Sia Foundation vyzývá držitele Siacoin (SC), aby před hardforkem 6. června přesunuli své prostředky, jinak mohou staré peněženky a neaktualizované burzy přestat fungovat.
With a network overhaul just days away, the Sia Foundation is urging users to take control of their coins before it’s too late.
The Sia network is about to get its biggest upgrade yet, with a major v2 hardfork set for June 6, giving users only a short time to update their wallets and software to stay connected. Once live, it will effectively shut out anyone still using outdated software or storing their Siacoin (SC) on exchanges that haven’t upgraded.
The Sia Foundation has described the move as more than a technical refresh. According to a Monday blog post, the fork introduces an entirely new architecture, reworks the core file-sharing protocol, and splits functionality into modular components. Calling it a “foundational overhaul” and even a “rebirth,” the Foundation has framed v2 as a clean break from the legacy system.
Under the new rules, nodes still running the old siad software will stop syncing. Wallets will become unusable. Storage contracts will no longer be valid. To stay on the network, users must switch to the v2-compatible stack — renterd, hostd, and walletd — and migrate their wallets accordingly.
That creates a high-stakes situation for users who rely on centralized exchanges.
Who will support Sei fork Several crypto exchanges have confirmed they’ll support the transition, including Binance, Kraken, and Poloniex. Yet, others, such as BitMart, CoinW, and Gate.io, remain uncommitted or in technical discussions. Some exchanges, including Bybit and Bithumb, have not publicly confirmed whether they’ll support the new upgrade at all.
Crypto exchanges notified by Siacoin Foundation about v2 hardfork | Source: Siacoin Foundation The Foundation has urged caution, saying that “it’s unlikely every exchange will upgrade immediately,” and adding that some may delay support, as they have during previous forks.
Technical details At the core of the upgrade is Utreexo, a cryptographic structure that significantly reduces the size of the blockchain’s state. Instead of downloading large amounts of unspent transaction data, new nodes can validate with compact proofs. The result: syncing a node in minutes rather than days, making it easier for users to spin up full nodes without high resource requirements.
That aligns with a broader goal: greater decentralization. Smaller, faster nodes lower the barrier to participation and could pave the way for browser-native apps and mobile clients. It also helps future-proof the network against scalability issues.
In addition, the new Renter-Host Protocol 4 improves how users interact with the storage layer. Features include faster file transfers, smarter contract handling, prepaid balances, and easier integration into web-based environments. Combined with the modular design of the v2 software stack, the system will be more flexible for developers and streamlined for users.
The old all-in-one siad daemon will be replaced with specialized components so that users could run only what they need, whether it’s uploading files, offering storage, or managing a wallet. Developers, in turn, gain access to clearer interfaces and better documentation, potentially making it easier to build on Sia in the future.
Market response Despite the technical leap, Siacoin has yet to reflect the enthusiasm in its price. As of press time, SC is trading at around $0.003 — down roughly 96% from its 2018 peak of $0.069. Even as the broader crypto market has experienced multiple rallies, SC has remained relatively flat.
SC-USDT price on 3-month timeframe since 2018 | Source: crypto.news Exchange support remains another critical challenge. The Foundation says it’s working closely with every exchange that has responded, but ultimately, support is voluntary. If large trading platforms don’t onboard the v2 upgrade promptly, user access could remain fragmented and onboarding could stall — regardless of the protocol’s technical merits.
What’s next From a technical perspective, the v2 fork appears to mark a meaningful evolution for the Sia network, though the developers say the upgrade is the beginning of a “new phase built for scalability, accessibility, and long-term growth.”
The Foundation is aiming for a more modular, lightweight architecture, one that could, in theory, make the protocol easier to use and build on. Features like Utreexo and the revamped RHP4 point toward a shift in focus: less friction, more flexibility, and a better fit for modern applications.
“This progress means users will soon interact with Sia the same way they do with traditional cloud storage — only with greater privacy, stronger security, and full ownership of their data.”
The Sei Foundation
Nonetheless, the long-term impact of the upgrade likely won’t hinge on engineering alone. Broader adoption may depend on how actively the community engages, whether developers embrace the new tooling, and if major exchanges follow through with support in a timely manner.
Algorand zveřejnil plán přechodu na kvantově odolnou infrastrukturu: nativní postkvantové účty má spustit ve 3. čtvrtletí 2026 a plné odolnosti chce dosáhnout do konce roku 2027.
@Algorand has given the clearest timeline yet for its shift to quantum-resistant infrastructure, laying out a staged roadmap that runs from mid-2026 through to the protocol's consensus layer.
What the roadmap covers The Algorand Foundation plans to introduce post-quantum accounts, multisignature wallets, and staking support starting in 2026, before expanding protections to core protocol components. According to the Foundation's published roadmap, native post-quantum accounts are targeted for the Q3 2026 protocol release, with quantum-safe multisig and Falcon-512 support due by year-end. The consensus layer upgrade is slated to follow in a later phase.
The Foundation said its roadmap builds on work it began in 2022, with the goal of achieving broad quantum resilience by the end of 2027. It expects to reach that milestone before NIST retires certain legacy cryptographic standards, and three years ahead of a timeline set by the U.S. National Security Agency for national security systems.
Securing the consensus layer is the hardest step, as it requires research into a post-quantum replacement for the Verifiable Random Function at the heart of Algorand's Pure Proof-of-Stake protocol. The Foundation has been open about this gap, framing it as a multi-year research and engineering challenge rather than a near-term fix.
Google's endorsement and what Algorand has already shipped In March 2026, Google Quantum AI published a whitepaper showing that future quantum computers may break elliptic curve cryptography with fewer resources than previously thought, and cited Algorand among blockchains that have deployed post-quantum cryptography in practice. The paper established that the threshold for breaking blockchain signatures is roughly 20 times lower than prior estimates, adding urgency to migration timelines across the industry. It described Algorand as "an example of real-world deployment of PQC on an otherwise quantum-vulnerable blockchain."
Algorand chose Falcon, a lattice-based scheme, because it guarantees post-quantum security while remaining aligned with the network's design principles around performance and decentralization. Algorand executed its first PQC-secured transaction in 2025. It has since deployed post-quantum Falcon digital signatures for smart transactions and state proofs, which are cryptographic attestations of blockchain state used for cross-chain integrations. Algorand notes that migrating live blockchain infrastructure to post-quantum cryptography will take years and must begin well before "Q-Day."
Sources
Algorand Foundation: Post-Quantum Technology Overview
Algorand Foundation: Google Quantum AI Whitepaper Cites Algorand
CoinDesk: Algorand Unveils Roadmap for Post-Quantum Security by End-2027
Madraský vysoký soud zakázal společnosti WazirX přerozdělit 3 532 XRP nevinného uživatele po hacku za zhruba 234 milionů USD. Soud zároveň uvedl, že kryptoměny jsou podle indického práva majetek.
The Madras High Court has ruled against WazirX redistributing user’s XRP holdings following its 2024 hack, declaring that cryptocurrencies qualify as property under Indian constitutional law.
Summary
WazirX was barred from reallocating 3,532 XRP tokens belonging to an unaffected user under its “socialisation of losses” plan following a $234 million hack. The court rejected WazirX’s argument that its Singapore-based restructuring automatically applied to Indian users, asserting domestic jurisdiction over crypto holdings accessed in India. The court declared that cryptocurrencies qualify as property under Indian law and can be held in trust. WazirX barred from redistributing user’s XRP under its “socialisation of losses” plan The Madras High Court, one of the High Courts of India, has ruled that cryptocurrencies qualify as “property” under Indian constitutional law and are capable of being held in trust. The ruling came in a case involving user holdings on the Indian-operated platform of WazirX, following a major security breach in 2024.
The court heard the plea of an individual whose account held 3,532 XRP tokens that were unaffected by the hack but were set to be diluted under WazirX’s proposed “socialisation of losses” plan. The plan, approved in Singapore as part of a restructuring process, would have spread the losses from the July 2024 hack—reported at approximately $234 million —across all users, including those whose assets were unaffected.
WazirX argued that its Singapore-based restructuring governed its Indian users, but the court disagreed. Justice N. Anand Venkatesh held that the petitioner’s crypto holdings were held “by means of the WazirX platform” in India, and thus the court exercised domestic jurisdiction.
He directed the Indian operator, Zanmai Labs Pvt Ltd, to furnish a bank guarantee corresponding to the value of the frozen XRP while the matter is resolved. The court emphasised that the tokens must remain with the user and cannot be reallocated without proper legal basis.
The Madras High Court’s decision arrives amid India’s slow progress toward comprehensive crypto regulation. While the country enforces a 30% capital gains tax and 1% tax TDS on crypto trades, it still lacks legislation defining ownership rights, investor protections, or exchange accountability.
By treating crypto as property in this decision, the court has provided a crucial legal benchmark that strengthens investor protections and could guide the development of future regulatory frameworks.
Po útocích na Compound Finance a Celer Network je kvůli migraci z Google Domains na Squarespace ohroženo dalších 124 front-end domén kryptoprojektů. Podle expertů byla při přesunu vypnuta 2FA.
Two prominent crypto projects have been exploited and many more could be at risk after two-factor authentication (2FA) was disabled, at the front-end, for projects using Google Domains amid a migration to Squarespace.
Posted July 11, 2024 at 2:27 pm EST.
The recent hacks of Compound Finance and Celer Network’s front-end domains on Wednesday revealed at least an additional 124 domains are at risk of exploitation by virtue of their registration with website-building company Squarespace, according to security experts.
Compound Finance, one of the largest decentralized protocols with a total locked value of nearly $2.2 billion, is hosting a phishing site, said Michael Lewellen, head of solutions architecture at blockchain security firm OpenZepplin, on X. He warned users not to interact with the website until further notice.
Another attacker, perhaps the same one or group, also attempted to take over the front-end domains of Celer Network. The team said on X that the takeover was intercepted and that their “investigation indicates that the attack vector likely involved third parties beyond our control.”
In a conversation with Unchained, the founder of blockchain network Glue and prominent white-hat hacker who goes by Ogle indicated that Compound Finance and Celer Network’s use of Squarespace to host their front-end websites is what allowed these exploits to occur.
“Right now, [Compound Finance is] exploited to the point that links are changed and so people can be phished,” he added. Phishing is a type of scam where exploiters use deception to make people reveal sensitive information or install malicious software.
Please avoid interacting with the compound[.]finance website until further notice.
It is part of the widespread domain compromise occurring right now. By visiting the site, or clicking any associated links, you will be putting yourself at risk. We and others are diligently…
— Compound Labs (@compoundfinance) July 11, 2024
The at-risk websites initially used Google Domains, but Squarespace acquired the Google Domains business, completing its acquisition of assets in September 2023.
The recent exploits were “almost certainly” from the migration of Google Domains to Squarespace, said Ogle. “What I’ve learned is that during that migration 2FA [short for two-factor authentication] was disabled.”
Compound Finance and Celer Network “probably did have 2FA enabled on Google, but then once it got switched over, not the case anymore,” he added.
“Google sold their domain business to Squarespace a few months ago and the forced migration of domains to Squarespace removed 2FA causing all these domains to be vulnerable and several have been hijacked,” said Bobby Ong, the co-founder of CoinGecko, on X.
Read More: $1 Million Bounty On Offer for Finding Bugs On Solana Validator Client Firedancer
Domains of Top Protocols At-Risk The number of crypto protocols joining the likes of Compound Finance and Celer Network may grow, as the pseudonymous founder of DefiLlama, who goes by the screen name @0xngmi on X, noted that 124 additional front-end domains of prominent crypto protocols are using Squarespace including Pendle Finance, Hyperliquid, dYdX, Nostra Finance, Axelar Network, Polymarket, Thorchain, Aptos Labs, NEAR, and Safe.
A spokesperson for Safe, a wallet infrastructure provider, confirmed with Unchained that Squarespace is involved with its front-end website, but emphasized they haven’t identified any abnormal activity and have systems in place to detect irregular changes.
“We currently remain unaffected,” Safe’s spokesperson said. “Our teams will continue to monitor the situation and keep our community and users informed.”
“As always, stay vigilant,” the spokesperson at Safe added. In a similar vein, the dYdX trading team said to Unchained over Telegram, “dYdX.exchange is secure with no detected vulnerabilities” and that they will also continue to “monitor the situation.” Axelar Network also has not identified any issues with its domain and will continue to track for any further developments, per a post on X.
Read More: 50% of Illicit Funds End Up At Centralized Crypto Exchanges, Chainalysis
The domains of these protocols — barring Compound Finance and Celer Network — remain unaffected. Yet Ogle says protocol team members should be worried as the situation is “not good” and that people should not go to any of these websites “under any circumstances until the official Twitter says it’s safe.”
At presstime, Compound(dot)Finance gets redirected to Compound-Finance(dot)app, in which the latter is flagged by Google as a dangerous site. “Attackers on the site you’re trying to visit might trick you into installing software or revealing things like your password, phone, or credit card number,” according to Google’s warning.
The message Google raises when people try to visit compound(dot)finance, which gets redirected to compound-finance(dot)app. If a user proceeds despite the flagrant, red warning, they’ll see a website that looks like a standard crypto protocol.
The interface of the phishing site is hosted by Compound Finance’s front end. Difference Between a Domain and Protocol While the domain websites of crypto projects may go down in the event of a hijacking, the actual protocols remain unaffected. People or bots can still interact with a project’s smart contract without going through a front-end website, Ogle said.
“You could transfer funds on the blockchain, you could go through their bridge, all that kind of stuff can happen without ever even using the website.” Even if a protocol’s front-end domain is attacked and “taken down by these hackers right now or whatever, you still don’t lose your money. You still have access to it.”
Representatives of Squarespace did not immediately respond to Unchained’s requests for comments.
UPDATE (July 12, 2024 10:03 a.m. ET) Includes status update of Axelar Network
Coinbase ukončí 14. června obchodování s Metal DAO (MTL) a nepodpoří jeho přechod na síť Metal L2. Držitelé musí přesunout MTL do cold wallet do 23. června, aby měli nárok na airdrop.
Cryptocurrency exchange Coinbase announced in its statement that it will not support the transition of the Metal DAO (MTL) altcoin to its layer-2 blockchain network and will stop trading for this altcoin on its platform on June 14.
Metal DAO (MTL) announced that it would abandon the Ethereum blockchain and migrate to its own layer-2 blockchain, Metal L2, via an airdrop.
The exchange announced that the tokens in question will continue to be withdrawn by users despite the delisting process. However, users need to perform some procedures to switch to the new network by receiving an airdrop from the Layer-2 network.
According to the statement made by Coinbase, the token holders in question must move their MTL tokens on the exchange to cold wallets by June 23 in order to be eligible for the new token airdrop. According to the statement, users who do not move their assets to cold wallets will not be able to access their assets in the new network.
*This is not investment advice.
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Správa protokolu Synthetix navrhla ukončit sUSD a vyplatit držitele ve vested SNX v poměru čtyři SNX za 1 sUSD. SIP-423 je zatím ve stavu Vote_Pending.
Synthetix governance has moved to retire sUSD entirely under SIP-423, introduced June 12. The proposal would freeze the stablecoin contract and pay all holders back at face value in vested SNX at a conversion of four SNX per sUSD. A companion SIP-424 covering technical implementation is pending.
Synthetix governance has moved to retire sUSD, proposing to pay all holders back at face value in vested SNX under SIP-423, introduced June 12. The stablecoin now trades at roughly $0.25 against its $1.00 target, per CoinGecko and DefiLlama.
Synthetix founder Kain Warwick and core contributor Benjamin Celermajer authored the proposal. Under SIP-423, the sUSD contract would be frozen and deprecated. Each eligible sUSD holder would receive four SNX tokens per sUSD, at a conversion that values SNX at $0.25 and sUSD at its intended $1.00 face value. The SNX tokens carry a one-year lock followed by a one-year linear vest from the freeze date. The claim window opens approximately one year after the freeze.
Four ComponentsSIP-423 has four parts. First, a holder snapshot: an audit of all sUSD balances on Ethereum and Optimism at a governance-defined cutoff block. Second, the sUSD retirement itself. Third, a restructure of the existing Debt Jubilee under SIP-420, which would close the 420 Pool, remove sUSD staking ratio requirements, and give existing debt participants the choice of a four-year lock with a one-year vest, or an early exit by repaying their remaining debt in full. The fourth component, SNX staking reform, is deferred to a separate build.
A contingent USDT path is included: if Synthetix generates more than $10 million in protocol revenue within the two-year lock-up period, 25% of that revenue can be distributed as USDT to legacy sUSD holders who prefer cash over SNX. Both the $10 million threshold and the 25% share are adjustable by the Spartan Council via SCCP.
Vote PendingSIP-423 carried a Vote_Pending status as of publication. A companion proposal, SIP-424, covering the technical implementation of the wind-down, has not yet been published.
The SIP notes that sUSD held in LP pools, vaults, or other deposit contracts cannot be automatically recovered. A separate Treasury claims process handles those cases. Core team members and the protocol itself hold material sUSD positions.
The DepegsUSD's peg has eroded sharply. The SIP's abstract states the token "trades below peg" and that Jubilee participants face "escalating sUSD staking requirements, both of which continue to hinder growth of the Synthetix Exchange." sUSD is down roughly 28% over the past seven days and about 61% over the past 30 days, per CoinGecko.
Synthetix carries approximately $17.5 million in sUSD circulating supply across Ethereum and Optimism, per DefiLlama. SNX trades around $0.2453, per CoinGecko, slightly below the $0.25 conversion floor set in SIP-423. The protocol's total value locked stands at $32.5 million, per DefiLlama.
Synthetix has attempted to stabilize sUSD before. In March 2026, the protocol was still extending sUSD rewards on Infinex to support the peg. The Defiant's January 2026 interview with Warwick covered his arguments for restructuring the debt model; SIP-423 is the structural outcome of that direction. Synthetix launched a perpetual DEX on Ethereum mainnet in December 2025, signaling a shift toward exchange-driven revenue rather than sUSD issuance.
SIP-423 is Synthetix's first proposal to wind down sUSD rather than repair it.
Zakladatel Synthetix Kain Warwick přiznal, že sUSD už přes rok ztrácí navázání na dolar, a oznámil jeho postupné ukončení. Nahradit ho má stablecoin krytý basis-vaultem na nové burze v4.
Synthetix founder Kain Warwick published a detailed thread this morning acknowledging that sUSD has been depegged for over a year, taking personal responsibility for treasury mismanagement, and outlining a basis-vault-backed replacement stablecoin to run on the protocol's new v4 exchange.
Synthetix founder Kain Warwick has acknowledged that sUSD has been depegged for over a year, taken personal responsibility for treasury mismanagement, and published a detailed thread this morning explaining the path forward: winding down the SNX-backed stablecoin and replacing it with a basis-vault-backed instrument powered by the protocol's new v4 exchange.
Warwick's eleven-tweet thread follows governance's passage of SIP-423, covered earlier today by The Defiant, which would freeze the sUSD contract and pay holders four SNX per sUSD. In the thread, Warwick goes further than the SIP itself, framing the depeg as a multi-factor failure and detailing the reasoning behind every step.
30% Treasury AccumulationThe protocol's treasury has absorbed roughly 30% of outstanding sUSD supply over the past year, according to Warwick's thread. Yet he says that buying back the rest is not an option: selling SNX at current prices to retire the remaining sUSD would be value-destructive, and there is no demand for locked SNX that would allow the protocol to repeg without deepening that discount.
Warwick noted that locking SNX at today's price implies a 75% discount against the liquid token, "which given the state of the token market is probably accurate." At the time of publication, SNX trades at $0.2426, per CoinGecko, and sUSD is quoted at $0.25, or roughly 75 cents below its $1.00 target.
The 420-Pool CallOn the 420 pool, Warwick's assessment is direct. Introducing the mechanism "very likely saved the protocol from a death spiral at the cost of the sUSD peg." SNX holders absorbed that cost; the thread frames sUSD as a liability of SNX holders specifically, which is why the SIP-423 wind-down uses SNX rather than cash to make holders whole.
What Went WrongWarwick attributes the depeg to three compounding failures. The v3 exchange was, in his words, "a dumpster fire." The v4 build took far longer to scale than anticipated. Yield generation on sUSD balances, a mechanism intended to create buy-side demand for the stablecoin, failed to materialize.
The combination left sUSD exposed. Supply had once exceeded $1 billion across sUSD and other synths; an orderly wind-down got it to roughly $50 million, but Warwick describes the remaining tail as "functionally insolvent" without exchange revenue to backstop it.
"As the founder the responsibility for this mismanagement is mine," Warwick wrote.
Basis-Vault ReplacementThe forward-looking piece of the thread is the replacement design: sUSD as a debt instrument backed by SNX is being wound down and replaced by a basis-vault-backed stablecoin, intended to run on the v4 exchange on Ethereum mainnet.
The design differs structurally from sUSD. A basis-vault stablecoin earns yield from funding-rate arbitrage between spot and perpetual positions, rather than requiring collateral in a volatile governance token. Warwick did not specify a launch timeline or target supply for the replacement.
Perp Meta, MissedWarwick's self-critique centers on a specific market window. Synthetix had the architecture and the community to compete in the 2023-2024 on-chain perpetuals expansion. Instead, v3 development problems slowed the exchange, and purpose-built perp venues captured the growth.
"Synthetix was positioned almost perfectly to take advantage of the Perp Dex meta, but we fumbled hard," Warwick said. He added he remains a holder of both SNX and sUSD, describing both as "max pain since 2022." He closed the thread expressing confidence in a recovery, though he acknowledged the market is not currently pricing one in.
Synthetix's total value locked stands at $32.5 million, per DefiLlama, with virtually all of that on Ethereum. SNX carries a market capitalization of $83.6 million, per CoinGecko.
Coinbase pozastaví obchodování s Enjin Coin (ENJ) a Metal (MTL) od 14. června kolem 14:00 ET. Obě aktiva po oznámení prudce oslabily. ENJ spadl o více než 15 % a MTL o více než 8 %.
Crypto exchange Coinbase in a surprising move on Friday announced suspending trading for Enjin Coin (ENJ) from mid-June. As a result, ENJ price tumbled 10% in a few hours, with the fall extending to over 20% this week. The crypto exchange also announced a suspension of trading for Metal (MTL), causing a more than 8% fall in prices.
Coinbase Announces ENJ and MTL Trading Suspension In the latest posts on X on May 31, Coinbase said it will suspend trading for Enjin Coin (ENJ) based on recent reviews. Users will not be able to trade Enjin Coin (ENJ) from around 2 PM ET on June 14.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” said Coinbase, citing reasons for the suspension.
Notably, trading will be suspended on Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX. This indicates an overall takedown of Enjin Coin from the crypto exchange, sparking concerns among ENJ holders as they panic sell their tokens.
Coinbase also stated that it has moved ENJ order books to limit-only mode. This would allow limit orders to be placed and canceled, and matches may occur.
ENJ price dropped more than 15% after the announcement, with the price currently trading at $0.316. Derivatives trading also witnessed a massive decline in ENJ open interest after the move by Coinbase.
Also Read: Mt Gox $10B Bitcoin Distribution Won’t Affect BTC Price: Details
Metal Dao (MTL) Price Plunges 9% Coinbase asked users to transfer their MTL tokens to a self-custodial wallet that will support MTL V2 by June 23rd at 11 PM ET to ensure access to the airdropped assets. “If you do not transfer your MTL assets by this date, you will not be able to access the V2 assets,” the exchange asserts.
Coinbase will not support MTL token airdrop. It will suspend trading for Metal DAO (MTL) at 2 PM ET on June 14. The exchanges has moved MTL order books to limit-only mode, similar to Enjin Coin (ENJ).
MTL price fell 9% after the news and extended the fall by over 12% this week, with the price currently trading at $1.67. The 24-hour low and high are $1.61 and $1.82, respectively. Furthermore, the trading volume has decreased by 42% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Will Bitcoin, ETH, SOL, XRP, SHIB Prices Set to Rally in June as CPI & PCE Inflation Cools
ECB uvedla, že top 100 držitelů v Aave, MakerDAO, Ampleforth a Uniswap ovládá přes 80 % governance tokenů, což zpochybňuje jejich „plně decentralizovaný“ status podle MiCA. U Ampleforth navíc top 20 hlasujících drží zhruba 96 % proxy hlasů.
ECB staff paper finds top 100 holders in Aave, MakerDAO, Ampleforth and Uniswap control over 80% of governance tokens. Concentrated voting blocs threaten DeFi protocols’ claims to “fully decentralized” status under MiCA. Findings raise risk that leading DeFi DAOs could be pulled inside the EU’s licensing and compliance regime. The European Central Bank (ECB) has published a working paper arguing that governance in flagship DeFi protocols like Aave, MakerDAO, Ampleforth and Uniswap is far more centralized than their “decentralized autonomous organization” branding suggests, a conclusion that could strip them of regulatory safe harbor under the EU’s MiCA regime. The staff study, titled “Who to regulate? Identifying actors within DeFi’s governance,” finds that the top 100 holders in each of the four protocols collectively control more than 80% of governance token supply, with “around half or more holdings linked” to the protocols themselves or exchanges.
According to the ECB researchers, voting power is even more concentrated than token ownership, with top voters “mostly delegates, who, in many cases, could not be identified nor linked to token holders.” In Ampleforth, the paper highlights that the top 20 voters account for roughly 96% of proxy voting rights, a structure that leaves real control in the hands of a small, opaque elite. That concentration, the authors warn, turns many DAOs into what prior academic work has called “minority rule,” where a few large token holders or delegates can effectively dictate protocol outcomes.
MiCA’s “fully decentralized” exemption under pressure Under the EU’s Markets in Crypto-Assets regulation, crypto-asset services that are “provided in a fully decentralised manner without any intermediary” can fall outside the core licensing perimeter. The ECB paper directly questions whether Aave, MakerDAO’s Sky ecosystem, Uniswap and Ampleforth can plausibly claim that status when more than half of governance tokens in some cases are linked to founding teams or centralized exchanges such as Binance. “The concentration of governance power remains stable over time,” the authors write, arguing that decentralization here is “form over substance.”
Regulatory anchor points for DeFi For policymakers, the study’s aim is explicit: identify “regulatory anchor points” in systems that were designed to avoid having a traditional issuer, board or CEO. The authors stress that limited on-chain transparency about the real-world identities behind key delegates “complicates efforts to assess accountability and reinforces concerns about the concentration of power.” That, in turn, bolsters arguments from EU agencies and legal commentators that MiCA’s decentralization exemption must be interpreted narrowly, with regulators focusing on where effective decision-making and operational control actually sit, rather than on marketing language about DAOs.
In practice, the ECB’s approach signals that supervisors are ready to treat DeFi governance structures with the same forensic scrutiny applied to large banks’ shareholder registers and control chains. If Aave, Uniswap or MakerDAO cannot demonstrate materially dispersed and accountable governance, their DAOs may be forced into the same kind of licensing, capital, and compliance obligations now facing centralized crypto-asset service providers across the bloc.
Theta Network přidala Deutsche Telekom jako enterprise validátora do svého konsenzuálního mechanismu, kde bude ověřovat transakce na decentralizovaném blockchainu Layer 1. Telekom zároveň stakuje THETA a získává odměny v TFUEL.
Theta Network adds Deutsche Telekom to participate in its core consensus mechanism. As a validator, the telecom giant will play a direct role in verifying transactions on the decentralized L1 network.
Summary
Deutsche Telekom joined Theta Network as an enterprise validator, helping secure and verify transactions on its decentralized Layer 1 blockchain. The telecom giant will stake THETA and earn TFUEL rewards, aligning its infrastructure strategy with decentralized computing. The move expands Deutsche Telekom’s Web3 footprint, following its prior validator roles for Ethereum, Polkadot, and Chainlink. In a press release dated Oct. 31, Theta Network announced that German telecom heavyweight Deutsche Telekom will now operate an enterprise validator node on its blockchain.
The move places the telecommunications giant alongside other corporate validators like Google and Samsung, tasking it with the core blockchain function of verifying transactions and securing the Layer 1 network. The company’s specific validator address is now publicly active on the Theta blockchain.
Theta Network moves toward decentralized infrastructure for telecoms To secure its role on Theta Network, Deutsche Telekom will stake the protocol’s native THETA token. In return, the company will earn staking rewards paid in TFUEL, the network’s operational token used for gas fees and payments on the Theta EdgeCloud platform.
Deutsche Telekom framed the move as a natural extension of its existing infrastructure business into decentralized computing. The company cited Theta’s emphasis on performance and reliability in AI-heavy environments as key to its decision.
“Theta’s decentralized architecture aligns with our focus on dependable, secure infrastructure. As a digital leader, we’re happy to support this innovative technology and contribute to its growth, unlocking new possibilities and opportunities in the process,” Dirk Roeder, Head of Telekom MMS Web3 Infrastructure and Solutions, said.
This foray into Theta Network is not Deutsche Telekom’s first blockchain rodeo. The telecom giant has built a considerable Web3 portfolio through its subsidiary, Deutsche Telekom MMS, having previously provided enterprise-grade infrastructure and validation services for major protocols including Ethereum, Polkadot, and Chainlink.
Theta Network, for its part, underscored the broader context of the partnership by pointing to Theta EdgeCloud, its hybrid cloud–edge computing platform. The platform is designed to leverage a global network of community-run edge nodes and cloud partners, creating a distributed marketplace for GPU computing power.
Polkadot governance has approved a proposal to implement a 10,000 DOT validator self-stake minimum, making nominators unslashable and reducing unbonding periods from 28 days to as little as 24 hours.
Polkadot's governance has approved a proposal to establish a 10,000 DOT minimum self-stake requirement for validators. The approved upgrade introduces significant changes to the network's staking mechanics, including eliminating slashing risk for nominators and drastically reducing unbonding times from approximately 28 days to as little as 24 hours.
The proposal represents a comprehensive restructuring of Polkadot's validator requirements and staking incentives. By setting a higher self-stake minimum, the protocol aims to increase validator commitment and security while simultaneously improving the user experience for token holders participating in the network through nomination.
The unbonding period reduction is one of the most substantial changes, allowing users to withdraw staked tokens significantly faster than the current timeline. Combined with nominator protection from slashing penalties, the upgrade is designed to make participation in Polkadot's proof-of-stake consensus more attractive and user-friendly.
Polkadot 2.0 nahradil dvouleté aukce slotů systémem Agile Coretime, který umožňuje kupovat výpočetní kapacitu měsíčně nebo po blocích času. Vývojáři tak už nemusí zamykat velké množství DOT na roky dopředu.
Polkadot 2.0 replaces the old two-year slot auction model with Agile Coretime, a flexible system that lets developers buy network compute time on a monthly basis or even block by block. This change went live in September 2024 and was finalized with the release of Polkadot SDK version 2509 in October 2025, completing the three-pillar Polkadot 2.0 upgrade alongside Asynchronous Backing and Elastic Scaling.
For developers, the practical difference is significant: launching a parachain no longer requires locking up large amounts of DOT for years at a time. You pay for what you use, when you need it.
What Was Wrong with the Old Parachain Slot System?Before Polkadot 2.0, projects that wanted to run a parachain (a custom blockchain that plugs into Polkadot's shared security) had to win a slot through a candle auction. Those auctions required teams to lock DOT tokens for lease periods of up to two years. Only the highest bidders secured a spot.
This created real barriers:
Small and mid-size teams needed to raise or hold massive amounts of DOT just to get started.Once a slot was won, the team paid for continuous blockspace whether or not they were using it.If a project's traffic was low for a few months, it was still burning through its lease.New projects with promising ideas but limited capital were simply priced out.The auction model also created unpredictable costs. Project budgets depended on DOT's market price at the time of the auction, introducing a layer of financial risk that had nothing to do with the actual work of building.
How Does Agile Coretime Actually Work?In Polkadot's architecture, a "core" is the virtual abstraction of computing power that the Relay Chain provides to secure a parachain's blocks. Think of it as a processing slot. Agile Coretime is the system that controls how those cores get assigned and purchased.
There are two main ways to obtain coretime today:
Bulk coretime: A team buys access to a core for a fixed period, up to 28 days, represented as an NFT on the Coretime Chain. This is suitable for parachains that need to produce blocks continuously, such as every 6 or 12 seconds. Renewal orders take priority over new orders, which protects active chains from price spikes.On-demand coretime: A team pays per block, each time they need one produced. This suits projects with irregular traffic, test deployments, or applications that only need to process transactions occasionally.Bulk coretime can also be split and resold on secondary markets, which means a team running a lighter workload can divide its core allocation and sell unused portions to other projects. This creates a more efficient use of network capacity overall.
Eskimor, lead developer at Parity Technologies, described:
"Agile Coretime is a huge milestone in making the high quality blockspace Polkadot offers more accessible. With this and other features we have in the pipeline, I expect more experimentation and awesome projects to be launched on Polkadot."
What Are the Other Pillars of Polkadot 2.0?Agile Coretime is one piece of a three-part upgrade. Understanding how all three work together matters for developers assessing the platform.
Asynchronous BackingAsynchronous Backing changed how parachain blocks are validated. Previously, each parachain block had to be fully validated before the next one could start. The async model decouples those stages, allowing parachain block preparation and relay chain inclusion to happen in parallel. The result is that block times dropped from 12 seconds to 6 seconds, roughly doubling throughput for chains running on Polkadot.
Elastic ScalingElastic Scaling, completed in October 2025, allows a parachain to temporarily use multiple cores at the same time when demand is high, then release them when traffic drops. A chain that normally runs on one core can burst to two, three, or more during a spike. Early projections suggest individual parachains could theoretically handle hundreds of thousands of transactions per second under this model.
Together, these three upgrades form what the Polkadot community calls the "scaling trilogy," and they all converged in the Polkadot SDK 2509 release.
What Does This Mean for Developers in Practice?The most direct change is cost structure. Instead of locking millions of dollars worth of DOT into a two-year lease, a new project can buy a single month of bulk coretime to start. If the project grows, it renews and scales up. If it shrinks or pivots, it scales back or sells unused coretime.
Builders can also mix and match:
Reserve bulk coretime for steady workloads where consistent block production matters.Use on-demand coretime for testing, low-traffic phases, or applications with predictable low frequency.During traffic spikes, elastic scaling allows temporary expansion across multiple cores without a new contract or auction.This flexibility is especially useful for use cases like gaming (where traffic spikes around events), DePIN (decentralized physical infrastructure networks), and AI-adjacent applications that may see highly variable load patterns.
Polkadot SDK 2509 also introduced Ethereum compatibility through Polkadot Hub, meaning Solidity smart contracts can run on Polkadot with minimal changes. Combined with PolkaVM, which supports contracts written in Rust and C++ compiled to RISC-V, developers now have multiple entry points depending on their existing skill set.
Since 2025, Polkadot has attracted 450 to 500 monthly active developers and distributes grants through an on-chain treasury that disbursed roughly $21.8 million in 2025.
What Is JAM, and Why Does It Matter?The next major upgrade on Polkadot's roadmap is JAM, which stands for Join-Accumulate Machine. JAM is designed to replace the Relay Chain entirely with a more general-purpose architecture that treats Polkadot less like a blockchain router and more like a distributed computer. JAM enables smart contracts written in Solidity, Rust, or C++ to run across hundreds of parallel cores.
JAM was announced by Gavin Wood in April 2024. A public JAM testnet launched in January 2026, with 43 independent teams building implementations across 15 programming languages and competing for a 10 million DOT prize pool administered by the Web3 Foundation. As of June 2026, JAM is not yet live on mainnet.
The current target window for critical testing milestones and early mainnet upgrade proposals through Polkadot's OpenGov process is Q3 to Q4 2026. It builds on the same coretime model introduced in Polkadot 2.0, so the resource-purchasing mechanics that developers learn today carry forward.
DOT Tokenomics and What Changed in March 2026A separate but related update happened in March 2026. Polkadot enacted a hard supply cap of 2.1 billion DOT and cut annual token issuance by 53.6%. This mirrors Bitcoin's supply-capping approach and was designed to reduce long-term sell pressure on the token.
Alongside the supply cap, Polkadot also overhauled how protocol revenue is handled. Previously, a portion of DOT from coretime sales was burned. That changed in January 2026 when Polkadot's governance passed the Dynamic Allocation Pool (DAP) proposal.
Under the DAP model, coretime sales revenue, transaction fees, and validator slashes no longer get destroyed. Instead, they flow into a governance-controlled pool that allocates funds to validators, nominators, the treasury, and a strategic reserve. The practical result is that network revenue is now recycled back into the ecosystem rather than removed from circulation entirely.
As of June 2026, DOT is trading around $0.94, down significantly from 2025 highs. The first U.S. spot DOT ETF, the 21Shares TDOT, launched in March 2026, though early inflows have remained modest.
ConclusionPolkadot 2.0 is fully deployed. Agile Coretime, Asynchronous Backing, and Elastic Scaling are live on mainnet as of the SDK 2509 release in October 2025. Together, they give developers a credible toolkit: flexible blockspace pricing, six-second block times, and the ability to scale compute capacity up and down in real time.
JAM is the next step, currently in public testnet with a mainnet governance proposal expected in Q3 to Q4 2026. It extends the same coretime model to a broader execution environment. The infrastructure is in place; what happens next depends on developer adoption.
ResourcesPolkadot Developer Docs – Agile Coretime – Official reference for bulk coretime and on-demand coretime mechanics on Polkadot.Polkadot Wiki – Agile Coretime (Scheduling) – Deep dive into coretime scheduling, multi-threading, and bulk purchase mechanics.Parity Technologies – Polkadot Upgrade 2025: What You Need to Know – Overview of SDK 2509, Asynchronous Backing, Agile Coretime, and Elastic Scaling from Polkadot's core development team.Polkadot Newsroom – Polkadot Launches Agile Coretime – Official press release with developer commentary from Parity Technologies.OneKey Blog – What's Next for Polkadot: Upcoming Upgrades and Milestones for 2025-26 – Summary of coretime market development, JAM roadmap, and developer strategy for 2025-26.Polkadot Developer Docs – Obtain Coretime – Practical guide for purchasing bulk and on-demand coretime when deploying a parachain.Elastic Scaling – Polkadot Developer Docs – Technical documentation for multi-core parallel execution on Polkadot.Parity Technologies – Refining Polkadot's Economic Architecture: DOT Issuance, DAP, and Network Adjustments – Official explanation of the Dynamic Allocation Pool, the 2.1 billion DOT supply cap, and the March 2026 issuance reduction.
SEC schválila změnu pravidel pro zalistování aktivně spravovaného T. Rowe Price Active Crypto ETF na NYSE Arca. Fond má držet zhruba 5 až 15 různých kryptoměn včetně BTC, ETH, SOL, XRP, ADA, AVAX, LTC, DOT, DOGE a LINK.
On June 14, U.S. Securities and Exchange Commission (SEC) filings show the regulator has formally approved a rule change proposed by NYSE Arca that enables the listing and trading of the T. Rowe Price Active Crypto ETF. An actively managed cryptocurrency ETF, the fund will invest in a basket of digital assets meeting SEC-defined "eligible asset" criteria. While it uses a cryptocurrency index as its benchmark, it will not track that index passively. The filing notes the fund is projected to hold roughly 5 to 15 distinct cryptocurrencies, including major tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), and Chainlink (LINK). The SEC filing also reveals the fund may hold stablecoins—primarily USDC—as "tokenized cash" during normal operations to cover expenses and rebalance assets, though these will not count toward its core investment portfolio. The approval notice stresses the product must adhere to NYSE Arca’s rules around anti-manipulation, disclosure, liquidity, and risk management. It also requires the fund to have information barriers (often called "firewalls") and position transparency mechanisms in place to uphold market fairness and prevent insider trading. Analysts say this ETF’s approval further expands cryptocurrency’s footprint within the traditional financial sector, marking the arrival of actively managed multi-crypto ETFs as tradable products under mainstream regulatory oversight.
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Polkadot hlasuje o dvou návrzích, které mají přesunout stakingové riziko z nominátorů na validátory. Jeden ruší slashování nominátorů a zkracuje unbonding na 48 hodin.
Two New Referenda Target Polkadot's Staking Economics@Polkadot has put two new OpenGov proposals to its community: referenda 1909 and 1910. Together, they represent the next step in a broader effort to overhaul the network's staking architecture, shifting risk away from everyday participants and toward the validators who operate the infrastructure.
Referendum 1909 builds on the 10,000 $DOT validator self-stake minimum that was established by the earlier Referendum 1890. The new proposal adds self-stake rewards for validators, sets validator commissions to 0%, and introduces permissionless chilling, meaning that under-bonded validators can be removed from the active set without requiring a governance action. The intent is to sharpen validator incentives and ensure operators carry genuine financial exposure to their own performance.
Referendum 1910 addresses the nominator side of the equation. It proposes removing nominator slashing entirely and reducing the unbonding period to 48 hours. Under Polkadot's current model, nominators who back a misbehaving validator can lose a portion of their staked funds. The existing unbonding period, meanwhile, sits at approximately 28 days, meaning stakers must wait nearly a month before withdrawn $DOT becomes transferable.
Rebalancing Risk Between Validators and NominatorsThe two proposals are designed to work in tandem. By concentrating slashing risk on validators through the self-stake requirement and removing it for nominators, Polkadot aims to make staking more accessible to a broader range of participants. Cutting the unbonding window to 48 hours addresses a longstanding liquidity concern that has discouraged some holders from participating at all.
Taken together, referenda 1909 and 1910 continue a reform trajectory that @Polkadot's governance community began earlier in 2026. The core logic remains consistent: validators, who control the infrastructure, should absorb the primary operational risk, while nominators should be able to delegate and earn rewards with fewer barriers and less exposure to losses outside their control.
Both proposals are open for a vote through Polkadot's OpenGov system, where $DOT holders can participate directly in the decision.
Yearn Finance přišlo kvůli chybě v kontraktu yETH o zhruba 9 milionů USD. Útočník během jediné transakce vytvořil 2,35 × 10³⁸ yETH a vyčerpal likviditu poolu.
They always come back, more inventive, more technical. Hackers have just struck a new blow in the crypto sphere. This time, Yearn Finance is the victim. Outcome: 9 million dollars vanished. Behind the exploit, a bug of rare complexity in the yETH contract. On the surface, a simple swap. In depth, mathematical chaos. And worst of all, this is not an isolated case.
In brief Yearn Finance loses 9 million due to a flaw in a custom swap contract. The technical bug: a division omitted in the calculation of the virtual balance product. The attacker uses temporary contracts to drain assets and obfuscate the trail. A single transaction is enough to pocket 100% of the affected yETH pool liquidity. When arithmetic explodes: a bug worth millions On November 30, a user was able to create 2.35 × 10³⁸ yETH thanks to a subtle flaw in the swap() function of the smart contract. This contract was supposed to maintain a balance rule between tokens. Except a critical division was omitted in the formula. Result: the variable vb_prod ran away. Like a speedometer stuck in overdrive, it deceived the protocol about its own health.
The exploit was confirmed by PeckShield, who alerted in a tweet that nearly 9 million dollars had been lost. Part of the funds — about 3 million in ETH — was sent via Tornado Cash, a famous crypto mixer used to obscure trails. The rest still sleeps in the hacker’s address.
The severity of the bug is not a simple oversight. As Ilia.eth explained on X:
Today’s exploitation of the $yETH pool was not a flash loan type price attack, but indeed a structural collapse of the AMM’s internal accounting. Here is a technical analysis showing how a simple omitted division led to complete protocol drainage.
This flaw painfully recalls the precedent of Balancer, where poor rounding management caused similar chaos. Same cause, same effect: uncontrolled monetary creation followed by a legitimate but destructive withdrawal.
Helper contracts to raze Yearn Finance’s architecture It’s not just the bug that impresses. It’s the attack engineering. In a single transaction, the hacker orchestrated everything: deployment of “helper contracts,” token minting, conversion to ETH, fund transfer, and self-destruction of contracts to erase traces.
According to Blockscout, each helper contract executed a targeted call to the vulnerable function, then sent the ETH to a master wallet before disappearing. A strategy worthy of a heist movie, where the robber erases his digital footprints in the same second he acts.
The key address identified by several analysts is: 0xa80d…c822, currently still holding about 6 million in stETH, rETH, and other Ethereum derivatives.
On X, William Li offers further reading:
The hacker actually did not withdraw all the yETH he created, he only sold part of it in the yETH-ETH pool for 1,000 ETH (about 3 million dollars) — which is far less than the real gain he made (P2).
More than a theft, it is therefore a controlled disintegration of the yETH protocol. And behind the attack, a deep mathematical knowledge, coupled with cold and precise programming talent.
Crypto and trust: when code becomes Achilles’ heel Yearn Finance is far from an amateur project. Yet, the flaw was detected neither by users nor by audits. This is where the matter becomes worrying for the entire crypto market. Because this type of error — a multiplication instead of a division — could exist elsewhere, lurking in other protocols.
The yETH contract structure is a hybrid between Curve and Balancer. Except that instead of recalculating each transaction, it stores an intermediate state (vb_prod) supposed to be updated after each swap. A dangerous practice, according to Ilia.eth:
Storing complex product results (vb_prod) to update them incrementally is extremely risky. Errors accumulate, and the slightest logical bug can remain active indefinitely. It would be better to recalculate invariants from current balances.
The hack revives the debate: should gas economy or rigor be prioritized? One thing is certain: the consequences of a botched trade-off now amount to millions. At Yearn, the time is for remobilization: SEAL911, ChainSecurity, and a post-mortem investigation are already on the front line.
5 key facts about the Yearn Finance exploit November 30, 2025: date of the hack; $9 million: estimated total losses; 2.35 × 10³⁸ yETH: artificially created tokens; Single transaction: the entire attack happened in one block; Helper contracts: deployed, used, then self-destructed. Calculation errors in crypto do not forgive. And for good reason: it’s not another audit that would have avoided the carnage. Balancer, despite 11 security audits, was also emptied by an almost twin bug. A simple multiplication factor can become a weapon of mass destruction when finance becomes programmable. Protocols have short memory, but blockchains never forget.
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Mikaia A.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
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CRV klesá na 0,24 USD, protože sentiment oslabil po exploitu v LlamaLend poolu sDOLA–crvUSD s odhadovaným výnosem útočníka 240 000 USD. Token zůstává nad supportem 0,22 USD, ale pod resistance 0,25 USD.
CRV price trades near $0.24 as LlamaLend exploit concerns weigh on short-term sentiment.
Summary
CRV price is holding above $0.22 support but struggling below $0.25 resistance. A $240K LlamaLend pool exploit has added fresh uncertainty around Curve’s ecosystem. A daily close below $0.22 could expose the psychological $0.20 level. Curve DAO (CRV) token is trading at $0.24 at press time, down 3.5% over the past 24 hours. The pullback comes during a recovery attempt, with price still near the upper half of its seven-day range between $0.21 and $0.26.
CRV is up about 5% on the week but remains down 20% over the past month.
Derivatives activity has softened. Volume is down 12% to $127 million, while open interest has slipped 1.73% to $67.8 million, according to CoinGlass data.
As uncertainty persists, the drop in open interest shows that some leveraged positions are being closed rather than opened, indicating caution among traders.
LlamaLend pool exploit adds pressure Curve Finance’s March 2 statement confirming that it is looking into an attack on the sDOLA LlamaLend markets has dampened sentiment. The issue stemmed from how the pool’s price oracle was configured, which introduced the risk of manipulation.
Blockchain security firm BlockSec had clarified that the vulnerability affected only the sDOLA–crvUSD LlamaLend pool and not Inverse Finance itself. The exploit resulted in an estimated $240,000 profit for the attacker.
Borrowers who used sDOLA as collateral were liquidated, while lenders were unaffected. sDOLA holders even saw gains due to the price distortion.
Correction: After further investigation and discussion with @InverseFinance, we confirm that its contract was not affected by the attack. The actual victim was the sDOLA–crvUSD Curve LlamaLend pool. The root cause was an improper oracle configuration by the pool creator, who used… https://t.co/DTDJX1gVrS
— BlockSec Phalcon (@Phalcon_xyz) March 2, 2026 The attack relied on a flash loan. Funds were borrowed, sDOLA was redeemed and re-staked as a donation, and the pool’s pricing mechanism was temporarily distorted.
That shift pushed several positions below liquidation thresholds, allowing the attacker to liquidate them at a profit.
Curve emphasized that the core protocol contracts were not compromised. Even so, the incident has revived concerns about oracle design and integration risks within DeFi lending markets.
CRV price technical analysis CRV continues to trade in a bearish structure. The daily chart shows a sequence of lower highs and lower lows. Price sits below the descending 50-day moving average, reinforcing the short- to mid-term downward bias.
CRV daily chart. Credit: crypto.news Attempts to reclaim the 0.25–0.26 zone have failed so far, leaving overhead supply in place. Bollinger Bands expanded to the downside after a period of contraction, confirming that the latest volatility break favored sellers.
Price is now hugging the lower band, a sign that sell pressure has not fully eased. A close back above the mid-band would be the first sign of stabilization, but that has yet to occur.
The momentum is still skewed toward bears because the relative strength index is less than 50. It recently recovered from around the 30 level, but there hasn’t been any major bullish divergence.
Immediate support sits near 0.22, which marks the lower boundary of the current range and a liquidity cluster. A daily close below that level could open the path toward the psychological 0.20 mark.
On the upside, 0.25 acts as near-term resistance. A sustained move above 0.30 would be required to break the pattern of lower highs and shift the broader structure.
Curve Finance obvinila PancakeSwap z použití jejího StableSwap kódu bez odpovídající licence. Spor se týká nejen práv ke kódu, ale i bezpečnosti uživatelů v DeFi.
Curve Finance accuses PancakeSwap of having reused a sensitive part of its architecture without respecting the required license. Behind this accusation, it is not just a conflict of egos between two big names in DeFi. The issue touches on code ownership, user security, and how crypto protocols reuse technical building blocks that have become quasi-standards.
In brief Curve Finance accuses PancakeSwap of having used its StableSwap code without an appropriate license. The dispute concerns both security and usage rights in DeFi. A discussion between the two teams remains possible, but the case marks a turning point for crypto. A crypto conflict that goes beyond a simple technical quarrel Curve Finance accuses PancakeSwap of using its StableSwap code without proper authorization. Curve considers this reuse as a violation of its license and has publicly invited PancakeSwap to regularize the situation through official collaboration.
The core of the dispute concerns StableSwap, a mechanism designed to facilitate exchanges between stablecoins or assets very close in value. This type of technology seems discreet from the outside. Yet, it plays a crucial role in execution quality, price slippage, and liquidity pool stability on the DEX.
In the wake of this, PancakeSwap adopted a tone more conciliatory than aggressive. Its team indicated a desire to discuss with Curve. Curve’s response left the door open to an agreement. This is an important point. In crypto, some disputes end up in court. Here, the case can still shift towards a more pragmatic agreement.
Why StableSwap code has become so strategic in crypto StableSwap is not just a simple piece of interchangeable code. It is a formula that optimizes exchanges between assets meant to remain close, such as stablecoins. When it works well, the user experience is smooth. When poorly integrated, the damage can be swift.
Curve stresses exactly this point. The protocol reminds that deep expertise is necessary to integrate this kind of function without creating vulnerabilities. The message is also political. Curve does not just say “you copied”. It mainly says: “you are playing with a delicate mechanism that can expose user funds if implemented poorly.”
This argument is not theoretical. Reminders of past incidents in DeFi serve to show that copy-pasting is never neutral. In this environment, reusing a swap logic without mastering its parameters can turn a profitable innovation into an entry point for an attack. This is where the crypto debate becomes concrete: it concerns both security and usage rights.
PancakeSwap Infinity also shows how far the crypto innovation race goes The timing of the conflict is no coincidence. PancakeSwap Infinity, the latest version of the DEX, was launched in April 2025 on Arbitrum and the BNB Chain. The platform added hooks, pool customization tools, and a significant fee reduction for creation. In short, PancakeSwap wants to appear as a more flexible, modular, and ambitious infrastructure.
In this context, integrating a StableSwap-type function makes sense. Users want efficient exchanges on stable assets. Protocols want to capture this traffic. And DEXs know the battle is no longer only about volumes but also about the quality of architecture. This conflict thus arises at a time when every technical detail can become a competitive advantage.
What emerges, fundamentally, is the growing maturity of the crypto sector. A few years ago, many projects copied, forked (fork) and launched quickly. Today, the stakes are higher. Code reused without a clear framework can open a legal front, weaken a protocol’s reputation, and worry a community already very sensitive to security issues.
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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.
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Upbit vyřazuje Loopring (LRC) po interní kontrole kvůli obavám o transparentnost a udržitelnost plánu projektu. Vklady už byly pozastaveny, obchodování skončí v polovině března.
South Korean cryptocurrency exchange Upbit has announced it will delist Loopring (LRC), marking another instance of tighter listing oversight within one of Asia’s most closely regulated digital asset markets. The exchange said trading support for LRC will end in mid-March, with withdrawals to remain available for a limited period thereafter, giving users time to manage positions before services are fully discontinued.
The decision follows what Upbit described as a comprehensive internal review of the project. According to the exchange, concerns were raised regarding disclosure standards, business transparency, and the sustainability of the project’s roadmap. While Upbit did not allege misconduct, it indicated that the token no longer satisfied the platform’s listing maintenance criteria, which are designed to protect investors and ensure adequate levels of project communication and operational clarity.
Delisting timeline and user impact Under the announced schedule, deposits of Loopring have already been suspended, and trading support will cease on the specified termination date. After trading ends, open orders will be automatically canceled. Withdrawals will remain available for a defined grace period before full support is terminated. Upbit advised users to review their holdings carefully and take necessary action to avoid disruptions once services conclude.
For retail investors, the immediate implication is reduced liquidity within the South Korean market. Upbit commands a significant share of domestic crypto trading volume, and removal from its platform can materially affect a token’s accessibility and price stability in the region. Market participants often view delistings by major exchanges as negative catalysts, particularly when they stem from compliance or transparency concerns rather than purely commercial considerations.
Broader regulatory context in South Korea South Korea has developed one of the world’s more structured regulatory environments for digital asset trading. Exchanges operating domestically are subject to strict reporting standards and periodic asset reviews. Projects listed on major platforms are expected to maintain consistent disclosures regarding development progress, governance structure, tokenomics, and risk factors. Failure to meet these standards can result in trading suspensions, watchlist designations, or full delistings.
In recent years, local exchanges have demonstrated greater willingness to remove tokens that fall short of evolving compliance benchmarks. This reflects both regulatory pressure and a broader industry shift toward enhanced investor protection. For exchanges, maintaining credibility and regulatory alignment has become a strategic priority, particularly as institutional participation in digital assets expands.
Loopring, an Ethereum-based layer-2 protocol designed to facilitate scalable decentralized exchange infrastructure, continues to operate independently of any single exchange listing. However, delisting from a major venue such as Upbit may limit exposure to one of the region’s most active retail trading bases. The longer-term impact on LRC’s liquidity and valuation will depend on trading activity across other global exchanges and the project’s ability to address the concerns highlighted during the review process.
As exchanges worldwide refine listing frameworks in response to regulatory developments, Upbit’s decision underscores the growing importance of transparency, consistent disclosure, and operational sustainability in the digital asset sector. The move serves as a reminder that exchange listings are conditional, and that ongoing compliance is increasingly central to a token’s continued market access.
Archax na Hedera spustil streamování peněžních toků v reálném čase pro tokenizované cenné papíry. Úrokové platby se tak mohou vyplácet téměř po sekundách přímo do peněženek investorů přes USDC.
London, June 11, 2026 – Archax, the UK/EU-regulated digital asset platform, today announced real-time streaming cash flows for tokenized securities on Hedera, the trusted public network for building fast, secure, and compliant decentralized applications. This capability enables interest payments to be distributed on a near second-by-second basis directly to investors’ wallets using Circle’s USDC stablecoin on Hedera.
This innovation expands upon Archax’s success with pooled token products on Hedera. It marks another step in delivering institutional-grade digital asset infrastructure that improves efficiency, transparency, and liquidity across tokenized markets.
Powered by Hedera’s enterprise-grade, low-fee network, the streaming cash flow capability enables interest payments to update in real-time within investors’ wallets. As tokenized securities are traded, the corresponding payments automatically follow the asset each second, with cash flows adjusting continuously based on where the security is held. Since the underlying assets can be fractionalized, the associated payments are also continuously divisible.
Graham Rodford, CEO and co-founder of Archax commented, “Tokenizing assets was the first step; streaming cash flows is a giant leap into the future of finance. Industry-leading innovation like this unlocks true on-chain utility – such as real-time yield payment streams – as well as reducing market inefficiencies. This deployment on Hedera showcases how regulated, institutional products can leverage cutting-edge DLT capabilities to deliver unprecedented liquidity and efficiency to investors. This isn’t just a 24/7 market, it’s a real-time, second-by-second market.”
“Our work with Archax is a strong example of how tokenization can improve the way financial assets are managed and distributed,” said Gregg Bell, Chief Investment Officer at Hashgraph. “By enabling cash flows to move seamlessly with tokenized securities, we’re bringing greater efficiency, transparency, and precision to capital markets. It’s an important step toward a future where financial assets and the value they generate move together in real time.”
The streaming cash flow functionality also supports broader future applications, including continuous coupon payments, real-time revenue distribution, usage-based payments, and other models that benefit from precise, real-time settlement.
Archax remains focused on bridging traditional finance by providing regulated infrastructure for issuing, trading, and safeguarding digital and tokenized assets. The deployment demonstrates how Hedera’s scalable technology, institutional governance, and built-in compliance supports financial applications in regulated markets.
About Archax
Archax is a UK and EU-regulated digital asset platform, targeted at the professional and institutional investor community. Archax supports all types of digital assets – from unregulated cryptocurrencies through to regulated tokenised real-world assets (RWAs). Archax also covers the full digital lifecycle from token issuance and fundraising through to trading and custody. For more information about Archax, visit archax.com.
About Hedera
Hedera is the trust layer of the digital economy, providing fast, secure, and efficient distributed ledger technology (DLT) powered by its unique hashgraph technology. With an open-source ecosystem, predictable, low-cost fees, and carbon-negative operations, it equips developers with the tools to build scalable applications with real-world impact.
Governed by a diverse council of world-leading institutions, Hedera ensures transparent and fair decision-making. By driving innovation in DeFi, tokenization, AI, digital identity, and sustainable finance, it is shaping a more trusted, efficient, and inclusive digital future.
For more information, visit www.hedera.com, or follow us on X at @hedera or Linkedin. The Hedera whitepaper can be found at www.hedera.com/papers.
Canary Capital has brought Hedera’s HBAR token into the ETF mainstream. The firm filed a Form 424B3 prospectus supplement with the SEC for its spot HBAR ETF, trading under the ticker HBR on Nasdaq.
The filing, submitted around October 27, 2025, preceded the fund’s trading debut on Nasdaq the following day. It makes HBR the first US spot ETF offering direct exposure to HBAR, the native cryptocurrency of the Hedera network.
What the filing actually means A 424B3 is a prospectus supplement, essentially the final paperwork that tells investors exactly what they’re buying before shares start changing hands. The more important backstory is the S-1/A filing Canary submitted on September 22, 2025, which served as the precursor registration statement. The 424B3 was the last regulatory hurdle before shares could actually trade.
The ETF is structured as a grantor trust that holds 100% HBAR, plus minor cash reserves. That structure means investors own a proportional share of actual HBAR tokens sitting in custody, not derivatives or futures contracts.
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Custodial duties are split between BitGo Trust Company and Coinbase Custody. Pricing relies on a benchmark from CoinDesk for valuation of the underlying HBAR holdings.
The sponsor fee is set at 0.95%. For context, that’s higher than most spot Bitcoin ETFs, which have largely settled into a fee war in the 0.20%-0.25% range.
The numbers so far As of June 2026, the fund’s net assets sit at approximately $52.6 million. The market price per share was around $11.14 as of June 8, 2026. The fund’s CUSIP number is 136945102.
Canary Capital CEO Steven McClurg framed the approval as a significant moment for broadening investor access to digital assets.
Why this matters beyond HBAR The Hedera network operates a hashgraph-based distributed ledger, which is technically distinct from traditional blockchain architecture. It’s governed by the Hedera Governing Council, a body that has included companies like Google, IBM, and Boeing.
For investors considering the HBR fund, the 0.95% sponsor fee is the most immediate cost to weigh. With $52.6 million in net assets, the fund is still relatively small. Smaller ETFs can trade at wider bid-ask spreads, meaning investors might pay a slight premium when buying and accept a slight discount when selling compared to the fund’s net asset value.
Every dollar flowing into HBR translates to actual HBAR purchases by the trust, creating buying pressure that didn’t previously exist from the traditional finance channel.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hedera čelí sporu o RWA: veřejné dashboardy ukazují tokenizované nemovitosti za 64,5 milionu USD, zatímco RedSwan CRE uvádí přes 5 miliard USD. HBAR za týden klesl asi o 9 %.
Debate over the tokenization of real-world assets (RWA) in the Hedera ecosystem has surged again. Public data dashboards put the value of tokenized real estate on the network at $64.5 million, while ecosystem insiders claim the actual volume is far higher, hinting at a multi-billion dollar discrepancy.
Discrepancy between public and company dataHBAR, the native token of Hedera, was trading at around $0.078 at the time of writing, after marking a loss in the past 24 hours. Price activity remained compressed between $0.075 and $0.081, and trading volumes were reported as muted.
A post by X Finance Bull on X (formerly Twitter) has brought renewed attention to Hedera’s RWA ecosystem. The post claims that public RWA tracking dashboards do not fully reflect the total tokenization activity on the network.
Public RWA data shows $64.5 million in tokenized real estate on Hedera, whereas RedSwan reports a figure exceeding $5 billion. This suggests a significant difference between what dashboards display and the actual on-chain assets, according to information shared by ecosystem participants.
Shared data indicates that open dashboards track roughly $64.5 million in tokenized real estate on Hedera. In contrast, numbers affiliated with RedSwan CRE suggest that this figure has surpassed $5 billion.
Houston-based RedSwan CRE is known as a platform specializing in commercial real estate tokenization. Hedera’s official sources confirm that more than $5 billion worth of institution-grade real estate has been tokenized through RedSwan CRE on the Hedera network. The platform also aims to grow this volume to $25 billion within the next 36 months.
Glossary: A security token offering is a token on the blockchain representing regulated financial rights such as equity, debt, or revenue share. Since these products are usually accessible only to verified investors, they may appear only to a limited extent on public market dashboards.
Private offerings limit public visibilityIt has been noted that RedSwan CRE CEO Edward Nwokedi previously held senior positions at Cushman & Wakefield. The platform reports that it has surpassed 13,000 investors and manages funds focused on the US, Africa, and Gulf markets.
In 2023, RedSwan received a $4 billion portfolio from a Dubai-based client. This mixed-use portfolio, consisting of 36 properties in the Middle East, was appraised by Cushman & Wakefield before being tokenized via RedSwan’s Hedera-based platform.
The debate now focuses on why such a substantial volume does not appear on most public RWA dashboards. Sources say these assets were structured as regulated security token offerings and were only available to verified investors.
Regulatory engagement and price outlook trackedAlongside the topic of tokenization, Hedera has increased its participation in regulatory discussions in the United States. The network recently joined the Clarity Act coalition, which is supported by approximately 200 organizations and advocates for clearer rules on digital commodities and market structure.
At the same time, Hedera representatives attended meetings organized by the Blockchain Association, where plans were made to discuss regulatory frameworks and market structure for the sector with 52 US Senate offices. On the market front, HBAR has declined around 9 percent over the past week, with resistance seen between $0.084 and $0.10, and support tracked at $0.075.
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.
HBAR se drží kolem 0,083 USD, zatímco Canary Capital HBAR spot ETF od spuštění přilákal přes 93 milionů USD čistých přílivů. JPMorgan Asset Management navíc označil Hedera za preferovanou veřejně permissioned DLT pro tokenizaci fondů peněžního trhu.
16 June 2026 | 03:27 Hedera HBAR is trading around $0.083, stuck in a range that has held since late May despite a series of institutional developments that would move most assets considerably higher.
Key Takeaways:
HBAR trades near $0.083, below the $0.095 resistance level, with all three major moving averages positioned above current price Canary Capital’s HBAR spot ETF has recorded over $93 million in net inflows since launch, with only a single day of outflows A mid-June open interest surge of 40% alongside a 98% volume spike explains short-term price volatility despite positive fundamentals JPMorgan Asset Management named Hedera the preferred public-permissioned DLT for tokenizing money market funds A JPMorgan endorsement, a Merck supply chain deal, tier-one institutional custody via Copper.co, and $93 million in ETF inflows have all landed within weeks of each other — and the price has barely reacted.
Why Price and Fundamentals Are Moving in Opposite Directions In mid-June 2026, HBAR’s open interest on derivatives exchanges surged by 40%, simultaneous with a 98% spike in trading volume that pushed 24-hour figures above $513 million, according to data from CoinGlass. When a token’s derivatives market is that active relative to its spot market, price responds to liquidation cascades rather than to news — which is the structural reason why positive catalysts have not translated into sustained upward movement.
The spot bid from Canary Capital’s ETF, which has logged over $93 million in net inflows with only a single day of outflows, provides a baseline floor but is not large enough on its own to absorb the volatility generated by that level of leverage. Adding to the near-term headwinds is an upcoming ecosystem token unlock of approximately 3.97 billion HBAR, which OTC desk activity suggests is being anticipated by large holders. Until the unlock clears or spot buying picks up, short-sellers hold the structural advantage.
HBAR’s Descending Channel and Where Support Sits Since peaking near $0.12 in late 2025, HBAR has moved lower through a descending channel, and all three major moving averages sit above the current price and slope downward — meaning any recovery attempt has to work through layered resistance before it carries technical significance.
The nearest support floor at $0.078 has held twice in recent weeks. A confirmed daily close above $0.095 would open a path toward $0.102 and eventually $0.13. RSI at 47.27 places the asset in neutral-to-weak territory, while its 14-period average sits at 39.09 — a level that historically precedes either a bounce or an acceleration downward depending on whether buyers step in at support.
Level / Indicator Value Signal Current price $0.083 Neutral zone Near-term support $0.078 Held twice in June Key resistance $0.095 Needs daily close above Next target if $0.095 clears $0.102 → $0.13 Technical projection 50-day moving average $0.088 Price below — bearish 100-day moving average $0.089 Overhead resistance 200-day moving average $0.100 Not reclaimed in months RSI (14-period) 47.27 Neutral momentum What Merck’s Supply Chain Partnership and JPMorgan’s Endorsement Actually Mean On June 9, The Hashgraph Group formalized a partnership with Merck & Co. that connects the pharmaceutical company’s M-Trust authentication technology with TrackTrace, a decentralized product passport system built on Hedera. Every unit batch in Merck’s global supply chain receives an immutable cryptographic identity recorded through the Hedera Consensus Service. The mechanism that makes this economically viable on Hedera rather than a general-purpose blockchain is fee predictability — Hedera’s transaction costs are pegged in US dollar terms, starting at fractions of a cent, which means Merck can log millions of supply chain entries at a fixed, forecastable cost that variable gas fee networks cannot match at enterprise scale. In global pharmaceutical logistics, where regulators in both the US and EU are tightening traceability requirements, that cost predictability is not a minor advantage — it is the difference between a system that can scale compliantly and one that cannot.
On the institutional finance side, a JPMorgan Asset Management report explicitly identified Hedera as the optimal public-permissioned distributed ledger technology framework for the tokenization of money market funds — a sector representing trillions in institutional capital. The bank’s analysis pointed to three specific attributes: its consensus mechanism’s security architecture, an energy footprint of just 0.00025 kWh per transaction compared to Ethereum’s 2.95 kWh, and the fixed-fee model that makes large-scale settlements predictable. This kind of assessment from an institution with direct financial interest in getting infrastructure decisions right moves Hedera out of the altcoin conversation and into a category where corporate treasuries evaluate it alongside traditional financial infrastructure rather than alongside other layer-1 tokens.
A Network Running at Enterprise Scale The network’s raw performance data reflects the same picture:
Metric Value Notes Total processed transactions 71+ billion Since mainnet; mostly enterprise data logging Network throughput capacity 10,000+ TPS Theoretical maximum Active operational load ~2,400 TPS Average real-world rate RWA settlements $10 billion+ Cumulative on-chain value settled Active wallet growth (Q1 2026) +140% YoY Year-over-year change in active addresses Energy per transaction 0.00025 kWh vs. Ethereum ~2.95 kWh / Bitcoin ~1,087 kWh Hedera has processed over 71 billion transactions since mainnet launch, settled more than $10 billion in real-world assets on-chain, and grown its active wallet count by 140% year-over-year in Q1 2026 — none of which has translated into meaningful upward price pressure for the same reasons outlined above.
Under the Hood: What the Block Node Migration Changes Hedera is currently overhauling how it stores historical transaction data. Previously, nodes relied on external cloud providers like AWS or Google Cloud for historical data retrieval — an external dependency that created complications for enterprises seeking regulatory certification. The new architecture stores transaction history directly on dedicated Block Nodes rather than external cloud providers, cutting confirmation times to under a second and removing the external dependency entirely. For industries like pharmaceuticals and finance, where compliance certification requires a self-contained and independently verifiable audit trail, that distinction matters considerably.
AI Infrastructure, Copper.co Custody, and the Japan Listing The Hedera Agent Kit V4 allows AI agents to execute independent on-chain financial transactions within hard-coded compliance guardrails:
Hourly HBAR spending caps set at the protocol level that the agent cannot exceed Whitelisted payment destinations the agent cannot override Mandatory audit trails of the agent’s decision logic, recorded immutably to the Hedera Consensus Service at the point of execution This solves a problem that has slowed enterprise AI deployment in regulated industries: how to let a system transact independently without losing the audit trail that compliance teams require. Separately, Hedera’s payment schemas were accepted into the x402 protocol standard, enabling native HBAR and USDC micropayments for machine-to-machine API transactions — directly relevant to technology companies building AI systems that require continuous low-cost payments between services.
On June 12, Copper.co integrated Hedera into its institutional custody platform, giving corporate treasuries and large funds tier-one custody and staking access within a compliance-grade framework. This removes the last significant compliance barrier that had kept institutional capital on the sidelines despite growing interest in the network. In Asia, Hedera cleared Japan’s Financial Services Agency regulatory process — among the most stringent in the world for digital assets — and secured a listing on OKCoin Japan with a direct Japanese yen trading pair, giving Japanese investors their first regulated access to HBAR.
Where Hedera’s Critics Have a Point Two structural criticisms of Hedera remain unresolved by the recent run of positive developments. First, despite 71 billion total transactions, the majority of that volume comes from enterprise data logging — health trackers, ad fraud verification, supply chain entries — rather than the retail DeFi activity that drives token appreciation and speculative engagement on competing networks like Solana or Ethereum. Second, while anyone can hold HBAR and open a wallet, only Governing Council members — currently including Google, IBM, Boeing, FedEx, Accenture, Nvidia, and McLaren Racing among others — validate transactions at the consensus layer. Hedera is phasing in public node validation, but the network remains permissioned at its core, which rules it out for anyone who prioritizes decentralization above all else.
The long-term bull case, with price targets toward $1.00 extending into the 2026–2030 window, depends on corporate pilot programs transitioning to full mainnet production use — converting enterprise activity into sustained, recurring demand for the token. That transition has no fixed timeline. In the near term, the price behavior will be determined by two competing forces: whether the 3.97 billion token unlock generates enough sell pressure to break the $0.078 floor, and whether the accumulation of institutional developments — the ETF inflows, Copper.co custody, the Japan FSA clearance, and the JPMorgan endorsement — is sufficient to hold support and eventually force a clean break above $0.095.
Date Category Development Q1 2026 Regulatory SEC/CFTC classify HBAR as digital commodity, removing securities-classification risk for institutional holders Q1 2026 Markets Canary Capital HBAR spot ETF surpasses $93M in net inflows with only one day of outflows since launch Q1–Apr 2026 Governance FedEx and Accenture join the Governing Council for logistics and enterprise AI infrastructure respectively Q2 2026 Infrastructure x402 standard integration approved; native HBAR/USDC micropayments for machine-to-machine transactions Jun 9, 2026 Enterprise Merck & Co. supply chain partnership: M-Trust connected to TrackTrace for immutable pharmaceutical batch tracking Jun 12, 2026 Institutional Copper.co adds Hedera to institutional custody platform; tier-one custody and staking for corporate treasuries Jun 2026 Regulatory HBAR listed on OKCoin Japan with JPY pair after clearing Japan’s FSA framework This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Wrapped Bitcoin (wBTC) zavádí preventivní bezpečnostní úpravy po exploitu KelpDAO za 293 milionů USD a dočasně pozastavuje převody přes LayerZero. Změny mají posílit cross-chain DVN konfigurace.
Wrapped Bitcoin (wBTC), one of the most widely used Bitcoin derivatives across the Ethereum ecosystem, has announced security measures amid ongoing DeFi contagion fears.
On Thursday, the project said it is upgrading its cross-chain DVN configurations, which would be done by Sunday, 26 April. It added, “These updates are precautionary and reflect our ongoing approach to maintaining robust security standards across integrations.”
For perspective, DVN (decentralized verification network) is the system that the attacker exploited on LayerZero, exposing the Kelp DAO protocol to lose $293 million.
However, the KelpDAO had a simplified DVN set-up that needed only a single verifier. This made it easier for the attacker to exploit the flaw.
As such, the wBTC team may be upgrading to a multi-signature system that needs more than two verifiers before assets move across chains.
Beyond hardening security systems, the project also placed a temporary pause on transfers across LayerZero.
WBTC OFT service via LayerZero will be temporarily paused. Service will resume once the root cause is identified and it is confirmed safe to proceed.
Why a secure wBTC is crucial For clarity, the KelpDAO exploit leveraged rsETH, a low-quality collateral, and swapped it for other higher-quality assets. Despite targeting a low-quality asset that is not widely used, the impact has been significant.
KelpDAO lost $293 million while contagion fears across lending markets triggered over $15 billion outflows from Aave. Before the attack, KelpDAO restaked ETH (rsETH) had a market cap of $1.6B and 22.8K holders.
On the other hand, WBTC has 180K holders, including major tier-1 exchanges like Binance. It has a market supply of $9.2 billion. Besides, it is the most liquid and widely used in DeFi platforms across Ethereum and Solana DeFi ecosystems, commanding a 44% market share.
Coinbase’s wrapped Bitcoin [cbBTC] comes in second with about 28% market share.
Source: Dune Over 70% of wBTC supply is locked in lending protocols and standalone buy-and-hold. In other words, a similar exploit would trigger a deeper DeFi run, noted analyst Ignas.
Got chills down my spine thinking if wBTC got hit with DVN attack. That would’ve touched every DeFi protocol as well as multiple CEXs who store wBTC.
That said, wBTC only saw about $400 million in outflows in the first two days after the KelpDAO exploit. Since 21 April, Tuesday, it has seen net inflows, underscoring resilience.
Source: DeFiLlama Final Summary Wrapped Bitcoin (wBTC) continues to harden its security systems to minimize the risk that exploited KelpDAO. The product has been relatively resilient despite broader DeFi outflows led by Aave’s $15B bleed out.
Kraken přesouvá svůj wrapped Bitcoin kBTC z LayerZero na Chainlink CCIP a stejnou technologii použije i pro budoucí wrapped aktiva. kBTC má tržní kapitalizaci kolem 266 milionů USD.
In brief Kraken will migrate its wrapped Bitcoin product, kBTC, from LayerZero to Chainlink's interoperability protocol. The asset maintains a market cap of more than $260 million, and Kraken said it will use Chainlink for future wrapped assets, as well. LayerZero admitted it "made a mistake" with Kelp DAO's setup, which was exploited for $292 million in April. Crypto exchange Kraken is the latest firm to ditch LayerZero’s cross-chain interoperability technology following its role in last month’s $292 million Kelp DAO exploit.
As a result, the firm will migrate its existing wrapped Bitcoin product, kBTC, to Chainlink’s cross-chain interoperability protocol (CCIP). In the future, any wrapped Kraken products will also make use of Chainlink’s technology.
“Kraken chose Chainlink CCIP because it offers enterprise-grade infrastructure with strict security & risk management requirements,” the exchange posted on X.
Holders of the firm’s kBTC token, which is backed 1:1 by Bitcoin held in custody by Kraken, do not need to take any action at this time. The token holds a market cap of around $266 million at the time of writing.
Kraken is deprecating its existing cross-chain provider and migrating to @Chainlink CCIP as its exclusive cross-chain infra to secure Kraken Wrapped Bitcoin (kBTC) & all future Kraken Wrapped Assets.
Kraken chose Chainlink CCIP because it offers enterprise-grade infrastructure…
— Kraken (@krakenfx) May 14, 2026
Kraken’s migration extends the list of major crypto firms which have announced their intentions to detach themselves from LayerZero’s cross-chain tech after the interoperability protocol team admitted it “made a mistake” that led to the Kelp DAO exploit.
Prior to Kraken’s departure, Kelp DAO announced its intentions to shift to Chainlink’s technology and was followed by Solv Protocol, which said it would migrate the tech backing $700 million worth of Bitcoin-related assets to CCIP as well. Last week, on-chain reinsurance protocol Re also announced plans to make the switch from LayerZero to Chainlink.
“Together, Chainlink and Kraken can help accelerate the global adoption of crypto by unlocking utility and distribution for all Kraken Wrapped Assets across DeFi,” Kraken said.
Although the firm did not mention the Kelp DAO exploit, Kraken’s decision and those of the other crypto firms migrating away from LayerZero come after the April 18 exploit that was later attributed to Lazarus Group, the notorious North Korean state-sponsored hacker group.
Attackers from Lazarus were able to drain 116,500 rsETH liquid staking tokens from Kelp DAO’s infrastructure after "poisoning" internal RPCs used by LayerZero Labs, according to a postmortem from the interoperability firm.
Last week, the protocol said no other applications have been impacted and funds are not at risk.
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A Balancer attacker has converted 21k ETH (about $48.7M) to 617 BTC over three days, leaving only 1k ETH in the hacker’s address. The probability of another $100 million crypto hack by December 31 is at 100% YES on Polymarket.
This conversion is part of the attacker’s ongoing liquidation of stolen funds. The crypto hack market sits at 100% YES with 251 days left until resolution. The certainty reflects how frequently hacks exceeding $100M have occurred, making another one before year-end a near-foregone conclusion.
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The liquidation of this much ETH into BTC has added selling pressure on Ethereum. The probability of Ethereum being above $2,600 on April 26 is at 0.2% YES across multiple sub-markets. That market has minimal daily trading activity at $3 actual USDC, meaning traders are not expecting a price rebound within the next two days.
The hack prediction market has zero volume, so the 100% YES price reflects the near-certainty of resolution rather than active trading. Buying YES at 100¢ offers no return since the market is already priced to certainty.
Watch on-chain investigators like ZachXBT and firms like Chainalysis for further details on the Balancer attacker’s movements. Ethereum’s short-term price will depend partly on whether the remaining 1k ETH gets liquidated and on any additional large ETH outflows tied to this or similar exploits.
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Another Crypto Hack Over 100m December 31
Contract Odds Δ since publish Volume 24h December 31 100% 0.0¢ — View market → Ethereum Above On April 26
Contract Odds Δ since publish Volume 24h April 26 0.2% — — View market → What Price Will Ethereum Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 1.9% -2.1¢ $13K View market → Updated 4min ago
MakerDAO v raném hlasování převážně podporuje ponechání GUSD v rezervách s limitem 500 milionů USD. 31 % hlasů je proti, konečný výsledek se může ještě změnit.
Updated Jan 18, 2023, 9:51 p.m. Published Jan 18, 2023, 9:08 p.m.
3 min read
Tyler and Cameron Winklevoss (L-R) (Joe Raedle/Getty Images)Decentralized finance giant MakerDAO's community was heavily favoring keeping Gemini’s GUSD stablecoin as part of Maker’s reserve. The ongoing vote is testing confidence in Gemini, the Winklevoss-founded exchange that has been swept up in recent crypto contagion.
Voters are casting votes whether to keep the GUSD ceiling at the current $500 million, to decrease it to $100 million or to zero, which would boot GUSD from the reserve, according to Maker’s governance site.
At press time, 69% of the votes favored keeping the GUSD ceiling intact at $500 million, while 31% voted for dropping GUSD to zero. The final result may change; the voting ends Thursday (Jan. 19) at 16:15 UTC.
The Maker protocol is led by a decentralized autonomous organization (DAO), in which holders of the protocol’s governance token, maker (MKR), can vote on proposals. Currently, MakerDAO holds $489 million in GUSD in its Peg Stability Module (PSM) facility, which acts as a reserve system with $7 billion of assets to back its DAI stableoin’s value and price peg to the dollar.
Starting in October, Gemini has been paying a 1.25% annual yield to Maker on GUSD holdings based on an earlier agreement.
The voting comes as Gemini, the issuer of GUSD, is under pressure after halting withdrawals from its yield-paying product, called Gemini Earn, and because of a lawsuit by the top U.S. securities regulator. Gemini is the brainchild of mega-crypto investors Cameron and Tyler Winklevoss, who still helm the company.
Crypto investors worry that Gemini’s woes may destabilize its GUSD stablecoin, roiling Maker’s $5 billion DAI.
“Recent MakerDAO governance discussions have raised concerns about GUSD’s heavy reliance on the PSM and Gemini holding GUSD reserves at Silvergate,” Riyad Carey, analyst of digital asset research firm Kaiko, wrote in a report earlier this month.
Currently, MakerDAO holds some 85% of all GUSD in circulation, making Gemini’s stablecoin overwhelmingly reliant on its relationship with MakerDAO.
Additionally, concerns loom about GUSD’s value being partly backed by cash held at Silvergate Capital (SI), the embattled crypto-friendly bank that has suffered in the fallout from last year’s various crypto debacles, most notably FTX’s demise. The bank’s shares lost 88% of their value in the past year on the New York Stock Exchange.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit last week alleging that Gemini Trust and major crypto lender Genesis Global Capital sold unregistered securities to customers through the Gemini Earn program. (CoinDesk and Genesis are owned by the same parent company, DCG.)
Users’ assets in the Earn program are locked up at the moment, after Genesis’ lending arm, which powered Gemini Earn, suspended customer withdrawals in November as FTX collapsed. The withdrawal freeze has led to scuffling between the two firms. According to recent reports, Genesis is laying groundwork with its creditors for a bankruptcy filing.
GUSD was an integral part of Gemini’s Earn program, offering as high as 8% annual yield for investors depositing GUSD, according to Kaiko.
“Holding GUSD is akin to holding GUSD’s underlying assets with additional risk related to Gemini,” Carey said. “It seems possible that the community may opt to move on from GUSD in favor of new pilot projects,” he wrote at the time.
The “worst-case scenario” for GUSD would be Gemini’s troubles forcing a delay in GUSD redemptions and causing a temporary deviation from its dollar peg, according to Carey. However, “even a significant depegging would be unlikely to rattle DAI,” he added.
MakerDAO zvýšilo DAI Savings Rate na 3,49 % z 1 % a přeskupilo rezervy DAI směrem k americkým státním dluhopisům. Z rezerv zároveň vyřadilo Paxos Dollar (USDP) a omezilo Gemini Dollar (GUSD) na 110 milionů dolarů z 500 milionů dolarů.
SponsoredUpdated Jun 15, 2023, 8:24 p.m. Published Jun 15, 2023, 8:17 p.m.
2 min read
MakerDAO founder Rune Christensen (Original image by Trevor Jones)Decentralized finance (DeFi) platform and stablecoin issuer MakerDAO has approved a hike in the reward to investors for holding its $4.5 billion DAI stablecoin and to reshuffle DAI’s reserve assets.
In an executive vote concluded Thursday, the MakerDAO community ratified a proposal to increase the DAI Savings Rate (DSR) to 3.49% from 1%, providing additional incentive for investors to hold and lend DAI instead of rivals like popular stablecoins such as USDC and USDT.
The decision happened as Maker – led by a decentralized autonomous organization (DAO) where MKR token owners can vote on proposals – is undergoing a major transformation, including rearranging the backing assets of the DAI stablecoin. The platform increasingly invests in real-world assets such as short-term U.S. government bonds to boost revenues, redistributing a part of it to users through the DSR.
Read more: Lending Platform MakerDAO Approves ‘Constitution,’ Moves Forward With ‘Endgame’ Plan
Hiking the reward is significant because it resets the baseline interest rate across the DeFi ecosystem, spurring higher yields from lending stablecoins while making leverage more expensive, according to Karpatkey, a treasury management provider to decentralized organizations.
It also underscores Maker’s strategic shift, Karpatkey said, because the proposal includes hiking fees on crypto assets to take out a DAI loan. “Originally a platform for leveraged long traders, Maker now positions itself as a bridge to real-world assets (RWA) yield,” said Karpatkey.
The decision will take effect on June 19.
Paxos Dollar out, Gemini Dollar cutThe executive vote also included a slew of other proposals that influence the composition of DAI’s backing reserve assets.
The community effectively ditched Paxos Dollar (USDP) from the reserve by approving a decrease in its debt ceiling to zero. The move has a substantial impact on fintech firm Paxos’ stablecoin, as Maker currently holds roughly half of USDP’s $1 billion supply.
The vote also ratified onboarding the BlockTower Andromeda RWA vault that would allow the additional purchase of up to $1.28 billion in U.S. Treasuries for the reserve, doubling down on giving traditional financial assets a bigger role in DAI’s reserve.
In a separate poll concluded Thursday, MakerDAO voters also favored curbing Gemini Dollar (GUSD) in the reserve to $110 million from $500 million. As CoinDesk reported, the result could jeopardize GUSD’s future as Maker holds 88% of the token’s supply.
Filecoin Public Goods Funding (ProPGF) Batch 2 rozdělil 3,22 mil. USD mezi 16 projektů, přičemž přes 60 % šlo na core infrastrukturu. Z 102 žádostí uspělo 15,7 %.
PLFIF is excited to announce the results of Filecoin Public Goods Funding (ProPGF) Batch 2 - General Track, with $3,220,200 allocated across 16 projects supporting critical infrastructure, developer tooling, ecosystem growth, and coordination within the Filecoin network.
Batch 2 reflects a maturing funding strategy: more selective, more capital disciplined, and strongly aligned with long-term network resilience.
🌱 About ProPGF Protocol Labs’ Filecoin Public Goods Funding (PGF) programs support projects that strengthen the Filecoin ecosystem and broader open-source infrastructure.
Funding is distributed through:
ProPGF - Prospective funding for forward-looking initiatives RetroPGF - Retroactive rewards for demonstrated impact While RetroPGF evaluates past impact, ProPGF is designed to strategically allocate capital toward future ecosystem priorities through milestone-based funding and structured review.
ProPGF runs in recurring cycles and continues to evolve as Filecoin’s capital formation layer matures.
📊 Batch 2 at a Glance 102 total applications 53 shortlisted 42 advanced to final review 16 projects funded $3,220,200 allocated The majority of grants are structured over 6 months, with select soft commitments extending toward 12 months This represents a 15.7% acceptance rate, reflecting the rigor of the review process and the competitive nature of the round.
🧮 Capital Discipline & Negotiation
Across the 16 selected projects:
Total requested: $4,632,800 Total approved: $3,220,200 Note: Batch 2 reflects a more capital-disciplined approach: of the $4.63M requested across selected proposals, $3.22M was approved. This reflects a selective funding approach - prioritizing scope clarity, milestone alignment, and long-term ecosystem impact.
The committee conducted structured negotiations across scope, milestones, and budget sizing to ensure:
Capital efficiency Alignment with ecosystem priorities Clear accountability through milestone gating Average grant size: $201,262 Median grant size: $129,000
This reflects a portfolio approach — balancing large, high-leverage infrastructure bets with smaller, targeted interventions.
🏗 Funding Allocation by Category Batch 2 demonstrates a clear prioritization of core network stability and dependencies.
Capital Distribution:
Infra & Core Dependencies: 62.4% Tooling & Developer Ecosystem: 16.1% Ecosystem Growth: 16.3% Coordination: 3.1% Integrations: 2.0% Over 60% of capital was allocated toward core infrastructure — nodes, maintenance, retrieval systems, indexing, and protocol-level dependencies — signaling strong emphasis on network robustness.
🚀 Meet the Funded Projects 🏗 Infra & Core Dependencies Filecoin Infrastructure Services by ChainSafe Team – $138,000 The project aims to increase independent operator diversity on Filecoin’s Calibnet test network by running a long-lived, production-like storage miner using Curio. Forest: Efficient and lightweight Filecoin node implementation by ChainSafe Team – $504,000 Forest is a lightweight Filecoin node implementation that makes running network infrastructure cheaper and more reliable. This grant supports its continued maintenance and protocol upgrade readiness. IPNI by IPNI Team - $288,000 IPNI is the indexing service that helps applications discover where data is stored across Filecoin and IPFS. This funding ensures it remains reliable, scalable, and sustainably operated as network usage grows. Enhancing the visibility and verifiability of Filecoin Onchain Cloud within the Filecoin ecosystem through the Filfox explorer by 6Block Team – $30,000 This project enhances the Filfox explorer to improve the visibility and verifiability of FOC, PDP, and Filecoin Pay activity, helping developers, providers, and integrators better understand and troubleshoot onchain service behavior. Curio Storage by Curio Team – $500,000 Curio Storage is building core software and infrastructure that helps Filecoin Storage Providers (SPs) deliver paid deals. This grant funds continued development of “Market 2.0” deal interfaces, plus ongoing support and calibration network stability work that operators rely on. Lotus Miner + Boost Maintenance by Storswift Team – $50,000 This project funds ongoing maintenance of Lotus Miner and Boost, two core components that many Storage Providers rely on for storage and deal operations. The work ensures these systems remain secure, upgrade-compatible, and stable. Calib Network Miner by Storswift Team – $28,000 This project adds a production-grade, independent miner to the Calibration Network to improve upgrade testing, operator diversity, and overall network resilience. Venus Maintenance by IPFS Team – $300,000 Venus maintains and upgrades the second-largest Filecoin client implementation, ensuring continued client diversity and network resilience. This grant supports four network upgrades, zero-day compatibility, and ongoing maintenance of Filscan and FIPs.cc to improve transparency and governance clarity across the ecosystem. Drand by Drand Team – $120,000 This grant funds the continued operation and maintenance of drand - the public randomness service that underpins Filecoin’s block production and network liveness. OpenModel by 6Block Team – $50,000 OpenModel is building a decentralized AI model distribution and compute infrastructure on Filecoin, enabling fast, verifiable model downloads and pay-as-you-go access using Filecoin Pay. 🛠 Tooling & Developer Ecosystem Filecoin Developer Experience & FEVM Development by FIL-B Team – $420,000 FIL-B is building and running the developer experience layer for Filecoin in 2026, partnering with the FOC pod to drive builder adoption (docs, integrations, activations) while also improving core FEVM and Filecoin DX. ProbeLab Gauge for FOC and Retrieval Testing by ProbeLab Team – $100,000 ProbeLab will build retrieval testing tooling and live dashboards to measure Filecoin’s retrieval success rate and Filecoin Onchain Cloud (FOC) performance. This provides transparent, real-time metrics and SLAs to help developers, Storage Providers, and protocol teams monitor and improve network reliability. 🌍 Ecosystem Growth Secured Finance by Secured Finance Team – $225,000 Secured Finance maintains and expands USDFC, a FIL-collateralized stablecoin designed as native financial infrastructure for Filecoin. This grant supports interoperable payment rails, improved user interfaces, and audited onchain vaults to enable stable-value transactions and capital retention within the Filecoin ecosystem. FilPonto by FILPonto Team – $300,000 FilPonto supports core Filecoin infrastructure and ecosystem coordination, sustained FOC developer contributions, and a flexible grants pool for high-impact integrations and experimentation. This grant funds advanced JS contributions to FOC, and responsive technical support across the ecosystem. 🤝 Coordination Filecoin Foundation Infrastructure & Coordination Stewardship by SEAD Team – $101,200 This project provides ongoing stewardship and governance of the Filecoin Foundation’s core coordination infrastructure, including shared systems such as Slack, Google Workspace, and GitHub. The grant ensures secure access management, clear ownership boundaries, and operational continuity across organizational lines to reduce systemic risk and support ecosystem execution. 🔗 Integrations Oku Trade by Oku Team – $66,000 Oku Trade provides Filecoin’s primary decentralized exchange interface and meta-aggregator, enabling fee-less swaps, bridging, and liquidity provision via Uniswap v3 infrastructure. This grant supports ongoing hosting and indexing to ensure reliable DEX access and liquidity flows across EVM networks into Filecoin. 📈 What Batch 2 Signals Compared to earlier cycles, Batch 2 reflects:
Stronger selectivity (16 out of 102 funded) Greater capital concentration into core infrastructure Clear negotiation discipline Emphasis on long-term network sustainability This was not a broad experimentation round. It was a stability and resilience round.
📉 For Teams Not Selected We recognize the high quality of many proposals that were not funded in this cycle.
ProPGF operates within a defined capital envelope and prioritizes strategic alignment, scope readiness, and budget feasibility.
Importantly, we are currently working on a separate grant initiative outside of ProPGF, designed to support projects that may be better suited for a different funding structure or scope.
Our team will be reaching out directly to selected applicants as this program takes shape.
We strongly encourage teams to remain engaged and apply in future cycles.
💸 What Happens Next Agreements and KYB completion Milestone tracking via Karma Grantee Slack onboarding Structured reporting and transparency Initial disbursements begin shortly.
🔭 Looking Ahead As Filecoin continues to mature, so too does its capital allocation strategy.
ProPGF is evolving toward:
Greater funding transparency Stronger milestone accountability Better capital efficiency Alignment with long-term network KPIs Batch 2 marks another step toward building sustainable capital infrastructure around Filecoin.
We’re excited to support this cohort and look forward to sharing more about the long-term roadmap for ProPGF in upcoming posts.
📣 Stay Engaged If you’d like to explore the scope of funded work and follow progress updates from Batch 2 teams, please visit filpgf.io and navigate to the ProPGF Batch 2 → Approved Projects section. All funded projects will be reporting milestone updates there.
For applicants: you should be able to access your full application details directly via filpgf.io. If you encounter any issues or have questions regarding agreements, KYB, or payouts, please reach out to [email protected].
We appreciate the continued engagement from the ecosystem and look forward to building the next phase of Filecoin infrastructure together.
NEAR Protocol spadl téměř o 17 % poté, co Arthur Hayes oznámil úplný exit z NEAR a HYPE. Open interest na futures klesl o více než 21 % na 543 milionů USD.
Key Takeaways NEAR Protocol experienced a sharp 17% decline following Arthur Hayes’ announcement that he liquidated his complete NEAR and Hyperliquid (HYPE) positions. The BitMEX co-founder pointed to escalating energy costs related to Iran conflict, anticipated AI company public offerings before Q3, and unfavorable macro timing. Blockchain analytics verified Hayes disposed of 247,334 HYPE tokens valued at approximately $18 million, while his NEAR sale quantity remains unconfirmed. Open interest in NEAR futures contracts plummeted over 21% to $543 million, indicating traders are unwinding positions instead of establishing new ones. Critical support zone for NEAR Protocol exists at $2.00–$2.01, with secondary support around $1.73 should the primary level fail. NEAR Protocol experienced a devastating selloff of nearly 17% on June 4, 2026, marking it as among the day’s most significant losers in the cryptocurrency market. The dramatic price collapse was primarily attributed to Arthur Hayes, the BitMEX co-founder, publicly disclosing his decision to liquidate all his NEAR and Hyperliquid holdings.
NEAR Price Hayes made his strategic withdrawal public, outlining three primary catalysts: escalating energy prices connected to ongoing Iran military operations, three major artificial intelligence corporations planning initial public offerings ahead of early Q3, and concerns that President Donald Trump might adopt an antagonistic stance toward AI technology. He indicated a comprehensive analysis would appear in his upcoming essay titled “Reality Test,” scheduled for release the subsequent Tuesday.
Blockchain monitoring platform Lookonchain verified that Hayes liquidated 247,334 HYPE tokens, generating approximately $18.02 million in proceeds. While the precise volume of NEAR tokens sold remained undisclosed, the mere public acknowledgment of the transaction significantly undermined market confidence in the asset.
Hayes had earlier expressed bullish sentiment, projecting HYPE could climb to $150. His abrupt reversal toward a defensive posture follows an extended bull run. In response to community inquiries, he noted, “I’ll be back,” indicating the withdrawal represents a strategic repositioning rather than a complete abandonment of the asset.
I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday.
TLDR:
– Higher energy prices due to Iran war and inventory restocking
– 3 Mega AI IPOs between now and early Q3
– Prediction that Trump goes anti-AI to win…
— Arthur Hayes (@CryptoHayes) June 4, 2026
Futures Market Signals Growing Caution NEAR futures trading activity surged past $2.8 billion during the selloff day, yet open interest simultaneously contracted by more than 21% to approximately $543 million. This divergence — elevated trading volume paired with declining open interest — characteristically indicates traders are liquidating leveraged positions rather than initiating fresh trades.
This market behavior reflects a broader flight to safety across the cryptocurrency derivatives landscape, extending beyond just Hayes-related selling pressure.
Technically, NEAR Protocol had already shown weakness prior to the announcement. The token encountered strong resistance within the $3.00–$3.10 zone before reversing lower. It subsequently breached key short-term moving averages, placing bullish traders in a vulnerable position.
Critical Price Support Under Test At press time, NEAR was changing hands around $2.05, representing approximately a 12.8% decline. The $2.00–$2.01 zone has emerged as the critical battleground for near-term price action.
Source: TradingView Should this support level prove resilient, a technical rebound toward $2.20–$2.30 becomes feasible. Any meaningful recovery would necessitate reclaiming the $2.55 threshold.
Conversely, a breakdown below $2.00 would likely trigger a test of support near $1.73, with an additional consolidation zone stretching between $1.45 and $1.65.
NEAR currently trades beneath its short-term momentum indicators, with the $2.00 threshold serving as the decisive near-term support benchmark.
Unstoppable Wallet dokončila integraci NEAR Intents napříč aplikací, webem i Telegramem. Nové 1-Click Swap API umožňuje rychlé crosschain swapy s ochranou soukromí na úrovni DEX bez KYC.
TLDR: Unstoppable Wallet completed NEAR Intents integration across app, web, and Telegram swap tools. 1Click Swap API now enables crosschain execution with near-instant settlement and routing options. Integration adds DEX-level privacy with no KYC and no metadata tracking across swap transactions ecosystem. Users can choose tradeoffs between speed, cost, and liquidity routes within Unstoppable Wallet integration layer. NEAR Protocol integration with Unstoppable Wallet expands crosschain swap capabilities via NEAR Intents. Unstoppable Wallet has completed integration of Intents 1Click Swap API across app, Telegram bot, and web interface.
The rollout enables faster crosschain swaps with privacy features and access to decentralized liquidity routing. The update extends NEAR Intents as a universal liquidity layer across multiple user-facing swap environments.
NEAR Protocol Intents Integration Expands Across Unstoppable Wallet Platforms Unstoppable has completed the integration and testing phase of NEAR Intents across its wallet ecosystem.
The rollout now spans all Unstoppable products, embedding swap infrastructure directly into its core user environments and expanding functionality across multiple access points.
The 1Click Swap API now runs across the Unstoppable mobile application, Telegram bot, and web interface. This integration standardizes crosschain execution flows and allows users to initiate swaps from different entry points without changing platforms or relying on external routing tools.
The system introduces a privacy-focused structure with no KYC requirements and no metadata tracking inside the integration layer. Transactions execute near instantly, positioning the experience closer to centralized exchange speed while still relying on decentralized routing infrastructure powered by NEAR Intents.
According to Unstoppable, the setup improves access to a wider asset range across multiple chains. It also provides competitive pricing in many stable swap scenarios.
The routing system operates alongside existing pathways, giving users multiple execution options within a single interface.
Unstoppable now completes its NEAR Intents @near_intents integration and testing phase and now includes in all Unstoppable products.
WHY THIS IMPORTANT?
This gives you DEX-level privacy with centralized exchange speed.
Plus, in many cases NEAR able to provide the most… pic.twitter.com/l2OlF9UmZb
— Unstoppable | Privacy Wallet (@unstoppablebyhs) June 8, 2026
Crosschain Liquidity Layer Drives Broader Swap Accessibility The integration extends NEAR Intents’ universal liquidity layer to a broader user base across several interfaces. This allows users to access crosschain swaps without relying on centralized exchange environments or fragmented third-party routing systems.
NEAR Intents operates as a liquidity aggregation and routing framework across decentralized markets. It builds execution paths that pull liquidity from different sources, helping optimize swap outcomes depending on real-time market conditions.
Unstoppable Wallet users retain full control over execution preferences during swaps. They can select between different tradeoffs, including speed, cost efficiency, and routing complexity, depending on the asset pair and market environment.
The development teams also confirmed additional NEAR-related integrations are in progress. While full details remain undisclosed, Unstoppable indicated that further expansion of the integration pipeline is already underway.
NEAR Protocol spustil incentivní airdrop pro Confidential Intents; snapshot proběhne, jakmile TVL dosáhne 70 milionů USD. První vlna rozdělí 333 333 milestone tokenů, které jsou uzamčené a po splnění podmínky VWAP 3,33 USD nebo vyšší po dobu tří po sobě jdoucích dnů se změní na NEAR v poměru 1:1.
On June 11, NEAR Protocol officially launched its [email protected] Incentive Milestone Plan, targeting users who use the protocol’s cross-chain private transaction execution tool, Confidential Intents, via their website. To date, no tokens have been added to users’ accounts under this initiative. Once Confidential Intents’ total value locked (TVL) hits $70 million, the system will take a snapshot and distribute milestone tokens to eligible accounts. Past user activity counts toward their allocation quota and will stay updated until the snapshot condition is fulfilled—meaning new users who join now and ramp up their activity can still secure a larger allocation share. Drop 1 of the plan will roll out 333,333 milestone tokens. These tokens are locked rewards and are initially non-transferable and non-sellable. Once NEAR’s volume-weighted average price (VWAP) holds steady at $3.33 or higher for three consecutive days, the milestone tokens will convert to NEAR at a 1:1 ratio. Key eligibility rules apply: Each wallet is limited to a maximum of 2% of this round’s total airdrop pool. To qualify for the snapshot, users must maintain a confidential balance of over $100 in any asset on near.com and complete at least one confidential swap. Holdings and activity above this threshold will impact their final allocation amount. Future airdrop rounds and additional milestones are planned, with each round’s conditions tied to higher levels of community engagement.
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Grayscale podala upravený S-1 pro spotové NEAR ETF. V dokumentu změnila hlavního správce na BitGo Bank & Trust N.A. a uvedla, že staking bude nabízet jen pokud to dovolí zákon.
Grayscale Investments has submitted a revised S-1 filing for its proposed spot NEAR ETF, which tracks the prominent AI coin. This move coincides as investor interest grows amid the blockbuster SpaceX IPO frenzy.
Inside Grayscale’s Amended NEAR ETF Filing Grayscale submitted the revised registration statement on filed Friday, June 12 as Amendment No. 1 to Form S-1. It comes on the heels of the BNB coin ETF amendment.
Moreover, it follows the trust’s earlier registration statement filed in January. It adds the SEC Registration No. 333-292834 to the filing, which was missing in the previous submission.
Custody arrangements marked one of the biggest differences. The initial application lists Coinbase Custody Trust Company, LLC as the sole custodian.
The updated version includes a replacement for Coinbase Custody as the primary custodian with BitGo Bank & Trust N.A. in its place. However, Coinbase Custody will remain as an additional custodian for the Grayscale NEAR ETF.
The asset manager also beefed up the terminology around staking activities. The revised filing makes a clear statement that they will only offer exposure to NEAR staking yield via the ETF only if the US law permits it. It confirmed that neither the trust, sponsor nor the custodians are currently staking NEAR tokens.
With this filing, Grayscale eyes to expand its altcoin ETF line. Recently, it launched the Hyperliquid staking ETF in June.
Meanwhile, the statistics of the NEAR Protocol ecosystem were also updated. The modified filing reveals circulating supply grew to 1.3 billion NEAR tokens as of March 31, 2026, and the market capitalization dropped to $1.5 billion. Also, the filing disclosed that the token’s market ranking has dropped from No. 39 to No. 43.
Of particular note, the amendment also provides for the addition of Davis Polk & Wardwell LLP attorney Dylan H. Lojac as legal counsel. It also included formatting changes for compliance purposes related to the new checkbox for the emerging growth company election.
The SpaceX IPO Factor The filing comes after crypto narratives related to artificial intelligence are resurfacing, sparked by Elon Musk-led SpaceX’s successful IPO launch. It spurred a surge of interest in aerospace AI-related stocks and digital assets and next-generation technology narratives.
Over the past few months, NEAR has been trying to establish itself as a blockchain that is focused on decentralized AI applications and autonomous agent infrastructure. Now, it is attracting renewed investor interest.
Confidential Intents na NEAR Protocol překročil 26 milionů USD v TVL. Téměř polovina objemu na hlavní obchodní platformě $NEAR už běží přes privátní intents.
Private Transactions Gain Ground on NEAR ProtocolNEAR Protocol's Confidential Intents has crossed $26 million in total value locked, according to data cited by Delphi Digital, as the protocol's privacy layer draws growing adoption across the DeFi ecosystem. Nearly half of all volume on $NEAR's primary trading venue is now routed through private intents, a figure that underlines how quickly the feature has moved from novelty to core infrastructure.
Confidential Intents is built directly into the NEAR Intents cross-chain execution system. Users can toggle between a standard account and a confidential account, opting into privacy across transfers, deposits, and withdrawals while maintaining verifiable on-chain execution. Transaction details including sender addresses, amounts, and routing paths are processed inside a dedicated private shard connected to NEAR's mainnet via a Trusted Execution Environment (TEE) bridge, keeping them hidden from public block explorers during execution.
Cross-Chain Reach and the MEV ProblemThe protocol currently supports private transactions across more than 35 blockchains. NEAR Protocol's launch materials described the interface as connecting those chains through a single account, enabling cross-chain swaps, peer-to-peer settlement, and optional confidential flows without manual bridging or routing.
The core problem Confidential Intents addresses is well established in DeFi: public ledgers expose pending transactions to front-runners and MEV bots, which can see order size, timing, and routing before execution and act accordingly. By processing transaction details inside a private shard, the feature removes that visibility window, eliminating MEV extraction, frontrunning, and forced liquidations from visible positions.
The $26 million TVL milestone arrives as NEAR Intents continues to expand its reach. Prior to its recent Brave Wallet integration, NEAR Intents had already executed over 19 million swaps and more than $14 billion in all-time cross-chain volume across 35 blockchains. The Brave Wallet integration, available as of browser version 1.88, brings NEAR Intents to 110 million Brave browser users and makes it the first swap provider in Brave Wallet to unify virtually all of the wallet's supported blockchains, including Bitcoin, Solana, Zcash, Cardano, and EVM-compatible networks.
Sources:
PR Newswire: NEAR Unveils Confidential Cross-Chain Infrastructure
Global Fintech Series: NEAR Intents Expands to Brave Wallet
Brave: Brave Wallet Now Supports NEAR Intents
NEAR představil SPICE, hlavní upgrade směrem k Nightshade 3.0, který má zkrátit čas bloku z 600 ms na 200 ms. Zrychlí i finální potvrzení transakcí a podpoří složitější transakce.
June 22, NEAR officially announced its next major protocol upgrade: the SPICE (Separation of Consensus and Execution) proposal, a critical milestone toward Nightshade 3.0. Once fully rolled out, NEAR will cut its block time from 600 milliseconds to 200 milliseconds — a roughly 3x speed improvement, approaching the upper speed limit allowed by physical constraints. At the heart of SPICE is the decoupling of the consensus layer from the execution layer. This lets validators finalize block consensus without waiting for transaction execution, reducing latency and enabling support for more complex, time-intensive transactions. NEAR noted this upgrade will be the largest underlying architecture overhaul since Stateless Validation launched in 2024. Post-implementation, transaction experiences for apps like NEAR Intents and near.com will see notable improvements. Alex Shevchenko, CEO of Defuse Labs, added that NEAR’s final confirmation time is expected to drop to roughly 0.4 seconds — faster than Visa’s standard ~3 seconds — bringing the network’s payment experience close to “instantaneous.” NEAR also highlighted that faster block times are foundational to the AI Agent economy, enabling high-speed payments and complex transactions between autonomous agents, plus the ability to run longer tasks across multiple blocks. Additionally, SPICE will clear the path for Nightshade 3.0, laying the groundwork for future cross-shard atomic execution. The NEAR development team explained this will help mitigate development complexity and potential security vulnerabilities stemming from asynchronous network environments, boosting both the network’s scalability and security.
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A spokesperson for the Iraqi government stated that Iraq is working to restore its full oil export capacity and plans to increase its oil production to 7 million barrels per day in the coming years. (Jinshi)
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Bithumb was fined for sharing user data overseas without consent.
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Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.
According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".
PancakeSwap navrhuje ponechat poplatky ze stablecoinových poolů v jejich původní stablecoinové podobě v treasury místo převodu do CAKE. Týká se to celé sady produktů a asi 29 % ročních příjmů treasury.
PancakeSwap’s core development team, known as The Kitchen, has put forward a governance proposal to stop converting stablecoin pool fees into CAKE and instead retain them in their native stablecoin form for the protocol’s treasury. The change would apply across PancakeSwap’s entire product suite, including v2, v3, StableSwap, and Infinity.
Here’s the thing: stablecoin fees have historically accounted for roughly 29% of the treasury’s total annual revenue. That’s a meaningful chunk of income that was previously being routed through an unnecessary conversion step, swapped from stablecoins into CAKE, before landing in the treasury. The Kitchen’s argument is simple. Why add friction and conversion costs when you can just keep the stablecoins as stablecoins?
What the proposal actually changes The mechanics here are straightforward. Fees generated from stablecoin trading pairs across all of PancakeSwap’s pool types would stay denominated in their original stablecoin form. Non-stablecoin fees would continue following the existing path, getting converted into CAKE as they always have.
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The proposal explicitly preserves PancakeSwap’s existing buyback-and-burn mechanism for CAKE. Revenue from non-stablecoin products would still flow through the same conversion pipeline, maintaining the deflationary pressure that CAKE holders have come to rely on. Long-term tokenomics remain untouched.
Why treasury composition matters for a DEX Holding stablecoins directly gives PancakeSwap immediate purchasing power without market impact. When a treasury holds volatile governance tokens, deploying those funds means selling into the market, which can create downward price pressure on the very token the protocol is trying to support.
By keeping ~29% of its revenue in stablecoins, PancakeSwap positions itself to fund operations, partnerships, or emergency responses without touching CAKE’s market supply.
The broader trend in DeFi treasury management PancakeSwap remains one of the largest decentralized exchanges by trading volume, operating primarily on BNB Chain with expansions to multiple other networks. The Kitchen serves as the protocol’s primary maintainer and has historically driven major governance proposals through the community voting process.
The proposal was posted on February 19, 2026, and following a community vote, was implemented on March 2, 2026.
What this means for investors The preservation of the burn mechanism for non-stablecoin fees is the detail worth watching. As long as that pipeline remains intact, CAKE’s deflationary mechanics continue operating as designed.
The risk to monitor is scope creep. This proposal specifically targets stablecoin fees, but if future governance proposals extend the same logic to other fee categories, the calculus changes significantly. Investors should track whether subsequent proposals attempt to redirect additional revenue streams away from CAKE conversion, as that would represent a genuine shift in tokenomics rather than a treasury optimization.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Humanity Project uvedl, že při cross-chain útoku bylo z blockchainů Ethereum a BNB Chain odcizeno a prodáno asi 141,18 milionu H tokenů. Útočník získal klíč přes phishingový e-mail maskovaný jako upozornění od Bithumb.
June 14 — The Humanity Project team issued a statement in the early hours of yesterday regarding a cross-chain attack targeting its H token that took place on June 8. The attacker used a phishing email to gain access to a board member’s device, stealing their private key to execute on-chain transactions. The report noted the attack displayed technical tactics and tooling similar to those linked to a North Korean hacker group. The breach occurred across both Ethereum and BNB Chain. Using the stolen key, the attacker upgraded the Ethereum contract and transferred roughly 141.18 million H tokens. Simultaneously, they seized control of the BSC-side ProxyAdmin contract and minted additional tokens. Over an approximately 8-hour window, the attacker gradually sold these assets on Uniswap and PancakeSwap, disrupting liquidity and harming token holders. The project team confirmed the attack vector was a targeted social engineering phishing email disguised as an update notification from crypto trading platform Bithumb. The victim was tricked into opening a malicious attachment, which installed a remote access trojan that granted full device control, enabling theft of wallet data and private keys. As of the latest update, the Ethereum-side H contract has been frozen via an unaffected multi-signature (multi-sig) mechanism. However, the BSC-side deployment remains under the attacker’s control, leaving open the potential for additional minting. The team is collaborating with exchanges and stakeholders to develop fixes and remedies, and advised users to stay on alert for phishing links and scam messages.
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Micron Technology surges 18% in pre-market trading on US stocks
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SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
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US Secretary of State: Will not accept the claim that the Strait of Hormuz belongs to any country.
US Secretary of State Rubio stated, "We will not accept the assertion that the Strait of Hormuz belongs to any country." (Jinshi)
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Iraqi government spokesperson: Efforts are underway to restore full oil export capacity.
A spokesperson for the Iraqi government stated that Iraq is working to restore its full oil export capacity and plans to increase its oil production to 7 million barrels per day in the coming years. (Jinshi)
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Bithumb was fined for sharing user data overseas without consent.
South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.
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Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.
According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".
PancakeSwap přidal na Monad nový MUSD-USDC stablecoinový pool a počet incentivizovaných likviditních poolů na síti vzrostl na 17. Odměny a zvýšené APR se distribuují přes Merkl.
PancakeSwap is deepening its footprint on Monad with the addition of a new MUSD-USDC stablecoin pool, bringing the total number of incentivized liquidity pools on the chain to 17. The move pairs MetaMask’s wallet-native stablecoin with USDC, offering liquidity providers boosted annual percentage rates distributed through the Merkl incentive platform.
What’s in the pool MUSD, or mUSD, is MetaMask’s stablecoin that launched in September 2025. It’s backed 1:1 by short-term US Treasury bills, which makes it structurally similar to competitors in the treasury-backed stablecoin space.
The boosted APRs for this pool and the other 16 incentivized pools on Monad are facilitated through Merkl, a platform that handles reward distribution for DeFi protocols. Rather than PancakeSwap manually distributing incentives, Merkl automates the process, letting liquidity providers claim rewards based on their contribution to the pool.
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PancakeSwap supports both its v2 and v3 concentrated liquidity models on Monad. The v3 model lets users specify price ranges for their liquidity, which can dramatically improve capital efficiency on stable pairs where the price barely moves.
Monad’s growing DeFi stack PancakeSwap’s initial liquidity incentives on Monad kicked off around November 2025, and the protocol has been steadily adding pools since then. Previous boosted pairs included MON-USDC, AUSD-USDC, and wrapped synthetic MON variants, covering both volatile and stable trading pairs.
The addition of MUSD-USDC on June 15, 2026 brings the total to 17 incentivized pools. MetaMask’s involvement adds another layer: by pushing mUSD into PancakeSwap’s incentivized pools, the wallet provider is creating familiar on-ramps for its user base.
What this means for liquidity providers and investors The specific APR figures were not disclosed with this announcement, which means investors will need to check the Merkl platform directly for current rates. APRs on incentivized pools tend to be highest in the early days when liquidity is still building, then compress as more capital flows in.
One risk worth flagging: incentivized APRs are temporary by nature. When the rewards dry up, liquidity tends to migrate to wherever the next boost appears. The real test is whether the pool generates enough organic trading volume to sustain competitive returns after incentives taper off.
The treasury-bill backing of mUSD provides a degree of structural safety that purely algorithmic stablecoins can’t match. But investors should still evaluate smart contract risk on both PancakeSwap’s Monad deployment and the Merkl distribution layer, as multi-protocol interactions create additional attack surface.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
PancakeSwap spouští na Base pobídky v USDC pro bridged SOL a jitoSOL tokeny. Cílem je přilákat likviditu ze Solany do širšího cross-chain DeFi ekosystému. Cílové likviditní páry zahrnují SOL-jitoSOL a SOL-USDC, přičemž tokeny jsou bridged přes Coinbase bridge.
PancakeSwap is rolling out USDC incentives for bridged SOL and jitoSOL tokens on its Base deployment, a move designed to pull Solana-native liquidity into the broader cross-chain DeFi ecosystem. The targeted liquidity pairs include SOL-jitoSOL and SOL-USDC, with tokens bridged via the Coinbase bridge.
The initiative is a team effort. Base, Jito, Merkl, and Gauntlet are all involved in structuring and distributing the incentives to liquidity providers. BeefyFinance is running a parallel campaign it’s calling “summer incentives,” offering auto-compounding vaults for SOL-cbBTC, SOL-USDC, and jitoSOL-SOL pairs on Base.
What’s actually on the table Earlier promotional rounds for SOL-jitoSOL pools on PancakeSwap featured APRs exceeding 100%. The new USDC incentive structure targets the same general liquidity territory. By denominating rewards in USDC rather than a governance token or volatile asset, PancakeSwap is offering something more predictable. Stablecoin incentives reduce the risk that your farming rewards evaporate the moment you try to harvest them.
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For the uninitiated, jitoSOL is Jito’s liquid staking token on Solana. You stake your SOL through Jito’s protocol, and in return you get jitoSOL, a token that accrues staking rewards plus MEV tips over time.
The Coinbase bridge serves as the pipeline. Users bridge their SOL or jitoSOL from Solana to Base (chain ID 8453), then deposit into PancakeSwap’s liquidity pools or BeefyFinance’s vaults. The vault option on BeefyFinance auto-compounds returns, meaning you don’t have to manually claim and re-deposit rewards.
Why Base, and why now PancakeSwap’s collaboration with Gauntlet, a risk management and optimization firm, suggests the incentive distribution isn’t purely spray-and-pray. Gauntlet typically models optimal incentive allocation to maximize liquidity depth relative to spend. Merkl handles the actual distribution mechanics for reward campaigns across DeFi protocols.
The BeefyFinance integration adds another layer. Beefy is a yield optimizer that sits on top of DEXs like PancakeSwap, automatically harvesting and reinvesting farming rewards. The SOL-cbBTC vault pairs bridged Solana with cbBTC, Coinbase’s wrapped Bitcoin product, on Base, auto-compounded by BeefyFinance.
What this means for investors For liquidity providers weighing whether to participate, the risk calculus involves several layers. There’s bridge risk (moving assets between chains always introduces smart contract exposure), impermanent loss (especially in volatile pairs like SOL-USDC), and the opportunity cost of parking capital in these pools versus alternatives on native Solana DeFi.
The USDC denomination of rewards does mitigate one common concern. When farming rewards are paid in a protocol’s native governance token, you’re essentially betting that token holds value. USDC rewards are worth a dollar.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Útok na likviditní pool OLPC/LABUBU na BNB Chain využil zranitelnost v kontraktu OLPC po úpravě parametru decimalsValue. Útočník nakonec odčerpal 1.115 milionu USDT.
PANews, June 20 – SlowMist Security founder Yu Xian published a post-mortem on the BNB Chain PancakeSwap OLPC/LABUBU liquidity pool theft, pointing out multiple suspicious manual operations in this attack.
The root cause of the pool being drained lies in an exploitable logic vulnerability in the OLPC token contract: the contract’s _update function, when specific conditions are met, can destroy an amount of OLPC tokens equal to value * decimalsValue. Under normal circumstances, the decimalsValue defaults to 1, but approximately 46 days before the attack, the token owner maliciously modified this parameter to an extremely large value of 7326680472586200649. Several days after the modification, the project party directly discarded the contract owner admin privileges, resetting the authority to the zero address.
After the parameter was tampered with, the fund ratio in the OLPC and LABUBU trading pair became severely imbalanced. The attacker exploited the distorted decimalsValue to trigger the pool reserve destruction logic, exchanging a large amount of LABUBU from the pool with only a small input of OLPC, and ultimately cashed out, transferring out a total of 1.115 million USDT.
FIFA Collect testuje na Avalanche nový ticketingový model proti botům, podvodům a přeprodejům. Podle Ava Labs už bylo vydáno přes 100 000 RTB a sekundární objem RTT přesáhl 15 milionů USD, zatímco kombinovaný objem RTB a RTT přesáhl 25 milionů USD.
Welcome to The Protocol, CoinDesk’s tech newsletter covering the most important stories in blockchain. I’m Margaux Nijkerk, a reporter at CoinDesk.
We’re revamping the newsletter to bring you a deeper look at the biggest trends, breakthroughs and debates shaping blockchain technology each week.
This week, we're looking at how FIFA is using the Avalanche blockchain to test out a new ticketing system
As the 2026 FIFA World Cup unfolds across North America, one of blockchain's biggest real-world tests is happening largely behind the scenes.
FIFA Collect, the federation's digital collectibles and fan platform, is using the Avalanche network and Modex for its operations to power a new ticketing model designed to address some of the biggest frustrations in sports: bots, ticket fraud and runaway secondary-market prices.
The system, which is on a customizable Avalanche Layer-1 blockchain known as the FIFA blockchain, revolves around two features for a designated number of tickets: a Right-to-Buy (RTB) and a Right-to-Ticket (RTT). Neither is the ticket itself.
Instead, an RTB is a digital entitlement that gives fans priority access to purchase a specific ticket before it becomes publicly available, giving them another way to buy tickets. Fans can acquire RTBs through FIFA Collect and trade them on secondary markets at a market value. Once redeemed, the RTB converts into an RTT, which can then be used to purchase an official match ticket through FIFA's existing ticketing infrastructure.
The concept may sound complicated, but the underlying goal is straightforward: move ticket resale activity into an environment controlled by FIFA rather than third-party marketplaces.
"It's a little bit of the Taylor Swift problem," said Dominic Carbonaro, who leads the consumer enterprise vertical at Ava Labs, the main developer firm supporting Avalanche. "Concert gets announced, huge influx of buying comes in, primarily from bots. They buy all the tickets, and then the secondary market sales happen."
The RTB model, he said, "shifts where the secondary sales market takes place."
Traditionally, event organizers sell tickets at face value and much of the value created by overwhelming demand is captured later by companies such as StubHub, SeatGeek or Vivid Seats. FIFA's approach attempts to bring some of that activity back into its own ecosystem, part of a broader strategy around the 2026 World Cup that has seen the organization seek tighter control over everything from ticketing and fan data to stadium branding and commercial operations around venues.
According to figures shared by Ava Labs, more than 100,000 RTBs have been issued to date. More than 50,000 Club World Cup tickets have been distributed in bundles with RTBs. Secondary-market volume for RTTs has surpassed $15 million, while combined RTB and RTT volume has exceeded $25 million.
The numbers are notable because they represent something the crypto industry has struggled to produce in recent years: a blockchain application tied to a real-world product rather than speculation.
For Ava Labs, the project is less about NFTs and more about infrastructure. "We want to deliver Web2 experiences with blockchain underneath," Carbonaro said. "The user should not even know they're using blockchain."
The goal is for fans to interact with a familiar consumer application while blockchain handles verification and asset ownership in the background. The actual match tickets, however, are still issued through FIFA's existing ticketing infrastructure. When a fan redeems an RTB, it converts into an RTT, which can then be used to access the official ticket purchase process and obtain the underlying ticket through FIFA's traditional system.
"The tickets are now 100% verifiable onchain, so it reduces all types of fraud, fake secondary sales, etc.," Carbonaro said.
That may be particularly valuable for an event like the World Cup, which attracts global demand and has historically been a target for ticket scams and counterfeit listings.
But the experiment raises an important question: who benefits most?
Ava Labs claimed that for fans, the value proposition is greater certainty. Rather than entering lotteries or waiting in digital queues, users can acquire a tradable right that guarantees access to purchase a ticket. For FIFA, however, the benefits extend much further.
Beyond new revenue opportunities, the model gives FIFA more visibility into who ultimately attends its events. In the traditional ticketing ecosystem, much of that information is controlled by secondary marketplaces.
"The actual administrator of those tickets, FIFA, has no idea who the people are buying," Carbonaro said. "That data sits with SeatGeek, StubHub, Ticketmaster, Vivid Seats." He argued that FIFA Collect's RTB and RTT system gives FIFA greater insight into how ticket rights change hands within its own ecosystem, rather than relying on third-party platforms that typically control the customer relationship.
With RTBs and RTTs, FIFA can better track how fans move through the ticketing process while keeping personal information offchain and using blockchain records as a verification mechanism.
That data component may ultimately prove as valuable as the ticketing functionality itself. Sports organizations increasingly view direct fan relationships as strategic assets, particularly as AI tools make first-party data more valuable.
Whether FIFA's ticketing model becomes a template for future tournaments remains to be seen. Critics could argue that introducing tradable purchase rights simply creates another layer between fans and tickets.
Either way, the World Cup offers a glimpse of where blockchain adoption may be heading next. Instead of asking consumers to embrace crypto, projects like FIFA Collect are attempting to hide it altogether. And for Avalanche, that may be the most important test of all.
Na Avalanche vznikl Avalanche Payments Collective, do kterého se zapojilo 28 organizací včetně Franklin Templeton, Paxos a Kraken. Síť má pokrýt platby ve více než 150 zemích a 96 měnách.
28 organizations have joined the Avalanche Payments Collective, formalizing one of the industry's broadest payments ecosystems.
Over the past five years, Avalanche has quietly become home to one of the most expansive payment ecosystems in the industry.
The Avalanche Payments Collective launches today, bringing together Franklin Templeton, VanEck, WisdomTree, Agora, Paxos, Rain, Axiym, Ethena, Anchorage Digital, Tassat, Nonco, SETTL, zerohash, Core, OatFi, Rise, Kraken, OpenTrade, NHN KCP, Request Finance, Grove, the Wyoming Stable Token Commission, and other organizations building payment infrastructure and capabilities on Avalanche.
Franklin Templeton selected Avalanche for its tokenized money market fund. Rain built stablecoin card programs connected to Visa's global merchant network. Axiym has processed more than $1.4 billion in cross-border payment volume on the network while serving money service businesses operating across more than 150 countries.
Together, the collective's initial members support payment flows reaching more than 150 countries, 96 currencies, and approximately 22 billion payout endpoints across bank accounts, cards, and mobile wallets.
The Avalanche Payments Collective formalizes an ecosystem that spans settlement, stablecoins, treasury infrastructure, foreign exchange, asset management, compliance, and global payouts. It reflects a growing reality across financial services: payment companies need more than faster rails. They need an integrated settlement ecosystem capable of connecting liquidity, compliance, treasury workflows, and local payment networks at global scale.
The Infrastructure Behind PaymentsFor decades, the mechanics of moving money internationally have remained largely unchanged. Correspondent banking networks, prefunded accounts, settlement delays, and fragmented payment corridors continue to shape how capital moves through the financial system.
As stablecoins gain traction as payment and settlement assets, attention is shifting beyond the assets themselves toward the infrastructure that enables them to move through real-world financial workflows. The next phase of payment innovation will be defined by the networks, liquidity providers, settlement systems, compliance tools, and applications that help businesses move value more efficiently across markets.
"The future of global payments won't be built by a single company, product, or payment rail. It will be built by interconnected ecosystems," said John Nahas, Chief Business Officer at Ava Labs. “The Avalanche Payments Collective brings together organizations from across the payments stack with a shared vision of a more connected financial system, where money moves more efficiently, and businesses can operate globally with fewer barriers."
The organizations participating in the Avalanche Payments Collective operate across the infrastructure required to move money at scale, from settlement and liquidity to treasury management, foreign exchange, stablecoin issuance, cross-border payouts, business payments, and asset management.
Settlement and ClearingTassat's Lynq network represents one of the collective's institutional settlement layers.
In April 2026, Lynq migrated to a dedicated Avalanche Layer 1 (L1) while maintaining full state continuity. The network connects more than 30 participants, including Fireblocks, Galaxy, and Wintermute, and brings more than $2.5 trillion in transaction history from Tassat's banking infrastructure.
Lynq enables institutions to settle transactions in seconds rather than waiting for traditional clearing cycles, allowing liquidity to move more efficiently across counterparties and markets. SETTL, zerohash, and Dakota extend those capabilities across institutional, banking, and enterprise payment workflows, helping improve liquidity utilization, visibility into cash positions, and operational efficiency.
Anchorage provides regulated custody and banking infrastructure that supports institutions adopting stablecoin payments, digital asset settlement, and modern treasury operations.
For payment companies, Avalanche becomes a business tool rather than a technology concept. Faster settlement can support better treasury control, fewer manual reconciliation processes, more transparent payment tracking, and lower operational drag across global money movement.
Stablecoins and Digital CurrencyStablecoins are increasingly used as a settlement asset for payments, treasury operations, and cross-border transactions, enabling value to move continuously across markets rather than only during banking hours or settlement windows.
Firms such as Agora, Paxos, Ethena, and the Wyoming Stable Token Commission provide digital-dollar infrastructure supporting payment applications, financial platforms, and settlement networks operating on Avalanche. Paxos brings one of the industry's most established issuance frameworks, while the Wyoming Stable Token Commission brings public-sector stablecoin innovation through FRNT. Together, the four companies expand the pool of digital-dollar assets and liquidity available to businesses, fintechs, and financial institutions alike operating on the network.
For payment operators, the practical impact is straightforward: money moves on the same schedule as the business. Funds can settle on weekends, public holidays, and outside traditional banking hours, giving treasury teams greater flexibility in managing liquidity across markets.
Businesses can access these capabilities through existing payment and treasury workflows. Stablecoins can operate as the settlement layer in the background while customers continue to experience familiar payment and payout flows.
The ecosystem also includes infrastructure supporting transaction monitoring, sanctions screening, and Travel Rule compliance. For regulated payment companies and financial institutions, these controls must be embedded directly into payment flows rather than added later.
Cross-Border and Currency SettlementInternational payments remain one of the most capital-intensive areas of financial services, with providers often maintaining prefunded balances across multiple jurisdictions to ensure obligations can be met. While reliable, this model can trap working capital and create operational complexity.
Axiym was built to address that challenge.
By providing on-demand liquidity infrastructure for licensed money service businesses, Axiym enables payment providers to continue operating via their existing banking systems and APIs while reducing reliance on prefunded balances. To date, Axiym has processed more than $1.4 billion in volume on Avalanche, while the platforms it serves collectively move more than $25 billion annually across more than 150 countries and 96 currencies.
These capabilities can be particularly valuable in corridors where settlement is slow, foreign exchange costs remain high, local payment infrastructure is fragmented, or access to dollar liquidity is constrained. In those markets, stablecoin-powered settlement can help payment companies serve customers more efficiently without rebuilding every local connection themselves.
Nonco addresses a different part of the cross-border stack. Its institutional foreign exchange venue connects more than 350 liquidity providers to stablecoin markets via a request-for-quote platform, enabling simultaneous settlement on both sides of a trade and reducing counterparty exposure associated with conventional FX workflows.
Together, these capabilities show how Avalanche can support both the movement of value and the infrastructure required to exchange, route, and settle it across currencies and jurisdictions.
Asset Management and Treasury InfrastructureFranklin Templeton, VanEck, OpenTrade, and Grove bring treasury, liquidity, and yield-bearing financial products to the collective's asset management layer.
Among others, Franklin Templeton's BENJI fund and VanEck's VBILL are available on Avalanche, giving treasury teams access to regulated tokenized securities that remain available when settlement obligations arise.
OpenTrade provides stablecoin yield infrastructure for businesses, fintechs, and payment providers, while Grove provides institutional-grade credit and liquidity infrastructure connecting onchain capital with real-world financial markets.
As payment infrastructure becomes more digital, treasury management and settlement are becoming increasingly interconnected. Payment companies are increasingly focused not only on moving money, but also on managing liquidity across markets and making reserves more productive. Avalanche provides a common environment where these workflows can begin to converge.
Merchant AcceptancePayment infrastructure ultimately needs to connect with real-world commerce.
NHN KCP, one of South Korea's leading payment processors, brings merchant acceptance capabilities to the collective, helping connect blockchain-based settlement infrastructure with consumer and business payment experiences.
Business PaymentsB2B stablecoin payment volumes grew more than 700% year-over-year in 2025, while cross-border settlement emerged as one of the primary enterprise use cases.
OatFi, Rise, and Request Finance represent different applications of that trend. OatFi embeds financing directly into payment workflows, allowing suppliers to access funds sooner while buyers retain flexibility without requiring platforms to operate standalone lending businesses. Rise brings payroll infrastructure to the collective, extending modern settlement capabilities into workforce payments. Request Finance enables organizations to manage invoicing, accounts payable, and business payments using stablecoins, helping enterprises integrate digital assets into everyday financial operations.
Together, these companies demonstrate how payment infrastructure is expanding into financing, payroll, accounts payable, treasury operations, and liquidity management.
The Avalanche Payments Collective
The organizations participating in the Avalanche Payments Collective span settlement, liquidity, asset management, foreign exchange, treasury infrastructure, digital-dollar issuance, merchant acceptance, business payments, and public-sector financial innovation.
The collective formalizes a network that has already emerged on Avalanche and brings together the organizations building the infrastructure underpinning the next generation of payment and settlement systems.
The collective is open to additional members. Payment companies, fintechs, and financial institutions can connect with the institutional team at avax.network/payments.
SOL Strategies spustila STKESOL, likvidní stakingový token pro Solanu, který rozděluje stake mezi 40 až 75 validátorů a má podpořit větší decentralizaci. Při spuštění bylo vloženo přes 500 000 SOL, nyní zhruba 691 000 SOL.
Solana stakers have collectively earned more than $1 billion this year. SOL Strategies wants to make sure that money flows through a healthier, more decentralized validator set.
The company, which trades on both NASDAQ under ticker STKE and the Canadian Securities Exchange as HODL, launched its liquid staking token STKESOL on January 20, 2026. At launch, more than 500,000 SOL were staked into the protocol. That figure has since climbed to roughly 691,000 SOL in total value locked.
How STKESOL actually works STKESOL gives SOL holders a tradeable token that accrues staking rewards relative to the underlying SOL. The token is built on Solana’s audited SPL Stake Pool Program, meaning holders can participate in DeFi applications while their original SOL continues earning staking rewards in the background.
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Rather than funneling everything to the biggest validators, STKESOL uses an algorithmic delegation model. The system routes stake to a diverse set of between 40 and 75 validators, selected through SOL Strategies’ proprietary Stakewiz Wiz Score methodology. That scoring system evaluates over 15 metrics across a 30-day window, covering factors like validator performance and contribution to decentralization.
DeFi integrations and revenue model SOL Strategies lined up integrations with several prominent Solana DeFi platforms at launch, including Orca, Squads, Kamino, and Loopscale.
Orca is one of Solana’s largest decentralized exchanges. Kamino focuses on automated liquidity strategies. Squads provides multisig infrastructure for teams and treasuries. Loopscale handles structured lending.
SOL Strategies generates revenue from STKESOL through two channels: fees on deposits into the staking pool and a share of the staking rewards generated by the underlying SOL.
The company has also been expanding its infrastructure footprint through acquisitions. SOL Strategies acquired Houdini Swap for $18 million and also brought Darklake/Zyga into its portfolio.
The VanEck connection SOL Strategies has been named a staking provider for the VanEck Solana ETF.
The risk side of the equation is worth considering. Liquid staking tokens introduce smart contract risk on top of the underlying staking risk. If there’s a bug in the SPL Stake Pool Program or if the Wiz Score methodology underperforms in selecting reliable validators, stakers could face losses or depeg scenarios. SOL Strategies notes the program has been audited, but audits reduce risk rather than eliminate it.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Chiliz spouští program Burn to Glory, který při výhrách vybraných národních týmů spálí až 10 % Fan Tokenů z treasury rezerv. Týká se $ARG, $BELG, $POR, $SAFA a $SFA.
Chiliz has introduced a World Cup campaign that will remove up to 10% of treasury-held Fan Tokens per match victory as participating national teams progress through the tournament.
Summary
Chiliz has launched a World Cup campaign that burns Fan Tokens from treasury reserves when participating national teams win matches. Burn rates start at 1% during the group stage and rise to 10% for a victory in the tournament final. Argentina, Belgium, Portugal, South Africa, and Scotland Fan Tokens are included in the performance linked tokenomics program. According to a June 11 press release shared with crypto.news, the new initiative, called “Burn to Glory,” ties Fan Token supply reductions directly to results achieved by selected national football teams during the upcoming FIFA World Cup.
The program covers Fan Tokens linked to Argentina ($ARG), Belgium ($BELG), Portugal ($POR), South Africa ($SAFA), and Scotland ($SFA). Under the mechanism, tokens held in treasury reserves will be permanently destroyed after each tournament win, with burn rates increasing as teams move deeper into the competition.
At the opening stage of the tournament, each victory will trigger a 1% burn from treasury reserves. Figures released by Chiliz show the percentage rising to 2% in the Round of 32, 2.5% in the Round of 16, 5% in the quarter-finals, 7.5% in the semi-finals, and 10% for a victory in the final.
Because the tokens are removed from treasury holdings rather than circulating supply, the company said successful teams would see their future token supply ceilings reduced while existing holders retain their balances.
Performance-based token burns enter the World Cup “Football fans live every result, every knockout match and every big moment. Through Burn to Glory, those moments can now have a direct impact on the Fan Token economy,” Chiliz CEO and founder Alexandre Dreyfus said in an accompanying statement.
Dreyfus added that the World Cup will be the first major international tournament where the company deploys blockchain-based supply mechanics tied directly to sporting performance. He added that the campaign demonstrates how Fan Tokens are evolving beyond fan engagement products and can increasingly mirror events taking place on the pitch.
Information provided by Chiliz shows that all burns will be executed through on-chain transactions from treasury reserves, allowing token removals to be publicly verified on the blockchain.
The company also said that increasing burn percentages throughout the tournament could create additional interest around matches with larger potential supply reductions. At the same time, shrinking treasury reserves after victories would lower the maximum future supply available to the market.
Expansion follows recent Fan Token initiatives Beyond the burn campaign, Chiliz noted that several international Fan Tokens, including $ARG, $POR, $SAFA, and $SFA, have recently been expanded onto the Solana blockchain as part of the firm’s omnichain strategy.
The latest announcement follows other recent Fan Token initiatives from the company. Earlier this year, Chiliz launched Champions League Final trading competitions involving Paris Saint-Germain ($PSG) and Arsenal ($AFC) Fan Tokens across the Solana and Base networks.
Alongside those efforts, the company has continued public testing of Fan Token Play, a mint-and-burn framework designed to connect token supply dynamics with team performance.
Under the campaign rules released by Chiliz, only official men’s first-team World Cup matches will qualify for token burns. Friendly fixtures, exhibition games, academy competitions, women’s matches, and pre-season events will remain outside the program.
The Graph spouští příští týden Horizon mainnet, který má z protokolu udělat modulární platformu pro jakýkoli typ blockchainových datových služeb. Nově podporuje i real-time streamy, preindexovaná API a analytická řešení.
A Modular Platform for Any Blockchain Data ServiceThe Graph launched in 2020 with infrastructure purpose-built for Subgraphs. Over the past five years, The Graph has processed trillions of queries and demonstrated that decentralized data infrastructure can operate at scale. But blockchain data needs have evolved. Real-time streams, analytics platforms, custom APIs, and specialized query engines now serve dozens of distinct use cases that go beyond what Subgraphs alone can provide.
Next week, Horizon mainnet launches, introducing an upgrade designed to transform The Graph into a modular platform for any type of blockchain data service. This is the upgrade The Graph has been working toward since its inception.
Building the Standard for Multi-Service InfrastructureThe Graph built the underlying protocol that makes decentralized data services possible: economic security through staking, trust-minimized peer-to-peer micropayments, and verifiable query protocols. The innovation of Subgraphs became widely adopted as an industry standard for how blockchain data should be accessed and paid for. Now The Graph seeks to enable the mechanism for data service developers to innovate new use case optimized products within the protocol framework to scale web3.
Horizon transforms those battle-tested components into reusable primitives that any data service may leverage, subject to the protocol mechanism. The experience of serving billions of Subgraph queries now becomes the foundation for an ecosystem of data services secured, powered, and paid for with GRT.
How Horizon Works: Modular Primitives for Permissionless InnovationHorizon introduces three key innovations: a core staking protocol that provides economic security for any data service, a unified payments system that handles fees across all services, and a framework that lets anyone build new data services without rebuilding infrastructure from scratch, subject to protocol parameters.
The Subgraph Service continues as before, while the protocol now supports permission-minimized permissionless development of real-time data streams, preindexed APIs, analytics solutions, and other use case-optimized data services like:
Real-time data streams (Firehose and Substreams)Token and NFT APIsAnalytics solutions (Amp)Verifiability as a serviceCustom data delivery mechanismsThis is what "enabling builders to scale" is intended to mean. Whether building standard DeFi applications or pushing boundaries with AI analytics, high-frequency trading systems, or enterprise compliance-oriented tools, builders now have production-ready infrastructure designed to adapt to several use cases. Moreover, Horizon enables an entirely new innovation stream for data service developers to integrate new products into The Graph protocol, subject to governance and adoption.
The Graph Multi-Service Infrastructure for DeFi to Custom Enterprise Data NeedsDifferent use cases require different data services. A DeFi protocol tracking historical liquidity might use Subgraphs for its decentralized applications. The same protocol may need Substreams for real-time liquidation events and Token API for current balances and prices. Enterprises need custom data pipelines with on-premise deployment options that meet rigorous compliance and verifiability, and compliance-oriented requirements as specified by regulators across multiple jurisdictions.
Before Horizon, each use case required separate infrastructure, creating fragmentation and development bottlenecks. Horizon addresses this by providing a single protocol that supports multiple services with shared economic security and unified payments. Each service can scale independently, subject to protocol design, without compromising others.
Economic scaling matters too. More services result in additional GRT fees flowing through the protocol. Increased activity may lead to additional token burns where applicable, and issuance may be directed across multiple services through governance processes to fund innovation. Every new data service increases the protocol's functional scope and usage within the network, contributing to network effects that may benefit participants. However, there are no guarantees of value or returns.
More Data Services Generate More Fees and Stronger GRT Value AccrualHorizon unlocks new economic growth for the protocol. More services may result in additional GRT fees, token burns as defined by protocol parameters, and expanded participation across service providers and Delegators. Service providers can earn across multiple services, while Delegators gain exposure to diverse fee streams. Protocol issuance can be directed strategically across services to fund innovation without governance bottlenecks. Every new data service expands the protocol's utility.
The Graph now supports the full spectrum of blockchain data needs. Subgraphs remain the foundation for thousands of applications that need custom APIs. Token API serves wallets and marketplaces requiring balance and transfer data. Substreams power enterprise-scale projects with parallelized data processing. Amp provides verifiable, compliance-oriented onchain data that meets regulatory requirements. Each service operates independently while contributing to shared protocol growth.
Horizon represents years of building toward this moment. The Graph proved that decentralized data infrastructure works. Now the protocol is positioned to support a wider range of blockchain data demand as the industry matures. Where competitors fragment across single solutions, The Graph consolidates around shared infrastructure designed to evolve with each new service.
About The GraphThe Graph is a suite of blockchain data infrastructure products that extract, process, and deliver scalable blockchain data solutions across 60+ networks. The Graph enables application developers, data analysts, AI agents, and enterprise teams that need structured, real-time access to blockchain data. Products include Subgraphs, Firehose, Substreams, and Amp. As of early 2026, The Graph has served over 1.27 trillion queries to more than 75,000 projects, powered by a network of independent Indexers around the world.
Follow The Graph on X, LinkedIn, Instagram, and Reddit. Join the community on The Graph’s Telegram, join technical discussions on The Graph’s Discord.
The Graph v roce 2026 rozšiřuje Horizon, který byl spuštěn v prosinci 2025, na modulární platformu pro více datových služeb a chystá nové produkty včetně JSON-RPC, Substreams, Token API, Tycho a Amp. Současně plánuje širší podporu pro AI, instituce a staking GRT.
Multi-Service Infrastructure for the Onchain EconomyThe Graph Technical Roadmap presents the protocol, products, and economics of The Graph ecosystem in 2026. This roadmap envisions another pivotal year of evolution as the protocol and product suite evolve to meet consumer demand across the blockchain industry, serving developers, data scientists, AI agents, and institutional users with a high-performance, decentralized, and reliability-focused blockchain data infrastructure.
As blockchain infrastructure matures and adoption accelerates, data access requirements have become increasingly specialized. As chains scale to enable faster transactions, developers building real-time applications now need high-speed streaming solutions. Data analysts require SQL-native access for complex queries across multi-chain datasets. AI agents depend on standardized APIs for reliable integration, but require novel protocols to streamline access. Enterprises demand features that support compliance workflows with institutional-grade reliability. No single indexing approach consistently serves all these needs across chains and use cases.
The market requires purpose-built solutions operating within a unified, permissionless, and secure framework. With the launch of Horizon in December 2025, The Graph protocol evolved into a modular platform capable of supporting diverse blockchain data services. The developments outlined in this technical roadmap build on Horizon's architecture to deliver these specialized solutions.
This blog is the first in a two-part series. A forthcoming second blog will outline The Graph Foundation's strategic priorities and ecosystem initiatives supporting the successful execution of the technical roadmap.
This roadmap is oriented around three interconnected layers:
Protocol Layer: The permissionless infrastructure, including staking, payments, and governance, that enables anyone to build and operate a data service on The Graph.Product Layer: Specialized data services designed for specific markets and use cases, each following a pragmatic path from development through validation to protocol integration.Economic Layer: The mechanisms that align incentives across Indexers, Delegators, and consumers, ensuring value accrual and long-term network viability.1. Protocol Layer: The InfrastructureAs The Graph ecosystem expands beyond its original Subgraph-centric architecture, the protocol layer is evolving to support a diverse range of data services while maintaining the economic security and coordination that make decentralized infrastructure viable. Horizon creates a flexible framework designed to enable multiple specialized data services to operate within a unified economic and security model.
The technical architecture of Horizon introduces three innovations:
A core staking protocol provides economic security that extends to any data service.A unified payments system handles fees across all data services, creating a single economic layer for the entire protocol.A framework for permissionless data service development enables new providers to easily integrate into an existing network already running complex data infrastructure.These architectural improvements unlock the protocol's ability to scale horizontally - supporting new data services as they emerge and enabling existing data services to leverage the unique advantages of The Graph protocol while maintaining the security, reliability, and decentralization that support the core value propositions of The Graph Network.
2. Product Layer: The Growth EngineThe Graph ecosystem is advancing a diverse portfolio of data products designed to meet the evolving needs of developers, applications, and institutions. Each product serves distinct use cases, from real-time blockchain indexing to institutional-grade data access, allowing the ecosystem to deliver value across multiple market segments simultaneously.
As these products mature and demonstrate strong adoption, they follow a path toward deeper protocol integration through Horizon, enabling progressive decentralization that balances innovation speed with network resilience. This evolution reflects the ecosystem's commitment to sustainable growth: delivering practical solutions today while building the decentralized data infrastructure of tomorrow.
SubgraphsSubgraphs established the original indexing standard for blockchain data and remain foundational to The Graph ecosystem. Thousands of applications rely on Subgraphs today, and the successful upgrade of users from the hosted service to The Graph Network in 2024 demonstrated that decentralized infrastructure can indeed serve production workloads for blockchain developers.
In 2026, Subgraphs will continue serving developers, its core consumers, who rely on this standard, but the focus will deepen in two ways. First, The Graph will place more emphasis on improving quality and support to better serve small-to-medium-sized projects through cost and scaling efficiencies. This process includes network-first chain integrations, the Rewards Eligibility Oracle (REO), and Indexing Payments (DIPs) that all aim to ensure Indexers are appropriately incentivized to serve Subgraph users. Second, there will be added focus for AI compatibility to introduce Subgraph-compliant gateways as well as Subgraph MCP and Subgraph A2A integrations, making blockchain data queryable through natural language interfaces in tools like Claude, Cursor, ChatGPT, and a host of other emerging AI interfaces. Integrating x402 means AI agents will be authorized to autonomously query the network and pay per-query with no setup keys in the Studio.
Blockchain JSON-RPC Data ServiceExpanding into blockchain JSON-RPC access represents a natural evolution of The Graph developer platform. While the protocol has historically specialized in indexed data queries, developers increasingly expect unified infrastructure that supports both advanced indexing and core blockchain read/write functionality. Enabling seamless access to these capabilities, whether through partnerships, integrations, or native services, strengthens The Graph’s role as a full-stack data layer for web3 applications.
The Graph ecosystem is well-positioned to support this expansion. Many infrastructure providers within and adjacent to the network already operate RPC capacity at scale. Aligning these capabilities with The Graph’s payment, security, and distribution frameworks creates new coordination opportunities across the ecosystem while improving the developer experience. This roadmap intentionally leaves room for multiple RCP implementation paths as the network validates the best structure for long-term growth.
SubstreamsSubstreams provides high-performance, low-latency blockchain data streaming designed for users with demanding technical requirements. The service has gained adoption among prominent DeFi protocols, DePIN and AI infrastructure, large-scale analytics platforms, and traditional financial institutions, particularly those requiring real-time transaction processing on high-throughput chains like Base, BSC, and Solana.
Development priorities for Substreams in 2026 focus on improving developer experience, expanding chain coverage, reducing streaming latency, and progressing toward integrating Substreams into The Graph protocol via Horizon. These improvements aim to strengthen Substreams' position as a valuable infrastructure layer for applications and institutions that require streaming blockchain data at scale.
Token APIMany blockchain applications, such as wallets, block explorers, marketplaces, and analytics platforms, require the same fundamental data: token balances, prices, transfers, swaps, and NFT metadata. While Subgraphs excel at custom indexing for protocol-specific use cases, these standardized data needs don't require custom development infrastructure.
The Graph Token API addresses this gap by providing pre-indexed, production-ready access to common token data information across multiple chains. Built on Substreams’ infrastructure, the Token API service delivers reliable, standardized data without requiring teams to build or maintain custom indexing solutions. Token API currently supports 10 chains, with continued expansion and feature development planned for 2026.
TychoThe Tycho initiative extends this roadmap deeper into DeFi by making onchain liquidity easier to access, understand, and use in real time. Instead of forcing teams to run their own nodes or decode complex protocol logic, Tycho tracks how liquidity changes across decentralized exchanges and delivers live updates through a simple streaming interface. It provides a single, consistent way to get prices and quotes across many DEXs, helping trading systems, solvers, and applications tap into more liquidity with far less setup and ongoing maintenance.
Also built on Substreams, Tycho removes much of the operational burden that slows teams down today. It keeps data accurate even when blockchains reorganize, updates quickly as markets change, and works across chains without requiring specialized infrastructure for each one. By lowering the barrier to high-quality liquidity data, Tycho helps market participants access deeper liquidity, improve execution, and build faster-moving products as onchain markets continue to grow.
AmpAmp introduces a new class of data infrastructure to The Graph ecosystem, adding a blockchain-native database purpose-built for institutional scale, trust, and performance. Designed to replace RPC-heavy architecture and brittle ETL (i.e., extract, transform, and load) pipelines, Amp transforms raw onchain activity into verifiable intelligence using SQL to enable teams to analyze, audit, and act on blockchain data in real-time across multiple chains.
With built-in lineage, audit-ready provenance, and enterprise-grade deployment options, Amp delivers the speed and consistency required for regulated environments, from payments and treasury oversight to risk management and AI-driven automation. As financial systems continue moving onchain, Amp ensures The Graph offers an infrastructure-grade solution that makes blockchain data reliable, auditable, and usable at global financial scale.
3. Economic Layer: SustainabilityThe Graph protocol's long-term viability depends on sustainable economics that deliver value to all network participants: Indexers running infrastructure, Delegators securing the network, developers and enterprises consuming data, and the broader ecosystem. Horizon and the expanded product suite are designed to strengthen this economic base.
Network EconomicsThe Graph protocol operates as a two-sided market connecting data providers to data consumers. Historically, the protocol's incentive mechanisms proved effective at scaling the supply side, attracting Indexers to The Graph Network, but demand was constrained by a few factors, including a relatively small - but growing - addressable market of blockchain developers.
Over the coming year, this supply-demand imbalance is expected to be addressed on both sides. On the demand side, Horizon unlocks new potential for an expanded product suite to serve a much larger addressable market and, consequently, may attract more supply-side participation and economic benefit. Meanwhile, JSON-RPC, Subgraphs, and Token API are expected to deepen network usage from developers and AI agents, while new growth is likely to come from analysts, solvers, and institutions attracted to expanded offerings such as Substreams, Amp, and Tycho.
The fundamental value accrual thesis is straightforward: more data services generate more protocol activity. More query volume means more fees flowing through the network. More fees can drive token burns. More data services require more staked GRT. And, as the product suite expands and adoption grows across these various users and use cases, this economic flywheel is expected to accelerate.
As part of this continued evolution, The Graph will offer compliance-ready products, on-premises deployment options, and dedicated support for the specific requirements of enterprise and institutional users. The DTCC's Great Collateral Experiment demonstrates how major financial institutions are already building with technology from The Graph, and this enterprise momentum is expected to accelerate as products like Amp and Substreams demonstrate increased value to these participants in the market.
On the supply side, the ecosystem can expect three major changes. The first is that issuance is expected to be redirected across multiple data services. Second, REO establishes a clearer proof-of-work standard to ensure that Indexing rewards correlate with actual value delivery rather than passive token holding. The current vision is to introduce REO for both Subgraphs and Substreams over the coming year. Third, the introduction of Indexer Payments (or DIPs) will provide a flexible protocol mechanism for consumers, chains, and ecosystem participants to incentivize Indexers.
The Graph has also been working on additional initiatives that help increase the utility of GRT. For example, the ecosystem recently added Chainlink’s CCIP protocol, and now GRT is bridged to Arbitrum, Base, and Avalanche with plans to extend to Solana in 2026. The ecosystem is also working on a Liquid Staking Initiative that aims to make delegation more accessible for token custodians by offering a native API in a single interface for centralized exchanges to improve the UX for their users.
The Graph Technical Roadmap 2026Q1 2026Horizon-Based Subgraph Service Mainnet rolloutRewards Eligibility Oracle proof-of-work standardExpanded execution client support for broader chain coverage of Reth & Besu instrumentationToken API Production-grade latency on 10 networks with continued chain expansionPrivate MVP of Tycho data serviceQ2 2026x402-compliant Subgraph gateway with MCP and A2A support enabledSubstreams MVP data service with GraphTally trust-minimized payments, Horizon-based P2P data service introducedPublic Tycho beta launchTestnet rollout of liquid stakingQ3 2026DIPs Subgraphs ServiceNetwork-First Subgraph Chain Integration ProcessExperimental JSON-RPC Data Service researchSubstreams Data Service Mainnet & Provider Selection Oracle rolloutToken API real-time token pricing with DEX and chain expansionMainnet rollout of liquid stakingQ4 2026Morpho launch of liquid stakingAmp-Powered Subgraphs for data extraction and transformationSubstreams probabilistic verifier for data integrity and service availabilitySubstreams REO testnet and mainnet launchAmp SQL Platform developmentAmp verifiable raw blockchain data releaseAmp Horizon-based data service testnet and mainnet launchDIPs Amp serviceThe Path ForwardThe Graph Network is a battle-tested and mature blockchain infrastructure continuously demonstrating reliability across applications and blockchain networks. The 2026 technical roadmap advances the protocol vision toward emerging market demand: as blockchain adoption accelerates, different users require different access to data.
No single approach can serve the evolving demands for blockchain data, but Horizon helps address this architectural challenge by enabling The Graph. The product strategy outlined in this roadmap targets distinct market segments, offering unique value, while contributing to the protocol's overall growth and sustainability. More data services available on The Graph generate more network activity and high-quality complementary services.
Stay informed as these initiatives progress and new developments emerge! Subscribe to the Community Calendar and join the next quarterly call for a deeper look at this technical roadmap and the Foundation’s strategic vision. Sign up for The Graph newsletter to receive monthly updates, and track progress in real time by visiting the roadmap webpage.
About The GraphThe Graph is a suite of blockchain data infrastructure products that extract, process, and deliver scalable blockchain data solutions across 60+ networks. The Graph enables application developers, data analysts, AI agents, and enterprise teams that need structured, real-time access to blockchain data. Products include Subgraphs, Firehose, Substreams, and Amp. As of early 2026, The Graph has served over 1.27 trillion queries to more than 75,000 projects, powered by a network of independent Indexers around the world.
Follow The Graph on X, LinkedIn, Instagram, and Reddit. Join the community on The Graph’s Telegram, join technical discussions on The Graph’s Discord.
Tether rozšiřuje stablecoin USAT na blockchain Celo, což je jeho první expanze mimo Ethereum mainnet. Google Cloud zajistí infrastrukturní podporu a Celo začne proces pro jeho použití jako gas currency.
In brief Tether’s USAT stablecoin is launching on the Celo blockchain, its first expansion beyond Ethereum. Google Cloud provides infrastructure support for the stablecoin's distribution system. A privacy-preserving faucet allows verified users to access USAT tokens through proof-of-humanity verification. Tether announced Tuesday that the USAT stablecoin is expanding to the Celo blockchain, an Ethereum layer-2 scaling network, marking the regulated digital dollar's first deployment beyond the Ethereum mainnet.
The launch will bring USAT—a stablecoin issued by Anchorage Digital and targeted at the U.S. market—to Celo, with Google Cloud providing infrastructure support alongside plans for the stablecoin to serve as a gas currency on the layer-2 network.
“More than 566 million people globally use USDT as a reliable way to access and move dollars, particularly in markets where traditional financial infrastructure falls short. Expanding USAT to Celo builds on that foundation by bringing regulated digital dollar infrastructure into one of the most active on-chain economies today,” said Tether CEO Paolo Ardoino, in a statement.
“This is how we continue to extend access to trusted, programmable money at a global scale,” he added. “What matters now is ensuring these systems are accessible in the environments where people are already transacting every day.”
Celo brings significant mobile reach through Opera MiniPay's 14 million wallet users globally. Celo co-founder and CEO Rene Reinsberg called the launch "a powerful validation of the infrastructure we've spent years building," highlighting Tether’s selection of Celo for its first layer-2 deployment for USAT following its initial January rollout on Ethereum.
The technical implementation includes a mainnet faucet system enabling verified users to access USAT through privacy-preserving proof-of-humanity verification developed with Self and Google Cloud. Following deployment, Celo governance will begin the process to enable USAT as a gas currency on the network.
“By bringing USAT to Opera MiniPay’s millions of mobile-first users, we are showing what the next generation of financial access looks like: trusted, compliant, and instantly available,” said Celo co-founder Rene Reinsberg, in a statement.
Deloitte performed the first USAT attestation report, released earlier this month, showing that the firm had $17.6 million in reserves—comprised of cash and U.S. Treasuries—backing about $17.5 million in tokens as of January 31.
Tether’s flagship USDT stablecoin, which leads the industry with an $184 million market cap, has never had a full independent audit from one of the “Big Four” accounting firms. However, last week, Tether said that it had signed one of the firms for an audit, but did not reveal which firm would do it. A subsequent Financial Times report said KPMG would conduct the audit.
Editor's note: This article was updated after publication for clarity.
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Uniswap chce rozšířit fee-and-burn na BNB Chain, Polygon a Celo, čímž by se systém rozšířil na 13 blockchainů. Současně CryptoQuant ukazuje rostoucí odtoky UNI z Binance, což naznačuje akumulaci.
TLDR: Uniswap’s temp check vote targets BNB Chain, Polygon, and Celo, expanding the fee-and-burn to 13 chains. Every swap generates a protocol fee that bridges to Ethereum and permanently burns UNI at a dead address. CryptoQuant data shows rising UNI net outflows on Binance, pointing to smart money accumulation near lows. The governance vote closes May 21st with 18.1M UNI cast, 100% in favor, and the 10M quorum already cleared. Uniswap is moving to extend its fee-and-burn mechanism to BNB Chain, Polygon, and Celo. A temp check vote is currently underway, drawing strong community support.
Meanwhile, on-chain data from CryptoQuant shows rising net outflows on Binance as UNI trades near its lower price range. Together, these developments are drawing fresh attention to the token’s near-term outlook.
Governance Vote Targets 13-Chain Fee-and-Burn Rollout The proposal, shared via Snapshot.eth on behalf of Uniswap’s governance, aims to bring the fee-and-burn system to three additional networks. If passed, the rollout would cover 13 chains in total.
Every swap on these networks generates a protocol fee, which bridges back to Ethereum and permanently burns UNI at a dead address.
The system has been live since December across Ethereum and nine other networks. BNB Chain and Polygon would connect through Wormhole’s Native Token Transfer setup.
Celo was approved in an earlier vote but failed due to a configuration error. This proposal corrects that path and re-runs the execution.
Forum member Abel189 described the move as “a coherent next step” given Uniswap’s “increasingly multi-chain reality.”
@Uniswap is running a temp check to extend its fee-and-burn system to @bnbchain, Polygon, and @Celo, bringing the rollout to 13 chains.
Every swap generates a protocol fee that bridges back to Ethereum and permanently burns $UNI at a dead address. The system has been live since… pic.twitter.com/13h6954YSG
— Snapshot.eth (@SnapshotLabs) May 20, 2026
He supports incremental, chain-by-chain expansion but flagged growing cross-chain messaging complexity as a key watch item going forward.
L2BEAT’s governance team, including members Kaereste and Manugotsuka, voted in favor after their research team verified the implementation, contracts, and expected governance payloads.
They noted the unchanged fee structure and continuity with the previously approved framework as reasons for their support.
On-Chain Outflow Data Points to Accumulation Activity On the market side, CryptoQuant data on the Uniswap Exchange Netflow chart for Binance is showing notable movement.
As UNI’s price corrected deeply, netflow bars grew denser with large net outflows becoming more frequent. This pattern tends to reflect behavior from longer-term holders and smart money participants.
These outflows typically mean UNI is being withdrawn from Binance and moved to personal wallets for holding. That reduces the available supply on the exchange and lowers direct selling pressure over time. Analyst Rei Researcher noted this trend as a potential setup for an accumulation zone near the bottom.
Source: Cryptoquant
Currently, UNI is seeing a mild price recovery. If the outflow trend continues and exchange supply tightens further, buying demand could push the price higher.
The combination of reduced sell-side pressure and growing protocol utility through the burn mechanism adds a structural layer to that potential move.
The governance vote closes on May 21st at 5:30 PM UTC. As of the latest update, 258 wallets have cast 18.1 million UNI votes, with 100% in favor and the 10 million quorum already cleared.
Polymarket potvrdil bezpečnostní incident v části infrastruktury, ale uvedl, že uživatelské prostředky i vypořádání trhů zůstaly v bezpečí. ZachXBT mezitím upozornil na odtok nejméně 520 000 USD z UMA CTF Adapteru na Polygonu.
Polymarket confirmed a security exploit affected part of its infrastructure, pointing to a possible private key compromise involving a wallet used for top-up operations, while saying user funds and market resolution were safe.
In a Friday X post, Polymarket developers said contracts and core infrastructure were unaffected. Polymarket product lead Akanshu Jain and multiple other Polymarket employees also said user funds and market resolution are safe.
Blockchain investigator ZachXBT first flagged the exploit as a compromise to the Polymarket-linked UMA Conditional Tokens Framework (CTF) Adapter contract on Polygon, with the exploiter draining at least $520,000.
However, Josh Stevens, Polymarket’s vice president of engineering, said the contracts were safe and that the exploit was limited to a six-year-old private key used for internal top-up operations. All permissions tied to the key have been revoked, he said.
The UMA CTF adapter is an oracle contract used to help resolve Polymarket prediction markets through UMA’s Optimistic Oracle. Polymarket is the world’s second-largest prediction market with $3.7 billion in monthly trading volume, according to DefiLlama.
Polyscan data reviewed by Cointelegraph showed more than 100 small transfers into the alleged attacker wallet. Most were worth up to 5,000 Polygon (POL) tokens.
Address of the alleged Polymarket adapter contract attacker. Source: Polygonscan
Exploit losses climb past $600,000Multiple blockchain data platforms reported similar onchain activity tied to the suspected exploit.
Blockchain data visualization platform Bubblemaps said in a Friday X post that the attacker continues to remove about 5,000 POL tokens every 30 seconds, amassing about $600,000 in stolen funds at the time of writing.
Source: Bubblemaps
Blockchain data platform Lookonchain estimated that about $660,000 was drained from the Polymarket-linked contract as of 9:01 am UTC on Friday.
Polymarket integrated UMA’s optimistic oracle solution on Feb. 3, 2022, enabling automated and decentralized resolution for its prediction market contracts.
Cointelegraph contacted Polymarket and UMA for comment but had not received a response by publication.
Magazine: The legal battle over who can claim DeFi’s stolen millions
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Hyperliquid rozšířil HIP-4 o outcome trhy na offchain události, jako jsou údaje o inflaci v USA a rozhodnutí Fedu. Vypořádání zajišťuje vlastní sada validátorů, bez externího oraclu jako u Polymarketu.
Hyperliquid has expanded its HIP-4 outcome market to let users trade prediction-style contracts on offchain events like U.S. inflation data and Federal Reserve decisions alongside crypto derivatives.Unlike rival Polymarket, which relies on UMA’s external oracle, Hyperliquid resolves these markets through its own validator set, which ingests news, decides which markets to list and votes on settlement outcomes.The fully collateralized Yes/No contracts, which settle at either 1 USDC or zero, position Hyperliquid as a potential multi-asset venue where traders can combine crypto perps with macro and event-driven bets without shifting collateral across platforms.Decentralized platform Hyperliquid is now competing with established betting platforms such as Polymarket, but with a differentiated mechanism for resolving bets.
The leading decentralized exchange has expanded its HIP-4 outcome contracts beyond crypto price milestones into real-world events. This native prediction-market infrastructure allows users to trade macro contracts, such as inflation data and interest-rate decisions, directly alongside their standard crypto perpetuals out of a single account.
Outcome markets mark a notable expansion for the decentralized derivatives venue, which built its business around crypto perpetual futures and initially tested the product using price‑outcome contracts settled against its own market data.
Hyperliquid first tested the product on exchange‑native outcomes, such as whether bitcoin would trade above a specific level by a fixed time using Hyperliquid’s own reference prices. The latest rollout expands that model into real‑world macro events, or offchain outcomes, like U.S. inflation and Federal Reserve decisions, directly competing with prediction market platforms like Polymarket.
Native resolutionWhat sets it apart is that HIP‑4 brings dispute resolution and settlement in‑house, rather than depending on an external oracle network like Polymarket.
Here’s why it matters. Offchain events introduce a new problem: determining truth.
Polymarket handles this through UMA, an external oracle protocol that uses an optimistic dispute system. A proposed settlement stands unless challenged, at which point UMA tokenholders vote on the final result. That model has faced criticism following controversial resolutions, prompting accusations that large tokenholders could influence outcomes.
Hyperliquid uses a more vertically integrated model. Validators themselves ingest external information through automated newsfeed software, determine whether markets should launch, and vote on settlement outcomes.
Multi-purpose platformThe launch also fits into Hyperliquid’s broader effort to evolve into a multi‑asset trading venue. FalconX said in a recent report that the exchange’s expanding product stack could position it as a challenger not just to crypto‑native rivals but also to traditional exchanges.
“For example, you could pair a HIP‑3 perps position on NVDA with outcome markets that NVDA will miss or beat earnings,” CoinDesk previously reported.
Hyperliquid’s outcome markets are structured as fully collateralized contracts rather than leveraged bets, thereby limiting losses to the amount paid upfront. Traders buy “Yes” or “No” positions tied to a defined event, with contracts settling at either 1 USDC or zero USDC depending on the result. If a trader buys a “Yes” contract at 0.65 USDC, their maximum loss is limited to that upfront amount, unlike perpetual futures, where leverage can trigger liquidations.
That makes the product sit somewhere between a prediction market and a simplified binary options contract.
If Hyperliquid’s outcome markets gain traction, traders could eventually use the same venue to express directional crypto views, hedge macro risks, and speculate on event outcomes without moving collateral between platforms.
Polymarket řeší spor o kontrakt za více než 60 milionů USD, zda Strategy prodala bitcoin do 31. května. Podání 8-K společnosti Strategy ukázalo prodej 32 BTC mezi 26. a 31. květnem.
A multi-million-dollar Polymarket contract on whether Strategy sold any bitcoin by May 31 has been disputed twice and is now in front of UMA tokenholders, reigniting an analyst argument that prediction-market oracles built on token voting are structurally unfit for high-stakes settlement.
A Polymarket contract that drew more than $60 million in trading volume is sitting in UMA's optimistic-oracle queue after two proposed "No" resolutions on the question "MicroStrategy sells any Bitcoin by May 31, 2026?" were challenged, sending the dispute to a token-weighted vote.
The trigger is a Strategy 8-K filed Monday that disclosed 32 BTC sold between May 26 and May 31 at an average net price of $77,135, the first disposal since 2022. The sale closed before the contract's 11:59 PM ET cutoff. The 8-K hit the wire on June 1. The contract is now reading 12c Yes / 89c No.
The dispute is being framed across Crypto Twitter not as an edge case but as a structural verdict on Polymarket's resolution stack. "UMA's token-voting model is structurally broken," analyst Eric Conner (@econoar) posted Monday. "Whales weaponize ambiguous rules to resolve Polymarket markets incorrectly and save their own positions. Zero legitimacy remains until deterministic settlement replaces it. This is exactly what Hyperliquid fixes with HIP-4."
UMA's VotePolymarket outsources contested settlements to UMA's optimistic oracle, where a proposed resolution can be challenged twice before the question escalates to a token-holder vote. The native token's voting power, not a court of facts, decides the payout.
A Wall Street Journal investigation in May found that in most disputed Polymarket markets more than half the UMA votes came from the ten largest wallets, at least 60% of active UMA voters could be linked to live Polymarket accounts, and roughly one in five disputes had at least one voter with a financial stake in the contract they were ruling on. Polymarket has logged more than 1,150 disputed markets in 2026, already past its full-year 2025 total.
The Strategy market is the highest-dollar live test since the $237 million Zelenskyy-suit market last year. Polymarket itself can't override the vote; it posted a bulletin telling voters that "no information from MSTR, on-chain data, or consensus of credible reporting confirmed that MicroStrategy sold Bitcoin within the market's timeframe. Confirmation achieved outside of the market's timeframe does not qualify."
Yes-side traders, including a holder pseudonymous as "Surprised-Legacy" whose $19,610 wager at roughly 11c would pay about $200,000 if Yes resolves, argue the 8-K's stated sale window, not the filing's date, is what the rules ask about.
Deterministic-Settlement Hyperliquid's HIP-4 outcome markets, live on mainnet since May 2, replace the optimistic-oracle layer entirely. Settlement is determined by the chain's own validator set running automated newsfeed software; there is no token-vote backstop, no two-round dispute window, and no path for a holder of the settlement-layer token to also be a participant in the market being settled. Each binary contract resolves to 1 or 0 against a pre-specified data source.
Kalshi reaches the same end-state through opposite infrastructure: an exchange-cleared central-counterparty book run through Kalshi Klear LLC, CFTC-registered as a derivatives clearing organization in August 2024. Disputes are handled by the exchange under rules filed with a federal regulator, not by anonymous tokenholders.
Polymarket's U.S. arm is itself now a CFTC-registered designated contract market, but the international book where the Strategy market sits still settles in USDC on Polygon under UMA.
Where the $60M Sits NowUMA's voting window runs roughly two days. The June 30 and December 31 children of the same market have already resolved Yes without dispute, meaning the $60 million in question turns entirely on whether "selling in May" requires public disclosure inside the month or only on-chain execution inside the month.
