Track market-moving stories before they get noisy

Ethereum Pectra Upgrade Confirmed for April 2025 with Fusaka Next in Line

A deep-pocketed investor with a profitable trade history is once again taking a large long position on one casino-related digital asset, according to on-chain data.

Blockchain tracking firm Lookonchain says the “smart money” whale once again loaded up on crypto gambling platform Rollbit’s native token RLB at the start of September, after several profitable trades in the last couple of weeks.

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“A SmartMoney who was good at buying RLB at lows and selling at highs in August spent 1.25 million USDC to buy 7.1 million RLB again at $0.175 in September.”

Source: Lookonchain/X According to the firm, the entity has so far made $358,000 in profits trading RLB.

Past August trades include buying at $0.106 selling at $0.112, buying at $0.107 and selling at $0.145, and buying at $0.155 and selling at $0.172, according to Lookonchain.

Rollbit is trading for $0.17 at time of writing, up 5.2% in the last 24 hours.

Lookonchain also noticed a big purchase of Rocketpool (RPL), a liquid staking protocol that allows Ethereum holders to stake their coins without holding the 32 ETH normally required to become a validator.

After the massive purchase, the price of RPL bounced by more than 9%.

“Who pumps the price of RPL?

We noticed that a safe multisig wallet spent a total of 450 ETH ($735,000) to buy 32,820 RPL at $22.40 in the past eight hours.”

Source: Lookonchain/X Rocket Pool is worth $24.09 at time of writing, up 13.1% in the last 24 hours.

Lastly, the firm highlights one whale making big moves, and profits, by withdrawing crypto assets off of the world’s largest exchange Binance, including more than 11,000 Maker (MKR).

Maker is a decentralized finance (DeFi) protocol that uses smart contracts to power stablecoin-based loans.

“A smart whale has withdrawn 11,231 MKR ($12.3 million) from Binance in the past four hours.

Since August 23, the whale has withdrawn a large amount of UNFI (Unifi Protocol DAO), LPT (Livepeer), and TRB (Tellor Tributes) from Binance.

And the profit has exceeded $4 million according to the current price.”

Maker is trading for $1,116 at time of writing, down 0.6% in the last 24 hours.

Generated Image: Midjourney

CoinPoker Loses $2 Million in 2000 ETH Hot Wallet Hack

Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated

According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408

22 minutes ago

A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.

According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.

22 minutes ago

A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.

According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.

22 minutes ago

Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.

Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)

22 minutes ago

Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.

According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.

22 minutes ago

STRC drops to near $80, marking another new all-time low.

According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.

22 minutes ago

The Ethereum Foundation has eliminated 54 positions, about 20% of its workforce, as part of a restructuring tied to its updated spending mandate. Vitalik Buterin announced a 40% annual budget cut targeting a reduction in treasury spend from 15% to 5% by 2030. Arkham Intelligence places EF's ETH holdings at approximately $209 million, a nearly six-year low.

The Ethereum Foundation has cut 54 employees, roughly 20% of its staff, in the most concrete austerity measure the organization has taken since pledging to reduce its treasury spending rate.

The Foundation announced the changes Tuesday, saying the cuts conclude a months-long reorganization tied to its updated Mandate and Treasury Management Policy. Vitalik Buterin separately posted on X that the EF is cutting its annual budget by approximately 40% this year, targeting a reduction in annual operating expenses from around 15% of treasury to a long-term baseline of 5% after 2030.

[[embed:tweet url="https://x.com/VitalikButerin/status/2069428396661051587"]] Arkham Intelligence tracked the EF's ETH holdings at approximately $209 million, a nearly six-year low by dollar value, as The Defiant has reported in this arc.

New StructureThe Foundation has reorganized into five domains: protocol layer, access layer, user layer, community layer, and institutional layer, plus operations and management clusters. The protocol cluster is focused on advancing the base layer without compromising censorship resistance or self-sovereignty guarantees; the institutional cluster handles enterprise engagement, financial infrastructure, and policy coordination. The EF said the process leaves it with "the structure, activities, and people necessary for execution on the critical tasks ahead." Departing staff receive severance at one month's pay per year of service, or the locally mandated minimum if higher, plus transition grants.

The 15%-to-5% glide path was codified in the Treasury Management Policy published in June 2025, which set a plan to reduce annual operating expenses roughly linearly over five years toward a baseline typical of endowment-based organizations.

Leadership TurnoverThe layoffs follow a string of senior departures. Co-executive director Hsiao-Wei Wang stepped down earlier this month, following the prior exit of co-executive director Tomasz Stańczak. Board member Bastian Aue has taken on expanded responsibilities overseeing the transition. Nine senior figures have departed the Foundation since January, as The Defiant covered in May.

The funding picture has drawn scrutiny. An insider warned of a $20-30 million gap affecting core development teams; Fundstrat's Tom Lee argued there was "zero chance" of a funding crisis. The EF's execution plan published Monday outlined priorities including MEV elimination, default privacy, and ETH-denominated pay for contributors. As of publication, the EF has made no additional public statement beyond the Tuesday blog post.

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Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated

According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408

15 minutes ago

A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.

According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.

15 minutes ago

A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.

According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.

15 minutes ago

Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.

Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)

15 minutes ago

Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.

According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.

15 minutes ago

STRC drops to near $80, marking another new all-time low.

According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.

15 minutes ago

Hacks and exploits are increasingly taking more root in the crypto space. With the acceptance of digital assets globally, crimes also grow. The criminals use more technological approaches to aid their exploitation and hacks on protocols and platforms. A slight and negligible loophole is enough to result in these exploits.

MEV bot, an Ethereum arbitrage trading bot, amassed a whopping $1 million as a jackpot prize. However, the joy of its gains was short-lived as events turned out negatively for it some hours later. Before adequately reflecting on the tremendous value, a hack wiped the gains.

MEV Bot’s Crypto Gains Came Through Arbitrage Trading Opportunity Robert Miller, an employee of Flashbots, a research firm, took to Twitter to report the attack. He noted that the Maximal Extractable Value (MEV) bot with the prefix 0xbadc0de earned Ether through arbitrage trades. He said the bot gained up to 800 ETH worth about 1 million in the works.

The bot leveraged a considerable arbitrage opportunity from trader sales from Miller’s explanation. The transaction involved about $1.8 million in cUSDC via Uniswap v2, a decentralized exchange (DEX). The trading yielded just $500 assets in return. Upon detecting the advantage, the bot immediately utilized its availability to obtain a huge earning.

But the bot’s gain could not stay much longer when a hacker discovered a vulnerability in its lousy code. The bad actor used the lapse to trick it into authorizing a transaction. The hacker wiped the bot’s balance, about 1,101 ETH.

Ethereum drops by 3% in price l ETHUSDT on Tradingview.com PeckShield, a blockchain security company, revealed that the bug is traceable to the bot’s callback routine. This served as the loophole for the exploit through which the hacker approved an arbitrary address for spending.

Similar Vulnerability Attack Vulnerability attacks on the crypto space are skyrocketing. For example, an Ethereum vanity address generator, Profanity, recorded a vulnerability exploit on September 18. The attack ended with a loss of $3.3 million worth of funds from different wallets.

1Inch Network, a DEX aggregator, investigated the exploit. The DEX discovered some ambiguity in the creation of the compromised wallets. It warned the wallet users to move their funds due to the risk associated with their use.

There was another exploit on a vanity wallet address just a week after that of Profanity. The attack resulted in the loss of some Ether valued at approximately $1 million. The hackers moved their proceeds to Tornado cash, the crypto mixer which was recently sanctioned.

Featured image from Pixabay, Chart: TradingView.com

Ethereum Name Service (ENS), a naming system based on Ethereum (ETH), edges higher by over 8% at press time on Wednesday, outpacing the broader crypto market with double-digit gains in the last 24 hours. With the bullish comeback of Ethereum surpassing the $3,100 mark, the ENS rally gains traction as part of its ecosystem, suggesting increased demand in the Web3 space. 

Both derivatives and on-chain data flash bullish signals with increasing Open Interest and declining supply on exchanges aligning with the traders’ anticipation of an extended rally. 

ENS Open Interest jumps nearly 50% CoinGlass’s data shows a 48% increase in ENS Open Interest (OI) over the last 24 hours, reaching $131.58 million. An increase in OI refers to heightened capital inflow in the derivatives market, suggesting a boost in traders’ interest. 

A spike in OI-weighted funding rate to 0.0149% in the last 8 hours, from 0.0028%, reflects the bullish incline in traders’ interest. Bulls pay the positive funding rates to offset the imbalance in swap and spot prices. 

The massive shakeout of short positions of $599.40K in the last 24 hours, compared to $119.27K of long positions, suggests a bullish inclination in the active positions. Adding credence to the bullish imbalance, the long/short ratio is at 1.0121. Typically, a ratio above 1 refers to a greater number of active longs compared to short positions.

ENS Derivatives. Source: Coinglass

Declining ENS supply on exchanges hit a record lowSantiment data shows a decline in the ENS supply available on exchanges, reaching 4.99 million tokens — the lowest since November 14. Based on the demand-supply correlation, the declining ENS supply could fuel the rising demand, extending the bullish run. 

ENS supply on exchanges. Source: Santiment

ENS targets $30 breakout amid rising bullish momentumENS prints its fourth consecutive bullish candle on the daily chart on Wednesday, reclaiming the $26 level after five months. The recovery run accounts for a 41% rise so far in July, targeting the $30.29 resistance, last tested on February 3. 

A decisive close above this level could push the uptrend towards $34.51, last tested on February 1, followed by the year-to-date high at $38.57. 

A rising trend in the 50-day Exponential Moving Average (EMA) is on the verge of surpassing the 100-day EMA, which is considered a buy signal as short-term growth exceeds the medium-term trend. 

The Moving Average Convergence/Divergence (MACD) and its signal line are rising higher in positive territory, indicating a bullish trend is in motion. An uptrend in histogram bars above the zero line suggests increased momentum.

The Relative Strength Index (RSI) reads 78 on the daily chart, indicating overbought conditions on the back of growing buying pressure. 

ENS/USDT daily price chart.

However, if ENS fails to uphold momentum, a bearish turnaround could retest the $24.88 level, marked by the daily close on February 9. 

ENS Price Drops 2% as Bitcoin Correlation Weakens Amid Fed Decision

ENS dropped plans for Namechain, its own Layer-2 network, as the ENSv2 upgrade stays on Ethereum L1. The ENSv2 will remain fully compatible with Layer-2 networks. In a significant strategic shift, the Ethereum Name Service (ENS) has announced that its next-generation protocol, ENSv2, will stayon Ethereum’s Layer-1 mainchain, dropping previous plans of building its own Layer-2 network, Namechain, according to a blog post by ENS co-founder Nick Johnson on February 6.

ENSv2 is the Ethereum Name Service’s upcoming major upgrade,  intended to expand ENS capabilities to a Layer-2 network, providing users with lower fees and faster transactions than the Ethereum mainnet, as well as to provide structural modifications such as hierarchical registries, which give name owners more power and support for numerous chains.

Why ENS Dropped Its Layer-2 Plans Johnson wrote, “ Ethereum is scaling faster than almost anyone predicted two years ago; we’ve seen a 99% reduction in ENS registration gas costs over the past year, coinciding with Ethereum’s gas limit increases from 30M to 60M in 2025. By staying on L1, we’re aligning ENS with the strongest possible infrastructure guarantees, Ethereum itself.”

As Johnson mentioned, ENSv2 will still be released as planned, and halting work on Namechain will not affect the company’s broader roadmap. By having everything on one blockchain rather than two, he expects names to load faster and run more smoothly for users. Also, Johnson noted that the majority of the improvements made to make ENS easier to use over the last two years will stay in place.

Further, ENS Labs COO Katherine Wu shared a post via her X handle, “It is important to note that ENSv2 is ultimately an upgrade to ENS as it exists today — it’s still ENS! Regardless of where it ultimately gets deployed,” and highlighted new features such as individual registries for each ENS name and new apps currently in testing.

Vitalik Backs ENSv2’s Ethereum L1 Move Vitalik Buterin supported the ENS labs decision by saying, “It’s a good decision!” As he noted that ENS names and records represent a critical on-chain state for the Ethereum ecosystem, should remain easily accessible from anywhere.

Further, he added, “It’s also a semi-financial application, in the sense that buying and holding ENS names has a cost, and ENS names can become very valuable objects. With the expanded scaling roadmap, Ethereum L1 is the ideal place for these applications.”

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Writer with roots in journalism and international relations, actively exploring blockchain and crypto, with curiosity for the field and a passion for simplifying complex ideas.

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What is the difference between TradFi (traditional finance) and DeFi (decentralized finance)? Proponents of each often see one or the other as inherently superior. Native crypto users tend to ride hard for decentralization over everything; those in web2 and banking often argue that DeFi simply replicates TradFi but worse. This guide gets into the nitty gritty, covering the strengths and weaknesses of TradFi vs. DeFi. Here’s what to know in 2026.

KEY TAKEAWAYS
➤ TradFi and DeFi offer fundamentally different architectures — one built on institutions and law, the other on code and decentralization.
➤In DeFi, liquidity is a programmable primitive, whereas in TradFi, it is controlled and distributed through siloed institutions.
➤ Both systems rely on different trust models: TradFi assumes institutional reliability; DeFi minimizes trust through transparency and incentives.
➤ Rather than replacing TradFi, DeFi reimagines its core functions with new assumptions about access, risk, and control.

In This Guide:

What is TradFi?What is DeFi?A brief history of financeTradFi vs. DeFiTradFi vs. DeFi: Which one is better?Finance is not a zero-sum gameFrequently asked questionsWhat is TradFi?TradFi is a combination of the words traditional and finance; it refers to the established financial system predating blockchain technology. Traditional finance encompasses all financial institutions, products, and services that operate within regulated frameworks, including:

Central banks Commercial banks Payment networks Money markets TradFi includes lending, investing, clearing, and settlement mechanisms and monetary policy, typically mediated by centralized entities such as banks, brokers, and regulatory bodies.

Some of the markets that collectively make up TradFi include equities (encompassing stocks, ETFs, options, futures, and swaps); fixed income (such as corporate bonds, sovereign debt, and municipal bonds); foreign exchange (FX); commodities (including energy, metals, and agricultural products); real estate; and interbank money markets.

What is DeFi?Decentralized finance (DeFi) refers to a system of financial services built on blockchains that operates without centralized intermediaries.

DeFi replicates functions of traditional finance, such as lending, borrowing, trading, asset issuance, and payments, using smart contracts and decentralized protocols.

Governance and operations are typically enforced through code and consensus mechanisms, rather than through centralized institutions or legal contracts.

At its core, DeFi mirrors the products and services of TradFi, but reimplements them using open-source software, transparent ledgers, and programmable logic. DeFi does not simply recreate financial primitives like borrowing or lending; it also reinvents TradFi’s more abstract or structural elements.

The total value locked (TVL) of DeFi often exceeds $100 billion.

A brief history of financeTradFi is a concept that exists in contrast to DeFi; its definition emerged retrospectively rather than from a single point of origin. Still, important historical developments in traditional finance laid the groundwork for DeFi’s rise.

The trajectory of TradFi — toward increasing abstraction, complexity, and dependence on centralized infrastructure — ultimately created the conditions for its alternative: DeFi. Each stage of TradFi’s development left a structural or philosophical gap that DeFi attempts to address through code and decentralization.

For this guide, we refer to TradFi’s history in relation to the rise of centralized banking (e.g., Bank of England, Bretton Woods, and the Federal Reserve). Centralized banking refers to a system where a single institution, known as a central bank, manages a country’s monetary policy and controls the money supply.

Central banking laid the foundation for the modern financial system. While there were many tradeoffs, the emergence of central banks helped:

Standardize monetary policy Stabilize currency issuance Introduce a baseline of safety to the system Simply put, this meant that people could use fiat currencies and procure loans with ease and safety. This shift made fiat broadly usable and bank deposits more trustworthy, which in turn led to the growth of institutional finance.

However, the same institutions that made modern finance possible also introduced new forms of risk and exclusion.

Centralization created single points of failure, opaque governance led to mistrust, and growing reliance on intermediaries concentrated power into the hands of a few.

The 2008 financial crisis was a turning point and made these vulnerabilities apparent, exposing how complex, interconnected systems built on trust and opacity could fail.

Shortly thereafter, the enigmatic figure Satoshi Nakomoto created Bitcoin in 2009. This marked the beginning of crpto and blockchain technology and created the technological primitives and philosophical principles upon which DeFi eventually built.

16 years ago, Satoshi encoded “Chancellor on brink of second bailout for banks” into bitcoin's genesis block, at a time when “Eat Out from £5” was still a standard deal.

Each anniversary, this headline reminds us how bailout-driven monetary expansion erodes purchasing power. pic.twitter.com/27OQidXY0A

— Onramp (@OnrampBitcoin) January 3, 2025 TradFi vs. DeFiHow does DeFi organize and compose financial activity differently from TradFi? In the following sections, this guide covers how DeFi differs from TradFi in philosophy, core primitives, assets, and risk management.

PhilosophyAt their core, TradFi and DeFi are not just different in how they operate, they are built on different philosophies. In TradFi, rules are enforced through laws. Banks are audited, exchanges follow rules because of regulators, and contracts are enforced through courts.

On the other hand, DeFi is governed by protocols and economic incentives. It operates based on the principle of trust minimization (i.e., why trust when you can verify). In this scenario, trust is placed in code, cryptography, and math, and game theory becomes the mechanism for aligning interests.

DeFi’s ethos is rooted in open-source transparency, censorship resistance, and accessibility. Whereas TradFi asks users to trust institutions.

It is important to keep in mind that both philosophies have tradeoffs. TradFi offers legal recourse and protections but can selectively enforce rules. DeFi offers transparency, self-custody, and availability but introduces unique attack vectors.

Institutions vs. protocolsIn TradFi, financial activity revolves around institutions. Liquidity flows through a network of banks, exchanges, broker-dealers, and clearinghouses — each siloed and bound by trust. However, the core of DeFi is the decentralized exchange (DEX), specifically pools of liquidity.

DEXs were initially and solely created as peer-to-peer (P2P) marketplaces where users could trade crypto without needing an intermediary. Today, other protocols integrate with DEXs to source liquidity, manage collateral, and create new financial primitives.

In other words, they have evolved beyond their traditional role and now function more like modular liquidity infrastructure as opposed to mere trading venues.

Flow of liquidity in DeFi: BeInCryptoIn traditional finance, liquidity flows through banks, exchanges, shadow banks, and similar institutions. Each of these institutions are fragmented, requiring licenses, credit relationships, legal agreements, and intermediaries.

Flow of liquidity in TradFi: BeInCrypto In summary, the financial system is built around regulated entities. These institutions are the building blocks that hold and move capital. In DeFi, the liquidity itself is the primitive. As a result, DEXs become public, programmable liquidity layers that other protocols can plug into.

TradFiDeFiTraditional finance is institution-centricDecentralized finance is protocol-centricLiquidity is fragmented across multiple institutionsLiquidity is concentrated in liquidity poolsRequires institutional trust and contractual arrangementsAccess is open and permissionlessCoordination via legal infrastructureCoordination via programmable infrastructureAssetsTradFi and DeFi don’t just differ in architecture, they differ in the composition and trust assumptions of the assets that underpin their systems. In TradFi, the assets that make up the foundation of liquidity are composed of fiat currencies, sovereign debt, and credit instruments, backed by trust and legal enforcement.

USD, for, example, is a fiat currency that serves as a global settlement layer. It is backed by the economic activity of the U.S. (and its military).

Share of global reserve currencies: wolfstreet.comIn DeFi, the analogues to these assets emanate from protocol design. For example, ETH is a base currency of the Ethereum network (analogous to USD and the U.S.). However, it is also a yield-bearing asset through staking — similar in function to a sovereign bond, such as U.S. treasuries.

LP tokens are like claims on underlying capital and have similar functionality to equity or structured notes. Lending protocol receipt tokens, like aUSDC or cDAI, are on-chain debt instruments backed by collateral in smart contracts.

CategoryTradFiDeFiBase assetFiat currencies (USD, EUR, JPY)Native tokens (ETH, SOL, BTC)Risk-free yield Sovereign bonds (e.g., U.S. Treasuries)Staked ETH / LSTs (e.g., stETH)Credit instrumentsCorporate bonds, commercial paperLending protocol debt (e.g., aUSDC, cDAI), undercollateralized loans (Maple)Equity-likeStocks, ETFsProtocol tokens (e.g., UNI, AAVE), LP tokens (claim on revenue/yield)Collateral InstrumentsRepo securities, margin accountsLP tokens, vault shares, wrapped assets The big difference lies in the trust assumptions. TradFi relies on solvency of the nations and institutions issuing and custodying the assets; DeFi relies on code and incentive alignment.

StablecoinsStablecoins are somewhat of an anomaly, as they have ties to both worlds. They are the bridges between TradFi and DeFi. They allow DeFi protocols to price assets and settle trades, all while functioning on-chain.

Fiat-backed stablecoins (USDC and USDT) are on-chain liabilities of off-chain institutions, similar to how eurodollars are liabilities held in foreign banks. They rely on off-chain solvency, legal enforcement, and trust in the custodian. Because of this, fiat-backed stablecoins are more like a hybrid asset: neither fully DeFi nor TradFi.

Tell me without telling me you live in America.

Stablecoins have many use cases in the eurodollar system.

I have personally used them to pay for things in SE Asia and South America. They were preferred to local currency or bank dollars.

Walt is burying his head in the sand and… https://t.co/ZDPOYbxNlv

— Austin Campbell (@CampbellJAustin) December 13, 2024 Decentralized stablecoins (DAI and crvUSD), on the other hand, fit natively into DeFi’s trust model. They are backed by on-chain collateral, managed by smart contracts, and governed by decentralized autonomous organizations (DAOs).

Risk management and designOne of the most important questions we must ask about every financial system is what happens when things go wrong? A financial system’s design addresses how it operates under both normal conditions and stress.

In traditional finance, a network of institutions and regulations manage risks. Banks have capital reserves, trading firms have margin requirements, so on and so forth. In this system, trust relies on legal enforcement and solvency.

Conversely, DeFi does not delegate risk management, it is resolved in real time. Protocols like Sky (formerly MakerDAO) and Aave mitigate credit risk through:

Over-collateralization Decentralized oracles Time weighted average prices (TWAP), Bots that execute liquidations automatically In this system there are no bailouts — just code and game theory.

Liquidation bot on Aave: app.blocksec.comOne of the tradeoffs of this design is that protocols and assets are more volatile in the short term, but resilient over time. On the other hand, TradFi buffers risk through institutional control. This design effectually hides risk until it reaches a breaking point.

one thing crypto has over tradfi is the high frequency of liquidations. liquidate early, liquidate often. accumulate data, improve at risk management, reduce systemic risk

tradfi does the opposite, putting the whole system at risk with just a couple days of bad price action

— juthica (@juthica) April 5, 2025 Both systems acknowledge that risk cannot be eliminated, only designed for. Each approach takes a different philosophy of control.

GFC vs. Terra-Luna and Celsius contagionThe Great (or Global) Financial Crisis (GFC) is an event that began in 2007 and peaked in 2008. It was a financial crisis that originated in the U.S., spread to other countries, and became widely recognized as the most significant economic downturn since the Great Depression.

The GFC exposed how interdependence and the lack of transparency can allow risk to accumulate quietly and spread systemically. Bailouts and quantitative easing ensured that the system remained operational. However, this also taught the world an important lesson: in TradFi, risk is socialized.

Much like the GFC spread to global financial markets, the Terra-Luna collapse was the catalyst for widespread contagion in crypto markets. This led to the collapse of Celsius, Voyager, Three Arrows Capital, and many other CeFi platforms.

The contagion revealed the systemic risks of centralized lending platforms operating under the banner of DeFi. Though this event spread throughout the crypto markets, leading to a collapse in asset prices, actual DeFi platforms remained operational.

TradFi vs. DeFi: Which one is better?Rather than question whether DeFi or TradFi is better, it’s smarter to consider what each system is designed for. TradFi is more mature and deeply embedded into the global economy. It supports everything from insurance, banking, real estate, and more. Entire industries rely on TradFi.

By contrast, DeFi is nascent, experimental, and narrow in practical application. Most of its activity centers around trading and lending. Its adoption is still niche and real-world application is still in its early phases.

However, DeFi reimagines core functions of the financial system. It is not meant to replace it entirely. TradFi builds around institutions and laws, whereas DeFi builds around protocols and minimized trust. It encodes rules on the blockchain, opens access to anyone, and allows users to hold and trade assets without intermediaries.

TradFi dominates in stability in scale, while DeFi is structurally more egalitarian. The real question is how will they influence each other in the future.

CategoryTradFiDeFiMaturityMature EmergingScopeBroadNarrowSystem designInstitution-centricProtocol-centricAccessPermissionedPermissionlessTransparencyOpaque systems, private ledgersFully transparent, real-time, on-chain dataRisk managementCentralized oversightOn-chain risk mitigationPhilosophyTrust in institutions and legal frameworksTrust minimized through open-source code and cryptographyValue propositionStability, scale, and economic integrationTransparency, composability, and financial inclusivityFinance is not a zero-sum gameTradFi and DeFi have two fundamentally different approaches to organizing and managing financial systems — one built on trust, the other on code. DeFi is still early but has introduced new possibilities. Conversely, TradFi is essential to global economies but subject to human error. The outcome of TradFi vs. DeFi is not a zero-sum game. The future of finance may not be one or the other but a marriage of both; something evidenced in the recent institutional adoption of crypto and popularity of Bitcoin and Ethereum ETFs.

Frequently asked questions Both TradFi and DeFi have tradeoffs. While DeFi is better for transparency, TradFi is better for real world use. Both have strengths and weaknesses, however, TradFi is the more widely used of the two.

TradFi is the established financial system that predates DeFi. The term was created retrospectively as the alternative to DeFi. It comprises multiple institutions, such as banks, insurance, equities, real estate, and more.

DeFi is the collection of financial services on the blockchain. It replicates the function of traditional finance, such as lending, borrowing, trading, payments, and more. What separates DeFi from traditional finance is the decentralization of the systems that are built out from blockchain protocols.

Yes, it is possible to make money in DeFi. There are many protocols that replicate familiar products and services in traditional finance. Some of these include lending, borrrowing, and trading.

Price analysis 1/26: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, LINK

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Bitcoin and crypto market twist has brought unexpected changes to almost all assets. Prices have been declining with little or no hope for a reversal. The FTX exchange fiasco intensified the performance as several losses have been recorded in the entire crypto space.

Following the events, the price of Bitcoin dipped below its critical resistance level of $20K. Since then, the primary cryptocurrency has plummeted as the value slipped toward the $17K region.

Over the past 24 hours, BTC could not make any significant positive movement. Hence, the token has resolved to consolidate around the $17K level. But many doubts are brewing if a storm could follow this new calmness in the future.

Bitcoin Calms Around $17K Bitcoin has failed to trigger enough volatility that could push the price higher. The cryptocurrency has stalled around the $17K level during some trading hours. As of yesterday, BTC managed to hit up to $17,424. But the surge couldn’t last long as the bears suddenly took over.

According to data from Binance, the primary crypto dropped to an intraday low of $16,867. However, the coin is gradually climbing upward. At the press time, Bitcoin is trading at around $16,835, indicating a drop. It boasts a market cap of about $326.81 billion, and its dominance over the altcoin is at 38.33%.

Bitcoin price fails to surge above $17,000 l BTCUSDT on Tradingview. com Over the years, several interpretations for prolonged periods of reduced volatility have been given. One such is that it stands as a precursor toward a massive surge. Hence, the speculation on Bitcoin’s current consolidation could represent the calm before the storm.

Altcoins In Red Zone The crypto market has experienced an overall drop as prices keep dropping. With the strong presence of the bears, the altcoins have painted the market red. This declining trend has cut down the overall market cap more.

At the time of writing, the cumulative market cap sits at $853.33 billion. It shows a drop of about 1.39% over the past 24 hours.

The performance of the altcoin has not been impressive. Most recorded a decline between 2% and 6% over the last day.

The worse performers over the past day are BTSE Token and GMX. While the former dipped by 8.3%, the latter plummeted by over 7.2 % within 24 hours.

Other losers include ETH with a 3.41% drop, DOGE dipped by 6.47%, XRP by 2,57%, BNB by 2.38%, MATIC by 3.17%, ADA by 3.11%, and others.

However, the market saw just a few exceptions to the southward move. The best performers are Axie Infinity’s AXS and Synthetix Network’s SNX. While AXS surged by 4.4%, SNX recorded an increase of 5.4% in the last 24 hours.

Featured image from Pixabay, chart from TradingView.com

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Ethereum, the world’s second largest cryptocurrency by market capitalization, surged 8.46 percent over the past 24 hours, hitting $1,805.94. This jump outperformed the overall crypto market, which saw a 7.69 percent uptick over the same period. Ethereum’s strong move has renewed investor interest after weeks of muted performance across digital assets.

Short-term outlook and latest trendsEthereum’s momentum against Bitcoin also strengthened. In the past day, ETH gained 5.17 percent against BTC, signaling a possible recovery from its recent weakness. According to analysts, the short-term forecast suggests that the price could climb to $1,909.55 by June 20, 2026. This would represent an additional rise of 11.17 percent from current levels.

Analysts currently predict that Ethereum could reach $1,909.55 by June 20, 2026, marking an 11.17 percent increase compared to its current price.

However, the broader trend over longer time periods remains negative. Ethereum has declined 17.01 percent in the last month and dropped 22.29 percent over the past three months. On a yearly basis, ETH is down by 28.34 percent. For comparison, at this time last year, Ethereum was trading at $2,520.16.

Technical indicators flash cautionDespite the recent gains, technical signals suggest caution is warranted. Most market indicators remain bearish, with 17 producing downward signals and just 14 showing a more positive picture. This distribution highlights that, despite the short-lived rebound, the market has not yet confirmed a strong directional shift.

Investor sentiment also remains subdued. The Crypto Fear & Greed Index currently stands at 20, indicating extreme fear in the market. Historically, such levels are associated with uncertainty, though some traders consider them potential buying opportunities.

Glossary: The Fear & Greed Index is a tool for measuring investor sentiment. Low values often indicate caution, while high values reflect rising risk appetite.

The Relative Strength Index (RSI) for Ethereum stands at 37.84, suggesting the market is not yet in formal oversold territory but is approaching a neutral zone. Nonetheless, ETH’s price remains above both the 50-day and 200-day simple moving averages, factors considered positive in technical analysis.

Key support and resistance levelsIn the near term, traders are watching support at $1,676.93, $1,631.17, and $1,607.54. On the upside, resistance levels are noted at $1,746.31, $1,769.94, and $1,815.70. Within the current market cycle, the highest level reached by ETH was $1,823.28, and the lowest was $1,513.54.

While Ethereum is showing signs of a short-term recovery, many technical indicators urge caution; as a result, market sentiment, key support zones, and volatility are being closely monitored by analysts.

Thirty-day volatility currently stands at 11.07, and Ethereum closed positively on 12 of the past 30 days. These figures indicate an ongoing attempt at recovery, but the market remains undecided about the sustainability of this momentum.

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.

Table of contents

The crypto market is witnessing renewed optimism, as the latest 24-hour data points out. Hence, the total crypto market capitalization has surged by 1.75%, reaching $2.24T. In addition to this, the 24-hour crypto volume shows a 31.09%, accounting for $63.82B. At the same time, the Crypto Fear & Greed Index stands at 23 points, indicating “Fear” among the market participants.

Bitcoin ($BTC) Drops by 0.04%, While Ethereum ($ETH) Sees 1.62% Rise Bitcoin ($BTC), the leading cryptocurrency, is currently changing hands at $65,838.45. This price level highlights a modest 0.04% decrease while Bitcoin’s ($BTC) market dominance sits at 58.8%. However, the flagship altcoin, ETH/USDT, is now trading at $1,793.10, presenting a 1.62% rise. In the meantime, the market dominance of Ethereum ($ETH) is 9.3%.

$BPX, $RDNT, and $AZZ Lead Crypto Gainers of Day The list of today’s key crypto gainers includes Black Phoenix ($BPX), Radiant Capital ($RDNT), and Arena-Z ($AZZ). Particularly, $BPX has surged by a staggering $1900.34%, hitting the $0.09142 mark. Following that, a 417.69% jump has placed $RDNT’s price at $0.001757. Subsequently, $AZZ is hovering around $0.00008048 after a 219.58% increase.

DeFi TVL Jumps by 0.80%, and NFT Sales Volume Records 38.0% Spike Today, DeFi TVL has witnessed a 0.80% growth, attaining the $74.623B spot. Additionally, the top DeFi project in terms of TVL, Lido, has hit $16.14B, displaying a 1.20% increase. Nonetheless, when it comes to 1-day TVL change, XY Finance has become the top DeFi player, claiming a stunning 843% surge over the past twenty-four hours.

Similarly, the 24-hour NFT sales volume has jumped by 38.0%, reaching $2,062,096. In the same vein, the top-selling NFT collection, Bored Ape Yacht Club, has climbed by 227.7%, touching $406,304.

GameStop Investor Challenges CEO Pay Vote, US Blocks Chinese AI Firms Moving on, the crypto landscape has also experienced many other crucial developments across the globe over the past 24 hours. In this respect, a GameStop ($GME) investor has filed a lawsuit to block a vote concerning the $35B pay package of the CEO, Ryan Cohen, until the shareholders get adequate disclosures.

What’s more, New York Magazine has disclosed the claim of a fellow inmate who says SBF is planning his exclusive coin after completing his imprisonment period. Furthermore, the US authorities are reportedly holding off on the inclusion of Chinese AI venture DeepSeek and over 100 other entities flagged as posing risks to national security.

AUTHOR

Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.

May 11, 2026, 12:11 p.m.

2 min read

After four years of operating as a sidechain, Ronin is to become an Ethereum L2. Gaming (Mateo/Unsplash) Summary

Ronin, the gaming-focused blockchain behind Axie Infinity, will hard fork on May 12 to migrate from an independent sidechain to an Ethereum layer 2, causing about 10 hours of network downtime.During the migration window, all Ronin transactions and onchain game actions will be paused.The transition to the OP Stack and a new Proof of Distribution model will sharply cut RON token inflation and aim to improve security, scalability and costs after the network’s history-making $625 million bridge exploit.Ronin, the gaming-centric blockchain once synonymous with the industry’s infamous $625 million exploit, is officially shedding its sidechain skin on May 12 to become an Ethereum layer 2 to improve security while maintaining throughput.

Ronin, which announced the migration in April, will execute a hard fork at block 55,577,490, a process that will result in about 10 hours of downtime for users, the network said Monday on X. According to onchain data, the migration is expected to begin on Tuesday around 15:16 UTC.

“Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” Ronin said when announcing the migration. “It worked. Axie Infinity onboarded millions of gamers to crypto, and Pixels proved that it was possible to do it again.” The time has come to plug "back into the mothership."

While operating as an independent sidechain in mid-May 2022, Ronin suffered what is still today the largest DeFI bridge exploit in history. Layer 2 protocols benefit from tighter links to the underlying blockchain than sidechains, offering benefits that include greater security.

The network's native token, RON, is currently trading at around 11 cents with a market capitalization of about $89.5 million, according to CoinDesk data. While the token remains significantly below its 2024 peak, the migration sparked a rally, with prices climbing 30% over the last 30 days as investors eye a shift in the network's supply dynamics.

“During this downtime window, all network transactions [including transfers, swaps, and smart contract interactions] will be paused,” Ronin said, adding that all games using its network will also be affected. “To avoid any inconvenience, please complete all necessary transactions/onchain game actions on the Ronin Network before the downtime begins.”

During the downtime, a "Proof of Distribution" model will be introduced to reward builders based on active network contribution rather than passive staking, Ronin said. The team noted that “this is fundamentally bullish for RON as it dramatically cuts token inflation from over 20% to below 1%.”

The company also said that transitioning to the OP Stack will allow it to inherit Ethereum’s robust security while maintaining high throughput. The move redirects 90 million RON tokens previously earmarked for staking rewards into the Ronin Treasury, while more than doubling marketplace fees to 1.25% from 0.5%.

Ronin said its narrative is dominated by its pivotal return to Ethereum, a strategic move to reset its economics, secure its bridge infrastructure, and secure its future in an upgrade intended to improve scalability and reduce costs through the use of EigenDA for data availability.

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Ronin, the gaming-focused blockchain developed by Sky Mavis, will migrate from an independent Ethereum sidechain to an OP Stack-based Layer 2 network on May 12, a transition expected to trigger approximately 10 hours of scheduled downtime.

During the downtime window, all network transactions, including transfers, swaps, and smart contract interactions, will pause, according to an announcement.

Onchain game actions for titles running on Ronin, including Axie Infinity and Pixels, will also halt, the network announced via its official security account on Monday. Users can track the migration's start time on Ronin's block explorer.

The upgrade, executed via hard fork, moves the network away from the independent sidechain model it has operated since 2021 and to an Ethereum Layer 2 using the OP Stack, the same framework underlying Base and Optimism.

Among the most immediate structural changes is a significant tokenomics shift. The upgrade will cut RON's annual inflation rate from above 20% to below 1%, the network said.

How Ronin got here Sky Mavis, the studio behind Axie Infinity, launched Ronin in 2021 as an EVM-compatible sidechain built for fast, low-fee transactions for in-game assets and play-to-earn mechanics.

The network has processed billions of dollars in NFT volume since launch. The migration arrives four years after Ronin's most consequential security incident.

In March 2022, a bridge exploit drained roughly $625 million in ETH and USDC via compromised validators, making it one of the largest cross-chain bridge hacks in DeFi history, The Block previously reported.

The attack was attributed to North Korea's infamous Lazarus Group.

Sky Mavis subsequently raised $150 million from Binance to reimburse affected users and replace the compromised validators.

U.S. law enforcement and Chainalysis later recovered $30 million from the stolen funds, while authorities in Norway returned an additional $5.7 million in 2024.

The upgrade plays out against a difficult backdrop for blockchain gaming.

An estimated 93% of Web3 gaming and GameFi projects launched since 2020 are now effectively defunct — defined by token prices falling more than 90% from peak and near-zero daily active users — according to an April 2026 market analysis by Caladan.

Total capital deployed into the sector from 2020 through early 2026 is estimated at $12 to $15 billion, with gaming token prices down roughly 95% from 2022 highs and VC funding for blockchain gaming studios collapsing by an estimated 93% over the same period. Axie Infinity, which drove Ronin's initial growth, has reportedly seen its own daily active users fall more than 90% from its peak.

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