Robinhood Chain generated a record $3.75 million in daily fees on Tuesday, making it the third-highest of the day behind Uniswap (UNI) and Pons, according to data from DeFiLlama.
The figure marked the network's fourth consecutive day of record daily fee revenue and its highest single-day total since launching its mainnet on July 1.
Robinhood Chain generates revenue for ArbitrumThe network also generates revenue for Arbitrum. Under the Arbitrum Expansion Program, Robinhood Chain allocates 10% of its fees to the Arbitrum ecosystem. From the allocation, 8% goes to the Arbitrum DAO treasury, while the remaining 2% goes to a developer fund.
Based on the $3.75 million generated on Tuesday, the arrangement delivered roughly $370,000 in revenue to the Arbitrum ecosystem.
By comparison, the Arbitrum network generated roughly $7,000 in daily fees during the same period, with the total fees amounting to $377,000.
Robinhood Chain’s decentralized exchange (DEX) volume also rose to a peak of roughly $1.6 billion on Tuesday, before dropping to $1.3 billion on Wednesday.
The blockchain launched on July 1 using the Arbitrum stack, with transaction settlements made to Ethereum (ETH). It also uses ETH as its gas token.
The chain is designed to support financial applications, including tokenized stocks and other real-world assets (RWA). The RWA market cap currently stands at $184 million, according to DefiLlama data. Stablecoin volume on the network has also continued on an upward trajectory, rising roughly 11% in the past week and standing at $832 million at publication time.
Before launching its dedicated network, Robinhood (HOOD) introduced tokenized versions of US stocks and ETFs, known as Stock Tokens, on Arbitrum One for eligible European customers in June 2025.
After launching the Robinhood Chain mainnet, the company moved its Stock Tokens and other on-chain financial products to the dedicated network.
The ecosystem also supports decentralized finance (DeFi) applications, including trading and lending protocols.
Robinhood Chain's latest record fee reflects increased on-chain activity, although daily fees alone do not necessarily indicate long-term adoption or sustained demand.
3 September 2026 | 01:33 Arbitrum Nova’s 90-day migration period reaches its scheduled end today, but the network is being minimized rather than closed and users can still withdraw funds.
Key Takeaways Nova is being minimized, not closed. September 2 ends the migration window. Canonical withdrawals remain available through the Portal. Fast bridge options may become scarcer. Phase 3’s full completion is unconfirmed. September 2 is the scheduled end of the period in which Nova’s existing infrastructure remained fully operational while users and applications were encouraged to migrate. The ArbitrumDAO has approved a plan to reduce the network to a maintenance-oriented service, not remove it from operation.
What changes after the migration period From June 4, applications, liquidity providers and regular users had a 90-day period to move to Arbitrum One with dedicated support available. Phase 3 reduces Nova’s operating footprint after that period and shifts the network away from active ecosystem support.
What is confirmed
The DAO voted to minimize Nova, and the published migration window runs through September 2.
Afterward, the chain is expected to persist with less infrastructure and a maintenance-only support model.
What September 2 does not confirm
The implementation timetable in the approved proposal was marked tentative and subject to change.
Without a fresh Arbitrum update confirming each Phase 3 step, it is more accurate to report the transition as scheduled than already complete.
For funds still on Nova, the exit route remains For users with assets still on Nova, the published plan keeps the Arbitrum Portal and Canonical Bridge accessible in Phase 3. Arbitrum’s FAQ identifies it as the route available after the dedicated migration period ends.
For larger transfers, Arbitrum’s guidance uses a withdrawal through Ethereum before funds move to Arbitrum One. The process is slow by design, and the three stages below are the ones users need to plan for.
1. Official route
Use the Arbitrum Portal to start the withdrawal from Nova.
2. Plan for the delay
The standard challenge period is seven days before the Ethereum claim.
3. Move to One
After claiming on Ethereum, bridge onward to Arbitrum One if that is your destination.
Fast bridges can be useful when speed matters, but Arbitrum names them as third-party services. Their continued support for Nova is not guaranteed, and the FAQ warns that fewer of these options may remain once Phase 3 begins. Treat them as a convenience, not as a permanent exit route.
$MOON is an exception. Arbitrum says there is no direct Nova-to-Arbitrum One bridge path for the token. Its FAQ directs holders to move $MOON to Ethereum first, wait through the seven-day confirmation period and then bridge it to Arbitrum One.
Nova moves to a smaller operating model The operational changes focus on data availability and infrastructure. Nova is expected to move from active DAC coordination to a passive model in which the sequencer posts transaction data directly to Ethereum blobs. Its sequencer and validator setup is also due to shrink from redundant, higher-performance infrastructure to a leaner maintenance footprint.
Public services become less responsive Arbitrum says the lower-footprint setup could mean reduced throughput, occasional service interruptions and longer response times for Nova-specific issues. Public infrastructure, including RPC endpoints, is expected to face stricter rate limits. Those changes matter most to projects that continue serving users on Nova rather than to someone making a one-off withdrawal.
The withdrawal clock may stretch The seven-day challenge period itself does not change under the plan. However, Arbitrum says a leaner validator footprint could delay the posting of state assertions, potentially adding around 12 to 24 hours before that normal waiting period fully runs its course.
Why Arbitrum chose minimization instead of closure Nova was launched as Arbitrum’s AnyTrust production proof of concept: a cheaper chain for consumer-facing activity such as games, social apps and micropayments. In the approved minimization proposal, Arbitrum argued that later improvements in data-availability economics and the wider Orbit-chain model reduced the need to keep Nova as a fully supported standalone network.
The same direction is visible elsewhere in the ecosystem. Robinhood first launched its Stock Tokens on Arbitrum One before moving to a dedicated chain built on Arbitrum’s technology, a path explored in our analysis of Robinhood Chain’s growth within the Arbitrum ecosystem.
The proposal cited approximately $20.37 million in TVL and about 0.03 transactions per second at the time it was drafted, against estimated annual operating costs of roughly $1.52 million. It projected that a minimized Nova could reduce those costs by about $1.43 million a year.
Those are proposal-era figures, not a measure of Nova’s current TVL. They explain why the DAO chose a smaller operating model rather than the full-service network it had been maintaining.
The transition changes the trade-off for anyone who remains on Nova. The published plan keeps the Canonical Bridge route while the network moves to lower capacity, slower assistance and less certainty around third-party bridges. September 2 ends the period designed to make leaving easy; under the plan, it does not end the ability to leave.
This article uses ArbitrumDAO and Arbitrum-owned guidance only. It is informational and not financial, legal or technical advice.
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.
US media: The US military escorted 40 merchant ships through the strait on Tuesday, with the vessels carrying 18 million barrels of oil.
According to CNN, citing two U.S. officials familiar with the operation, the U.S. military escorted 40 commercial vessels carrying 18 million barrels of oil through the Strait of Hormuz on Tuesday (Eastern Time), marking a wartime record high. Prior to the escort, the U.S. and Iran engaged in a new round of clashes on Tuesday. The two officials disclosed that the U.S. deployed air, sea and space forces. While continuously countering Iran's capability to attack vessels transiting the strait, the U.S. also repelled multiple drone strikes to conduct high-risk escort missions for the oil-laden ships. One official added that U.S. forces intercepted and destroyed anti-ship cruise missiles during the operation. Officials noted that the operation comes amid a shift in U.S. war strategy. The Trump administration has prioritized striking targets around the strait, escorting commercial ships through the critical waterway, and maintaining a naval blockade of Iranian ports as part of its "maximum pressure" campaign to exert greater economic pressure on Iran's ruling leadership. Despite the success of Tuesday's operation, U.S. officials do not believe the conflict will be resolved quickly. Even with U.S. military escorts, energy companies still hold major concerns about the enormous risks involved in sending vessels through the Strait of Hormuz.
13 minutes ago
South Korea's KOSPI index gains 1.14% at the opening of trading.
According to Bitget market data, South Korea’s KOSPI index opened 75.08 points higher on Thursday, September 3, rising 1.14% to 6637.8 points. Samsung Electronics and SK Hynix both gained over 1.5%. Japan’s Nikkei 225 index opened 251.73 points higher on the same day, up 0.39% to 64577.37 points.
13 minutes ago
Kraken’s parent company Payward delays its IPO plans to as early as Q2 2027.
Kraken’s parent company Payward has delayed its highly anticipated initial public offering (IPO) plan, with the earliest expected listing in the second quarter of 2027. Two sources familiar with the matter said the Wyoming-based firm currently has no plans to go public before that. The delay means that one of the crypto industry’s most closely watched IPO plans will see its waiting period further extended.
13 minutes ago
The pause in oil price gains eases inflation concerns, U.S. stocks snap their three-day losing streak, and Bitcoin remains range-bound.
August's US ADP Employment Report came in below expectations. Trump stated he is prepared to launch another strike on Iran. As markets assess the impact of renewed US-Iran military strikes, oil prices swung higher then lower: WTI crude oil briefly topped the $90 per barrel mark during the session, but quickly pulled back, erasing all intraday gains, and closed down 0.28% at $89.12 per barrel; Brent crude settled 0.11% lower at $94.30 per barrel. According to market data from BIT (bit.com), US stocks closed on Wednesday: the Dow Jones Industrial Average rose 0.56%, the S&P 500 gained 0.46%, and the Nasdaq added 0.45%. NVIDIA (NVDA.O) and Oracle climbed 3%, SK Hynix (SKHY.O) and Micron Technology (MU.O) rose over 2%, while Dell (DELL.N) surged 15.7%. According to HTX market data, Bitcoin is currently trading at $77,195, down 0.13% in 24 hours.
13 minutes ago
Broadcom’s current quarter sales guidance came in below expectations, with its stock falling in after-hours trading.
Broadcom’s adjusted net revenue for its third fiscal quarter reached $29.59 billion, beating analysts’ consensus estimate of $29.45 billion. Semiconductor solutions revenue for the same quarter came in at $20.84 billion, exceeding the forecast of $20.51 billion. AI semiconductor revenue hit $16.7 billion, versus analysts’ expectation of $15.93 billion. Adjusted earnings per share (EPS) for the third quarter stood at $3.32, outperforming the $3.23 consensus estimate. Broadcom projects its fourth fiscal quarter revenue will be around $34.8 billion, while analysts had forecast $35.05 billion. According to market data from BIT (bit.com), Broadcom (AVGO) saw its U.S. stock drop by over 6% in after-hours trading, with the decline narrowing to 1.35%.
13 minutes ago
Microsoft will restructure its financial reporting structure starting from fiscal year 2027, and will disclose Azure revenue data.
Microsoft (MSFT.O) announced it will start disclosing quarterly sales of its Azure cloud business, a move that ends the company’s long-standing practice of only reporting Azure’s revenue growth rate without revealing specific figures. Microsoft said that given Azure’s scale and importance, now is the appropriate time to boost transparency. This adjustment marks Microsoft’s first major overhaul of its core financial reporting structure since 2015. The company merged its original Intelligent Cloud business and Productivity & Business Processes segment into the "Agents & Infra" division, while its More Personal Computing segment was adjusted to the "Devices & Consumer" division. Microsoft noted that artificial intelligence is transforming how it builds products and operates, blurring boundaries between offerings and reshaping its business model. The company previously disclosed that Azure’s sales for the fiscal year ending in June exceeded $100 billion, up from $75 billion in the prior fiscal year, accounting for roughly 30% of Microsoft’s total revenue. The new reporting structure will officially take effect when Microsoft releases its fiscal 2027 first-quarter financial results.
The $PEPE token on Ethereum is as close to untouchable as an on-chain asset can get. Ownership of the token contract was renounced at launch and liquidity pool tokens were burned, meaning no address, including those of the original developers, can mint new tokens, impose a transfer tax, or drain the trading liquidity.
A fixed supply with a shrinking float The total token supply was set at 420,690,000,000,000 at launch, with 93.1% sent to the liquidity pool, LP tokens burned, and the contract renounced. That figure can only fall from here. An on-chain transaction later sent roughly 6.9 trillion PEPE to a burn address, reducing the circulating overhang and leaving approximately 413.77 trillion tokens in circulation. There was no presale, and trades carry no tax at the contract level.
With contract renouncement in place, no address can mint new tokens, pause transfers, or alter the contract logic. The renounced ownership, burned LP tokens, and fully circulating supply remove the most common technical rug-pull vectors.
Immutability has limits: the 2023 team wallet incident A locked contract does not lock everything. The remaining 6.9% of the supply was held in a multi-sig team wallet, intended only for future centralized exchange listings, bridges, and liquidity pools. That arrangement proved to be a vulnerability.
On August 24, 2023, roughly 16 trillion $PEPE tokens worth approximately $15 million were transferred from the project multisig wallet to crypto exchanges OKX, Binance, KuCoin, and Bybit. Shortly before the transfers, the multisig signing threshold was quietly cut from five-of-eight to two-of-eight, substantially lowering the security bar. The @pepecoineth team later described those responsible as "bad actors" who had previously been part of the core team. Following the transfers, the PEPE token dropped around 18%.
Contract immutability is not the same as risk-free operations. Even if the token contract itself cannot be changed, wallets controlling reserves or listings inventory can still move markets. The team wallet associated with the @pepecoineth project holds approximately 2.12 trillion PEPE today, worth around $7.2 million.
Sources:
CoinDesk: Pepecoin Says 'Bad Actors' on Team Stole $15M PEPE
The Block: Pepe confirms former team members stole $15 million from multisig wallet
Datawallet: What is Pepe Coin? Tokenomics, ETF Filing and Price History
Embedded Global Accounts, Zero Fees@Kravataweb3 has deployed its payment and collection infrastructure on the @SuiNetwork, bringing stablecoin-powered embedded global accounts and instant cross-border settlement to retail and commercial users. The rollout introduces a zero-gas-fee model, removing what has long been one of the primary friction points for businesses and consumers looking to use stablecoins in everyday transactions.
The timing aligns with a broader structural shift on Sui.
A Platform Built for Latin America
For emerging markets where access to dollar-denominated accounts remains limited, the combination of Kravata's infrastructure and Sui's fee-free settlement layer lowers the bar for adoption considerably.
Sources
Sui Official Blog: Gasless Stablecoin Transfers Launch
PR Newswire: Sui Gasless Stablecoin Transfers Press Release
Contxto: Kravata Raises $3.6 Million for Latin American Expansion
Full Sail, a decentralized finance (DeFi) protocol operating on the Sui blockchain, has announced plans to wind down following a major security breach linked to oracle provider Switchboard. The incident led to significant user losses and immediately triggered emergency measures by the Full Sail team.
Security incident and protocol responseThe exploit reportedly stemmed from a compromise in Switchboard’s oracle infrastructure. Oracles like Switchboard deliver critical price and data feeds to DeFi protocols, enabling their automated functions. Last week, Full Sail’s automated vaults were targeted after Switchboard’s oracle suffered a suspected breach.
Full Sail disclosed the incident on Saturday, stating it had verified a loss of user funds. The protocol quickly paused all deposits and withdrawals as it began a thorough investigation to assess the scale and cause of the damage.
Switchboard also confirmed it was investigating a potential compromise of its Move-based oracle implementations, suspending its networks on Aptos, Sui, IOTA, and Movement as a precaution.
Mini dictionary: Oracle provider, such as Switchboard, supplies DeFi protocols with up-to-date external data—like asset prices—so smart contracts can execute appropriately and securely manage user assets.
User compensation planAccording to a statement from Full Sail, the attack resulted in a removal of approximately $91,000 from three of its vaults. The protocol announced on X that it would immediately disable new deposits and prohibit liquidity provider (LP) reward claims. Regular pools are being put into withdrawal-only mode, pending final security reviews.
Full Sail said it will prioritize compensating affected users. The team intends to use the protocol’s remaining liquidity to cover losses and has committed to repaying community depositors first. Any remaining shortfall will be covered by the Full Sail team itself.
Full Sail affirmed its commitment to user protection, declaring, “Repayment to community depositors remains our highest priority, with instructions on claims and withdrawals to follow in the coming days.”
Withdrawal and claim guidelines are expected to be published soon, once security checks are completed.
Broader impact across DeFiThe repercussions extended beyond Full Sail. Virtue, a stablecoin lending protocol built atop IOTA, reported separate losses amounting to about $455,000 as a result of the Switchboard compromise. Virtue also disclosed that this incident impaired the collateral that backs its VUSD stablecoin.
Switchboard’s swift move to halt its network on multiple blockchains, including Sui and IOTA, reflects growing concerns over security vulnerabilities in emerging DeFi infrastructures.
ProtocolBlockchainReported LossesFull SailSui$91,000VirtueIOTA$455,000The recent incident highlights ongoing challenges faced by DeFi protocols in managing third-party risks and maintaining secure operations for end users.
Staking Rewards Paused Across All Core Products@Coredao_Org has suspended staking reward emissions following a malicious validator attack on its network. The suspension covers all forms of Core staking, including products offered through @b14g_network, specifically b14g, dualCORE, stCORE, and direct validator staking. Users should expect a temporary 0% APY with no additional rewards distributed until emissions resume.
According to @b14g_network, user funds remain 100% secure and no action is required from b14g depositors. The platform has committed to keeping users informed as the situation develops.
Core first disclosed the problem on August 31, when it said a small number of validators were accruing block rewards significantly above the amount intended under the protocol. Validator rewards had exceeded the protocol's intended levels for a small group of validators, and Core said it had identified the root cause and was working on mitigations.
Issue Contained, Emergency Hard Fork Planned Core has since confirmed the incident was contained and that malicious validators can no longer draw excess rewards. The planned network upgrade will be a forward-only fix and will not roll back or reverse any previously confirmed transactions.
$CORE has a hard cap of 2.1 billion tokens, with roughly 40% allocated to node mining rewards distributed over an 81-year emission schedule. Core has not disclosed how much additional CORE was issued, how long the exploit lasted, or whether any of the excess tokens entered circulation.
Several exchanges restricted $CORE transfers around the time of the incident. Coinbase paused sends and receives on the Core network, while Bithumb and Coinone suspended deposits and withdrawals, citing suspected or confirmed security concerns. Bitget also suspended CORE deposits and withdrawals, citing wallet maintenance, while LBank suspended deposits due to what it described as the project's requirements.
Core described the incident as limited to reward issuance, and said network security and custody were unaffected. By September 1, the team said the activity had been contained and moved to coordinate an emergency hard fork with its validator set. Core has not published an activation time for the upgrade or disclosed the technical vulnerability that allowed the excess rewards to be claimed. A full technical postmortem is expected to follow.
For now, @b14g_network users are advised to hold their positions and await further updates as @Coredao_Org works toward restoring normal staking emissions.
Sources:
Crypto Briefing: Core DAO Plans Emergency Hard Fork After Validators Draw Excess Rewards
CoinTelegraph: Core DAO Plans Hard Fork Over Excess Validator Rewards
CryptoSlate: Validator Reward Failure on Core DAO Triggers Exchange Transfer Blocks
World, the identity project formerly known as Worldcoin, has released ProveKit v1, an open-source toolkit that brings zero-knowledge proof generation to consumer hardware. After roughly two years of development and an early-access period that began in April 2026, the production-ready release landed on September 2.
The pitch is straightforward: let users prove things about themselves, like age, nationality, or possession of a valid ID, without actually revealing the underlying data.
What ProveKit actually does ProveKit v1 is a client-side proving toolkit, meaning the heavy lifting happens on the user’s own device rather than on a remote server. All personal data stays local. No third party ever touches it.
On a standard smartphone, proof generation takes just seconds. Even on lower-end devices, the process completes in under 30 seconds.
Under the hood, ProveKit uses the Noir programming language for writing verification circuits, which then compile to R1CS constraints. The proof system itself is WHIR-based, derived from Spartan.
One particularly notable design decision is the target of 128-bit post-quantum security. It achieves this without requiring a trusted setup, eliminating a common ceremony that many zero-knowledge systems depend on.
The toolkit ships with CLI tooling and bindings for Rust, JavaScript, Swift, Kotlin, and C-compatible interfaces.
From internal tool to public infrastructure ProveKit didn’t arrive out of nowhere. The World team has been using it internally since April 2026 for its World ID platform, the biometric identity system built around iris scanning and credential verification.
The toolkit also underwent security audits, including one conducted by Least Authority, a firm well known in the crypto security space.
Version 2 and on-chain ambitions The team is already working on ProveKit v2, which aims to improve proof sizes and generation speed. More significantly, the next version plans to explore Groth16 integration, a proving system that produces much smaller proofs, making on-chain verification across multiple blockchain platforms more practical and cost-effective.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
CCTP, Circle’s infrastructure for multichain digital asset management and crosschain trust layer, is extending to additional Circle-issued assets. CCTP now supports native transfers of EURC, Circle’s euro-denominated stablecoin, running on the same production interoperability infrastructure that powers native USDC transfers today.
With this addition, developers and blockchain ecosystems now have a single way to move USDC and EURC across supported chains.
In the past, making an asset available across multiple blockchains meant connecting separate bridge providers, writing custom integrations for each, and reconciling trust models. That produced duplicated infrastructure, operational complexity, and a fragmented experience for developers and users alike.
Starting with Ethereum and Base, EURC can now move natively crosschain using burn-and-mint, the same model CCTP uses for USDC. The asset is burned on the source chain and minted on the destination chain, so each supported chain holds native EURC. This approach unifies liquidity and enables faster crosschain settlement. CCTP’s existing burn-and-mint functionality for USDC does not change.
This is the next evolution of CCTP: more assets that developers can move crosschain, starting with the addition of EURC. The infrastructure is familiar; now it can do more, with more assets and capabilities coming soon.
CCTP is a crosschain messaging infrastructure service provided by Circle Technology Services, LLC ("CTS"). CCTP is non-custodial; CTS does not hold, control, manage, or transfer user assets or act as a transfer agent, registrar, broker-dealer, investment adviser, or clearing agency. CCTP is not a financial, payment, or advisory service and has not been reviewed or approved by NYDFS or any other regulatory authority. Transfers are irreversible; CTS cannot recover assets sent to an incorrect address. CTS does not vet, endorse, or back third-party assets; such assets are subject solely to the applicable third-party terms and risks. Issuers are solely responsible for their services and compliance with applicable laws. Any fee estimates are non-binding previews; actual fees may differ. Assets are subject to a number of risks, including, but not limited to, price volatility and smart-contract, relay, and bridge vulnerabilities. Availability is subject to change. Developer terms apply.
USDC and EURC are issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.
Nscale Secures Major Contract With Anthropic, Announces Contract Revenue Surpasses $100 Billion
According to a report from The Information, UK-based emerging cloud services provider Nscale has informed potential investors that it currently holds approximately $103 billion in contracted revenue, following a $45 billion compute power deal with Anthropic. Relevant documents show that Nscale had disclosed around $51 billion in contracted revenue to investors before finalizing the Anthropic agreement, a figure that has since grown further via the Anthropic order and other contracts with AI clients. The documents note that Nscale’s average contract term is roughly 5.7 years, translating to an annualized scale of about $180 billion for the total contracted value, though the documents do not specify actual projected revenue. Nscale plans to conduct its initial public offering (IPO) as early as this month.
6 minutes ago
G20 member states have adopted the "Carolina Principles", backing the U.S. AI "light-touch regulation" approach.
Representatives from major global economies have unanimously agreed to adopt the U.S.-proposed governance principles for artificial intelligence (AI) and emerging technologies. U.S. Secretary of Commerce Lutnick said Group of 20 (G20) member states unanimously adopted the framework, dubbed the "Carolina Principles," on Wednesday, a key win for the Trump administration and Silicon Valley. The principles call on G20 nations to implement differentiated regulatory approaches across industries, account for potential costs of delaying technology rollouts when testing new technologies like AI, and strengthen cooperation between governments and private enterprises in emerging tech testing. Michael Kratsios, White House science and technology policy advisor, stated the U.S. delivered a clear message to attendees: it aims to drive global economic growth and innovation. The principles will be submitted for formal approval by world leaders at the G20 summit hosted by Trump in Doral, Florida this December.
6 minutes ago
US Secretary of Commerce: Anthropic has 'mended ties' with the Trump administration
Beating AI News Flash: US Commerce Secretary Lutnick said artificial intelligence company Anthropic has mended ties with the Trump administration, with months of sharp disagreements over national security issues seemingly resolved. Lutnick noted the two sides had a "highly public rift" before, but Anthropic "has come around." He added that Trump and other administration officials helped bridge the gap and secured the company's support, stating, "We've straightened things out, and now everyone is on the same page." Earlier, the US Commerce Department briefly imposed export controls on two of Anthropic's top AI models in June, lifting the restrictions two weeks later after Anthropic took steps to address the government's national security concerns.
6 minutes ago
The three major U.S. stock indexes closed higher, with Dell jumping 15%, while crypto-related stocks fell across the board.
According to Bitget market data, U.S. stocks closed on Wednesday: the Dow Jones Industrial Average posted a preliminary 0.56% gain, the S&P 500 rose 0.46%, and the Nasdaq advanced 0.45%. Nvidia (NVDA.O) and Oracle climbed 3%, SK Hynix (SKHY.O) and Micron Technology (MU.O) gained over 2%, while Dell (DELL.N) surged 15.7%. Among crypto-related concept stocks, MSTR fell 1.35%, CRCL dropped 0.95%, COIN declined 1.05%, BMNR slipped 1.28%, SBET edged down 0.61%, and PURR fell 0.31%.
6 minutes ago
The U.S. government backs OpenAI’s position in the copyright lawsuit, asserting that AI training is protected under "fair use".
Beating AI News Brief: According to a Wall Street Journal (WSJ) report, the U.S. government has filed court documents supporting OpenAI’s position in its copyright dispute with publishers including The New York Times, arguing that using news content to train AI models aligns with the "fair use" doctrine under U.S. copyright law. The U.S. Department of Justice (DOJ) stated in the filings that restricting AI companies from using copyrighted content to train large language models would violate fundamental copyright principles and hinder innovation and scientific progress. The New York Times sued Microsoft and OpenAI in December 2023, alleging that ChatGPT and Microsoft Copilot used a large volume of the Times’ content to train their models and generate responses. The U.S. government claims AI training is "highly transformative" to original works and does not harm the market value of copyrighted content; tightening fair use rules would likely leave only large tech companies able to afford licensing fees, undermining the competitiveness of the U.S. AI industry. Parties involved are expected to submit new motions after completing the evidence exchange, requesting the court to rule on core disputes.
6 minutes ago
Meta releases Muse Spark 1.3 model, advancing the development of personal AI agents.
Beating AI News Flash: Meta released an update to its Muse Spark 1.3 model on Wednesday, claiming the version delivers significant performance improvements in coding and agentic tasks. Meta AI head Alexandr Wang said the new model is "competitive with frontier models" and will pave the way for future personal AI agent products, enabling AI assistants that can work on users’ behalf around the clock. Muse Spark 1.3 carries the same price as the prior version, a strategy Wang called "aggressive". Meta added that its "contributor tier" option has been well-received by developers. The program lets Meta use developers’ work to refine models, drastically cutting costs for coding products, with a "meaningful double-digit percentage" of developers opting in. Alexandr Wang noted that as model capabilities advance, security has become a critical internal priority for Meta, and the company is boosting investments in security and alignment. Muse Spark 1.3 will launch on Muse Code and Meta API on the same day, while the highest inference version will be released after additional security testing is completed.
Laser Digital will act as risk governor for lending markets built with Keyring Network, with the first markets readied for Euler Finance. Neither company disclosed committed capital, fee terms or a launch date.
Nomura's digital asset subsidiary will set the risk parameters for institutional lending markets running on DeFi rails, with the first of them readied for Euler Finance.
Laser Digital and Keyring Network have not disclosed the committed capital, fee split, launch date, or named borrower or lender. The two companies have described a framework and said the first markets are ready.
Under the arrangement, Keyring supplies the infrastructure and tooling for specific lending and borrowing markets, including access verification, quantitative risk parameterisation and liquidation framework design. Laser Digital's asset management division takes the role the companies call risk governor, contributing governance standards, portfolio structuring and market practice. Responsibilities will be set contract by contract, according to the release.
Four Named ConstraintsThe companies name four barriers they say keep institutions out of DeFi lending: permissioning, exploit risk, governance and settlement. Unrestricted counterparty access creates compliance exposure, smart contract exploits create tail risk that cannot be quantified, thin institutional oversight limits allocator confidence, and off-chain settlement sits awkwardly against DeFi's assumption of instant finality. Their answer combines zero-knowledge permissioning, quantitative risk modelling, cyber insurance and Keyring's settlement technology, which it calls [un]wind.
"Institutional interest in on-chain fixed income stems from real opportunity, but constraints remain. Our partnership with Keyring focuses on building solutions to support assets whose behaviour resembles conventional fixed income instruments rather than speculative crypto tokens, while preserving the efficiency benefits of on-chain settlement," said Jez Mohideen, co-founder and CEO of Laser Digital."Spanning the interlinked asset classes of rates and credit, fixed income is the largest global market. Despite multi-year exponential growth in tokenised assets, we haven't yet scratched the surface," said Alex McFarlane, founder and CEO of Keyring Network. "By combining Laser Digital's institutional experience with our DeFi native tooling, we aim to enable fixed income strategies that can function at institutional scale on-chain and open the gateway to global markets."Euler Goes FirstEuler holds $368.8 million in total value locked across 17 chains and $555.4 million in outstanding borrows, according to DefiLlama. Most of that sits on Monad, at $240.6 million, with $88.9 million on Ethereum and $18.9 million on Base. The protocol has earned $1.48 million in fees over 30 days and $47,132 in protocol revenue. Euler's founding CEO Michael Bentley stepped down in January as the protocol refocused on institutions.
Euler is named in the release but did not issue it. The announcement came from Laser Digital and Keyring, and says only that the first markets are "now ready to go live first on Euler Finance, expanding to other partners and products, with additional strategies launching in a phased manner." No date is attached to that.
Nomura's Onchain RunLaser Digital has been moving toward credit for a year. In August it backed ZIGChain's emerging-market private credit push. Keyring's own track record is in permissioning: it brought a zero-knowledge identity layer to DeFi vaults on Avalanche in August 2025. Nomura established Laser Digital in 2022 and runs it out of Dubai and Switzerland.
Onchain figures via DefiLlama as of 11:20 UTC on Sept. 2.
Laser Digital and Keyring Network are teaming up to develop institutional-grade onchain fixed-income products, as the firms seek to expand decentralized lending infrastructure beyond crypto-native markets.
The partnership combines Keyring’s DeFi infrastructure with Laser Digital’s institutional asset-management expertise. Keyring will handle access verification, risk parameterization and liquidation frameworks for selected lending and borrowing markets, while Laser Digital will provide governance, portfolio-structuring and market-practice expertise.
The companies said institutional adoption of onchain fixed income remains constrained by four issues: permissioning, exploit risk, governance and settlement.
As noted, open DeFi markets can create compliance exposure, while smart-contract vulnerabilities and limited institutional oversight can increase risk for lenders. Traditional offchain settlement and clearing can also conflict with the instantaneous settlement model of DeFi.
To address those issues, the new framework will use zero-knowledge permissioning, quantitative risk modeling, institutional governance, cyber insurance and risk controls, combined with Keyring’s [un]wind settlement technology.
The first markets are ready to launch on Euler Finance, followed by additional partners and strategies in a phased rollout.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Key Takeaways PLTR shares declined approximately 3.5% to 4.6% on Tuesday, retreating from its recent 2026 peak of $186.38 Cathie Wood’s ARK Invest offloaded roughly 139,456 shares valued at $26 million on the final day of August Second-quarter results exceeded expectations, with revenue climbing 92.8% annually and earnings per share reaching $0.41 against $0.34 forecasts Current price-to-earnings ratio stands around 154x, a metric that continues to concern market observers A September 1 U.S. Army TITAN contract award failed to prevent Tuesday’s downturn Shares of Palantir (PLTR) experienced a decline ranging from 3.5% to 4.6% during Tuesday’s session, touching an intraday low of $179.75 before closing around $179.92. This represents a significant pullback from the $186.38 closing peak achieved just two trading days prior.
Palantir Technologies Inc., PLTR
The data analytics company has experienced exceptional volatility recently. Following an impressive second-quarter earnings release in early August, PLTR skyrocketed approximately 48% from its pre-announcement levels. The company delivered $1.94 billion in quarterly revenue, representing a 92.8% year-over-year increase that handily surpassed the $1.81 billion analyst consensus. Per-share earnings of $0.41 exceeded expectations by $0.07, beating the $0.34 estimate.
Despite these recent advances, the stock remains below its 52-week pinnacle of $207.52.
Tuesday’s trading activity registered 47% below typical volume levels, indicating the selloff appeared methodical rather than fear-driven, likely representing strategic profit-taking.
Continued Selling from ARK Invest The most identifiable headwind facing PLTR comes from Cathie Wood’s ARK Invest. The investment firm disposed of approximately 139,456 Palantir shares on August 31, totaling roughly $26 million in value. This transaction continues ARK’s pattern of reducing exposure throughout August, with proceeds being reallocated toward positions in Block and Rocket Lab.
ARK’s strategy of systematically trimming positions during price strength since the earnings announcement has become increasingly apparent to market participants.
Company insiders have maintained steady selling activity as well. The previous 90-day period saw insider transactions totaling 720,166 shares with an aggregate value approaching $116.8 million. Shyam Sankar executed a sale of 35,000 shares at $155.70 on August 6, while Jeffrey Buckley sold 1,250 shares at $174.29 on August 21. Both disposals occurred through predetermined 10b5-1 arrangements.
Premium Valuation Remains Contentious Trading at approximately 154 to 155 times trailing earnings, the valuation metric remains impossible to overlook. Analysts maintain a consensus target price of $192.19 alongside a “Moderate Buy” recommendation. Needham projects a $215 target, Northland Securities established a $200 objective, and Phillip Securities recently elevated their target to $202.
However, such elevated multiples create vulnerability, where even minor sentiment shifts can trigger disproportionate price corrections.
Encouragingly, Palantir expanded its customer roster by 24% to reach 1,049 clients. Commercial segment revenue now trails government revenue by merely $45 million and may potentially surpass it within the coming quarter.
Army Contract Announcement Palantir received favorable news on September 1 when it secured a U.S. Army TITAN ground station production agreement, advancing from the prototype stage to full production. While this development couldn’t counteract Tuesday’s selling momentum, it strengthens an already robust government contract pipeline.
Pentagon-related demand is nearing a $1 billion annualized run rate. Baird maintained its Outperform designation, and Zacks recently elevated PLTR to “Strong Buy” status.
Broader market conditions weren’t responsible for Tuesday’s weakness. Both the S&P 500 and Nasdaq posted modest gains, making PLTR’s decline distinctly company-specific.
Technical indicators show the 50-day moving average positioned at $145.10, with the 200-day moving average at $142.38, both substantially beneath current trading levels.
Gold price fell more than 8.5% from its $4,700 August peak, erasing the gains triggered by Treasury liquidity support. Bitcoin remained near $77,000 and still held about a 20% gain from the $64,000 level where its rally began. Scott Bessent’s Treasury buyback expansion initially pushed long-term yields lower and lifted gold, stocks, and crypto. Kevin Warsh’s hawkish Jackson Hole remarks reversed part of the move as bond yields recovered and markets priced tighter policy. Spot Bitcoin ETFs recently recorded more withdrawals than inflows, adding fresh pressure after the initial buying surge faded. Financial markets turned volatile in mid-August after the US Treasury Department announced a larger liquidity-support program for long-dated government debt. The move pushed bond yields lower and lifted risk assets. The Gold price jumped quickly, while Bitcoin also broke higher after weeks of weak trading.
The shift came on August 19, when Treasury Secretary Scott Bessent said the government would double the maximum size of liquidity-support buybacks from $2 billion to $4 billion per operation. The decision followed a sharp rise in long-term yields.
Gold Price Reverses After August Surge The 30-year Treasury yield had reached 5.34% on August 18, its highest level in 19 years. After the buyback announcement, the yield fell toward 5.2%. Gold moved from about $4,360 per ounce to $4,530 within hours.
The Gold price kept rising and reached $4,700 on August 25, its strongest level in more than three months. The rally later faded. Gold fell to about $4,300, leaving it more than 8.5% below its recent peak and under its starting level.
Bitcoin Price Holds Most of its Gains Bitcoin followed the same early trend but kept more of its advance. The cryptocurrency had spent weeks below $65,000 before rising sharply to about $81,500 last week.
BTC later fell toward $77,000 after markets turned cautious again. Even after that decline, Bitcoin remained about 20% above the $64,000 area where the rally started. That performance separated it from gold, which erased its August gains.
Market sentiment changed after Federal Reserve Chairman Kevin Warsh spoke at Jackson Hole last Friday. His remarks were viewed as hawkish, raising expectations that interest rates could remain higher or increase.
Bond yields recovered after the speech, while gold and Bitcoin pulled back. The stronger rate outlook also reduced support for the debasement trade, which had benefited assets seen as stores of value during the earlier dollar weakness.
Bitcoin Faces New Pressure from ETF Flows Bitcoin now faces pressure from both macro conditions and weaker demand through spot exchange-traded funds. Recent sessions have recorded more withdrawals than inflows, showing that the strong buying seen during the initial rally has slowed.
The next move may depend on bond yields, Federal Reserve policy signals, and ETF demand. Gold has already returned below its pre-rally level, while Bitcoin still holds a large part of its August advance. These factors remain central to short-term crypto market direction.
Bitcoin holds near $77,000 as ETF outflows weigh on sentiment, while traders await clearer macroeconomic signals and regulatory developments.
Notable Statistics:
Coinglass data shows 89,097 traders were liquidated in the past 24 hours for $338.25 million. SoSoValue data shows net outflows of $236.5 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net inflows of $10.95 million. In the past 24 hours, top gainers include Bitway, Filecoin and Arbitrum. Notable Developments:
Bitcoin Is ‘Not Exactly Gold’ but That’s a Good Thing, Bitwise Exec SaysXRP’s 20% Pullback Hits Critical Support: Is $2 Still in Play?CLARITY Act Faces Make-or-Break September: What Do Prediction Markets Say?Strategy CEO Says 7,000 Bitcoin Sale Was ‘Minuscule’How Bitcoin ETFs Are Changing Institutions’ Appetite for CryptoHyperliquid Strategies Expands Equity Facility to $2.5B Amid US Entry TalksTrader Notes:
Daan Crypto Trades noted that Bitcoin’s unusually low and early monthly high at $79,200 is likely to be swept. He sees a potential reversal opportunity around that move, with $80,000 remaining the key level for higher-time-frame continuation.
CryptosBatman highlighted Bitcoin has liquidity on both sides, but $78,000 is the stronger near-term target. He expects a liquidity sweep there before BTC makes its next major move.
BitcoinOG Lucky predicts Bitcoin’s current reset could precede another expansion, particularly if a Golden Cross forms alongside stronger momentum. He sees $100,000 as a key Q4 target if bullish momentum returns.
Image: Shutterstock
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CoinGecko, a globally recognized crypto data aggregator platform, has announced the migration of cybersecurity component of its Trust Score for centralized exchanges (CEXs) from CER.live to CORE3, the risk infrastructure layer Hacken for digital assets. The recent update covers 166 exchanges and introduces an advanced assessment of emerging risks while keeping score changes limited to no more than two percentage points.
CoinGecko’s exchange cybersecurity score is based on CER.live’s framework for over the six years now. The shift to CORE3 ultimately enables the evaluation of potential risks before they convert into actual losses. Users on CoinGecko will keep on to view an exchange’s cybersecurity rating along with the key indicators, including whether the platform has completed penetration testing, maintains a live bug bounty program, and has undergone a Proof of Reserves audit.
CORE3 Snapshot Reveals Significant Transparency Gaps CORE3 has evaluated risk data across 193 exchanges as of September 1, 2026. As per the official data, only 24 exchanges verified reserves through Proof of Reserves, 53 exchanges presented penetration test results, and 99 exchanges operated a live bug bounty program. On other hand, just 10 exchanges met all three criteria, while 94 exchanges provided no evidence across any of the assessed components.
According to CORE3, the absence of these signals might have left users with reduced visibility into reserves and security practices of the crypto exchanges. Moreover, platform stated that data disclosure remains an ongoing process and that it is actively processing submissions from additional exchanges. Therefore, this is more likely to reduce the share of platforms lacking verified components.
Users are expecting a more comprehensive scenario that can access CORE3’s full risk breakdown across Security, Solvency, and Transparency. These three dimensions feed into CORE3’s Probability of Loss (PoL) metric, a forward-looking estimate of the likelihood of a loss event stemming from a security breach, insolvency, or operational failure.
Bobby Ong, Co-founder and CEO of CoinGecko also shared his remarks, stating, “Cybersecurity has been an important component of CoinGecko’s Trust Score for many years, helping users look beyond trading volume when evaluating exchanges. By integrating CORE3, we’re strengthening the cybersecurity assessment behind our Trust Score while giving users access to a more forward-looking view of where exchange risk may be emerging—all without disrupting the scores they already rely on.”
Dyma Budorin, CEO of Hacken, also added, “There is still a gap between what an exchange discloses and what a user needs to know to judge counterparty risk, and closing it takes more than a cybersecurity score. That’s why we expanded the methodology to weigh Solvency and Transparency as full categories alongside Security.”
AUTHOR
Simeon is a detail-driven editor who sharpens every piece with clarity and precision, ensuring clean, consistent, and professional content throughout.
CoinGecko, a globally recognized crypto data aggregator platform, has announced the migration of cybersecurity component of its Trust Score for centralized exchanges (CEXs) from CER.live to CORE3, the risk infrastructure layer Hacken for digital assets. The recent update covers 166 exchanges and introduces an advanced assessment of emerging risks while keeping score changes limited to no more than two percentage points.
CoinGecko’s exchange cybersecurity score is based on CER.live’s framework for over the six years now. The shift to CORE3 ultimately enables the evaluation of potential risks before they convert into actual losses. Users on CoinGecko will keep on to view an exchange’s cybersecurity rating along with the key indicators, including whether the platform has completed penetration testing, maintains a live bug bounty program, and has undergone a Proof of Reserves audit.
CORE3 Snapshot Reveals Significant Transparency Gaps CORE3 has evaluated risk data across 193 exchanges as of September 1, 2026. As per the official data, only 24 exchanges verified reserves through Proof of Reserves, 53 exchanges presented penetration test results, and 99 exchanges operated a live bug bounty program. On other hand, just 10 exchanges met all three criteria, while 94 exchanges provided no evidence across any of the assessed components.
According to CORE3, the absence of these signals might have left users with reduced visibility into reserves and security practices of the crypto exchanges. Moreover, platform stated that data disclosure remains an ongoing process and that it is actively processing submissions from additional exchanges. Therefore, this is more likely to reduce the share of platforms lacking verified components.
Users are expecting a more comprehensive scenario that can access CORE3’s full risk breakdown across Security, Solvency, and Transparency. These three dimensions feed into CORE3’s Probability of Loss (PoL) metric, a forward-looking estimate of the likelihood of a loss event stemming from a security breach, insolvency, or operational failure.
Bobby Ong, Co-founder and CEO of CoinGecko also shared his remarks, stating, “Cybersecurity has been an important component of CoinGecko’s Trust Score for many years, helping users look beyond trading volume when evaluating exchanges. By integrating CORE3, we’re strengthening the cybersecurity assessment behind our Trust Score while giving users access to a more forward-looking view of where exchange risk may be emerging—all without disrupting the scores they already rely on.”
Dyma Budorin, CEO of Hacken, also added, “There is still a gap between what an exchange discloses and what a user needs to know to judge counterparty risk, and closing it takes more than a cybersecurity score. That’s why we expanded the methodology to weigh Solvency and Transparency as full categories alongside Security.”
AUTHOR
Entrepreneur and freelance writer based in Nakuru, Kenya. I cover cryptocurrency, the Blockchain technology, and financial topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how crypto is disrupting the world as we have known it. I believe in transforming the world, one word at a time.
Key Takeaways Over the past year, RKLB stock has surged 43.7%, significantly outperforming competitors in the aerospace sector. ARK Investment Management, led by Cathie Wood, accumulated more than 705,000 shares of RKLB valued at approximately $44 million during two recent trading sessions. CEO Peter Beck acknowledges the year-end launch window for Neutron is “narrowing,” positioning it as both a critical opportunity and substantial risk factor. Blue Origin secured a $700 million contract from NASA for Mars communications infrastructure, representing a setback for Rocket Lab’s competitive positioning. The company’s contract backlog reached an all-time high of $2.36 billion, representing 137% growth year-over-year and ensuring solid revenue visibility. Shares of Rocket Lab (RKLB) are currently hovering around $62.54, experiencing a 2.2% decline on Tuesday and representing more than a 50% retreat from the peak achieved in May. Nevertheless, ARK Investment Management has maintained an aggressive accumulation strategy, acquiring 705,102 shares during two recent trading sessions totaling approximately $44 million in value.
Rocket Lab USA, Inc., RKLB
The Tuesday session alone saw ARK purchase 504,799 shares distributed across three separate ETFs, representing roughly $31.6 million based on Tuesday’s closing prices.
This accumulation activity occurs against a backdrop of significant selling pressure, with RKLB declining in nine out of the last ten trading sessions, followed by additional weakness in after-hours trading.
Analyst sentiment remains constructive despite recent price target adjustments. Bank of America analyst Ronald Epstein reduced his price target from $115 to $110 on August 31, primarily accounting for anticipated share dilution, while maintaining his Buy recommendation. Even with this adjustment, Tuesday’s closing price suggests potential upside of approximately 76%.
Following the company’s second-quarter earnings release, Cantor Fitzgerald analyst Andres Sheppard raised his price target from $96 to $122, emphasizing Neutron as “the most material catalyst.” Meanwhile, Roth Capital’s Suji Desilva lowered his target from $130 to $110 while preserving his Buy rating, highlighting that the substantial backlog provides “meaningful near-term revenue coverage.”
The Neutron Factor Rocket Lab’s Neutron launch vehicle represents the focal point of investor debate. The platform is designed to penetrate the medium-lift launch segment, substantially expanding the company’s addressable market beyond Electron’s small-satellite niche.
However, CEO Peter Beck cautioned during the Q2 earnings call that the timeframe for achieving an inaugural launch before year-end is “narrowing.” Critical testing phases must still be completed successfully before flight operations commence. Any additional delays to Neutron’s deployment would postpone the growth trajectory that forms the foundation of bullish analyst price targets.
The orbital launch industry continues facing supply constraints, positioning Rocket Lab favorably if operational execution remains on track. Electron has successfully completed 87 missions to date, while HASTE provides critical support for government programs. The company currently has commitments for over 90 launches spanning Electron, HASTE, and Neutron platforms.
NASA Contract Loss and Backlog Strength Market sentiment experienced another setback in after-hours trading Tuesday when NASA announced Blue Origin as the recipient of its Mars Telecommunications Network contract. This firm-fixed-price agreement carries a potential value of $700 million, with Blue Origin responsible for deploying a Mars orbiter by late 2028. Rocket Lab had been among the eligible bidders for this opportunity.
Despite this disappointment, the company’s Q2 2026 backlog achieved a record $2.36 billion, representing 137% growth compared to the prior year. Approximately 45.5% of this contracted work is scheduled for revenue recognition within the next twelve months.
Recent strategic acquisitions of Mynaric and Motiv have enhanced Rocket Lab’s capabilities in optical communications and robotics technologies. In August 2026, the company secured a position on the U.S. Space Force’s NITE-STAR IDIQ program, a contracting vehicle with a $981 million ceiling encompassing both space-based and ground systems.
Wall Street’s consensus earnings per share estimate for RKLB in 2026 has increased 44.44% during the past 60 days. The company maintains a total debt to capital ratio of just 0.83%, significantly below the industry benchmark of 61.47%. Its current ratio stands at 5.48, compared to the industry average of 2.06.
RKLB currently commands a valuation of 31.3X forward Price/Sales, representing a substantial premium compared to the industry average of 7.64X.
, and it has become one of the network's most talked-about memecoin stories after posting a 180% gain over the past week. The token now carries a market value of roughly $30.7 million, though it still trades approximately 29% below its all-time high of $0.04285.
A Memecoin Built on Political Satire The project explicitly states it has no connection to Trump or any other public figure.
The project also applies a 0% transaction tax, features its website highlights as markers of transparency and security.
The Robinhood Chain Backdrop That openness has made room for community-driven projects like Chump Coin to gain a foothold alongside the chain's core financial products.
Memecoins are highly volatile and speculative assets. Always do your own research and never invest more than you can afford to lose.
Sources:
Chump Coin (CHUMP) on CoinMarketCap
CHUMP skyrockets over 6,700x since launch, Crypto.news
What Is Robinhood Chain? Eco.com
The number of onchain tokenized equity holders just hit 1.9 million. Jupiter, the dominant decentralized exchange aggregator on Solana, has been the primary engine behind that growth, routing a massive share of the volume that’s pulling retail investors into a new flavor of stock trading: permissionless, 24/7, and settled on a blockchain.
To put the trajectory in perspective, tokenized equity holders sat at roughly 670,000 in late July 2026. By early August, that number had climbed to nearly 967,000, a 92% jump in 30 days. Now it’s 1.9 million. The month-over-month growth rate clocks in at 73% based on recent data.
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Why off-hours trading is the quiet killer feature Roughly 68% of tokenized asset volume on the platform occurs on weekends and outside traditional market hours. Off-hours trading represents more than 65% of total exchange volume, a stat that suggests the appeal isn’t just novelty. It’s utility.
Jupiter’s tokenized asset volume is up 300% year-to-date.
The Securitize-Jump-Jupiter pipeline The catalyst for this wave traces back to May 5, 2026, when Securitize, Jump Trading, and Jupiter announced a partnership to bring tokenized equities to Solana. Securitize handles the compliance and issuance infrastructure. Jump provides the market-making muscle. Jupiter routes the trades.
Since that launch, the ecosystem has expanded quickly. In June 2026, leveraged Series Tokens from Shift RWA were integrated into Jupiter, giving traders access to amplified exposure on tokenized stocks. Jupiter Lend, a lending product that lets users post tokenized assets as collateral, surpassed $20 million in deposits by mid-July 2026.
Solana’s grip on tokenized equities Solana has captured approximately 85% of all trading volume related to tokenized equities. Inflows into real-world assets on Solana totaled nearly $700 million over a recent 30-day span.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
ZetaChain is building the private memory layer for AI: a user-owned foundation for memory, identity, permissions, payments, and agents that works across every model and app. A key part of this is providing people ownership of their AI memory with keys they hold.
Today, we’re excited to share that Privy, a Stripe company, powers the wallet infrastructure behind every Anuma account, as Anuma crosses 250,000 wallets.
“We’re excited to see wallets unlock new use cases beyond financial products, from identity to AI. ZetaChain is showing what that can look like at scale.”
Debbie Soon, Head of Marketing at Privy, a Stripe company
Your sign-in is a walletWhen we introduced the Private Memory Layer in June, we asserted that AI identity should not live on another platform account. It should be a key you hold.
At signup, Privy provisions a self-custodial wallet on ZetaChain and a wallet-derived key becomes your AI identity: one key, no separate platform accounts. That key opens your encrypted memory vault, so your writing style, preferences, projects, and files follow you from ChatGPT to Claude to Gemini without starting over.
Your context is encrypted client-side and only your key opens it. We cannot read your memory, and neither can the model providers.
The result is an app that feels like any consumer AI product on the surface, but, unlike centralized AI accounts, you retain complete ownership of the memory including permissions about which humans, agents, and apps can access it.
250,000 wallets and growing fastOver 260,000 wallet-holding accounts have been created since Anuma launched this spring. Over the past month, new wallets have averaged more than 17,000 a week, with over 26,000 created last week alone. Along the way, Anuma users have made over 1,100,000 AI requests across 34 models, spanning chat, image, and video. The live numbers, including wallet growth over time, are published openly on ZetaChain Research.
Every one of those wallets was created through Privy, and a significant number of people never held a crypto wallet before.
Why PrivyWe chose Privy to power Anuma’s wallet infrastructure because it makes self-custody seamless, giving users ownership without adding complexity to the product experience.
For Anuma users, the wallet behind your AI identity runs on infrastructure trusted by Stripe, and it keeps gaining capabilities, from stablecoin rails to card programs that spend directly from wallet balances. We are exploring bringing this to Anuma users.
What your wallet unlocks today, and what comes nextWith your AI identity, powered by your Privy wallet, you can start staking ZETA for AI credits through the Token Dashboard.
What comes next is in research and development today:
Permissioned context. Grant apps and agents access to your memory, revoke anytime, logged on-chain.
Agent payments. Agent calls and memory access settle automatically via the x402 standard.
An agent economy. Publish agents built on your knowledge and earn ZETA when they are used.
Try itAnuma is live at anuma.ai. Sign up and get an on-chain AI identity in seconds with Privy.
About PrivyPrivy, a Stripe company, is the easiest way to onboard users to crypto. Privy powers secure, self-custodial wallets for more than 75 million accounts across 1,000+ developer teams, and pairs embedded wallets with Stripe’s stablecoin and payments infrastructure. Learn more at privy.io.
About ZetaChainZetaChain is the private memory layer for AI and the infrastructure behind the AI consumer layer. It powers Anuma and a user-owned foundation for memory, identity, permissions, payments, and agents across connected models and apps. Anuma is the first consumer AI product built on ZetaChain: a private AI app that remembers, combining leading models, encrypted memory, and user-controlled access in one experience.
Follow ZetaChain on X (Twitter) and join the conversation on Discord and Telegram.
Buying a joke coin on Robinhood Wallet now looks a lot like buying a movie. Reported test purchases through payments firm Crossmint posted on Visa and Mastercard as digital media, not as crypto.
One code decides who earns credit card rewards. Chase says the wrong one was used, and it has taken the case to Visa.
Why the Robinhood Memecoin Code MattersVisa’s rulebook is such that crypto buys must use merchant category code (MCC) 6012 or 6051. They must also carry a quasi-cash flag, which strips most reward points.
This might be the most degen credit card feature ever created
Robinhood Wallet and Fomo now let you buy memecoins like directly with Visa, Mastercard or Apple Pay without a separate KYC check
Crossmint processes the transaction as "digital goods" instead of crypto, so you can… pic.twitter.com/THpxR9Nycm
— Jeremy (@Jeremybtc) September 2, 2026
Reported tests of dogwifhat (WIF) buys came back as 5815 instead. That code covers books, films and music sold online. Points and cashback posted as normal.
Chase’s own rewards agreement rules out cash-like spending and names cryptocurrency. The bank said the points should never have landed.
Crossmint answers with securities law, not card law. Its help pages limit the product to memecoins it treats as collectibles born from internet memes. Stablecoins and payment tokens stay barred.
That defense has real backing. Securities and Exchange Commission (SEC) staff called meme coins akin to collectibles in 2025. A March interpretive release then named WIF as an example, next to CryptoPunks. Visa’s manual grants no such exception.
Cutting friction is the entire pitch.
“Apple Pay is something that every iOS user uses in their everyday lives. The experience of buying a memecoin is no different from purchasing your morning coffee” said fomo CEO Se Yong Park.
New York Attorney General Letitia James is reviewing the setup. Her office knows payment rails. It took $45 million from Block in July over Cash App fraud controls. In April it sued Coinbase and Gemini over prediction markets.
WIF traded near $0.19 on Wednesday, down 2% in a day, worth about $197 million in total. Dogwifhat price levels barely moved on the dispute.
The $20 Million Loss That Was NotA viral post claimed one wallet fat fingered $20 million into Artificial Inu (AI) and lost $19.8 million in seconds. The token is a Robinhood Chain meme coin paired against tokenized NVDA.
HOLY FUCK
This wallet just fat fingered $20M into $AI.
His entry was $24B. His tokens are now worth $175K
— LB (@lbexplorer) September 1, 2026
That figure came from a price tracker, not the chain. The tracker read one hop of a multi-pool route as a finished trade. Traders who rebuilt the route put the real spend near $650,000, a trace BeInCrypto could not independently confirm.
Robinhood’s tokenized stocks and meme coins push sits under both stories. Easy checkout produced one. Thin liquidity produced the other.
Visa can recode the merchant, warn it, fine it or claw back fees. Each of those endings kills the rewards.
@Ondo has submitted three formal comment letters to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), calling for a modernized regulatory framework that addresses perpetual futures, portfolio margining, and market data reporting for on-chain markets.
Outcomes Over Familiarity Central to Ondo's argument is the view that the existing legal regime can already accommodate on-chain markets, provided regulators shift their focus toward functional outcomes rather than defaulting to a "familiarity" approach that maps new technology onto legacy structures. The firm argues that forcing on-chain products into frameworks designed for traditional venues can create unnecessary friction without delivering meaningful investor protection.
On the market data front, Ondo points to on-chain verification as a structural alternative to after-the-fact reporting requirements. Because transactions are recorded on a public ledger in real time, the firm contends that mandatory post-trade reporting, as it exists for conventional venues, becomes largely redundant.
Perps Platform Already Live The comment letters arrive with a live product as supporting evidence. Ondo Perps launched in July 2026 and lets non-U.S. traders use tokenized assets, rather than stablecoins, as margin. Ian De Bode, President at Ondo Finance, described it as "the first time a permissionless equity perps platform has been built with the infrastructure required to unlock liquidity, speed, and capital efficiency comparable to traditional derivatives markets." The platform offers up to 20x leverage on stocks, indices, and commodities, including tokenized versions of major names such as NVDA, TSLA, and AAPL.
The platform accepts tokenized real-world assets as collateral alongside stablecoins, meaning traders who already hold tokenized equities can post them directly as margin rather than sourcing a separate pool of stablecoins. Spot holdings and perp positions are managed on the same platform, allowing traders to hedge without moving capital across multiple venues.
By citing the ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 Perps in its regulatory submissions, Ondo is making a practical case: on-chain infrastructure can meet regulatory objectives through transparency and programmable settlement, rather than through compliance mechanisms borrowed from traditional finance.
The submissions land at a pivotal moment for crypto derivatives policy. The CFTC established the first affirmative U.S. regulatory framework for crypto asset perpetual futures contracts through three coordinated actions taken on May 29, 2026. Historically, perpetual contracts have been offered primarily on offshore venues, in part due to regulatory uncertainty in the United States, and the CFTC's recent actions reflect an effort to bring these products onshore while clarifying their regulatory classification.
Ondo's letters represent one of the more detailed industry-led efforts to shape how that framework develops, using a functioning on-chain platform to argue that regulators need not choose between innovation and oversight.
Sources:
Ondo Finance: Introducing Ondo Perps
PR Newswire: Ondo Perps Launches First Equity Perpetuals Platform
Akin Gump: CFTC Advances Framework for Perpetual Contracts and 24/7 Markets
Ondo Finance is urging US regulators to bring perpetual futures tied to individual stocks onshore, arguing that the products can already operate under the country’s existing security futures framework without new rules.
In three Aug. 24 comment letters to the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), Ondo argued that existing rules can accommodate perpetual stock futures while also accounting for modern margining practices and onchain market data.
Ondo said its Panama-based affiliate already offers stablecoin-settled perpetual futures on individual US-listed stocks outside the United States, with the platform recording $8 billion in cumulative trading volume as of Aug. 14, around six weeks after its launch.
Ondo ranks fourth among tokenized RWA managers by distributed value. Source: RWA.xyz
The company argued that scheduled funding payments can keep perpetual contracts aligned with the price of their underlying stocks, performing a similar function to expiration in traditional futures.
“Nothing in the statutory definition of a security futures product requires a fixed expiration date,” Ondo said in its product-classification letter.
Ondo also noted that many of the stocks underlying offshore perpetuals are principally traded on US exchanges. “Bringing that activity back to the U.S. should not be an open question; it’s something both agencies should actively pursue,” the company said.
Ondo is among the largest managers of tokenized real-world assets, ranking fourth with about $2.6 billion in distributed value as of Wednesday, according to RWA.xyz data.
US regulators look to modernize market rulesOndo’s proposal comes as US regulators reconsider how existing market rules apply to onchain products, including perpetual futures and tokenized securities.
President Donald Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” Hyperliquid is best known for its onchain perpetual futures market, though neither the CFTC nor Hyperliquid has publicly detailed how US access would work.
HYPE, the native token of Hyperliquid, jumped more than 20% following Trump’s comments and has gained nearly 49% over the past month to trade around $81 on Wednesday, according to CoinGecko data.
HYPE has gained nearly 49% over the past month. Source: CoinGecko
The SEC, which oversees securities markets, and the CFTC, which regulates US derivatives markets, have also stepped up coordination this year, signing a memorandum of understanding in March to harmonize oversight in areas where their jurisdictions overlap.
On Tuesday, the SEC proposed overhauling its decades-old transfer agent framework, citing growing demand for blockchain-native recordkeeping and tokenized securities in US markets as the agency reexamines rules built for older market infrastructure.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
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Ondo Finance is urging US regulators to bring perpetual futures tied to individual stocks onshore, arguing that the products can already operate under the country’s existing security futures framework without new rules.
In three Aug. 24 comment letters to the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), Ondo argued that existing rules can accommodate perpetual stock futures while also accounting for modern margining practices and onchain market data.
Ondo said its Panama-based affiliate already offers stablecoin-settled perpetual futures on individual US-listed stocks outside the United States, with the platform recording $8 billion in cumulative trading volume as of Aug. 14, around six weeks after its launch.
Ondo ranks fourth among tokenized RWA managers by distributed value. Source: RWA.xyz
The company argued that scheduled funding payments can keep perpetual contracts aligned with the price of their underlying stocks, performing a similar function to expiration in traditional futures.
“Nothing in the statutory definition of a security futures product requires a fixed expiration date,” Ondo said in its product-classification letter.
Ondo also noted that many of the stocks underlying offshore perpetuals are principally traded on US exchanges. “Bringing that activity back to the U.S. should not be an open question; it’s something both agencies should actively pursue,” the company said.
Ondo is among the largest managers of tokenized real-world assets, ranking fourth with about $2.6 billion in distributed value as of Wednesday, according to RWA.xyz data.
US regulators look to modernize market rulesOndo’s proposal comes as US regulators reconsider how existing market rules apply to onchain products, including perpetual futures and tokenized securities.
President Donald Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” Hyperliquid is best known for its onchain perpetual futures market, though neither the CFTC nor Hyperliquid has publicly detailed how US access would work.
HYPE, the native token of Hyperliquid, jumped more than 20% following Trump’s comments and has gained nearly 49% over the past month to trade around $81 on Wednesday, according to CoinGecko data.
HYPE has gained nearly 49% over the past month. Source: CoinGecko
The SEC, which oversees securities markets, and the CFTC, which regulates US derivatives markets, have also stepped up coordination this year, signing a memorandum of understanding in March to harmonize oversight in areas where their jurisdictions overlap.
On Tuesday, the SEC proposed overhauling its decades-old transfer agent framework, citing growing demand for blockchain-native recordkeeping and tokenized securities in US markets as the agency reexamines rules built for older market infrastructure.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Ondo Finance has asked US regulators to bring perpetual futures tied to individual stocks onshore after its offshore platform recorded $8 billion in cumulative trading volume within roughly six weeks.
Summary
Ondo says existing US security futures rules can cover perpetual contracts tied to individual stocks. Its Panama-based affiliate had processed $8 billion in cumulative volume by Aug. 14. Recurring funding payments keep the contracts close to the prices of their underlying shares. The SEC and CFTC are reviewing rules for onchain derivatives and tokenized securities. Ondo Finance, in three Aug. 24 comment letters to the Securities and Exchange Commission and Commodity Futures Trading Commission, said the agencies could accommodate stock perpetual futures through the existing security futures framework.
The company’s proposal covers product classification, margin requirements and the use of onchain market data. Instead of asking Congress or federal agencies to create a separate regulatory category, Ondo wants the SEC and CFTC to apply rules already used for futures tied to individual securities.
According to its product-classification letter, the lack of a fixed expiration date does not prevent a perpetual contract from qualifying as a security futures product.
“Nothing in the statutory definition of a security futures product requires a fixed expiration date,” Ondo said.
Ondo says funding payments can replace expiration Traditional futures expire on a set date, when the contract settles against the value of its underlying asset. Perpetual futures have no scheduled expiry and use recurring funding payments to keep their market prices close to the assets they track.
When a perpetual trades above its reference price, traders holding long positions generally pay traders holding short positions. Payments move in the opposite direction when the contract trades below the reference price, creating an incentive for both prices to converge.
Ondo told regulators that the funding mechanism performs a function similar to expiration in a dated futures contract. Under its interpretation, the economic structure of the product matters more than whether the contract ends on a predetermined date.
The filing also addresses updated margin systems and blockchain-based pricing data. Ondo argued that regulators could account for such features within current law, although the SEC and CFTC would still need to decide how individual products satisfy listing, trading, and investor-protection requirements.
A similar request reached both agencies on Aug. 24, when the Hyperliquid Policy Center proposed treating equity perpetuals with futures-like characteristics as security futures. The group said Hyperliquid’s HIP-3 markets had processed more than $480 billion in cumulative notional volume during their first 10 months.
Under that proposal, regulators would first examine how a contract is structured and traded before considering the asset it tracks. A futures-style contract tied to an individual stock would then fall under the security futures system jointly administered by the SEC and CFTC.
Security futures combine features of securities and futures law. A CFTC-regulated designated contract market can list them after notice-registering with the SEC, while a national securities exchange can use a parallel registration route with the CFTC.
Offshore stock perpetuals have processed $8B Through a Panama-based affiliate, Ondo already offers stablecoin-settled perpetual futures referencing individual US-listed stocks to eligible users outside the United States.
The platform had generated $8 billion in cumulative trading volume by Aug. 14, according to the company’s SEC submission. Ondo said the total was reached about six weeks after the product launched.
Many referenced shares principally trade on US exchanges, even though American users cannot access the offshore contracts. The arrangement allows eligible non-US traders to gain price exposure to individual stocks while settling their positions with stablecoins instead of using a conventional brokerage account.
“Bringing that activity back to the U.S. should not be an open question; it’s something both agencies should actively pursue,” the company said.
Ondo’s request would not automatically authorize every stock perpetual. Exchanges, brokers, and clearing organizations would still need to comply with the registration, listing, margin, and customer-protection requirements that apply to security futures.
The proposal could nonetheless give US investors a regulated route to products that are already available through offshore venues. American access would depend on the agencies accepting Ondo’s classification and determining how current security futures standards apply to perpetual contracts.
Former SEC counsel Ashley Ebersole recently told crypto.news that creating a US regulatory pathway for onchain perpetuals could take 10 to 12 months if the agencies pursue rulemaking, public comments and implementation. Ebersole said the process could move faster if regulators rely heavily on existing authority or exemptions.
Ondo expands its tokenized securities business Alongside its derivatives proposal, Ondo operates one of the largest tokenized real-world asset businesses. RWA.xyz ranked the company fourth among RWA managers, with approximately $2.6 billion in distributed asset value as of Wednesday.
Ondo Stocks listed more than 440 tokenized stocks and exchange-traded funds across Ethereum, BNB Chain and Solana as of Aug. 13. The platform reported around $1.02 billion in asset value at the time, according to earlier Ondo coverage.
The company says each tokenized security is backed by the related stock, ETF, or cash held with US-registered broker-dealers. An independent verification agent checks the asset backing, while a security agent holds an interest in the collateral.
Ondo’s disclosures state that buyers receive economic exposure to price movements and reinvested dividends after applicable tax withholding. Holders do not own the referenced stock or ETF directly and do not receive the same rights as registered shareholders.
Late in July, Ondo secured FINRA authorization connected to its US tokenized-equity operations. The company said at the time that its tokenized products had exceeded $2.5 billion in total value locked, while Ondo Stocks had processed more than $7 billion in cumulative volume.
Such tokenized products differ from the perpetual futures covered by the latest letters. Stock tokens provide an indirect economic interest backed by securities or cash, while perpetuals are derivative contracts designed to track the price of a referenced share without transferring ownership.
SEC and CFTC coordination could shape access Ondo submitted its letters while federal agencies were reconsidering how securities and derivatives rules should apply to blockchain-based markets.
In March, the SEC and CFTC signed a memorandum of understanding to coordinate work in areas where their authority overlaps. The agreement created a formal process for sharing information, developing policy, and resolving questions involving products that may fall under both securities and commodities law.
Security futures require such coordination because the SEC oversees securities markets and the CFTC regulates US futures and derivatives venues. A perpetual tied to an individual stock could therefore require approval or supervision from both agencies.
Political attention has also turned toward bringing offshore perpetual markets into the country. President Donald Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid to the United States in a “fully compliant and legal fashion.”
Neither the CFTC nor Hyperliquid has publicly explained how access would operate. Hyperliquid is best known for onchain perpetual futures, while its HYPE token climbed more than 20% after Trump’s comments and gained nearly 49% over the following month to trade around $81 on Wednesday, according to CoinGecko.
Regulators are separately examining the infrastructure needed to support tokenized securities. On Tuesday, the SEC proposed updating transfer-agent rules covering registration, recordkeeping, transfer processing, cybersecurity, and the protection of securities and customer funds.
Most existing transfer-agent requirements date from the late 1970s and early 1980s, when paper certificates and manual ownership records remained common. Under the proposed rules, onchain transfer agents would need controls protecting digital records from unauthorized changes, deletion, and operational failures.
The SEC said the amendments would remain technology-neutral and would not require companies to use blockchain systems. Public comments will remain open for 60 days after the proposal appears in the Federal Register, after which SEC staff may revise the text before commissioners consider a final rule.
LayerZero has proposed Otter, an automated market maker mechanism designed to strip block builders of the informational advantages that make front-running and sandwich attacks profitable. The name stands for Optimal Truthful Trading with Excess Redistribution, and the core idea is deceptively simple: if you clear trades as a batch instead of sequencing them one by one, the order of transactions stops mattering.
That’s the whole game. MEV, or miner extractable value, relies on block builders rearranging transaction order to profit at traders’ expense. Remove the sequencing advantage, and the economics of exploitation collapse.
How Otter actually works Otter borrows from a well-studied corner of auction theory called the Vickrey-Clarke-Groves (VCG) mechanism. In a VCG auction, each participant’s payment depends on the impact their bid has on everyone else, not on where their bid lands in a queue. It’s the same principle that powers second-price auctions, where the winner pays the second-highest bid rather than their own.
Applied to an AMM, this means trade execution outcomes are determined by the collective pool of bids submitted during a batch window rather than the precise nanosecond each one arrives. A block builder who tries to insert a front-running transaction gains nothing because the clearing price doesn’t shift based on ordering.
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The mechanism is designed so that truthful reporting, submitting your actual valuation and budget, becomes the dominant strategy for both traders and builders. In game theory terms, there’s no incentive to lie about what you’re willing to pay because the system is structured to make honesty the most profitable move for every participant.
Where the extracted value goes One of Otter’s more interesting design choices involves what happens to the surplus value that would normally flow to MEV extractors. Rather than requiring all outputs to be distributed to the traders in a given batch, Otter allows residual surplus to be redirected locally within the liquidity pool.
This creates a direct channel for rewarding liquidity providers, subsidizing fees, and supporting other ecosystem participants. It’s essentially a recycling system: value that would have leaked to arbitrageurs gets pumped back into the infrastructure that makes trading possible in the first place.
The censorship resistance requirement There’s a significant caveat buried in the design. Otter’s guarantees only hold up if the underlying consensus layer is censorship-resistant. Without that property, block builders can simply exclude bids they don’t like, undermining the batch auction’s fairness guarantees.
The LayerZero team is explicit about this constraint: achieving both user honesty and builder strategy-proofness in AMMs becomes impossible when bids can be censored and block space is finite.
Otter follows LayerZero’s earlier release of ATLAS, an exchange engine focused on efficiency and fee mechanisms. Together, the two projects suggest a sustained research effort aimed at rethinking on-chain market structure from first principles rather than patching existing designs.
The paper is still pending peer review and carries no deployment timeline or token launch details. VCG mechanisms in particular are known for being theoretically optimal but computationally expensive, and adapting them to the constraints of blockchain execution, where gas costs and block times impose hard limits, will be a meaningful engineering challenge.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid Strategies, the Nasdaq-listed treasury firm focused on Hyperliquid's native token, has significantly expanded its capital-raising capacity. The company has raised its committed equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, a move disclosed in a Form 8-K filed with the US Securities and Exchange Commission on September 1.
How the Facility Works The agreement, first signed in October 2025, allows Hyperliquid Strategies to periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase newly issued common shares. Chardan can then resell those shares into the public market. The company controls the timing and size of individual sales, with financing decisions depending on market conditions, the stock's trading price, and management's assessment of how proceeds should be deployed.
It is important to note that the $2.5 billion represents the maximum capacity of the facility, not funds already in hand. The amount ultimately raised could fall short of that ceiling, and Chardan is under no obligation to purchase the full amount. Unlike a traditional loan, selling shares under the arrangement does not create interest expenses or repayment obligations, but it does dilute existing shareholders by reducing the ownership percentage represented by each share.
A Nasdaq-related cap also applies once cumulative sales under the original $1 billion tranche are exhausted. Beyond that point, sales priced below $12.02 per share cannot exceed 19.99% of shares outstanding at the time of the amendment, unless shareholders grant approval.
HYPE Treasury Strategy and Market Context The expansion comes as the company approaches the limit of its original facility. Hyperliquid Strategies has already raised around $647 million through share sales and, as of late August, held approximately 29.4 million $HYPE tokens in its treasury. Proceeds from the facility are earmarked for general corporate purposes, which may include further $HYPE purchases, though no fixed token allocation or purchase deadline has been set.
Interest in Hyperliquid has picked up in recent weeks. $HYPE gained more than 20% in August after US President Donald Trump indicated that Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralised trading platform into the US under a regulatory framework. Hyperliquid Strategies shares rose 30.4% in the same period. Despite sharing the protocol's name and holding its native token, the company states it is independent and not affiliated with the Hyperliquid protocol.
Sources:
The Block: Hyperliquid Strategies expands equity facility to $2.5 billion
CoinTelegraph: HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5B
Blockonomi: Hyperliquid Strategies Expands Chardan Equity Facility to $2.5 Billion
Hyperliquid Strategies (PURR) has amended its financing arrangement with Chardan Capital Markets, lifting the maximum commitment for purchases of newly issued common shares to $2.5 billion from $1 billion, according to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).
The change modifies the ChEF Purchase Agreement that the two companies entered into on Oct. 22, 2025. Hyperliquid Strategies can continue issuing shares to Chardan under the terms, conditions, and limits set by the agreement.
Lower-Priced Share Sales Face 19.99% Issuance Limit A restriction takes effect once cumulative common-stock sales through the arrangement pass $1 billion. From that stage, transactions below $12.02 a share are generally limited to 42,641,847 shares, equal to 19.99% of the company’s outstanding common stock immediately before the amendment.
Sales beyond that ceiling may proceed if shareholders authorize the additional issuance under applicable Nasdaq requirements, or when those rules do not require such approval.
Hyperliquid Strategies gave no explanation in the filing for enlarging the commitment. Earlier company disclosures showed that roughly $647 million of stock had been sold by June 30.
The expanded financing capacity comes as Hyperliquid Strategies continues to maintain a sizable HYPE treasury.
HYPE Treasury Stood at 29.4 Million Tokens The company’s digital-asset treasury is centered on HYPE, the native token associated with Hyperliquid. Its latest Form 10-K reported holdings of about 29.4 million HYPE as of Aug. 23.
As of this writing, HYPE trades at $82.06, down 1% over 24 hours. Nasdaq-listed PURR finished Tuesday’s session at $11.36 after falling 7.31%, while the shares remained up 73% over the preceding month and 230% year to date.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Hyperliquid’s native token HYPE is under the spotlight after Multicoin Capital moved a major allocation to Coinbase Prime, sparking speculation over potential supply pressure. On-chain data indicates Multicoin Capital transferred a total of 261,555 HYPE, valued at approximately $21.7 million, to the institutional-focused platform in the last 12 hours.
Large-Scale Transfers Draw Market AttentionThe transactions occurred in three separate batches: 63,235 HYPE, 101,144 HYPE, and 97,176 HYPE. These transfers stand out due to their scale and timing, arriving as HYPE trades close to all-time highs after a powerful rally.
After surging from about $57 in the latter part of August, HYPE recently consolidated just below its peak, changing hands at $82.93 following highs in the $86 to $87 range. The asset’s brief pause has left traders closely monitoring its ability to maintain momentum.
Sizeable transfers from funds to exchange-linked addresses often point to possible preparation for significant selling activity. However, a deposit to Coinbase Prime does not necessarily mean an immediate market sell, as the platform also facilitates OTC transactions, settlement, and institutional custody solutions.
Technical and Structural FactorsRather than confirming a direct sell-off, these deposits have heightened possible near-term sell-side liquidity, as indicated by on-chain watchers. Technically, HYPE’s structure remains strong but faces an uptick in institutional pressure, with recent resistance making further breakouts increasingly challenging.
Buyers have encountered repeated upper wicks in the price chart, highlighting difficulty sustaining momentum above $84 to $87. Despite intensified activity from institutional players, HYPE continues to trade significantly above its main moving averages—key structural supports are located at $64.01 and $62.86, with the nearest major average at $73.48. This range creates a considerable buffer between support and the current spot price.
Momentum has softened, but the rally remains intact. After HYPE’s relative strength index (RSI) entered overbought territory, it has since declined toward 66, reflecting cooling enthusiasm but preserving underlying strength. Market participants are now focused on the $80 support level as a decisive point. A breakdown below this area could accelerate profit-taking and bring the $76 to $73 zone into play.
Institutional Flows Meet Web3 InnovationIn line with technical indicators and evolving trading dynamics, traditional market participants are increasingly adopting on-chain solutions. While legacy financial systems depend on complex intermediaries, a substantial transformation is underway as institutions turn to Web3 models. Investors now use platforms like 1stepSwap to hold tokenized real-world assets, including shares of leading U.S. companies, gold, and silver, directly within their crypto wallets. This model eliminates middlemen by automatically sourcing the best available market prices and tokenizing RWAs for quicker, more direct execution.
Rather than immediate selling pressure, the $21.7 million transfer from Multicoin to Coinbase Prime signals increased potential liquidity on the sell side at recent highs. HYPE’s price structure continues to hold above its main moving averages, and a decisive move below $80 would intensify near-term downside risk for the token.
If the additional supply from Multicoin Capital is absorbed while HYPE holds $80, it would point to strong underlying demand. Until the price structure confirms that institutional distribution exceeds market buying, the current outlook suggests heightened vigilance but does not support a confirmed trend reversal.
TLDR Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion on Sept. 1. The facility lets the company sell newly issued shares over time, but proceeds are not guaranteed. The company holds about 29.3 million HYPE tokens as of Aug. 19, worth over $773 million in total purchases. A new exchange cap limits share sales below $12.02 once $1 billion has been raised through the facility. The stock closed at $11.36 on Sept. 1, down about 7.3% for the day. Hyperliquid Strategies has expanded its equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion. The company disclosed the change in a filing with the U.S. Securities and Exchange Commission on Sept. 1.
The Nasdaq-listed firm can now raise more money by selling new shares to Chardan over time. This gives the company added room to fund its treasury strategy, which centers on buying HYPE, the token tied to the Hyperliquid network.
The $2.5 billion figure represents the maximum size of the facility. It does not mean the company has raised that amount or plans to spend it all on HYPE.
How the Equity Facility Works Under the agreement, Hyperliquid Strategies can direct Chardan to purchase newly issued shares at different points in time. Chardan then resells those shares on the open market.
The company controls when and how much it sells. Decisions depend on market conditions, the stock price and how management wants to use the funds.
Proceeds are meant for general corporate purposes, which may include buying more HYPE. The language gives leadership flexibility rather than setting a fixed token target or deadline.
Selling shares also increases the total share count. This can reduce the ownership stake held by existing investors.
The company had previously raised $647 million through the same facility before this expansion. That earlier funding helped grow its HYPE holdings to their current size.
HYPE Holdings and Recent Stock Moves Since completing its business combination in December 2025, Hyperliquid Strategies has spent $773.4 million buying about 16.5 million HYPE tokens. The average purchase price was $46.77 per token.
As of Aug. 19, the company held roughly 29.3 million HYPE. It reported $149.9 million in cash at the end of June and said it carries no debt.
The new agreement includes a cap tied to Nasdaq rules. Once total sales through the facility reach $1 billion, the company generally cannot sell more than 42,641,847 shares below $12.02 each without shareholder approval.
That share count equals about 19.99% of shares outstanding before the amendment. At $12.02 per share, it would represent roughly $512.5 million in proceeds before fees.
Shares of Hyperliquid Strategies closed at $11.36 on Sept. 1, down about 7.3% for the session. The stock traded between $11.03 and $12.31, with volume near 24.3 million shares.
That closing price sits below the $12.02 threshold tied to the new share cap. The cap itself only applies once cumulative sales under the facility pass $1 billion.
The filing does not disclose whether the company has already used any of the newly added capacity. It also does not report a new HYPE purchase tied to this amendment.
The broader interest in Hyperliquid grew last month after President Donald Trump said the Commodity Futures Trading Commission was working to bring the platform into the U.S. under regulatory oversight. HYPE rose more than 20% following the comments, and Hyperliquid Strategies shares gained 30.4% in the same period.
The company has said it operates independently and is not affiliated with the Hyperliquid protocol, despite sharing its name and holding its token.
Nasdaq-listed Hyperliquid Strategies (Nasdaq: PURR) has expanded its Chardan equity facility from $1.0 billion to $2.5 billion. The move hands the HYPE treasury firm $1.5 billion in additional fundraising capacity, without a single dollar yet guaranteed.
$647M Already Drawn, and 29.3M HYPE Bought The company filed a Form 8-K with the SEC on September 1, 2026. It confirmed the signing of Amendment No. 1 to its Committed Equity Facility (ChEF) Purchase Agreement with Chardan Capital Markets LLC, dated October 22, 2025.
CoinGape earlier reported on the $1 billion Chardan equity facility when Hyperliquid Strategies first announced the capital raise and its plan to accumulate HYPE.
The facility is not new money on arrival. It is a discretionary equity line. Hyperliquid Strategies sells shares to Chardan, and Chardan resells them in the open market.
Nothing in the amendment forces the company to draw the extra $1.5 billion.
Through June 30, 2026, the company had already issued roughly 76.06 million PURR shares under the original facility.
That generated $646.6 million in gross proceeds at an average issue price of about $8.70 per share.
As CoinGape reported, the 29.3 million HYPE treasury update showed those proceeds were largely deployed, roughly $773.4 million went into HYPE purchases and PURR buybacks combined.
About 16.5 million HYPE tokens were bought at an average price of $46.77.
The treasury grew from approximately 12.5 million HYPE at the time of the Sonnet merger, covered by CoinGape when the Sonnet merger secured approval, to about 29.3 million tokens by late August.
That leaves roughly $353 million of unused capacity under the old $1 billion ceiling before the new $1.5 billion of headroom even kicks in.
The $12.02 Cap: What It Means for Investors The amendment contains an investor protection clause that kicks in after $1.0 billion of total facility sales are complete.
At that point, any shares issued below $12.02 per share cannot exceed 42,641,847 shares, equal to 19.99% of shares outstanding just before the amendment.
Going beyond that threshold requires a Nasdaq shareholder vote, or a qualifying exemption.
PURR closed September 1 at $11.36, down 7.3%, on heavy volume of around 24 million shares.
That close sits below the $12.02 reference price. For investors, $12.02 is not a price floor. It is a dilution governor on discounted stock once the first $1 billion is fully used.
Hashdex added HYPE to the Nasdaq CME Crypto Index ETF, effective September 1, the same day as the 8-K filing.
Separately, Hyperliquid activated its AQAv2 engine, which routes most USDC reserve yield into programmatic HYPE buybacks.
CoinGape reported that AQAv2 buy-back and burn mechanism now operates alongside roughly 99% of protocol trading fees already flowing into HYPE buybacks.
On the regulatory front, Hyperliquid and Kraken’s Payward are in advanced talks to bring crypto perpetuals to U.S. markets via Bitnomial.
President Trump has publicly noted that CFTC Chair Michael Selig is working to bring Hyperliquid onshore in a fully compliant manner, based on remarks made at a White House event on August 19.
Additionally, Grayscale filed an updated S-1 for a HYPE ETF with staking, adding another listed-product demand vector for the token.
The bull case is straightforward. Unused capacity plus a larger ceiling lets Hyperliquid Strategies keep buying HYPE if PURR trades at a premium to its modified net asset value.
The bear case is equally clear. A $2.5 billion equity line is an overhang. Drawing it below $12.02 after the first $1 billion hits the Exchange Cap still dilutes existing holders.
Investors should watch three things: the remaining draw to $1 billion, PURR price relative to $12.02, and weekly HYPE treasury updates on hypestrat.xyz.
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Trump: Preparing to Strike Iran Again, We Have Full Control of the Strait
U.S. President Donald Trump met with U.S. tourism industry executives at the White House on Wednesday local time, during which he again discussed the Iran issue. Trump said: "The Iranian regime is collapsing, a new round of strikes against Iran will not take long, and we are prepared to launch another strike on Iran in the future. We have full control over the Strait of Hormuz, through which millions of barrels of oil are exported daily. I hope domestic retail gasoline prices will drop."
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Ansem: Crypto Market Remains in the Early Stage of a Bull Run, Retail Investors Are Entering with More Capital
Crypto KOL Ansem posted an article stating that the crypto market is still in the early stages of a bull run, and the key to generating returns at this stage is to identify assets with asymmetric upside while tolerating short-term volatility. Over the past two years, rotating between meme coins and new trading pairs has been the dominant strategy, with lower valuation caps leading traders to favor short-term holdings; however, in a bull market, high-quality assets offer greater upside potential, so extending holding periods after careful selection may prove more advantageous. Ansem believes retail investors are entering the crypto market with more capital. The growth of mobile users on Pump.fun and Fomo, as well as Robinhood Chain’s ongoing efforts to convert stock traders to on-chain activities, all indicate that market liquidity may increase in the future. New users pay relatively less attention to market capitalization changes, so tokens that gain widespread traction may receive stronger capital inflows. He also noted that the trend toward short-form video has led fewer and fewer investors to read project whitepapers or research token differences, which in turn creates opportunities for those willing to build a complete investment thesis and exercise patience. However, traders still need to set criteria for when they are wrong, review the reasons for missing out on high-growth assets, and define conditions for re-entering the market after selling too early.
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Trade[XYZ] generated $202.36 billion in trading volume during the second quarter of 2026, up 79.2% from the previous quarter, according to a report released September 1 by the Hyperliquid Research Collective. The Q2 review says the HIP-3 deployer also lifted revenue 32.9% to $7.59 million and ended the period with $2.96 billion in open interest. The figures are attributed to the research group and have not been independently audited.
The report estimates Trade[XYZ] handled 95.1% of HIP-3 volume during the quarter, compared with 84.5% previously. It puts the platform’s trailing 30-day share at about 99.5%. The concentration increased as three competing deployers—Felix, Ventuals and Dreamcash—ceased operations between June 19 and July 2, according to the researchers. HIP-3 lets independent teams deploy perpetual markets on Hyperliquid, extending the network beyond markets listed directly by the core exchange. Wallet integrations have already brought HIP-3 macro markets to a broader set of users.
Equity Perpetual Volume Climbs 377% Equity perpetuals were the fastest-growing part of Trade[XYZ]’s book. The report says quarterly volume in the segment rose 377% to $58.9 billion across 55 names. Trade[XYZ] also introduced pre-IPO perpetuals on May 1, beginning with Cerebras and later adding SpaceX and Quantinuum. The researchers say all three markets remained live through their respective public listings and converted into standard equity perpetual contracts. That progression gives traders continuous exposure around listing events, while newer execution services are also building tokenized-equity trading on Hyperliquid.
Growth Comes With Concentration and Regulatory Caveats The quarterly numbers show rapid expansion, but they also underline dependence on one deployer within the HIP-3 ecosystem. A dominant venue can concentrate liquidity and improve execution, yet the shutdown of rival platforms leaves fewer operational alternatives. The report additionally cites approval of a first U.S.-regulated perpetual futures contract as a regulatory milestone for the broader market, while noting that litigation and further steps toward full onshore access remain unresolved. Trade[XYZ]’s Q2 results are therefore a data point on product demand, not evidence that permissionless perpetual markets have secured broad U.S. authorization. Because the report comes from an independent research group, its methodology and classifications also matter when comparing the figures with exchange-reported statistics. Future quarters will show whether equity contracts can retain their new share after high-profile listing events fade.
AUTHOR
Farhan Karim is a technology writer and content strategist with 15+ years of experience writing thousands of articles, blogs, whitepapers, and ebooks on Blockchain, Cryptocurrency, and other tech niches. His expertise in content strategy, SEO, and a keen eye on the ever-evolving tech space have led him to work with companies like Pepsi, Huawei, Arab News, and now Blockchain Reporter.
Hyperliquid price traded near $81 on Sept. 2 after retreating from its $86.71 all-time high, with technical indicators showing that HYPE’s wider uptrend remains intact despite fading short-term momentum.
Summary
Hyperliquid price has pulled back about 6.4% from its Aug. 27 record high of $86.71. The 4-hour Supertrend remains bullish, with dynamic support near $78.98. Daily Bollinger Bands place immediate support at $74.36 and resistance near $94.80. Liquidation clusters around $80 and $85 could shape HYPE’s next move. Hyperliquid price consolidates below record high According to data from crypto.news, Hyperliquid (HYPE) price was trading around $81.14 at the time of writing, down 2% on the daily candle. The token has fallen roughly 6.4% from the record high of $86.71 reached on Aug. 27 but remains well above its mid-August breakout area.
The daily chart shows HYPE consolidating between approximately $80 and $85 after a steep rally from the $55–$60 region. Buyers have repeatedly defended the lower end of that range, while attempts to hold above $84 have met fresh selling.
HYPE has outperformed several large-cap crypto assets during the wider market pullback. Its relative strength follows a rally that accelerated after the token cleared its June and July resistance zones around $75.
The latest retreat has not yet broken the wider bullish market structure. HYPE continues to form higher highs and higher lows on the daily chart, although the narrow trading range near its peak points to hesitation among buyers.
Treasury expansion supports the HYPE narrative The consolidation follows Hyperliquid Strategies’ decision to increase the limit of its equity purchase facility with Chardan Capital Markets from $1 billion to $2.5 billion.
According to the company’s financing terms, proceeds may be used for general corporate purposes and additional HYPE purchases. The larger facility gives the Nasdaq-listed company more capacity to expand its token treasury, but it does not mean the entire $2.5 billion will immediately enter the HYPE spot market.
Hyperliquid Strategies previously reported holding 29.3 million HYPE at the end of its 2026 fiscal year, up from an initial treasury position of 12.5 million tokens. Its balance sheet contained about $1.9 billion in HYPE holdings as of June 30.
Supply remains the main counterweight to the treasury demand narrative. A scheduled Aug. 29 release involved approximately 14.18 million HYPE, or 1.4% of maximum supply, according to token-unlock data. The batch was valued near $1.2 billion when HYPE traded close to its record high.
HYPE remained above $80 after the release, suggesting that the added supply did not produce an immediate breakdown. Unlocks do not necessarily translate into direct selling, however, and future distributions could continue to create volatility around vesting dates.
HYPE technical setup remains bullish above $79 On the 4-hour chart, HYPE remains above the Supertrend indicator at $78.98. Holding that level would preserve the short-term bullish signal and keep the $84–$86.71 resistance region within reach.
Hyperliquid price 4-hour chart — Sep. 2 | Source: crypto.news Chaikin Money Flow stands at 0.06, placing it slightly above zero. The reading indicates that buying pressure still exceeds selling pressure, but the modest value does not point to strong capital inflows. A move below zero would add evidence that distribution is increasing during the consolidation.
The daily chart provides a wider support range. HYPE trades above the Bollinger Band midpoint at $74.36, while the lower band sits near $53.91. The sharp expansion in the bands reflects the volatility that accompanied the August breakout.
Hyperliquid price daily chart — Sep. 2 | Source: crypto.news Daily relative strength has cooled to 62.80 after moving into overbought territory during the rally. The RSI now sits below its moving average of 72.92, showing that momentum has weakened as HYPE pulled back from its high.
A lower RSI alongside a price still above the Bollinger midpoint is consistent with consolidation rather than a confirmed trend reversal. Buyers would need to reclaim $84.50 and then break $86.71 to restart price discovery.
A daily close above the record high could expose the psychological $90 level, followed by the upper Bollinger Band near $94.80. The latter is dynamic and will change as volatility develops.
Liquidation heatmap places HYPE between $80 and $85 CoinGlass’ 24-hour liquidation heatmap shows dense leverage concentrations on both sides of the current price.
Hyperliquid liquidation heatmap | Source: CoinGlass The strongest nearby downside cluster is concentrated around $79.70–$80. That area sits just below the 4-hour Supertrend and could attract price if the $81 support fails. A decisive break below it may increase the risk of long liquidations and open a move toward $78.
Additional downside liquidity appears near $79.30 and $78.20, making the broader $78–$80 region the most important short-term support zone.
On the upside, the largest nearby liquidity concentration appears around $84.70–$85. Smaller clusters are visible from $83.80 to $84.30 and above $85.50.
Price often gravitates toward areas containing concentrated leveraged positions, but a heatmap does not establish direction by itself. HYPE currently sits between the two strongest pools, leaving either a sweep below $80 or a rebound toward $85 possible.
US policy efforts add a longer-term catalyst Hyperliquid Policy Center and tradeXYZ have asked US regulators to establish a route for perpetual contracts tied to pre-IPO companies. Their Aug. 18 submission to the Securities and Exchange Commission presented data from five completed pre-IPO markets and identified regulatory questions that would need to be addressed before comparable products could serve US users.
The proposal does not represent SEC approval, and the agency has no stated deadline to respond. Hyperliquid’s platform also does not currently permit US users, limiting the immediate effect of its expanding product range on American traders.
For the price setup, $78–$80 remains the main line separating high-level consolidation from a deeper correction. A recovery above $85 would shift attention back to $86.71 and potential price discovery, while a daily close below $74.36 would weaken the wider bullish structure and expose lower support.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
EntropyIO, a new perpetual futures deployer built on Hyperliquid’s HIP-3 infrastructure, launched with ambitions to let traders speculate on private companies before they go public. The platform registered a contract for OpenAI under the ticker io:OAI, but the market was delisted without recording a single trade.
The actual story is both more interesting and more complicated than a simple OpenAI listing. EntropyIO’s real flagship products are an Anthropic pre-IPO perpetual contract (io:ANTH) at 3x max leverage and a SanDisk equity perp (io:SNDK) at 10x leverage, both of which went live when the platform launched on August 24, 2026.
What EntropyIO actually built The platform operates as a HIP-3 market deployer on Hyperliquid, a designation that lets it create and manage perpetual futures markets on the decentralized exchange.
EntropyIO raised $14 million in a funding round led by Ribbit Capital. On top of that, roughly $40 million in HYPE tokens were reserved for staking to support the deployer’s operations.
The team draws from traditional finance heavyweights like Citadel Securities, Optiver, and Millennium.
Pre-IPO perps work differently from typical crypto perpetuals. The pricing model tracks implied company valuations rather than a spot price, since these companies don’t have publicly traded shares. A $1 price unit on the Anthropic contract translates to a $1 billion implied valuation. After launch, Anthropic’s implied market cap briefly touched around $2 trillion.
The OpenAI contract that wasn’t EntropyIO did register an OpenAI perpetual contract under the io:OAI ticker. But the contract was subsequently delisted due to inactivity, meaning no one actually traded it before it was removed.
A prior HIP-3 operator called Ventuals had previously run markets for both OpenAI and Anthropic pre-IPO perps on Hyperliquid. Ventuals shut down and delisted those offerings in June 2026, roughly two months before EntropyIO’s launch.
How the pricing and risk systems work EntropyIO uses custom oracles combined with liquidity-weighted designs to generate price feeds. Settlement mechanics rely on either on-chain consensus or Time-Weighted Average Price calculations, which help smooth out price swings that thin order books tend to produce.
These bespoke oracle systems exist to prevent transactional manipulation that naturally follows when trading volumes are low.
It’s worth noting what these contracts don’t provide: any form of equity ownership, voting rights, or dividends. Traders are purely speculating on implied valuations. The contracts are synthetic instruments with no claim on the underlying company whatsoever.
What this means for on-chain derivatives The HIP-3 framework allows third-party deployers to create markets on Hyperliquid’s infrastructure, effectively turning the exchange into a platform rather than just a trading venue.
The OpenAI delisting serves as a useful reality check. Just because you can create a perpetual market for something doesn’t mean anyone will show up to trade it. Anthropic, by contrast, appears to have attracted enough trading interest to justify its continued listing.
The $2 trillion implied valuation for Anthropic that appeared shortly after launch suggests that early price action in these markets may reflect speculative froth rather than genuine price discovery. Anthropic’s last private funding rounds valued the company at a fraction of that figure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid Strategies Inc (NASDAQ:PURR) on Tuesday expanded its equity facility to $2.5 billion as Kraken deal talks advance toward a U.S. market entry for Hyperliquid.
Expanded Equity Facility Targets HYPE Treasury GrowthAccording to an 8-K filing cited by The Block, Hyperliquid Strategies amended its committed equity facility with Chardan Capital Markets, raising the ceiling from $1 billion to $2.5 billion.
Under the expanded agreement, the company can sell newly issued common stock to Chardan to raise funds for growing its HYPE treasury.
Once the first $1 billion in stock is sold, Nasdaq rules cap any further sales priced below $12.02 per share at 42.6 million shares, roughly 19.99% of shares outstanding, unless shareholders vote to approve more.
Trending
The company has already sold roughly $647 million worth of shares under the original facility as of June 30, leaving meaningful room before hitting that threshold.
Kraken Partnership Opens Path to US MarketAs Benzinga reported Monday, Hyperliquid Labs is in advanced talks with Kraken’s parent company Payward to bring its perpetual futures to US traders through Payward’s subsidiary Bitnomial, a US-regulated digital asset exchange.
Payward has already submitted a proposal to the CFTC outlining the basic structure, according to people familiar with the matter.
The deal would mark Hyperliquid’s first entry into the US market, where it currently has no access despite handling more than $4 billion in daily trading volume globally.
A successful arrangement could also serve as a blueprint for other offshore crypto platforms seeking a compliant US entry.
Hyperliquid’s On-Chain Activity Keeps GrowingHyperliquid News posted on X that HIP-4 outcome markets generated $3.26 million in 24-hour trading volume, with Outcomexyz driving 82.5% of that total.
The numbers show Hyperliquid’s newer product categories gaining real traction alongside its dominant perpetuals business.
PURR Technical Levels to WatchPURR holds around $11.50 Tuesday, pulling back from last week’s spike high of $14.14 while holding above the $11.30 to $11.50 breakout retest zone that now acts as support.
RSI at 64.85 has cooled from a peak above 78 but remains in constructive territory, with the 20-day EMA at $9.91 as the next real support below.
Key levels for PURR: $14.14 — spike high, resistance above $11.30 to $11.50 — breakout retest zone, must hold $9.91 — 20-day EMA, deeper support Image: Shutterstock
It appears that the rally of August has given digital asset treasuries (DATs) a new boost.
As previously reported by AMBCrypto, DeFi Development Corporation (NASDAQ: DFDV) used CHAD stock to raise funds, which allowed it to have more dry powder to buy Solana.
Hyperliquid Strategies, in its turn, seems to be doing the same. The company has increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, allowing it significantly more room to raise funds by selling shares and accumulating HYPE.
Source: X Of course, whether the DAT will actually use the fresh capital to buy more HYPE is to be seen.
Still, the technical setup makes it difficult to ignore the possibility. Hyperliquid Strategies (NASDAQ: PURR) has already climbed more than 44% in Q3, adding to its gains from Q1 and Q2, in which the stock jumped 42% and 52%, respectively.
At this rate, PURR could be set to post its best quarter ever. The stock has already surged past $15 and set a new all-time high this quarter.
According to AMBCrypto, this breakout is significant because if PURR can hold above 15 and continue the bullish impulse, it could give the company more room to get more funds into Hyperliquid [HYPE].
This makes its recent increase of its equity facility to $2.5 billion even more intriguing, as PURR’s strong price action could provide Hyperliquid Strategies with greater flexibility in raising and deploying capital.
Notably, it makes the timing of HYPE’s Q2 report anything but coincidental.
HYPE’s breakout strengthens the Q4 accumulation case A recent Q2 report demonstrates the rapid growth of the Hyperliquid ecosystem.
Trade[XYZ], the trading platform built on Hyperliquid, recorded a 79.2% increase in quarterly trading volume to $202.36 billion, while its share of HIP-3 volume climbed from 84.5% to 95.1%.
The bigger story, however, is the growth in equity trading. Volume in the segment surged 377% to $58.9 billion, with markets for private companies such as SpaceX, Cerebras, and Quantinuum.
Why does this matter? According to AMBCrypto, the significance of this development is that it suggests that Hyperliquid is gradually moving beyond crypto-native assets, with increased activity around equity and other traditional-market products.
In this context, the latest capital raise by Hyperliquid Strategies better positions the firm to benefit from its expanded market presence.
Source: X In short, the technical setup as well as the on-chain activity suggests that the chances for Hyperliquid Strategies to increase its HYPE exposure are growing.
Notably, the technical setup of HYPE itself added weight to this view. HYPE closed up over 60% in August to reach a new all-time high of $86 and its highest monthly gain since May.
For reference, that was 2x Ethereum’s 32% rally over the same period, underscoring the strength of the capital rotation into HYPE.
From this perspective too, the prospect of Hyperliquid Strategies raising further capital to onboard hype cannot be overlooked, with the token potentially seeing a further accumulation heading into Q4 if the bullish trend persists.
Final Summary PURR’s strong rally and the $2.5 billion equity facility could give Hyperliquid Strategies more room to buy HYPE. With Hyperliquid growing and HYPE gaining over 60% in August, more HYPE accumulation could be on the cards in Q4.
Aster (@Aster_DEX), the decentralized perpetual exchange built on BNB Smart Chain, is tightening access to its authenticated API for new users. From September 7, anyone seeking to use key V3 endpoints will first need to make a deposit from their linked main wallet before gaining access.
What Is Changing and Who Is Affected The new requirement applies specifically to authenticated Spot V3 and Futures V3 endpoints. This covers the endpoints developers rely on for account management, order activity, and trading operations.
The change is limited to new users. Those already active on the platform are not affected, and neither are public market data endpoints.
Context: Aster's Ongoing API Transition The deposit requirement is the latest step in a broader shift toward Aster's V3 API model.
Earlier this year, Aster phased out V1 API key creation entirely.
Aster has urged new users to complete the required deposit before attempting any restricted API requests to avoid disruptions to their integrations.
Sources:
Aster Official API Documentation (GitHub)
Aster Developer Docs
Aster API Management Page
Quantum this, quantum that…who put a stupid cat on-chain!?
Ahem.
Alright, let’s be serious. The threat that a viable, actually functioning, quantum computer would pose to Bitcoin if it were to be built is very serious. It is the concrete example of an existential threat, in every sense of the word.
One of the bedrock foundations that Bitcoin rests upon is the assumption of a functioning cryptographic system that can be used to produce unforgeable signatures, i.e. that if you follow that system’s protocol properly when signing things, there is no way that anyone but a bitcoin’s rightful owner could produce a signature needed to spend it unless the rightful owner failed to secure their private key from theft.
Quantum computers toss that right out the window. There goes the integrity of the entire mechanism that is used for owners of bitcoin to authenticate their ownership for the protocol to process their legitimately authorized transactions, and ONLY their legitimately authorized transactions. There’s no way for anyone to actually own anything in the context of the Bitcoin protocol if that assumption breaks.
Bitcoin breaks if that assumption breaks.
Thankfully, there are many different cryptographic systems that exist, and not all of them rest on assumptions that a quantum computer breaks. That’s the good news. The bad news is that its all a set of tradeoffs, none of them are ideal, and there are going to be some hard choices that have to be made.
But there are solutions to just about every one of the problems that a viable quantum computer would create…except the problem of choosing which solutions to use. So in light of that, here is The Quantum Issue.
This issue is a lot more structured than most past issues, and that is to ensure that it guides a reader through the entirety of the problem space and solution space without assuming any prior understanding (this is a very deep and technical subject).
The first set of articles goes through the general issue of quantum computing itself, how it differs from classical computing, why that matters, how likely it is one is developed soon, etc.
The second set examines Bitcoin’s exposure. How is it exposed? How badly is it exposed? How can that degree of exposure change?
The third set examines concrete (or developed enough to not be too hard to get to a concrete place) solutions to securing your bitcoin in a quantum safe way, and handling a network wide migration to those solutions.
Don’t miss your chance to own The Quantum Issue — featuring articles written by many influential figures in the space working on the necessary pieces for a post-quantum Bitcoin!
This piece is the Letter from the Editor featured in the latest Print edition of Bitcoin Magazine, The Quantum Issue. We’re sharing it here as an early look at the ideas explored throughout the full issue.
Shinobi
Shinobi is an pseudonymous self taught educator in the Bitcoin space. He was the co-host of Block Digest, a news/tech oriented Bitcoin podcast, as well as What Bitcoin Did Tech Show with Peter McCormack which centered around explaining technical concepts to non-technical users. That is all he will tell us about himself.
Key Takeaways Phong Le, CEO of Strategy, justified the company’s decision to sell Bitcoin between $60K-$65K before repurchasing at $80K, emphasizing that capital costs—not market price—determine trading decisions. The firm acquired 4,603 BTC for $369.7 million in late August at an average entry point of $80,318, pushing its total Bitcoin reserves to 845,050 BTC. Strategy successfully lowered its net leverage to zero after accumulating $6.71 billion in cash assets to offset $6.75 billion in outstanding convertible bonds. The company officially embraced a “two-way strategy” that permits Bitcoin liquidations to support dividend distributions, debt servicing, and broader financial requirements. Over the trailing twelve months, MSTR stock has plummeted 64% to $123.47, even as Bitcoin hovers around $76,900. On September 1, Strategy’s CEO Phong Le addressed a thorny question that has puzzled investors: why would the company liquidate Bitcoin holdings near $60,000 only to repurchase them when prices climbed above $80,000?
LATEST: ⚡ Strategy CEO Phong Le defended selling roughly 7,000 BTC at $60,000-$65,000 to fund preferred dividends, calling it “the right trade at the time” on Bloomberg TV. pic.twitter.com/VjG3naqcRz
— CoinMarketCap (@CoinMarketCap) September 2, 2026
Le’s explanation was direct and unambiguous. The firm doesn’t execute Bitcoin transactions based on spot prices. Instead, it evaluates the expense of securing capital.
As of this writing, MSTR stock trades at $123.47, reflecting a steep 64% decline year-over-year. Bitcoin was priced at $76,900 on September 2.
Strategy Inc, MSTR
During his Bloomberg Crypto appearance, Le outlined the company’s framework. Whenever Strategy can float common shares at a premium above net asset value, deploying that capital toward Bitcoin enhances shareholder value on a per-share basis. Conversely, when such conditions don’t exist, liquidating Bitcoin to satisfy financial commitments becomes the optimal choice.
“Our decisions to buy or sell Bitcoin aren’t dictated by Bitcoin’s market price,” Le stated. “They’re determined by our cost of capital.”
From July through August, Strategy offloaded approximately 7,000 BTC through three separate disclosed transactions totaling 5,553 BTC. These sales generated cash reserves needed for preferred dividend obligations and broader financial restructuring efforts.
Le characterized these sales as “negligible” compared to the company’s massive holdings and maintained that using Bitcoin proceeds to fund preferred dividends represented “the optimal decision under those circumstances.”
Strategy Eliminates Debt Burden Strategy leveraged its two-month hiatus from Bitcoin acquisitions to fortify its financial position. The company expanded its dollar-denominated assets to $6.71 billion by August 30, virtually matching its $6.75 billion convertible debt load.
This maneuver reduced the firm’s internally calculated net leverage ratio to exactly 0.0%. Le described the reconfigured balance sheet as a “fortress,” insisting that no mandatory Bitcoin liquidation thresholds exist within the company’s debt covenants.
Throughout this timeframe, Strategy issued roughly $602.8 million in common equity and strategically deployed a portion to buy back $152 million worth of STRC preferred shares trading below their $100 stated value.
Resuming Accumulation Strategy filed documentation on August 31 confirming its acquisition of 4,603 BTC for $369.7 million during the week spanning August 24 through August 30, representing an average purchase price of $80,318 per Bitcoin.
This transaction elevated the company’s cumulative position to 845,050 BTC, representing an aggregate investment of approximately $63.73 billion at an average acquisition cost of $75,412 per coin. Strategy currently controls slightly over 4% of Bitcoin’s fixed 21 million token supply.
Le clarified that resuming Bitcoin purchases wasn’t a bet on upward price momentum. Rather, it reflected a capital allocation adjustment once MSTR’s stock premium rendered common stock issuance economically advantageous again.
He emphasized that Strategy would willingly acquire Bitcoin at $90,000, $100,000, or even $130,000 if financing economics support such moves. Similarly, the company would sell again if balance sheet optimization demands it.
In June, the board granted formal approval for a Bitcoin monetization framework, authorizing up to $1.25 billion in potential BTC liquidations to establish a designated dollar reserve and meet ongoing obligations.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Skeptics who claimed that the influx of institutional money had destroyed Bitcoin's traditional four-year cycles have once again been proven wrong. The Bitcoin Cycle Momentum on-chain indicator from analytics platform CryptoQuant has entered positive bullish territory for the first time in eight months.
Historically, this signal has accurately marked the end of prolonged downturns, confirming that crypto market cycles still work like clockwork.
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For the reversal to be considered fully confirmed, the indicator must consolidate at higher levels in the coming weeks. The foundation is already there: Bitcoin's recent rapid surge from $62,000 to $81,000 pulled the market out of a months-long slumber and triggered a wave of activity.
Bitcoin price chart plotted against cycle momentum indicators from 2013 to 2026, Source: Gaah_im / CryptoQuantThe current recovery is following the classic cycle-transition scenario: coins are flowing en masse from panicking retail investors to long-term holders. While retail players were realizing losses amid widespread fear, large investors were aggressively buying the bottom.
The statistics for August clearly confirm this:
Large wallets holding at least 100 BTC: added around 60,000 BTC to their holdings.Small investors holding less than 100 BTC: sold a combined total of around 47,000 BTC.Large holders are so confident in an imminent rally that, instead of selling their Bitcoin, they have begun using it as collateral for loans to ride out the downturn. On specialized platforms, the volume of such loans among large investors increased by 18% as they temporarily shifted part of their risk exposure into other digital assets.
Billions have flowed into crypto, but the rally is delayed. Are retail investors to blame?The technical reversal is backed by a real influx of capital. Global liquidity is returning to the market: U.S. spot Bitcoin ETFs recorded their strongest weekly investor inflows in the past 10 months, while more than $470 million in USDC stablecoins — digital equivalents of the dollar — flowed into major exchanges.
Nevertheless, it is too early to expect uninterrupted growth from current levels. At around $78,000, Bitcoin entered what is known as "strategic limbo" — a neutral zone where the price is considered fair at the moment and the market needs a breather. Temporary overhead pressure is coming from retail investors, who began selling coins en masse to secure quick profits immediately after the first wave of growth.
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The key support zone is now around $69,000 — the average price at which short-term investors bought their Bitcoin. If the market holds this level, a return to the broader bullish trend will be only a matter of time.
Bitcoin once again drew attention with its strong performance in August, and LMAX Group Market Strategist Joel Kruger, speaking to The Block, noted that the rise occurred despite challenging macroeconomic conditions.
Bitcoin’s Strong August Performance! The leading cryptocurrency, Bitcoin, ended August with a strong gain.
At this point, BTC has surged approximately 25% in August, marking its strongest August performance since 2017. This rise also marks the highest monthly gain since November 2024.
It Rose Despite Macroeconomic Pressures! According to Joel Kruger, Bitcoin’s August performance occurred despite challenging market conditions. During the same period, bond yields rose, the US dollar strengthened, and geopolitical risks resurfaced.
Kruger noted that while these developments have put pressure on risky assets, it is remarkable that Bitcoin has remained strong.
The $80,000 Level is Critical! Bitcoin started September at around $78,000, and according to Kruger, BTC is holding onto most of the gains it made after the rally.
At this point, Kruger predicts that Bitcoin may enter a period of consolidation for now. Identifying the $80,000 to $82,820 range as a significant resistance zone for the coming days, Kruger added that a sustained move above this range could revive a rise towards $100,000.
Kruger concludes by stating that macroeconomic data from the US could be decisive in determining the direction of Bitcoin in the coming period. In particular, employment data and messages regarding the Fed’s interest rate policy will be closely watched in terms of risk appetite in the crypto market.
*This is not investment advice.
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Strategy CEO Phong Le addressed concerns regarding the company’s recent sale of bitcoin, stating that the decision was made to reinforce the firm’s balance sheet. Le described the sale as “the right trade at the time” and emphasized that Strategy is now in a strong financial position.
Bitcoin sales and renewed accumulationStrategy, which holds the largest bitcoin treasury among publicly traded companies, resumed purchasing bitcoin on Monday after pausing for 10 weeks. During this pause that began in June, the company sold a small portion of its bitcoin holdings and focused on building two cash reserves.
Le explained that the company’s decision process does not revolve around bitcoin’s price movements. “We don’t really make decisions specifically on bitcoin’s price,” he stated. He further clarified that the company is fundamentally a “net accumulator,” and sales arise from capital management considerations, rather than speculation or trading objectives.
Strategy CEO Phong Le explained that, “We’re a net accumulator, and so I don’t sit around and say, ‘Well, when am I going to sell Bitcoin next?’ It comes down to a bit of a capital management mathematical equation of when we would do it.”
Le said he does not expect further sales as the company anticipates a strong bull market in the near future.
Strategy’s business model and bitcoin treasuryOriginally known as MicroStrategy, Strategy is an enterprise software firm that pivoted to a bitcoin-focused treasury in 2020. The company initially moved into bitcoin as an inflation hedge for its shareholders and has since become the largest corporate holder of the asset, now managing 845,050 bitcoins valued at $65.1 billion at current prices.
The company’s shares, listed on Nasdaq under the ticker MSTR, enable investors to gain increased exposure to bitcoin’s price movements through traditional equity markets.
Earlier this year, Strategy repurchased some of its preferred stock (STRC) at a discount and increased its dollar reserves, aiming to bolster its overall financial liquidity.
Mini dictionary: STRC, Strategy’s preferred stock, is a class of shares that generally offers priority for dividends and assets over common shares, but with restricted voting rights.
Despite this financial repositioning, Strategy reported a paper loss of $8.22 billion in its July quarterly earnings. Le dismissed the significance of the current accounting loss, characterizing the company’s position as robust and noting confidence in the future.
Phong Le drew a parallel to major financial institutions, stating, “We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation.”
Stock performanceStrategy stock traded 2% lower on Wednesday. Since the start of the year, MSTR has declined 22%.
While Bitcoin has shown a strong recovery in the last two weeks, market maker Wintermute assessed the recent surge and the possibility of a new bull market.
Is the Rise in Bitcoin a Harbinger of a New Bull Market? While Bitcoin has seen a significant surge in the last two weeks, Wintermute, one of the largest market makers in the crypto sector, stated that there aren’t yet enough signals to say that this movement marks the beginning of a new bull market.
Company analysts stated that price increases alone would not be sufficient for a sustained bull cycle. At this point, the company indicated that a new and strong channel of capital inflow into the crypto market is necessary for a true bull market to begin and be sustained.
According to analysts, in previous bull cycles, ICOs, stablecoins, spot Bitcoin ETFs, and institutional investments fulfilled this function.
“…The market is waiting for something new to trigger the next bull market. For a real bull run to begin and continue strongly in the cryptocurrency market, it requires not only rising prices but also new and large inflows of capital.”
A New Channel for Capital Could Come from RWAs! Noting that the narratives seen in previous cycles are now old and outdated, Wintermute predicted that the most important source of capital for the next crypto bull run could be the tokenization of real-world assets (RWA).
According to Wintermute analysts, the total value of RWA assets has more than doubled in a year, exceeding $30 billion.
In this context, analysts believe that if this growth in the RWA market continues and accelerates the influx of traditional capital into the blockchain ecosystem, the current rise in Bitcoin could transform into a broader and more sustainable bull market.
*This is not investment advice.
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A volunteer group called the Bitcoin Red Team just ran one of the most ambitious automated security audits the crypto ecosystem has ever seen. Their weapon of choice: Kimi K3, an open-weight AI model built by China’s Moonshot AI. Over roughly 108 hours, the model catalogued 7,958 potential security findings across 501 Bitcoin-related open-source projects, with 1,280 of those rated high or critical severity.
Kimi K3 outperformed every other open-weight model tested, including Zhipu’s GLM-5.2, in standardized vulnerability detection benchmarks.
What the audit actually found Of the 7,958 potential issues flagged by Kimi K3, only 24.7% could be dynamically reproduced. At the time of reporting, 29.4% of the findings had been communicated upstream to the affected projects.
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The most consequential discovery was a critical two-factor authentication bypass in BTCPay Server version 2.4.2. The vulnerability had already been exploited to extract Lightning wallet credentials before it was patched, making it a live, in-the-wild security incident rather than a theoretical concern.
How Kimi K3 stacks up The UK’s AI Safety Institute and its counterpart CAISI ran a preliminary assessment of Kimi K3 in July 2026, scoring it at 32% on ExploitBench. That’s a benchmark designed to measure an AI model’s ability to identify and reason about exploitable software vulnerabilities. GLM-5.2 scored 24% on the same test.
Among open-weight models, those whose weights are publicly available for anyone to download and run, Kimi K3 sits at the top. The model was released around July 16–27, 2026, and the Red Team intensified its auditing effort in the weeks that followed.
The gap between open-weight and closed-source models remains significant. Leading US models from OpenAI and Anthropic averaged around 76% on ExploitBench. That’s more than double Kimi K3’s score.
The Coldcard incident that started it all The Red Team’s effort was catalyzed by a security incident in July 2026 involving the Coldcard Mk3. A flaw in the Mk3 firmware led to the theft of approximately 594 BTC, estimated at $38 million at the time. The incident sparked widespread speculation that the attackers had used AI to identify the firmware vulnerability, though that claim hasn’t been definitively proven.
What this means for Bitcoin security The economics of code auditing are about to shift. A professional security audit of a single Bitcoin project can cost tens of thousands of dollars and take weeks. Kimi K3 scanned 501 projects in 108 hours.
US AI companies, which build the most capable models, have generally restricted their tools from being used for vulnerability research, citing safety concerns. Meanwhile, an open-weight Chinese model is being freely deployed to find and report bugs in critical financial infrastructure. The gap between open-weight and closed-source model performance on ExploitBench—32% versus 76%—suggests the most capable vulnerability detection still lives behind API paywalls.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
