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There will be an airdrop offering participants $25K in $ALICE tokens along with additional incentives. The three waves of the $ALICE Airdrop Party will begin on September 16 and last for a total of nine weeks. The first airdrop campaign and the new season campaign have been announced by multiplayer builder game that was formerly the year’s top project on Binance  My Neighbor Alice. Prior to Beta Season 2, which is scheduled to begin on September 24, there will be an airdrop offering participants $25K in $ALICE tokens along with additional incentives.

My Neighbor Alice has launched a rewards board in honor of the next beta season, which offers chances to interact with other users and get rewards for participating in quests. $ALICE Airdrop Party, the first rewards campaign to be launched, commemorates the start of the new beta season.

The three waves of the $ALICE Airdrop Party will begin on September 16 and last for a total of nine weeks. Players have a variety of in-game and off-game missions to complete during the campaign. Participants will get unique access to live events and limited edition NFTs in addition to sharing $25K worth of ALICE tokens.

There are several campaigns planned, the first of which is the $ALICE Airdrop Party. The Rewards board acts as a dashboard for tracking individual achievements and determining rewards. Campaigns give the most devoted members of the community something back and provide another reason to play My Neighbor Alice.

Riccardo Sibani, Chief Product Officer at My Neighbor Alice, said: “

Since launching three years ago, we’ve been constantly developing My Neighbor Alice to enhance gameplay, fully decentralize, and provide fun ways for players to share their progress and unlock additional rewards. The $ALICE Airdrop Party provides a taster of what’s to come in Beta Season 2, during which players will be treated to a host of new features and in-game experiences.”

With additional crafting stations, objectives, and levels to explore, Beta Season 2 will improve the gameplay immensely. In addition to freely exchanging goods and resources via the P2P marketplace, players may gather unique emotes and use them to enhance their social interactions inside the game.

One of the upcoming features that is now being developed is the capacity to invite other gamers to collaborate inside the same land plot. Additionally, a decentralized NFT bridge that enables in-game ERC721 token trading as well as the release of a User-Generated Content Tool that will enable content producers to create in-game content are planned.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.

The multiplayer game is creating a new winter wonderland zone for everyone and a private enclave for owners of the popular NFTs.

Pudgy Penguins are getting their metaverse on again.

Not satisfied with staying confined to their own Pudgy World metaverse, Pudgy Penguins are expanding into a new virtual world, according to a press release shared with The Defiant. The beloved NFT brand is integrating with My Neighbor Alice, a web3 multiplayer game, as part of a broader partnership.

A core part of the partnership is a special zone in the game built for Pudgy Penguin NFT collection holders. My Neighbor Alice will feature a special Pudgy Land region in its new Snowflake Wilds, “a frosty, feel-good winter wonderland” area of the game.

While Snowflake Wilds are open to everyone, Pudgy Land is exclusively for owners of Pudgy Penguin NFTs, including Lil Pudgys and Pudgy Rod collection holders. Pudgy Land is a part of the game “where the community can hang out, quest, craft, and connect,” according to the press release.

Holders of Pudgy Penguins and Lil Pudgys will enter the game with their NFT as an egg that hatches to become their specific NFT. Holders of Pudgy Rods, which are fishing rods created to accompany each Pudgy Penguin NFT, will be able to equip them with custom fishing rod skins and use them to catch special fish.

“With this partnership we're pushing the envelope when it comes to interoperability,” said Steve Haßenpflug, vice president of games at ChromaWay and My Neighbor Alice in a statement, continuing:

“Now, Pudgy holders can see their own unique NFTs come to life in-game, interact with the world, enjoy exclusive gameplay and even create new experiences for others. That’s the power of connected ecosystems and a big step towards the open metaverse.”My Neighbor Alice is built on the Chromia blockchain, where players can own, trade and sell virtual asset NFTs. Pudgy Penguins NFT collections are based on Ethereum.

Penguins EverywhereThe Pudgy Penguin brand’s own Pudgy World metaverse, built on ZKSync, is currently in closed beta but promises to launch “soon.”

December’s launch of the project’s Solana-based PENGU token via airdrop was controversial, and characterized by high volatility for both the token and the NFT collection, with Pudgy Penguins’ floor price spiking as high as 25 ETH as the launch approached. It is currently 9.24 ETH, according to NFTPriceFloor.

Last month, Pudgy Penguins waddled over to the TON blockchain, allowing 1 billion-plus Telegram users to play Pengu Clash, a multiplayer skill game with mini-games like darts, football and bomber with token-based incentives, tournament rules, unlockable gear, accessories and team cosmetics, according to Pudgy Penguins. It is “pay-to-win” free, the company said in a release.

Also in May, Pudgy Penguins revealed that it was expanding its off-chain activities beyond physical plushies to publishing a children’s book with Random House titled “The Worst Birthday Present Ever.”

NFT prices have dropped dramatically since the airdrop high, which lasted through January, but could be going up if the Securities and Exchange Commission green-lights Canary Capital’s proposed Pudgy Penguin ETF, which will hold PENGU tokens as well as up to 15% of its assets in Pudgy Penguin NFTs.

PENGU is up about 2% on the day and 16% on the week, according to The Defiant’s price data.

In a positive development for the crypto community, the individual responsible for the GMX exploit accepted the platform’s bounty and returned over $40 million worth of assets stolen from the project.

Crypto Hacker Takes $42 Million From GMX On Friday, the recent GMX V1 exploit ended on a happy note after the individual responsible for the incident turned into a white-hat hacker. Perpetual and spot crypto exchange GMX lost over $40 million on Wednesday when an attacker exploited a vulnerability in the protocol’s first version on Arbitrum.

According to online reports, GMX V1’s vault contract had a vulnerability that allowed the attacker to manipulate the GLP token price through the system’s calculations.

Blockchain security firm SlowMist explained that “The root cause of this attack stems from GMX v1’s design flaw, where short position operations immediately update the global short average prices (globalShortAveragePrices), which directly impacts the calculation of Assets Under Management (AUM), thereby allowing manipulation of GLP token pricing.”

Through a reentrancy attack, they successfully established massive short positions to manipulate the global average prices, artificially inflating GLP prices within a single transaction and profiting through redemption operations.

As a result, approximately $42 million worth of assets, including Legacy Frax Dollar (FRAX), wrapped bitcoin (WBTC), wrapped ETH (WETH), and other tokens, were transferred from the GLP pool to an unknown wallet.

The perpetual crypto exchange halted GMX V1’s trading and GLP’s minting and redeeming on both Arbitrum and Avalanche to prevent another attack and protect users’ funds. However, they clarified that the exploit was limited to GMX’s V1 and its GLP pool. GMX V2, its markets, or liquidity pools, and the GMX token were not affected and remained safe.

White-Hat Claims $5 Million Bounty Following the incident, GMX sent a message on-chain and on X offering a $5 million white-hat bounty to the attacker, claiming that their abilities were “evident to anyone looking into the exploit transactions.”

GMX’s team noted that returning the funds within the next 48 hours and accepting the bounty would allow the hacker to “spend the funds freely,” instead of taking additional risks to access them. They also vowed not to pursue any legal action and to assist the exploiter in providing proof of source for the funds if it is ever required.

Today, the exploiter responded in an on-chain message, accepting the bounty and starting the return process. As Lookonchain reported, they initially returned $10.49 million worth of FRAX on Friday morning.

GMX exploiter accepts white-hat bounty. Source: Lookonchain on X Meanwhile, another $32 million worth of assets had been swapped into 11,700 ETH, which are now valued at $35 million after the King of Altcoins’ price jumped to the $2,990 mark.

In the following hours, the hacker returned 10,000 ETH, worth $30 million, keeping only 1,700 ETH, valued at $5.2 million, as the bounty.

GMX later confirmed that the funds have now been safely returned and thanked the white-hat hacker for their actions, ultimately giving a positive turn to the incident.

Lastly, they informed users that “contributors are working on a proposed distribution plan for presentation to the GMX DAO and will share more information shortly.”

GMX token trades at $13.24 in the one-week chart. Source: GMXUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

Updated Apr 27, 2026, 7:06 a.m. Published Apr 27, 2026, 6:45 a.m.

4 min read

Long-time Bitcoin developer proposes a Bitcoin hard fork. (geraldfriedrich2/Pixabay)Summary

Paul Sztorc proposes a 2026 hard fork of Bitcoin called eCash, giving BTC holders equivalent tokens and adding Drivechains. A hard fork splits a blockchain into a new network with shared history but different rules, like Bitcoin Cash in 2017. The plan is controversial for reallocating coins tied to Satoshi Nakamoto, which critics call unethical and risky.Long-time Bitcoin developer Paul Sztorc has been trying to overhaul Bitcoin's architecture since 2015, but the broader community hasn’t budged.

So now he has proposed a dramatic step, called eCash hardfork, that involves copying Bitcoin's code to launch a separate version in August, while giving existing bitcoin holders equivalent tokens in the new network for free.

The community, however, is criticizing the funding part, which involves reassigning coins linked to Bitcoin’s missing founder, Satoshi Nakamoto.

Think of a hard fork like a railway line splitting into two. Trains start from the same station, but at some point the line splits, helping trains reach completely different destinations.

When a group of developers cannot reach consensus on a proposed change to Bitcoin’s code, they copy the existing blockchain and launch it as a separate chain, which shares Bitcoin’s entire history up to the point of the split, but diverges after the split, moving forward with its own rules, features, token and direction.

That's precisely what happened in 2017 when the debate over Bitcoin's block size reached a tipping point, culminating in a chain split and the creation of the Bitcoin Cash blockchain with its native token, BCH.

The technical dispute centered on Bitcoin's 1MB block size limit, which caps the number of transactions that can be processed every 10 minutes when new blocks are added to the blockchain. Hence, some favoured increasing the block size, but the community remained divided, eventually leading to a chain split.

Sztorc's eCash hard forkThe proposed hard fork will create a new chain called eCash with native eCash tokens. “Hold 4.19 BTC at the time of the fork, get 4.19 eCash. You can sell it, keep it, or ignore it entirely,” he said on X.

The fork is scheduled for Bitcoin block height 964,000 in August 2026. A coin-splitter tool will be released to help holders cleanly separate their BTC from their new eCash.

The new chain will be a near-copy of Bitcoin's existing blockchain, with one critical addition called Drivechains, a scaling architecture Sztorc first proposed in 2015 and formally submitted to Bitcoin developers as BIP300 and BIP301 in 2017 and 2019, respectively.

Drivechains are sidechains tethered to the Bitcoin blockchain, allowing seamless movement of BTC between the main chain and sidechains without changing Bitcoin's base layer. Each sidechain can operate under its own rules and features, essentially allowing developers to build new capabilities on top of Bitcoin without requiring the entire network to adopt those changes.

Think of Drivechains as service roads attached to the main highway. When the highway is congested, drivers can exit the highway and travel on the service road at different speed limits, then re-enter the highway when it's clear. This way, the highway never changes, yet more traffic is handled more efficiently, and the journey becomes more flexible for everyone.

Seven Drivechains are already in development, Sztorc said on X, including a privacy chain modelled on Zcash, a prediction market called Truthcoin, a decentralised exchange called CoinShift, and a quantum-resistant chain called Photon.

The controversial part linked to Satoshi coinsSztorc wants to use coins that would have gone to Satoshi Nakamoto's equivalent addresses on the new eCash chain to bring investors on board before the fork goes live, a decision he calls necessary but which has riled the community, with some calling it outright theft.

A potential hard fork would bring Bitcoin’s entire transaction history to the new chain. So every bitcoin balance, including Satoshi’s 1.1 million bitcoin, sitting untouched in wallets that have noved moved these coins, would show up as an equivalent eCash balance on the new chain.

As per the plan, fewer than half of the Satoshi-equivalent eCash coins will be assigned to investors today. The precise mechanism of how it's being done remains unclear. But since eCash doesn't yet exist, the pre-hard fork assign seems to be a promised credit following a successful hard fork.

The plan, he argues, will ensure collaborators have a tangible incentive to get involved early, building momentum and completing work ahead of launch. Without this mechanism, the project can turn into a "zombie project" that ships unfinished. Worse, it could become a centralized project, where a small group of developers gains outsized control over the chain's direction.

The industry response, however, has been negative.

“Taking Satoshi coins is theft and disrespectful, and eCash is already used for Lightning payments with Cashu and Fedi. Those are poor choices,” Bitcoin advocate Peter McCormack said.

Josh Ellithorpe, chief technology officer at Pixelated Ink, expressed concerns about the precedent it sets and how it could eventually be a risk to everyone’s BTC holdings.

“eCash, setting the precedent that they can and will steal coins. Now it's Satoshi, but it could be anyone later. Also misrepresenting the BCH fork, stealing another project's name, and not having replay protection,” Ellithorpe said.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Gnosis Pay

Jun 23, 2026

by Alexandru Popescu

MiniPay, Opera's self-custodial stablecoin wallet, has launched the MiniPay Card: a digital Visa debit card powered by Gnosis Pay. Eligible users can now spend their stablecoin balances across Europe (EEA), Africa, Latin America and Southeast Asia at more than 175 million Visa merchant locations worldwide. Gnosis Pay manages the card program behind it.

MiniPay already had the wallet, the users, and the balances. What its users did not have was a way to spend those balances at a normal checkout. Gnosis Pay closes that gap. We built the card program so a wallet can connect its stablecoin balances to Visa without becoming a card issuer, a bank, or a payments company itself.

The last meter problemIn a lot of markets, people already save and get paid in digital dollars. Holding stablecoins is solved. Spending them is the hard part.

A balance sitting in a wallet does not pay for groceries, a bus fare, or a subscription. To do that, the money has to reach a merchant through rails the merchant already accepts. For most of the world, that means Visa. Friederike Ernst, co-founder of Gnosis, puts it this way:

"For someone in Lagos or Nairobi who already holds savings in digital dollars, the missing piece isn't the wallet. It's the last meter. The ability to spend those balances at a checkout in another country without the merchant needing to know or care about crypto."

The last meter is the distance between a stablecoin balance and a card terminal. It is short, and it is where most stablecoin products stop. The MiniPay Card covers it.

What the MiniPay Card isThe MiniPay Card is a digital Visa debit card that lives inside the MiniPay wallet. Users add it to Apple Pay or Google Pay and spend with a tap, online or in person, anywhere Visa is accepted. The balance in the wallet is the balance on the card.

Behind the familiar card experience sits a stablecoin card program. When a user taps, their stablecoin balance is settled to Visa in real time, and the merchant is paid in their local currency. The merchant sees a normal Visa payment.

How Gnosis Pay powers itGnosis Pay is the card program manager for the MiniPay Card. That means we handle the technical layer that turns a wallet balance into a working card, and we coordinate the regulated parts of the stack rather than performing them ourselves.

Here is how the pieces fit:Issuing. The card is issued through Monavate's regulated card issuing, on Visa's global network. Gnosis Pay is the program manager around that.

Settlement. When the card is used, the stablecoin balance is bridged to Visa in real time. The merchant receives local currency with no crypto-specific setup.

Self-Custody. Funds stay in the user's self-custodial wallet until the moment of spending. MiniPay users keep control of their balances.

Onboarding. A wallet that already has users can pass its existing user base and verification into the program, rather than starting from zero.

This is the work that usually takes a wallet many months to assemble piece by piece: an issuer relationship, a Visa program, settlement, and the compliance coordination to run it across markets. Gnosis Pay packages it so a fintech, neobank or wallet can ship the card instead of building a card company.

Key takeaway: As the card program manager, Gnosis Pay connects a wallet's stablecoin balances to Visa in real time, so the merchant gets paid in local currency and never has to know crypto was involved.

Who it is forThe MiniPay Card launches into an existing base. Since 2023, MiniPay has grown to more than 16 million activated wallets, with strong adoption across Africa and other high-growth regions. The card is available to eligible users in selected markets across Europe (EEA), Africa, Latin America and Southeast Asia, anywhere Visa is accepted.

It also builds on what MiniPay already shipped. After introducing Virtual Bank Accounts, which let users receive money straight into their wallets as stablecoins, the card adds the other half: a way to spend those balances online and in person. Money in, money out, in one wallet.

Why this matters beyond MiniPayMiniPay is one wallet. The pattern is the point. Any wallet or fintech with users and stablecoin balances faces the same last meter, and the same choice: build a card company, or plug into a card program that already runs. Gnosis Pay is built for the second path. We did the same integration work for MiniPay that any partner would do, making this launch a template for future wallet integrations.

It also fits how Gnosis thinks about money. Stablecoins should work like money, which means they have to be spendable. A balance you can hold but not spend is a savings account with extra steps. A balance you can tap at any Visa terminal is closer to the thing money is supposed to be.

Tip: If you run a wallet or a fintech, the rails behind the MiniPay Card are the same ones you integrate with Gnosis Pay. The build starts in the docs.

Availability, fees, and rewardsThe MiniPay Card is launching to eligible users in selected markets. Find details on availability and product features at minipay.to/virtual-card.

Fees. No monthly or annual fee. Transactions carry a low nominal FX fee and ATM withdrawal fee.

Wallet integration. The card works with Apple Pay and Google Pay for contactless payments.

Rewards. In selected markets, the card offers cashback in digital assets, including Tether Gold (XAUt0), USDT and USDC.

This launch continues the path Gnosis Pay has been on, from remittances to retail: making stablecoin balances usable in the places people spend. It is also a working example of the ownership-first model we have been building toward, where users keep custody and still get the convenience of a card.

FAQWhat is the MiniPay Card?

The MiniPay Card is a digital Visa debit card inside Opera's MiniPay wallet. It lets eligible users spend their stablecoin balances at over 175 million Visa merchants, online or in person.

Where can you use the MiniPay Card?

It is available to eligible users in selected markets across Europe (EEA), Africa, Latin America and Southeast Asia, and it spends anywhere Visa is accepted.

Do you need crypto knowledge to use the MiniPay Card?

No. Users add the card to Apple Pay or Google Pay and tap to pay. It spends like any other contactless Visa card.

How is the MiniPay Card different from a regular debit card?

It spends from your own self-custodial stablecoin balance instead of a bank account. You keep custody of your funds until the moment you tap.

Do merchants need to accept crypto?

No. Merchants are paid in their local currency and see a normal Visa payment. They do not need to accept crypto or set anything up.

Build your card programThe last meter is closed for 16 million wallets. The next ones are the wallets and fintechs that have not shipped a card yet, and the rails are ready for them.

If you are building one, book a demo or learn more on gnosispay.com.

– Maximizes user accessibility through direct onboarding within LINE Messenger’s MINI App Tab
– Integrates BORA DEEPS to deliver a differentiated gameplay experience for Japanese users
– Strengthens on-chain rewards and BORA token utility, establishing a virtuous ecosystem cycle

METABORA GAMES (CEO Choi Se-hoon), a leading blockchain game developer, announced today the official launch of ‘Puzzle & Guardians’, its joint project with Baligames, as a MINI App on LINE Messenger in Japan through LINE NEXT Start, a group company of LY Corporation that operates Japanese Web3 business.

‘Puzzle & Guardians’ is a hybrid Web3 title that blends casual 3-match puzzle battles with RPG progression. Players can collect and build a roster of Guardians, engage in 1v1 PvP duels and dungeon play, and earn BORA token rewards by completing in-game missions and participating in event leagues.

With this launch, ‘Puzzle & Guardians’ is now onboarded onto the MINI App platform of LINE,  Japan’s largest messenger platform, enabling more than 100 million LINE users to play the game instantly inside the LINE Messenger app without any additional installation. The result is a more intuitive, highly accessible play environment.

In conjunction with the Japan launch, METABORA GAMES has integrated ‘Puzzle & Guardians’ with BORA DEEPS, the core infrastructure service of the BORA ecosystem. Through the BORA DEEPS Quest function, players are offered tailored missions optimized for gameplay, and the rewards they earn can be used across BORA DEEPS’ native content — including its ‘Mini Game’ offering and ‘Scratch’, a raffle-style service. The integration creates a natural virtuous cycle of play and reward, deepening user engagement across the platform.

The company also plans to continuously expand localized content tailored to the Japanese market, delivering a differentiated participation experience for local users. Launch commemoration events will follow, further reinforcing real-world utility for the BORA token.

More information about ‘Puzzle & Guardians’ is available on the official BORA DEEPS channels and the LINE platform. 

APPENDIX

BORA DEEPS website: https://intro.boradeeps.com/

‘Puzzle & Guardians’ LINE Mini App URL: https://miniapp.line.me/2008992531-yxrGfhQS 

METABORA GAMES is a subsidiary of METABORA, a casual and blockchain game developer, and serves as the development studio behind the blockchain platform BORA.

Centered on BORA DEEPS — a platform that organically connects in-game activities with rewards — METABORA GAMES designs user-participation-driven structures and collaborates with global partners to co-develop and operate Web3 projects across a wide range of genres.

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

BitDAO (BIT)suspected FTX founder Sam Bankman Fried's venture capital firm Alameda Research of breaching an agreement made in 2021 and selling its 100 million BIT tokens, causing BIT to plummet.

The DAO community asked Alameda to prove that it still owns its BIT tokens, and Alameda responded by transferring over 100 million BIT tokens from an FTX hot wallet to an Alameda address.

BackgroundAlameda published a proposal titled BIP-4 and offered BitDAO to swap 100 million BIT tokens with Alameda for 3,362.315 FTT tokens and make a public commitment not to sell each others' tokens for three years. The proposal was open for voting between Oct. 20 and Oct. 30 2021 and passed with 100% votes of the participants in favor.

The token swaps took place on Nov. 2, 2021, in three transactions, and both parties agreed not to sell them before Nov. 2, 2024.

Coins plummetOn Nov. 8, both BIT and FTT experienced a sharp 20% decline at around the same time. BIT fell from $0.40 to $0.33, while FTT plummeted from $22.12 to $15.36. Both tokens quickly recovered from a portion of their losses. At the time of writing, BIT is being traded for $0.39, while FTT is priced at $18.184.

BITUSDFTTUSDIn light of recent speculation about FTX's financial stability, the BitDAO community suspected that Alameda may have sold its BIT holdings and caused the sudden dump of both FTT and BIT.

BitDAO's founder and CEO Ben Zhou Tweeted to explain their suspicions and announced that they are asking for proof of funds from Alameda.

Bitdao community is questioning the sudden dump of $bit token caused by Alameda dumping and breaching the 3 yr mutual no sale public commitment. Nothing is confirmed but bitdao community would like to confirm a proof of fund from Alameda. https://t.co/YassKhcdPt

— Ben Zhou (@benbybit) November 8, 2022

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The BitDAO community ensured that the 3,362.315 FTT tokens were safe and sound in the BitDAO treasury, and asked Alameda to ensure BitDAO by transferring the 100 million BIT tokens into an on-chain address so that the BitDAO community can verify.

BitDAO community warned that if Alameda fails to provide sufficient proof of funds within 24 hours:

“It will be up to the BitDAO community to decide (vote, or any other emergency action) how to deal with the $FTT in the BitDAO Treasury.”

FTX respondsResponding to BitDAO's request, over 100 million BIT tokens were transferred from an FTX hot wallet to Alameda's address.

This address is the original address that Alameda agreed to receive its BIT tokens in when the deal was inked in 2021.

Mentioned in this articlePosted in

Telos has integrated with several platforms across the crypto ecosystem as it looks to unlock cross-chain liquidity and decentralized finance opportunities.

The Telos Foundation announced the expansion via X, noting that Telos now leverages the technology and solutions of Stargate, BitGo, and Circle to enhance network security, accessibility, and liquidity.

Specifically, Telos is tapping into Stargate, a cross-chain liquidity protocol built on LayerZero, to enable multi-chain native asset transfers. This integration will allow users to bridge tokens between Telos and 30 other networks, opening new opportunities in a multi-chain decentralized finance ecosystem.

Other integrations include with Hydra, a part of Stargate v2 to bring assets such as wrapped Bitcoin (wBTC), USDC (USDC) and Tether (USDT) to Telos. 

“By bringing high-value, widely used tokens to Telos, Hydra enhances liquidity accessibility and fosters deeper DeFi engagement,” Telos Foundation wrote.

Telos’ wBTC and USDC integration is via BitGo and Circle, with the two companies among top ecosystem providers. Partnering with BitGo not only brings wBTC to Telos, but also ensures this happens with the support of a provider that can unlock liquidity for institutional access on the platform. 

Circle allows for a bridged version of its USDC stablecoin to go live on Telos, with this offering the option for native USDC to deploy on the Telos mainnet. 

According to DeFiLlama, the total value locked in DeFi protocols on Telos is currently around $16.6 million. The Telos TVL is spread across decentralized exchanges, lending protocols, real-world asset platforms and liquid staking providers among others.

Telos Foundation said in the announcement that the upgrades and integrations it has secured will be crucial to the Telos blockchain’s interoperability and footprint in DeFi. 

“The road is now open for massive liquidity to flow into the ecosystem, making Telos a prime destination for DeFi users and developers,” it noted.

Andre Cronje, the former CTO and board member of Sonic Labs, has resigned. Two other founding members of Sonic, Michael Kong and David Richardson, are also stepping down. 

The reshuffle lands while S sits about 91% below its January 2025 peak, reviving questions over whether it has bottomed. Matt Visser becomes the second chief executive in nine months.

Sonic (S) Token Price Performance. Source: BeInCryptoCronje and Co-founders Hand the Board to VisserSonic Labs framed the exits as an orderly handover. Kong, Cronje, and Richardson remain invested in Sonic’s success but will no longer make business decisions, per the team’s announcement. As of now, it’s unclear whether or not they will retain financial stakes in the organization.

The change caps a turbulent year in the C-suite. Sonic named Mitchell Demeter CEO last September to court institutional money, then lost him by February, leaving the founding board to run operations.

Cronje built much of decentralized finance (DeFi) and left those projects abruptly in 2022. He has lately turned to Flying Tulip, a new exchange he is raising money to build.

S Token Tests New Lows as Deposits FleeThe market reaction has been harsh. S recently traded around $0.029, down about 6% in 24 hours and roughly 37% over the past month. It has fallen close to 91% this year.

The slide has cut Sonic’s value to about $111 million, ranking it near 250th. The token sits just above the record low it set on June 6, far below its $1.03 high from January 2025.

The capital flight runs deeper than price. Sonic, which grew from Fantom’s rebrand to Sonic, once hit $1 billion TVL within months of launch.

Total value locked has since collapsed to about $18 million, DefiLlama shows. That is a drop of roughly 98% from a 2025 peak above $1.1 billion.

Sonic TVL. Source: DefiLlama “Woke up today to read about Andre Cronje resigning from Sonic Labs board. Checked CoinGecko and see that token is down 90% in last 1 year. Market cap $116m. So many projects are struggling so much this bear market. Tough year, but probably we haven’t bottomed yet unfortunately,” commented Bobby Ong, co-founder of CoinGecko.

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Sonic Promises a Reset as Critics Question TimingStill, not everyone accepted the framing. Critics argue that stepping back during a downturn erodes trust.

Worst possible timing.

You don't leave a project in this condition and call it leadership.

At this point, people are right to ask whether Sonic was just another stop before the next shiny opportunity.

This is a dangerous way to erode trust, and it rarely ends well.$S https://t.co/po2TfXQdko

— Nimesh (@NimeshOnchain) June 20, 2026 Sonic insists its survival does not hinge on the token. The team says it carries no venture capital, unlocks, and funds development from a diversified treasury, giving it runway regardless of price.

Management also points to steady output, claiming 400 pull requests merged this year, two releases shipped, and a private testnet running for version 2.2.0.

Visser set expectations modestly, not promising a quick rebound.

“I am not here to promise an instant turnaround. I am here to make Sonic 1% better every single day and let that compound. Show up, do the work, prove it in public, repeat,” read an excerpt in the announcement, citing Matt Visser, Sonic CEO.

Could that discipline help steady the S token?

Sonic (S) Falls 40% In A Month as RSI Flashes Fresh Sell SignalThe Sonic price has slid back toward the record low it set earlier this month. Momentum indicators have turned sharply negative.

S now sits below every major moving average, with sellers firmly in control. Buyers have shown little appetite to defend current levels.

Sonic Price Outlook. source: TradingViewMomentum points to week demand, with the Relative Strength Index (RSI) sitting at 32.50, just above oversold territory and beneath its 33.25 signal line.

The chart marks this crossover as a fresh sell signal, given that every time the RSI crossed below the signal line in the recent past, the price extended the fall.

The reading echoes the mixed signals from a recent volume surge. An RSI reclaim of 40 would hint that selling is cooling.

Now, the S price prediction hinges on a $0.028 floor, as the Sonic token’s value remains pinned beneath a descending trendline and the 20-day EMA at $0.033.

A daily close under the $0.028 support could trigger a retest of the $0.0277 record low, roughly 5% lower.

Reclaiming $0.033 would invalidate the bearish setup. Longer-term forecast models stay cautious.

The Fantom Opera shutdown on June 30 may add volatility as holders finish migrating.

Since launch, Sonic has become the home of the ecosystem – users, builders, liquidity, and validators have all made the move.

With that transition complete, Fantom Opera will be retired on June 30, 2026.

The Fantom Opera network will cease operation at 5:00 PM GMT on June 30,… pic.twitter.com/VrKRlO1FKU

— Sonic (@SonicLabs) April 7, 2026 A hold above $0.028 keeps a rebound alive, while a break below confirms the downtrend.

Osmosis has proposed converting OSMO to ATOM and tightening Cosmos Hub integration, testing whether chain mergers can boost liquidity, governance, and valuations.

Summary

Osmosis plan offers OSMO–ATOM conversion at a fixed rate over six months, with unclaimed ATOM returning to the Hub community pool. Proposal would bind Osmosis liquidity, security, and governance more tightly to Cosmos Hub, positioning ATOM as the primary base asset. The move sharpens Cosmos’ consolidation vs app‑chain sovereignty debate, putting OSMO and ATOM holders in control via governance votes. Interoperable DEX Osmosis has put forward a sweeping proposal to convert OSMO into ATOM and migrate its core protocol more tightly into the Cosmos Hub, in one of the most aggressive consolidation moves yet seen in the Cosmos ecosystem. The plan would effectively bind Osmosis’s liquidity, security, and governance more directly to the Hub, while offering OSMO holders a time‑limited path into ATOM exposure.​

Under the proposal, all circulating OSMO – excluding undeployed community pool tokens – could be converted to ATOM over a six‑month window at a fixed rate of 1.998 OSMO for 0.0355 ATOM. Holders who do not claim within that period would see the corresponding ATOM returned to the Cosmos Hub community pool, concentrating unclaimed value under Hub governance. The structure is explicitly designed to avoid permanent dangling liabilities, while forcing a clear decision from tokenholders on whether they want to align with the Hub or exit.​

Strategically, the proposal aims to turn Osmosis from a largely independent app‑chain into a native liquidity engine for Cosmos Hub, potentially simplifying the stack for users and institutional players who view Cosmos as fragmented. By consolidating liquidity and security at the Hub layer, proponents argue that Cosmos can present a cleaner narrative to external capital: one core base asset (ATOM), one primary liquidity venue (Osmosis on Hub), and unified governance. For Osmosis, the move could widen its addressable user base if ATOM’s brand and distribution outweigh the loss of a standalone token.

The trade‑offs are significant. OSMO holders face dilution of protocol‑specific upside in exchange for broader ATOM exposure and tighter alignment with the Hub’s long‑term roadmap. Cosmos Hub, on the other hand, would be implicitly underwriting Osmosis’s future, importing not only its liquidity and fees but also its technical and governance risk. Success would push Cosmos further toward a “hub and spokes” model with ATOM at the center; failure would strengthen the case for app‑chain sovereignty over consolidation.​

If passed, the proposal would mark a clear escalation in the ongoing debate over how Cosmos should compete with more monolithic ecosystems like Ethereum and Solana. It would also provide a live test of whether token conversions and protocol mergers can unlock higher valuations and deeper liquidity, or whether they simply shuffle risk and governance complexity from one balance sheet to another. For now, all eyes will be on how both OSMO and ATOM holders respond at the ballot box.

Hello Storj Community,

As you may have seen, Storj has agreed to be acquired by Inveniam, the global leader in decentralized AI technology for private markets. This marks an exciting new chapter for Storj as we continue to grow and expand our decentralized cloud storage and compute network.

This acquisition strengthens the foundation of our community. With Inveniam’s support, we’ll accelerate development, expand partnerships, and continue innovating while keeping STORJ an important part of our ecosystem.

While we’re excited about what’s ahead, we want to ensure we’re clear about what this means for you as a STORJ tokenholder right now:

No changes to STORJ’s utility: The token will continue to be the unit of exchange for storage and bandwidth on the Storj network.Node operator payments remain the same: You’ll continue earning STORJ for contributing storage and bandwidth. Trading and liquidity are unaffected: STORJ will remain listed on exchanges. Our mission remains largely unchanged: Storj’s focus on building the best distributed storage and compute platform remains steadfast. Partnering with Inveniam means gaining more support and resources to continue advancing our mission and vision. We deeply value your support as customers, partners, node operators, and tokenholders. Together, we’ve built the most secure and performant distributed storage network in the world, and this milestone ensures we can take it even further.

By joining forces with Inveniam, we expand our footprint and increase the financial resources to continue to grow and invest in the Storj ecosystem. We also become part of an organization that is a leader in complementary spaces, such as the tokenization of real-world assets. While more on our joint plans are forthcoming, part of the attraction for working with Inveniam was their interest in creating a distributed and decentralized marketplace for cloud computing resources generally, where blockchain plays a critical role.

For more details, please read our full announcement [link to corporate press release] and visit our blog post and FAQ.

Thank you for being part of Storj’s journey.

— The Storj Team

Ethereum gaming franchise Illuvium has undergone a company restructuring, resulting in layoffs along with some core contributors opting to take pay cuts or receive their wages in the gaming IP’s own token.

The downsizing comes after Illuvium released a trio of interconnected games last year—Overworld, Arena, and Zero—that covered varying genres. Despite its ambitious vision, the community's reaction wasn't overwhelmingly positive following years of development.

In December, co-founder Kieran Warwick admitted that "concerns" about the franchise's gameplay were valid and that things had to change. Part of this included that Illuvium had "significantly" reduced its costs via capping wages at $85,000, among other adjustments.

But this week, Warwick said that more substantial cuts had to be made.

"We made the difficult decision to restructure our core contributor team to bring our monthly burn rate closer to $500,000," Warwick said in a Tuesday statement. "We want to extend our sincere gratitude to everyone affected by these changes."

The statement on X (formerly Twitter) further explains that some employees have "generously offered" to take pay cuts, while others have chosen to receive their salary in the project's ILV token rather than the USDC stablecoin. It also alludes to letting employees go as part of a “leaner” approach, although never explicitly says this is the case.

In the replies, Illuvium Community Manager DickKingz, also known as Rich, explained that the team is now down to 66 core contributors—down from between 100 to 150 people as of late.

"The trim to 66 was unfortunately a lot of my teammates and friends, and [I] hate to see them go," Rich said. "Hopefully it’s only bye for now, and in the future when things improve, we can bring many back."

Illuvium did not immediately respond to Decrypt's request for comment.

As a result of the restructuring, as well as some other operating cost cutting measures, Illuvium has gotten closer to its "burn rate" goal of $500,000—it was at $900,000 as of December. This means that the Illuvium franchise now has a 24-month runway to continue development.

Previously, Warwick explained that Illuvium planned to seek fresh funding around March. But in the wake of the restructuring, he confirmed that the franchise isn't looking to raise "right now." 

He had also previously outlined a plan to move the franchise forward. The co-founder proposed focusing on one game at a time—rather than the three games it was developing—including reworking its Overworld to be a more streamlined version of a massively multiplayer online game, or MMO, and reducing in-game microtransactions. 

It appears that the 24 month-runway will get the project to the point of completing its auto-battler, starting the rework of Overworld, and attempting to keep the community engaged, according to the restructuring statement.

"This is step one in the rebuild. Now we have the runway, and it will continue to be extended," Warwick said on X. "Enormous updates are coming mid-next month: Auto drone runs, multiplayer servers, and leaderboards reactivated."

"28-3 down with two minutes to go in the third quarter," he added, comparing the project to a losing team in a football game. "We're about to run this shit back so hard."

Edited by Andrew Hayward

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

The US Securities and Exchange Commission released a comprehensive classification framework for tokenized securities on the same day Robinhood’s CEO publicly called for stock market tokenization.

Meanwhile, Terra’s Mirror Protocol—the first large-scale experiment in synthetic tokenized securities—ended with over $40 billion in investor losses and its founder’s guilty plea, underscoring the urgent need for regulatory clarity.

SEC Presents Tokenized Securities FrameworkOn January 28, the SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets jointly issued a “Statement on Tokenized Securities.” The statement systematically classifies various structures of blockchain-recorded securities and specifies how existing federal securities laws apply to each type.

The SEC divided tokenized securities into two broad categories. The first is “issuer-sponsored tokenized securities,” where companies directly issue their own securities in token form. In this case, the blockchain functions as part of the master securityholder file. Token transfers constitute transfers of securities ownership.

The second is “third-party-sponsored tokenized securities,” where parties unaffiliated with the issuer tokenize existing securities. The SEC further subdivided this into custodial and synthetic models. Custodial models hold the underlying securities in custody, with tokens representing indirect ownership interests. Synthetic models provide only price exposure without conferring actual ownership rights.

Mirror Protocol: The Dark PrecedentThe first large-scale experiment in what the SEC now defines as “synthetic tokenized securities” was Mirror Protocol. Do Kwon launched it in December 2020. The platform, built on the Terra blockchain, purportedly enabled trading in synthetic versions of US-listed stocks like Apple and Tesla.

Do Kwon promoted the project as “granting intuitive access to global financial markets for disenfranchised users.” He claimed Mirror operated in a decentralized manner. Neither he nor Terraform played any role in its governance, he said.

The reality was starkly different. According to the US Attorney’s Office’s December 2025 sentencing statement, Do Kwon and Terraform “secretly maintained control over Mirror, and used automated trading bots to manipulate the prices of synthetic assets.” He also “caused Terraform to inflate key user metrics to deceive investors about the extent of Mirror’s adoption and decentralization.”

Mirror was part of a broader fraud scheme at Terraform. When UST and LUNA collapsed in May 2022, investors lost over $40 billion. Do Kwon was arrested in Montenegro in March 2023 while traveling on a fraudulent passport and was sentenced to 15 years in prison on December 11, 2025.

Robinhood Stock Tokens: A Different ApproachRobinhood already offers over 2,000 US stock tokens in Europe. The company describes them as “tokenized contracts that follow [stock] price” and “derivative contracts that do not grant rights to underlying securities”—fitting squarely into the SEC’s synthetic tokenized securities category, just like Mirror.

But the differences are substantial. Robinhood operates as a regulated financial institution, complying with MiFID II and transparently disclosing the derivative nature of its products. The company states that underlying assets are held by a US-licensed institution. Investors can start with as little as €1 and receive dividends when eligible.

Mirror, by contrast, disguised itself as a “decentralized community project” to evade regulation, while Do Kwon secretly controlled it. Its collateral was the algorithmic stablecoin UST, which ultimately collapsed.

Tenev’s Vision: From GameStop to TokenizationRobinhood CEO Vlad Tenev issued his statement on January 28—exactly five years after the GameStop buying halt that thrust his company into crisis. He identified the T+2 settlement system as the root cause, arguing that tokenization-enabled real-time settlement is the solution.

“T+1 is still far too long, particularly when you factor in that it really means T+3 on Fridays, or T+4 on long weekends,” Tenev wrote. Blockchain-based tokenization would eliminate settlement risk and enable customers to trade freely at any time.

Tenev announced plans to enable 24/7 trading and DeFi access within the coming months. Investors could self-custody their stock tokens and use them for lending and staking. If realized, this would shift Robinhood’s structure from synthetic to custodial. It could address the current risk: total capital loss if the company goes insolvent.

The Push for Regulatory ClarityTenev praised the current SEC leadership for supporting tokenization experiments and urged the passage of the CLARITY Act, which is under consideration in Congress. “Legislation would ensure that subsequent commissions cannot abandon or reverse the progress achieved by this SEC,” he wrote.

The SEC statement represents staff views without legal binding force, but the precedent of Mirror Protocol demonstrates what regulatory gaps can produce. Do Kwon built his fraudulent empire by claiming “decentralization” exempted him from securities laws—a claim the SEC’s new framework explicitly rejects.

For months, XRP holders have watched price action struggle to gain meaningful traction. Yet beneath the surface, two developments are quietly reshaping the conversation around the asset. The latest XRP news centers on Ripple securing preliminary MiCA approval in Europe and a notable shift in Binance transaction behavior that has persisted for an entire week.

Neither event guarantees a price reversal. Still, both point toward growing institutional relevance and changing user behavior at a time when market participants have been searching for reasons to turn constructive.

Ripple Gets Europe’s Regulatory Green LightRipple announced that it has received preliminary MiCA approval to offer regulated crypto payment services across Europe. The approval effectively moves the company closer to legally providing crypto and stablecoin-based payment infrastructure to banks and businesses throughout the European Union.

MiCA is widely viewed as one of the most comprehensive crypto regulatory frameworks globally. According to details shared around the announcement, regulators issued Ripple a “green light letter,” indicating the company has met major requirements while final conditions remain before a full license is granted.

For Ripple, the implications extend beyond compliance. The approval opens the door for broader adoption of its payment technology, including RLUSD, among institutions seeking regulated cross-border settlement solutions.

Institutions Could Finally Join The NetworkThe significance of the development lies in accessibility. European banks and businesses may eventually gain a compliant pathway to use Ripple’s infrastructure for international payments. In an industry often slowed by regulatory uncertainty, obtaining preliminary approval under MiCA provides an important credibility boost.

More importantly, it strengthens the long-term utility narrative surrounding the broader XRP ecosystem. While traders often focus on daily price fluctuations, infrastructure milestones tend to have a longer shelf life than short-lived market hype.

Binance Data Shows A Curious ShiftAt the same time, on-chain activity is telling an interesting story. According to CryptoQuant data shared by Amr Taha, XRP withdrawal transactions on Binance have dominated deposit transactions for seven consecutive days since June 17. On June 23, withdrawals accounted for 53.8% of transaction activity, the highest level recorded since June 2024.

Meanwhile, deposit transactions fell to 46.1%, marking their lowest reading since 2024. The result is a 7.7 percentage-point gap favoring withdrawals.

It’s important to note that this metric tracks the share of transactions rather than the dollar value of XRP being moved. Even so, the persistence of withdrawal dominance stands out because it reflects a sustained behavioral shift rather than a one-day anomaly.

Why XRP Holders Are Paying AttentionMarkets rarely move on a single catalyst. However, a combination of expanding regulatory legitimacy and consistent withdrawal activity is enough to keep investors watching closely.

The XRP price may not be reflecting that optimism yet, but the latest XRP news suggests that adoption and network behavior are moving in a direction many long-term participants would prefer. Whether that ultimately translates into a stronger trend remains the question traders will be monitoring in the weeks ahead.

Story Ends Here

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Scallop, a pioneering Next Generation peer-to-peer Money Market for the Sui ecosystem, has announced a significant milestone in its journey. The platform has secured a strategic partnership with DWF Labs, a leading new generation Web3 investor and one of the world’s largest high-frequency cryptocurrency trading entities. This collaboration signifies a major step forward for Scallop, as it aims to enhance its efforts in expanding DeFi adoption.

Enhanced Liquidity and Market Visibility As part of the partnership, DWF Labs will act as Scallop’s principal liquidity provider across various centralized exchanges and support over-the-counter (OTC) trading activities. 

The primary objective of this collaboration is to bolster the liquidity of the Scallop token on a global scale. Leveraging DWF Labs’ extensive expertise and network of relationships with trading platforms and exchanges, Scallop is poised to elevate its market visibility and expand its ecosystem significantly.

This strategic alliance not only strengthens Scallop’s position in the DeFi space but also extends its reach into the institutional market. By promoting adoption among institutional investors, Scallop aims to establish itself as a key player in the broader cryptocurrency landscape. The investment from DWF Labs will accelerate the execution of Scallop’s roadmap, enabling the team to fulfill its commitments to the community and explore new ventures.

About DWF Labs and Scallop DWF Labs, known as the new generation Web3 investor and market maker, is among the largest high-frequency cryptocurrency trading entities globally. The entity engages in spot and derivatives markets across over 60 top exchanges, bringing extensive experience and market insights to its partnership with Scallop.

Scallop, on the other hand, stands as the first DeFi protocol to receive an official grant from the Sui Foundation. Positioned as a Next Generation peer-to-peer Money Market for the Sui ecosystem, Scallop aims to revolutionize DeFi by providing innovative financial solutions and fostering broader adoption.

With the support of DWF Labs and its commitment to expanding DeFi accessibility, Scallop is poised to make significant strides in its mission to reshape the future of decentralized finance. As the partnership unfolds, investors and enthusiasts can expect to see exciting developments that contribute to the growth and sustainability of the Scallop ecosystem.

AUTHOR

Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.

[PRESS RELEASE – Singapore, Singapore, March 29th, 2025]

Scallop, a lending and borrowing protocol on the Sui blockchain, has recorded an impressive revenue of $79,920 over the past 24 hours, according to recent data from DeFiLlama. This achievement places Scallop second among all decentralized finance (DeFi) lending protocols, trailing only Aave, a well-established name in the sector. The milestone underscores Scallop’s growing prominence within the Sui ecosystem and the broader DeFi landscape.

The Sui Ecosystem: A Foundation for Innovation

Sui, a high-performance Layer 1 blockchain launched in May 2023, has quickly emerged as a hub for scalable and efficient DeFi applications. Designed with a unique object-centric data model and powered by the Move programming language, Sui offers low transaction fees, high throughput, and robust security. These attributes have fueled significant growth in its DeFi ecosystem, with Total Value Locked (TVL) surpassing $2 billion in early 2025, as reported by DeFiLlama. The blockchain’s ability to process transactions in parallel and achieve instant finality has attracted developers and users alike, positioning Sui as a competitive player alongside established networks like Ethereum and Solana.

The Sui Foundation, the organization driving the blockchain’s development, has played a pivotal role in nurturing innovative projects. Scallop stands out as the first DeFi protocol to receive an official grant from the Sui Foundation, a testament to its strategic importance within the ecosystem. This support, combined with backing from prominent industry players such as CMS Holdings, 6th Man Ventures (6MV), UOB Venture Management, and notable individuals like Dingaling, Pentoshi, and Virtual Beacon, has provided Scallop with a strong foundation for growth.

Scallop Protocol: Redefining Lending on Sui

Scallop Lend is a peer-to-peer money market protocol built on Sui, offering users a platform to lend and borrow digital assets with institutional-grade features. Since its token generation event (TGE) a year ago, Scallop has established itself as the top lending and borrowing protocol on Sui, boasting a TVL of approximately $130.27 million as of March 29, 2025. This figure reflects a notable 34% increase over the past seven days, highlighting sustained user confidence and adoption. The protocol’s total deposits and collateral currently stand at $187 million, with cumulative revenue reaching $3.94 million. The protocol’s total deposits and collaterals have now surpassed $200 million, a significant milestone that reinforces Scallop’s position as the leading money market on Sui.

Users can Supply and Borrow with Scallop here: https://app.scallop.io Scallop’s design emphasizes accessibility, security, and user experience. It separates lent assets from collateral to enhance resilience and employs a vote-escrow (ve) model to incentivize borrowing activity. Under this model, users who stake Scallop’s native token, $SCA, can access higher yield rewards. To date, the community has locked more than 27 million $SCA tokens—over 10% of the total supply—for an average duration of 3.72 years, signaling strong long-term commitment to the protocol.

In the past three days, Scallop has expanded its offerings by listing the Walrus token and partnering with Binance Wallet to host a yield-focused activity. These developments reflect Scallop’s ongoing efforts to diversify its ecosystem and enhance value for users.

A Competitive Force in DeFi Lending

Scallop’s recent 24-hour revenue of $79,920 positions it as a formidable contender in the DeFi lending space, trailing only Aave, a protocol with a long-standing presence on Ethereum and other chains. With a focus on scalability and innovation, Scallop leverages Sui’s technical advantages to deliver a seamless experience for lenders and borrowers. Its open-source framework has also enabled other projects within the Sui ecosystem to build on its infrastructure, further amplifying its impact.

As the Sui ecosystem continues to mature, Scallop’s performance suggests it is well-positioned to maintain its leadership in lending and borrowing. The protocol’s combination of strategic partnerships, community engagement, and robust metrics underscores its potential to shape the future of DeFi on Sui and beyond.

About Scallop

Scallop is the pioneering Next Generation peer-to-peer Money Market for the Sui ecosystem and is also the first DeFi protocol to receive an official grant from the Sui Foundation.

The protocol offers a range of financial services, including high-interest lending, low-fee borrowing, asset management, and automated market-making (AMM) tools, all on a single platform. Additionally, Scallop provides a software development kit (SDK) that enables professional traders to implement complex trades, including zero-interest loans easily. By emphasizing security and adhering to best practices, Scallop aims to reduce the risk of malicious behavior in the DeFi space, providing users with a trustworthy and reliable platform.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About Gate

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

About Casper Association

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About InjectiveInjective is a lightning fast interoperable layer one blockchain optimized for building premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4 minutes ago

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

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

4 minutes ago

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

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

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A newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.

According to monitoring by Onchain Lens, a newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.

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JPMorgan Chase raised its S&P 500 target to 7,800 points, while warning of an overcrowded AI trade.

JPMorgan Chase has raised its year-end outlook for U.S. stocks, while cautioning investors that the overcrowding in AI-related momentum stocks is becoming the market’s most vulnerable segment. The JPMorgan strategy team led by Dubravko Lakos-Bujas lifted its 2026 year-end target for the S&P 500 from 7,600 to 7,800 points, citing continued upward revisions to corporate earnings expectations and nearly doubling of AI-related capital expenditures. The bank noted that consensus earnings expectations for both 2026 and 2027 have been revised up by roughly 10% since the start of the year, a magnitude typically only seen in the recovery phase after a recession or major shock. However, JPMorgan does not interpret this upward revision as a risk-free rally. The bank pointed out that low-quality growth stocks, speculative growth stocks, and second- and third-tier AI-related concept stocks have become "extremely overcrowded," and a pullout of capital could trigger a rapid correction. The strategists also noted that rising equity supply in the coming quarters and potentially tight monetary policy could cap further valuation expansion. On the allocation front, JPMorgan recommends a barbell strategy: holding high-quality growth stocks and stocks directly benefiting from AI on one end, and low-volatility, high-quality stocks as a portfolio buffer on the other. The bank remains bullish on tech, select industrials, utilities, defense, banks, and some healthcare growth stocks, but believes the market’s upward trajectory will not be linear.

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Preview: The U.S. May core PCE data will be released at 20:30 tonight, and is projected to hit its highest level since October 2023.

The Fed’s key inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released at 20:30 tonight, with markets expecting a sharp rise in May inflation that could reignite rate hike bets. The headline PCE year-over-year growth rate is projected to hit 4.1% in May, up from 3.8% in April and marking its highest level since 2023. Core PCE, which excludes food and energy, is forecast to rise to 3.4% year-over-year, up from 3.3% in April and its highest reading since October 2023. Core PCE has remained above the Fed’s 2% inflation target since 2021. The recent short-term inflation uptick was driven mainly by surging gasoline prices amid the Iran conflict in May. Oil prices have since edged lower following the signing of a peace deal between the U.S. and Iran, but core inflation has strengthened in tandem, indicating that price pressures are not solely tied to geopolitical oil shocks. Data from the CME FedWatch Tool shows that as of Wednesday, markets are pricing in a 34% probability of a 25 basis point rate hike in July. Aditya Bhave, U.S. economist at Bank of America Securities, noted that the recent inflation rebound stems in part from tariffs and one-off disruptions, but successive supply shocks have eroded the Fed’s patience, while deflationary room in the housing sector has largely been exhausted. Data shows that core PCE dipped to 2.6% in April, its lowest level since 2022, but annualized core PCE growth over the past three and six months has hovered near 3.8%.

4 minutes ago

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Summarize this article with:

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

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

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

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

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

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

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

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

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

Here are some key market data to note:

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

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James G.

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

DISCLAIMER

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

8 min read

Dec 22, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Specific integrations and partners are discussed in the full report.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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