Saga, a Layer-1 blockchain protocol, has paused its Ethereum-compatible SagaEVM chainlet after a $7 million exploit triggered unauthorized fund transfers. The attack involved assets being bridged out of the network and swapped into Ether. Although the affected chainlet remains offline, Saga says the broader network continues to operate normally.
In brief Saga paused its SagaEVM chainlet after a $7M exploit involving cross-chain transfers and rapid liquidity withdrawals. The protocol says validators, consensus mechanisms, and core infrastructure were not compromised in the incident. Saga Dollar briefly depegged to $0.75 as total value locked fell from $37M to about $16M in one day. Engineers identified the attacker wallet and are working with exchanges while a full technical post-mortem is prepared. Chainlet Locked Down as Engineers Move to Contain Exploit The protocol confirmed on X that it halted the chainlet at block height 6,593,800 after detecting suspicious activity. Engineers moved quickly to contain the incident and prevent further losses, while an internal investigation was launched. Saga said the exploit did not compromise core network security, validator operations, or consensus mechanisms.
In a follow-up update published on Medium, Saga reported that early findings suggest a coordinated attack. The activity included multiple smart contract deployments, cross-chain interactions, and rapid liquidity withdrawals. Despite the scope of the exploit, the team said no validators were compromised and no private signer keys were exposed. Additional security safeguards have since been implemented.
The incident also affected two ecosystem stablecoins, Colt and Mustang. All operations on the impacted chainlet will remain paused while engineering and security teams conduct a deeper review and prepare a comprehensive technical report. Saga said it has identified the wallet that received the stolen funds and is coordinating with exchanges and bridge operators to restrict further movement.
Saga Dollar Depegs, TVL Slumps After Cross-Chain Exploit Saga Dollar, the protocol’s primary U.S. dollar–pegged stablecoin, briefly lost its peg, dropping to $0.75 late Wednesday, according to data. Liquidity across the network declined sharply, with DeFiLlama estimating that total value locked fell from over $37 million to roughly $16 million within 24 hours.
As part of its immediate response, Saga implemented several measures:
Restricted cross-chain transfers associated with the exploit. Blocked known attack patterns at the protocol level. Added enhanced monitoring rules across chainlets. Initiated forensic reviews with external security firms. Coordinated with exchanges to blacklist attacker wallets. Saga said the chainlet will remain offline until remediation efforts are complete and all residual risks are addressed. Once the investigation concludes and findings are verified, the team plans to publish a detailed public post-mortem.
The root cause of the exploit has not yet been officially confirmed. Independent security researcher Vladimir S. suggested the attacker may have minted unbacked Saga Dollar tokens by abusing inter-blockchain communication via custom contract messages.
Separately, an on-chain investigator known as Specter raised the possibility of a private key compromise but emphasized that evidence supporting this theory remains limited.
As cross-chain infrastructure continues to be a frequent attack vector, the incident adds to a growing list of smart contract exploits reported in late 2025 and early 2026. Saga said it will continue to share updates as more information becomes available.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
James G.
James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
TLDR: Solana Mobile shipped 200,000+ devices across Saga and Seeker, generating over $5B in onchain volume. The SMS stack integrates with Visa, Stripe, PayPal, and Western Union on Solana’s live financial rails. Stablecoin volume on blockchains hit $27.6T in 2024, surpassing combined Visa and Mastercard totals. Over 75,000 users claimed SKR at launch; 46% staked immediately, signaling strong early retention. Solana Mobile unveiled its Solana Mobile Stack for Android device manufacturers at MWC 2026 in Barcelona. The modular toolkit connects handsets to Solana’s blockchain infrastructure at the hardware level.
It follows the shipment of over 200,000 devices and $5 billion in onchain transaction volume. The company now targets OEMs seeking recurring revenue beyond device sales.
Solana Mobile Stack Brings Hardware Crypto Wallets to Android Manufacturers According to a press release, the stack bundles three core components: Seed Vault, Seeker Wallet, and the SKR token.
Seed Vault integrates with a device’s existing secure element and trusted execution environment. Users authenticate via biometrics, similar to tap-to-pay. No seed phrases or third-party custodians are involved.
Seeker Wallet sits on top, giving users the ability to send, receive, buy, and sell digital assets. Peer-to-peer transfers and cross-border payments run at near-zero cost.
Payment networks including Visa, Stripe, Western Union, and PayPal already operate on Solana. That means users connect to live financial rails from day one.
The stack is modular and opt-in. According to the official press release from Barcelona, it does not interfere with Google Mobile Services, payments certification, or Android security approvals. OEMs can deploy it by region, SKU, or product line. No platform fragmentation risk applies.
MediaTek, the leading smartphone chip vendor by global shipment volume, has opened its development platform to Solana Mobile.
The stack runs production-ready on MediaTek Dimensity chipsets. Qualcomm chipset support is also included. Trustonic’s Kinibi TEE architecture is integrated for GlobalPlatform-compliant security.
Solana Mobile has announced the launch of the modular integration solution @solana Mobile Stack for @Android device manufacturers. This solution supports storing digital assets in Seed Vault and enables fast P2P or cross-border transfers through Seeker Wallet, along with direct… pic.twitter.com/U6RGmx5gfl
— MartyParty (@martypartymusic) March 2, 2026
SMS Production Data and OEM Revenue Model Detailed at MWC 2026 Solana Mobile has six-plus months of real-world data from its Seeker device. The network reports 85,000-plus weekly active wallets and over $5 billion in onchain volume.
More than 500 apps are published on the Solana dApp Store. Around 4,000 active developers are building across the ecosystem.
Devices have shipped to 50 countries. The US, Hong Kong, Japan, and South Korea lead sales. Solana reports 50 to 150 million monthly active addresses on its blockchain, per the press release.
Revenue sharing is built into the model. OEMs earn on transaction fees, staking commissions, and ecosystem activity as their installed base grows. The SKR token launched with over 75,000 claimants. Of those, 46% staked their tokens immediately.
Stablecoin transaction volume on blockchains reached $27.6 trillion in 2024, according to GSMA data cited in the announcement.
That figure exceeded the combined volumes of Visa and Mastercard. Mobile money transactions in emerging markets alone totalled $1.68 trillion that same year.
Regional deployment strategies differ. Emerging markets like India, Brazil, and Mexico focus on stablecoins and yield.
Developed Asia emphasizes self-custody and portfolio tools. Europe targets stablecoin yield and bank connectivity.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
A recent report highlighted three major reasons Solana (SOL) has struggled to keep pace with Ethereum (ETH), at least from a market performance perspective that goes beyond day-to-day price movements.
Market expert Dominic Basulto from The Motley Fool pointed to factors that, in his view, have shaped investor sentiment and affected Solana’s momentum in key areas.
The Meme Coin Hangover One of the most important drivers, Basulto said, is how many investors still associate Solana with the meme coin craze of 2024. During that period, Solana became the preferred destination for people minting and trading meme coins, and the conversation frequently included the idea of a “meme coin supercycle.”
At its high point, the meme coin market was valued at around $150 billion. Today, Basulto said the segment is worth less than $40 billion, and many individual meme coins are still far below their 2024 highs.
For some investors, according to the expert, the connection between Solana and that hype cycle never fully faded, which may have contributed to lingering hesitation toward the network.
A second explanation involves Solana’s attempt to build a mobile-first crypto ecosystem—and the belief that it never took off as its early ambitions suggested.
Back in June 2022, Solana announced the launch of a mobile device called Saga, along with a broader mobile strategy. Basulto noted that the Saga was positioned as a breakthrough, but at a price of $999, it struggled to compete with mainstream smartphones.
While Solana later introduced a cheaper alternative, the bigger idea of creating a mobile crypto environment did not seem to catch on with investors or consumers at the scale required to create a sustained advantage.
Solana ETF Momentum Falls Short The third reason Basulto raised centers on Solana exchange-traded funds (ETFs) and the expectation that they would draw in a meaningful wave of institutional interest.
He noted that eight spot Solana ETFs are now trading in the US, but they have not achieved the momentum seen with spot Bitcoin (BTC) ETFs, which launched in January 2024.
The rollout of spot Solana ETFs was widely viewed as a potential catalyst—something that could bring more institutional capital into the space.
Instead, Basulto said Solana ETF momentum has remained limited. He estimated that total assets under management (AUM) for spot Solana ETFs are currently about $1.1 billion, which contrasts sharply with spot Bitcoin ETFs that reportedly pulled in $100 billion in less than 12 months.
Even so, Basulto’s overall conclusion was not pessimistic. He argued that Solana may still represent a stronger long-term investment compared with Ethereum, based on what he described as a visible shift in Solana’s direction.
In his view, Solana is pivoting away from meme coins and moving toward stablecoins, while also strengthening its presence in decentralized finance (DeFi).
Basulto added that Solana remains faster and cheaper than Ethereum, and that these advantages could keep drawing developers and users toward Solana over time.
The 1D chart shows SOL’s consolidation below $90. Source: SOLUSDT on TradingView.com At the time of writing, SOL was trading at around $86, with losses recorded across all time frames, amounting to a 51% drop year-to-date (YTD). Meanwhile, ETH was trading just above $2,100, also recording losses across all time frames and a YTD drawdown of 20%.
Featured image created with OpenArt, chart from TradingView.com
San Francisco, CA — Saga is expanding its AI agent product into competitive gaming through a new partnership with Bonoxs, integrating an AI-powered version of Tío the Bonoxs Wizard into Bonoxs Arena, a tournament platform serving over 100,000 monthly users across titles including Valorant and Garena Free Fire.
Tío will operate as an always-on community manager across Discord, supporting players participating in live tournaments. Designed as a knowledgeable gamer mentor and tournament host, the Wizard reflects Bonoxs’ community-first identity, combining a friendly, gaming-native tone with a sharp understanding of competitive play. The character engages players like a seasoned participant in the ranked grid; answering questions, guiding users through tournaments, and building hype around live competitions, all while maintaining a warm, playful presence across channels.
The integration marks a shift in how AI agents are being deployed within gaming ecosystems. Rather than existing as standalone experiences or marketing tools, agents are beginning to function as operational layers inside active player economies.
“AI agents are evolving from interfaces into participants,” said Rebecca Liao, co-founder and CEO of Saga. “What Bonoxs is building shows how agents can support real-time interaction at scale, becoming embedded in the day-to-day flow of digital communities.”
Bonoxs Arena hosts a growing ecosystem of competitive experiences, where players participate in tournaments across titles such as Valorant and Garena Free Fire. As activity scales, managing player coordination, communication, and support becomes increasingly complex.
“Managing large-scale tournaments means constant communication with players across multiple platforms, often in real time,” said Joaquin Baluga, CEO of Bonoxs. “The Bonoxs Wizard allows us to support our community instantly and consistently, without adding operational overhead, which is critical as we continue to grow.”
By introducing Tío as an AI agent, Bonoxs aims to streamline these interactions while maintaining a consistent and responsive user experience across platforms.
Get Kyle’s stories in your inbox
Join Medium for free to get updates from this writer.
Remember me for faster sign in
“This is about enhancing how players engage with competitive environments and bringing more users into those experiences,” said Fernando Vasconez, Head of Gaming Investments and Partnerships at Saga. “Agents can support onboarding, guide players into tournaments, and reduce friction across the entire journey, while enabling platforms like Bonoxs to scale more efficiently.”
Tío represents the first step in a broader strategy to introduce AI agents across Bonoxs’ business. While the initial deployment focuses on platform-level support, future iterations may extend into Bonoxs’ other game experiences, bringing character-driven agents directly into gameplay and player interaction loops.
Saga has been actively working with gaming studios and IP holders to develop AI-powered characters that extend beyond traditional in-game roles. By integrating agents into live environments such as Bonoxs Arena, Saga continues to push toward a model where agents act as persistent, interactive participants across digital ecosystems.
As AI agents become more embedded in gaming infrastructure, platforms like Bonoxs are demonstrating how these systems can move beyond novelty and into core operational roles, supporting the next generation of interactive and scalable player economies.
About Saga
Saga is a hyperscaling platform for AI. Its infrastructure enables AI agents, gaming, and financial rails at massive scale, giving developers and creators the framework to bring frontier-intelligent, interactive worlds to life. In 2025, Saga released its AI Character Agent Network for Gaming & Digital IP Commerce, an ecosystem of applications where NPC-like autonomous agents acquire, engage, and monetize users on behalf of studios, publishers, and global IP owners. Since its launch in early 2024, Saga has processed over 23 million transactions across its network worth $2b+ in the aggregate. Saga is led by a team of multi-exit Silicon Valley founders in AI, blockchain and enterprise software with 15+ years of experience in tech, finance and politics.
About Bonoxs
BONOXS is the leading go-to-market growth engine for game publishers in Latin America. By combining localized payment infrastructure, distribution, and full-stack marketing execution, BONOXS enables publishers to unlock new revenue streams, reach cash-first audiences, and scale engaged gaming communities. Trusted by partners including Riot, Moonton, Gameloft, and Ubisoft, BONOXS connects publishers with millions of paying users through seamless monetization solutions, community-driven growth, and on-the-ground market expertise.
For further information, follow us on Twitter, join our Discord and Telegram, and subscribe to our Medium.
Market commentators view Ripple’s acquisition spree, surpassing $250 million, as a strategic move to position the company and XRP at the forefront of the financial world.
Austin King, co-founder of Omni Network, who sold his company to Ripple, is among those championing this perspective. In a tweet today, he argued that Ripple’s acquisitions are part of a broader strategy to expand XRP’s role in global banking.
Ripple’s Key Acquisitions One of the standout acquisitions is Metaco, a provider of custody services for cryptocurrencies. Notably, news of this acquisition first broke in May 2023. Meanwhile, a subsequent report by The Crypto Basic confirmed Ripple completed the takeover in early 2024.
With this acquisition, Ripple is enabling banks to offer their customers a range of crypto products, including secure storage and management of digital assets. According to King, major financial institutions like Citi, HSBC, and BNP Paribas are already leveraging Metaco’s platform.
In February 2024, Ripple also acquired Standard Custody, a company that allows banks to tokenize assets on the XRP Ledger. While Ripple publicly disclosed its $250 million acquisition of Metaco, it did not reveal the financial details for Standard Custody.
King believes this acquisition lays the groundwork for Ripple to offer tokenization services to banks. He backed this view by citing the company’s recent introduction of RLUSD, a stablecoin pegged to the U.S. dollar.
“RLUSD is just Ripple’s first tokenized asset,” King said. He believes Ripple’s next move will be to provide banks with the tools to tokenize a wide array of assets and integrate them into the blockchain ecosystem.
Additionally, King revealed that Ripple also acquired his own firm, which focuses on interoperability.
The Strategy for XRP With this growing list of acquisitions, King argues that Ripple’s long-term goal is to turn the XRP Ledger into the global hub for tokenized assets.
Specifically, he noted that while tokenized assets may be moved across various blockchains, the XRP Ledger will remain central to this ecosystem, facilitating cross-chain interoperability.
Furthermore, King suggested that in addition to traditional transaction fees, Ripple plans to monetize tokenization by introducing new fee mechanisms with the tokenization process.
He believes these tokenization fees could be far more lucrative than transaction fees. According to the expert, the move would position XRP as a major infrastructure component for global financial markets, potentially driving its price upward.
A 100x Opportunity Furthermore, King highlighted that Ripple’s strategic positioning will accelerate with the anticipated regulatory changes under the incoming Donald Trump administration.
Ultimately, as Ripple continues to focus on tokenization, interoperability, and bank adoption of blockchain, King believes the current moment represents a 100X opportunity for investors and participants in the XRP ecosystem. In his view, market participants adopting XRP are still early, with a promising future ahead.
Bullish commentary by Austin King 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.
A leading figure in the crypto space has outlined how the tokenization strategy from Ripple could push XRP to a new all-time high.
In a detailed post on X, Austin King, co-founder of Omni Network, discussed how the XRP Ledger (XRPL) can capitalize on real-world asset (RWA) tokenization to drive long-term growth.
Recall that Ripple CTO David Schwartz suggested in 2023 that the firm was pivoting to RWA tokenization, highlighting their desire to expand into the industry. Notably, Ripple acquired custody and tokenization firm Metaco in May 2023 to pursue this vision.
Interestingly, King’s recent disclosure suggests that combining Ripple’s institutional partnerships with blockchain-driven liquidity expansion could bolster XRP’s utility and demand, pushing it to a new ATH.
Tokenization is a Multi-Trillion-Dollar Opportunity According to King, the tokenization potential within XRPL is massive, reaching into the trillions. However, he believes many people overlook how this could occur.
He explained that the XRP Ledger, despite being the third-largest crypto network, has yet to fully integrate into the decentralized finance (DeFi) space. Unlike Ripple’s success in onboarding financial institutions, there hasn’t been a dedicated effort to expand XRPL assets across multiple blockchain networks.
King’s Omni Network wants to fill this gap by linking XRPL’s tokenized assets to a broader on-chain economy. King revealed that RLUSD, Ripple’s stablecoin, has already added over $38 billion in liquidity across multiple networks on devnet.
He also pointed to Ondo Finance’s move to bring tokenized U.S. Treasury bills onto XRPL, a development expected to create a ripple effect across financial markets. Recall that last month, Ondo Finance brought its tokenized Treasury fund to the XRPL.
The Two-Part Strategy to Elevate XRP King described a feedback loop that could bolster adoption in two parts. First, Ripple is helping banks tokenize assets like bonds and securities onto XRPL. Then, Omni Network ensures those tokenized assets flow across various blockchain ecosystems, increasing their accessibility.
Because there is a powerful feedback loop:
1) Offchain: Ripple helps banks tokenize assets from traditional finance on $XRP Ledger.
2) Onchain: @OmniFDN expands those tokenized assets across the onchain economy.
This incentivizes more institutions to tokenize assets on $XRP. pic.twitter.com/Gvf3zGSacV
— Austin King (@0xASK) February 10, 2025
Notably, the model incentivizes more institutions to tokenize assets on XRPL, making XRP a major asset in the growing RWA market. King believes XRP’s role will expand as traditional finance integrates more blockchain-based assets. This is capable of pushing XRP price to greater heights.
Recent XRPL Developments Around Tokenization Ripple is actively pursuing the tokenization industry. In June 2024, the company deepened its collaboration with Archax. This partnership looks to tokenize hundreds of millions of dollars in RWAs on the XRPL. Together, they launched the UK’s first tokenized money market fund on the XRPL last November.
In September 2024, Ripple introduced Multi-Purpose Tokens (MPTs), a new standard allowing easy tokenization of financial instruments like Treasury Bills. This will help the XRPL accommodate complex financial assets, making it attractive for institutions.
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.
Beyond PENGU, airdrops from Dymension, Omni Network, zkSync, and LayerZero boosted Pudgy Penguins holders' earnings significantly throughout 2024.
Pudgy Penguins NFT holders have amassed significant rewards from a series of lucrative airdrops over the past year.
The latest data suggest that this figure could be around $137,000 per NFT at peak valuations.
Pudgy Penguins Holders Score Big According to CoinGecko’s latest report, the largest contributor to these gains was the PENGU airdrop, which alone accounted for $116,365 per NFT and represented 86.3% of the total airdrop value received.
The launch of PENGU in December 2024 marked a significant milestone in the Pudgy Penguins ecosystem, with each NFT receiving 1.7 million tokens. The initial price of $0.05 quickly surged to an all-time high of $0.07, which managed to amplify the financial benefits for holders.
Additionally, the distribution extended beyond Pudgy Penguins to include Lil Pudgys, Pudgy Rods, and even holders of prominent NFT collections like Doodles, Cool Cats, and Moonbirds. This strategic move helped broaden the Pudgy Penguins community and further cement its influence within the NFT space.
Beyond the PENGU airdrop, Pudgy Penguins holders also benefited from various ecosystem-driven distributions, including the Dymension, Omni Network, zkSync, and LayerZero airdrops.
The Dymension airdrop, conducted in early 2024, granted holders 1,313 DYM tokens per NFT, which reached an all-time high of $8.50. This translated to a peak valuation of $11,160 per NFT. As part of the Cosmos ecosystem, Dymension’s focus on modular roll apps highlighted the broader trend of integrating NFTs into blockchain infrastructure beyond just Ethereum.
Meanwhile, the Omni Network airdrop rewarded each holder with 37 OMNI tokens, which initially traded at $27.06 but later peaked at $53.81, bringing in an additional $1,984 per NFT at its highest value. This airdrop aligned with Omni Network’s mission to enhance cross-chain interoperability, reinforcing the evolving role of NFTs in blockchain utility.
zkSync’s ZK token airdrop, on the other hand, in June 2024 provided holders with 8,721 ZK tokens, which, at its peak price of $0.32, delivered $2,791 in value per NFT. As a leading Ethereum Layer 2 solution, zkSync’s inclusion of Pudgy Penguins in its airdrop reflected the growing synergy between NFTs and blockchain scalability projects.
Lastly, the LayerZero airdrop in July 2024 further boosted holder gains, allocating 100 ZRO tokens per NFT. With an all-time high of $7.47, this airdrop contributed $747 per NFT, reinforcing the Pudgy Penguins ecosystem’s reputation as a hub for high-value blockchain integrations.
NFT Market Faces Its Weakest Year Since 2020 Zooming out, the NFT market experienced one of its weakest years since 2020, with a 19% decline in trading volume and an 18% drop in sales. Despite a strong start in 2024, trading volumes plummeted from $5.3 billion in the first quarter of the year to $1.5 billion in the third quarter, recovering slightly to $2.6 billion by year-end.
The decline suggests that NFTs were traded at higher prices due to rising token values. However, the gaming sector thrived as it dominated NFT sales as players embraced digital ownership and decentralized economies.
Omni Network has integrated Superstate’s tokenized U.S. Treasuries fund, adding it to its balance sheet as part of efforts to optimize treasury management.
The interoperability protocol announced the partnership with Superstate on Feb. 17.
Its plan is to leverage Superstate’s Short Duration U.S. Government Securities Fund USTB as part of its treasury management strategy. Omni Network, powered by the OMNI token, will use the tokenized treasuries asset to grow its balance sheet.
This will help the team optimize their treasury management strategies “while maintaining liquidity and flexibility.”
Superstate’s USTB, currently a $274 million tokenized treasuries product, provides investment exposure to short-duration U.S. Treasuries. The fund allows holders to manage capital efficiently, with idle assets deployed to earn yields.
Capital inefficiency and fragmentation remain key challenges across the crypto space, making tokenized assets like USTB a valuable tool. Omni Network, for instance, will benefit from real-time liquidity, continuous pricing, and multi-chain access.
Omni’s integration of USTB comes just days after Superstate expanded multi-chain access, starting with real-world asset finance platform Plume Network.
Earlier this year, Omni Network and Plume announced a collaboration aimed at developing an efficient distribution engine for real-world assets.
Additionally, Omni Network partnered with decentralized AI network Allora to leverage artificial intelligence in optimizing pricing and management of real-world assets.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Austin King, a cofounder of the Omni chain, has published a tweet with a major crypto prediction. His tweet shows that he has just taken part in the XRP Las Vegas event, returning from it with a bullish mood on the future of crypto.
In his tweet, King shared several key points where, he believes, big changes regarding the crypto space will be made.
card
HOT Stories
"The next 2 years will change crypto forever"King believes that positive changes will certainly transform the cryptocurrency space because he expects the U.S. government to establish clarity in this industry.
The fact that financial institutions are beginning to embrace Bitcoin, Ethereum and other altcoins both directly and via ETFs and/or Michael Saylor’s Strategy. Besides, he added, adoption and growth of the space are also “about to accelerate stability.”
XRP Las Vegas confirmed one thing: the next 2 years will change crypto forever.
Regulatory clarity is coming. Institutions are leaning in. Adoption and growth are about to accelerate substantially.
For those who missed it, here's an overview -- first off, the most important… pic.twitter.com/UBn0pzvg5h
— Austin King (@OnchainAustin) June 2, 2025 For those who missed his talk at XRP Las Vegas, King offered a quick overview about the aforementioned bullet points. Over the past decade, he said, the crypto industry had to defend itself against various attacks from central banks, regulators and financial institutions, which overall did not believe in crypto’s future and opposed it.
You Might Also Like
Radical change from just marketing to adoption comingNow, the largest financial institutions, such as BlackRock, Fidelity and even Tesla and SpaceX, have begun to appreciate the benefits of blockchain and crypto and allocate large amounts of funds into it. BlackRock has launched Bitcoin and Ethereum ETFs, and Tesla bought $1.5 billion in 2021 but has sold a lot of this stash by now.
King has called this stunning pivot a chance to create “by far the biggest opportunities” that he has seen over his eight years in the crypto space as a founder.
100% -- so much opportunity right now to really scale this tech throughout the global financial system for the first time.
— Austin King (@OnchainAustin) June 2, 2025 The Omni chain cofounder predicted that while, until now, crypto companies have been using good marketing, it has “failed to drive adoption.” Now, he says, crypto networks are starting to “lean into these new 100x mainstream opportunities,” and it gives them an immense advantage over those networks that still rely only on marketing.
“Over the next 2 years you'll see a significant amount of liquidity rotate from marketing based companies to projects that are clearly driving real world impact,” King predicted. “The global financial system is being rebuilt before our eyes,” he believes.
Omni Network took the cryptocurrency market by storm on Friday, with the native token pumping a staggering 200% as it outpaced the top 500 coins by market capitalization.
As the crypto market revelled in the wake of Bitcoin (BTC) touching a new all-time high above $118k, the Omni Network (OMNI) crypto bid to steal the show.
The altcoin, currently ranked 277 by market cap at just over $135 million, outpaced cryptocurrency peers as its price rose from lows of $1.53 to hit $5.40 across major exchanges.
Data shows its daily trading volume shot up by more than 6,000% to $971 million, a staggering figure that suggests a major exchange flow as holders eyed gains.
Binance Wallet support While price is back at support levels around $4.00, OMNI remains one of the top gainers overall in the past 24 hours. A range of positive developments contributed to the upside action, among them an announcement by the world’s largest cryptocurrency exchange, Binance.
The exchange revealed new integrations for Binance Wallet, allowing users to access and stake coins via multiple decentralized applications. Omni Network is one of the top dApps Binance Wallet outlined support for, alongside others including Momentum, Aarna AI, Elderglade, Paintswap, Silo Finance, and Meta Pool.
New integrations are now live on #BinanceWallet!
Check out the newly added dApps: Momentum, Aarna AI, Sleepless AI, Gaia, Reva AI, Elderglade, Paintswap, Meta Pool, Omni, Silo Finance.
Discover them now! ⤵️
— Binance Wallet (@BinanceWallet) July 11, 2025 Omni Network integration means Binance Wallet users now have access to OMNI staking directly from within the wallet’s mobile app. Those who stake tokens to help secure the Omni Network have an opportunity to earn rewards at an annual percentage rate of 11%.
OMNI price spiked amid explosion in derivatives volume Omni Network pumped hard in the last 24 hours.
But notable is the huge spot volume on exchanges – over $195 million on Binance and $238 million on MEXC. Also massive for the small cap token is the level of leveraged trades it sported, with derivatives volume exploding exponentially to over $1.46 billion.
Per data from Coinglass, the open interest in OMNI jumped nearly +300% to $34 million.
However, as an analyst Wise Advice pointed out on X, funding hovered negative to suggest increased shorting as the price rose.
In this case, Omni Network has seen more than $5.69 million in 24-hour liquidations. About $3.35 million of this accounts for liquidated shorts, with $2.68 million in the past 12 hours coinciding with OMNI price skyrocketing.
HTX, a leading global crypto exchange, is thrilled to announce the exceptional performance of its newly listed assets, coinciding with Bitcoin‘s groundbreaking surge past $120,000. In a period of renewed market optimism and significant capital rotation, HTX’s latest listings have once again showcased substantial wealth-generating potential. This solidifies the platform’s reputation as a go-to destination for investors looking to capitalize on emerging market trends. Between July 7 and 14, new listings across the Meme, NFT, and Infrastructure sectors achieved impressive gains. These remarkable results highlight HTX’s strategic ability to identify and list high-potential assets, providing significant wealth creation opportunities for its global user base.
Meme Coin Resurgence Led by M and MOG The resurgence of meme coins saw two prominent assets deliver significant returns:
● Memecore ($M) surged an astounding 482% in just days, firmly topping the gainers’ list. Positioned as the first Layer 1 blockchain designed for the Meme 2.0 era, $M is set to become an engine driving meme culture, value creation, and community collaboration.
● MOG Coin ($MOG), another prominent meme coin, recorded a remarkable 112% increase. This Ethereum-based asset has recently garnered significant attention and discussion across social platforms.
The surge in meme coin assets reaffirms the market logic that “emotion is value”. As one of the first platforms to list these tokens, HTX has effectively transformed community sentiment into trading activity, delivering tangible returns for users.
Infrastructure and Cross-Chain Narratives Regain Momentum with Strong Performances from OMNI and TANSSI Technologically driven assets also performed well this week.
● Omni Network ($OMNI) jumped 260%, driven by renewed interest in inter-chain interoperability. As an Ethereum-native interoperability protocol, Omni Network enables low-latency communication across all Ethereum rollups and offers a secure, high-performance, and globally compatible architecture — positioning Ethereum as a single, unified operating system for both users and developers.
● Tanssi Network ($TANSSI) climbed the ranks with an 82% increase. As an appchain infrastructure protocol built on Polkadot’s shared security framework, Tanssi offers the ContainerChain parachain solution, providing appchains with essential services such as block production, data availability, cross-chain messaging, and external bridging. Its ecosystem also includes management tools, ready-to-use templates, and key integrations like wallets, indexers, RPC endpoints, block explorers, and oracles.
HTX’s early identification of the infrastructure trend empowered previously overlooked assets to gain significant momentum on the platform, showcasing the precision of its listing strategy.
$PENGU Surges on Enterprise NFT Buzz, NFT Sector Stages Strong Comeback Recently, the rise of the “enterprise NFT” narrative has sparked growing interest, with both established brands and new IPs leveraging NFTs to broaden community engagement. As a result, NFT assets are experiencing a resurgence, demonstrating strong wealth potential in this new context.
● Pudgy Penguins ($PENGU) witnessed an impressive 89% surge in a short period. This collection of 8,888 NFTs drives Web3 innovation through IP licensing and community-driven empowerment. Each holder gets exclusive access to experiences, events, IP licensing opportunities, and more. $PENGU has distinguished itself as one of the few NFT projects to achieve both substantial traffic and high trading volume.
Popular Assets Rally as XLM and KNC Maintain Resilience Beyond the newly listed assets, established popular assets also saw significant movement:
● XLM (Stellar) rose 88%, benefiting from heightened payment activity and growing stablecoin clearing needs. As an open payment network, Stellar bridges diverse financial systems, empowering anyone to create low-cost financial services for their communities. This interconnectedness enhances individual access, reduces banking costs, and boosts business revenue.
● Kyber Network ($KNC) recorded a 65% gain, emerging as a standout in the DEX sector. The surge was driven by the release of new DeFi versions and liquidity incentive programs. Kyber Network aims to build a system that supports instant trading and seamless conversion of diverse digital assets. It offers robust payment APIs and next-generation contract wallets, enabling smooth token-to-token payments for all users.
The rise of these assets also signals a broader market shift from pure emotional speculation to projects backed by real-world applications and strong liquidity support.
About HTX Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord.
OMNI surged by over 150% in a short period of time, possibly due to Upbit's launch of Korean won trading pairs.
PANews reported on July 29 that according to Binance market data, OMNI rose by more than 150% in a short period of time, and is now quoted at $6.5, with a maximum increase of $7.27.
Previously, Omni Network (OMNI) was launched on Upbit's Korean won market.
Share to:
Author: PA一线
This content is for market information only and is not investment advice.
Follow PANews official accounts, navigate bull and bear markets together
Recommended Reading
Related Topics
Popular Articles
Industry News
Market Trends
Curated Readings
Subscribe
US Three Major Indexes Mixed, HOOD Down Over 6.11%
OMNI price went parabolic on July 29 after it secured a listing on Upbit. A breakout from a falling wedge now points to massive potential gains in the coming weeks.
Summary
OMNI surged 170% on July 29 following its KRW trading pair listing on South Korea’s Upbit exchange. Daily trading volume spiked over 2,100% to $904 million, with Upbit accounting for the largest share at $290 million. A breakout from a falling wedge pattern now targets a 120% upside, though RSI readings above 70 suggest a short-term cooldown may follow. According to data from crypto.news, Omni Network (OMNI) skyrocketed 170% on Tuesday, July 29, before settling at $4.84 as of press time, still up 84% in the past 24 hours.
The altcoin, currently ranked 337 by market cap at just over $182 million, outpaced its peers among the top 500 cryptocurrencies by market cap in gains today.
Data shows OMNI’s daily trading volume surged over 2,100% to reach $904 million, highlighting a sharp increase in market activity as investors rushed to capitalize on the rally.
Why did OMNI price soar? OMNI price surged sharply after South Korea’s largest crypto exchange, Upbit, introduced a KRW trading pair for the token early yesterday.
The listing substantially increased OMNI’s exposure to Korean retail investors, a market known for fueling speculative rallies. Upbit’s dominant position in the region likely lent institutional credibility to the token, prompting a surge in investor interest and trading activity.
According to data from CoinGecko, Upbit accounted for the majority of OMNI’s trading volume over the past 24 hours, recording approximately $290 million, significantly higher than Binance, which registered $192.7 million during the same period.
OMNI price also gained traction as open interest surged to an all-time high of over $75 million, rising more than 370% in the past 24 hours per CoinGlass data. Despite a persistently negative weighted funding rate, indicating a market skewed toward short positions, the sharp buildup in open interest likely fueled a short squeeze, driving prices higher as traders rushed to cover their positions.
Omni Network recorded over $10.62 million in liquidations within the past 24 hours, with approximately $7.66 million attributed to liquidated short positions as bearish traders faced significant losses amid the unexpected price rally.
OMNI price action The recent Upbit listing has acted as a major catalyst for OMNI, pushing the token above a key resistance level on the daily chart that had previously capped its rallies.
Since early June 2024, OMNI had been trading within a falling wedge pattern, a bullish reversal formation characterized by converging downward-sloping trendlines. The token attempted to break out of this pattern twice, once in December 2024 and again on July 11 this year, but failed to sustain momentum on both occasions.
OMNI price, 50-day and 200-day SMA chart — July 30 | Source: crypto.news This time, however, OMNI decisively broke above the upper trendline of the wedge at $4.77 on July 29. The breakout was followed by a successful retest of the same level, which has now turned into a support zone, further validating the pattern.
Technical indicators continue to back the bullish case for OMNI. The price has moved firmly above its 50-day and 200-day simple moving averages, which market watchers often view as a confirmation of a developing uptrend.
OMNI MACD and RSI chart — July 30 | Source: crypto.news Addilonally, the Moving Average Convergence Divergence lines are trending upward, with growing green histogram bars indicating that bulls are still in control.
Given the strength of the breakout, the next major target lies at $10.70, which represents a 120% upside from current levels and aligns with its immediate path of least resistance. If bullish momentum continues, the full upside projection from the wedge pattern places the long-term target around $21.75.
However, with the RSI reading above 70, OMNI is currently overbought, which is not uncommon for a crypto asset that is within a strong uptrend. As such, a short pull-back shouldn’t be ruled out, especially as momentum cools and profit-taking sets in.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
On July 29, 2025, OMNI (Omni Network) stunned the crypto market with a spectacular 200% price surge, triggered by its listing on Upbit, South Korea’s largest cryptocurrency exchange. This move opened the token to a highly speculative investor base, resulting in a trading volume explosion of over $900 million in just 24 hours.
In a recent tweet, Renowned trader Michaël van de Poppe (@CryptoMichNL) highlighted OMNI’s performance, revealing that his altcoin portfolio jumped from $35,000 to $60,000, driven by timely trades and strategic exposure to OMNI.
Despite ongoing corrections in major tokens like BTC and ETH, OMNI’s rally shows how altcoins can thrive in selective pockets of market volatility.
OMNI's price trends to the upside on the daily chart following a massive spike in trading volume. Source: OMNIUSDT on Tradingview Why OMNI is Gaining Attention Beyond the Hype OMNI’s breakout is fueled by a combination of factors. The Upbit listing attracted significant retail demand, while Binance Wallet’s 11% APY staking incentive encouraged long-term holding. Fewer circulating tokens created scarcity, driving the price up rapidly.
Beyond speculation, OMNI’s integration with platforms like Aarna AI and PaintSwap strengthens its real-world utility in DeFi and crypto payroll solutions. These use cases provide substance to the rally, suggesting OMNI could sustain interest if development continues.
Is Another OMNI Rally in the Cards? With OMNI trading at $5.40 and showing a 234% gain in July, traders are eyeing a potential continuation. However, resistance near $7.08 could be a critical level. Analysts urge caution: speculative pumps can reverse sharply.
Still, the token’s performance serves as a case study in how listings, staking, and use cases can align for explosive returns. Traders seeking similar opportunities should track volume spikes, on-chain wallet activity, and BTC dominance shifts to identify the next breakout.
In a market full of uncertainty, this crypto’s rally offers both inspiration and a reminder of the risks that come with chasing high-flying altcoins.
Omni Network (OMNI) continues to ride a powerful bullish wave one week after its debut on South Korea’s top exchange, Upbit.
As of now, the token trades at approximately $5, marking a 276% surge over the past 30 days, with the listing acting as a major catalyst in drawing global investor attention.
Launched to tackle fragmentation in Ethereum’s growing rollup ecosystem, Omni Network is fast becoming a favorite among both retail and institutional investors. The network’s promise of seamless interoperability between Ethereum rollups, powered by OMNI as a universal gas token, has boosted its bullish momentum.
Why OMNI Is Outperforming the Market OMNI’s remarkable ascent began with its July 29 listing on Upbit. Within hours, the token surged from $2.50 to over $7.80, before stabilizing around $5. High trading volumes exceeding $580 million supported the magnitude of investor demand.
Technical indicators remain bullish. The MACD line continues to trend above the signal line, while RSI levels, though overbought, suggest sustained momentum.
Analysts view $4.36 as a crucial support level, with $5.98 and $6.94 serving as key resistance points. A breakout above these could pave the way to $10 and beyond in the coming months.
Beyond speculative interest, the token’s utility adds long-term value. Its dual staking model, which includes both the token and restaked ETH, combined with its universal gas marketplace, makes it a foundational infrastructure layer in Ethereum’s modular future.
OMNI's price trends to the upside on low timeframes breaking out of a downtrend and hinting at further profits. Source: OMNIUSD on Tradingview Outlook: Can This Crypto Keep the Momentum Going? Omni Network’s design aligns well with the Ethereum roadmap, and its market performance reflects strong confidence in its value proposition. With just over 10 million OMNI tokens currently in circulation, and most allocations under long-term vesting, supply remains constrained, adding to upward price pressure.
If adoption among Ethereum rollups continues and trading volumes hold, the token could hit $10–$30 within the next 12–24 months, according to mid-to-long-term forecasts.
For now, the Omni Network story is one of strong fundamentals, positive technicals, and a market narrative centered on blockchain support, place OMNI as one of 2025’s most promising Layer 1 tokens.
Cover image from ChatGPT, OMNIUSD chart from Tradingview
PANews reported on August 26th that Coinbase International has officially announced support for GMT, Omni Network, and Synthetix perpetual contracts on Coinbase International Exchange and Coinbase Advanced. The GMT-PERP, OMNI-PERP, and SNX-PERP markets will open on or after 5:30 PM Beijing Time on August 28th.
The cryptocurrency markets experienced a downturn recently due to the tensions between the Federal Reserve and former President Trump’s actions. Despite this, Coinbase continues to list new altcoins, following the general trend of an upward trajectory. More listings mean higher trading volume, making this news favorable for three specific altcoins.
Breaking News on Altcoin ListingsAccording to an announcement from Coinbase Global Exchange’s official platform, three new perpetual pairs—GMT-PERP, OMNI-PERP, and SNX-PERP—will be activated on August 28th. This support for GMT, Omni Network, and Synthetix is expected to boost liquidity for these altcoins in the futures markets.
Following the announcement, the altcoins showed some movement. The price of SNX rose from $0.65 to above $0.66, demonstrating a slight increase after the recent market drop, which is a positive sign influenced by the news.
Market Impact and SentimentGMT, once a prominent altcoin that has since fallen out of favor, hit a short-term peak of $0.0406 thanks to this announcement. On the other hand, OMNI Coin briefly rose to $3.49 before quickly retracting to $3.47, indicating minimal impact from the news.
If market sentiment improves by August 28th, the activation of these perpetual pairs could lead to a positive divergence for these three altcoins.
Investors and traders should keep a close watch on these developments as new listings like these may offer opportunities for strategic trading given the volatile nature of the cryptocurrency markets.
The announcement reflects Coinbase’s ongoing focus on expanding its offerings, supporting a broader range of altcoins, and thereby strengthening its position in the dynamic and competitive crypto exchange landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
PANews reported on May 9th that Aave released an update on its X platform stating that the second phase of its rsETH recovery plan has made progress. On May 6th, the attacker's eight positions on Aave V3 were liquidated, and the recovered rsETH collateral has been transferred to Recovery Guardian. Governance proposals from both Mantle DAO and Arbitrum DAO have been passed. The court has approved the transfer of frozen ETH to Aave LLC via an on-chain vote on Arbitrum DAO, and the restraining order will take effect simultaneously with the asset transfer. As a contingency plan, funds will be borrowed to cover the shortfall until the frozen ETH is returned.
The next phase of the plan includes: burning the liquidated rsETH on Arbitrum; Kelp will retract the corresponding LayerZero data packet on Ethereum to eliminate the fraudulently minted rsETH supply. On Ethereum, the recovered rsETH will be sent to the bridge staking contract, combined with ETH raised by the DeFi United consortium, to restore the asset backing of rsETH. After the bridge is restored, rsETH withdrawals will reopen, and temporary configuration adjustments on Aave will be reversed. The WETH loan-to-value ratio on Aave V3 Ethereum Core will soon recover.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on May 12th that, according to SoSoValue data, the crypto market saw a general pullback, with the Layer 2 sector falling 2.62% in the last 24 hours. Within the Layer 2 sector, Starknet (STRK) fell 5.54%, Optimism (OP) fell 4.25%, and Mantle (MNT) fell 3.15%. Only the CeFi sector remained relatively resilient, rising 0.42%, with Cronos (CRO) rising 4.46% and Binance Coin (BNB) rising 0.82%.
In other sectors, the Layer 1 sector fell 0.22% in the last 24 hours, but Canton Network (CC) rose 3.98%; the PayFi sector fell 0.28%, with Telcoin (TEL) rising 14.14%; the AI sector fell 0.41%, with Billions Network (BILL) surging 19.21% intraday; the Meme sector fell 0.42%, but BUILDon (B) surged 54.09%; and the DeFi sector fell 1.68%, with Curve DAO (CRV) bucking the trend and rising 8.86%.
In November 2017, an ex-Lazada payments builder was sitting in front of central-bank regulators across Southeast Asia trying to convince them that a QR code could safely move money. He had moved over to Alipay to lead its push to export the Chinese payments playbook abroad. “I had the experience, frontline experience of going to Southeast Asia, convincing banks, regulators, that you could let your people scan a QR code and money will move safely,” Neo now runs the onchain neobank UR, said on the On The Margin podcast. "It was crazy. I was in boardrooms. I was in front of the regulator. I'm trying to tell them that this little piece of QR contains enough information to switch payments from one account to the other and you could trust it."
Eight and a half years later, that same operator is running the consumer face of UR’s bet that on-chain banking will do to digital fiat what QR did to cash. UR first launched in June 2025 on Mantle Network, a Layer-2 blockchain that began life as BitDAO with backing from Founders Fund and crypto exchange Bybit, as the world’s first fully blockchain-based neobank. The job of explaining what that actually means at the operational layer falls to Neo.
What UR actually isUR sits on a Swiss banking charter 1B license, regulated by FINMA. Every fiat dollar, euro or Swiss franc deposited into a Swiss IBAN issued by UR is mirrored one-to-one as an on-chain tokenized deposit. The bank holds the underlying fiat fully reserved and does not lend or invest it. "It's a fully reserved banking model," Neo said. "We don't lend or invest this fiat that you send into this bank account, and we issue this on-chain representation."
The on-chain mirror is permissioned. Only KYC-verified wallets can receive or move the asset, which is how UR satisfies the Travel Rule on its blockchain rail. FINMA audits the bank quarterly by reading the chain directly. "FINMA audits, regulates the entity. They read the blockchain to see different wallet addresses, how much money is in, as it's moved over the quarter. And that's how they say, okay, you're free to operate in the next quarter," Neo said. UR can issue the same Swiss IBAN to citizens of more than 40 nationalities, with another 100 in the pipeline. Sanctioned-list nationalities are excluded. US citizens are not served. "Large parts of Asia, Latin America, we serve. And this is where most of our partners are asking us about anyway."
The product wraps the bank in an API so that a fintech can call UR to issue a real bank account to a user, on-ramp fiat through SEPA, SWIFT or SIC, mint the on-chain mirror, swap into USDC or another stablecoin, and reverse the flow on off-ramp. The fiat layer and the on-chain layer behave like the same balance.
MORE FOR YOU
Why the career arc mattersNeo's resume reads like a checklist of every Asian payments revolution of the last fifteen years. Lazada was the first job, when Rocket Internet was hiring ex-consultants to bet that Southeast Asia would skip cash-on-delivery for cards and wallets. "We got lucky with the hypothesis on payments, that it would go digital," Neo said. "Back then cash on delivery was the main way people paid on Lazada. We bet that it would be cards and e-wallets and all that." The Lazada push got the company acquired by Alibaba; Neo moved to Alipay to run the QR rollout abroad.
Grab was next. "I came back to Southeast Asia to join Grab who was building out a bank, but early days it was just called a digital wallet," Neo said. "I saw how building this digital wallet impacted lives across Southeast Asia. It brought a lot of the unbanked or underserved people into finance, finally, as simple as giving them digital money, allowing them to transact." Tencent followed, working with portfolio companies including Maya Bank in the Philippines. Then his own checkout startup, four years.
The pattern repeated. "Most of my time was spent moving people from what we call Web 1 money to Web 2 money," Neo said. "Cash to cashless transactions, or digital money. So we've seen how that shift happens, how we get adoption, how that adoption creates or unlocks value in society or in economies, especially underserved ones. And then what's capable after." UR is the next leg, the move from Web 2 money to Web 3 money for the same constituency.
What actually changed the timing is the regulatory clock. "The key thing for me was regulation. Regulation always plays a big part. Once the governments, the regulators take notice and start policing, that's when things get serious. That's when proper companies get built," Neo said. The Swiss FINMA charter is the moment that opens the door for him. Without it, UR would be another orchestration layer dressed up as a bank.
Where the customers come fromUR's clients are not retail at the front. They are fintechs and crypto-native projects that need a regulated account layer they cannot build themselves. The latest live example Neo described is TopNod, a self-custodial wallet focused on tokenized real-world assets that, in Neo's account, "just crossed the 1 million mark, the user count mark recently." The Topknot use case is concrete. A retail customer wants to deploy 10,000 dollars into a money-market fund tokenized on-chain. With a traditional onramp, the conversion fee can swallow most of the year's 4 to 5 percent yield. With a UR-issued segregated bank account on-ramping at one-to-one, the fee shrinks to a wire charge and the yield survives.
The advice Neo gives to founders sounds like the lesson from his Lazada-Alipay-Grab triangle. If a project does not hold balances for long, "you're not a neobank," he said. "Orchestration platforms where you pay to just move money, those fit because your balance doesn't stay." The account layer becomes valuable only when funds sit. "When you do become some kind of account-holding layer where funds or fiat actually sits in, let's say, your bank for long periods of time, maybe because you are building some kind of financial super app or you are building some kind of investment app, then I think it pays to invest in an account or infrastructure provider." That is the segment UR is courting.
The long-tail currency problem, central to the Asia-and-Latin-America thesis, is solved with a hybrid approach. UR uses correspondent banking through partners like Wise and Tunes for exotic corridors, then opens local banking relationships when volume justifies them. "If that becomes the main channel, then we see the data, then maybe we'll go to a bank in that country and start, hey, maybe a local banking relationship makes sense and we'll start to hold currency. The business case totally makes sense."
What this looks like next to ICE-Polymarket and Stripe-BridgeThe institutional thesis Mantle is testing is the same one ICE bet $2 billion on at Polymarket and Stripe paid $1.1 billion to test through Bridge. Each acquisition or partnership is a vote that the next leg of consumer fintech will run on something more programmable than ACH. Where Stripe's Bridge plays the corridor and Polymarket plays the speculation venue, UR plays the account, which is the layer most fintechs assumed they could rent forever from a sponsor bank.
Neo's read is that the rented-bank model is what blockchain dissolves. "It's all these use cases that have been built on the limitations of the old system that persists," he said. "But then now with the maturity of policy and regulation, and also of in general people building in blockchain and the technology itself, this becomes a viable technology where the old world can be rebuilt on. I see it happening with different players in the system. Aave is rebuilding lending in that way. And then now at UR, we're rebuilding the account layer."
Tokenization of Wall Street assets needs an account layer to live in. Mantle is betting that layer is a Swiss IBAN that mirrors itself on a public chain, that the customers are in Asia and Latin America, and that the operator running it should look more like an Alipay graduate than a Wall Street one. The card-and-app version of crypto neobanking has been tried often enough that the bar has moved. As Neo put it, “everyone's taking the easy way out in Web 3, Web 2 world today. Easy USDC stable coins, you issue a card, suddenly you're neobank, and you can spend, and it's very cool. But structurally at its core, nothing's really changing.”
In November 2017, an ex-Lazada payments builder was sitting in front of central-bank regulators across Southeast Asia trying to convince them that a QR code could safely move money. He had moved over to Alipay to lead its push to export the Chinese payments playbook abroad. “I had the experience, frontline experience of going to Southeast Asia, convincing banks, regulators, that you could let your people scan a QR code and money will move safely,” Neo now runs the onchain neobank UR, said on the On The Margin podcast. "It was crazy. I was in boardrooms. I was in front of the regulator. I'm trying to tell them that this little piece of QR contains enough information to switch payments from one account to the other and you could trust it."
Eight and a half years later, that same operator is running the consumer face of UR’s bet that on-chain banking will do to digital fiat what QR did to cash. UR first launched in June 2025 on Mantle Network, a Layer-2 blockchain that began life as BitDAO with backing from Founders Fund and crypto exchange Bybit, as the world’s first fully blockchain-based neobank. The job of explaining what that actually means at the operational layer falls to Neo.
What UR actually isUR sits on a Swiss banking charter 1B license, regulated by FINMA. Every fiat dollar, euro or Swiss franc deposited into a Swiss IBAN issued by UR is mirrored one-to-one as an on-chain tokenized deposit. The bank holds the underlying fiat fully reserved and does not lend or invest it. "It's a fully reserved banking model," Neo said. "We don't lend or invest this fiat that you send into this bank account, and we issue this on-chain representation."
The on-chain mirror is permissioned. Only KYC-verified wallets can receive or move the asset, which is how UR satisfies the Travel Rule on its blockchain rail. FINMA audits the bank quarterly by reading the chain directly. "FINMA audits, regulates the entity. They read the blockchain to see different wallet addresses, how much money is in, as it's moved over the quarter. And that's how they say, okay, you're free to operate in the next quarter," Neo said. UR can issue the same Swiss IBAN to citizens of more than 40 nationalities, with another 100 in the pipeline. Sanctioned-list nationalities are excluded. US citizens are not served. "Large parts of Asia, Latin America, we serve. And this is where most of our partners are asking us about anyway."
The product wraps the bank in an API so that a fintech can call UR to issue a real bank account to a user, on-ramp fiat through SEPA, SWIFT or SIC, mint the on-chain mirror, swap into USDC or another stablecoin, and reverse the flow on off-ramp. The fiat layer and the on-chain layer behave like the same balance.
MORE FOR YOU
Why the career arc mattersNeo's resume reads like a checklist of every Asian payments revolution of the last fifteen years. Lazada was the first job, when Rocket Internet was hiring ex-consultants to bet that Southeast Asia would skip cash-on-delivery for cards and wallets. "We got lucky with the hypothesis on payments, that it would go digital," Neo said. "Back then cash on delivery was the main way people paid on Lazada. We bet that it would be cards and e-wallets and all that." The Lazada push got the company acquired by Alibaba; Neo moved to Alipay to run the QR rollout abroad.
Grab was next. "I came back to Southeast Asia to join Grab who was building out a bank, but early days it was just called a digital wallet," Neo said. "I saw how building this digital wallet impacted lives across Southeast Asia. It brought a lot of the unbanked or underserved people into finance, finally, as simple as giving them digital money, allowing them to transact." Tencent followed, working with portfolio companies including Maya Bank in the Philippines. Then his own checkout startup, four years.
The pattern repeated. "Most of my time was spent moving people from what we call Web 1 money to Web 2 money," Neo said. "Cash to cashless transactions, or digital money. So we've seen how that shift happens, how we get adoption, how that adoption creates or unlocks value in society or in economies, especially underserved ones. And then what's capable after." UR is the next leg, the move from Web 2 money to Web 3 money for the same constituency.
What actually changed the timing is the regulatory clock. "The key thing for me was regulation. Regulation always plays a big part. Once the governments, the regulators take notice and start policing, that's when things get serious. That's when proper companies get built," Neo said. The Swiss FINMA charter is the moment that opens the door for him. Without it, UR would be another orchestration layer dressed up as a bank.
Where the customers come fromUR's clients are not retail at the front. They are fintechs and crypto-native projects that need a regulated account layer they cannot build themselves. The latest live example Neo described is TopNod, a self-custodial wallet focused on tokenized real-world assets that, in Neo's account, "just crossed the 1 million mark, the user count mark recently." The Topknot use case is concrete. A retail customer wants to deploy 10,000 dollars into a money-market fund tokenized on-chain. With a traditional onramp, the conversion fee can swallow most of the year's 4 to 5 percent yield. With a UR-issued segregated bank account on-ramping at one-to-one, the fee shrinks to a wire charge and the yield survives.
The advice Neo gives to founders sounds like the lesson from his Lazada-Alipay-Grab triangle. If a project does not hold balances for long, "you're not a neobank," he said. "Orchestration platforms where you pay to just move money, those fit because your balance doesn't stay." The account layer becomes valuable only when funds sit. "When you do become some kind of account-holding layer where funds or fiat actually sits in, let's say, your bank for long periods of time, maybe because you are building some kind of financial super app or you are building some kind of investment app, then I think it pays to invest in an account or infrastructure provider." That is the segment UR is courting.
The long-tail currency problem, central to the Asia-and-Latin-America thesis, is solved with a hybrid approach. UR uses correspondent banking through partners like Wise and Tunes for exotic corridors, then opens local banking relationships when volume justifies them. "If that becomes the main channel, then we see the data, then maybe we'll go to a bank in that country and start, hey, maybe a local banking relationship makes sense and we'll start to hold currency. The business case totally makes sense."
What this looks like next to ICE-Polymarket and Stripe-BridgeThe institutional thesis Mantle is testing is the same one ICE bet $2 billion on at Polymarket and Stripe paid $1.1 billion to test through Bridge. Each acquisition or partnership is a vote that the next leg of consumer fintech will run on something more programmable than ACH. Where Stripe's Bridge plays the corridor and Polymarket plays the speculation venue, UR plays the account, which is the layer most fintechs assumed they could rent forever from a sponsor bank.
Neo's read is that the rented-bank model is what blockchain dissolves. "It's all these use cases that have been built on the limitations of the old system that persists," he said. "But then now with the maturity of policy and regulation, and also of in general people building in blockchain and the technology itself, this becomes a viable technology where the old world can be rebuilt on. I see it happening with different players in the system. Aave is rebuilding lending in that way. And then now at UR, we're rebuilding the account layer."
Tokenization of Wall Street assets needs an account layer to live in. Mantle is betting that layer is a Swiss IBAN that mirrors itself on a public chain, that the customers are in Asia and Latin America, and that the operator running it should look more like an Alipay graduate than a Wall Street one. The card-and-app version of crypto neobanking has been tried often enough that the bar has moved. As Neo put it, “everyone's taking the easy way out in Web 3, Web 2 world today. Easy USDC stable coins, you issue a card, suddenly you're neobank, and you can spend, and it's very cool. But structurally at its core, nothing's really changing.”
PANews reported on May 15th that, according to a Kelp DAO announcement, the rsETH protocol has fully resumed operation. Deposits and withdrawals on the mainnet and L2 network are now reopened, and rsETH asset backing has also been fully restored. The official statement indicated that the accumulated staking rewards during the suspension period were updated at 22:45 Beijing time (16:45 CET) on May 15th, and related EIGEN rewards are now available for collection. Kelp DAO stated that this restoration effort received assistance from several ecosystem projects, including Aave, Consensys, Mantle, ether.fi, and Lido. Previously, Kelp DAO experienced a security incident involving nearly $300 million, raising concerns about liquidity risks at Aave.
TLDR: Aave has restored WETH LTV ratios to pre-incident levels across all six affected V3 network deployments. Users can now borrow against WETH again, including through collateral and debt swap functions on Aave. The restoration covers Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea networks. Aave founder Stani Kulechov confirmed the milestone, noting the phased rsETH recovery plan is progressing. Aave has completed a major step in its rsETH technical recovery plan by restoring WETH loan-to-value ratios across all affected networks.
The update allows users to borrow against WETH once again, including through collateral and debt swap functions.
The restoration covers Aave V3 deployments on Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea. This move brings WETH back to normal operating conditions across the protocol’s key deployments.
WETH Borrowing Resumes Across Multiple Networks Aave’s restoration of WETH LTV ratios marks a clear turning point in the protocol’s recovery process. Users across six major networks can now access WETH borrowing functions without restrictions. The change directly affects those who rely on collateral and debt swap features within the Aave ecosystem.
Aave’s official account confirmed the update on X, stating that WETH LTVs on Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea have returned to pre-incident values.
In accordance with the rsETH technical recovery plan, WETH LTVs on Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea have been restored to their pre-incident values.
WETH now operates as normal across all affected V3 deployments.
— Aave (@aave) May 17, 2026
The post further noted that WETH now operates as normal across all affected V3 deployments. This confirmation provided users with clarity on the current status of the protocol.
The networks covered in this update serve a broad base of DeFi participants. Arbitrum, Base, Mantle, and Linea are among the most active Layer 2 ecosystems in the space. Restoring LTV ratios across all of them at once reflects a coordinated and structured recovery approach.
Aave Founder Confirms Recovery Milestone Aave founder Stani Kulechov addressed the community directly following the update. He confirmed that the next step in the rsETH technical recovery plan had been completed successfully. His statement reinforced confidence in the protocol’s ability to manage and resolve technical challenges.
Kulechov noted that users can now borrow against WETH on Aave, including through collateral and debt swaps. This brings back key functionality that had been restricted during the incident period. The restoration of these features is a practical benefit for active Aave users managing their positions.
The recovery plan itself reflects the structured way Aave approaches protocol-level incidents. Rather than rushing fixes, the team implemented phased steps to restore operations responsibly.
As each phase completes, users regain access to features in a controlled and transparent manner.
PANews reported on May 18th that Aave founder Stani Kulechov announced on the X platform that the next step of the rsETH technical recovery plan has been completed, and the WETH loan-to-value (LTV) ratio for all affected networks has returned to pre-event levels. Users can now borrow and lend on Aave again using WETH as collateral, including through collateral and debt swaps. According to the Aave announcement, this recovery involves the deployment of networks including Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea.
Aave has restored WETH loan-to-value ratios on Ethereum, Arbitrum, Base, Mantle, and Linea, re-enabling borrowing against the asset following a technical incident.
Aave has restored WETH loan-to-value (LTV) ratios across six blockchain networks, re-enabling users to borrow against WETH collateral and use debt swap functions. The update applies to Aave V3 deployments on Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea. Aave founder Stani Kulechov described the restoration as the next phase of the protocol's rsETH technical recovery plan.
The LTV restoration represents a key milestone in Aave's response to a prior rsETH-related incident. By restoring WETH borrowing capacity, the protocol allows depositors to unlock liquidity against their ether-based collateral, a core DeFi function that had been restricted during the recovery period.
The rollout across multiple chains underscores the breadth of the incident's impact and the coordination required to restore full functionality. Aave's multi-chain deployment means the recovery plan touched assets and users across Ethereum mainnet and layer-2 networks including Arbitrum, Base, Mantle, and Linea.
Sources: Wu Blockchain on X
This article was produced with the help of AI flows.
TLDR: A one-of-one DVN configuration on the Kelp rsETH bridge created a single point of failure that attackers exploited. The attacker borrowed 82,650 WETH and 821 wstETH using 89,567 stolen rsETH across eight Aave V3 positions. DeFi United coordinated over $300 million in recovery commitments from Lido, Ethena, Mantle, and other contributors. Aave’s LayerZero OFT adapter was fully refilled across five tranches, restoring 116,131 rsETH backing in full. The April 18, 2026 rsETH incident exposed a critical vulnerability in third-party bridge infrastructure connected to Aave’s markets.
A forged cross-chain message on the Kelp rsETH LayerZero V2 bridge released 116,500 rsETH on Ethereum without any matching burn on Unichain.
The attacker then used those tokens as collateral across Aave V3 positions. A coordinated recovery effort later restored full backing and returned all affected markets to normal.
The Bridge Vulnerability That Triggered the Exploit The Kelp rsETH LayerZero V2 bridge from Unichain to Ethereum relied on a single verifier to sign all inbound cross-chain messages.
That configuration, known as a one-of-one Decentralized Verifier Network, created a single point of failure. When that verifier was targeted by an RPC-poisoning attack, the attacker manipulated its view of the source-chain state entirely.
At 17:35 UTC on April 18, the Ethereum endpoint accepted inbound nonce 308 and released 116,500 rsETH from the RSETH_OFTAdapter.
At that same moment, Unichain’s source endpoint still showed only outbound nonce 307. No burn had occurred on the source chain, yet the Ethereum side processed the message as legitimate.
The root cause was not a flaw in Aave’s smart contracts. Instead, it was the bridge’s reliance on a single verifier and that verifier’s susceptibility to external manipulation. That dependency sat entirely outside the Aave protocol.
How the Attacker Moved Through Aave’s Markets Once the 116,500 rsETH was released, the attacker moved fast. The stolen tokens were dispersed across seven recipient addresses within minutes of the exploit. From there, 89,567 rsETH was deployed across eight Aave V3 positions on Ethereum Core and Arbitrum.
Against that collateral, the attacker borrowed 82,650 WETH and 821 wstETH. Health factors across the eight positions were kept between 1.01 and 1.03, just above liquidation thresholds. That positioning allowed the attacker to hold the borrowed assets while avoiding automatic liquidation.
Aave’s exposure came from rsETH being listed as collateral on its markets under standard overcollateralization terms. That listing created a direct dependency on the bridge’s verification path, infrastructure that Aave does not control.
The Immediate Containment Steps That Followed The Aave Protocol Guardian responded within hours. By 19:00 UTC on April 18, rsETH and wrsETH were frozen across Aave V3, and LTV was set to zero.
On Aave V4, the Kelp Spoke was fully frozen across both WETH and rsETH reserves, and WETH borrowing on the Spoke was deactivated immediately.
Between 18:00 and 19:00 UTC, Kelp paused 43,373 rsETH connected to the exploit. That action prevented further movement of those specific tokens and limited additional damage during the early response window.
Over the following two days, additional protections were layered across the affected markets. WETH was frozen across Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea on April 20.
The Arbitrum Security Council then froze 30,766 ETH linked to the attacker on April 21. By April 23, rsETH reserves were fully paused across multiple deployments, preserving the ability to liquidate attacker positions and recover assets for affected users.
Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, today announced the listing of SPCXx, the tokenized SpaceX equity issued by xStocks, available for 24/7 on-chain trading and liquidity provision on Mantle from the day SpaceX completes the largest initial public offering in history.
The listing brings on-chain access to one of the most anticipated equity events in history through two of the ecosystem’s flagship venues, Fluxion and Merchant Moe, and opens what is expected to be a strong season of high-demand tokenized equity listings on Mantle.
Institutional-Grade Execution via Atomic RFQ
Fluxion supports native minting of SPCXx directly from the issuer, powered by xStocks’ Atomic Request for Quote (RFQ). The mechanism bypasses AMM slippage entirely, anchoring pricing to the underlying security through issuer-direct minting and redemption at live market quotes. Fluxion’s hybrid AMM and RFQ infrastructure delivers stable, issuer-direct execution with minimal liquidity requirements.
Project X: 100K MNT incentives for Tokenized IPOs
Alongside the listing, Merchant Moe, the cornerstone liquidity hub of the Mantle ecosystem, has launched Project X, deploying up to 100,000 MNT in rewards for liquidity providers for this summer’s wave of tokenized IPOs, starting with the SPCXx/USDT0 pool. Users can bridge SPCXx assets via xBridge or other cross-chain routes, and provide liquidity to start earning incentives.
“Through Project X, Merchant Moe is proud to support the launch of SPCXx on Mantle,” said DavideFi, General Manager at Merchant Moe. “As the ecosystem’s cornerstone DEX, we are excited to back tokenized IPOs with deep liquidity and strong incentives.”
Project X extends beyond the SPCXx listing. Subsequent high-demand xStocks listings will be added to the campaign as they launch, with Merchant Moe serving as a primary liquidity venue for each new listing.
The Distribution Layer in Practice
The Mantle ecosystem gives users multiple avenues to acquire, trade, and provide liquidity for SPCXx directly on Mantle. The simultaneous on-chain availability of SPCXx alongside SpaceX’s traditional market debut marks a milestone for tokenized finance: the most anticipated listing of the decade reaching on-chain markets with no delay between the two.
The pairing reflects how Mantle approaches distribution for real-world assets. Fluxion provides institutional-grade execution through issuer-direct pricing, while Merchant Moe provides incentive-backed liquidity depth for retail participation. Together, they give a single tokenized asset both the execution quality institutions require and the accessibility a global user base expects.
With a pipeline of high-demand tokenized listings expected through the remainder of the year, the infrastructure assembled for SPCXx is designed to repeat: issuance through xStocks, execution through Fluxion, and incentivized liquidity through Merchant Moe, with each new listing arriving on Mantle the day it reaches traditional markets.
“SpaceX has been one of the most anticipated IPOs in history, and its simultaneous arrival on-chain signals how far the RWA market has come,” said Emily Bao, Key Advisor at Mantle. “Mantle’s ecosystem supports seamless execution and deep liquidity for users from day one, which marks a significant milestone for the distribution layer for real-world assets.”
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, and OP-Succinct.
For more information, visit mantle.xyz.
For more social updates, please follow: Mantle Official X & Mantle Community Channel
About xStocks
xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.
For more information, visit https://xstocks.fi.
Contact Marketing Lead at Mantle
Jessy
Mantle
[email protected]
The race to dominate crypto-native betting platforms is accelerating as the 2026 FIFA World Cup draws closer. Mantle, a blockchain network positioning itself as a bridge between traditional finance and on-chain liquidity, has entered the arena with InsightX—a prediction market it claims is the first built from the ground up with artificial intelligence at its core. The move, detailed in a launch announcement on June 12, underscores how L2 networks are chasing user growth by tying their infrastructure to major cultural events.
Prediction markets have proven to be one of the stickiest use cases in crypto. Platforms like Polymarket attracted billions in volume during the 2024 US election cycle, and sports betting remains a massive offline habit that many in Web3 see as low-hanging fruit for on-chain migration. The World Cup, expected to draw over $100 billion in global wagers across all channels, is a natural target. Mantle’s InsightX aims to differentiate itself by using AI not just for odds-making but for market creation and risk management. The exact mechanics remain vague—the press release does not detail the AI model or data sources—but the framing suggests a product designed to reduce the friction and bias common in human-curated markets.
The Bet on AI as Market Infrastructure Integrating AI into a prediction market goes beyond adding a chatbot. In theory, an AI-native system can continuously synthesize news, sentiment, player stats, and on-chain signals to adjust odds in real time, and even auto-generate event contracts. This could lower the barrier for market proposers and make the platform more responsive. However, the real test will be whether Mantle’s implementation delivers accuracy and user trust. AI models are only as good as their training data, and in high-stakes betting, even a marginal edge in pricing can lead to huge losses for liquidity providers.
This product launch also feeds into a broader narrative of AI infrastructure intersecting with Web3. Across the ecosystem, projects are racing to embed machine learning into everything from decentralized finance to data storage. A recent partnership between UXLINK and Origins Network highlighted the push for scalable AI-driven applications using decentralized computing. Mantle’s move fits that pattern, attempting to deliver a consumer-facing product where AI is the backend differentiator.
The Legal Grey Zone That Can’t Be Ignored Prediction markets operate in a fragile regulatory environment, especially in the United States. The Commodity Futures Trading Commission has repeatedly challenged event contracts, and even successful platforms have faced geofencing requirements or outright bans. The recent legislative battle over a major crypto bill, where banks pushed to kill the measure just days before a Senate vote, shows how quickly the political winds can shift. Mantle has not disclosed whether InsightX will be geo-restricted or how it will handle compliance across jurisdictions.
That silence will worry some potential users. A World Cup prediction market without access to US bettors—or one that launches and then faces enforcement action—would instantly lose the volume that makes these platforms viable. Mantle’s team, which has deep experience in DeFi, likely understands this risk, but the press release steers clear of any mention of licenses, regulatory approvals, or legal strategy. In the absence of clarity, the market’s initial traction may depend more on whether it can operate without interference than on the sophistication of its AI.
Liquidity and Ecosystem Effects Beyond the product itself, InsightX could serve as a liquidity magnet for the Mantle network. Prediction markets require deep order books and a steady stream of bettors and liquidity providers. If the World Cup draws significant activity, it could lift on-chain volume for MNT, the network’s native token, and attract developers to build other applications on Mantle. That is the textbook playbook for an L2: use a flagship dApp to bootstrap a network effect. The risk, however, is that prediction markets are seasonal and event-driven. After the tournament ends, engagement could plummet unless Mantle can extend the use case to politics, entertainment, and niche events.
The broader market for AI-augmented prediction markets is still undefined. No major comparable product exists to benchmark against, so Mantle is essentially building its own category. That carries first-mover advantage but also the burden of educating users and proving that AI-generated markets are more attractive than human-curated ones. Months before the World Cup kicks off, the question is not just whether InsightX works technically, but whether bettors will trust a machine to run their book.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
The race to dominate crypto-native betting platforms is accelerating as the 2026 FIFA World Cup draws closer. Mantle, a blockchain network positioning itself as a bridge between traditional finance and on-chain liquidity, has entered the arena with InsightX—a prediction market it claims is the first built from the ground up with artificial intelligence at its core. The move, detailed in a launch announcement on June 12, underscores how L2 networks are chasing user growth by tying their infrastructure to major cultural events.
Prediction markets have proven to be one of the stickiest use cases in crypto. Platforms like Polymarket attracted billions in volume during the 2024 US election cycle, and sports betting remains a massive offline habit that many in Web3 see as low-hanging fruit for on-chain migration. The World Cup, expected to draw over $100 billion in global wagers across all channels, is a natural target. Mantle’s InsightX aims to differentiate itself by using AI not just for odds-making but for market creation and risk management. The exact mechanics remain vague—the press release does not detail the AI model or data sources—but the framing suggests a product designed to reduce the friction and bias common in human-curated markets.
The Bet on AI as Market Infrastructure Integrating AI into a prediction market goes beyond adding a chatbot. In theory, an AI-native system can continuously synthesize news, sentiment, player stats, and on-chain signals to adjust odds in real time, and even auto-generate event contracts. This could lower the barrier for market proposers and make the platform more responsive. However, the real test will be whether Mantle’s implementation delivers accuracy and user trust. AI models are only as good as their training data, and in high-stakes betting, even a marginal edge in pricing can lead to huge losses for liquidity providers.
This product launch also feeds into a broader narrative of AI infrastructure intersecting with Web3. Across the ecosystem, projects are racing to embed machine learning into everything from decentralized finance to data storage. A recent partnership between UXLINK and Origins Network highlighted the push for scalable AI-driven applications using decentralized computing. Mantle’s move fits that pattern, attempting to deliver a consumer-facing product where AI is the backend differentiator.
The Legal Grey Zone That Can’t Be Ignored Prediction markets operate in a fragile regulatory environment, especially in the United States. The Commodity Futures Trading Commission has repeatedly challenged event contracts, and even successful platforms have faced geofencing requirements or outright bans. The recent legislative battle over a major crypto bill, where banks pushed to kill the measure just days before a Senate vote, shows how quickly the political winds can shift. Mantle has not disclosed whether InsightX will be geo-restricted or how it will handle compliance across jurisdictions.
That silence will worry some potential users. A World Cup prediction market without access to US bettors—or one that launches and then faces enforcement action—would instantly lose the volume that makes these platforms viable. Mantle’s team, which has deep experience in DeFi, likely understands this risk, but the press release steers clear of any mention of licenses, regulatory approvals, or legal strategy. In the absence of clarity, the market’s initial traction may depend more on whether it can operate without interference than on the sophistication of its AI.
Liquidity and Ecosystem Effects Beyond the product itself, InsightX could serve as a liquidity magnet for the Mantle network. Prediction markets require deep order books and a steady stream of bettors and liquidity providers. If the World Cup draws significant activity, it could lift on-chain volume for MNT, the network’s native token, and attract developers to build other applications on Mantle. That is the textbook playbook for an L2: use a flagship dApp to bootstrap a network effect. The risk, however, is that prediction markets are seasonal and event-driven. After the tournament ends, engagement could plummet unless Mantle can extend the use case to politics, entertainment, and niche events.
The broader market for AI-augmented prediction markets is still undefined. No major comparable product exists to benchmark against, so Mantle is essentially building its own category. That carries first-mover advantage but also the burden of educating users and proving that AI-generated markets are more attractive than human-curated ones. Months before the World Cup kicks off, the question is not just whether InsightX works technically, but whether bettors will trust a machine to run their book.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
PANews, June 23 – Mantle announced the launch of USPXx, a tokenized product of the Franklin U.S. Equity Index ETF, providing approximately $200 million in U.S. equity exposure accessible through on-chain trading. The token is issued by xStocksFi and is tradable 24/7 on Fluxion Network, a decentralized trading platform within the Mantle ecosystem.
Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, today announced the listing of USPXx, xStocks’ tokenized representation of Franklin Templeton’s Franklin U.S. Equity Index ETF (USPX), now available for 24/7 on-chain trading and liquidity provision via Fluxion, Mantle’s native decentralized exchange.
With $1.98 billion in assets under management, USPX tracks the top 85% of the US equity market by market capitalisation, one of traditional finance’s most widely held passive equity vehicles. Its arrival on Mantle opens continuous, around-the-clock access to that exposure, without market hours constraints or intermediaries.
Expanding the Distribution Layer for Tokenized Capital Markets
As one of the first Ethereum Layer 2 networks to bring a tokenized ETF from one of the world’s largest asset managers on-chain, Mantle’s distribution layer now extends beyond individual equities to broad-market index products. USPXx joins a growing lineup of xStocks tokenized equities on Mantle, including the recent listing of SPCXx, xStocks’ tokenized SpaceX equity which went live on Mantle on the same day as the SpaceX IPO.
For investors already allocated to USPX through conventional brokerage accounts and for a global audience without access to US markets, USPXx on Mantle removes the constraints of traditional market infrastructure entirely. Via Fluxion, USPXx is tradeable and available for liquidity provision at any hour, without intermediaries, settlement delays, or geographic restrictions. Underpinning this is xChange, xStocks’ Atomic RFQ, which ensures every transaction is executed at institutional precision regardless of when or where a user trades.
Institutional-Grade Execution via Atomic RFQ and AMM on Fluxion
USPXx is natively minted on Mantle through xStocks and trades exclusively on Fluxion, powered by xChange, xStock’s Atomic RFQ system. Where conventional on-chain trading relies on automated market makers that introduce slippage and pricing deviations, xChange sources every transaction directly from the issuer at live market quotes, enabling users to transact at the real price, not one approximated through a liquidity pool all around the clock.
This sets the standard for institutions as this translates to execution precision that meets the requirements of meaningful capital deployment at scale. While for retail investors, it means access to broad US equity market exposure at fair, verifiable prices, at any hour, globally. Fluxion is the only decentralised exchange on Mantle listing USPXx at launch.
“Franklin Templeton’s USPX represents the mainstream of global equity investing, the kind of exposure that anchors institutional and retail portfolios alike,” said Emily Bao, Key Advisor at Mantle. “Every listing like this closes the distance between where the capital sits today and where it can move tomorrow.”
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, and OP-Succinct.
For more information, visit mantle.xyz.
For more social updates, please follow: Mantle Official X & Mantle Community Channel
xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs on-chain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and on-chain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.
Franklin Templeton’s USPX ETF is no longer confined to brokerage accounts and traditional exchanges. Through a new listing on Mantle, the asset manager’s exposure is now accessible as a tokenized representation on an Ethereum layer-2 network, as announced in the original report. The listing, executed via the xStocks platform under the ticker USPXx, marks one of the earliest instances of a major traditional ETF moving on-chain through an Ethereum L2 specifically positioned for institutional distribution.
Mantle has carved out a niche as a network that bridges traditional capital markets and on-chain liquidity, rather than competing as a general-purpose rollup. The decision to host a Franklin Templeton product reinforces that identity. For xStocks, which specializes in tokenized equities and funds, bringing a well-known issuer’s ETF onto Mantle is a proof point that regulated financial products can sit on public blockchain infrastructure without sacrificing compliance or investor familiarity. The move comes at a time when tokenization volumes are accelerating. Just weeks ago, the tokenization of real-world assets crossed $20 billion on-chain, with major institutions settling live transactions against tokenized Treasuries.
Why a Layer-2 Play Matters Ethereum mainnet remains the most secure and decentralized smart contract platform, but gas costs have long made frequent trading or small-position exposure to tokenized funds impractical. Layer-2 rollups like Mantle solve that by compressing transactions and settling batches on Ethereum, driving fees down while retaining the underlying security guarantees. That cost structure makes on-chain ETFs viable for a broader range of users, not just whales. Mantle’s approach is specifically tuned for institutional and distribution-layer use cases: the chain offers native yield on bridged assets and an ecosystem fund designed to bootstrap liquidity for high-quality RWA products.
The USPXx listing demonstrates that ETF issuers are no longer waiting for a perfect regulatory wrapper. Instead, they are working with crypto-native infrastructure to make existing fund exposure tradeable on-chain under existing frameworks. Franklin Templeton is not new to digital assets—the firm runs a spot Bitcoin ETF and has explored tokenized money market funds. Extending that strategy to an equity or blended ETF through an Ethereum L2 signals that institutional comfort with public blockchains is maturing rapidly.
What’s Still Unclear While the listing is a milestone, several uncertainties remain. Liquidity depth for tokenized ETF shares is still thin compared to centralized exchange and brokerage order books. The on-chain version of USPX may trade at a premium or discount to its net asset value if sufficient arbitrageurs do not step in early. Mantle and xStocks will need to demonstrate that market makers can support tight spreads, otherwise the product risks becoming a novelty rather than a liquid alternative.
Regulatory treatment of tokenized funds also sits in a gray zone. The USPXx token likely represents a beneficial ownership claim on the underlying ETF, structured to comply with securities laws in the jurisdictions where it is offered. How regulators view the secondary trading of that token on decentralized venues or through permissionless wallets is still being tested. Recent pushback from banking interests against crypto legislation, as seen in the Senate, underscores that the path for on-chain financial products is not settled.
For Mantle, the timing works in its favor. As TradFi asset managers search for scalable on-chain distribution, networks that can prove low-cost, secure, and institutionally friendly infrastructure are likely to capture early RWA flows. The USPXx listing is not just a product launch—it is a bet that the next wave of ETF distribution will run through Ethereum rollups, not just traditional platforms.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
