NOW Wallet.
About NOW Wallet
NOW Wallet is a non-custodial multi-chain crypto wallet supporting storage, swaps, staking, fiat purchases, and dApp access across 70+ blockchain networks.
The feature is available now in the latest version of NOW Wallet.
Users can download NOW Wallet: https://walletnow.app/
