Track market-moving stories before they get noisy

The Sui Network (SUI) has achieved a remarkable milestone, temporarily surpassing a total value locked (TVL) of $1 billion, marking the highest level in its history. According to the DeFi data platform DefiLlama, this growth was recorded as of September 19. The Sui Network continues to attract the attention of investors with its noteworthy performance in the cryptocurrency market.

NAVI Protocol and Scallop Lend Shine in TVL GrowthAmong the lending protocols operating on the Sui Network, NAVI Protocol has reached a TVL of $310.86 million, reflecting a weekly increase of 15.46%. NAVI Protocol stands out as one of the largest lending platforms in the Sui ecosystem, enabling users to securely lend various cryptocurrencies.

Scallop Lend has also recorded a significant growth of 20.83% this week, bringing its TVL to $140.55 million. This increase reflects the growing popularity of the protocol among users and its effectiveness in the lending market. Scallop Lend aims to attract more users on the Sui Network by offering innovative solutions to support lending activities.

Suilend and Continued Growth within the EcosystemThe Suilend platform has also made significant strides, increasing its TVL to $134.39 million, which corresponds to a weekly growth rate of 15.14%. Suilend allows users to lend and borrow various cryptocurrencies, enhancing liquidity within the Sui Network. The platform attracts users with its flexible lending terms and broad asset support.

The rapid current growth in the Sui Network highlights the increase in the number of DeFi projects supporting the development of the cryptocurrency market and the expansion of its user base. The rising TVL values of lending protocols particularly reflect investors’ confidence in the DeFi ecosystem. With its dynamic structure, the Sui Network aims to attract more investors and continues to expand its ecosystem.

In addition to its TVL growth, SUI coin has seen a 14.02% increase in the last 24 hours, currently trading at $1.36.

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.

Generates $46.4 Million Realized Gain from Exit of Equity Investment in Centre Technologies Holdings, LLC

, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently exited its debt investments and equity investment in Centre Technologies Holdings, LLC ("Centre" or the "Company") upon the completion of a majority recapitalization with a new financial sponsor. Founded in 2006 and headquartered in Houston, Texas, Centre is a provider of information technology (IT) services, including managed services, cloud solutions, cyber security, IT consulting and business intelligence (BI) services to lower and middle market businesses, often serving as a fully outsourced IT department.  

Main Street partnered with Centre's existing owners and senior management team in January 2019 to facilitate a minority recapitalization of the Company and provide growth capital to help facilitate the Company's acquisition growth strategy. Main Street's initial investment consisted of a $2.4 million revolving line of credit, a $12.2 million first lien, senior secured term loan and a $5.8 million direct equity investment. After Main Street's initial investment, Centre completed seven follow-on acquisitions with Main Street funding an additional cumulative $27.7 million under the first lien, senior secured term loan facility and $0.5 million in direct equity investments to support the Company's acquisition strategy and other corporate activities, resulting in Main Street's total debt investments and total equity investments growing to $42.3 million and $6.4 million, respectively.

Main Street realized a gain of $46.4 million on the exit of its equity investment in Centre, including a minority equity ownership position in Centre's acquirer that Main Street received as part of the sale proceeds, with this realized value representing an increase of $6.8 million above Main Street's fair market value for this equity investment as of March 31, 2026. Main Street also received total dividends of $2.2 million over the life of its equity investment in the Company. As a result, on a cumulative basis since Main Street's initial investment in January 2019 and taking the realized gain, dividends and fees into consideration, Main Street realized an annual internal rate of return ("IRR") of 40.1% and an 8.8 times money invested ("TMI") return on its equity investment in Centre. On a cumulative basis including both Main Street's debt and equity investments in the Company, Main Street realized an IRR of 23.2% and a 2.4 TMI return.

ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R. Nelson, CFO, [email protected]                 
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | [email protected]  
Zach Vaughan | [email protected]  
713-529-6600

SOURCE Main Street Capital Corporation

Five tokenized U.S. stocks are currently accessible at the time of launch. From the very beginning, users will be able to put their bStocks to use throughout the whole DeFi ecosystem of BNB Chain. Through a self-custodial experience, Trust Wallet, the premier self-custody cryptocurrency wallet in the world, has announced that it will now offer bStocks. This will provide users with direct access to tokenized U.S. stocks on BNB Chain. It is now possible for customers who meet the requirements to access tokenized securities around the clock, straight from their wallets, and without the need for a conventional brokerage account.

Five tokenized U.S. stocks are currently accessible at the time of launch. These securities are TSLAB (Tesla), CRCLB (Circle Internet Group), MUB (Micron Technology), SNDKB (SanDisk Corporation), and NVDAB (NVIDIA). Additional assets are expected to be released in the near future. Through the use of USDT, users are able to instantly convert into bStocks inside Trust Wallet.

The bStocks are tokenized securities that are hosted on the BNB Chain. They provide economic exposure to U.S.-listed shares by automatically processing price changes, dividends, and stock splits. The user is not needed to take any action in order to get this exposure.

From the very beginning, users will be able to put their bStocks to use throughout the whole DeFi ecosystem of BNB Chain. This includes lending on Venus and Lista DAO, trading on PancakeSwap and Aster, and more. All of this will be possible as they continue to receive dividends on the underlying security. We respect the self-custodial architecture of Trust Wallet, therefore there is no need for Know Your Customer.

On the addition of bStocks, Felix Fan, CEO of Trust Wallet, said:

“Stocks are one of the most popular financial assets in the world, and yet for too many people, the barriers to accessing them are still enormous. bStocks on Trust Wallet is a meaningful step toward removing those barriers – direct access to tokenized U.S. securities, 24/7, self-custodied, and composable across DeFi. And this is just the beginning, bStocks won’t be the last step in that direction.”

The arrival of bStocks is Trust Wallet’s most recent foray into the realm of real-world assets onchain. Trust Wallet is now in the process of developing the self-custody interface in order to facilitate the accessibility of tokenized stocks and other conventional financial instruments as they continue to migrate onto public blockchain blockchains. The Trust Wallet platform is now offering bStocks to users that meet the requirements.

Disclaimer 
Please note that Stocks Tokenized Securities are categorized as Certificates that represent certain Financial Instruments (according to paragraph 92 of Schedule 1 to FSMR). By definition, bStocks are not stocks or shares, and holders of bStocks are not permitted to directly own a share or stock in the firm that is listed as the underlying corporation. It is only in the ADGM that stocks are made available for purchase via an Approved Prospectus; they are not made available in any other jurisdiction. Securities that have been tokenized are only offered on a secondary market basis to users who are qualified and who reside in areas that are authorized. Legal, regulatory, operational, sanctions, tax, market, or risk-control factors may cause changes in product availability at any moment. These changes may occur for a variety of reasons. Once you have passed an eligibility check, you do not automatically have the right to continue using the service. Those terms are not within Trust Wallet’s control, and the company does not make any promises or assurances about them. bStocks are not accessible for purchase or sale in specific locations, such as the United States of America, the United Kingdom, or the European Union.

Furthermore, they are not permitted to be offered for sale, sold, or delivered to any “U.S. Person.” Before moving on, it is solely your duty to check if the accessing and trading of tokenized securities is legal in the country in which you reside. The fact that you are accessing this product from a country in which it is restricted or forbidden does not in any way establish any duty or obligation on the part of Trust Wallet.

It is merely for general information that this material is provided. The information that is provided in conjunction with tokenized securities is not meant to be construed as an offer, solicitation, promotion, recommendation, or invitation to purchase or sell shares in any jurisdiction. bStocks are susceptible to a variety of risks, including liquidity risk, issuer risk, custody risk, broker risk, operational risk, technological risk, regulatory risk, tax risk, fees, withholding, transfer limitations, and the possibility of losing the whole investment. bStocks do not reflect ownership of the underlying asset’s issuer, nor do they even have any kind of link with the issuer. Invariably, DYOR. With assistance from external parties. Your use of Trust Wallet is subject to the Terms of Service, which can be found at https://trustwallet.com/terms-of-service.

Trust Wallet is a Web3 wallet and gateway that provides users with the ability to completely own, manage, and utilize the power of their digital assets. It is a secure wallet that allows users to do so on their own. In a single location and without any restrictions, Trust Wallet makes it simpler, more secure, and more convenient for millions of people all over the globe to experience Web3, use decentralized applications (dApps) in a secure manner, store and manage their cryptocurrency, purchase, trade, and stake cryptocurrency in order to receive rewards. This is true for both novice and expert users alike.

[PRESS RELEASE – Zug, Switzerland, September 25th, 2025]

Casper Association is pleased to announce that $CSPR, the main utility token of the Casper Network, is now listed on Gate US exchange. The listing marks a key step in expanding the reach and accessibility of the Casper ecosystem in the United States.

Gate is one of the longest-running and most established cryptocurrency exchanges globally, offering a broad selection of digital assets, high liquidity, and regulatory compliance in key jurisdictions. With its strong presence in the U.S. and among international retail and institutional users, Gate US provides an important on-ramp for new users to discover and interact with the Casper blockchain.

The new listing aligns with Casper Association’s broader strategy of increasing visibility and adoption across key global markets, with a clear emphasis on expanding into the United States. As one of the most mature and active blockchain communities worldwide, the U.S. market presents significant opportunities for adoption and ecosystem growth.

“With recent advancements in the US regulatory environment and the imminent launch of US-centric projects on Casper Network, we are delighted to provide more access to $CSPR via Gate US, one of the leading exchanges worldwide,” added Michael Steuer, President and CTO of Casper Association.

The Casper Association views this listing as the first of several initiatives aimed at deepening its footprint in the American blockchain ecosystem. In addition to increasing token accessibility, the Association is actively engaging with U.S.-based partners, developers, and institutions to expand the adoption of Casper’s technology stack.

With a growing network of ecosystem users, developers, and adopters, Casper remains focused on delivering secure and scalable blockchain infrastructure to meet the needs of real-world applications.

About Gate

Gate is the U.S. home of Gate Group, one of the world’s leading crypto platforms. Purpose-built for American customers, it delivers secure and compliant spot trading powered by Gate’s global infrastructure. Beyond crypto-to-crypto trading pairs, Gate is rolling out fiat on/off ramps, custodial wallet support, and seamless local payment options. With transparency and compliance at its foundation, Gate is building trust and fueling the healthy growth of the U.S. digital asset market.

About Casper Association

Casper Network (CSPR) is a decentralized, layer 1 Proof-of-Stake blockchain designed for the real-world economy. It empowers people to openly benefit from who they are, what they do, and what they own, across borders, businesses, and communities, both within and beyond Web3.

With instant finality, upgradeable smart contracts, enterprise-grade security, and flexible permissioning, Casper’s infrastructure supports the secure tokenization, management, and exchange of assets and sensitive data across both public and private environments.

The Casper Association, a non-profit organization based in Switzerland, promotes the decentralized development and adoption of the Casper protocol, network, and ecosystem.

Learn more about Casper Network at https://casper.network.

Global investment firm Guggenheim Treasury Securities has issued the first Digital Commercial Paper (DCP) on Ethereum, as the tokenization of financial instruments on blockchains gains traction among traditional finance giants. 

Commercial paper is a kind of short-term debt security that corporations sell to raise funds. It differs from other debt instruments such as bonds and loans because it is unsecured and not backed by collateral. 

Amp.Fi Digital, a blockchain platform designed to issue, trade and provide governance of digital assets, issued $20 million in tokenized commercial paper for Guggenheim on Ethereum, developer Zeconomy said Thursday.

The rollout of yet another tokenized real-world asset follows U.S. federal regulators’ approval of spot Bitcoin ETFs earlier this year, a watershed event that has fueled traditional finance titans’ appetites for blockchain-based digital assets, according to Zeconomy.

Moody’s Investor Service gave Guggenheim’s issuance a rating of P-1, its highest credit rating. 

“As clearly demonstrated by the ETFs approval and the growth of the tokenization space, there is a massive demand for these digital assets, and we want to enable our partners so they can be at the forefront of what could be a transformative moment in the financial industry,”  Zeconomy CEO Giacinto Cosenza said Thursday in a statement. 

The rolling out of DCP on Ethereum marks the latest example of real-world asset tokenization on blockchains—a growing trend. Tokenized government securities such as U.S. Treasury Bills have hit more than $2 billion in market capitalization as institutional interest in the digital asset class accelerates, data from RWA.xyz shows.

In recent months, tokenized Treasury funds’ market capitalization have ballooned. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), launched in March, holds $513 million in assets—up more than 100% since its debut, data shows.

Meanwhile, Franklin Templeton’s OnChain U.S. Government Money Fund's market capitalization (FOBXX) has soared to more than $420 million since its launch in 2021, according to the investment management firm's data.

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Musicow Partners with Injective to Bring Music IP OnchainToday, Musicow announced a strategic partnership with Injective to take music intellectual property rights onchain for fans and investors worldwide. 

Musicow is the pioneer of fan-driven music ownership and the leading Music Equity Service Provider in South Korea. Injective is the first layer 1 blockchain purpose-built for finance, with a native real-world asset module that has anchored tokenized equities, FX, commodities, and institutional stablecoins since 2024. Together, the two companies are building the tokenization infrastructure to take fractional music IP participation past one country and into a global market that has been waiting for a credible onchain venue.

Wall Street already bought in. Fans didn’t get to until now.Music is one of the largest cultural asset classes in the world. Global recorded music revenue closed 2025 at $31.7 billion, up 6.4% year-over-year, the eleventh straight year of growth. The total value of music copyright, combining recorded and publishing rights, reached $47.2 billion in 2024 and has nearly doubled in a decade. Goldman Sachs projects the total music market will roughly double again to around $200 billion by 2035. For context, the entire real-world asset market onchain today sits at roughly $32 billion, and music IP is functionally absent from it. That gap is where this partnership sits.

The forward curve is steeper than the spot. Goldman Sachs forecasts recorded music alone growing from $29.6 billion in 2024 to $43.4 billion by 2030 and $55.0 billion by 2035. Adding publishing and live, the total music industry is projected to reach roughly $200 billion within the next decade. The near-doubling of music copyright value in a decade, to $47.2 billion in 2024, is the cleanest available proxy for what the underlying rights are worth as an asset class. Music IP throws off yield, scales globally, and moves independently of most traditional asset classes.

Institutional capital has spent the last five years acquiring music IP at unprecedented scale. Sony Music’s reported $1.27 billion acquisition of the Queen catalog in 2024 is the largest single-artist music deal ever publicly reported. Sony also closed Pink Floyd’s recorded and name-and-likeness rights for roughly $400 million the same year. Justin Bieber’s pre-2022 catalog sold to Hipgnosis Songs Capital for more than $200 million in 2023.

The institutional verdict is in. The retail and global investor base is the side that has been locked out, and this is exactly what Injective will work to fix.

Tokenization infrastructure is here on Injective. Music IP was missing.Real-world asset tokenization stopped being a pitch deck in 2025 and started landing on balance sheets. Total RWA value onchain, excluding stablecoins, surged past $26 billion in early 2026, roughly a 4x year-over-year increase. Live tracker data places the figure closer to $32 billion today. BlackRock’s BUIDL fund crossed roughly $2.5 billion in assets under management. Franklin Templeton’s FOBXX tokenized money market fund crossed $1.98 billion. Tokenized U.S. Treasury products as a category surpassed $5 billion in 2025. Tokenized private credit reached roughly $18 billion in early 2026.

Cultural and IP assets, including music, are essentially absent from this picture. RWA.xyz does not break music IP out as a tracked category. No music IP tokenization deal at a meaningful scale has been publicly recorded on a major chain. That is what makes the next move structurally significant. The first chain to anchor a credible, regulated music IP standard sits at a different tier from every chain that does not.

Musicow already runs the playbookMusicow built the original retail market for fractional music rights and has run it at national scale for the better part of a decade. The Korean platform, live since 2017, has reached roughly 1.2 million cumulative members and processed about KRW 420 billion (around $293 million) in transaction volume across roughly 20,000 music IP rights. The platform showed what fractional music ownership looks like when fans are treated as stakeholders, not as a marketing audience.

Musicow US, the company’s American arm, launched in early 2025 with backing from Roc Nation and was structured from day one as a regulated Music Equity Service Provider. Musicow has built fan-facing infrastructure for music rights revenue participation, a compliance posture, and the artist relationships to source premium catalogs. The Injective partnership adds the global settlement layer, the rails that let international fans and investors access music IP offerings the same way they access any other digital financial product.

Why Injective was chosen for this tokenization projectInjective was the first blockchain to ship a native real-world asset module at the network level, integrated in January 2024. The architectural choice was deliberate. RWA issuance, permissioning, and lifecycle management live in the protocol itself rather than in an application stack on top of it. Sub-second block times, an onchain orderbook, native IBC, Ethereum, and Solana connectivity, and the November 2025 MultiVM EVM mainnet launch mean assets issued on Injective can move and settle across the largest ecosystems in crypto without fragmenting liquidity.

The institutional footprint is the other half of the answer. Injective has already brought tokenized equities, pre-IPO stocks, and stablecoins onchain at meaningful scale. iAssets include programmable trackers for Nvidia, Apple, Microsoft, Amazon, Google, Meta, Netflix, Coinbase, MicroStrategy, Robinhood, McDonald’s, and a TradFi Index. The pre-IPO stock launch with Republic generated roughly $1 billion in trading volume within 30 days of going live in August of 2025 alone. USD-denominated stablecoin volume across the ecosystem has crossed $40 billion since launch.

The regulated derivatives stack now sits on top. CFTC-regulated INJ futures began trading on Bitnomial Exchange in April 2026, making INJ one of a small set of digital assets with U.S. regulated derivatives infrastructure. Canary Capital has an active staked-INJ ETF filing with the SEC. Google Cloud and Binance’s YZI Labs operate validators on the network and sit on the Injective Council. Payments-grade performance, MultiVM execution, regulated derivatives, an institutional stablecoin footprint, and a native RWA module are why a partner like Musicow chose Injective over any other chain.

The catalog drops are comingMusicow has signaled that several major music launches and expanded entertainment initiatives are next, with this partnership as the first step toward operating as a truly global platform for music rights participation. The catalogs to come are expected to include globally recognized artists and franchise-level music IP. In aggregate, the pipeline stands to become one of the largest tokenization efforts in history and the largest cultural-IP tokenization effort ever brought onchain.

The strategic shape of the partnership matters as much as the scale. Musicow has the regulated framework for fractional music ownership and the artist relationships to source premium catalogs. Injective has the highest-performance financial infrastructure in crypto and the institutional posture that catalog owners require. Together, the two companies are positioning music IP to take its place alongside treasuries, equities, and private credit as a recognized onchain asset class.

More details on the rollout, the artists involved, and the structure of the offerings will be published in the coming months. Stay tuned.

About MusicowMusicow stands as the unrivaled pioneer in the realm of artist-to-fan music asset ownership on a global scale. As the foremost Music Equity Service Provider™ in South Korea, our primary objective is to extend the same exceptional experience to the world. Since its establishment in 2017, Musicow has been dedicated to constructing a superior music ecosystem, forging an extraordinary bond between fans and their beloved artists.

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.

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Tokenized equities just posted $3.57 billion in daily trading volume, a record for a sector that barely existed two years ago. Injective, the Layer 1 blockchain built specifically for financial applications, sits at the center of that surge.

To put that number in perspective, the global equities market is worth roughly $134 trillion. Tokenized versions remain a rounding error in that context.

How Injective built the rails Injective’s approach to tokenized equities revolves around its iAssets framework, which creates synthetic trackers for major companies. Think Nvidia, Apple, Microsoft, and Amazon, all tradable as perpetual futures on the Helix decentralized exchange.

These aren’t actual shares of stock. You’re trading a price-tracking instrument that references the real equity price via oracles, without any physical settlement of underlying shares. It’s permissionless, meaning anyone with a wallet can access what used to require a brokerage account and a social security number.

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The leverage options go up to 25x. By the first half of 2025, Injective had already crossed $1 billion in cumulative trading volume for tokenized stock perpetuals. The platform’s native RWA module launched back in January 2024, giving it a meaningful head start in building the infrastructure that’s now handling billions in daily flow.

The Republic partnership and pre-IPO plays One of Injective’s more notable moves has been its collaboration with Republic to tokenize pre-IPO equity exposure. That partnership launched in August 2025 and generated approximately $1 billion in trading volume within its first 30 days.

On May 14, 2026, the platform announced a partnership with Musicow to tokenize music intellectual property rights, signaling that the team views its RWA infrastructure as a general-purpose engine, not just a stock-trading tool.

Regulatory tailwinds are real CFTC-regulated futures for Injective’s native INJ token began trading on Bitnomial in April 2026, a milestone that signals the platform’s willingness to play within traditional compliance frameworks.

Broader regulatory momentum is also helping. Nasdaq has recently received approvals for tokenized trading initiatives, and ongoing SEC discussions are establishing compliance pathways for real-world assets onchain.

What this means for investors The $3.57 billion daily volume figure is impressive, but the investment thesis here isn’t really about one day’s trading. Tokenized equities solve a genuine problem. Global stock markets operate on different schedules, require intermediaries for settlement, and restrict access based on geography and accreditation status. Onchain synthetics eliminate all three friction points simultaneously.

The risk, naturally, is that regulators decide synthetic equity trackers need to be treated like actual securities. If that happens, the permissionless nature of platforms like Helix would need significant modification. The SEC conversations happening right now will determine whether the current model survives or evolves into something more constrained.

There’s also counterparty risk embedded in oracle-based pricing. If the price feed for an Nvidia synthetic deviates significantly from the actual Nvidia stock price, traders on the wrong side of that gap eat the loss. Oracle failures are rare but not theoretical, and at 25x leverage, even small deviations get amplified quickly.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

June 4 — South Korean cryptocurrency exchange Upbit announced that due to a network upgrade for Injective (INJ), deposits and withdrawals of INJ will be suspended starting at 19:00 Beijing time (20:00 Korean time) today, and will remain suspended until the network is confirmed stable. The suspension only affects INJ deposit and withdrawal functions; spot trading of INJ will continue as normal, Upbit clarified. The exchange warned users that conducting on-chain transfers during this suspension may cause delayed deposits or withdrawals, and in extreme cases, could lead to irreversible loss of funds. Upbit added that it will work closely with the Injective project team to safeguard user assets, and will issue a separate notice once deposit and withdrawal services are set to resume.

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BCA Research raises its S&P 500 target to 8,100 points, with AI remaining a core variable.

BCA Research has become the latest strategy firm to raise its US stock market target, reflecting Wall Street’s growing optimism about earnings support for US equities in the second half of the year. The institution lifted its year-end S&P 500 target from 7,700 points to 8,100 points. BCA’s core view is that first-quarter corporate earnings exceeded expectations in both strength and breadth, and the US economy has re-entered an expansion phase. Similar to JPMorgan Chase, BCA believes this stock rally is not only driven by valuation expansion—earnings themselves are delivering the index’s gains. AI remains the core variable in this assessment. Large tech firms including Alphabet, Microsoft, Amazon, Meta and Oracle continue to increase capital spending on data centers and AI infrastructure, driving growth in orders for chips, servers, construction, power and related industrial chains. This provides a clearer fundamental basis for upward revisions to 2026 and 2027 earnings. The institution points out that risks exist: the earnings expansion brought by AI investments has already been quickly priced into the market. If subsequent returns on capital spending are questioned, or interest rates remain elevated, further upside for the index will require more earnings confirmation rather than relying solely on investor risk appetite.

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Tom Lee: Markets have nearly priced in two interest rate hikes from the Federal Reserve this year, and the rise in US Treasury yields is weighing on market sentiment.

Tom Lee said the market is still digesting Kevin Warsh’s remarks from his first press conference last week and repricing the macro environment. Over the past week, oil prices have pulled back, with war premiums contracting. Current oil prices are not far from the roughly $65 level seen before the conflict, indicating the market views related war risks as declining. On the other hand, 10-year U.S. Treasury yields continue to rise, now around 4.5%, higher than the pre-conflict level of roughly 4.2%. The main headwind the market has faced recently has shifted from oil prices to yields. Tom Lee noted that the market is not only focused on 10-year U.S. Treasury yields but also starting to price in potential additional interest rate hikes from the Federal Reserve. According to federal funds futures, the market is currently pricing in nearly two rate hikes this year. Bank of America further projected today that the Fed will raise rates three times this year, in September, October, and December respectively. Jeffrey Gundlach often emphasizes the importance of monitoring 2-year U.S. Treasury yields, as they typically lead the Fed and signal the central bank’s policy direction. Between 2023 and 2025, the relationship between 2-year U.S. Treasury yields and the federal funds rate indicated that the Fed’s policy was overly tight, requiring interest rate cuts. However, this relationship has recently reversed, meaning the Fed would need two rate hikes to catch up with 2-year U.S. Treasury yields. He believes that, at least for now, yields have become a headwind for the market.

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Japan and South Korea's stock markets closed higher across the board, with Japan's stock market hitting a new closing high.

According to Bitget market data, the Nikkei 225 index closed up 3,191.37 points, or 4.61%, at 72,366.34 points on Thursday, June 25, hitting a new all-time closing high. South Korea’s KOSPI index rose 459.76 points (5.43%) to end at 8,930.78 points; SK Hynix surged 13% while Samsung Electronics gained more than 5%.

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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.

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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.

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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

Blockchain infrastructure upgrades tend to fall into two categories: the ones that move the needle and the ones that generate a press release. Injective’s Vulcan upgrade, version 1.20.0, appears to be the former.

The upgrade went live between June 4 and June 9, 2026, delivering a new oracle engine and a precompile that lets EVM smart contracts pull on-chain price data directly. The headline number: a 90% reduction in gas costs for oracle services.

For developers building on Injective, that is not a minor quality-of-life improvement. Oracle calls are a constant, unavoidable expense in DeFi applications, derivatives protocols, and anything touching real-world asset pricing. Cutting that cost by nine-tenths changes the math on what is economically viable to build.

What the Vulcan upgrade actually does The core addition is a precompile that bridges EVM smart contracts to Injective’s on-chain oracle infrastructure. In plain terms: a Solidity contract can now read price feeds natively, without routing through clunky workarounds or paying the gas premium that came with the old architecture.

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Vulcan integrates two oracle providers, Pyth Pro and SEDA, both oriented toward institutional-grade data coverage. The combination is pointed squarely at two fast-growing segments: tokenized real-world assets and lending protocols. Morpho, a lending integration, is specifically cited as a beneficiary of the new oracle infrastructure.

The upgrade also tightens up token factory functionality, with improved support for canonical USDC. The upgrade introduces stricter validation rules and adds EIP-712 Ledger support for bridges. EIP-712 is a standard that enables structured, human-readable transaction signing, which reduces the risk of users inadvertently signing malicious bridge transactions.

Why oracle costs matter more than most people realize Injective is a Layer 1 blockchain that natively supports both EVM and WASM execution environments, with built-in financial primitives and shared liquidity. Vulcan layers cost efficiency on top of that, specifically for one of the most frequently used operations in DeFi.

The Pyth Pro integration is worth noting separately. Pyth has become a dominant oracle provider across major DeFi ecosystems, and the Pro tier is oriented toward institutional users who need high-frequency, high-fidelity data. Pairing that with SEDA, which brings its own data verification infrastructure, gives Injective a credible pitch to institutional builders exploring tokenized RWA markets.

Context: building on top of a busy 2025 Vulcan does not arrive in isolation. It builds directly on two prior milestones that reshaped Injective’s technical foundation.

The first was the Volan upgrade, which introduced Injective’s native RWA module, the first of its kind on the network. The second was the native EVM mainnet launch in November 2025, which opened Injective to the much larger universe of Ethereum-native developers. Vulcan is the follow-on that makes that EVM environment meaningfully better, giving those developers cheaper, more direct access to price data.

What this means for developers and investors For institutional builders specifically, the Pyth Pro and SEDA integration is a credibility signal. The fact that Injective is now wired to institutional-grade data providers makes it a more serious candidate for projects involving tokenized securities, commodities, or structured credit products.

The market’s immediate reaction told a familiar story. INJ moderated in price after the upgrade launched, a textbook sell-the-news response. That behavior reflects profit-taking by traders who positioned ahead of the announcement rather than any fundamental reassessment of the upgrade’s value.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Fri 24 Oct 2025 ▪ 4 min read ▪ by James G.

Summarize this article with:

Hyperliquid Strategies is taking a major step to strengthen its presence in the decentralized finance (DeFi) ecosystem. The firm plans to raise up to $1 billion to expand its holdings of the Hyperliquid (HYPE) token, which powers the world’s largest decentralized derivatives platform.

In brief Hyperliquid Strategies to raise $1B via 160M share offering advised by Chardan Capital Markets. Funds will expand HYPE token holdings and support general corporate initiatives post-merger. HYPE token surged 10% to $39.73, outperforming a declining crypto market amid mixed technicals. Hyperliquid leads DeFi perps with $317.6B in October volume, capturing a 70% market share. According to Wednesday’s S-1 registration filing, Hyperliquid Strategies intends to issue up to 160 million shares of common stock. The proceeds will be used primarily to purchase additional HYPE tokens and for general corporate purposes. Chardan Capital Markets will serve as the financial advisor for the offering.

The company is emerging from a merger between Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC). Once the merger is finalized, David Schamis will serve as CEO, while Bob Diamond, former CEO of Barclays, will take on the role of chairman.

Treasury Play Pushes HYPE Higher Amid Mixed Technicals Unsurprisingly, news of the filing triggered a surge of more than 10% in the HYPE token, which climbed to $39.73. Interestingly, this rally came even as the broader crypto market slipped 0.6% during the same period.

Despite the sharp uptick, underlying market data paint a more cautious picture:

Market Sentiment: Hyperliquid’s price outlook remains bearish, reflecting investor caution. Investor Mood: The Fear & Greed Index stands at 27 (“Fear”), signaling weak market confidence. Performance Metrics: The token recorded 13 green days out of 30 (43%), suggesting limited short-term strength. Token Supply: Only 34% of the total HYPE supply is in circulation, pointing to limited liquidity. Technical Indicator: Despite subdued sentiment, HYPE continues to trade above its 200-day simple moving average, indicating that long-term support remains intact. Once the merger is complete, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens valued at roughly $470 million, along with $305 million in cash earmarked for additional token purchases. 

This position would make Hyperliquid Strategies the largest corporate holder of HYPE, underscoring its alignment with the Hyperliquid network—a platform anchoring one of the most active decentralized derivatives exchanges globally.

Hyperliquid Outpaces Competitors as October Perpetual Volumes Hit $1 Trillion While such treasury-driven strategies can boost share prices in the short term, analysts have questioned their resilience during altcoin market downturns. Even so, Hyperliquid’s core fundamentals remain strong, supported by high trading activity and growing user engagement.

The platform leads the market in perpetual futures (“perps”), derivatives that enable 24/7 trading and leveraged exposure to digital assets.

Here are some key market data to note:

Decentralized perpetual trading volumes surpassed $1 trillion in the first 23 days of October, breaking September’s $772 billion record, according to DeFiLlama. Hyperliquid maintained its lead with $317.6 billion in trading volume during the same period. Competitors: Lighter recorded $255.4 billion, Aster $177.6 billion, and edgeX $60.6 billion. Market Share: Hyperliquid now commands an estimated 70% share of the decentralized perpetuals market, reinforcing its dominance in the sector. Hyperliquid continues to set new benchmarks in DeFi, reporting $248 billion in 24-hour trading volume in May 2025 and a record $106 million in revenue in August—further solidifying its leadership in decentralized derivatives.

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James G.

James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

8 min read

Dec 22, 2025

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This is a summary of the Alchemix Q3 2025 Report, which can be found in full in the Alchemix GitBook. This report provides relevant data for Q3 2025, 1st July 2025 to 1st October 2025.

The third quarter of 2025 brought many developments into the crypto space and into the Alchemix world, including the following:

Alchemix experienced increases in the alETH price relative to the ETH price, as well as increases in treasury valuation, protocol revenue and solid growth of global deposits. Strong ETH price appreciation during the quarter resulted in buoyant treasury, deposit and Elixir valuations.

Alchemix has unveiled its v3 upgrade through a detailed public introduction on its official Medium blog, with enhanced efficiency and user-friendly features. This iteration builds on the protocol’s core mechanic of self-repaying loans, introducing up to 90% loan-to-value ratios while allowing collateral to continue earning yield, alongside innovative tools, such as the Mix-Yield Token, for simplified strategy management and fixed-duration redemptions to maintain peg stability for alUSD and alETH.

At the Rare Evo conference, Alchemix COO Ov3rKoalafied presented the protocol’s user-centric vision. He described how Alchemix removes complexity to make DeFi more accessible and ready for the mass market. He emphasized the protocol’s liquidation-free model, a key value proposition that continues to attract risk-averse users looking to unlock liquidity without the stress of market volatility.

Users staking alAssets on Stake DAO must migrate their positions on the official Stake DAO site to ensure rewards and compatibility with the latest gauges.

Alchemix is proud to be highlighted on the official Ethereum.org portal, cementing its status as a foundational DeFi protocol. This listing places the protocol alongside Ethereum’s most trusted applications, validating Alchemix as an approved destination for decentralized borrowing and yield management for new Ethereum users.

Cross-chain transfers of alAssets have been upgraded through a deeper LayerZero integration. LayerZero’s advanced messaging protocol results in smoother, more resilient and faster transfers across networks with reduced friction and higher throughput for users.

Marking a critical step toward launch readiness, Alchemix has announced the successful completion of its v3 security review conducted by Cantina, a leading blockchain auditing firm. This thorough audit, focused on the protocol’s core lending mechanics and new features, complements ongoing efforts such as the recent Immunefi audit competition, reinforcing user confidence in Alchemix’s commitment to robust security.

This document is not investment advice, nor should anything herein be construed as solicitation to buy or invest. This is solely for informational purposes only. The discussions in this document represent a good-faith effort to effectively summarize the information that is contained in the corresponding Quarterly Report, the disclaimer of which, including, but not limited to, discussion about forward-looking statements, also applies to this document. The numbers that are being provided below, as of 1 October 2025, as well as other information disclosed in this document, are unaudited. In an effort to effectively summarize the data, this document may contain conjectures or guesses that are the authors’ alone, and do not represent any official positions, feelings or statements of the Alchemix protocol itself.

IntroductionEstablished in February 2021, Alchemix is a DeFi lending protocol that offers Self-Repaying loans without the risk of forced liquidations. Alchemix’s value proposition is that it enables its users to access tokenized value against their deposits, while those deposits harness the power of DeFi to automatically pay down a borrower’s loan balance over time. Conceived as a new tool for people to take advantage of the time value of money, Alchemix is tested, audited and then deployed on-chain using smart contracts to provide security, transparency, immutability, and uncensorable access to all.

Q2 2025 LookbackBefore we dive into the latest updates, the previous quarter brought interesting developments into the Alchemix world, including the following:

The protocol earned approximately $780,000 in revenue for the quarter.Alchemix has received a 100,000 OP grant from Optimism to enhance yield on the Aave ETH and USDC vaults and alETH/alUSD incentives on Velodrome over six months.Sustaining the trust Alchemix has earned requires rigorous, ongoing security measures, one of which was submitting the v3 core contracts to a $50,000 USDC crowdsourced audit competition via Cantina, in addition to regular audits.Another measure was adopting the Security Alliance Whitehat Safe Harbor, which safeguards Alchemix contracts and assets by pre-authorizing ethical hacks with clear recovery and bounty protocols across chains.Continuing the security focus, Alchemix is now protected by Immunefi’s Magnus, which provides automated scanning, AI-driven threat detection, priority audits, and bug bounties.Alchemix launched Yieldmancing as an educational hub guiding users through self-repaying loans and yield strategies to promote informed DeFi navigation. This encourages DeFi literacy over speculation for the long-term benefit of users.The integration of Alchemix and HAI now lets users deposit alETH to borrow HAI stablecoins via overcollateralized vaults.The Alchemix Holyheld debit card is in beta with top-ups that enable collateral deposits to borrow and fund debit cards with self-repaying loans on Optimism.Q3 2025 TL;DR MetricsAt the end of Q3 2025, alUSD price (0.9918) had decreased slightly and alETH price (0.9799) increased compared to the previous quarter. The value of the Treasury had increased 33.4% to $16.56M, Global Deposits increased by 40.1% to $63.52M, and the value of the Elixir Contents had increased by 30.71% to $21.62M. Protocol Revenue saw an increase of 11.5% to $0.87M.

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Q3 2025 TL;DR MetricsThe Treasury figures exclude the value of ALCX, the governance token of Alchemix.Q3 2025 DataalAsset PricesThe main challenge for the protocol is to maintain a strong price for the alAssets.

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alUSD Price vs. USDCPress enter or click to view image in full size

alETH Price vs. ETHalAsset UtilityThe image below shows the tools and protocols used within the Alchemix ecosystem, many of which provide direct use-cases for alAssets.

Specific integrations and partners are discussed in the full report.

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The Alchemix EcosystemALCX Governance TokenThe governance token of the Alchemix protocol is ALCX. It allows users to influence protocol direction by voting on submitted proposals.

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ALCX Emission ScheduleAs shown on the chart, the initial high token issuance rate decreased in a linear fashion, dropping to the baseline 2200 tokens emitted per week at the 3-year mark, which was in March 2024.

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ALCX emissions are used to support the strategic goals of the protocol.

The protocol is still incentivizing single-sided staking, ALCX liquidity, and alAsset liquidity by using ALCX emissions. However, it has begun the transition to using emissions for the purpose of accumulating strategic assets.

The annualized inflation rate of ALCX is shown below and is very slowly decreasing in perpetuity:

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ALCX Supply GrowthAlchemix System ComponentsThree main components work in tandem to provide the functionality for the Alchemix system. These are the Alchemists, Transmuters and the Elixirs (AMOs).

User deposits are held by the Alchemist contracts. The Elixir and Transmuter contracts also hold a significant amount of funds which are responsible for providing a backstop for alAsset redemption. The Transmuters redeem alAssets for their underlying collateral pairs 1:1, but do this slowly, over a longer period of time.

The Elixirs, on the other hand, own a portion of the main alAsset liquidity pools and can take action to ensure that trades in their respective liquidity pools can be fulfilled at a reasonable level which is determined by governance. The Elixirs also provide a large portion of protocol revenue by farming the liquidity pool tokens.

Excess funds are being deployed in the Transmuters or in the Elixirs to provide price stability and to earn additional protocol revenue.

Elixir ContentsIn Q2 2025, the Elixirs contained $16.54M in USD equivalents. At the close of Q3 2025 USD equivalents had increased to $21.62M.

This quarter the Elixirs increased by $5.08M (+30.71%), primarily due to ETH price appreciation.

TreasuryA Treasury dashboard that highlights revenues and expenses, as well as assets and liabilities, can be found at https://alchemix-stats.com.

In Q2 2025 the treasury assets were valued at $12.41M and composed of stablecoin assets valued at $0.80M and $11.61M of other assets. By the end of Q3 2025 the treasury assets were valued at $16.56M and composed of stablecoin assets valued at $1.96M and $14.60M of other assets, which represents a 33.44% increase for the quarter. The above numbers reflect non-ALCX holdings.

Protocol RevenueThe following shows protocol revenue for Q3 2025. The revenue is denominated in the USD value of the tokens earned at the time that the tokens were claimed. Included is revenue earned by the protocol’s eight Elixir pools (alUSD-FRAXBP, alETH-frxETH, alUSD-sDOLA Elixir, Optimism Elixir, Arbitrum Elixir), the Mainnet Developer Multisig, the Optimism Multisig, the Arbitrum Multisig, the Base Multisig, and revenue earned from harvest fees on Mainnet, Optimism, Arbitrum, a Velodrome veNFT on Optimism, a RAMSES veNFT on Arbitrum and an Aerodrome veNFT on Base. This report does not yet include revenue that may be earned from other sources of income owned by the treasury’s time-lock address. Those revenues are planned to be included in future reports. This report also does not include tokens whose total revenue was less than $1,000 for the quarter.

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Protocol RevenueDeposit MetricsThis section provides numbers for user activity in the protocol’s contracts. All data is for Q3 of 2025.

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Mainnet Stablecoin DepositsPress enter or click to view image in full size

Mainnet ETH DepositsPress enter or click to view image in full size

Optimism Stablecoin DepositsPress enter or click to view image in full size

Optimism ETH DepositsPress enter or click to view image in full size

Arbitrum Stablecoin DepositsPress enter or click to view image in full size

Arbitrum ETH DepositsNet Deposits at Quarter EndAt the end of Q2 2025 net deposits consisted of Mainnet stablecoins $5.61M, Mainnet ETH $34.60M, Optimism deposits of $4.81M and Arbitrum deposits of $0.33M.

Q3 2025 net deposits consisted of Mainnet stablecoins $5.26M, Mainnet ETH $51.38M, Optimism deposits of $6.01M and Arbitrum deposits of $0.87M.

At the end of Q3 2025, net deposits on Alchemix were $63.52M, an increase of 40.1% on the previous quarter.

Panama City, Panama, February 5th, 2024, Chainwire

The Taraxa Protocol Foundation has launched a $10 million Grant Program to drive growth in Taraxa’s unique EVM-compatible blockDAG Layer-1 ecosystem, after an overwhelmingly successful on-chain governance approval. 

The Taraxa Grant Program is open to any individual, team, and organizations of any type. Funds will be granted specifically for technical development with an emphasis on driving usage and growth within the Taraxa ecosystem, and are disbursed according to quantifiable milestones. 

Building on Taraxa presents a unique opportunity for developers to experience the benefits of the world’s first and only native EVM-compatible decentralized network built with the blockDAG architecture. Here are just a few of the reasons why builders should consider building the next big idea on Taraxa, 

An unique opportunity to Build on blockDAG: blockDAG is the next evolutionary step up from block-chain, able to achieve stunning throughput and low latency without sacrificing security and decentralization by enabling parallel block processing on the network instead of just one block at a time.  True EVM Compatibility: any dApp that works on Ethereum just works on Taraxa, no need to learn new languages, frameworks, or tooling. Fast & Low-Cost: with peak throughput of 5k TPS, sub-second block times, instant block inclusion, and under 4-second finalization, working on Taraxa is fast & smooth, with each transaction costing next to nothing.   True Finality: zero risk of transactions being reversed, Taraxa’s True Finality guarantees that when a transaction is finalized (under 4 seconds), it is finalized forever.  Front-Running Prevention: Taraxa’s architecture and speed minimize and fragment the network’s mem pool, making it almost impossible and definitively unprofitable for DeFi transactions to be targeted for front-running.  Supportive Community: Taraxa’s community is highly engaged and the development team is helpful to a fault. Not only will the user be building on a network backed by the best technology in the world, but he will also receive the full support, attention, and participation from Taraxa’s community! The upcoming Ficus Root Bridge in mid-2024 further strengthens the Taraxa ecosystem’s utility, asset diversity, and cross-chain liquidity. DeFi builders don’t have to worry about fragmented assets or liquidity, since they flow seamlessly between Ethereum and Taraxa. The bridge, coupled with Taraxa’s fast, low-cost and natively EVM-compatibility, make Taraxa a natural Layer-2 solution for dApps or consensus layer for rollups. 

Developers can apply to the Taraxa Grant Program today and pitch their ideas on how to creatively leverage decentralization to solve problems!

About Taraxa

Founded by two Stanford engineers in 2018, Taraxa is an EVM-compatible smart contract platform based on t-Graph consensus utilizing blockDAG, with many world-first technical innovations on top of the blockDAG architecture. After launching its mainnet in 2023, Taraxa represents the next evolutionary step in decentralized networks. 

Contact Taraxa Protocol Foundation
[email protected]

Table of contents

API3, a pioneer in blockchain oracle solutions, is setting the stage for significant advancements within the Optimism Superchain ecosystem. API3 is crucial in scaling a cryptographically secure on-chain economy that maximizes value for all participants by enhancing data integration and scalability with its innovative Oracle Stack.

Optimism expanded Ethereum’s scalability in the past year by introducing the Superchain thesis. This new framework facilitates growth and adoption by enabling teams to build on the OP Stack and contribute to the OP Collective, which aims to pool revenue to fund public goods and move global adoption forward.

Within the Superchain ecosystem, oracles are indispensable as they provide the necessary data and tooling to scale new chains. API3’s Oracle Stack simplifies data integration, reducing technical barriers and enabling developers to focus more on building their applications and less on dealing with infrastructure challenges.

The API3 Oracle Stack includes decentralized data feeds from the API3 Market, QRNG for generating truly random numbers on-chain, and the OEV Network to recapture protocol MEV. These components are designed to meet the demands of Superchain builders for easy integration and scalability.

API3’s integration with new chains grants them immediate access to secure and decentralized data, which is vital for applications requiring real-time data, such as lending protocols and perpetual exchanges. This streamlining of Oracle services to new networks is critical as it allows developers to move quickly from concept to production without requiring extensive code changes or infrastructure management.

Key Examples and Adoption Base, a prominent example within the Superchain ecosystem, has more than doubled its total active users to over 9 million this year. The Total Value Locked has also tripled since the beginning of the year, crossing over $1.7 billion. Exiled Racers, a project on Base, uses API3’s QRNG to generate random events for their on-chain races. API3 has recently launched its Oracle Stack on Mode and Fraxtal, with Mode amassing over $500 million TVL and a strong DeFi ecosystem. Fraxtal, developed by Frax Finance, has gained early support from prominent DeFi partners and is poised to become a leading network for developing complex financial protocols.

Looking ahead, API3 has announced that they will support World Chain at its launch later this summer. World Chain aims to leverage proof of personhood to offer verified users priority transactions and gas allowances. Protocols on World Chain will be able to utilize API3’s verifiable, decentralized data feeds, which will be integrated with the OEV Network to enhance protocol performance.

AUTHOR

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.

Table of contents

API3 has officially launched the OEV (Oracle Extractable Value) Network on its mainnet, a significant addition to the API3 Oracle Stack. This network aims to help lending protocols recapture OEV lost during liquidations, enhancing the efficiency and profitability of these protocols.

The solution to oracle extractable value is here! 🎉

🚀 @OEVNetwork is officially live and integrated with the API3 Oracle Stack.

Every lending protocol, on every API3 supported chain, now has a built-in solution to recapture protocol MEV.

It pays to upgrade your oracle. 🪙 pic.twitter.com/I0rSpTUb6l

— Api3 (@Api3DAO) July 9, 2024 At launch, several protocols, including Orbit Protocol, INIT Capital, and Lendle, were already fully integrated with the OEV Network across multiple blockchain platforms. This integration marks the first Layer 2 solution in which Oracle service providers and searchers collaborate to combat the negative impacts of Oracle extractable value.

The OEV Network introduces a specialized transaction-based auction system for Oracle updates. This system allows searchers to bid for the rights to perform valuable price updates, particularly during liquidations. The proceeds from these auctions are returned to the dApp that generated the value, potentially saving millions in lost revenue annually.

Addressing Inefficiencies Current oracle solutions treat all price updates equally, leading to inefficiencies and lost value. The OEV Network creates a competitive market for price updates, ensuring that the rights to perform these updates go to the highest bidder, thereby recapturing value for the protocols involved.

Lending protocols like Aave and Venus have already paid substantial amounts in liquidation bonuses this year, with Aave V3 disbursing $23.4 million and Venus $5.8 million. These bonuses ensure the protocols’ health and represent significant value leakage to searchers and block builders. The OEV Network offers a solution to recapture some of this lost value.

API3 Strategy Lead Ugur Mersinlioglu highlighted the overpayment issue for liquidation services, noting that searchers give up 99% of the available incentive to block builders due to aggressive competition. The OEV Network shifts this competition from block space to Oracle updates, ensuring the proceeds benefit the dApps generating the value.

The OEV Network addresses off-chain order-flow auctions’ transparency and accountability issues. By providing an on-chain execution environment on Arbitrum Orbit, the network ensures a cheap, fast, and secure bidding process for Oracle updates, marking a significant step towards more transparent and accountable auctions.

API3’s partnership with Arbitrum and Caldera ensures a secure, permissionless, and scalable environment for the OEV Network. Arbitrum Orbit supports the backend infrastructure, guaranteeing execution, uptime, and scalability. The OEV Network operates seamlessly on all data feeds within the API3 Market, leveraging Layer 2 network security to create an efficient market for Oracle updates. This integration not only improves data feed granularity when needed most but also has the potential to recapture millions of dollars each year for lending protocols.

AUTHOR

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.

Table of contents

API3’s Oracle Stack is now available on Zircuit to advance the capabilities of the decentralized applications.  API3’s Oracle Stake shares this strategic launch on Zircuit through its official X account. Through this launch, API3’s Oracle Stack will enable the developers to use a powerful toolset to develop advanced decentralized applications (dApps).

API3's Oracle Stack is now available on @ZircuitL2!

Builders can now leverage:

▲ +160 decentralized data feeds (dAPIs) on the API3 Market
▲ OEV Network to recapture protocol MEV

Start building out the DeFi ecosystem on Zircuit today! 🛠️ pic.twitter.com/gypAGy356V

— Api3 (@Api3DAO) August 9, 2024 APi3’s Oracle Stack is a decentralized platform best known for its transparent, secure, and reliable data feeds to smart contracts. On the other hand, Zircuit is a no-code digital platform developed to create and deploy decentralized applications (dApps) on the Layer2 blockchain networks. Utilizing their key features, both API3’s Oracle Stack and Zircuit will collaborate to advance the capabilities of dApps.

Developers To Build DeFi Ecosystem on Zircuit APi3’s Oracle Stack launch on Zircuit will make it convenient for the developers to build their DeFi ecosystem on Zircuit. Developers can leverage 160 plus transparent and secure decentralized data feeds for their projects available on the API3 market. Additionally, OEV Network is also integrated which allows users to protocol MEV to enhance the efficiency of their DeFi operations.

Zircuit Builders Can Visit API3 Market to Utilize dAPIs This launch makes it easy for Zircuit builders the utilization of dAPIs easily available and accessible in the API3 market. API3 market suits best the needs of the builder as it offers an easy way to access, browse, and manage the wide range of data feeds related to major crypto assets, stablecoins, and LST/LRTs.   

AUTHOR

Dan is a seasoned wordsmith known for his sharp editorial insight, meticulous attention to detail, and passion for compelling storytelling.

The cryptocurrency Api3 (API3) reached an 8-month high today after Upbit, South Korea’s largest digital asset exchange, announced its listing.

The triple-digit price surge has also made API3 the top daily gainer on CoinGecko. Additionally, the announcement has sparked significant interest, propelling the token to the top of trending coins in the market.

Upbit Listing Triggers API3 Rally For context, API3 is a decentralized oracle network that connects decentralized applications (dApps) with real-world data using first-party oracles. In contrast to traditional oracle solutions, which rely on third-party intermediaries, API3 empowers API providers to run their own oracles, enhancing data authenticity and reducing trust-related issues.

The coin is already available on several major exchanges, including Binance, Coinbase, OKX, and more. Now, it has made its debut on Upbit.

API3 went live for trading at 17:00 Korean Standard Time (KST) on August 19. The exchange informed users that the token is available to trade against two pairs: Korean Won (KRW) and Tether (USDT).

“Please ensure you check the network before depositing the digital asset. Deposits and withdrawals made through networks other than the specified network will not be supported,” the notice read.

After the initial listing announcement, API3 surged by 121.43% from $0.84 to $1.86. The latter level was last seen in December 2024. At the time of writing, the price adjusted to $1.77, retaining gains of 112.5%.

Furthermore, the market capitalization also doubled from nearly $100 million to over $200 million at press time. The pump in market value has pushed API3 to become the 3rd largest oracle coin by market cap, trailing only behind Chainlink (LINK) and Pyth Network (PYTH).

API3 Price Performance Post Upbit Listing. Source: TradingViewThe price surge was accompanied by a massive rise in volume as trading began. The daily trading volume increased 409.6%, reaching $473 million. Importantly, much of this came from Upbit.

CoinGecko data showed that the South Korean exchange dominated 24.58% ( $118 million) of the volume, with trading only beginning just a few hours ago.

Meanwhile, the market reaction is typical for coins securing Upbit’s support. The exchange, which commands the highest trading volume in South Korea, has a history of influencing market performance through its listings. This pattern is seen with other tokens that experienced significant price movements following similar announcements.

TLDR: GMX has facilitated over $363 billion in notional volume across eight chains, now adding MegaETH. MegaETH processes up to 100,000 transactions per second with 10-millisecond block confirmation times. Chainlink’s oracle infrastructure has enabled over $28 trillion in total transaction value across DeFi. MegaETH’s Chainlink integration unlocks nearly $14 billion in assets for over 740,000 GMX traders. GMX has launched perpetual markets on MegaETH, combining Chainlink Data Streams with the blockchain’s 10-millisecond block times.

The deployment brings real-time trade execution to one of DeFi’s most active perpetual exchanges. With over $363 billion in notional volume, GMX continues expanding its multichain presence.

This move aims to close the performance gap between decentralized and centralized trading platforms.

GMX’s integration with MegaETH marks a notable step in onchain derivatives trading. MegaETH processes up to 100,000 transactions per second, making it the first real-time blockchain.

These speeds allow GMX to offer faster price updates than most decentralized competitors. The result is a trading environment that mirrors the responsiveness of centralized exchanges.

Chainlink Data Streams serve as the oracle backbone for this deployment. The pull-based oracle solution delivers sub-second price data directly to GMX’s smart contracts.

This setup supports lower gas fees while maintaining accurate and timely price feeds. Chainlink’s infrastructure has already enabled over $28 trillion in transaction value across DeFi.

GMX first partnered with Chainlink Data Streams in 2023 following a community governance vote. That partnership laid the groundwork for GMX V2’s computationally dense contract architecture.

The current MegaETH deployment builds directly on that foundation. It runs on the same proven GMX stack operating across seven other chains.

The initial launch phase prioritizes stability and performance consistency across the network. A second phase will introduce MegaETH-specific optimizations without disrupting the existing trading experience.

GMX serves over 740,000 traders and integrates with more than 70 DeFi protocols. Adding MegaETH extends that reach to a new layer of high-throughput users.

MegaETH’s Chainlink Integration Opens Access to Major DeFi Assets MegaETH joined the Chainlink Scale program last month, expanding its oracle capabilities. The integration covers Chainlink Data Feeds, Data Streams, and the Cross-Chain Interoperability Protocol.

Through these tools, MegaETH users can now access nearly $14 billion in assets. These include Lido’s wstETH, Lombard’s BTC.b, and LBTC.

The Scale program connection also brings top DeFi protocols to MegaETH users immediately. Aave, Avon, HelloTrade, and GMX are among the protocols now accessible on the chain.

Each protocol benefits from Chainlink’s real-time oracle data flowing through MegaETH’s high-speed infrastructure. Together, they form a growing DeFi ecosystem built for performance.

A 2024 GMX case study confirmed Chainlink’s role in building secure, high-performance decentralized exchanges. The study showed how oracle quality directly affects user experience and platform safety.

Faster price updates reduce the risk of delayed liquidations during volatile market conditions. This directly protects traders from avoidable losses caused by stale price data.

As real-time blockchain infrastructure matures, partnerships like this one reflect where DeFi is heading. GMX and Chainlink are building tools that meet traders where centralized platforms currently operate.

MegaETH provides the speed layer that makes this possible at scale. The deployment represents a practical, tested approach to advancing perpetual market infrastructure onchain.

Table of contents

Conflux Network, a highly regulated high-performance Layer-1 public blockchain for Decentralized Applications (dApps), is pleased to announce the happy news of its native token ($CFX) listing on Kraken, one of the world’s longest-standing, most liquid, and protected cryptocurrency platforms. This listing elaborates on the main purpose of expanding global regulated access to $CFX, along with enhancing liquidity with fast and low-cost stablecoin payments.

Kraken is also among the fastest cryptocurrency exchanges and has a specific place in the market with user satisfaction. Millions of institutions, professional trader and consumers are being facilitated by the Kraken exchange all over the world.

We hit a new milestone!@krakenfx has officially announced the listing of Conflux Network’s native token, CFX.

The listing represents an important step in Conflux’s expansion across regulated global markets.https://t.co/ukuOJF0b7U

In addition to the CFX listing, Kraken now…

— Conflux Network Official (@Conflux_Network) February 6, 2026 This listing phenomenon gives benefits to both Conflux Network and the exchange itself. This can also help in expanding the access of Conflux Network to international markets. Conflux Network has revealed this news through its official social media X account.

Conflux Strengthens Global Market Reach Through Kraken Listing The listing of $CFX helps users to seamlessly deposit and withdraw $USDT through the Conflux Network. The core purpose is to make the pathway smooth for easy and seamless transfers across border blockchains with a highly protected system. On the other hand, Kraken aids empower $CFX’s global liquidity, price discovery, and market transparency, enhancing access especially for institutional and retail markets worldwide.

There is an urgent need for up-gradation of regulatory clarity with meaningful and to-the-point solutions. So, the combination of any certain native token with a famous exchange definitely matters a lot in expanding access to blockchain’s long-term viability and visibility. Moreover, this development improves the global price discovery for assets within the Conflux ecosystem.

Conflux Advances User-Centric Payments and On-Chain Services The successful listing of $CFX on Kraken is playing a pivotal role in empowering cross-border payment and on-chain financial services for user satisfaction. Conflux has continued to strengthen its stablecoin infrastructure via Kraken’s support for $USDT deposits and withdrawal opportunities through the involvement of Conflux Network.

This native $USDT helps to minimize the hurdle for users to access on-chain applications for better efficiency. From another perspective, this listing pays a firm a basic fee for the ongoing growth of the Conflux PayFi ecosystem. All in all, this struggle is sowing the strong roots of development for crypto users all over the world.

Being successful for any project needs smooth real-world payment, cross-border facilitation of transactions, and on-chain financial services. Conflux is playing its best role in these matters with full attention.

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.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Kaal Dhairya, Shiba Inu’s (SHIB) top developer, has provided clarity on the surprise and controversial change in LEASH’s token supply. In an update shared on X, Dhairya explained how LEASH’s total supply increased by approximately 10%.

Concerns around LEASH's rebase pathwayNotably, LEASH supply increased after an additional 10,765 new tokens were created on the platform on Aug. 11, 2025. This marked a significant development given that, for many years, community members believed in a fixed supply.

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The project had also claimed that it disabled rebasing. For clarity, rebasing means automatically adjusting the token supply via code. Rebasing could either be positive or negative, depending on the increase or decrease of every holder’s balance.

Dhairya highlighted that on Aug. 11, the team observed that a "rebase pathway" still existed in the smart contracts. This was linked to preauthorized contracts that allowed for changes without owner intervention.

According to him, this is a trust breach, as members of the community believed the token supply was unchangeable. Dhairya maintains that this undermines the system and could impact the price as it dilutes value for existing holders.

The Shiba Inu developer also noted that while the system appears decentralized, the current development suggests that control remains centralized.

DAO Proposal for LEASH v2 Contract Gains SupportDhairya proposed that the LEASH decentralized autonomous organization (DAO) will need to act. 

To do this, voting will be carried out to decide to negotiate with the original developer or create a completely new token contract. This new contract, LEASH v2, will be audited to ensure there are no rebases or backdoor supply changes.

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The message has sparked a reaction among community members, with some proposing that the DAO be implemented as soon as possible. Others wondered if the same breach could happen with other coins in the SHIB ecosystem.

A user wondered if, with the LEASH v2 contract, the supply could be reversed. The coming days might provide more clarity to the SHIB community. Beyond the current events, Lucie, the marketing lead, has promised exciting times ahead.

New York, United States, June 25, 2026 (GLOBE NEWSWIRE) -- S&P Global Ratings has upgraded ratings on several subsidiaries of Freedom Holding Corp., a Nasdaq-listed international investment and technology group. The ratings on Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC were raised to “BB-” with stable outlooks.

S&P also upgraded the long-term Kazakhstan national scale ratings on Freedom Finance JSC and Freedom Bank Kazakhstan JSC to “kzA-.” Earlier, the agency affirmed Kazakhstan’s sovereign credit ratings at “kzAAA” on the national scale and “BBB-” with a positive outlook. Freedom Holding Corp.’s rating remained at “B-” with a stable outlook.

According to S&P, Freedom has shown positive momentum in risk management both within the holding company itself and across the group’s subsidiaries. S&P said this should allow the group to more closely monitor and control risks within its growing business, including sanctions compliance, cybersecurity, reputational, regulatory and cryptocurrency risks.

The agency expects the group to maintain strong capitalization metrics over the next 12–24 months, despite ongoing investments in telecommunications and consumer lifestyle businesses. According to S&P, Freedom’s earnings metrics remain strong, with a three-year average operating profit-to-risk-weighted-assets ratio of approximately 2.2% for the period from March 2024 to March 2026, which remains high in an international context.

S&P also said the development of Freedom’s financial and non-financial businesses is not expected to place significant pressure on Freedom Holding Corp.’s capitalization.

The agency also highlighted Freedom’s position as one of Kazakhstan’s leading digital fintech ecosystems, noting the group’s SuperApp mobile application. Monthly active users of the app stood at approximately 2.6 million in March 2026.

In its rating update, S&P took into account Freedom Holding Corp.’s annual report for fiscal year 2026. The company reported record revenue of $2.19 billion and a twofold increase in net income to $153.3 million. Freedom also significantly expanded its client base across key business segments. The number of users of the bank’s services doubled over the year to 5.03 million, while the brokerage client base grew by 26% to 858,000 clients. In the insurance and other segments, Freedom serves around 2.2 million people. Overall, the client base of the company’s digital ecosystem across all operating markets exceeded 14 million people by the end of fiscal year 2026.

“The expansion of our digital ecosystem beyond our home region, where we built an effective business model in a relatively short period of time, is a key element of our long-term development strategy,” said Timur Turlov, CEO of Freedom Holding Corp. “We are already seeing strong growth in Europe, are close to obtaining banking and brokerage licenses in Turkey, and are actively developing our business in the United States and the Middle East. In Kazakhstan, we have built the experience, expertise and resources needed to compete for global leadership.”

As of May 1, 2026, Freedom’s European brokerage business had reached 453,000 clients. Freedom has also announced plans to expand its banking and digital ecosystem operations in several international markets. In early June, the company said it had applied for a banking license in France and planned to invest €500 million in developing its digital ecosystem there. Freedom also expects to invest $300 million in expanding its Turkish operations and has announced the acquisition of 99.32% of the shares of Turkish Bank. The company’s digital banking subsidiary has been operating in Tajikistan since October 2025, and in November 2025, Kazakhstan’s financial regulator granted Freedom permission to open a bank in Georgia.

About Freedom Holding Corp.

Freedom Holding Corp. provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC), and the common stock is included in Russell 3000 Index.

S&P Upgrades Ratings on Freedom Holding Corp. Subsidiaries to “BB-”

S&P Upgrades Ratings on Freedom Holding Corp. Subsidiaries to “BB-” S&P Upgrades Ratings on Freedom Holding Corp. Subsidiaries to “BB-”

Shibarium has announced the reactivation of the Plasma Bridge for the BONE token, with the move coming a few weeks after a network exploit that saw attackers siphon more than $4.1 million via a flash loan attack.

Summary

Shiba Inu reactivated the BONE Plasma Bridge following a recent freeze. The exploit that saw $4.1 million in assets stolen happened after an attacker gained 4.6 million BONE. Prices of SHIB, BONE and KNINE fell amid the exploit in September. The Shiba Inu team has announced the reopening of the Plasma Bridge for BONE on the Shibarium Bridge. According to a blog post, the update includes blacklisting functionality designed to bolster ecosystem security.

“We’re pleased to share that the Plasma Bridge is back online for BONE, following a comprehensive review and a series of security enhancements. Users can once again bridge BONE between Ethereum and Shibarium with a safer, stronger, and more resilient experience,” the Shib team wrote.

What’s new for the Shibarium bridge? According to the announcement, the reactivated platform taps into a “proactive blacklisting system that lets us flag and block suspicious addresses at the bridge layer.”

The blacklisting functionality will help prevent potential future attacks and will address risks of abuse across the ecosystem.

Shibarium has also added a 7-day withdrawal delay for all BONE Plasma withdrawals. The finalization delay offers a buffer to operators and security teams, with the delay giving them time to monitor and respond to suspicious activity. The move adds a layer of defense without impacting user access.

“Plasma’s strength is fraud‑resistance. The delay reinforces that property and provides a practical response window if anomalies are detected,” the platform noted.

Shibarium hack The Shiba Inu (SHIB) community saw an attacker access 4.6 million BONE tokens after a major hack of the Shibaswap that targeted the Shibarium Bridge. The attack happened in September 2025, resulting in the substantial loot of $4.1 million.

https://twitter.com/kaaldhairya/status/1966758608940515671

Stolen assets included $1 million in Ether, $1.3 million in Shiba Inu’s SHIB, and more than $717,000 in KNINE.

The Shib team’s quick response helped stem further losses. After an initial freeze, the developers successfully reactivated the bridge, with reinforced security at the center of the fresh launch.

Solana researchers have introduced a new protocol design aimed at reducing validator control over transaction ordering. It targets one of the most persistent issues in blockchain markets: Maximal Extractable Value [MEV].

In a newly released whitepaper, the team outlines “Constellation,” a multiple concurrent proposers [MCP] system designed to prevent validators from manipulating transaction inclusion and sequencing. 

The proposal shifts away from single-leader block production, which currently allows validators to reorder or censor transactions for profit.

Instead, Constellation distributes transaction submissions across multiple proposers while introducing a new class of nodes, called attesters, to enforce fairness in how transactions are processed.

How Constellation changes transaction ordering on Solana Under the proposed model, multiple proposers submit transaction batches simultaneously, rather than relying on a single leader with temporary control over the mempool.

Attesters then verify and timestamp these submissions before they are assembled into blocks.

This structure limits the ability of any single validator to delay, reorder, or front-run transactions. The leader role still exists but is constrained by proposer inputs and attestations, reducing discretionary control over block composition.

The system also introduces fixed “economic ticks” of around 50 milliseconds, creating predictable intervals for transaction inclusion.

Why the design targets MEV rather than redistributing it Most existing approaches, including proposer-builder separation, focus on redistributing MEV rather than eliminating it. Constellation takes a different approach by attempting to remove the conditions that allow MEV extraction in the first place.

The whitepaper describes this as “selective censorship resistance,” in which valid, competitively priced transactions must be included within a defined time window, limiting opportunities for manipulation.

This design aims to ensure that protocol rules rather than validator incentives determine transaction latency and ordering.

Can Solana enforce fairness at scale? The proposal reflects a broader push to align blockchain infrastructure with traditional financial market standards, where fairness and predictable execution are critical.

However, the system introduces additional complexity, including reliance on synchronized clocks and new coordination layers between proposers, attesters, and validators.

Its effectiveness will depend on whether these assumptions hold under real-world network conditions.

If implemented successfully, Constellation could shift Solana’s positioning from a high-speed blockchain to a platform designed for fair and efficient financial markets.

Final Summary Solana’s Constellation proposal targets MEV by limiting validator control over transaction ordering. The design introduces multi-proposer coordination and enforced timing to improve fairness at the protocol level.

TLDR Hackers extracted approximately $1.34 million from five dormant Raydium liquidity pools operating on Solana The breach resulted in the theft of around 150,000 RAY tokens, 5,600 SOL, and 893,700 USDC The vulnerability existed in an obsolete AMM program discontinued in 2021, leaving active pools untouched Raydium announced its treasury would provide complete restitution to all impacted participants Security firm PeckShield identified roughly 810 ETH of the pilfered assets flowing into Tornado Cash On June 10, Raydium, a Solana-based decentralized exchange, disclosed that malicious actors successfully exploited outdated infrastructure components, siphoning approximately $1.34 million worth of cryptocurrency.

The compromised liquidity pools had been inaccessible via Raydium’s user interface ever since the platform discontinued its AMM V3 program back in 2021. According to Raydium’s statement, neither current platform users nor any actively maintained liquidity pools experienced any impact.

How the Attack Happened On-chain security analyst Specter revealed that the perpetrators utilized a fraudulent mint address to circumvent security validation protocols within the inactive pool infrastructure. The core vulnerability stemmed from inadequate verification processes for LP mints, creating an opportunity to sidestep proportion validation mechanisms.

The assailant successfully withdrew approximately 150,177 RAY tokens, 5,603 SOL, and 893,700 USDC from the compromised pools. According to Specter’s investigation, the attacker initially received funding through the KuCoin exchange before transferring the illicit assets to the Ethereum blockchain.

PeckShield, a prominent blockchain security organization, monitored the movement of stolen cryptocurrency following its transfer to Ethereum. Their analysis revealed that approximately 810 ETH was funneled into Tornado Cash, while an additional seven ETH moved through FixedFloat.

Notably, Tornado Cash was delisted from U.S. Treasury Department sanctions in March 2025. Nevertheless, the utilization of this privacy protocol may continue to present obstacles for investigators attempting to recover or trace the diverted funds.

Raydium Will Reimburse All Losses Raydium has publicly committed to utilizing its treasury reserves to compensate all financial damages stemming from this security breach. While the protocol emphasized that no current active users suffered losses, some participants maintained residual exposure through the deprecated pool contracts.

This marks the second occasion where Raydium has pledged to absorb user losses. Following an admin key security breach in December 2022 that affected operational pools, the project implemented a governance-approved compensation plan utilizing buyback fee revenue and vested team token allocations to restore liquidity provider funds.

The development team confirmed that all currently deployed mainnet programs remain secure and are presently undergoing comprehensive independent security audits.

Market response to the incident proved minimal. Raydium traded around $0.57, experiencing less than a 1% decline during the 24-hour window after the exploit became public. Solana experienced a modest drop of nearly 2%, settling around $63.88 throughout the identical timeframe.

The RAY token demonstrated resilience, actually gaining more than 2% on the day news of the security breach emerged.

Raydium clarified that both its SDK and decentralized application infrastructure lack functionality for interacting with the legacy AMM V3 pools on the mainnet, effectively confirming the attack remained isolated to decommissioned code.

Security researchers from PeckShield and Specter maintain ongoing efforts to track the movement of stolen digital assets. According to currently available blockchain data, the exploitation remained entirely confined to obsolete infrastructure components without penetrating Raydium’s operational trading ecosystem.

The person who pulled off one of the most brazen exploits in Ethereum’s MEV ecosystem is not sitting still. The attacker who drained the infamous Jaredfromsubway.eth sandwich bot has now routed approximately 2,000 ETH through Tornado Cash, the privacy mixer that remains the go-to laundering tool for on-chain criminals.

On top of the mixing, the exploiter swapped 1,422 ETH for roughly 2.45 million DAI. That leaves a minimal ETH balance in the attacker’s wallets.

How the original exploit went down The exploit, which security firm Blockaid characterized as a “counter-MEV honeypot” attack, was almost poetic in its construction. The attacker deployed fake token contracts and liquidity pools designed to trick the bot into granting token approvals. The exploiter built a trap that looked like a juicy sandwich opportunity, and the bot took the bait.

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The scheme played out over several weeks before culminating in a drain that siphoned off more than $7.5 million in various assets. The stolen haul included 1,474.58 WETH, 2.87 million USDC, and 2 million USDT. All of it was converted into approximately 4,400 ETH.

The bounty that went nowhere After the exploit came to light around June 20-21, the Jaredfromsubway.eth operator posted an on-chain message offering a white-hat bounty. The deal was 50% of the stolen funds, roughly 2,150 ETH, in exchange for returning the rest within 48 hours. The message also carried the implicit threat of legal action if the attacker refused.

Rather than returning anything, the attacker has been systematically moving funds through Tornado Cash. The 2,000 ETH transfer, valued at approximately $3.44 million at the time of the transaction, represents a significant chunk of the stolen proceeds being pushed through the mixer.

What this means for MEV and DeFi security The counter-MEV honeypot technique essentially weaponizes a bot’s own aggression against it. MEV bots rely on automated token approvals to execute trades at speed. That same mechanism — the willingness to approve and interact with any contract that presents a profitable opportunity — is exactly what the attacker exploited.

Despite being sanctioned by the US Treasury’s Office of Foreign Assets Control back in 2022, Tornado Cash remains operational as a decentralized protocol. Every major exploit that routes funds through it renews the debate about whether privacy tools are a necessary feature of financial freedom or primarily an enabler of theft.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

pSTAKE Finance, backed by Binance Labs and a prominent figure in the liquid staking sector, is set to introduce a novel liquid staking solution for Bitcoin, constructed on Babylon's framework. This development marks a significant extension of pSTAKE's offerings beyond its initial focus area within the Cosmos network, where it first introduced liquid staking in 2021.

In a strategic partnership with Babylon, pSTAKE Finance aims to streamline the staking process, thus enabling Bitcoin holders to engage in yield-generation activities without sacrificing the liquidity of their assets. This approach is anticipated to optimize yield opportunities for users and expand the utility of Bitcoin within the broader digital asset ecosystem.

Persistence Labs co-founder and CSO Mikhil Pandey noted that the initiative is poised to enhance Bitcoin's role within today's DeFi landscape by offering simple, efficient financial products. “Bitcoin's future has never been so exciting, with simple BTC-first financial products anticipated to bring much-needed liquidity and utility to today's DeFi landscape,” Pandey noted.

Fisher Yu, Co-founder of Babylon, highlighted the synergistic nature of the collaboration, aiming to propel Bitcoin into the future of finance. “By integrating our BTC staking protocol, we're enabling pSTAKE to simplify and amplify the yield generation process for Bitcoin holders,” Yu explained. He emphasized that the collaboration illustrates their commitment to enhancing Bitcoin's utility and liquidity, paving the way for a Bitcoin-powered DeFi ecosystem.

Historically, liquid staking was predominantly associated with Ethereum. However, Babylon's infrastructure is set to democratize access to similar yield generation and staking rewards opportunities for Bitcoin users.

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Technological innovations within the Bitcoin ecosystem, such as Bitcoin Layer-2 solutions, are gradually shaping Bitcoin into a yield-bearing asset. These advancements, alongside Babylon's native Bitcoin staking capabilities, are expected to foster a diverse range of yield-generation avenues for Bitcoin in the near future.

BTC deposits on the pSTAKE platform are slated to commence in the coming weeks, marking a significant milestone in the availability of staking solutions for Bitcoin holders. David Tse, founder of Babylon, appeared on a recent episode of the SlateCast, where he outlined the power of Bitcoin staking as a tool to secure other blockchains.

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