Track market-moving stories before they get noisy

A recent development within India’s cryptocurrency sector has highlighted how the country is not yet full prepared to enable responsible digital assets adoption. The local premium on Tether‘s USDT stablecoin has climbed above 8.5 percent. This marks a sharp increase from the typical range of 3 to 4 percent observed in recent periods.

The shift highlights mounting pressures on domestic supply following enforcement actions targeting cross-border cryptocurrency transactions.

On the weekend of June 28, 2026, USDT traded locally at approximately ₹102.88.

By comparison, the official USD/INR interbank closing rate stood near ₹94.65.

This gap means Indian buyers are effectively paying a substantial markup to acquire the dollar-pegged digital asset.

The premium arises because India lacks domestic sources of stablecoins or cryptocurrency mining operations on a meaningful scale. USDT must be imported through various channels, creating ongoing supply constraints that are now being exacerbated by regulatory intervention.

The immediate trigger appears to be recent moves by India’s Enforcement Directorate (ED).

Authorities conducted searches at multiple premises linked to Bengaluru-based entities accused of facilitating unauthorized cross-border fund transfers involving virtual digital assets (VDAs), including stablecoins like USDT.

Preliminary findings pointed to transactions totaling more than ₹2,500 crore that allegedly circumvented formal banking channels and Foreign Exchange Management Act (FEMA) requirements.

Even when funds were not suspected of illicit origins, regulators viewed the use of crypto for international remittances as a potential violation.

For roughly two years, many non-resident Indians (NRIs) and overseas workers had turned to USDT-based transfers as an efficient alternative to traditional banking services.

These methods often offered faster processing, lower fees, and better effective exchange rates thanks to the local premium.

The crackdown has interrupted these inflows, leading to a noticeable tightening of available USDT supply within Indian exchanges and over-the-counter markets.

Market participants report reduced activity from overseas buyers and liquidity providers wary of heightened scrutiny.

This development occurs against a backdrop of broader regulatory evolution. India’s crypto ecosystem operates in a partial legal framework: trading in virtual digital assets is permitted with taxation in place, yet clear guidelines for their use in cross-border payments remain limited.

The resulting uncertainty has historically contributed to premiums, as traders price in compliance risks.

Experts note that ambiguity itself acts as a market friction, widening spreads when enforcement intensifies without accompanying policy clarity.

The Parliamentary Standing Committee on Finance is scheduled to engage with the Reserve Bank of India and the Institute of Chartered Accountants of India on July 2 to discuss the path forward for crypto regulation.

Global bodies such as the Financial Action Task Force have highlighted stablecoins‘ significant role in certain illicit flows, adding urgency to domestic oversight efforts.

While the crackdown targets specific unauthorized channels rather than banning cryptocurrency activity outright, it underscores ongoing tensions between innovation in digital finance and the need to maintain control over foreign exchange movements.

Market observers suggest the elevated premium may persist until supply channels stabilize or clearer rules emerge.

For participants relying on stablecoins for hedging, trading, or remittances, the situation emphasizes both the utility and the vulnerabilities of these assets in a tightly regulated environment. As India continues refining its approach to virtual assets, developments like this premium spike serve as a real-time indicator of how enforcement actions ripple through local markets.

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

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

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17h11 ▪ 5 min read ▪ by Evans S.

Summarize this article with:

Polygon establishes itself in the race for stablecoin payments. The network processed about 79.25 billion dollars in May, across nearly 198 million transactions. An activity that allows it to overtake Solana and BNB Chain in the number of transfers.

In brief Polygon processed nearly 79.25 billion dollars in stablecoins in May. The network dominated the market with about 198 million transactions. The increase in activity has not yet translated into a recovery in the POL token. Stablecoins propel Polygon to the top May 2026 marks the second-best month in Polygon’s history for stablecoins. The network processed nearly 80 billion dollars, confirming its turn towards payments. Polygon mainly claims first place in the number of transactions. The 198 million operations recorded during the month allow it to surpass other major blockchains on this indicator.

This distinction remains important. A network can show a high volume with a few massive institutional transfers. Polygon, on the contrary, shows a very fragmented activity, composed of a large number of operations of different sizes. The cumulative volume of stablecoin transfers on Polygon now exceeds 2.4 trillion dollars. USDC and USDT still concentrate most of this activity.

Polygon puts forward a simple argument: cost. A transaction on the network would cost on average about 0.002 dollar. Its settlement occurs in nearly two seconds. These characteristics make stablecoins more suitable for daily payments. A user can send a few dollars without losing a significant part of the amount in network fees.

This efficiency also interests businesses. Classic cross-border payments sometimes pass through several intermediary banks. The transfer can take several days and accumulate unpredictable fees. Polygon seeks to replace this complex chain with a direct settlement on the blockchain. Visa has moreover added the network to its stablecoin settlement program.

The network claims to have processed more than seven billion transactions since its launch, with availability close to 99.99%. These figures reinforce its message to companies that demand a stable infrastructure.

Polygon transforms its strategy around stablecoins This progression did not happen by chance. Polygon Labs has refocused a large part of its strategy on payments and stablecoins, at the expense of a positioning solely focused on DeFi or NFTs. The company has invested in Coinme and Sequence to strengthen its infrastructure. Coinme facilitates entries and exits between traditional currencies and digital assets. Sequence provides wallet and interoperability tools.

Polygon is also developing its Open Money Stack. This infrastructure aims to bring together payments, wallets, compliance, and cross-blockchain transfers within a single environment.

Latin America occupies an important place in this offensive. Polygon reportedly processed about 309 million dollars of Latin American stablecoins in May. Tokens indexed to the Brazilian real or the Colombian peso meet local needs that USDT does not always cover.

In economies marked by inflation or costly bank transfers, stablecoins become more than just a trading tool. They are used to pay, save, receive a salary, or transfer money between countries.

Activity explodes, but POL token remains aside The growth of stablecoins does not yet clearly benefit the price of the POL crypto. Polygon’s native token remains under pressure despite the increase in transactions and the network’s repositioning. This discrepancy shows that using a blockchain does not automatically guarantee an increase in its token. Users can transfer USDC or USDT while only keeping a minimal amount of POL to pay fees.

Polygon also faces strong competition. Ethereum and Tron still host the largest stablecoin reserves. Solana, on its side, attracts high-throughput applications, traders, and services aimed at artificial intelligence agents. The real test will therefore be over time. Polygon will have to maintain its lead in the number of transactions and attract more companies. It will also have to turn this activity into sustainable revenue for its ecosystem.

The 79.25 billion dollars processed in May nevertheless marks a milestone. Stablecoins are gradually leaving trading platforms to become a payment infrastructure. Polygon takes a lead, but Solana is already preparing the next battle with automated payments.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

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.

Stellar’s ambitions in the tokenization sector have come into sharper focus this year, but the price of XLM, its native token, saw a sharp retreat near the close of the second quarter. According to TradingView data, XLM slipped to $0.17167, falling back below its 200-week moving average for the first time since earlier in the spring. As a result, much of the upward momentum gained during the spring months has dissipated.

Key long-term technical threshold in focusOn the weekly chart, the most notable feature has been the nearly flat trajectory of the 200-week moving average since mid-2022. For an extended period—almost four years—this level has served as a formidable resistance zone for XLM. While the price briefly broke above this barrier in May, it failed to sustain the move.

With its strong historical significance, this region is once again at the center of attention for market participants. How XLM’s weekly close shapes up around this threshold in the coming days is likely to play a decisive role in the token’s short-term direction.

If XLM records a weekly close clearly below $0.18244, the risk emerges for a further pullback toward the $0.140 region.

Divergence between DTCC project timeline and market pricingA striking disconnect has become evident between XLM’s price action and the project’s longer-term roadmap. The first live tests of the DTCC’s tokenization platform are scheduled to begin on July 13, 2026, with Stellar serving as the underlying network. The initiative aims to tokenize Russell 1000 stocks and US Treasury securities, bringing them on-chain in a digital environment.

DTCC is regarded as a central player in the US securities settlement and custody infrastructure, and the ongoing collaboration with Stellar is closely watched by institutional stakeholders. As such, the integration tests linked to Stellar are considered pivotal for assessing the potential of blockchain integration in traditional finance.

Mini glossary: The DTCC, or Depository Trust & Clearing Corporation, is a major US market infrastructure provider responsible for the clearing and settlement of securities transactions. Tokenization refers to representing real-world assets such as stocks or bonds as digital tokens on a blockchain network.

Institutional-scale integration remains firmly on the agenda; what has changed is not the scope of the technology’s application, but only the market price on exchanges.

May gains reversed throughout JuneThe recent market moves in XLM appear to mirror a classic “buy the rumor, sell the news” pattern. Gains sparked by developments in May were erased over the four weeks of June, as short-term investors opted to take profits. Additionally, weakening risk appetite due to ongoing softness in Bitcoin contributed to the renewed downward pressure on XLM.

As selling intensified, investors with a longer horizon have found new grounds for reassessment. While preparations for institutional blockchain infrastructure continue, short-term market sentiment pushed XLM’s price lower for now.

Technically, the nearest critical level remains $0.18244. If the price stays below this threshold, a further correction toward $0.140 remains in play. Conversely, reclaiming this key level could signal that the late-quarter decline is merely a temporary disruption rather than a lasting trend.

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.

Kraken is set to list the Bittensor subnet Alpha token.

Barry Silbert, founder and CEO of Digital Currency Group (DCG), parent company of Grayscale, reposted on X to disclose that crypto exchange Kraken is set to list Alpha tokens from Bittensor subnets. According to leaked details, the first batch of tokens to be listed includes Chutes, Targon, Score, Ridges AI, Hippius, and others.

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Castle Securities warns that the Federal Reserve’s policies will become more stringent.

Castle Securities stated that investors have underestimated Fed Chair Kevin Warsh’s resolve to curb inflation, warning that higher interest rates could put pressure on risk assets. The firm also cautioned that the rally in the artificial intelligence market faces growing risks, including weak demand, declining returns, and intensified political and regulatory scrutiny.

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X's Android version of XChat is now live.

According to official announcements, the Android version of X’s chat application XChat is now available, allowing users to hold private chats with friends directly within X. The iOS version of XChat launched on the App Store on April 25.

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Ripple has launched an XRPL lending protocol, with developers now able to integrate and test it on the testnet.

Ripple has launched the XRPL Lending Protocol, an on-chain credit infrastructure for tokenized assets. The protocol’s core principle is to keep credit assessment off-chain while only standardizing execution processes on-chain. Institutions handle their own underwriting and compliance reviews, with the protocol responsible for standardized execution of liquidity pooling, loan disbursement, repayment, and default handling. The protocol comprises two components: the Single Asset Vault, which manages on-chain pooling of individual assets; and the Lending Protocol, which disburses vault liquidity as loans with clear terms. The two correspond to the XLS-65 and XLS-66 proposals respectively and are pending approval from validator nodes. At the infrastructure level, the protocol supports a subordinated capital mechanism, where pool managers assume risk exposure senior to that of other liquidity providers. Developers can now access and test the protocol on the devnet.

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阿曼外交大臣：不支持收取霍尔木兹海峡通行费

Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)

1 seconds ago

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

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

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Hyper Foundation will allocate about $10 million in grants to help builders affected by the USDH sunset. The funding is meant to cover migration and wind-down costs as the Hyperliquid ecosystem moves more trading activity toward USDC.

Summary

Hyper Foundation will fund builders affected by the USDH sunset with about $10m in grants. Eligible teams include HIP-1, HIP-3, HyperEVM protocols, bridges and Native Markets. The grant plan supports a wider move from USDH markets toward deeper USDC liquidity. “Hyper Foundation announced approximately $10 million in grants to help builders affected by the USDH sunset, covering migration and wind-down costs,” Wu Blockchain said. The post said eligible recipients include HIP-1 and HIP-3 deployers, HyperEVM protocols, USDH bridges and Native Markets.

Hyper Foundation Allocates $10M in Grants to Support USDH Migration

Hyper Foundation announced approximately $10 million in grants to help builders affected by the USDH sunset, covering migration and wind-down costs. Grants will be distributed to eligible HIP-1 and HIP-3… pic.twitter.com/Hwy7ZNwswz

— Wu Blockchain (@WuBlockchain) June 28, 2026 The grants come with a clear deadline. Recipients must complete migrations or orderly shutdowns by the end of July. The plan gives affected builders a limited period to update markets, move liquidity, adjust bridges or close USDH-related services.

Eligible builders face July deadline HIP-1 deployers relate to spot market deployments, while HIP-3 deployers relate to perpetual market deployments. Both groups may need support because USDH served as a quote asset or liquidity route for some products. HyperEVM protocols and USDH bridge operators may also face direct technical changes.

Native Markets is also listed among eligible grant recipients. The firm won the validator vote to issue USDH in September 2025, beating larger bidders such as Paxos, Frax and Ethena. Its plan aimed to return reserve yield to the ecosystem through HYPE buybacks and ecosystem support.

The migration affects users as well as builders. Users holding USDH may need to convert balances, close positions or follow protocol-level migration steps. The officialUSDH migration page says the dashboard supports USDH to USDC and u.s. dollar fiat conversions until July 17, while the USDH/USDC spot order book will remain available.

USDC becomes the main stablecoin route The grant program follows Hyperliquid’s wider move toward USDC. Coinbase became the official USDC treasury deployer on Hyperliquid in May, strengtheningUSDC as the aligned quote asset across the ecosystem. The deal also gave Coinbase the right to purchase USDH brand assets from Native Markets.

“USDH remains fully backed and maintained, with feeless conversions into USDC and fiat for onboarded customers available on dashboard.usdh.com,” Native Markets said. The statement means users still have conversion routes while USDH markets move through the transition.

https://twitter.com/nativemarkets/article/2054894518055448628

The shift marks a change from the original USDH strategy. USDH launched to reduce reliance on outside stablecoin issuers and keep more reserve yield inside Hyperliquid. However, two stablecoin systems can split liquidity and add friction for traders. A move back toward USDC may simplify markets and reduce conversion steps.

Migration plan follows earlier stablecoin race The USDH sunset follows a competitive stablecoin race that drew wide attention across DeFi. Hyperliquid validators voted on the USDH ticker after proposals from Native Markets, Paxos, Frax, Agora and other teams.USDH later launched in a USDH/USDC pair and recorded more than $2 million in early trading.

The new grant plan now focuses on cleanup rather than expansion. Builders may need to change collateral settings, update front ends, move liquidity, close markets or support users during withdrawals. The July deadline gives the ecosystem a short window to finish those steps.

For Hyperliquid, the grants may reduce the risk of unfinished integrations and stranded liquidity. They also give builders a financial reason to complete the transition on time. The move shows how stablecoin strategy can change quickly when trading venues balance liquidity depth, user experience and reserve-yield economics.

Kraken is set to list the Bittensor subnet Alpha token.

Barry Silbert, founder and CEO of Digital Currency Group (DCG), parent company of Grayscale, reposted on X to disclose that crypto exchange Kraken is set to list Alpha tokens from Bittensor subnets. According to leaked details, the first batch of tokens to be listed includes Chutes, Targon, Score, Ridges AI, Hippius, and others.

1 seconds ago

Trump: Will Take Immediate Action on Fed Governor Lisa Cook’s Eligibility for Her Position

US President Trump stated that in the lawsuit over the eligibility of Federal Reserve Governor Cook, the Supreme Court remanded the case to a lower court solely on procedural grounds. We will immediately take appropriate action to ensure that individuals who have engaged in misconduct do not continue to make decisions on major matters related to the well-being of the United States.

1 seconds ago

Castle Securities warns that the Federal Reserve’s policies will become more stringent.

Castle Securities stated that investors have underestimated Fed Chair Kevin Warsh’s resolve to curb inflation, warning that higher interest rates could put pressure on risk assets. The firm also cautioned that the rally in the artificial intelligence market faces growing risks, including weak demand, declining returns, and intensified political and regulatory scrutiny.

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X's Android version of XChat is now live.

According to official announcements, the Android version of X’s chat application XChat is now available, allowing users to hold private chats with friends directly within X. The iOS version of XChat launched on the App Store on April 25.

1 seconds ago

Ripple has launched an XRPL lending protocol, with developers now able to integrate and test it on the testnet.

Ripple has launched the XRPL Lending Protocol, an on-chain credit infrastructure for tokenized assets. The protocol’s core principle is to keep credit assessment off-chain while only standardizing execution processes on-chain. Institutions handle their own underwriting and compliance reviews, with the protocol responsible for standardized execution of liquidity pooling, loan disbursement, repayment, and default handling. The protocol comprises two components: the Single Asset Vault, which manages on-chain pooling of individual assets; and the Lending Protocol, which disburses vault liquidity as loans with clear terms. The two correspond to the XLS-65 and XLS-66 proposals respectively and are pending approval from validator nodes. At the infrastructure level, the protocol supports a subordinated capital mechanism, where pool managers assume risk exposure senior to that of other liquidity providers. Developers can now access and test the protocol on the devnet.

1 seconds ago

阿曼外交大臣：不支持收取霍尔木兹海峡通行费

Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)

1 seconds ago

Kraken is set to list the Bittensor subnet Alpha token.

Barry Silbert, founder and CEO of Digital Currency Group (DCG), parent company of Grayscale, reposted on X to disclose that crypto exchange Kraken is set to list Alpha tokens from Bittensor subnets. According to leaked details, the first batch of tokens to be listed includes Chutes, Targon, Score, Ridges AI, Hippius, and others.

1 seconds ago

Trump: Will Take Immediate Action on Fed Governor Lisa Cook’s Eligibility for Her Position

US President Trump stated that in the lawsuit over the eligibility of Federal Reserve Governor Cook, the Supreme Court remanded the case to a lower court solely on procedural grounds. We will immediately take appropriate action to ensure that individuals who have engaged in misconduct do not continue to make decisions on major matters related to the well-being of the United States.

1 seconds ago

Castle Securities warns that the Federal Reserve’s policies will become more stringent.

Castle Securities stated that investors have underestimated Fed Chair Kevin Warsh’s resolve to curb inflation, warning that higher interest rates could put pressure on risk assets. The firm also cautioned that the rally in the artificial intelligence market faces growing risks, including weak demand, declining returns, and intensified political and regulatory scrutiny.

1 seconds ago

X's Android version of XChat is now live.

According to official announcements, the Android version of X’s chat application XChat is now available, allowing users to hold private chats with friends directly within X. The iOS version of XChat launched on the App Store on April 25.

1 seconds ago

Ripple has launched an XRPL lending protocol, with developers now able to integrate and test it on the testnet.

Ripple has launched the XRPL Lending Protocol, an on-chain credit infrastructure for tokenized assets. The protocol’s core principle is to keep credit assessment off-chain while only standardizing execution processes on-chain. Institutions handle their own underwriting and compliance reviews, with the protocol responsible for standardized execution of liquidity pooling, loan disbursement, repayment, and default handling. The protocol comprises two components: the Single Asset Vault, which manages on-chain pooling of individual assets; and the Lending Protocol, which disburses vault liquidity as loans with clear terms. The two correspond to the XLS-65 and XLS-66 proposals respectively and are pending approval from validator nodes. At the infrastructure level, the protocol supports a subordinated capital mechanism, where pool managers assume risk exposure senior to that of other liquidity providers. Developers can now access and test the protocol on the devnet.

1 seconds ago

阿曼外交大臣：不支持收取霍尔木兹海峡通行费

Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)

1 seconds ago

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

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

This site is protected by reCAPTCHA.

Key Highlights Table of Contents

Key HighlightsBitcoin-to-USDC Payment Capability Now Available Through Breez SDKUSDT Payment Functionality Extended Across Multiple Blockchain NetworksEnhanced Functionality for Bitcoin Payment Ecosystem Breez enables direct stablecoin transmission from Bitcoin holdings without requiring users to maintain USDC or USDT balances.

The payment solution operates across more than 30 different blockchain networks.

Bitcoin remains in user wallets until the moment of payment execution and conversion.

Application developers gain stablecoin payout capabilities without complex multi-chain infrastructure.

Future updates will enable users to receive stablecoins from external blockchain networks.

Breez has introduced a novel payment mechanism that allows Bitcoin holders to transmit USDC or USDT without maintaining stablecoin balances. The technology operates through the company’s software development kit and facilitates transactions across more than 30 blockchain ecosystems. This innovation provides applications with a streamlined method to integrate stablecoin payment options without requiring users to pre-fund stablecoin wallets.

Bitcoin-to-USDC Payment Capability Now Available Through Breez SDK The payment functionality has been integrated directly into Breez’s software development kit, which application developers utilize to incorporate Lightning Network payment capabilities. The architecture allows users to initiate transactions from Bitcoin holdings while delivering value to USDC-enabled recipients. Users benefit from eliminating the requirement to maintain separate USDC reserves prior to transaction execution.

The system performs recipient address verification and blockchain identification before transaction approval. It provides senders with complete visibility into routing paths, associated fees, payment amounts, and destination networks. Upon user confirmation, designated liquidity providers execute Bitcoin-to-USDC conversion and complete delivery to the intended recipient.

The solution leverages Lightning Network infrastructure alongside Breez’s proprietary Spark Layer 2 protocol for rapid settlement processing. Breez collaborates with industry partners such as Flashnet and Boltz to facilitate conversion operations and payment delivery. This approach allows developers to offer USDC payment functionality without constructing independent blockchain integration systems.

USDT Payment Functionality Extended Across Multiple Blockchain Networks The platform additionally facilitates USDT transmission from Bitcoin balances using identical payment workflows. Users maintain Bitcoin exposure until payment initiation, while recipients receive USDT in their designated wallets. This architecture eliminates the burden of stablecoin wallet management prior to fund transmission.

Current functionality focuses exclusively on outbound stablecoin payments, based on the company’s deployment roadmap. Breez has announced intentions to incorporate stablecoin receiving capabilities from external blockchain networks in subsequent releases. This enhancement could transform the SDK into a comprehensive multi-asset payment infrastructure layer.

USDT maintains significant relevance in global remittance channels due to widespread preference for dollar-denominated transactions. Regional variations in blockchain adoption stem from differences in transaction costs and exchange accessibility. Breez’s support for 30 distinct chains provides developers with enhanced flexibility to serve diverse geographic markets.

Enhanced Functionality for Bitcoin Payment Ecosystem This release expands stablecoin capabilities within Bitcoin payment infrastructure and Lightning Network-enabled applications. Breez currently provides services to over 75 applications via its SDK, including notable platforms like Deblock and Cake Wallet. This established distribution network provides the new payment feature with immediate accessibility across wallet and payment product ecosystems.

Breez secured $4.5 million in funding during December 2022 from investment firms including Fulgur Ventures and Ego Death Capital. Following this capital raise, the company has concentrated development efforts on Lightning Network tools for wallet applications, social platforms, and payment infrastructure. The latest product release advances this strategic direction into stablecoin delivery and remittance applications.

The broader Bitcoin payment sector has evolved beyond small-scale retail transaction processing. During February, Secure Digital Markets successfully executed a $1 million Lightning Network payment to Kraken exchange in less than half a second. Voltage launched a dollar-denominated credit facility integrated with Lightning payment infrastructure.

Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]

America's oldest bank will allow institutional clients to store, mint, redeem, and transfer USDC.

The Bank of New York Mellon (BNY), the oldest bank in the United States, has expanded its partnership with Circle to introduce new stablecoin services for institutional clients.

Circle’s USDC will become the first stablecoin supported on BNY’s Digital Asset Custody platform under the arrangement. This will allow BNY clients to store, transfer, mint, and burn USDC through the bank’s custody services.

BNY Mellon integrates USDC According to the official blog post, the latest move broadens BNY’s role as the primary custodian of USDC reserves. Institutional clients using BNY’s digital asset custody platform can now hold USDC in their custody wallets and use the bank to instruct Circle to convert US dollars into USDC.

Clients will also be able to redeem USDC for US dollars through the burning process. Circle said that these services are intended to support the entire lifecycle of institutional stablecoin activity by connecting traditional cash services with digital asset custody within one framework. BNY said the stablecoin capabilities are part of its integrated Digital Assets platform, which is designed to help institutional clients manage the growing connection between traditional finance and digital assets.

By combining custody and cash management services, the bank aims to provide access to blockchain-based networks while maintaining the controls, governance, and operational resilience required by institutional markets. BNY also plans to expand support to other stablecoin issuers and additional digital cash workflows over time.

BNY’s Chief Product and Innovation Officer Carolyn Weinberg commented,

“As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems. With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust, and resiliency they expect from BNY.”

BNY’s Crypto Footprint BNY Mellon and Circle first partnered in March 2022, when the bank was selected as a primary custodian for the reserves backing the stablecoin. Since then, the bank has steadily strengthened its presence in digital assets over the past few years.

You may also like: Tim Draper Explains Why Bitcoin Is Safer Than Banks in the Quantum Era Peter Schiff Blasts Jamie Dimon’s Push for Bank-Style Rules on Stablecoins Banks Fear Stablecoins as Yield Threatens Deposit Business: Report This year, the Wall Street giant expanded its digital asset custody business by partnering with Finstreet and ADI Foundation to develop regulated crypto infrastructure within Abu Dhabi’s ADGM financial hub.

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We’re excited to announce that USDC, EURC, and CCTP support are live on Cronos.

Cronos Network is a high-performance, EVM-compatible, Layer-1 (L1) blockchain network supported by Crypto.com, supporting payments, AI-native workflows, and DeFi trading. Native USDC, EURC, and CCTP bring trusted and interoperable stablecoin infrastructure to Cronos’ large and established ecosystem. USDC will also serve as the settlement layer for the Cronos app, the upcoming mobile-first trading platform where users will be able to trade tokenized stocks, crypto, and prediction markets from a single account, with 24/7 markets, and access in 180+ countries.1

With the launch of native USDC, EURC, and CCTP, Cronos gains access to the leading regulated2 dollar and euro stablecoins. This unlocks dollar- and euro-denominated DeFi trading, payments, treasury management, and more on a blockchain designed for EVM compatibility, AI-friendly workflows, and transaction efficiency. Native USDC will also serve as the dollar settlement layer for the Cronos app. Users will be able to deposit dollars and trade every asset class from one account.

Benefits of USDC and EURC on Cronos:

Regulated,2 fully reserved stablecoins redeemable 1:1 for USD and EUR,3 respectivelyInstitutional on/offramps with Circle Mint4 for qualified businesses Integrate easily with apps and protocols on CronosUnlock dollar- and euro-denominated DeFi markets and AI-powered transactionsCCTP on Cronos enables developers to:

Securely and efficiently move USDC between Cronos and other supported blockchainsBuild apps directly on the protocol layer that support high-performance DeFi and AI-powered transactionsKey use cases of USDC and EURC on CronosNative USDC and EURC can help establish a trusted dollar- and euro-denominated ecosystem on Cronos. With MiCA compliance, full reserve backing, and 1:1 redeemability for dollars and euros respectively, USDC and EURC support DeFi, traditional markets, and agent-to-agent transactions by serving as collateral and settlement infrastructure. Establishing deep liquidity for both EUR/EURC and USD/USDC trading pairs can support lower-slippage DeFi activity and AI-driven applications at the scale institutions and enterprises need. Through CCTP, users and developers can move USDC securely across ecosystems without relying on wrapped assets.

Beyond institutional use cases, native USDC will also bring dollar settlement to everyday users. As the dollar layer for the Cronos app, the upcoming mobile-first trading platform, USDC will let people deposit dollars and trade tokenized stocks, crypto, and prediction markets from a single account.

Together, native USDC, EURC, and CCTP can give businesses and developers on Cronos access to regulated2 fiat rails for institutional-grade trading, programmable payments, and compliant onchain settlement. While USDC is widely used around the world, euro-denominated EURC may be especially well suited for payments, settlement, and other onchain activity within the EU, where 1:1 euro redeemability and MiCA compliance can help support trusted euro-denominated use cases.

Popular Cronos apps include: Crypto.com, LI.FI, Relay, VVS, Wolfswap.

Bridged vs native USDC on CronosCronos also supports bridged USDC (i.e., USDC.e), a non-native version of USDC. The Cronos team plans to work with ecosystem apps and protocols to smoothly migrate bridged USDC liquidity to native USDC over time.

This gives Cronos the same native stablecoin features that are already available on other supported chains. There is no immediate impact to existing bridges and they will continue to operate normally. Bridged USDC will remain clearly labeled as “USDC.e” in block explorers, app interfaces, and documentation.

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USDC on Cronos, issued by Circle2

Token Name: USDC

Token Symbol: USDC

Mainnet Address: 0x3D7F2C478aAfdB65542BCB44bCeeC05849999d2D

Testnet Address: 0xEb33dc5fac03833e132593659e1dE7256aB59794

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Bridged USDC on Cronos

Token Name: Bridged USDC (Cronos)

Token Symbol: USDC.e 

Mainnet Address: 0xc21223249ca28397b4b6541dffaecc539bff0c59 

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EURC on Cronos, issued by Circle2

Token Name: EURC

Token Symbol: EURC

Mainnet Address: 0xA6dE01a2d62C6B5f3525d768f34d276652C554c8

Testnet Address: 0x31f7538adb53cF16350e6B0c89d03D91b7D12c46

Get started todayBusinesses can access institutional on/offramps to convert to Circle stablecoins on Cronos by applying for a Circle Mint4 account. Individuals and smaller institutions can access USDC and EURC through various exchanges, wallets, and providers. Visit circle.com/eurc and circle.com/usdc to learn more.

Get started today with our developer docs for USDC, EURC, and CCTP. Both USDC and EURC are open-source, permissionless stablecoin protocols that anyone can build with.

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1 Products may be subject to jurisdictional availability

2 USDC is issued by regulated affiliates of Circle. EURC is issued by Circle Internet Financial Europe SAS. A list of Circle’s regulatory authorizations can be found here.

3 Circle Mint customers are able to redeem USDC and EURC directly from Circle. In addition, Circle will redeem all USDC and EURC presented to it for redemption in compliance with MiCAR, regardless of whether the holder is a Circle Mint customer. Circle Mint is currently available only to institutions and is not available to individuals.

4 Circle Mint and money transmission services are provided by Circle Internet Financial, LLC, NMLS # 1201441, and Circle Internet Financial Europe SAS, Electronic Money Institution License No. 17788, when provided in France.

In the realm of cryptocurrencies, Cronos has made a significant move: integrating native USDC and EURC along with its Cross-Chain Transfer Protocol (CCTP). According to Circle’s announcement, this milestone was achieved on June 18, 2026. It’s not just a tech update; it’s a pivot that could redefine Cronos as a major player in decentralized finance and blockchain payment systems.

This news from Cronos and Circle marks the first time native stablecoins USDC and EURC, alongside CCTP, have been integrated on the same blockchain simultaneously. Cronos aims to be the settlement layer for the Cronos App—a mobile-first platform targeted at facilitating trading in tokenized stocks and digital assets.

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What this means for Cronos Native USDC and EURC allow for 1:1 redemption and full reserve backing, compliant with MiCA regulations. The contracts—USDC at 0x3D7F2C478aAfdB65542BCB44bCeeC05849999d2D and EURC at 0xA6dE01a2d62C6B5f3525d768f34d276652C554c8—are now live. Developers currently have access to testnet versions via Circle’s faucet, with mainnet deployment expected soon, although no specific date has been set.

A strategic chess move The integration is backed by Crypto.com’s Cronos L1, which has over 150 million users. By reducing reliance on third-party bridge technologies, the network aims to mitigate risks and increase efficiency. A planned migration from bridged USDC.e to native USDC is underway, with existing bridged tokens not expected to be impacted immediately.

The wider landscape for investors Circle’s involvement, given its reputation as a regulated issuer, adds legitimacy to the integration. The launch of native USDC and EURC provides more secure and compliant options compared to bridged solutions previously used in DeFi. As liquidity increases, transaction volumes on the Cronos network are expected to rise, potentially creating more robust DeFi ecosystem opportunities.

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

The decentralized finance (DeFi) market experienced significant momentum on June 26, 2026, as digital assets staged a sharp recovery following a period of persistent selling. Leading the broader market rebound was Aave (AAVE), the largest decentralized lending protocol, which surged by more than 19% within a 24-hour window.

This massive rally propelled the token to intraday highs near $95, demonstrating exceptional relative strength even as the broader cryptocurrency market worked to establish solid footing. The surge reflects an asymmetric setup for the protocol, driven by a combination of institutional interest, an upcoming structural architecture rewrite, and radical tokenomic overhauls.

Why Is Aave Price Surging? Strategic Stake Rumors Trigger Massive Inflows The initial spark for the rally came from reports indicating that crypto exchange giant Kraken (operated by parent company Payward) is exploring a strategic investment in the leading DeFi lender. According to sources, the proposed deal involves Kraken investing 35,000 Ethereum (ETH) in exchange for 250,000 AAVE tokens and a 15% equity stake in Aave Group, valuing the corporate entity at roughly $385 million.

While the $385 million corporate valuation represents a steep markdown compared to AAVE’s fully diluted token market capitalization of roughly $1.52 billion, it instantly drew massive institutional eyes back to the protocol. The market quickly digested the long-term implications of a deepened tie between Aave and Kraken. Notably, the two firms have already established deep infrastructure synergies; in 2025, the Aave DAO voted with a 99.8% majority to license its core code to Kraken’s Ink network, which powers a white-label lending market named Tydro that routes revenue back to the Aave DAO.

Aave founder Stani Kulechov quickly stepped in to clarify the structural dynamics of the reported talks, correcting the market’s initial misinterpretation of a token “dump” and shifting the narrative into a hyper-bullish fundamental catalyst.

Lots of discussions around Aave so I want to clarify a few things:

• First off, there is NO WAY we’d sell AAVE at a 70% discount lol.

• 100% of Aave Protocol and GHO revenue goes to the $AAVE token. This was established in the Aave Will Win proposal.

• AWW also applies to…

— Stani (@StaniKulechov) June 25, 2026

Strategic Commentary:

Kulechov’s communication style serves a dual purpose. First, by outright dismissing the “70% discount” framing, he reassured the market that Aave Labs has no intention of offloading tokens cheaply to institutional buyers. Second, and more importantly, he drew a firm line between corporate equity in Aave Group and the intrinsic value of the AAVE token.

By reminding investors that 100% of the protocol’s roaring $134 million annualized revenue stream belongs entirely to the token holders via the AWW framework, Kulechov reframed the asset as a highly productive index of DeFi activity. The mention of the upcoming automated buybacks under Aavenomics 3.0 reminded traders that holding AAVE offers direct exposure to the protocol’s cash flows, separating it from the vast majority of governance tokens that lack structural value accrual.

Automated Buybacks and Aavenomics 3.0 Restructure the Economic Engine The true fuel behind the sustained rally, however, lies in Kulechov’s confirmation of Aavenomics 3.0. Responding to the speculation surrounding the Kraken equity deal, Kulechov utilized X (formerly Twitter) to lay out the protocol’s current and future revenue distribution models. He confirmed that Aave is currently generating approximately $134 million in annualized revenue for the Aave DAO, with all-time protocol fees exceeding $2.2 billion.

Under the revolutionary “Aave Will Win” (AWW) framework passed by governance in April 2026, 100% of all revenues generated across the ecosystem—including the Aave Protocol, the native GHO stablecoin, the Aave App, Aave Pro, and native Swaps—flow entirely to the Aave DAO treasury to benefit token holders directly. Aave Labs operates strictly as a service provider funded by a DAO-approved development budget, holding no rights to product revenue.

Aave’s tokenomics might be about to get A LOT better…

Despite dominance of the DeFi lending sector, $AAVE‘s price performance has not lived up to it, down -68% on the year. This might be about to change.

In a recent post, @aave founder @StaniKulechov revealed that the team is… pic.twitter.com/1diNcjVsBz

— BSCN (@BSCNews) June 27, 2026

Aavenomics 3.0 takes this structure a step further by introducing a hardcoded, automated, and non-discretionary on-chain buyback mechanism. This will replace the current discretionary buyback program managed by the Aave Finance Committee, which was capped at $1 million per week (~$50 million annually). Once implemented, the protocol will continuously buy back AAVE from the secondary market using accumulated revenue streams, creating constant, non-speculative buying pressure directly linked to real protocol utility.

Technical Analysis and Long-Term Aave Price Prediction Our customized technical analysis reveals that the fundamental news has allowed AAVE to front-run its major architectural milestone. On the daily chart, AAVE broke decisively above a major descending trendline that had capped every single relief rally since January.

Technical Metric

Value / Level

Market Context / Significance

Current Trading Price

$93.99 – $94.86

Up 19% over 24 hours, showing immense relative strength.

0.382 Fibonacci Level

$80.85

Reclaimed decisively in a single session.

0.500 Fibonacci Level

$87.98

Cleared with strong spot volume backing the move.

Relative Strength Index (RSI)

69.22

Building aggressive bullish momentum, sitting just below overbought.

Immediate Resistance

$100.00

Multi-month psychological supply barrier; previous rejection point.

Secondary Resistance

$115.00

Key breakout target once the psychological $100 area is cleared.

Primary Support Zone

$60.00 – $80.00

Multi-year ascending trendline intact since October 2023.

From a high-timeframe structural perspective, analysts view the current price action as a classic re-accumulation phase following a brutal 76% correction from its all-time high. Price compression between descending resistance and rising support is resolving to the upside.

If buyers can comfortably flip the $100 psychological barrier into a support floor, a multi-month macro reversal will be confirmed. This technical breakout aligns perfectly with a highly ambitious Aave Price Prediction released by banking giant Standard Chartered, which set a long-term target of $3,500 by 2030, representing a monumental 50x move predicated on institutional DeFi adoption and continuous automated revenue buybacks.

Source-TradingView.com Conversely, if the $100 zone rejects the current run, expect short-term consolidation back toward the 100-day EMA near $91.45, or the key liquidation cluster at $90, which must be defended to keep the immediate bullish market structure intact.

Generation V4 Architecture: The Ultimate Catalyst Looming right behind the tokenomic updates is the official deployment of Aave V4, slated to go live on June 30, 2026. Traders are treating this upgrade as a massive generational milestone rather than a standard roadmap bump.

V4 completely restructures how liquidity is managed across DeFi by introducing a “Hub and Spoke” design. Instead of isolating capital across fragmented pools on various Layer 1 and Layer 2 networks, V4 establishes a central liquidity Hub. Individual Spokes connect to this hub to serve specific asset types or risk profiles, unlocking unparalleled capital efficiency and significantly boosting supplier yields.

Source – Aave v4 Overview | Aave Protocol Documentation Crucially, V4 positions Aave’s native stablecoin, GHO, at the center of the protocol’s architecture. GHO’s circulating supply already sits at $599 million, and V4 is optimized to route more borrowing demand directly through it. Because the protocol retains 100% of the interest generated from GHO loans, the growth of the stablecoin feeds directly into the upcoming automated buyback engine, making the V4 launch a compounding win for token value.

Broader Crypto Market Performance: Bitcoin and Solana Stabilize The aggressive move in the DeFi sector comes as the broader crypto landscape attempts to find an equilibrium. Bitcoin (BTC) managed to stabilize and climb back above the psychological $60,000 mark following a sharp mid-week sell-off.

While large-cap assets like Ethereum (ETH) and XRP posted modest single-digit gains, capital heavily rotated into decentralized applications and infrastructure. Alongside Aave’s 19% explosion, the Solana ecosystem experienced a parallel surge. Driven by an acceleration in tokenized equity and stock trading volumes—which topped $2.5 billion and secured Solana an 80% market share in the Real World Asset (RWA) space—assets like JTO skyrocketed by 30%, while DEX protocols like Raydium (RAY) and liquidity networks like Kamino (KMNO) advanced between 7% and 9%.

Aave Price FAQ Is Kraken going to buy out Aave?

No, Kraken is not buying out the Aave protocol. Reports indicate that Kraken’s parent company, Payward, has engaged in early talks to acquire a 15% minority equity stake in Aave Group (the corporate development entity) for roughly $71 million, alongside purchasing a portion of the AAVE token allocation held internally by Aave Labs. The decentralized Aave protocol itself remains completely autonomous and governed by the global Aave DAO.

Will AAVE reach $1,000?

Yes, a move to $1,000 is mathematically achievable but requires sustained fundamental execution. Our technical Aave Price Prediction models indicate that clearing the intermediate milestones of $200, $350, and $600 will open the door to the $1,000 macro target. This trajectory is heavily supported by the structural change under Aavenomics 3.0, which turns a portion of the protocol’s $134 million annualized revenue into continuous open-market token repurchases.

Is AAVE a good buy right now?

AAVE exhibits some of the strongest fundamental backings in DeFi today due to the combination of the V4 upgrade, rising protocol revenues, and the upcoming automated buyback overhaul. However, because the token has already rallied aggressively into the June 30 launch date, short-term volatility, “buy the rumor, sell the news” behavior, and smart-contract migration risks remain present. Investors should always monitor the key support zone between $60 and $80.

Bottom Line

The thesis driving the current Aave market cycle is incredibly straightforward. While a major corporate equity discussion with Kraken has restored institutional visibility, the impending launch of Aave V4 and the transition to a non-discretionary, automated buyback structure under Aavenomics 3.0 fundamentally alter the token’s value proposition.

By transforming real-world, on-chain lending utility directly into mechanical buying pressure, Aave is carving out a unique position in the digital asset landscape. Investors should look past short-term price fluctuations and closely monitor post-launch TVL migration and GHO supply growth to track the protocol’s true trajectory.

The Loopring team closed its decentralized exchange due to poor adoption, obsolescence, and operational issues. The team will return all user funds directly to their Ethereum wallets and cover all gas fees during the distribution process. Loopring officially shut down its decentralized exchange, marking the end of one of Ethereum’s earliest zk-rollup platforms. All trading functionalities were immediately stopped, and the relayer was turned off right after the official announcement made via Loopring’s X account.

The shutdown ends a project that once demonstrated how zero-knowledge rollups could efficiently scale Ethereum. Loopring raised $45 million through its initial coin offering in 2017.

Despite its technical merits, Loopring acknowledged that users never adopted the platform on a meaningful scale. The team pointed out that the lack of a virtual machine on the platform did not allow developers to compose and develop more advanced real-world applications. Without payment use cases and an evolving ecosystem, Loopring found it difficult to compete with new infrastructure built for blockchain technology.

                                        Source: X Article

Additionally, Loopring admitted it was good at the software but failed to build the business acumen needed to drive adoption. Furthermore, it mentioned that the delisting of the LRC token throughout 2026 only worsened the problems.

New zkEVM Networks Outperformed Loopring’s Technology Finally, the development team admitted that modern zkEVM-based networks were able to surpass its proprietary technology. New projects such as zkSync, Scroll, and StarkNet created Ethereum-based environments that allowed deploying smart contracts more easily and developing a decentralized applications ecosystem.

The team admitted that it simply did not make sense anymore to continue working on Loopring. This is why the exchange was closed down in an orderly fashion. The project had earlier ended wallet services in July 2025 owing to scaling issues. The latest update marks Loopring’s eventual exit from the original decentralized exchange business.

Direct Distribution of Assets by Team The Loopring team made assurances that all user funds are still safe despite the imminent closure. Final balances will be computed, an inventory of assets provided, and two weeks allocated to check balances before any distribution can take place.

Distributions will follow after the two-week period, whereby the Loopring team will distribute assets directly to the wallets in batches. The team will automatically convert liquidity pool holdings to the respective token, take care of all gas fees, and undertake the whole process without the need for Merkle proofs.

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I specialize in Web3 and crypto writing, producing clear, research-driven content on blockchain, cryptocurrencies, and market trends.

Loopring announced that it has shut down its decentralized exchange (DEX) services, with its relayer going offline immediately after the announcement on Sunday.

Though widely recognized as the first zkRollup project on Ethereum, the project said in an X article that it never gained measurable traction.

"As the first zkRollup, we lacked a virtual machine — no composability, no real‑world payment use cases," the team wrote. "That limitation kept our ecosystem from growing."

Loopring also said its zkEVM architecture had been outpaced by modern solutions that are fully compatible with Ethereum smart contracts. The lack of business development and external pressures, including the major exchange delistings of its native token LRC, also contributed to the decision, the team said.

Direct refunds Loopring noted that it will return users' assets directly and cover all transaction costs, instead of requiring users to generate and submit Merkle proofs. The team said the approach would be the "fairest and most hassle-free" way for users.

In the coming days, Loopring said it will publish a full list of users' final balances on Layer 2, including spot balances and AMM positions. Following a two-week review period of the list, the team plans to then upgrade the Loopring DEX smart contract to only allow team-controlled, whitelisted addresses to transfer assets out of the Layer 2.

The closure of Loopring's DEX comes roughly a year after the project sunsetted its DeFi products, including Dual Investment and Portal, saying it would instead focus on improving the Layer 2 network. Loopring had announced the closure of its wallet service earlier that year. Loopring's CEO, Steve Guo, also stepped down in August 2025.

The price of LRC fell 4.24% in the past 24 hours to trade at $0.012 as of 2:45 a.m. ET on Monday, according to The Block's Loopring price page.

"Loopring was born from a pure cypherpunk vision — we were coders who believed that zero‑knowledge proofs could scale Ethereum," Loopring wrote. "Rather than running a hollow service, we choose to end it gracefully." 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Key Highlights Table of Contents

Key HighlightsThe Journey From Promise to ClosureMajor Exchange Removals and Executive DeparturesCentralized Withdrawal Process Raises QuestionsReflects Wider 2026 Industry Contraction Loopring, a pioneering zk-rollup solution on Ethereum, has permanently discontinued its decentralized exchange platform The protocol’s developers acknowledged insufficient user adoption, weak marketing capabilities, and competition from advanced zkEVM platforms Platform TVL plummeted 99% from a November 2021 peak of $760 million to approximately $8 million LRC token value crashed from $3.75 at its zenith to roughly $0.01 Withdrawal of user assets will occur through a centralized batch system managed by the team, replacing the original trustless withdrawal feature Loopring, recognized as Ethereum’s pioneering zero-knowledge rollup solution, has permanently discontinued operations of its decentralized exchange and automated market maker platform. The development team made the announcement via X, immediately suspending all trading activity and deactivating the relayer infrastructure.

🚨ETHEREUM zkROLLUP PIONEER LOOPRING IS SHUTTING DOWN ITS DEX

Once worth over $5 BILLION, Loopring is shutting down the DEX that helped pioneer Ethereum's zkRollup revolution.

The team says newer zkEVM technology has made its architecture obsolete, marking the end of one of… pic.twitter.com/pNFzpSsdpV

— Coin Bureau (@coinbureau) June 29, 2026

According to the team’s statement, three primary factors drove the decision: the platform’s inability to achieve substantial user adoption, deficiencies in business development expertise, and obsolescence caused by emerging zkEVM innovations.

“To be honest, Loopring never gained meaningful adoption,” the team wrote.

The Journey From Promise to Closure The protocol secured $45 million through a 2017 token offering and demonstrated the viability of scaling Ethereum using zero-knowledge rollup technology. This foundational work influenced the development of subsequent projects including zkSync, Scroll, and StarkNet.

Loopring’s most significant breakthrough arrived in 2021 when GameStop selected it to support the company’s NFT marketplace initiative. This collaboration brought substantial mainstream visibility to the protocol.

However, the momentum proved unsustainable. The platform’s total value locked reached its apex near $760 million in November 2021, only to decline approximately 99% to current levels around $8 million.

The LRC token mirrored this trajectory, collapsing from its record high of $3.75 to current trading levels near $0.01.

Major Exchange Removals and Executive Departures External developments compounded the platform’s struggles. South Korean exchange Upbit removed LRC from its listings in early 2026, referencing questions about operational transparency and project viability. Binance implemented a similar delisting several weeks thereafter.

Reports indicate the project’s chief executive officer departed in August 2025. Prior to this, Loopring had already terminated its consumer wallet service in July 2025.

Centralized Withdrawal Process Raises Questions A particularly notable aspect of the shutdown involves modifications to the withdrawal mechanism. Loopring is implementing a smart contract upgrade that limits withdrawals exclusively to team-controlled whitelisted addresses.

This change eliminates the original trustless withdrawal capability — a fundamental security component that previously enabled users to extract funds directly from Ethereum without team intermediation.

The development team characterizes this approach as more accessible for users, eliminating the technical requirements of generating cryptographic proofs. The statement candidly acknowledges the method is “more centralized than the original self-custody exit mechanism.”

User accounts with terminal balances under $10 will receive no distribution whatsoever.

Reflects Wider 2026 Industry Contraction Loopring’s discontinuation represents part of a larger pattern. According to RootData, over 60 cryptocurrency projects have ceased operations during 2026, as an intensifying bear market eliminates user bases and revenue streams for smaller development teams.

Additional 2026 closures encompass a16z-backed Entropy and infrastructure platform Syndicate.

The team has committed to publishing a comprehensive final balance roster, establishing a two-week dispute resolution period for discrepancies, then executing batch distributions to users’ Ethereum addresses while absorbing transaction fees.

Users are advised to verify their listed balances thoroughly and remain aware of the $10 minimum eligibility requirement for fund recovery.

Loopring, an early pioneer of zero-knowledge proof-based scaling solutions on Ethereum, has announced the permanent closure of its decentralized exchange. The project’s transaction relaying infrastructure has been disabled, with the team stating that its current architecture is unable to compete with the new generation of Ethereum Virtual Machine (EVM)-compatible layer 2 networks.

Architecture losing ground in the raceAlthough Loopring was among the first to implement a zkRollup solution for Ethereum, the team acknowledged it could not drive meaningful adoption. The protocol’s lack of EVM compatibility restricted the development of diverse decentralized finance (DeFi) applications and payment solutions. As developers increasingly favored EVM-compatible layer 2s, Loopring’s ecosystem suffered from limited liquidity and stunted growth.

Mini glossary: EVM compatibility means a blockchain network can run smart contracts written for Ethereum with minimal changes. zkEVM combines this capability with zero-knowledge proof security in a layer 2 solution.

According to the project, the Ethereum scaling landscape has evolved significantly in recent years. The latest solutions now offer both zero-knowledge proof security and EVM compatibility, enabling developers to deploy applications without the need to rewrite existing codebases. This shift has made standalone zkRollup platforms, which require a separate development environment, increasingly uncompetitive.

The Loopring team emphasized that the lack of EVM compatibility limited the growth of DeFi applications and payment solutions on its platform, prompting developers to migrate to EVM-compatible layer 2 networks.

Internal challenges and LRC impactIn addition to technical constraints, internal shortcomings also played a role in Loopring’s decline. While the project described itself as technically strong, it admitted lacking the business development capabilities necessary to boost adoption. The delisting of its native token LRC from top cryptocurrency exchanges in 2026 further exacerbated these challenges.

Following the shutdown announcement, LRC traded at around $0.01228. The token declined 2.95% over 24 hours, with its market capitalization hovering near $16.8 million. This price movement suggests investors are monitoring the development, but there was no immediate severe market reaction.

User balances to be returned automaticallyLoopring has announced a fully automated refund process for user funds. The team confirmed that users will not need to generate Merkle proofs or initiate separate withdrawal actions to retrieve their layer 2 balances.

Once the calculations—including adjustments for liquidity pool balances—are finalized, distribution details will be publicly shared. Balances over $10 will be transferred, without fees, directly to users’ associated layer 1 wallets.

Transformation in the layer 2 marketLoopring’s exit marks a new stage in the evolution of zkRollup-based scaling on Ethereum, moving from an experimental phase to one dominated by interoperable zkEVM chains. This transition highlights that technical innovation alone is not sufficient; developer engagement, ecosystem size, liquidity, and viable business models are also critical for success.

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.

Hedge funds set an all-time record for the scale of US information technology stocks they sold over the past week.

According to Goldman Sachs data, hedge funds sold the largest amount of U.S. information technology stocks in the week ending June 25 since records began in 2016. This figure even surpasses the level seen in August 2024, when the Nasdaq 100 index fell more than 10% to enter correction territory. Meanwhile, the share of Magnificent 7 stocks in total U.S. hedge fund exposure dropped to 14.5%, near a three-year low. This percentage has declined by 7 percentage points since the start of 2026, marking the largest six-month drop since the 2022 bear market. The above data shows that hedge funds are cutting their exposure to U.S. tech stocks.

4 minutes ago

Trump’s son-in-law and special envoy will travel to Doha today to hold negotiations with Iran.

According to an Axios reporter, U.S. envoy Witkoff and Trump senior advisor Kushner will travel to Doha today, meeting Qatar’s prime minister and other officials on Tuesday to discuss negotiations with Iran. On Wednesday, technical teams from the U.S. and Iran will hold separate meetings with Qatari and Pakistani mediators respectively.

4 minutes ago

Is Institutional Quarterly Rebalancing Triggering Persistent Weakness in US AI Stocks? A Quick Look at the Breakdown of $165 Billion in Sell-Off Pressure

Multiple analysts have recently warned that US equities will face $165 billion in selling pressure from large institutions by the end of June, driven by quarterly rebalancing requirements. According to JPMorgan’s analysis, the selling pressure mainly comes from five major institutional pools: - US fixed-income pension funds, which manage roughly $9.6 trillion in assets, are expected to contribute around $55 billion in stock sales, as their rebalancing discipline is relatively loose and typically only partial rebalancing is implemented. - Japan’s Government Pension Investment Fund (GPIF), with approximately $1.9 trillion in assets under management, is projected to sell around $60 billion in global stocks while buying bonds. - Norway’s sovereign wealth fund, managing about $2.1 trillion in assets, is expected to sell roughly $40 billion in stocks to align with its target allocation by the end of 2025. - The Swiss National Bank (SNB), whose equity weighting has risen, is expected to sell around $25 billion, a figure that could decrease if it raises its target equity weighting. - Balanced mutual funds, with around $4 trillion in assets, due to their stricter monthly rebalancing rules, may post small net stock purchases (about $15 billion) this month, partially offsetting the aforementioned selling pressure. Per past public records, institutional selling pressure is likely concentrated in the final days of the quarter, with some funds executing trades ahead of market close, leading to notable selling pressure at the end of trading sessions. BlockBeats Note: Quarterly rebalancing is primarily driven by institutions’ clear policy asset allocation targets, such as 60% stocks and 40% bonds. After a sharp rally in stocks during the quarter, the equity weighting will exceed the target, triggering a rebalancing signal. Therefore, recently surging AI-related US equities will be the first to face divestment from these institutions.

4 minutes ago

Morgan Stanley analysts warn semiconductor sector may peak temporarily.

Morgan Stanley’s strategy team led by Mike Wilson warns investors to significantly raise their stock-picking standards amid the current market correction. Wilson notes the ongoing rally has room to extend, driven by “the market severely underestimating the strength of broad-based earnings recovery”. Against the backdrop of falling oil prices and the Federal Reserve likely being less hawkish than current market pricing, he favors consumer discretionary, transportation, and regional bank sectors. Another key concern for Wilson is the recent sharp volatility in the semiconductor sector, which has made it far harder for the market to maintain historically high allocation positions. The Philadelphia Semiconductor Index (SOX) is a prime example: it surged 7.3% in the week of June 15, then plunged 7.9% the following week. He also offers a cautionary analogy for bulls: semiconductors could be another sector this year to have completed a full boom-bust cycle, with a trajectory similar to the silver sector, just four months behind silver in timing. “If rally broadening is a sustainable main trend, then the current upward momentum in the semiconductor sector will likely hit a temporary peak. Judging by the market’s rhythm, this inflection point seems to be arriving as scheduled. This does not mean the semiconductor industry cycle is completely over, but the lack of near-term upside momentum in this sector will leave room for excess returns in other market segments; sectors like consumer discretionary and transportation will stage a temporary rally supported by their own relative positives.”

4 minutes ago

AI-themed US stocks see another deep correction, with most star stocks declining more than 5%.

According to Bitget market data, US stocks turned from gains to losses after opening, with the Nasdaq 100 index falling. The Philadelphia Semiconductor Index extended its decline to 2.5%, with Micron Technology and Arm dropping over 8%, Intel down 7%, Marvell Technology slipping more than 5%, and Nvidia falling 0.7%.

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Bitdeer signs conditional lease agreement for Norwegian AI data center, expected to take effect within a month.

Bitdeer announced that its wholly-owned subsidiary Tydal Data Center AS has signed a cabinet hosting lease agreement for the Tydal AI data center in Norway. The agreement remains subject to relevant preconditions of the customer and supplier, and is expected to officially take effect within one month. Bitdeer stated that it will disclose details including the customer’s identity, leasing capacity, term, and financial impact after the agreement comes into force.

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Solana (SOL) is attempting to build on its recovery, trading above $71 on Monday after a modest loss in the previous week. Improving derivatives sentiment and strengthening on-chain activity back the rebound thesis for SOL. However, traders should remain cautious, as persistent outflows from spot Solana Exchange-Traded Funds (ETFs) suggest that institutional demand has yet to recover fully, potentially capping upside.

Derivatives metrics support a positive biasDerivatives data for Solana shows improving sentiment. CoinGlass funding rate for SOL turned positive on Thursday, reading 0.0073% on Monday, indicating that longs are paying shorts and suggesting bullish sentiment.

Solana funding rates chart. Source: SoSoValueIn addition, the long-to-short ratio improved to 1.06 on Monday, flipping to the positive territory. A ratio above 1 indicates bullish sentiment, as traders bet that asset prices will rally.

SOL long-to-short ratio chart. Source: CoinglassSolana leads all blockchains in app revenue, surpassing Hyperliquid and EthereumThe chart below shows that Solana is the top chain by app revenue, leading on the day with $2.17 million, the week with $19.01 million, and the month with $85.5 million, outpacing Hyperliquid (HYPE), Ethereum (ETH) and every other network. This indicates that Solana's ecosystem continues to generate strong economic activity and user engagement, highlighting investors' confidence and supporting the case for a sustained recovery in SOL.

Some signs of concernDespite improving sentiment, institutional demand showed signs of weakness in the previous week. SoSoValue data shows that SOL’s spot ETFs recorded an outlook of $3.80 million last week. If this outflow trend continues and intensifies this week, SOL price could see a price correction.

Total SOL ETF net inflow chart. Source: SoSoValueSolana Price Forecast: Fading bearish strengthSolana trades at $71.82 on Monday, extending its slight recovery from the previous day. However, SOL is maintaining a capped bias, as it remains below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) at $75.14, $81.97, and $97.36, respectively.

Overhead, a dense technical band is forming, with the 38.2% Fibonacci retracement of the latest swing at $74.75 just ahead of the 50-day EMA, while the Relative Strength Index (RSI) is around 50 and a positive Moving Average Convergence Divergence (MACD) hints at stabilizing, yet not decisive, bullish momentum.

On the topside, initial resistance is located at $74.75, reinforced by the 50-day EMA at $75.14 and the horizontal barrier at $77.07, before the 50% retracement at $79.27 and the 100-day EMA at $81.98 open the way toward $83.79.

On the downside, immediate support emerges at the 23.6% Fibonacci level at $69.16, with the broader structural floor aligning near the cycle low anchor at $60.13.

(The technical analysis of this story was written with the help of an AI tool.)

Key Takeaways SOL currently trades around $70.67, testing a critical descending resistance line Breaking above $80 could unlock immediate price targets between $90 and $95 Solana’s tokenized equity trading volume reached an all-time daily high of $553 million Crypto analyst Michaël van de Poppe projects $120–$130 as achievable in the third or fourth quarter of 2026 Technical chart formations indicate a potential climb toward $500 if critical resistance zones are breached Solana is currently changing hands around $70.67 as of June 29, 2026, experiencing a 1.82% decline over the previous 24-hour period. The digital asset maintains its position above the crucial $70 support threshold, though buyers haven’t yet delivered confirmation of a sustained upward reversal.

Solana (SOL) Price Market participants are closely monitoring the $72–$75 price corridor. This range represents where a downward-sloping resistance line currently resides, and bullish traders must recapture this territory before any substantial upward movement can materialize.

Should SOL successfully pierce above $75, attention will shift to the $80 level. This represents the primary confirmation threshold that market observers are tracking.

A decisive daily close beyond $80 would tilt near-term price momentum in favor of buyers and establish $90 and $95 as realistic upside objectives. The $90 region aligns with clearly defined upside liquidity clusters visible on trading charts.

Conversely, failure to maintain the $70 floor could send prices tumbling toward the $65–$60 range. A more severe decline would potentially retest the $50 liquidity zone.

Trading strategist Michaël van de Poppe shared his perspective on X, suggesting SOL appears positioned to reclaim its previous trading range. He indicated that if this range recapture occurs, momentum is unlikely to stall at those levels, characterizing a successful range flip as a straightforward buying signal. Van de Poppe outlined $120–$130 as achievable price objectives during the third or fourth quarter of the current year.

$SOL looks like it wants to break back in the range.

If that happens, it's very likely not going to stall there.

The flip is an easy buy opportunity for me, but overall, I think that the markets are looking to get more upside momentum and I would expect $120-130 as a potential… pic.twitter.com/Ihwj0M9tDs

— Michaël van de Poppe (@CryptoMichNL) June 28, 2026

On-Chain Metrics Show Strength Tokenized stock trading on Solana established a new single-day volume benchmark at $553 million. Market analyst Whale Factor highlighted how Solana’s blockchain applications are diversifying beyond speculative meme tokens and conventional cryptocurrency exchanges.

The real-world asset ecosystem operating on Solana currently commands $3.18 billion in aggregate value across more than 291,000 individual holders, positioning it as the leading blockchain platform measured by RWA participant count.

Application-generated revenue on Solana totaled $19 million during the previous week and $85 million throughout the past month. Decentralized exchange spot trading volume registered $12.3 billion over the seven-day period.

Technical Formations Signal Potential Chart analyst JAVONMARKS identified a cup and handle configuration on the 12-day timeframe. A decisive move above the $260–$280 resistance band accompanied by robust trading volume would confirm this pattern, establishing an upside objective exceeding $500.

Market commentator Crypto Patel has outlined a longer-horizon strategy involving Solana accumulation within the $40–$60 price window with ultimate targets at $500 and $1,000. He drew parallels between the current price correction and the 2022–2023 market bottom that preceded the subsequent 2023–2024 bull run.

An additional falling wedge technical structure remains in play across the broader timeframe, projecting a long-range target near $233 if SOL ultimately breaks free from this formation.

The daily chart still requires a closing price above the descending trendline to validate the optimistic scenario. The weekly MACD indicator has not yet generated a bullish crossover signal, according to technical analyst Dami-Defi.

SOL most recently traded at $71.44, registering a 0.43% decrease over the past 24 hours, based on Brave New Coin market data.

Key Highlights A Solana-based meme token called ANSEM experienced a 190x price explosion within 24 hours, driving its valuation close to $97 million Despite its name, the token wasn’t launched by influencer Ansem—community developers created it and named it in his honor Token creators allocated approximately 65% of the total supply directly to Ansem’s publicly known wallet address One early investor transformed a $4,050 position into $539,000 during the explosive price movement The rally gained momentum after Ansem announced plans to distribute Pump.fun creator earnings to his followers When ANSEM first appeared on-chain 11 days prior, it commanded a modest $4 million valuation. Fast forward to June 29, 2026, and the token had exploded to over $97 million in market capitalization—a dramatic rise fueled predominantly by grassroots enthusiasm and viral social media engagement.

It’s important to clarify that Zion Thomas, the crypto influencer known publicly as Ansem, had no involvement in launching this token. He’s a prominent voice within the Solana ecosystem. The token’s developers chose to honor him by naming their creation after him and transferring approximately 65% of the entire supply to his verified wallet.

The Catalyst Behind the Explosive Movement The dramatic price acceleration occurred following Ansem’s announcement on X regarding Pump.fun platform fees. He revealed intentions to distribute his weekly creator earnings—reportedly totaling around $200,000—through random airdrops to his community supporters.

Market participants viewed this gesture as Ansem filling the void left by Pump.fun’s repeatedly postponed official airdrop. This interpretation triggered substantial buying activity directed toward ANSEM tokens.

Ansem’s continued engagement on X, discussing Solana meme coins and broader market dynamics, maintained heightened interest in the token throughout the trading session.

Profitable Trades and Large Holder Movements Blockchain intelligence from Lookonchain reveals that one wallet invested 56.4 SOL—equivalent to roughly $4,050—to acquire 25.99 million ANSEM tokens ten days prior to the price spike. During the height of the rally, this wallet liquidated its complete holdings for 7,649 SOL, approximately $539,000. This represents gains exceeding 135x the initial capital deployed.

A separate wallet entered positions merely two hours following the token’s debut, allocating $2,330 to accumulate tokens at an average price of $0.0001638. This strategic early entry eventually sold 33.5% of accumulated holdings at $0.02041, securing $659,000 in realized profits—representing a staggering 28,295% return according to reports.

Lookonchain’s analysis also indicates that Ansem’s personal wallet currently contains roughly 604 million ANSEM tokens. Based on prevailing market rates, this holding represents a notional value exceeding $71 million. These figures reflect unrealized paper gains rather than confirmed liquidations.

Critical Risk Considerations The fact that 65% of all tokens reside in a single wallet significantly constrains actual circulating supply. This concentration creates conditions where price volatility can intensify dramatically in either direction.

Market observers emphasize that attempting to liquidate a multi-million dollar position would likely trigger severe downward pressure on pricing. The genuine liquidity depth available to major token holders remains substantially more uncertain than surface-level valuations might suggest.

ANSEM’s remarkable price performance stems entirely from community enthusiasm, viral social momentum, and concentrated attention. These driving forces offer no stability guarantees. The token’s future trajectory depends entirely on whether fresh capital continues flowing into the market.

The Black Bull (ANSEM) climbed nearly 20,000% in seven days on Solana after crypto influencer Ansem announced plans to distribute his accumulated creator fees as weekly airdrops to community members.

The announcement came through X. Ansem told followers he would redirect his Pump.fun creator fees as weekly airdrops, selecting winners at random each week.

A Single Post Triggers a Market MoveThe airdrop announcement pushed ANSEM’s 24-hour trading volume past $80 million as traders moved quickly to accumulate the token. The token’s price reached an all-time high of $0.121 on June 29. At that level, its fully diluted valuation sat near $121 million.

there's enough good tokens that exist already, but sure i will airdrop portions of the creator fees that have been directed to my pump fun profile

retweet this + follow me on there + comment with your pump profile & ill pick randomly weekly

https://t.co/76P6JvAOay https://t.co/fmpIpMI5UW

— Ansem 🐂🀄️ (@blknoiz06) June 27, 2026 Some traders who entered before the announcement reported gains between 100x and 261x their original investment. ANSEM now trades at $0.108, up 79.7% in the past 24 hours. Its current market cap sits near $42.8 million. Over seven days, the token has climbed roughly 19,878%.

The speed of the move highlights how sharply the Solana meme coin market reacts to social catalysts.

Ansem, known on X as @blknoiz06, is a prominent Solana-focused trader with a large following. Historically, his activity has moved prices in the Solana meme coin space.

Pump.fun routes a portion of trading fees to the creator of each token on the platform. As a result, creators of high-volume tokens accumulate significant fee income over time. In turn, that mechanic gave Ansem a fund to redistribute without launching a new token from scratch.

While Ansem utilized his accumulated fees for the incentive, it is worth noting that the ANSEM token itself was launched as an independent community project rather than by the influencer himself.

ANSEM Price Performance. Source: BeInCrypto MarketsSolana’s Memecoin Landscape Sets the StageSolana meme coin trading had already been recovering before the announcement, with the network continuing to draw speculative volume toward new token launches. Meanwhile, Pump.fun DEX volume reached record highs earlier in 2026, reflecting renewed appetite for tokens on the network.

However, Solana DEX volumes have reversed sharply before, and single-catalyst rallies on the network have a mixed record of sustaining momentum. ANSEM’s $80 million in 24-hour volume represents a meaningful slice of Solana’s daily memecoin activity, but the next test is whether airdrop participation continues to generate new buyer demand week over week.

ANSEM price data and trading activity remain the key metrics to watch as the first airdrop date approaches.

If you spend any time around Solana memecoins, you will hear about “the trenches.” It is where traders called degens fight over brand-new tokens that mostly go to zero, in a culture with its own language, rituals, and brutal economics. Here is what the trenches are, the slang you need to follow them, and the hard reality behind the romance.

Summary

“The trenches” is crypto slang for the chaotic, high-risk frontier of on-chain memecoin trading, especially brand-new Solana tokens on launchpads like Pump.fun. The traders who operate there are called trenchers or degens, and the culture has its own dense vocabulary, rituals, and a war-themed self-image of survival against the odds. The trenches run on launchpads, decentralized exchanges, and fast trading tools, where tokens can rocket and collapse within minutes and bots compete for the first buys. The romance of life-changing gains is real but rare, and is built on heavy survivorship bias, since the large majority of tokens die fast and most participants lose money. Understanding the trenches and its slang is useful for following crypto culture and protecting yourself, but the honest framing is that it functions more like a casino than a market. “The trenches” is crypto slang for the chaotic, high-risk frontier of on-chain memecoin trading, especially the world of brand-new Solana tokens launched on platforms like Pump.fun, where traders fight for fast profits amid rampant scams, bots, and a flood of coins that mostly go to zero. The phrase is a war metaphor, and it is chosen deliberately. To be “in the trenches” is to be down in the mud of the riskiest, fastest, most unforgiving part of crypto, trading tokens that are minutes old, against opponents who include automated bots and seasoned predators, where fortunes are made and lost in the time it takes to read a chart. It is a culture as much as an activity, with its own dense vocabulary, its own rituals and heroes, and its own grim economics.

The term has spread well beyond its origins, and you will now hear it used for the early, high-risk stage of any speculative crypto play, but its heartland is the Solana memecoin scene, where the conditions that birthed it, instant token creation, near-zero fees, and a permanent firehose of new coins, are most intense. This guide is a map of the trenches for people who want to understand the culture without necessarily entering it, or who are entering it and want to know what they are walking into. It explains what the trenches are and where they physically exist on-chain, the mindset and culture that define the people in them, a working glossary of the slang you need to follow any trenches conversation, how a typical trench play actually unfolds from launch to death or survival, a recent episode that captures the culture in motion, and, most importantly, the hard reality behind the romantic self-image.

That last part matters more than all the slang, because the trenches present themselves as a place of opportunity and camaraderie, and they are also a place where the overwhelming majority of participants lose money to a structure designed to extract it. Learning the language is the easy part. Understanding the economics is what protects you. This guide tries to do both, in that order, so that the culture is legible and the danger is unmistakable.

What the trenches are and where they live At its core, the trenches refers to the earliest and riskiest stage of memecoin trading, where tokens are brand new and the action is fastest. The phrase captures both a place and a phase. As a phase, it means trading coins in their first minutes and hours of life, before they have established markets, when prices move violently and information is scarce. As a place, it refers to the venues and channels where this happens.

The trenches live on launchpads, above all the dominant Solana launchpad, where anyone can deploy a token in seconds and it begins trading immediately against a bonding curve. For readers new to that pricing model, the mechanism under every launch is the bonding curve, which automatically changes a token’s price as buyers and sellers move in and out. The trenches extend to the decentralized exchanges where tokens move after they graduate from those launchpads, and to the social channels, especially memecoin-focused chat groups, that are themselves often called the trenches, because that is where traders gather to share tips and coordinate.

The infrastructure of the trenches is built for speed, which shapes the entire experience. Traders use specialized tools and bots that let them buy a token within seconds of its launch, read on-chain data in real time, and execute faster than a human could click, because in a world where a coin can rise and fall in minutes, milliseconds of timing translate into enormous differences in entry price. This is why the trenches are not a level playing field: automated snipers and bots routinely buy into a token in its first moments, ahead of the humans who see it trending later. The reason all of this concentrated on Solana is structural: Solana’s very low fees and fast transaction speeds make it cheap and quick to launch coins and to trade them rapidly, which is exactly what a high-frequency, high-churn memecoin culture needs.

The launchpads that lowered the barrier to creating tokens did the rest. The trenches, then, are the on-chain frontier where the cheapest, fastest, most permissionless token creation meets the most speculative trading culture in crypto. The combination produces both the energy and the carnage the term implies. It is why the trenches feel like a live market, a chatroom, and a casino floor at the same time.

The mindset and the culture The trenches have a distinct culture, and understanding the mindset is as important as understanding the mechanics, because the culture is part of what keeps people in a game that mostly loses them money. The self-image is heroic and martial: participants cast themselves as warriors surviving in hostile territory, enduring losses, hunting for the one coin that will pay for all the others. There is genuine camaraderie in it, a shared identity among people who understand a world outsiders find baffling or repellent, and a folklore of legendary trades and legendary traders. The dominant ethos is captured in the word degen, short for degenerate, which trenchers wear as a badge rather than an insult.

To be a degen in the trenches is to accept that you are gambling and to lean into it with a certain dark humor. That humor and identity are woven through the culture’s language and rituals. Trenchers talk about “locking in,” meaning to focus intensely on the goal of making money quickly with minimal effort, and about hunting for a “gem,” an undervalued coin spotted before the crowd. The culture prizes “alpha,” valuable information or insight shared among insiders, and it runs on a constant cycle of fear of missing out and fear of being wrong, the twin emotions that drive impulsive buying and panic selling.

There is a player-versus-player quality to it, an awareness that in a zero-sum scramble over a worthless token, your profit is someone else’s loss, which the culture acknowledges with a kind of cheerful brutality. All of this creates a powerful social pull. The trenches are not just a market; they are a community with a language, a value system, and an emotional rhythm. That social dimension is a large part of why people stay even as they lose, because belonging and the thrill of the hunt are their own rewards.

Recognizing the culture’s grip is important, because the same camaraderie that makes the trenches compelling is also what makes them hard to walk away from. The community tells itself stories about survival and conviction, and some of those stories are true. But many of them are also retrospective myths built around the tiny number of trades that worked. That is why the culture has to be understood together with the economics, not separately from them.

A working glossary of trench slang To follow any conversation in the trenches, you need the vocabulary, and the slang is dense enough that an outsider can find a discussion incomprehensible. What follows is a working glossary of the most important terms, enough to read a typical trenches exchange. Begin with the people: a trencher or degen is a high-risk memecoin trader; a jeet is a derisive term for someone who sells too early or panic-sells, dumping on others; and a whale is a holder large enough to move a token’s price with their trades. The verbs of entry and exit matter too: to ape, or ape in, is to buy a token impulsively without much research; to snipe is to buy in the very first moments of a launch, usually with a bot; and to bundle is to coordinate multiple wallets to buy at launch, often to create a false impression of demand.

The lifecycle of a coin has its own terms. A fair launch means a token released with no presale or insider allocation, where everyone enters through the same curve. Graduation is the moment a token completes its bonding curve and moves to a normal exchange. A rug, or rug pull, is the most common trench ending: a scam where the creator pulls liquidity or dumps their holdings, collapsing the price to near zero.

A CTO, or community takeover, is when holders take over a coin the original creator abandoned, running it themselves to try to revive it. The emotional and evaluative vocabulary rounds it out: a gem is an undervalued find; alpha is valuable insight; FOMO and FUD are the fear of missing out and fear, uncertainty, and doubt that drive buying and selling; bags are the tokens you hold; to be underwater is to hold at a loss; and to moon or send it is to rise sharply or to take the plunge on a risky buy. Newer coinages appear constantly, such as a stimmy, slang adopted from stimulus payments to describe handing money to traders, which entered wide use when an influencer pledged to airdrop fees to the trenches. The vocabulary keeps evolving, but these terms form the durable core, and knowing them turns an impenetrable trenches conversation into something you can actually follow.

How a trench play unfolds To see the culture and mechanics together, follow how a typical trench play unfolds from birth to death, because the lifecycle is remarkably consistent. It begins with a launch: someone deploys a new token on a launchpad, giving it a name, an image, and a ticker, and it starts trading instantly against its bonding curve. In the first seconds, before any human has really noticed, automated snipers and bots may buy in, taking the earliest and cheapest positions, sometimes coordinated across bundled wallets to create the look of organic demand. This is the first hard truth of the trenches: by the time a human sees a coin, bots have often already moved.

Next comes the attention phase. If the coin has a catchy theme, a connection to a trending narrative, or a push from an influencer or a coordinated group, it begins to spread across social channels, and human traders start to ape in, sending the price climbing up the curve as buying accelerates. If the momentum builds far enough, the coin graduates, its accumulated liquidity moving to a normal exchange, which can attract a fresh wave of traders who treat graduation as a sign of legitimacy. Then comes the decisive phase, which for the overwhelming majority of coins is the end.

As the early buyers and any insiders take profit, selling into the latecomers, the price stalls and reverses. If a creator or whale dumps a large position, or pulls liquidity outright in a rug, the price collapses toward zero, often within hours of the peak. Most coins simply fade as attention moves to the next launch and buyers stop arriving, the price bleeding down the curve as holders capitulate. A small number survive, and an even smaller number, occasionally, get a second life through a community takeover, when stubborn or spiteful holders seize the abandoned coin and try to rebuild momentum themselves, which usually fails but can, if executed well, give the holders a better exit.

This lifecycle, launch, snipe, hype, climb, distribution, collapse, plays out thousands of times a day, and recognizing its shape is the difference between understanding what you are watching and being its raw material. It is also why who profits from the churn matters. Launchpads, creators, and early entrants can profit from volume and timing even when the token itself has no lasting value. Late buyers often discover that the chart they are chasing is already in its distribution phase.

The trenches in action A recent episode captures the culture vividly and ties the abstractions to a concrete moment. In late June 2026, a frenzy erupted around a cluster of Solana memecoins using the name of a prominent influencer, and it played out as a textbook trenches event. Multiple competing tokens using the same name launched at once, and the trading community flipped between them in exactly the player-versus-player scramble the culture is known for, with no single coin crowned the real one for a stretch as trenchers fought over which version would win. One version went parabolic, running to tens of millions in market cap within days, while dramatic individual outcomes, including a trader turning a few thousand dollars into hundreds of thousands, became the kind of folklore that draws more people into the next launch.

The episode also showcased the culture’s vocabulary and rituals in real time. The influencer at the center publicly took the side of the trenches against the launchpad, criticizing how it handled rewards and pledging to airdrop his accumulated fees back to traders, framing it in the community’s own slang as giving the trenches a stimmy because the platform would not. The word stimmy, the framing of small traders as a community owed a payout, the swarm of copycat tokens, the parabolic run, and the rapid churn all embodied the trenches in a single story. It also showcased the danger.

The same influencer disavowed other tokens trading on his name, copycats and impersonations proliferated, and the headline pump figures often did not survive a look at the actual on-chain data. The episode was the trenches in miniature, the camaraderie and the opportunity and the manipulation and the carnage all braided together, which is exactly why it drew such attention. For a student of the culture, it was a live demonstration of every dynamic this guide describes. It was also a reminder that behind the romance of the heroic trade sits a machine that mostly transfers money from latecomers to insiders and platforms.

The reality behind the romance Strip away the war metaphors and the folklore, and the trenches are, in hard economic terms, a place where most participants lose money to a structure built to extract it, and saying so plainly is the most useful thing this guide can do. The data is unambiguous. Studies of Solana memecoin launches have found that roughly two out of three coins are effectively dead within their first day, with the vast majority of their liquidity gone, and that on the order of 80% or more lose over 90% of their value within about a week. Recent Pump.fun lifespan data showed the same pattern, with nearly seven in 10 reviewed launches recording their final bonding-curve trade on launch day.

By some estimates, the overwhelming majority of tokens launched on the dominant launchpad are scams, pump-and-dumps, or jokes with no lasting value. The life-changing gains that make the folklore are real, but they are extraordinarily rare, and they are visible precisely because they are rare, while the millions of losing trades are invisible. That produces a powerful survivorship bias: you hear about the trader who turned a few thousand into a fortune, never about the thousands who did the opposite. This is the same dynamic that makes the assets traded in the trenches so culturally powerful and financially dangerous.

The structural reality reinforces this. The platforms that host the trenches earn from trading volume regardless of whether any coin succeeds, so the house profits from the churn itself, much like a casino. Bots and insiders routinely get the earliest, cheapest positions, leaving the human trader who arrives on a trending coin to buy from people already in profit. Creator fees and large insider holdings give those who launch and promote coins tools and motives to manufacture hype around tokens they benefit from.

The emotional culture, the FOMO, the camaraderie, the heroic self-image, is itself part of what keeps people trading through losses. None of this means the trenches are not real or that no one ever profits; some skilled and disciplined traders do, and the culture has genuine creativity and community in it. But the honest framing, shared by the more responsible voices in the space, is that the trenches function far more like a casino than like an investment market, that the odds are structurally against the individual, and that anyone entering should treat it as gambling with money they can afford to lose entirely, not as a path to wealth. The slang is fun and the stories are thrilling, but the math is brutal, and the math is what determines what happens to almost everyone who goes in.

Frequently asked questions What does “the trenches” mean in crypto? The trenches is slang for the chaotic, high-risk frontier of on-chain memecoin trading, especially brand-new Solana tokens on launchpads like Pump.fun. It is a war metaphor: to be in the trenches is to trade coins that are minutes old, in the fastest and most unforgiving part of crypto, against opponents that include automated bots. The term refers to both a phase, the earliest and riskiest stage of a token’s life, and a place, the launchpads, exchanges, and chat groups where this trading happens. Memecoin-focused chat channels are themselves often called the trenches. The phrase has spread to mean the early high-risk stage of any speculative crypto play. In practice, though, its strongest association remains Solana memecoin trading, because Solana’s speed, low fees, and launchpad culture created the conditions where the slang took hold. It is less a formal market category than a cultural label for the most chaotic edge of on-chain speculation.

Who are “trenchers” and “degens”? Trenchers are the traders who operate in the trenches, buying and selling brand-new memecoins. Degen, short for degenerate, is a closely related term that trenchers wear as a badge rather than an insult; it describes someone who takes large speculative risks, does minimal research, and embraces gambling openly. The culture is built around this identity: a self-image of risk-taking warriors hunting for the one coin that pays for all the losses. There is real camaraderie and folklore among them, a shared language and value system. That social identity is part of what makes the trenches compelling and part of what keeps people trading even as the structure causes most of them to lose money over time. It gives the activity a story larger than the trade itself. The danger is that the story can make repeated losses feel like proof of toughness rather than evidence that the odds are bad.

Where do the trenches actually happen? On-chain, primarily on Solana. The trenches live on launchpads, above all the dominant Solana launchpad, where anyone can deploy a token in seconds and it trades instantly against a bonding curve, and on the decentralized exchanges where tokens move after they graduate. They also live in social channels, especially memecoin-focused chat groups that are themselves called the trenches. The infrastructure is built for speed, with specialized tools and bots that let traders buy within seconds of a launch and read on-chain data in real time. Solana became the heartland because its very low fees and fast transactions make it cheap and quick to launch and rapidly trade coins, which is exactly what the high-churn memecoin culture needs. The chain’s infrastructure makes small, fast trades economically possible in a way that would be harder on more expensive networks. That is why the trenches are as much a product of technical design as they are of internet culture.

What does “stimmy” mean, and other common slang? A stimmy is slang, adopted from stimulus payments, for handing money to traders; it entered wide use when an influencer pledged to airdrop fees to the trenches. Other core terms include ape, to buy impulsively without research; snipe, to buy in a launch’s first moments, usually with a bot; rug, a scam where the creator collapses the price; CTO, a community takeover of an abandoned coin; jeet, a derisive term for someone who panic-sells; whale, a holder big enough to move the price; bags, the tokens you hold; alpha, valuable insight; and FOMO and FUD, the fear of missing out and the fear and doubt that drive buying and selling. The vocabulary evolves constantly, but these form its durable core. The slang matters because it does more than describe trades. It builds identity, signals belonging, and compresses complex market behavior into quick phrases that move through chats fast. Understanding it helps you follow the culture, but it should not make the activity seem safer than it is.

Can you actually make money in the trenches? Some people do, but the odds are structurally against the individual, and most participants lose money. The data is stark: roughly two of three Solana memecoins are effectively dead within a day, and 80% or more lose over 90% of their value within about a week, while the overwhelming majority of launchpad tokens are scams, pump-and-dumps, or jokes. The life-changing gains that fuel the folklore are real but extremely rare, and they create survivorship bias because the countless losses are invisible. Bots and insiders get the earliest positions, platforms profit from the churn regardless of outcomes, and creator fees give promoters motives to manufacture hype. Skilled, disciplined traders exist, but the structure resembles a casino more than an investment market. The rare wins are easy to screenshot and share, while the typical losses disappear into wallet history. That imbalance is exactly why the romance of the trenches can be so misleading.

Is trading in the trenches a good idea? This guide does not recommend it, and the honest framing is that the trenches function far more like a casino than an investment market, with the odds structurally against the individual participant. The platforms profit from trading volume regardless of whether coins succeed, bots and insiders take the best positions, and most tokens are designed to extract money from latecomers. The culture’s camaraderie and heroic self-image are genuine and are also part of what keeps people trading through losses. If someone chooses to participate anyway, the only responsible approach is to treat it strictly as gambling, risking only money they can afford to lose entirely, verifying contracts and holder concentration, and never mistaking the rare success stories for the typical outcome. That means treating every new coin as hostile until proven otherwise. It also means understanding that speed, information, and discipline matter, but even those do not erase structural disadvantages. The safest way to learn the trenches is as a culture and a warning before treating it as a trading venue.

This article is educational information about crypto culture, not financial advice or encouragement to trade memecoins. Descriptions of trenches culture, slang, and failure statistics reflect reporting available as of June 29, 2026, and can change. Memecoin trading is extremely high-risk, resembles gambling, and causes most participants to lose money. Verify any specific token or platform independently and consult a qualified professional before making any financial decision.