XRP futures open interest na Binance v srpnu vzrostl z 181 milionů USD na 232,7 milionu USD. Podle CryptoQuant za tím stály hlavně medvědí pozice a přetrvávající prodejní tlak.
XRP’s price has been under pressure after a recent correction brought it down to a multi-year low of $0.98. Despite this, the derivatives market for XRP on Binance has displayed a notable increase in trading activity.
Latest analytics from CryptoQuant, a leading blockchain data provider, indicated that open interest (OI) in XRP futures on Binance rose sharply in August. Figures show that OI reached $232.7 million on August 17, up from $181 million on August 3. This 28.6% increase pushed XRP’s futures OI to its highest point since June 2026.
Rising open interest generally indicates an influx of new capital and positions in the market. However, the report highlighted that this heightened activity emerged during a period marked by increased volatility and continued price declines for XRP.
An analyst from CryptoQuant observed that the majority of the surge stemmed from intensified bearish positions by traders, rather than fresh bullish momentum. This interpretation is based on several on-chain indicators tracked during the same period.
Market data points to continued sellingThe analytics further tracked XRP’s seven-day open interest trend. Open interest shifted from a decrease of $40 million on July 29 to a gain of $38.9 million by August 17. This swing, according to the report, demonstrates that many traders opened new positions in August, with both bullish and bearish strategies in play.
While open interest rose, Binance’s Perpetual Cumulative Volume Delta (CVD)—which summarizes net buying and selling activity—showed persistent selling pressure, falling to -$463.2 million. This metric provided clearer insight into market sentiment, revealing that aggressive sell-side orders have outweighed buying even as OI climbed.
The combination of a jump in open interest and falling CVD presents mixed signals for XRP. The rising OI might typically suggest renewed interest, yet the dominance of bearish bets paints a less optimistic picture for the short term.
CryptoQuant is a South Korea-based blockchain analytics provider offering real-time data on flow, activity, and sentiment across major cryptocurrencies and exchanges.
Mini dictionary: Open Interest (OI), the total value of outstanding futures or options contracts that have not been settled. Higher OI reflects increased participation and can indicate market sentiment.
XRP open interest on Binance soared from $181 million to $232.7 million between August 3 and August 17, as bearish positions dominated trade and sell-side pressure continued to build.
DateXRP Open Interest (Binance)Cumulative Volume Delta (Binance Perpetual)July 29~$181 million–August 3$181 million–August 17$232.7 million-$463.2 millionDespite hopes for a price recovery, most new trades in $XRP derivatives on Binance have focused on selling, signaling ongoing caution among market participants.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Šéf BitMart Sheldon Lee označil obvinění za vykonstruovaná, zatímco uživatelé dál hlásí zmrazené výběry a chybějící výplaty zaměstnanců. Burza po červencovém orderly wind-down obchodní platformy dosud nezveřejnila rezervy ani plán splátek. Oficiální oznámení stanovilo 26. srpen jako poslední den obchodování a doporučený termín pro žádosti o výběr, přičemž přístup k přihlášení má běžet do 31. ledna 2027.
BitMart chief executive Sheldon Lee dismissed accusations circulating on X as fabricated rumors on Monday, hours after a public campaign gave him until August 19 to explain where customer money went.
BitMart announced an orderly wind-down of its trading platform in July. Many users still report blocked withdrawals, and former employees say last month’s salaries remain unpaid.
Why BitMart Users Want Proof of ReservesA Chinese-language account posting as BitMart 币市 published a five-point accountability demand on Monday. It asks Lee and business partner Yi Li to disclose wallets, assets, liabilities, and usable reserves that a third party can verify.
The account also questions who ordered the withdrawal limits. Moreover, it asks when management first knew the platform could no longer process requests normally.
Strain showed up on-chain almost immediately. Ethereum withdrawals surged to a 2026 high within days of the notice, while BMX crashed 46% as the announcement landed.
The July 26 notice stopped deposits and new Bitmart registrations at once. It also switched futures accounts to reduce-only mode, which lets traders close positions but not open fresh ones.
Staff pay sits at the center of the complaint. Rank-and-file employees never decided how company funds were managed, the account argues, so they should not absorb the cost of that decision.
“Let the fund flows be traced clearly. Let users know where their money is. Let employees get back the pay they deserve.”
Legal Threats Replace a Repayment PlanLee skipped the demands point by point. Instead, he said the company had gathered evidence and would file a police report and send a lawyer’s letter to X requesting technical forensics.
Sheldon. Source: XHe added that employee assets carry no priority over client assets. Meanwhile, the reply offered no reserve figures, no liability total, and no repayment timeline.
The campaign wants a repayment plan with an order of priority, a start date, and an independent audit. So far, BitMart has published none of that.
On-chain investigator ZachXBT pushed back within minutes.
“If you actually have the liquidity then simply return the funds to everyone instead of posting vague statements?”
The official notice sets August 26 as the final trading day and the recommended cutoff for withdrawal requests. Login access runs until January 31, 2027.
BitMart is one of several venues to exit this year. Analysts read closures as a healthy reset, though staff cuts at Luno pointed to wider stress. European regulators, meanwhile, opened a custody review under MiCA after an earlier exchange collapse.
Wednesday’s deadline now sets the next test. Verifiable reserve data would answer the question quickly, while another statement without numbers likely will not.
Bitmine přikoupila dalších 9 926 ETH a drží už 4,8 % celkové nabídky Etherea, téměř svůj cíl 5 %. Celkem má 5,815 milionu ETH v hodnotě asi 11 miliard USD.
Bitmine bought another 9,926 ETH last week, bringing its holdings to 5.815 million ETH worth about $11 billion.The Tom Lee-led company now owns about 4.8% of Ethereum’s total supply, nearing its stated goal of 5%.Lee expects tokenization, AI-agent applications and easing financial conditions to support demand for Ethereum and the broader crypto market.Ethereum treasury company Bitmine Immersion added more of the token to its balance sheet, bringing its total holdings up to 5.815 million tokens.
In an announcement Monday, the company led by Chairman Tom Lee said it bought another 9,926 ETH last week, continuing its streak of weekly buys that began in June 2025 when the company launched.
Bitmine, which trades under the ticker BMNR, now holds 4.8% of ETH’s total supply with its tokens worth about $11 billion at the current price of $1,904.
Lee said the ETH/BTC ratio has broken above a years-long downward trend, which he sees as a sign that investors are starting to price in growing demand for Ethereum from tokenization and AI-agent applications.
On the macro front, he expects “easing financial conditions to be a tailwind for crypto,” he said in a statement.
ETH is up about 1.6% over the past 24 hours while BMNR is trading more than 2% higher today.
The company also bought an additional 1.7 million shares of its own stock last week, now owning 20.8 million shares under a previously authorized $4 billion buyback program.
Tether oznámil, že KPMG U.S. dokončila jeho první plný nezávislý audit a vydala čistý výrok k finančním výkazům za rok 2025. Rezervy kryjící USDT na konci roku převýšily závazky o 6,814 miliardy USD.
Tether announced Thursday that KPMG U.S. completed the company's first full independent financial statement audit, issuing an unqualified opinion on Tether International's 2025 financials and confirming that reserves backing USDT exceeded liabilities by $6.814 billion at year-end.
The distinction between this and what Tether has published before matters more than the headline number. Attestations, which Tether has relied on since 2021, are limited to a snapshot in time, built on a scope the company itself defines, and carry no binding opinion from the accounting firm performing them. A full audit is different in kind: KPMG examined Tether's complete financial statements, transactions, systems, valuations, counterparties, and ownership records, and — notably — physically counted and inspected every individual gold bar Tether holds, verifying existence and identifying information directly rather than relying on custodian reports. The audit covered a balance sheet that includes more than $141 billion in direct and indirect US Treasury exposure, alongside gold and roughly $60 billion in bitcoin, according to Arkham Intelligence data cited by outlets covering the announcement; Tether's own statement did not break out its bitcoin position. CEO Paolo Ardoino called it the "largest inaugural financial audit in history," and noted that critics had spent years insisting an audit of Tether's scale could never actually be completed.
The audit result gave both sides of Tether's long-running credibility debate something to point to. Supporters treated the $6.8 billion surplus and KPMG's clean opinion as vindication after years of unresolved scrutiny. Critics were quicker to note that gold verification, however thorough, addresses only one reserve category, and that KPMG's own network has previously audited firms that later collapsed under fraud allegations — a reminder that a clean audit opinion narrows the range of open questions without eliminating all of them.
The credibility question Tether just answered first became unavoidable in October 2024, where we covered a public accusation that Tether was "a $120 billion scam" with no audit ever completed — a claim that gained traction precisely because it was, at the time, factually true: no independent audit existed, only quarterly attestations Tether itself commissioned. That gap persisted even as Tether pursued a US-facing pivot, with Blockhead reporting last September that Tether launched USAT, a dollar stablecoin built for American compliance through Anchorage Digital, after a 2021 New York Attorney General settlement first forced the company into a regime of quarterly attestations without an admission of wrongdoing. This audit is the step that gap-filling campaign had been building toward.
USDT's market capitalization has passed $180 billion, and Tether has become one of the largest private holders of US government debt globally — a scale where "trust us" stopped being a sufficient answer for regulators and institutional counterparties years ago. A single audit doesn't retroactively resolve every past criticism, and the audited entity is a Tether subsidiary rather than the parent company. But it does convert the central question that's followed Tether since 2017 — do the reserves actually exist — from something only Tether could answer into something a Big Four firm has now put its own name behind. Whether that's enough for the regulators still watching USDT's compliance status under the GENIUS Act, given Tether issues the token from outside the US, is the next question the audit alone can't settle.
A new allegation concerning Tether, the issuer of USDT, the world's largest stablecoin, has attracted attention in the cryptocurrency market.
A new claim about Tether, the issuer of USDT, the world’s largest stablecoin, has attracted attention in the cryptocurrency market. While some analyses suggest the company is developing its own blockchain network, a type of “stablechain,” Tether CEO Paolo Ardoino has categorically denied these claims.
A circulating analysis report claimed that Tether is creating its own private blockchain to support the use of USDT. The report suggested that the company is working on an independent infrastructure to reduce its dependence on existing networks and gain more control over the stablecoin ecosystem.
However, Tether CEO Paolo Ardoino stated on social media that these claims are untrue. Ardoino said that Tether is not developing any blockchain and has no such plans. The CEO emphasized that the company’s strategy is to continue operating on different blockchain networks.
Tether’s USDT token is currently available on several different networks, including Ethereum, Tron, Solana, Avalanche, and TON. This multi-network approach allows users to choose the infrastructure that best suits their needs in terms of transaction costs and speed.
Market experts have suggested that Tether developing its own blockchain could lead to a significant shift in the stablecoin sector, but Ardoino’s statement seems to have put an end to such speculation for now.
On the other hand, Tether has recently been in the spotlight not only for its stablecoin activities but also for its investments in artificial intelligence, mining, and digital infrastructure. Despite this, company management emphasizes that maintaining USDT’s ability to operate across different blockchains remains a priority. The cryptocurrency market continues to closely monitor Tether’s future strategic moves.
*This is not investment advice.
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TRON spustil u JST, BTT a WIN buyback-and-burn programy a jeho hlavní aktiva tak vstoupila do deflačního režimu. JST už spálil 1 711 249 863 tokenů, tedy 17,29 % nabídky.
Following the launch of buyback-and-burn programs for BTT and WIN, JST completed its fourth major token burn, while SUN rolled out a comprehensive upgrade to its buyback mechanism.
With these initiatives now operational, TRON’s flagship assets have officially entered a deflationary era. This sends a clear message to the broader crypto market: TRON is anchoring its tokenomics in economic reality. By converting actual protocol revenue into real benefits for token holders, TRON is reinforcing its ecosystem flywheel and steering the entire ecosystem toward real value creation.
TRON’s Core Assets Enter Deflationary Era as Network-Wide Buybacks Go Live By taking protocol revenue to repurchase tokens on the open market and permanently remove them from circulation, TRON’s four flagship assets—JST, SUN, WIN, and BTT—are adopting a mechanism similar to traditional equity buybacks, with the potential to support long-term token value.
JST, an essential asset across TRON’s DeFi segment, has spearheaded the buyback wave. As of July 17, it has completed its fourth major buyback-and-burn round, removing a cumulative total of 1,711,249,863 JST from circulation, which accounts for 17.29% of its total supply.
Data shows that JST’s total buyback value across four rounds has surged past the $94.62 million mark, exhibiting explosive round-over-round growth. This surging capital scale vividly highlights a leap in JST’s underlying revenue generation, reinforcing TRON’s firm resolve toward a model of absolute deflation.
As JST sets the pace, SUN.io—another key pillar of TRON’s DeFi ecosystem—has completed a major upgrade to its buyback mechanism, unlocking greater on-chain transparency. SUN’s buyback mechanism now draws its funding from an expanded range of SUN.io’s product suite, including SunSwap V2, SunPump, and SunX.
Since the launch of its buyback initiative on December 15, 2021, SUN.io has executed 51 consecutive, uninterrupted burn rounds, permanently removing 678,547,188.32 SUN from circulation—making up 3.4% of the total supply. Furthermore, it launched a dedicated buyback-and-burn dashboard on April 22 this year, allowing global investors to witness firsthand how protocol revenue translates into sustainable value growth.
Building on this momentum, BitTorrent, the world’s premier decentralized network infrastructure provider, and WINkLink, the first decentralized oracle network on TRON, introduced their own buyback and burn programs in July.
To fund these initiatives, WINkLink will allocate 100% of its revenue to repurchasing WIN, while BitTorrent will utilize the entirety of the revenue generated from its decentralized business to buy back BTT. Both projects are slated to officially commence their burn phases in Q4 2026.
JST Leads the Charge as TRON’s Core Infrastructure Tokens Rally in Unison Among the four projects, JST stands out as the clear leader in the scale and volume of its buyback and burn program. JustLend DAO’s robust revenue base provides the foundational support, with its Energy rental operations accounting for 70% of the allocated funds. Concurrently, accrued stability fees from USDJ were tapped for the very first time to supply the remaining 30%, marking JST’s successful establishment of a diversified, multichannel value capture framework.
Catalyzed by strong deflationary expectations, JST is undergoing an explosive realignment with its intrinsic value on the secondary market. Since the inception of its buyback and burn, the token’s price has surged over 200%, breaching the $0.1 mark on July 10 to hit a recent historic high that sits 50% above its Q1 peak. Both the eye-watering Q2 trading volume of $3.27 billion and this significant price appreciation are directly underpinned by genuine revenue growth. Together, these metrics cement JST’s position as a premier growth and value asset, offering unparalleled certainty within the TRON DeFi ecosystem.
Building on JST’s momentum, SUN—the native token of SUN.io, another core DeFi engine on TRON—is exhibiting remarkable resilience in both price and trading volume, bolstered by continuous enhancements to its deflationary mechanics.
As of July 29, CoinGecko data indicates that SUN has maintained a steady upward trajectory over the past month, posting a solid 10% gain. Its impressive $640 million in Total Value Locked (TVL) and $440 million in 7-day trading volume demonstrate robust capital retention within the protocol. This steady price appreciation, underpinned by deep liquidity, further cements SUN’s position as the bedrock of the TRON ecosystem’s trading hub.
In parallel, with the official launch of their buyback and burn programs in July, WIN and BTT—dual engines of TRON’s infrastructure—have shown tangible value realization. Catalyzed by this mechanism, both assets have demonstrated strong price resilience. As of July 29, driven by the announcement of its “100% Real-Revenue Buyback & Burn” initiative, WIN has rallied approximately 22.5%. Meanwhile, BTT has also found a strong base of support amidst price fluctuations. Together, these two infrastructure pillars are working in lockstep with the broader DeFi ecosystem, driving sustainable, synergistic growth across the network.
Beyond Hype and Narrative: How TRON is Redefining Value Accrual Through Real Yield TRON has evolved far beyond a standard Layer 1 network into a highly cash-generative, on-chain financial engine. With active user accounts approaching the 400 million mark and Total Value Locked (TVL) comfortably exceeding $27.0 billion, the network now hosts over $90 billion in stablecoin supply, with its diverse business lines continuously generating protocol revenue every day.
Rather than letting these earnings sit idle, TRON is channeling its yield back into the ecosystem. Through comprehensive buyback and burn programs across JST, SUN, BTT, and WIN, TRON has built a self-sustaining value flywheel, routing network revenue straight back to its community and token holders.
Right now, TRON’s ecosystem flywheel is spinning at full tilt. These four flagship projects aren’t isolated bets in separate verticals—they interlock, each one reinforcing the others in a genuine, self-compounding business loop. And what keeps that loop turning is relentless, disciplined engineering at the protocol layer.
Q2 2026 brought a sweeping wave of upgrades across the board. JustLend DAO shipped its SBM V2 isolated pool and plugged directly into Binance Wallet. SUN.io slashed energy costs with a router contract overhaul. BitTorrent made its boldest move yet, launching BTTInferGrid to stake a claim in decentralized AI compute. WINkLink kept scaling its price feed coverage. Individually, these read as incremental UX refinements; collectively, they build the deep, frictionless infrastructure that TRON’s massive liquidity pools depend on.
This model creates a compounding flywheel effect: as circulating token supply tightens and persistent buyback demand accelerates, a self-reinforcing value loop takes shape—one designed to attract capital regardless of broader market sentiment. JST’s sustained burn program represents merely the opening act. Together with the revamped SUN buyback framework and the upcoming BTT and WIN repurchase schedules, TRON’s entire asset stack is now fully aligned around systematic supply deflation as a core growth strategy.
TRON Eco Team Email:[email protected] Singapore 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.
@BNBChain and @RobinhoodCrypto have each crossed 500,000 unique Real-World Asset (RWA) holders, marking what is shaping up to be the most significant mass adoption event for on-chain securities since the sector's 2025 pilot stage.
Two Chains, One MilestoneThe simultaneous crossing of the 500,000-holder threshold by both networks is notable for different reasons. BNB Chain built its RWA base steadily over time, adding 395,000 new stock token holders over the past year, more than any other chain. As of late June 2026, BNB Chain hosted more than 709 tokenized stocks and ETFs, ranging from household names like Nvidia and Micron to newer listings like Circle's CRCL.
Robinhood Chain's trajectory was far more compressed. The chain launched its public mainnet on July 1, 2026, reaching its holder milestone just 25 days later , after Robinhood introduced Stock Tokens, agentic trading, and a broader DeFi product suite at its London event. Robinhood Chain is built on the Arbitrum framework as a permissionless Ethereum Layer 2, purpose-built for on-chain finance involving tokenized equities.
Tokenized stock holders surged 448% to 1.4 million in six months across all chains, with BNB Chain and Robinhood Chain each commanding roughly 500,000 holders. That near-parity is remarkable given that Robinhood Chain only went live around July 1, 2026, meaning it captured its entire share in roughly six weeks.
Value and MomentumHolder counts tell part of the story, but value locked adds important context. Real-world asset value sitting on BNB Chain reached approximately $3.89 billion by mid-2026, making it the second-largest blockchain by RWA total. Combined, the two networks are on track to exceed $4.2 billion in tokenized commodity and securities value.
Robinhood Chain surpassed 420,000 RWA holders and $1.3 billion in TVL just six weeks after its Ethereum Layer 2 mainnet launch. A dozen tokenized stocks, led by GameStop, Nvidia and SpaceX, are now each clearing at least $500,000 in daily volume, with several surpassing $1 million.
Robinhood Chain does not have a native token. Instead, activity on the chain revolves around tokenized RWAs and DeFi protocols that have integrated with the network. When 420,000 wallets hold RWAs on a chain with no token incentive, that is a stronger signal of organic demand than most crypto metrics can claim.
The broader RWA market provides further context. The number of RWA holders across all chains has grown to 1.09 million, up from around 375,000 a year ago. The concentration of roughly half of all those holders across just two chains underscores how dominant @BNBChain and @RobinhoodCrypto have become in shaping the next phase of on-chain finance.
Sources:
Crypto Briefing: Tokenized stocks reach 1.4M holders, up 448% in six months
CoinDesk: Robinhood Chain's real-world assets jump fivefold as tokenized stocks start trading in size
Crypto Briefing: Robinhood Chain surpasses 420K RWA holders in six weeks
HertzFlow spustil mainnet na BNB Chain a zároveň odstartoval týdenní Genesis Vault mainnet pre-deposit kampaň. Vklady v USD1 a U slouží k budování počáteční likvidity mainnetu. Vault pro USD1 má limit 4,44 milionu dolarů a vault pro U je omezen na 8,88 milionu dolarů; oba mají pevné limity a fungují podle pořadí přijetí. Poskytovatelé likvidity, kteří své vklady ponechají 90 dní, získají 10x bonus bodů a odpovídající skutečné výnosy po spuštění obchodování s perpetual kontrakty 24. srpna.
According to official announcements, HertzFlow, a perpetual contract trading infrastructure project backed by YZi Labs, has officially launched on the BNB Chain mainnet and simultaneously kicked off a one-week Genesis Vault mainnet pre-deposit campaign. Co-hosted by HertzFlow, United Stables (U), and the official team of WLFI ecosystem stablecoin USD1, the campaign allows users to deposit USD1 or U to build the mainnet’s initial liquidity. The USD1 vault has a $4.44 million cap, while the U vault is capped at $8.88 million; both have hard limits and operate on a first-come, first-served basis. Meanwhile, HertzFlow’s mainnet Merit points campaign is also live: liquidity providers who hold their deposits for 90 days will receive a 10x points bonus, and will gain corresponding actual returns once perpetual contract trading opens on August 24. With the mainnet launch and points campaign launching in tandem, HertzFlow aims to expand its perpetual contract trading infrastructure’s liquidity scale via early liquidity incentives and prepare for subsequent trading function rollouts.
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LINK vzrostl o 8 % na 9,56 USD a za posledních sedm dní přidal 15 %. Bitwise Chainlink ETF zároveň zaznamenal čisté přílivy ve výši 1,5 milionu USD za týden.
Key Highlights LINK surged 8% to reach $9.56 on August 15, posting a 15% gain across the previous seven days Open interest in derivatives markets jumped 16% to $694 million as trading volume spiked 123% Bitwise’s Chainlink ETF recorded $1.5 million in net inflows over the past week Large-scale transactions reached their highest level in five months, with major holders now owning 46.57% of circulating supply Technical analysts have set a $20 price objective, with intermediate resistance levels at $10, $10.50, and $11 Chainlink (LINK) successfully pushed through the $9.04 resistance barrier on August 15, breaking free from a multi-month consolidation pattern that began in June. The digital asset touched an intraday peak of $9.73 before stabilizing in the $9.45–$9.56 range, signaling a notable transformation in its near-term price trajectory.
Chainlink (LINK) Price This upward movement coincided with a dramatic 123% surge in daily trading activity, pushing volumes to the $1 billion threshold. Meanwhile, derivatives open interest expanded by 16% to reach $694.39 million, indicating fresh capital deployment rather than mere position rotation among existing traders.
The price appreciation pushed LINK’s total market capitalization to approximately $7.15 billion.
Large Holder Activity Reaches Five-Month Peak Blockchain analytics platform Santiment detected 246 substantial transactions exceeding $100,000 in value — representing the highest frequency of such transfers since March. Addresses containing between 100,000 and 10 million LINK tokens collectively hold 46.57% of the entire supply, equivalent to approximately 466 million tokens.
🔗 Live Chart: https://t.co/5wlYZ9x9jz
🐳 Chainlink whale activity has seen a significant spike. The network saw 246 separate $100K+ LINK transactions in 24 hours, its highest daily level in 5 months.
📈 This coincides with the fact that wallets holding 100K to 10M LINK now… pic.twitter.com/1EACyuTF1O
— Santiment Intelligence (@SantimentData) August 12, 2026
Notably, this whale accumulation intensified as LINK neared and ultimately breached the $9.04 threshold, rather than occurring during the earlier recovery phase. This correlation between timing and price action reinforces the legitimacy of the breakout.
The Relative Strength Index advanced to 71.40, while the Chaikin Money Flow indicator registered 0.18, both metrics reflecting sustained buying momentum. However, with RSI exceeding the 70 threshold, the token may be entering overbought territory, potentially triggering a temporary consolidation.
Institutional Product Attracts $1.5M Weekly Capital Bitwise’s Chainlink exchange-traded fund captured approximately $1.5 million in net inflows throughout the week. Hunter Horsley, CEO of Bitwise, validated these figures while highlighting increasing investor recognition of Chainlink’s critical function within decentralized finance infrastructure.
The Chainlink network serves as a bridge between blockchain protocols and external data sources, facilitating access to real-world information including asset prices and traditional financial systems. Horsley emphasized that institutional awareness is expanding regarding blockchain infrastructure’s integration with conventional finance.
These ETF capital flows demonstrate heightened appetite for compliant investment vehicles that provide LINK exposure without requiring direct token custody.
$LINK Has been outperforming and has broken above the $8.9 horizontal.
Looks quite good and yet another coin that shows strength after the Standard Chartered report. Whether that's the cause or not, these may become a self fulfilling prophecy at this point, as more people catch… https://t.co/PnBBk5pTVb pic.twitter.com/vLGm3HKsH4
— Daan Crypto Trades (@DaanCrypto) August 16, 2026
A technical analyst has established a $20 price objective for LINK. The immediate focus centers on whether the token can establish support above the $10 psychological level, with subsequent resistance points identified at $10.50 and $11.
Should LINK lose the $9.04 level, the support zone spanning $8.49 to $8.58 would become the critical area for price stability.
At present, LINK trades near $9.56, reflecting a 15% appreciation over the trailing seven-day period.
Evropský parlament podpořil vícenásobné vydávání stablecoinů poměrem 390 ku 86, což by mělo zachovat jejich fungibilitu. ECB ale varuje před runem a nedostatkem rezerv pod dohledem EU.
Buried in the European Commission's MiCA review consultation, open until August 31, is the question that decides whether global stablecoins can exist in Europe at all: should the regulation "continue to be open to multi-issuance models?" The bureaucratic phrasing conceals a two-year institutional brawl. On July 9, the European Parliament voted 390 to 86 to back multi-issuance with safeguards, rejecting a push from the European Systemic Risk Board, chaired by Christine Lagarde, to shut the practice down. The ECB side has not conceded. Nobody has, because the word at stake is fungible, and fungibility is the entire product.
Multi-issuance is how a global stablecoin squares MiCA with reality. Circle became the first global issuer authorized under MiCA, through France, in 2024; Paxos issues its Global Dollar through a Finnish entity-launches-in-the-eu). A USDC minted in Paris and a USDC minted in Boston are the same token at the same price, redeemable anywhere. Break that fungibility and you do not have a global dollar with an EU license. You have an EU token that happens to share a name with one.
Frankfurt's nightmare scenario is specificThe ECB's objection is a run-dynamics argument, stated plainly in its November Financial Stability Review: when an EU entity and a third-country entity jointly issue a fungible coin, the EU issuer may hold "insufficient reserve assets under the supervision of EU authorities to fulfil the combined redemption requests." The ESRB's version, from the Reuters reporting that surfaced the fight last October: in a run, "investors will choose to redeem in the EU, since it has the strongest safeguards." Europe wrote the world's most protective redemption rights, and those rights make its reserves the run's front door. Global holders converge on the redemption window with the best guarantee, and the guarantee is Europe's.
It is a coherent scenario, and the counterargument is equally concrete: reserves can be sized and ring-fenced to EU circulation, issuers rebalance across entities in practice, and the EBA told Reuters in November that existing MiCA tools, applied with safeguards, can carry the risk. The Commission's spokesperson was blunter still: MiCA already provides "a robust and proportionate framework." Market authorities versus monetary authorities, competitiveness versus sovereignty, with the file sitting in Brussels.
The formal machinery behind the fight matters because it fixes the calendar. The systemic-risk board's recommendation, adopted in September and published in October, asked the Commission to act by the end of 2025; a Council working document circulated to member states argued MiCA "lacks dedicated tools" for the multi-issuer model. The Commission instead folded the question into its scheduled review, published the consultation in May, and its report is due by mid-2027 with legislation after. Deadlines, in Brussels, are a form of answer: the ECB asked for action in months and received a process measured in years.
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The asymmetry underneath the argumentWhat gives the fight its edge is how little Europe has built on its own side of it. All MiCA-compliant euro stablecoins together total about €674 million, growing fast but standing at roughly a fifth of one percent of the dollar-stablecoin market. Circle's USDC alone circulates $77 billion. The ECB counts dollar-denominated coins at 99% of all stablecoin supply. Nineteen authorized issuers operate under MiCA, and the volume that matters still runs through two American brands. Restricting multi-issuance would not conjure euro coins into existence. It would ring-fence the dollar coins Europeans already use, with consequences the Ledger Insights analysis states precisely: even ring-fenced, local reserves could be drained in a crisis as holders elsewhere rush to redeem, and a hard split invites the one outcome everyone claims to oppose, the same coin trading at different prices inside and outside the EU.
The register beneath the fight is modest either way: 19 authorized issuers of e-money tokens under MiCA as of March, issuing 29 tokens, with Circle's EURC, at $430 million, the largest euro coin. The euro complex is growing at triple-digit rates, which Brussels cites as vindication, from a base that rounds to zero against the dollar complex, which Frankfurt cites as the emergency. Both citations are accurate. A regime one year into operation is being renegotiated over a market share it never had time to win, because the currency at stake is the one Europe prints.
What a safeguarded settlement would mean in practice is already legible in the consultation's questions. An EU treasurer's USDC would redeem through EU-authorized platforms, making exchanges and custodians the border checkpoints; issuers would carry reserve-rebalancing duties sized to EU circulation, monitored by the EBA, whose staff has already sketched the liquid-asset expectations; and the third-country entity on the other side of the fungibility promise would need a home regime Brussels recognizes. Global coins would survive with more paperwork and a standing dependence on EU-US regulatory relations, which, for an instrument marketed as borderless, is its own kind of verdict.
Tether's absence frames the stakes from the other side. The largest stablecoin on earth skipped MiCA entirely, was delisted for EEA users by Binance in March 2025, and is still being removed from platforms, with Revolut dropping USDT for EU customers this month. MiCA already fenced out the coin that would not comply. The current fight is over the ones that did comply, which is why it stings: the issuers being threatened with ring-fencing are the regulation's own success stories. Circle's policy chief Patrick Hansen makes exactly that point about the review: it "does not signal MiCA's failure" but the scheduled maintenance of a young regime.
The digital euro is standing just offstageNo reading of this fight is complete without the project the ECB actually wants. In October the Governing Council put dates on the digital euro: a pilot in mid-2027 and first issuance in 2029, conditional on the legislation passing. Executive Board member Piero Cipollone's speeches braid the threads together explicitly, warning that dollar stablecoins could gain a foothold in European retail payments while pitching the digital euro as the European public option. Every warning about multi-issuance run risk doubles as an exhibit in the digital euro's case file. That does not make the warnings wrong. It does explain the enthusiasm with which they are delivered.
Cipollone's February speech in Rome made the linkage nearly explicit, warning that dollar stablecoins could gain a foothold in European retail payments while presenting the digital euro as the public option built on European infrastructure. His earlier catalogue of stablecoin risks, runs, fire sales of reserve assets, ran through the same speeches that advanced the digital euro timeline. The two files are formally separate and rhetorically inseparable, and every institution in the fight understands the choreography.
Where this landsThe formal path is now fixed: consultation closes August 31, the Commission's review report is due by mid-2027, legislation follows. The Parliament's lopsided vote signals where the political center sits, and the likely landing zone is visible in the consultation's own questions, multi-issuance preserved, wrapped in safeguards, reserve rebalancing obligations, redemption gates through EU-authorized platforms, perhaps equivalence requirements for the third countries involved. The Skadden reading of the options lists exactly those mechanics, and the consultation's own safeguard questions add third-country equivalence regimes, the tool the EU reaches for when it wants leverage over foreign supervisors. That would put Washington in the loop: a GENIUS-regulated US issuer wanting EU fungibility would need its home regime blessed by Brussels, the mirror image of the comparability determinations the GENIUS Act demands of foreign issuers. Two blocs, two rulebooks, each holding a key to the other's market, is where global stablecoin regulation was always going to land.
The technical question, who redeems what, where, in a run, is real, and answerable with arithmetic and ring-fencing. The political question underneath is harder: whether Europe can live with the dollar's private rails winning on European soil under a European rulebook. The GENIUS Act settled America's stablecoin fight in a summer. Europe, characteristically, has scheduled its own for 2027, and in the meantime every euro of growth in that €674 million tells Frankfurt time is not neutral. Fungibility will probably survive the review; a 390-to-86 Parliament and a Commission on record that MiCA suffices are hard to overturn with a scenario, however coherent. What fungibility now carries is a price tag, denominated in safeguards, reserve rebalancing duties, redemption gates, equivalence tests, and the invoice arrives with the 2027 legislation. Europe regulated stablecoins first and is discovering the sequel obligation: regulating first means renegotiating first, in public, with the market watching the drafting.
Binance 21. srpna ukončí na Cross Margin osm párů včetně AUCTION/USDC, BEAMX/USDC, CETUS/USDC, HUMA/USDC, LAYER/USDC, NXPC/USDC, UMA/USDC a VELODROME/USDC. Na Isolated Margin skončí také HUMA/USDC, LAYER/USDC a NXPC/USDC.
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In a recent announcement, major crypto exchange Binance issued a notice of removal for selected margin trading pairs, which will be delisted from Cross and Isolated Margin platforms as applicable.
A total of eight pairs will be delisted from Cross Margin; three out of these eight will be delisted on Isolated Margin, with the delisting set to occur on August 21.
The eight Cross Margin pairs affected include AUCTION/USDC, BEAMX/USDC, CETUS/USDC, HUMA/USDC, LAYER/USDC, NXPC/USDC, UMA/USDC and VELODROME/USDC.
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The Isolated Margin pairs affected are three in number and include HUMA/USDC, LAYER/USDC and NXPC/USDC. Binance Margin will delist the aforementioned margin trading pairs on August 21 at 06:00 (UTC).
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Starting from now, users will no longer be able to transfer any amount of assets of the said pairs via manual transfers and Auto-Transfer Mode into their Isolated Margin accounts with immediate effect.
Delisting datesBinance Margin will suspend isolated margin borrowing on the isolated margin pairs of HUMA/USDC, LAYER/USDC and NXPC/USDC on August 18 at 06:00 (UTC).
Binance Margin will close users' positions, conduct an automatic settlement, and cancel all pending orders on the cross and isolated margin pairs listed on August 21 at 06:00 (UTC). These pairs will then be removed from Binance Margin.
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Users will not be able to update their positions during the delisting process, which may take about 3 hours; hence, they are urged to close their positions and/or transfer their assets from Margin Accounts to Spot Accounts prior to the cessation of Margin trading on August 21 to avoid potential losses.
Binance to perform wallet maintenance for BNB Smart ChainBinance will perform wallet maintenance for BNB Smart Chain (BEP20) on August 20 at 06:00 (UTC).
To support the wallet maintenance, deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended starting from August 20 at 05:55 (UTC) and will be resumed when the maintenance is complete. The maintenance will take about one hour, but trading of tokens on the network will not be impacted.
Americké ministerstvo financí otevřelo připomínky k pravidlům pro stablecoiny podle GENIUS Act. Od 18. ledna 2027 bude pro jejich vydávání v USA nutná licence.
The U.S. Department of the Treasury has issued a notice of proposed rulemaking, soliciting public comments on the payment stablecoin regulatory framework under Section 3 of the GENIUS Act. Per the legislation, starting January 18, 2027, any individual issuing payment stablecoins in the U.S. must obtain a federal or state license; digital asset service providers are prohibited from offering foreign-issued payment stablecoins unless the foreign issuer has the technical capability to comply with U.S. laws and reciprocal arrangements. Starting July 18, 2028, all payment stablecoins that service providers offer or sell to persons within the U.S. must be issued by a licensed issuer. Treasury Secretary Scott Bessent stated, “Trump and Congress passed the GENIUS Act, establishing a landmark framework and clear rules for payment stablecoins, and the Treasury is moving quickly to implement it.” The core of this proposed rule is to define the specific meanings of “issuing payment stablecoins in the U.S.” and “offering or selling to persons within the U.S.,” clarifying for the industry when a license is required and how to operate compliantly in the U.S. market. The public may submit comments within 60 days of the notice’s publication in the Federal Register. This rulemaking builds on a prior notice issued by the Treasury last September, marking the transition of stablecoin regulation from a framework act to the implementation of enforceable rules, which will directly impact the compliance paths of major stablecoin issuers including USDC and USDT, as well as trading platforms.
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Binance 21. srpna v 06:00 UTC odstraní 8 párů z Cross Margin a 3 z Isolated Margin, včetně AUCTION/USDC, BEAMX/USDC a HUMA/USDC. Údržba BNB Smart Chain (BEP20) proběhne 20. srpna v 06:00 UTC, přičemž vklady a výběry budou dočasně pozastaveny od 20. srpna v 05:55 UTC.
Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will remove several margin trading pairs from its platform. The exchange will delist a total of eight pairs on its Cross Margin platform and three pairs on its Isolated Margin platform, with all removals scheduled for August 21 at 06:00 (UTC).
Eight margin trading pairs to be delistedThe affected Cross Margin pairs are AUCTION/USDC, BEAMX/USDC, CETUS/USDC, HUMA/USDC, LAYER/USDC, NXPC/USDC, UMA/USDC, and VELODROME/USDC. For Isolated Margin, the pairs set for delisting include HUMA/USDC, LAYER/USDC, and NXPC/USDC. Binance stated that all margin trading activities involving these pairs will be discontinued at the specified time.
Binance Margin will begin suspending isolated margin borrowing for HUMA/USDC, LAYER/USDC, and NXPC/USDC on August 18 at 06:00 (UTC). Starting immediately, users are unable to transfer assets related to these pairs via manual transfer or Auto-Transfer Mode into their Isolated Margin accounts.
At the time of delisting, Binance Margin will close users’ positions, execute an automatic settlement, and cancel all pending orders associated with the listed pairs. After the process is completed, which may take up to three hours, these pairs will be fully removed from Binance Margin trading.
Binance urges users to close their positions and transfer assets from Margin Accounts to Spot Accounts before August 21 to avoid the risk of potential losses, as position updates will not be possible during the delisting process.
PlatformPairs DelistedDelisting TimeCross Margin8 pairsAugust 21, 06:00 (UTC)Isolated Margin3 pairsAugust 21, 06:00 (UTC)Users will not be able to update positions while the delisting is ongoing and are encouraged to act before trading suspension to minimize risk exposure.
BNB Smart Chain wallet maintenance scheduledIn addition to the margin trading adjustments, Binance has also announced scheduled wallet maintenance for BNB Smart Chain (BEP20) on August 20 at 06:00 (UTC). Deposit and withdrawal functions for BNB Smart Chain (BEP20) will be suspended from August 20 at 05:55 (UTC) in order to facilitate the maintenance process.
Binance has assured users that while wallet operations will be paused, trading of tokens on the BNB Smart Chain network will not be affected. Maintenance is expected to take around one hour, after which deposit and withdrawal services will be restored.
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Harmony has proposed rolling back its blockchain to two Aug. 11 checkpoints, a recovery plan that would discard more than 109,000 regular transactions as the network removes ONE created through a forged mint.
Summary
Harmony plans to roll back its blockchain to two checkpoints from Aug. 11 following a forged ONE mint. More than 109,000 regular transactions and 315 staking transactions would be discarded under the recovery plan. One forged mint wallet moved 2.385 trillion ONE through 477 successful transfers in 106 seconds. Harmony said exchanges, bridges and law enforcement are assisting with the investigation. According to Harmony’s latest incident update on X, validators would retain shard 0 block 92,730,034 and shard 1 block 94,978,278, both recorded at 11:25:37 p.m. UTC on Aug. 11, before restarting the network from replacement databases built around those checkpoints.
Under the plan, new blocks would begin at heights 92,730,035 on shard 0 and 94,978,279 on shard 1. Harmony said client version v2026.1.2 has been configured to reject the abnormal block hashes linked to the incident, preventing validators from accepting the affected chain history after the restart.
The first confirmed forged mint reached shard 0 at block 92,730,036, according to the network. Block 92,730,035 contained no regular or staking transactions, incoming receipts or gas usage, while its state remained unchanged from block 92,730,034.
Harmony said it selected block 92,730,034 to provide a one-block safety buffer. The database, recovery scripts and validator procedures had also been prepared and reviewed around that block, while changing the checkpoint at a late stage could leave validators working from different recovery targets.
Shard 1 was not where the forged mint occurred. Harmony said its corresponding checkpoint was included as a precaution using the same timestamp.
Harmony rollback would use replacement databases The recovery plan would replace the affected shard databases instead of using Harmony’s existing in-place rewind function.
According to the team, the network’s –revert function mainly moves chain heads and does not fully clear later receipts, indexes, snapshots and cross-shard information. Leaving some of that data behind could preserve an attack route or cause validators to reach different states.
Harmony said a replacement database gives validators a single reviewed state from which to resume consensus.
The team also considered burning or repairing the forged ONE directly, but said the tokens had already passed through exchanges, decentralized exchange pools, contracts and numerous wallets. Removing assets at individual destinations could therefore affect funds belonging to unrelated users.
A blacklist was rejected because it would leave the forged supply in existence while potentially restricting wallets holding legitimate assets. Selectively replaying transactions was also ruled out because the state of the replacement chain would differ from the discarded chain, meaning identical transactions could produce different results.
Token migration was another option reviewed by Harmony, but the team said it would cause substantially more disruption.
The decision comes after another blockchain faced a similar choice following an exploit. In December 2025, Flow revised rollback plans following a $3.9 million execution-layer exploit, dropping an initial full rollback proposal in favor of targeted token burns after bridge operators and other participants raised concerns about the effect on legitimate activity. crypto.news reported at the time that Flow also planned a phased network restart and restrictions on flagged accounts.
More than 109,000 transactions face removal Harmony’s rollback would discard all blocks created after the selected checkpoints, including regular transactions made by users during the affected period.
To measure the impact, the team built a shard 0 archive covering blocks 92,730,035 through 92,871,662. The dataset contained 141,628 consecutive blocks, 109,126 regular transactions and 315 staking transactions, with 109,441 exact transaction-to-receipt matches.
Harmony said it checked parent-hash continuity and receipt completeness throughout the archived range.
Automated activity accounted for most of the transaction count. Of the 109,126 regular transactions, 104,545, or 95.80%, were classified as automated. DEX automation represented 99,863 transactions, including 75,430 successful swaps and 11,804 failed bot attempts.
As a result, Harmony cautioned that the number of discarded transactions should not be treated as the number of affected users.
The team also examined whether some regular transactions could be safely restored after the rollback. Only 22 were simple native transfers without an obvious dependency in the available data, but Harmony said even those could not automatically be considered safe for replay.
Another 860 native transfers raised questions involving balances, funding sources, nonces or later spending. A further 80,630 transactions depended on contract or blockchain state, while 27,614 were failed transactions, incident-linked activity or movements involving exchanges, bridges and consolidation routes.
All 315 staking transactions also depend on chain and epoch state, according to the update.
Harmony said balances, nonces, token approvals, swap deadlines, liquidity pool reserves and staking conditions would change once the replacement chain starts. Under that altered state, a transaction that previously failed could succeed, while a swap, approval or staking transaction could generate a different outcome.
Full EVM traces are also unavailable through the RPC data used in the review, leaving internal contract transfers and storage changes subject to application-specific analysis.
Forged ONE moved through exchanges, pools and bridges The investigation has separately mapped the movement of the newly created ONE across the network.
According to Harmony, one wallet involved in the forged mint attempted 534 transfers of 5 billion ONE each within 106 seconds. A total of 477 transfers succeeded, moving 2.385 trillion ONE.
Investigators created a time-ordered graph beginning with all wallets associated with the forged mints, separating transactions signed by those wallets from successful transfers, failed attempts and subsequent movements through other addresses.
The traced activity was checked against blocks, transaction receipts and balances through shard 0 block 92,805,850. Harmony said the funds reached standalone wallets, exchange accounts, DEX routers and pools, liquidity provider positions, bridge contracts, wrapped ONE, staking wallets and high-volume service wallets.
When forged ONE became mixed with other assets, the tracing model followed transfers chronologically and capped the amount attributed to the forged tokens at each wallet’s available balance. According to the team, the method was intended to prevent the same tokens from being counted repeatedly as they moved between addresses.
An earlier model traced more than 99.9% of the forged ONE to a wallet or service boundary, while a later version reconciled almost all of the amount across those boundaries and transaction fees at the selected cutoff.
Harmony stressed that route coverage does not mean investigators can identify the individuals controlling every destination. Exchange accounts, pools, contracts and other service clusters can contain funds belonging to many users.
The amount that can be safely destroyed is smaller still, according to the team. Forged tokens left untouched in a standalone wallet may be possible to isolate, while ONE that entered an exchange wallet, liquidity pool, bridge, staking position or another shared balance could no longer be removed in full without risking unrelated assets.
A comparable problem has surfaced in other token-minting attacks. In June, Humanity Protocol disclosed that compromised administrative keys allowed attackers to take control of bridge infrastructure and mint additional H tokens on BNB Smart Chain. The protocol halted affected bridge operations and coordinated with exchanges and law enforcement while investigators tracked the stolen assets.
Investigation continues alongside validator recovery Harmony said it has made initial progress toward tracing the hacker and is working with exchanges, bridges and law enforcement to preserve records and continue the investigation.
An independent third-party security company also reviewed the incident separately and corroborated the forged mint and the main findings from the fund-flow analysis, according to the network.
Harmony has dealt with a major cross-chain security incident before. Its Horizon Bridge lost about $100 million in June 2022 after private keys controlling the bridge were compromised. The project subsequently worked with exchanges, law enforcement, and blockchain analytics firms to identify the attacker, while raising its hacker bounty to $10 million.
Funds from that attack continued moving months later. In January 2023, on-chain investigators tracked stolen ETH through hundreds of addresses, while Binance and Huobi froze accounts linked to the movement and recovered 124 BTC.
For the current incident, Harmony said it is working with exchanges and bridges to assess the effect of discarding post-checkpoint activity and determine how affected parties can be handled. The team said all blocks after the checkpoints would be removed under the proposed recovery, including regular transactions that were unrelated to the forged mint.
Zakladatel DFINITY Dominic Williams nabízí odměnu 7 500 ICP za důkaz, že kritici Internet Computeru jsou placeni za negativní komentáře. ICP je podle CoinGecko asi 99,70 % pod svým historickým maximem 700,65 USD.
Williams Puts a Price on ProofDominic Williams, founder of DFINITY and President and Chief Scientist of the DFINITY Foundation, has offered a bounty of 7,500 $ICP to anyone who can produce verified evidence that online critics of the Internet Computer token are being paid to post negative commentary. Williams framed the reward as intentionally generous, suggesting it would exceed whatever the alleged posters were paid to spread criticism in the first place.
The offer came in direct response to a widely circulated claim that a $10,000 investment in $ICP made five years ago would today be worth just $29. The implication was clear: the token's long-term price performance has been severe enough to attract sustained public backlash, and Williams appears determined to reframe at least some of that backlash as coordinated rather than organic.
A Token With a Long ShadowThe criticism Williams is pushing back against is rooted in numbers that are hard to dispute. According to CoinGecko, $ICP reached an all-time high of $700.65 and is now trading roughly 99.70% below that peak. The token briefly traded above $700 shortly after its 2021 launch before collapsing as early investors exited and liquidity thinned, setting the stage for a prolonged downtrend that has persisted across multiple market cycles.
Despite that backdrop, DFINITY has been pushing new initiatives aimed at reversing the token's fortunes. Dominic Williams published the Mission 70 white paper in January 2026, which proposes reducing $ICP inflation by at least 70% by the end of the year. The white paper estimates that proposed changes would cut annual token creation from 9.72% to 5.42%. The plan combines supply-side cuts to voting rewards and node provider incentives with demand-side growth driven by the Caffeine AI platform, which burns ICP tokens as users build applications on the network.
Whether the bounty itself changes the conversation around $ICP remains to be seen. For now, it signals that Williams is taking the reputational battle around his project seriously, even as the token continues to trade far below the levels that defined its early days.
Sources:
Internet Computer (ICP) Price and Market Data, CoinGecko
Mission 70 White Paper, DFINITY / Internet Computer
Grayscale uvádí, že nové návrhy mohou do roku 2031 stlačit roční míru inflace Etherea na 0,4 % a Solany na 1,1 %, tedy pod úroveň zlata. U ETH jde o EIP-8361, u SOL o SIMD-0550 a SIMD-0553.
Rarity could soon no longer be the exclusive domain of bitcoin. According to projections published by Grayscale, the annual growth of Ethereum and Solana supply could fall below gold’s 1.8% by 2031. Indeed, several reforms are currently being debated, including EIP-8361 on Ethereum and SIMD-0550 and SIMD-0553 on Solana. If adopted, ETH’s annual inflation could drop to 0.4%, compared to 1.1% for SOL. This development is likely to reshuffle the cards between rarity, staking yield, and valuation of these two cryptos.
In brief According to a Grayscale study, new technical proposals could reduce Ethereum’s annual inflation to 0.4% and Solana’s to 1.1%, making them rarer than physical gold. The EIP-8361 proposal plans to burn an increasing share of validator rewards as staking increases, bringing ETH issuance back to Bitcoin’s level. By doubling the emission reduction rate via the SIMD-0550 proposal, Solana considerably accelerates its path to a tightly capped supply. Although this tightening reduces direct returns paid to stakers and ETFs, the increased rarity could support token prices and transform these altcoins into leading stores of value. The overhaul of Ethereum’s emission model by EIP-8361 On August 4th, six researchers from the ecosystem, including Justin Drake of the Ethereum Foundation, formally submitted proposal EIP-8361, entitled “Tapered Issuance Burn”. This text aims to fix what the authors call artificial overissuance in the current economic model of the network. Today, validators can still claim a staking yield close to 1.5% per year, even in a scenario where almost all ETH tokens would be locked in the protocol.
According to the diagnosis made by the researchers, this ceiling maintains excessive monetary creation without this corresponding to a real need for operational security. EIP-8361 thus introduces a dynamic mechanism designed to burn an increasingly large share of rewards as the ratio of staked ETH increases, planning a transition over 18 months to burn all rewards once about 60.25 million ETH, or half of the total supply, will be staked.
According to the quantitative models integrated in the proposal and analyzed by Grayscale, Ethereum’s annual issuance would peak around 0.5% at a staking level of 20%, before starting a downward trajectory towards zero as the network approaches the 50% plateau. In its central scenario projected for 2031, the asset manager estimates that ETH’s annual inflation would fall to about 0.4%, thus matching the emission rate anticipated for bitcoin over the same period.
This structural change does not go unnoticed by the institutional financial sector. Grayscale also recalls that its own ETHE spot fund began earlier this year distributing staking yields to its shareholders, constituting the first crypto spot exchange-traded product (ETP) in the United States to implement such a mechanism.
Several fundamental numerical indicators summarize the technical and financial impact of this update for the Ethereum network :
60.25 million ETH : the staking threshold from which 100% of the emission dedicated to rewards will be burned after the 18-month transition ; 0.4% : the theoretical annual inflation rate of ETH supply projected by Grayscale by 2031, equaling that of bitcoin ; 0.5% : the peak that the annual issuance would barely exceed when the network’s staking rate is around 20%. Solana: accelerating supply reduction via SIMD-0550 and SIMD-0553 On its side, Solana follows a separate disinflationary trajectory, centered on improvement documents SIMD-0550 and SIMD-0553. Currently set at about 3.695% per year, this crypto’s inflation rate follows an initial schedule predicting a 15% reduction per year until reaching a long-term floor set at 1.5%. The SIMD-0550 project proposes to accelerate this process by doubling the annual reduction rate, compressing several years of gradual monetary adjustment into a much shorter time frame.
In parallel, the SIMD-0553 proposal modifies transaction fee management to increase the proportion of SOL permanently destroyed, preventing these cryptos from being re-injected to validators. However, Grayscale’s analysis shows that the additional amount of SOL burned via SIMD-0553 remains modest compared to the daily issuance volume under current network conditions, confirming that SIMD-0550 is the real driver of the projected drop to 1.1% by 2031.
This dual technical initiative does not enjoy a fully homogeneous consensus regarding its time feasibility. As Grayscale’s research note explicitly points out, these emission trajectories rely on strict assumptions of immediate implementation without alteration of other operational parameters, a condition considered unlikely to be realized exactly as such in reality.
The political and community dimension plays a key role here. In a recent intervention, Zach Pandl, Grayscale’s research director, qualified the comparative progress of the two networks. He then stated: “Solana’s plan enjoys broader community support and has better chances of being implemented than its Ethereum equivalent”. This divergence in the degree of buy-in from key players proves decisive for investors seeking to incorporate this future rarity in their valuation models.
The economic trade-offs of enhanced rarity The evolution of these emission models places community governance at the heart of the strategic choices of each crypto ecosystem. Although mathematical models anticipate a marked compression of token creation, moving from proposal to effective implementation requires the buy-in of the majority of validation actors.
The difference in support highlighted by Grayscale between Ethereum and Solana illustrates how political and economic considerations influence the adoption of technical updates. On the market side, establishing rarity greater than that of gold marks a stage in the structuring of major altcoins as mature financial assets, capable of competing with traditional safe havens against global inflationary pressures.
Economically, the shift toward algorithmic enhanced rarity imposes a complex trade-off between the unit value of the asset and the gross yield perceived by network participants. By reducing the pace of new token issuance, these reforms de facto decrease nominal income paid to validators and holders of staked crypto ETF shares.
Zach Pandl notes, however, that a smaller circulating supply could support token prices in the market, thus offsetting the mechanical decrease in staking yields. The final equation will depend on the ecosystems’ ability to maintain the security of their consensus while convincing staking actors to accept lower direct rewards in exchange for a theoretically rarer and more robust underlying asset against traditional monetary pressures.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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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.
Wagyu.xyz oznámila, že její kumulativní order flow přes Monero přesáhl 700 milionů USD a že její veřejné API je nově dostupné třetím stranám. Firma tvrdí, že je podle objemu transakcí největším místem pro Monero.
Wagyu.xyz, a cross-chain swap operator providing access to native Monero (XMR), today announced that cumulative order flow routed through its infrastructure has passed $700 million, and that its public application programming interface has entered general availability for third-party operators.
The threshold was reached approximately seven months after Wagyu.xyz entered general operation in January 2026. On the basis of that figure the company states that it is now the largest exchange venue for Monero by transaction volume.
Order Flow and Venue
Transactions submitted to Wagyu.xyz are executed against Hyperliquid’s onchain orderbook, where market-making firms quote competitively, rather than against inventory held by an intermediary. The operator does not take the opposing side of customer transactions and does not maintain a funded inventory position. Transaction spreads are consequently determined by prevailing market conditions.
Final settlement is delivered in native XMR to customer-controlled Monero addresses, by way of a wrapped representation of the asset in the settlement path. The operator reports median settlement of approximately 5.5 minutes, with 90 percent of transactions completing within 13.2 minutes.
Market Conditions
Regulated spot access to Monero has contracted over recent years, with a number of major venues withdrawing XMR pairs or suspending service in defined jurisdictions in response to supervisory requirements. Reported on-chain activity for the asset has not fallen commensurately, indicating that end-user demand has persisted while regulated distribution has narrowed.
Conversion demand in the intervening period has largely been intermediated by principal-model operators that hold inventory and quote a single undifferentiated rate. Independent assessments have placed effective transaction costs in that segment at approximately 3 to 4 percent, against advertised rates commonly below 1 percent. Such venues publish no orderbook, and quoted rates therefore cannot be benchmarked against a reference market.
Screening Sequence
Wagyu.xyz applies transaction screening to incoming deposits in advance of execution rather than following acceptance. Under the operator’s published policy, deposits that do not clear screening are returned to the originating address.
The operator states that this sequence addresses a recognised condition in the segment, under which an estimated 2 to 5 percent of transactions are flagged after custody has transferred, at which point customers of services advertised as requiring no identity verification are asked to furnish documentation as a precondition of recovering funds. Resolution periods in such cases are not contractually specified.
“The party holding the deposit controls the timetable,” said Einar Gunnarsson, Director of Wagyu.xyz. “Running the check before execution removes the circumstance in which delay carries no cost to the operator.”
The published compliance policy states that identity documentation is not requested from users, and that restrictions are applied to assets solely pursuant to a valid order issued by a court of competent jurisdiction.
Developer Access
The public API provides asset discovery, exact-input and exact-output quoting, durable order creation, and order tracking over REST and WebSocket interfaces. Third parties may apply independent margin to the routed rate without holding inventory, conducting treasury operations, or maintaining bridge infrastructure.
The company states that a number of consumer-facing instant swap services already obtain their Monero pricing and settlement from this infrastructure rather than sourcing the asset independently. Implementations reported to date include wallet integrations and regionally focused interfaces.
Direct and Resold Access
Because execution for those services clears through the same venue, the operator notes that the rate available to a customer differs principally by the number of intermediaries in the path. A service reselling access applies its own retail margin above the routed rate, a margin not applied to orders submitted to Wagyu.xyz directly, so the same transaction can carry a materially different price depending on where it is placed.
The operator adds that the customer’s counterparty in a resold transaction is the reselling service rather than the underlying venue, and that the deposit handling, screening sequence and refund practices applying to such an order are those of the reseller. The pre-execution screening and return policy described above governs orders placed with Wagyu.xyz directly.
About Wagyu.xyz
Wagyu.xyz is a cross-chain swap and bridge platform providing access to native Monero without identity verification requirements. Founded in December 2025 and launched in January 2026, the platform routes customer orders to Hyperliquid’s onchain orderbook and applies compliance screening in advance of execution, returning non-clearing deposits to their originating address. A public API supports third-party integration and independent operation. Cumulative volume has exceeded $700 million since launch. The company is based in Reykjavik, Iceland, and current rates are published on the platform.
Binance poprvé od konce roku 2023 předstihla CME v otevřeném zájmu na futures na Bitcoin, s asi 148 500 BTC proti 102 840 BTC. Pokles CME souvisí s ústupem arbitrážního basis trade.
Binance has overtaken CME Group in Bitcoin futures open interest for the first time since late 2023, holding roughly 148,500 BTC against CME’s 102,840. The reversal unwinds two years of institutional dominance narrative and raises questions about whether traditional finance is retreating from crypto derivatives or simply relocating.
Summary
Binance has surpassed CME Group in Bitcoin futures open interest for the first time since late 2023, holding roughly 148,500 BTC ($9.6 billion) compared with CME’s 102,840 BTC ($6.7 billion). CME open interest has fallen to its lowest level since February 2024 after five consecutive months of decline, driven largely by the unwinding of the cash and carry basis trade. The annualized Bitcoin futures basis has compressed to roughly 3%, falling below the 3.8% yield on two year U.S. Treasuries, eliminating the arbitrage incentive that fueled institutional CME positioning. Market makers and hedge funds are migrating toward offshore perpetual contracts on Binance, Bybit, and OKX, while a parallel regulatory shift is bringing perpetual futures onshore through CFTC approved venues like Kalshi. The reversal raises fundamental questions about whether the “institutional adoption” narrative built on CME dominance was always more fragile than it appeared, and whether traditional finance is retreating or simply relocating. For two years, a single chart told the story of Bitcoin’s institutional coming of age. CME Group, the Chicago exchange where pension funds, sovereign wealth managers, and hedge funds trade everything from corn to crude oil, held more Bitcoin futures open interest than any venue on Earth. That lead over Binance, the offshore exchange synonymous with retail speculation, became the most cited proof point for the “institutions are here” thesis.
That chart has now flipped. Binance holds roughly 148,500 BTC in open interest, worth approximately $9.6 billion. CME has dropped to around 102,840 BTC, or $6.7 billion, its lowest reading since February 2024. The gap is not narrow. It is roughly 45,000 BTC wide and growing.
The shift did not arrive overnight. CME open interest has fallen for five consecutive months, accelerating through the second quarter of 2026 as the profitability of the basis trade collapsed and institutional appetites shifted. What looked like a permanent structural change in Bitcoin market microstructure may have been, at least in part, an arbitrage play dressed in institutional clothing.
Understanding what happened, why it matters, and where it leads requires following the money through a maze of basis spreads, regulatory upheaval, and the evolving definition of what “institutional” even means in crypto.
The basis trade machine and how it broke The centerpiece of CME’s rise to the top of the Bitcoin futures leaderboard was not directional conviction. It was the cash and carry basis trade, a delta neutral strategy older than most of the people trading it.
The mechanics are straightforward. Buy spot Bitcoin, or more commonly after January 2024, buy shares of a spot Bitcoin ETF like BlackRock’s IBIT. Simultaneously sell Bitcoin futures on CME at a premium to the spot price. The difference between the futures price and the spot price, the basis, represents annualized yield. When Bitcoin was rallying through 2024 and the first half of 2025, that basis regularly exceeded 15% to 20%, dwarfing anything available in traditional fixed income.
Hedge funds, proprietary trading desks, and institutional players rotated capital into this trade at scale. According to CFTC Commitments of Traders data, leveraged funds held persistent net short positions on CME Bitcoin futures throughout most of 2024 and 2025, the signature footprint of the basis trade. They were not bearish on Bitcoin. They were harvesting yield from the contango.
The problem is that the basis trade is self limiting. As more capital enters, competition compresses the spread. As Bitcoin’s price declined from its highs above $120,000 to the $60,000 to $80,000 range through the first half of 2026, futures premiums collapsed alongside it. By mid 2026, the annualized three month basis on CME had fallen to roughly 3%, below the 3.8% yield on two year U.S. Treasuries.
At that point, the math stopped working. Why lock up capital in a trade that earns less than risk free government debt, while carrying counterparty risk, margin requirements, and the operational complexity of rolling quarterly futures contracts? The answer, for most institutional desks, was to unwind.
The unwinding was not panic. It was arithmetic. The Block reported that CME Bitcoin futures activity slumped to a 14 month low in April 2026, with average daily open interest falling below $8 billion and daily trading volume dropping under $3 billion. Each month since has continued the decline.
The scale of the exodus is visible in the raw numbers. CME began 2026 with approximately 175,000 BTC in open interest. By April, that figure had dropped to roughly 120,000 BTC. By August, it sat near 103,000 BTC, a decline of more than 40% in eight months. For context, the open interest that CME lost over this period, roughly 72,000 BTC, represents more than $4.5 billion in notional value at current prices. That is not a rounding error. It is a structural repricing of where institutional derivatives capital lives.
Where the money went The capital that exited CME did not vanish from the Bitcoin derivatives market. Some returned to direct spot holdings, simplifying portfolios and removing the futures leg entirely. But a meaningful share migrated to offshore perpetual contracts, the instrument that dominates crypto derivatives trading and has for years.
Perpetual futures, which have no expiration date and use a funding rate mechanism to stay tethered to spot prices, account for roughly 90% of all crypto derivatives volume globally. Binance alone controls approximately 33% of the centralized perpetual futures market, followed by OKX and Bybit. In the first quarter of 2026, Binance tightened its grip even as overall crypto trading volume declined, capturing a 40% share of perpetual futures activity.
The appeal for institutional market makers is not mysterious. Perpetuals offer continuous liquidity without the friction of quarterly roll dates. Margin requirements on offshore exchanges are more flexible. And for desks that are genuinely market neutral, providing liquidity on both sides, the funding rate on perpetuals can generate yield similar to the old basis trade, often with better capital efficiency.
What has changed is not the existence of these benefits, which offshore venues have offered for years, but the willingness of institutional participants to act on them. As the basis trade on CME became unprofitable and the regulatory climate around perpetuals began to shift, the stigma of trading on offshore venues appears to have softened for a segment of the institutional market.
This does not mean Goldman Sachs is opening a Binance account. The migration is concentrated among crypto native market makers, quantitative trading firms, and smaller hedge funds that operate across jurisdictions. Many of these firms are registered in Singapore, Dubai, or the British Virgin Islands and face no regulatory barrier to trading on Binance or similar platforms. For them, the question was never whether they could trade offshore but whether the economics justified staying on CME. Once the basis spread vanished, the answer changed.
These participants were a significant share of CME’s open interest, and their departure has been measurable. CoinGecko data from the first quarter of 2026 shows that Binance and OKX together dominate the perpetual futures landscape, with decentralized perpetual exchanges also nearly quadrupling their share of open interest year over year, adding another layer of competition that CME cannot match.
CME’s countermove and why 24/7 was not enough CME did not sit idle while its Bitcoin futures franchise eroded. On May 29, 2026, the exchange launched 24/7 trading for cryptocurrency futures and options, eliminating the weekend gap that had been a persistent structural disadvantage against crypto native venues.
The inaugural weekend saw more than 7,200 contracts traded, roughly $50 million in notional value. Average daily volume across CME’s crypto complex reached 407,200 contracts, up 46% year over year. The exchange also introduced Bitcoin volatility futures on June 1, expanding the toolkit available to institutional traders.
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— crypto.news (@cryptodotnews) April 27, 2026 These moves addressed genuine pain points. Corporate treasury desks, asset managers, and hedge funds running Bitcoin positions had long struggled with the inability to adjust hedges during weekends when spot markets kept moving. The CME gap, a visible discontinuity in Monday’s opening price relative to Friday’s close, was a real source of basis risk.
But 24/7 trading arrived too late to reverse the basis trade exodus. The open interest decline continued through June, July, and August, suggesting that the forces driving capital away from CME were more fundamental than trading hours. The basis trade collapse was a yield problem, not an access problem, and extending trading hours does not restore the contango.
The perpetual futures revolution comes onshore While CME was losing open interest to offshore venues, a parallel regulatory development was reshaping the competitive landscape from the other direction. On May 29, 2026, the same day CME went 24/7, the CFTC approved Kalshi’s BTCPERP contract, the first Bitcoin perpetual futures product listed on a regulated U.S. exchange.
The approval represented a watershed moment for American crypto derivatives trading. Perpetual futures had existed exclusively offshore for nearly a decade, generating trillions of dollars in annual volume on exchanges beyond the reach of U.S. regulators. The CFTC’s decision to allow them onshore, initially through Kalshi and with additional applications from Coinbase and others in the pipeline, opened a new front in the competition for institutional flow.
CME’s response was to sue. The exchange filed a federal lawsuit against the CFTC and its chairman, arguing that the agency had overstepped its authority and that perpetual futures should be classified as swaps, not futures, which would subject them to different regulatory treatment and potentially restrict their availability. The legal argument centers on whether a contract that never expires and settles through continuous funding rate payments meets the statutory definition of a futures contract or whether it more closely resembles a swap, which carries heavier compliance obligations including mandatory clearing and reporting. The case remains pending, and its outcome could reshape the regulatory framework for crypto derivatives in the United States for years to come.
Kalshi’s early traction has been notable. Within weeks of launch, the platform generated more than $5.5 billion in cumulative perpetual futures volume. It subsequently added Ethereum, Solana, and XRP perpetuals, broadening its product lineup beyond Bitcoin.
The implications for CME are significant. If regulated perpetual futures gain a foothold in the United States, they could siphon volume not only from offshore venues but from CME’s own quarterly futures contracts. The instrument that CME is fighting in court may ultimately become the instrument that defines the next phase of institutional crypto derivatives trading.
Was institutional adoption ever what it seemed? The Binance CME flip forces a reexamination of the “institutional adoption” narrative that has underpinned much of the bullish thesis for Bitcoin since 2024. That narrative rested on several pillars: the approval of spot Bitcoin ETFs, the growth of CME open interest, the expansion of custody solutions from banks like Citi, and the entry of traditional brokerages like Charles Schwab into crypto trading.
Each of those pillars remains standing. Spot Bitcoin ETFs control more than $100 billion in assets, even as the institutional rotation into other products accelerates. Schwab launched Bitcoin and Ethereum trading on its $13 trillion platform in May 2026. Citi is building $30 trillion custody rails scheduled for deployment later this year.
But the CME open interest decline reveals that a meaningful portion of what was counted as “institutional demand” was actually basis arbitrage, mechanically long spot and short futures, with no directional view on Bitcoin’s price. When the basis compressed, the demand disappeared.
This distinction matters for how markets interpret institutional flow. A pension fund buying IBIT because its investment committee believes in Bitcoin as a long term asset is fundamentally different from a prop trading desk buying IBIT and shorting CME futures to harvest a 15% annualized spread. Both show up as ETF inflows. Both contribute to CME open interest. But only one represents genuine conviction in Bitcoin’s value proposition.
The first half of 2026 exposed this ambiguity. U.S. spot Bitcoin ETFs recorded $5.4 billion in net outflows, the first negative half year since the products launched in January 2024. A significant portion of those outflows traced directly to basis trade unwinding, as desks closed the spot leg alongside the futures leg. The headline, that institutions were dumping Bitcoin, obscured the more nuanced reality that arbitrageurs were simply closing a trade that no longer paid.
The opposing case: why this reversal may be temporary Not everyone reads the Binance CME flip as a structural shift. Several factors could reverse the trend and restore CME to the top of the open interest rankings within months.
First, the basis trade is cyclical. When Bitcoin enters its next sustained rally and futures premiums expand back into double digit contango, the cash and carry trade will become profitable again. Institutional capital will return to CME for the same reason it arrived: risk adjusted yield. A move above $100,000 in spot Bitcoin, combined with renewed ETF inflows, could compress the timeline for this reversal to weeks rather than months.
Second, CME’s 24/7 trading is still new. The exchange needs time to build liquidity around the clock, particularly on weekends when crypto markets are often most volatile. As that liquidity deepens, the structural advantages of trading on a CFTC regulated exchange, counterparty clearing through CME Clearing, standardized margin, and regulatory certainty, may draw institutional flow back.
Third, the regulatory crackdown on offshore exchanges could intensify. Binance has operated under scrutiny from U.S., European, and Asian regulators for years. Any enforcement action, licensing restriction, or counterparty event affecting Binance could rapidly shift open interest back toward regulated venues.
The invalidation criteria for the structural shift thesis are clear: if Bitcoin’s three month annualized basis on CME returns above 8% for a sustained period, if CME regains the open interest lead from Binance, or if U.S. spot ETF flows turn decisively positive again, the reversal narrative loses its foundation.
What the hedge fund positioning data reveals One of the most telling signals in the CME data is not the decline in overall open interest but the shift in how hedge funds are positioned. For most of 2024 and 2025, leveraged funds on CME held persistent net short positions, the signature of the basis trade. In recent weeks, CFTC Commitments of Traders data shows that hedge funds have flipped to a net long position, a rare and significant shift.
This flip suggests that the remaining institutional participants on CME are no longer running delta neutral arbitrage. They are taking directional bets on Bitcoin’s price. The nature of institutional demand on CME is changing from yield extraction to conviction, which is arguably a healthier and more durable form of institutional participation.
The flip also means that the next phase of CME open interest growth, when it comes, may be driven by genuine directional flow rather than arbitrage. This could produce a CME open interest profile that is smaller in absolute terms but more meaningful as a signal of institutional sentiment.
Whether this transition is complete or merely in its early stages remains unclear. The net long positioning could reverse if Bitcoin’s price declines further, triggering stop losses and margin calls among the remaining directional traders. But for now, the data suggests a qualitative change in the type of institution that trades Bitcoin futures on CME.
There is a parallel signal worth noting. JPMorgan analysts have observed that institutional participation in perpetual futures skews heavily toward speculative trading instead of hedging, a dynamic that differs from traditional commodity futures markets where commercial hedgers anchor open interest. If CME’s remaining participants are increasingly directional while perpetual venues remain speculative, the two markets may be evolving toward different functions entirely: CME as a venue for macro conviction bets, and perpetuals as the infrastructure for short term trading and market making.
What to watch The Binance CME flip is not the end of institutional Bitcoin adoption. It is, however, the end of a specific chapter in which CME open interest served as the primary scoreboard for measuring it.
Several developments will determine whether this shift is temporary or permanent. The Bitcoin futures basis is the single most important variable: if annualized yields return above 8% to 10%, expect the basis trade and the CME open interest it generates to come back quickly. The trajectory of U.S. spot ETF flows will signal whether institutional appetite for Bitcoin exposure, independent of arbitrage, is growing or contracting.
The onshore perpetual futures market deserves close attention. Kalshi’s volume trajectory, CME’s lawsuit against the CFTC, and whether additional regulated venues launch competing perpetual products will shape the competitive landscape. If perpetuals win regulatory acceptance in the United States, the quarterly futures contract that made CME the center of institutional crypto trading may become an increasingly niche product.
Binance’s regulatory status is equally critical. The exchange is operating under a monitored compliance agreement with U.S. authorities and faces ongoing scrutiny in multiple jurisdictions. Any deterioration in Binance’s regulatory position could rapidly redistribute open interest toward CME and other regulated venues.
Finally, watch the CFTC Commitments of Traders data for shifts in hedge fund positioning. The recent flip from net short to net long is a meaningful signal, but it needs confirmation over multiple reporting periods to constitute a trend.
The market structure that emerges from this transition will look different from what came before. A world in which CME, Kalshi, Binance, and decentralized perpetual protocols each serve distinct segments of the institutional and retail spectrum is more fragmented but potentially more resilient than one in which a single venue dominates. The risk is that fragmentation reduces transparency, making it harder for regulators and market participants alike to gauge total leverage in the system.
The story of Bitcoin’s institutional market is not the story of one exchange winning and another losing. It is the story of capital finding the most efficient venue for each strategy at each moment. Right now, that search is pulling capital away from CME and toward offshore perpetuals, onshore innovations, and direct spot holdings. Where it goes next depends on basis spreads, regulation, and whether the next Bitcoin rally reignites the machine that made CME dominant in the first place.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets carry significant risk, and past performance does not guarantee future results. Always conduct your own research before making investment decisions. Published August 16, 2026.
XDC Network processed 27.7 million transactions in July 2026, a new monthly record for the enterprise-focused blockchain. That figure represents a 50% jump over the previous six months, and it pushes the network’s lifetime transaction count past 1 billion since its mainnet launch in June 2019.
XDC is not a chain most retail traders think about. Its design targets enterprise workflows: trade finance settlement, real-world asset tokenization, and ISO 20022 compliance for interoperability with traditional banking infrastructure.
The network’s throughput capacity sits at up to 2,000 transactions per second, with an average finality time of around six seconds. In July 2026, the chain was processing up to 18.7 TPS on average, meaning the current load is a fraction of theoretical capacity.
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Stablecoin settlements have become a meaningful part of the activity mix. The network has processed over $1.3 billion in USDC transactions on-chain, establishing it as a viable settlement rail for institutions that want blockchain efficiency without token price exposure on their books.
Trade finance is the other pillar. XDC has been running pilots using vLEI technology, a verifiable legal entity identifier framework that allows companies to cryptographically prove their corporate identity on-chain.
XDC added Animoca Brands, NTT DOCOMO GLOBAL, and Republic to its validator set in 2026. These organizations’ participation suggests the network is being evaluated as infrastructure rather than as a speculative investment.
XDC operates as a hybrid blockchain, combining a public chain with private sub-networks called subnetworks. That architecture lets enterprises keep sensitive transaction data off the public ledger while still anchoring to a shared settlement layer.
The partnership with Stripe and its Bridge infrastructure around stablecoin settlement is another data point worth noting.
XDC traded near $0.030 as of May 2026, well below its all-time high of approximately $0.19 set in 2021.
The network crossed 801 million total transactions by June 2025, meaning it added roughly 200 million more in the months that followed.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
SafePal’s latest disclosure hits a less obvious layer of crypto infrastructure: the commerce systems around wallet sales rather than the custody layer itself. The wallet provider confirmed that order information tied to nearly 40,000 customers was exposed, according to the original report.
SafePal has not disclosed whether the records were held on its own systems or by a third-party fulfillment vendor. That detail will matter to customers because a logistics partner breach can be just as dangerous as a compromise of the wallet maker’s internal database.
What did not move is just as important. SafePal said private keys, seed phrases, and crypto assets were not compromised. That distinction defines the risk here: this is not a failure of the signing device or the wallet’s cryptographic design, but of the operational layer that handles purchases and customer data.
Order records can still create a real exposure. Names, shipping addresses, purchase history, and contact details are the kind of data that feeds targeted phishing, fake delivery notices, and social engineering attempts. An attacker does not need a seed phrase if they can convince a customer to enter it into a convincing lookalike interface built from leaked order context.
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Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.
Trezor a SafePal varují po úniku údajů o 53 487 zákaznících, včetně jmen a adres, které mohou zneužít podvodníci k falešným e-mailům, telefonátům i dopisům. Trezor zdůraznil, že zařízení ani prostředky nebyly kompromitovány.
Close-up of hands of a man viewing balances of Bitcoin, Ether and other cryptocurrencies in a wallet app from popular service Coinbase, Martinez, California, June 26, 2019. (Photo by Smith Collection/Gado/Getty Images)
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"Scammers can use the leaked information to send fake emails, make fake phone calls, send fraudulent letters, or potentially impersonate banks, crypto exchanges, or even Trezor," the hardware wallet manufacturer warned customers on Aug. 13, disclosing a breach at one of its shipping providers.
"SafePal leaked 39,798 users today. not keys - names, emails, addresses," the analyst who posts as @dealerdefi wrote on X three days later. "your keys aren't the weak point, you are."
"To be clear, our systems were not compromised, and your Trezor device is secure," Trezor said, putting the exposure at 11,742 customers whose addresses leaked, plus 1,947 partly affected.
"We have some difficult news to share," the company wrote on X the same day, naming seven affected countries and orders placed between May 10 and Aug. 8.
ShipMonk "has also received extortion emails from the ShinyHunters extortion gang," BleepingComputer reported, tracing the intrusion to a critical SQL injection zero-day in Metabase.
'An isolated case at the time'SafePal disclosed its own breach on Aug. 16, saying it got a first report in early May but "treated it as an isolated case at the time," opening a full review only in July.
An authorization flaw in an order-tracking plug-in exposed roughly 39,798 customers of the Binance-backed wallet maker, putting 53,487 wallet buyers into circulation across the two disclosures in four days. "No evidence has been found that the incident itself compromised access to SafePal wallets or funds," SafePal said.
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Attackers run the numbers"So you think about like attackers, what are they? They're organizations, right? They have their own KPIs, they have their own goals, they go to an office, they have a strategy and they say okay this is a project and they calculate the ROI," Ido Sofer, founder of the key-management firm Sodot, said on the On The Margin podcast.
"If I put enough constraints and enough like security rails and in-depth security, so the cost is gonna be higher than my neighbor and the other company," Sofer said. "So probably they're gonna go there because the ROI is lower."
A leaked list of names and delivery addresses moves that calculation the other way. "Home invasions now account for 37% of incidents in 2026," Chainalysis wrote in an Aug. 6 report, up from 26% in 2023, counting 46 violent crypto-related incidents through late June, a pattern that also ran through this year's largest crypto thefts.
A French tax official near Paris "is alleged to have stolen and sold dossiers on high-net-worth crypto holders, which included their names, addresses, holdings, phone numbers, and tax records," Chainalysis wrote of a 2024 case. The crypto tax-reporting firm Waltio "disclosed a separate breach of some 50,000 users, creating yet more useful data for attackers."
Attacks in France ran at "roughly 4.6 per month in the first half of 2026," Chainalysis wrote, counting 30 publicly known incidents there against more than 70 in the tally of Interior Minister Laurent Nuñez. Four of the seven countries in the Trezor leak are European.
'A moving target'"The more assets you put in a centralized custodian, the larger the honeypot and larger the ROI from social engineering, physical engineering, digital engineering," Michael Tanguma, chief executive of the bitcoin custody firm Onramp, said in an interview. "There's a single point of failure whether it's Coinbase or yourself."
"All this stuff, the violent attacks, third party attacks," Tanguma said, arguing after a $130 million Coldcard hack that self-custody is "increasingly going to be untenable" for most holders. "And why? Because it's a moving target."
Ledger went through this in January, when its international e-commerce partner Global-e was breached. "Global-e does not have access to your 24 words, blockchain balance, or any secrets related to digital assets," Ledger said at the time.
What happened last time"This data breach has no link nor impact on our hardware wallets, the app or your funds. Your crypto assets are safe," Ledger said in 2020, after a breach exposed 272,000 records including names, phone numbers and addresses.
Victims got extortion letters demanding $700 to $1,000 in bitcoin under threat of doxxing. "You should be suspicious of receiving a free product in the mail that you didn't order," Ledger security chief Matt Johnson said in 2021, after others were mailed counterfeit Nano devices containing soldered flash drives that asked for the 24-word recovery phrase.
Ledger co-founder David Balland was later kidnapped for ransom in France. "Be suspicious of any communication that prompts immediate action or asks for personal information," Trezor told exposed customers. "Never enter your wallet backup on a website or share it with anyone."
Norský státní fond měl na konci první poloviny roku 2026 rekordní nepřímou expozici 11 549 BTC, a to i bez přímého nákupu bitcoinu. Hodnota dosáhla zhruba 725 milionů USD.
Norway's $2.4 trillion sovereign wealth fund held a record 11,549 BTC in indirect bitcoin exposure at the end of the first half of 2026, according to K33 Research, marking the sixth consecutive reporting period of growth and the fund's first time in five-digit BTC territory.
Norges Bank Investment Management, which manages the Government Pension Fund Global on behalf of Norway's Ministry of Finance, holds no bitcoin directly. K33's methodology instead multiplies NBIM's ownership stake in any publicly traded company holding bitcoin on its balance sheet by that company's BTC holdings, then sums the result across the fund's entire equity portfolio. Exposure rose 21.2% during the first half of 2026 and 60.5% over the trailing twelve months, valued at roughly $725 million. Strategy alone accounted for 9,914 BTC-equivalent — 85.8% of NBIM's total exposure — up from 7,801 BTC at the end of 2025, an increase that on its own exceeded the fund's entire net portfolio-wide gain for the period, meaning reductions elsewhere partially offset Strategy's continued pull. Metaplanet ranked a distant second at 671 BTC-equivalent, followed by MARA Holdings, Coinbase, and Block. Despite the record dollar figure, bitcoin-linked holdings still represent just 0.03% of NBIM's total assets under management, down from 0.04% at the end of 2025, since the fund's overall assets have grown faster than its bitcoin-linked exposure.
K33 head of research Vetle Lunde was explicit that the growth doesn't reflect a deliberate allocation decision by Norway's fund managers — it's a byproduct of NBIM tracking broad global equity indices that increasingly include bitcoin treasury companies, not a bet anyone at Norges Bank chose to place.
In January 2025, we reported that NBIM's indirect exposure stood at 3,821 BTC worth about $356.7 million, cited then as one data point in a wider divide over sovereign bitcoin exposure — the European Central Bank rejecting bitcoin reserves outright even as Norway's fund passively accumulated exposure through its equity book. Eighteen months later, that exposure has more than tripled in BTC terms, entirely through the same passive mechanism, with no change in strategy required.
The concentration here is the real story, not the headline total. With Strategy responsible for nearly 86% of NBIM's bitcoin-linked exposure, the fund's bitcoin narrative is now largely a proxy for one company's balance sheet decisions — and Strategy's stock has not been a stable proxy to be tied to. Blockhead reported in June that Strategy's shares fell below $100 for the first time in two years, erasing roughly 81% of the stock's peak value as bitcoin's own price slid. NBIM's BTC-equivalent count keeps climbing regardless of Strategy's share price, since K33's methodology tracks bitcoin held on the balance sheet rather than market capitalization — but the dollar value of that exposure, and Strategy's own weight inside NBIM's broader equity portfolio, moves with a stock that has proven considerably more volatile than the passive index logic driving the fund's involvement in the first place.
Vitalik Buterin označil bitcoinový model Utreexo za inspiraci pro hybridní škálování Etherea. Cílem je snížit nároky na stav sítě bez ztráty decentralizace.
Ethereum co-founder Vitalik Buterin credited Bitcoin developers on Aug. 16 for work on Utreexo while describing a proposed Ethereum scaling direction that could combine UTXO-style state, conventional dynamic state and models between the two.
Summary
Vitalik Buterin credited Bitcoin developers for Utreexo while outlining Ethereum’s proposed hybrid state scaling strategy. Ethereum researcher Toni Wahrstätter proposed native UTXOs that could cut payment state usage roughly 99.8%. The proposal keeps Ethereum accounts while moving simple one-shot payments into a lighter UTXO-style model. EIP-8141 Frame Transactions, required by the UTXO design, is currently only considered for Hegotá inclusion. Vitalik’s recursive-STARK mempool proposal limits proof bandwidth overhead rather than proving unlimited Ethereum transaction throughput. In an X post, Buterin called it the “current proposed Ethereum scaling strategy,” making clear that the architecture remains under development.
Buterin said the goal is to let most Ethereum activity scale much further without sacrificing decentralization, censorship resistance or ease of running nodes. His comments do not mean Ethereum has decided to replace its account model with Bitcoin’s UTXO architecture. The relevant designs remain research proposals rather than approved protocol changes.
Bitcoiners deserve a lot of credit for pioneering many of these ideas (see Utreexo).
But yes, this is what the current proposed Ethereum scaling strategy looks like in action.
We want Ethereum to have the best of UTXO-style state, dynamic state, and everything in between,…
— vitalik.eth (@VitalikButerin) August 16, 2026 Bitcoin’s Utreexo offers a model for reducing node state Utreexo was introduced by MIT Digital Currency Initiative researcher Thaddeus Dryja in 2019. Instead of requiring a validating node to locally hold the full Bitcoin UTXO set, the design represents that set with a compact hash-based accumulator. Transaction inputs carry inclusion proofs that allow nodes to verify relevant outputs against that accumulator.
MIT DCI’s original paper says the accumulator grows logarithmically with the underlying set. That addresses the same broad problem Ethereum researchers are examining: increasing network activity without forcing state-storage requirements to rise at the same pace. Utreexo remains a Bitcoin scaling project rather than a feature Ethereum is copying directly.
Ethereum’s native UTXO proposal targets payment state A July 6 Ethereum Research proposal from Toni Wahrstätter, writing as Nero_eth, proposes adding native UTXO-like payments without removing Ethereum accounts. The model targets one-shot payments that do not require persistent smart-contract state.
The proposal estimates that these workloads could reduce permanent state usage by roughly 99.8%. Rather than storing the full payment object in active state, Ethereum would prove its existence from history while mainly retaining a compact spent-status bit. At one billion entries, the proposal estimates roughly 300 MB of permanent state, compared with about 100 GB to 150 GB for equivalent account or storage entries. Those are design estimates, not measured mainnet results.
The approach fits Ethereum’s wider effort to reduce verification and storage burdens. As crypto.news previously reported, Ethereum’s Lean rebuild places recursive cryptographic proofs at the center of its proposed verification overhaul.
Recursive STARKs solve a different scaling bottleneck Buterin’s January recursive-STARK mempool research tackles proof bandwidth. His model assumes highly optimized STARK proofs of about 128 kB and proposes that mempool nodes periodically combine validity proofs recursively instead of attaching a separate large proof to every object being propagated.
Using Buterin’s example of eight peers and 500-millisecond aggregation intervals, extra bandwidth would total about 2 MB per second per node and remain constant as more objects enter the scheme. The mempool research and native UTXO proposal address different constraints, although researchers are exploring how such technologies might complement one another.
A community response extrapolated the combination into an architecture capable of settling an “unbounded volume” of UTXO transitions through a compact proof. That is not a confirmed Ethereum throughput target or roadmap commitment. Buterin’s research does not establish unlimited transaction capacity, and the 128 kB figure describes an assumed STARK proof size in his mempool model, not a confirmed future Ethereum block format.
If we were to synthesize Vitalik’s STARK-aggregated mempool architecture with Toni’s UTXO-oriented execution proposal, we could theoretically construct a recursively STARK-aggregated UTXO transaction fabric at the memory/networking layer, whereby transaction-state transitions are… https://t.co/XhstzUso2z
— Liberty Swap | C.R.O.P.S. on PulseChain 🗽 (@LibertySwapFi) August 16, 2026 What happens next for Ethereum scaling The native UTXO proposal assumes EIP-8141, or Frame Transactions, for its preferred spending design. EIP-8141 would introduce programmable transaction frames covering validation, gas payment and execution. The official Hegotá specification currently lists Frame Transactions only as “Considered for Inclusion.” FOCIL, or EIP-7805, remains the only proposal formally scheduled for Hegotá.
Ethereum’s official roadmap places Hegotá in 2027, after Glamsterdam in the fourth quarter of 2026. Native UTXOs are not currently listed as a scheduled Hegotá feature. As crypto.news reported, Hegotá’s 2027 upgrade scope is still being narrowed, with Frame Transactions among the major designs still under consideration.
Buterin’s Utreexo reference therefore signals a research direction rather than a dated Ethereum upgrade. The work points toward a hybrid system in which different types of activity could use different state models, while cryptographic proofs reduce what individual nodes must store or repeatedly verify.
JPMorgan začal přijímat Bitcoin a Ethereum jako zástavu pro úvěry v amerických dolarech pro institucionální klienty. Banka na krypto uplatňuje haircut ve výši 30 % až 50 %.
JPMorgan Chase now lets institutional clients pledge Bitcoin and Ethereum as collateral for U.S. dollar loans, placing crypto on the same ledger as Treasuries and blue-chip equities. For a bank whose CEO spent years calling Bitcoin a fraud, the reversal rewires how capital moves between Wall Street and decentralized networks, and forces every competitor to answer the same question.
Summary
JPMorgan Chase launched a program in March 2026 allowing institutional clients to pledge Bitcoin and Ethereum as collateral for U.S. dollar loans through its Kinexys digital assets platform, with custodians including Fidelity Digital Assets and Coinbase Custody holding the pledged tokens.
The bank applies estimated haircuts of 30% to 50% on crypto collateral, meaning a client pledging $100,000 in Bitcoin may receive only $50,000 to $70,000 in financing, with real-time oracle feeds from providers such as Chainlink adjusting valuations continuously.
This move follows JPMorgan’s filing of bitcoin-backed structured notes tied to BlackRock’s IBIT exchange-traded fund, offering leveraged returns of up to 1.5x and potential gains of 16% if IBIT hits predetermined targets by December 2026.
Goldman Sachs, Citigroup, and Bank of America are building a tokenized deposit network launching in the first half of 2027, suggesting JPMorgan’s collateral program is the opening act of a broader Wall Street integration.
The cultural shift is stark: CEO Jamie Dimon once called Bitcoin a “hyped-up fraud” and a “pet rock,” yet the bank now treats Bitcoin identically to stocks, bonds, and gold on its collateral schedule.
The pledged assets never leave cold storage at third-party custodians such as Fidelity Digital Assets and Coinbase Custody, but the dollars they unlock are as real as any credit line backed by government paper. JPMorgan Chase opened the program in March 2026 through its Kinexys digital assets platform, and the competitive cascade it triggered is already reshaping the banking industry.
From “pet rock” to pledgeable asset
Jamie Dimon’s public disdain for Bitcoin has been a recurring fixture of earnings calls and conference panels since at least 2017. He called it a fraud, compared it to tulip mania, and warned employees that trading it would be grounds for termination. Yet JPMorgan’s institutional clients kept asking for exposure, and the bank kept quietly building infrastructure to serve that demand. The Kinexys platform, formerly known as Onyx, now processes more than $5 billion in daily transaction volume and has handled over $3 trillion in cumulative settlements since its launch. Adding crypto collateral to that engine was less a philosophical U-turn and more the logical next step for a system already designed to move tokenized value at scale.
The internal evolution at JPMorgan tells a more nuanced story than the public rhetoric suggests. While Dimon was calling Bitcoin a fraud in shareholder letters, the bank’s technology division was hiring blockchain engineers, filing patents on tokenized settlement systems, and building the infrastructure that would become Kinexys. The digital assets team operated with a degree of autonomy that allowed it to build production-grade systems while the CEO continued to express skepticism on CNBC. That dynamic, where the engineering side of a bank runs ahead of the executive messaging, is common in large financial institutions. It happened with derivatives in the 1980s, with electronic trading in the 1990s, and with algorithmic market-making in the 2000s. The public stance catches up to the private investment, usually when a revenue opportunity becomes too large to ignore.
Eric Trump captured the irony at Consensus Miami 2026, pointing out that JPMorgan had gone from “crapping all over bitcoin” to offering mortgage products backed by crypto holdings in roughly 18 months. The timeline matters because it compresses what analysts expected to be a multi-year adoption curve into something closer to a sprint. When the bank that sets the pace for Wall Street lending accepts an asset as collateral, it sends a signal that cascades through compliance departments, risk committees, and boardrooms at every other major financial institution.
How the collateral program works
The mechanics mirror traditional securities lending more closely than most observers expected. A hedge fund or corporate treasury deposits Bitcoin or Ethereum with a third-party custodian, typically Fidelity Digital Assets or Coinbase Custody. JPMorgan never takes direct possession of the tokens. Instead, the bank receives a custodial receipt confirming the deposit, and the Kinexys platform records the pledge on its permissioned blockchain. The client then receives a U.S. dollar loan, with the crypto holdings serving as security.
Real-time price feeds, sourced from oracle providers including Chainlink, continuously update the valuation of the pledged assets. If the value of the collateral drops below a predetermined threshold, the system issues a margin call automatically. The client must either deposit additional collateral or repay part of the loan. If neither happens within the specified window, the custodian can liquidate the crypto position to cover the shortfall. The entire lifecycle, from pledge to margin call to potential liquidation, runs on blockchain rails that operate around the clock, a meaningful upgrade over the batch-processing cycles of traditional collateral management.
One detail that distinguishes this program from crypto-native lending platforms is the separation between custody and credit. On platforms like Aave or Compound, the collateral and the lending pool exist in the same smart contract ecosystem. A bug in the protocol can expose both simultaneously. JPMorgan’s structure intentionally fragments these functions across different entities: the bank underwrites the loan, the custodian holds the tokens, and the oracle provider supplies the pricing. That fragmentation adds operational complexity but creates firebreaks. A failure at any one layer does not automatically cascade into the others.
The initial rollout targets high-net-worth clients and institutional players. Retail access is not part of the current scope, though internal JPMorgan documents referenced by Bloomberg suggest the bank is evaluating a phased expansion that could include qualified retail investors by mid-2027.
The haircut question
Collateral haircuts are where the details reveal how seriously a bank treats an asset class. U.S. Treasuries typically carry haircuts of 1% to 5%, reflecting their low volatility and deep liquidity. Investment-grade corporate bonds sit in the 5% to 15% range. Gold, depending on the form and custodian, attracts haircuts of 10% to 25%.
JPMorgan’s reported haircuts for Bitcoin collateral land between 30% and 50%. That range acknowledges Bitcoin’s realized volatility, which has averaged roughly 50% to 70% annualized over the past five years, while still treating the asset as meaningfully pledgeable. A client depositing $1 million in Bitcoin would receive between $500,000 and $700,000 in loan proceeds. The spread within that range likely depends on the client’s creditworthiness, the loan tenor, and prevailing market conditions.
These numbers are not punitive by historical standards. When Goldman Sachs and other tier-one banks first explored Bitcoin-backed lending through tri-party repo arrangements, internal models suggested haircuts as high as 70%. The compression from 70% to a midpoint of roughly 40% over just a few years reflects both declining realized volatility as the asset matures and growing confidence in custodial infrastructure. If Bitcoin’s annualized volatility continues to fall, as it has with each successive halving cycle, the haircuts will tighten further. A world in which Bitcoin collateral receives a 20% haircut, comparable to high-yield corporate bonds, is plausible within the next three to five years.
What changes when Bitcoin becomes a balance-sheet instrument
The shift from speculative asset to pledgeable collateral rewires incentive structures across the financial system. Consider three immediate consequences.
First, it creates a reason to hold Bitcoin that has nothing to do with price appreciation. A corporate treasurer sitting on $50 million in Bitcoin can now borrow against that position to fund operations, acquisitions, or working capital without triggering a taxable event. The cost of capital for that borrowing, once haircuts and interest rates are factored in, may compare favorably to unsecured corporate debt for many mid-tier firms. Bitcoin becomes a tool for liquidity management, not just a bet on number-go-up.
Second, it introduces a new class of forced sellers. Margin calls on crypto-collateralized loans create liquidation pressure that did not exist when Bitcoin sat entirely outside the banking system. A sharp drawdown that triggers widespread margin calls at JPMorgan and its eventual competitors could amplify selling in a way that the market has not yet experienced at institutional scale. The plumbing that makes collateral possible also makes cascading liquidations possible.
Third, it pressures accounting standards. Under current U.S. GAAP rules updated in late 2024, companies can carry Bitcoin at fair value with changes flowing through earnings. If banks are treating Bitcoin as loan collateral, auditors and regulators will face increasing pressure to harmonize the treatment of crypto assets across the financial system. The gap between how a bank values Bitcoin as collateral and how a corporate borrower accounts for it on its balance sheet creates friction that the system will eventually resolve.
Fourth, it changes how Bitcoin miners and large holders think about treasury management. Companies like MARA Holdings have already used Bitcoin to refinance debt through crypto-native lenders such as Arch Lending. The entry of JPMorgan into this market gives those same borrowers access to cheaper capital, longer tenors, and the reputational cover of borrowing from a systemically important bank. The interest rates on JPMorgan’s crypto-collateralized loans have not been publicly disclosed, but the bank’s cost of funding is significantly lower than any crypto-native lender. That cost advantage will pull borrowing volume away from decentralized platforms and into the traditional banking system, an ironic outcome for an asset class built on the premise of disintermediation.
The competitive cascade
JPMorgan rarely moves first without knowing that competitors are watching. Goldman Sachs has been working on its own crypto-collateral program through tri-party repo structures. Citigroup is building custody rails designed to handle $30 trillion in tokenized assets. Bank of America, Wells Fargo, and Citigroup are jointly constructing a tokenized deposit network that launches in the first half of 2027 and would allow round-the-clock corporate fund transfers. Each of these initiatives is a precondition for accepting crypto collateral at scale.
The pattern echoes what happened with prime brokerage services for hedge funds in the 1990s. Once one bank offered a comprehensive package, every competitor had to match it or risk losing clients. The same dynamic is playing out with crypto services. JPMorgan has already filed to issue bitcoin-backed structured notes tied to BlackRock’s IBIT ETF, offering leveraged returns and conditional principal protection. Goldman Sachs is expected to announce similar products before the end of the third quarter. The question is no longer whether traditional banks will offer crypto-backed financial products, but how quickly the full menu will be available.
Regional banks face a different calculus. They lack the technology budgets and regulatory relationships to build Kinexys-style platforms from scratch. Most will rely on infrastructure partners, likely the same custodians and oracle providers that JPMorgan uses, to offer white-label versions of crypto collateral services. The result is a tiered market in which the largest banks offer bespoke crypto lending directly, mid-tier banks partner with fintechs, and smaller institutions simply refer clients elsewhere. That tiering already exists for foreign exchange and derivatives. Crypto is following the same organizational logic.
The opposing case: why this could unravel
Every structural shift comes with scenarios that could reverse it. The most direct threat is a regulatory crackdown. The Office of the Comptroller of the Currency has not issued definitive guidance on bank-held crypto collateral, and a change in administration or a major crypto-related loss at a systemically important bank could prompt restrictions that make the economics unworkable.
Volatility remains the fundamental challenge. Bitcoin’s 30-day realized volatility spiked above 100% during the March 2020 crash and exceeded 80% during the May 2021 selloff. A similar spike under the new collateral regime would trigger margin calls at a scale the system has not been tested against. If custodians cannot process liquidations quickly enough during a flash crash, the resulting losses could make banks pull back from crypto collateral entirely.
Custodial risk is the dark scenario. The collapse of FTX in 2022 showed that even large, apparently reputable crypto custodians can fail catastrophically. JPMorgan mitigates this by using regulated third-party custodians with segregated accounts, but the risk is not zero. A breach, hack, or operational failure at a major custodian could freeze collateral and create cascading defaults.
The invalidation criteria are clear: if any G-SIB (global systemically important bank) suspends its crypto collateral program due to losses or regulatory action within the next 18 months, the competitive cascade described above stalls. If two or more suspend simultaneously, the entire thesis reverses and crypto reverts to its pre-collateral status as a purely speculative asset class in the eyes of traditional finance.
Ethereum’s parallel path and the altcoin question
JPMorgan’s program accepts Ethereum alongside Bitcoin, but the two assets occupy different positions in the institutional hierarchy. JPMorgan’s own analysts have argued that Bitcoin has pulled decisively ahead as the institutional base layer, with spot Bitcoin ETFs recovering roughly two-thirds of their October 2025 outflows while spot Ethereum ETFs clawed back only about one-third.
The divergence matters for collateral because it affects how banks model risk. Bitcoin’s correlation structure, its relationship to equities, gold, and real interest rates, is better understood and more stable than Ethereum’s. A risk committee evaluating Ethereum collateral must also consider smart contract risk, network upgrade risk, and the possibility that DeFi activity on Ethereum declines further, reducing the fundamental demand for the token. These factors justify wider haircuts on Ethereum than on Bitcoin, and internal bank models reportedly reflect that asymmetry.
The broader altcoin universe is nowhere near collateral eligibility. Tokens with lower liquidity, shorter track records, and less regulatory clarity will remain outside the banking system’s collateral framework for the foreseeable future. The gap between Bitcoin and Ethereum on one side and everything else on the other is widening, not narrowing, as institutional infrastructure develops. Solana, despite processing JPMorgan’s first public-blockchain commercial paper issuance, is not on the collateral schedule. Neither are any stablecoins, wrapped tokens, or governance tokens. The threshold for collateral eligibility in the traditional banking system is far higher than the threshold for exchange listing, and that distinction will shape capital allocation for years to come.
For Ethereum specifically, the path to tighter haircuts runs through proving sustained network utility. If staking yields stabilize, layer-2 activity grows, and real-world asset tokenization on Ethereum scales meaningfully, risk committees may eventually treat ETH collateral on terms closer to Bitcoin. But that convergence is not guaranteed, and the current data points in the opposite direction.
What the Bitcoin ETF ecosystem means for collateral
The existence of spot Bitcoin ETFs creates a bridge between crypto-native collateral and traditional securities lending. A bank can accept shares of BlackRock’s IBIT as collateral without ever touching Bitcoin directly. The ETF wrapper provides regulatory clarity, custodial simplicity, and a familiar risk framework. JPMorgan’s structured notes tied to IBIT are an early example of this hybrid approach.
The ETF bridge also creates an interesting arbitrage dynamic. If a client can pledge IBIT shares at a 10% haircut through a standard securities lending agreement, or pledge the underlying Bitcoin at a 40% haircut through the crypto collateral program, the economics strongly favor the ETF route. This means that much of the early demand for crypto collateral may flow through ETFs rather than spot crypto, at least until haircuts on direct Bitcoin pledges tighten to competitive levels.
Over time, the two tracks should converge. As banks gain experience with direct Bitcoin custody and the realized loss rates on crypto-collateralized loans become visible, the haircut premium for spot Bitcoin over ETF shares will narrow. The end state is one in which Bitcoin, whether held directly or through an ETF, is treated as a single asset class on the collateral schedule, with haircuts reflecting the underlying volatility rather than the wrapper.
The regulatory dimension reinforces this convergence. The Clarity Act, which JPMorgan publicly backed despite lowering its estimate of the bill’s passage probability to below 50%, would provide a federal framework for digital asset classification. If passed, the act would remove much of the legal uncertainty that currently justifies wider haircuts on spot crypto versus ETF shares. Even without the Clarity Act, the SEC’s approval of spot Bitcoin and Ethereum ETFs has already created a regulatory precedent that treats the underlying assets as legitimate enough to wrap in registered securities. The collateral question is the next logical extension of that precedent.
What to watch
The next 12 months will determine whether JPMorgan’s collateral program is the beginning of a permanent structural shift or an experiment that gets walked back under pressure. Three signals matter most.
The first is competitor entry. If Goldman Sachs, Morgan Stanley, and at least one European universal bank launch comparable programs by mid-2027, the shift is durable. If JPMorgan remains alone, something is wrong with the economics or the regulatory environment.
The second is haircut compression. The current 30% to 50% range for Bitcoin reflects uncertainty. If that range tightens to 20% to 35% within a year, it means realized loss rates are low and the bank’s risk models are being validated by actual experience. If haircuts widen, the opposite is true.
The third is a stress test. The program has not yet been through a genuine market dislocation. The first 20%-plus drawdown in Bitcoin while significant collateral is pledged through the system will reveal whether the liquidation mechanisms work as designed. A clean liquidation cycle, one that processes margin calls and sells collateral without systemic disruption, would be the strongest possible endorsement of the program’s architecture.
Beyond these three signals, watch for the accounting and regulatory responses. If the Financial Accounting Standards Board issues updated guidance specifically addressing crypto collateral in banking contexts, it signals that the infrastructure is being built to last. If the OCC publishes interpretive letters clarifying the permissibility of crypto-backed lending for nationally chartered banks, the door opens for institutions that have been waiting on the sidelines. Conversely, if enforcement actions or congressional hearings target bank-held crypto collateral specifically, the expansion timeline extends significantly. The regulatory posture in Washington over the next year will shape the speed of this transition more than any single bank’s internal decision.
This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry significant risk, and readers should conduct their own research before making any financial decisions. Published on August 16, 2026.
Studie spojuje chyby v adresách na sítích Ethereum a BNB Chain s 65 340 rizikovými případy a téměř 574,8 milionu USD ztrát. Největší část tvořilo zneužití kontraktních účtů a odhalených privátních klíčů.
TLDR: Ethereum address errors were linked to 65,340 high-risk cases and almost $574.8 million in losses across Ethereum and BNB Chain. Contract account misuse involved 49,344 cases, with 22,738.41 ETH and 8,681.41 BNB sent to addresses lacking expected code. Exposed private keys contributed to 15,996 account misuse cases involving 104,224.53 ETH and another 9,045.29 BNB across both blockchains. Researchers identified 17,270 EIP-7702 cases where malicious delegation helped attackers control exposed accounts and redirect deposits. An academic study links Ethereum address errors and similar BNB Chain mistakes to nearly $574.8 million in losses. Researchers identified 65,340 high-risk cases involving contract addresses, exposed accounts, and cross-chain reuse. Many transactions completed successfully, although users sent assets to the wrong destination or an unsafe account.
This makes the problem harder to spot than a failed transfer. The research team includes scholars from Sun Yat-sen, Zhejiang, Peking, and other universities. Their work traces crypto address misuse across Ethereum and BNB Smart Chain. It also shows how EIP-7702 can help attackers seize exposed accounts and redirect incoming funds automatically.
Ethereum Address Errors Expose Cross-Chain Transfer Risks The researchers divide the problem into Contract Account Misuse and Externally Owned Account Misuse. Contract Account Misuse occurs when someone assumes a contract exists at a familiar address. That assumption can fail when the user switches networks. The same hexadecimal address may hold working code on a testnet but nothing on mainnet.
The study documented 49,344 separate contract misuse cases involving 22,738.41 ETH and 8,681.41 BNB. These Ethereum address errors appeared routine. A transfer can receive confirmation even when the intended contract function never runs. The network simply treats the call as a basic payment to an address without code.
A shared Uniswap V2 router address illustrates the danger. Developers used it on Ethereum’s Sepolia testnet, and related Stack Exchange posts attracted more than 102,000 views. Yet the address lacked contract code on Ethereum mainnet. Users still submitted function calls and attached ETH. The chain accepted those transactions as simple transfers, leaving the assets trapped.
Attackers watched addresses affected by crypto address misuse. The team identified 469 contract cases involving deliberate cross-chain address reuse. Attackers deployed malicious contracts at destinations where users had previously sent funds by mistake. Those incidents caused losses of 3,446.37 ETH and 431.79 BNB. The method turns an earlier mistake into an active theft opportunity.
These findings show why Ethereum address errors require chain-specific checks. A recognizable address alone does not confirm the expected contract exists. Users must verify both the selected network and the deployed bytecode before signing a transaction.
Exposed Keys and EIP-7702 Expand the Threat to Users Ethereum address errors also include Externally Owned Account Misuse. The study identified 15,996 cases tied to private keys exposed online. Developers sometimes publish keys in repositories, tutorials, or question-and-answer posts. Attackers can monitor those accounts and remove deposits as soon as funds arrive.
These exposed accounts received 104,224.53 ETH, while related BNB Chain losses reached 9,045.29 BNB. Researchers examined more than 10 million candidate addresses and 16 million exposed private keys. They then reviewed roughly 2.5 million transactions across Ethereum and BNB Smart Chain. Manual validation placed the detection system’s overall precision at 99.11%.
EIP-7702 expands the danger surrounding Ethereum address errors. The upgrade allows an externally owned account to delegate execution to smart contract code. Researchers found another 17,270 cases where attackers used this mechanism against exposed accounts. Malicious delegation enabled automatic control and redirected later deposits without repeated manual action.
The losses sit beside broader security damage recorded during 2026. Blockaid reported $1.1 billion stolen through 212 incidents during the first half. Three separate attacks each caused more than $35 million in losses on one late-July day. Unlike visible hacks, crypto address misuse can look like an ordinary confirmed transaction.
The researchers urge users to obtain addresses from official project documentation. Test accounts and production wallets should also remain separate. Wallets could flag addresses without contract code on the current chain. They could also warn when known exposed keys control a destination. Such checks would target Ethereum address errors before users approve irreversible transfers.
Bank Leumi se spojila s Galaxy Digital a plánuje nabídnout klientům přímé obchodování s Bitcoinem, Ethereum a Solanou přes své platformy. Služba má být dostupná na začátku roku 2027.
Bank Leumi, 0ne of Israel’s largest banking institutions, has formed a partnership with Galaxy Digital (Nasdaq: GLXY) to introduce cryptocurrency trading services for its clients. The collaboration positions the institution as the first bank in the country to plan direct digital asset trading offerings through its own platforms.
Under the arrangement, customers of Bank Leumi and its mobile digital banking division, PEPPER, will gain the ability to purchase, hold, and sell select cryptocurrencies—initially including Bitcoin, Ethereum, and Solana.
These transactions will occur within a dedicated, secure portion of the Leumi
Trade capital markets application, allowing users to manage digital assets alongside their existing investment activities without needing separate exchange accounts or personal wallets.
The service is projected to become available in early 2027.
Galaxy Digital will supply the core infrastructure via its GalaxyOne Institutional platform, which is designed for banks, asset managers, and other institutional clients and emphasizes institutional-grade execution.
Separately, Bank Leumi has agreed to utilize Galaxy’s Custody Infrastructure platform—previously known as GK8—to underpin the secure holding of digital assets.
Maya Ravia, Head of Strategy at Bank Leumi, highlighted the move as a key element of the bank’s broader innovation efforts.
She noted that it aims to deliver straightforward, secure, and regulated access to digital asset trading through leading technological systems.
Ravia emphasized the bank’s view that digital assets are increasingly embedding themselves into the global financial landscape, and that institutions like Leumi have a responsibility to offer customers participation in this evolution within a trusted banking environment.
Lior Lamesh, CEO of Galaxy Israel, framed the partnership as part of a larger shift in finance toward open and programmable systems.
He pointed out that early-adopting banks will help shape the coming era, and that Leumi selected Galaxy to enable this capability for Israeli customers.
Lamesh also referenced the rapid growth of the local digital assets market and Galaxy’s role in delivering a unified platform combining trading and custody with strong security standards, intended for banks worldwide.
Bank Leumi, established more than 120 years ago and operating without a controlling shareholder, serves millions of clients spanning households, small businesses, mid-sized firms, and large corporations.
It blends a physical branch network with advanced digital and artificial intelligence tools, having improved operational efficiency through ongoing technological upgrades.
Galaxy Digital, listed on Nasdaq under the ticker GLXY, focuses on digital assets and data center infrastructure.
Its offerings include trading, advisory services, asset management, staking, self-custody, and tokenization, while also developing facilities to support artificial intelligence and high-performance computing workloads.
This development follows an earlier, unrealized 2022 effort by the bank involving a different partner.
The current initiative relies on Galaxy’s established institutional tools and Israeli-rooted custody technology.
Commercial details such as fees and specific eligibility criteria have not been disclosed.
Regulatory clearance, including from the Bank of Israel, is anticipated as a necessary step before launch. The partnership reflects growing institutional interest in bringing cryptocurrency access inside established banking interfaces, potentially expanding regulated participation in digital assets within Israel’s financial system.
Hyperliquid v 1. pololetí 2026 zaznamenal 169 514 nových peněženek, které začaly obchodovat s RWA, a tyto účty vytvořily objem 111,6 miliardy USD. Podle DeFiLlama šlo o 31,7 % všech nových peněženek.
Real world assets (RWAs) are playing an increasingly influential role in decentralized finance, according to recent data from Hyperliquid and DeFiLlama Research. The integration of tokenized traditional assets into on-chain markets has contributed substantially to new-user adoption patterns during the first half of 2026.
Surge in RWA-First User AdoptionBetween January and June 2026, the Hyperliquid platform recorded 534,362 wallets making their first trades. Of this group, 169,514 wallets began their activity by trading RWAs, according to DeFiLlama’s analysis. This RWA-driven group represented 31.7% of all new-user onboardings during the period.
DeFiLlama Research noted that these new wallets did not simply diversify their portfolios but entered the DeFi ecosystem specifically for access to tokenized real world assets. This suggests that RWA markets are drawing in a unique user segment distinct from existing crypto participants.
Trading and Fee BreakdownRWA-First wallets contributed $111.6 billion in trading volume during the period, accounting for 31.5% of total new-user trading activity. However, these users largely limited their activity to RWA products, reinforcing the notion that tokenized traditional assets can attract dedicated market participants.
RWA-First wallets generated $34.1 million in fees, representing 8.3% of the $412.6 million in new user fees. Over 80% of fees were attributed to Other-First wallets, indicating that long-standing crypto users contribute more platform revenue compared to RWA-focused newcomers.
Other-First wallets, typically crypto-native users, accounted for a significant proportion of RWA market volume by progressively diversifying their activity into these products. Specifically, DeFiLlama’s analysis found that crypto-focused users contributed 40% of RWA market volumes, while RWA-First wallets remained primarily active in their initial product segment.
Wallet TypeNumber of New WalletsTrading Volume ($)Fees Generated ($)Share of RWA VolumeRWA-First169,514$111.6 billion$34.1 million60%Other-First364,848Data not specified$378.5 million40%Product Expansion and Market WavesThe surge in RWA onboarding follows the launch of Hyperliquid’s HIP-3 framework in October 2025. This permissionless listing system allows qualifying market builders to introduce new perpetual contracts by staking 500,000 HYPE. The initiative expanded access to multiple asset classes, including equities, commodities, indices, and foreign exchange.
DefiLlama observed significant spikes in user adoption correlating with new market launches. For example, the S&P 500 perpetual market attracted over 38,000 unique wallets within eight days of opening. Similarly, in June, the introduction of a SpaceX pre-IPO market drove another onboarding wave.
Mini dictionary: HIP-3: A Hyperliquid framework enabling any qualified participant to create and list new perpetual futures markets for various asset classes, provided they stake the required amount of the HYPE token. This system removes centralized control from market listings, supporting broader user-driven innovation.
Despite robust user engagement, economic returns from RWA-First onboarding appear mixed. The research highlights that user acquisition and trading activity are increasing, while monetization remains centered on more established, crypto-native users who are active across multiple markets.
Outlook for Hyperliquid and RWAsLooking ahead, Hyperliquid’s growth in the RWA segment will likely depend on whether users initially attracted by tokenized traditional assets expand their involvement into broader market offerings. Current data signals that RWA markets are successfully enlarging DeFi’s user base, but the platform’s economic value hinges on encouraging cross-market participation.
Hyperliquid is a decentralized trading platform known for supporting perpetual futures across digital and tokenized real-world assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Veřejně obchodované bitcoinové těžební firmy rychleji snižují hashrate a přesouvají elektřinu i datová centra do AI a vysoce výkonných výpočtů. U Core Scientific a TeraWulf už ne-těžební příjmy překonaly příjmy z těžby.
Publicly listed / traded Bitcoin mining companies have reportedly reduced their dedicated computational capacity more rapidly than the broader network, as a growing number shift electricity and data-center resources toward artificial intelligence and high-performance computing applications.
This development signals that many operators are prioritizing more predictable income streams over traditional cryptocurrency production.
Three months earlier, analysis had shown a redistribution of power within the sector.
Firms including Core Scientific, IREN, Cipher Digital, TeraWulf, and Keel Infrastructure were scaling back Bitcoin operations, while Bitdeer, MARA, Riot Platforms, and American Bitcoin absorbed much of the displaced share, keeping the overall public cohort roughly stable. Second-quarter results, however, indicate that this equilibrium is eroding.
Operators continuing to reduce exposure kept decommissioning equipment, yet fewer peers expanded sufficiently to offset the losses.
At the same time, colocation and related revenues climbed markedly among those furthest advanced in the transition.Core Scientific recorded $136.7 million in colocation income during the second quarter—nearly five times its $27.5 million from Bitcoin mining—accounting for 83 percent of total sales, up from 67 percent in the prior quarter.
TeraWulf followed a parallel path, with high-performance computing lease revenue reaching $31.9 million, or 71 percent of overall revenue, against $12.8 million from mining.
For these two companies, non-mining activities have already surpassed Bitcoin production as the primary revenue driver.
Elsewhere in the sector the shift remains less advanced: Riot Platforms reported $23.2 million in data-center revenue versus $113.7 million from mining, while Bitdeer generated $14 million from AI cloud services compared with $197.1 million from mining-related operations.
Hut 8 and MARA showed smaller contributions from compute services, and Cipher and Keel Infrastructure had not yet begun recognizing high-performance computing revenue.
Drawing on an expanded set of public miners and updated network data, TheEnergyMag calculates that the tracked cohort delivered a combined realized hashrate of 368.3 EH/s in the fourth quarter of 2025, 344.4 EH/s in the first quarter of 2026, and 319.0 EH/s in the second quarter—a 13.4 percent decline over six months.
The Bitcoin network’s quarterly average fell from 1,071 EH/s to 993 EH/s and then to 957 EH/s, a 10.6 percent reduction.
Public companies therefore contracted faster than the network as a whole.
In the first quarter, expansion by a few operators largely masked the scale of shutdowns elsewhere; by the second quarter those offsets proved insufficient.
Bitdeer provided the largest counterweight, increasing its realized hashrate 44 percent from the fourth quarter to the second quarter to reach 63.0 EH/s.
Excluding Bitdeer, the remaining cohort’s realized hashrate declined 21.2 percent, from 324.6 EH/s to 255.9 EH/s.
Bitdeer’s growth stemmed from its proprietary SEALMINER production line; by June the company reported 73 EH/s of self-mining capacity and 15.9 EH/s of co-mining capacity, producing 990 Bitcoin in the month—388 percent more than a year earlier.
MARA and American Bitcoin also continued to expand, yet their gains could not fully compensate for reductions at Cango, Cipher, Keel, Core Scientific, TeraWulf, and IREN.Cango illustrates the speed of the economic shift.
After entering Bitcoin mining in late 2024 and deploying 50 EH/s during 2025, the firm began decommissioning less efficient machines, leasing hashrate, and relocating capacity to lower-cost regions.
Its realized hashrate dropped from 44.8 EH/s in the fourth quarter of 2025 to 31.3 EH/s in the first quarter; estimates place second-quarter capacity near 16.5 EH/s—a 63 percent reduction in six months.
Keel Infrastructure advanced further, completing the decommissioning of all US Bitcoin mining operations in the second quarter ahead of data-center construction, while Canadian mining continues during the phased transition.
Replacement revenue has yet to materialize fully.Viewed over a longer horizon, the second-quarter data underscores the unwinding of the post-China expansion cycle.
China’s 2021 mining ban temporarily removed roughly half the network’s computing power, with hashrate bottoming at 57.5 EH/s in June 2021 before miners relocated and the network recovered by December.
The United States became the dominant hub, prompting an institutional build-out in which public miners raised capital, secured power sites, and ordered successive generations of ASICs, eventually driving the network past one zettahash per second.
Only one halving has occurred since that expansion.
Now, machines and electrical infrastructure accumulated during the post-China race are being idled, impaired, or depreciated so that power can be reassigned to GPUs.
The industry expanded at substantial cost, only for some of its most prominent operators to begin dismantling capacity after a single halving cycle. Unlike the China ban, the present contraction lacks a single dramatic catalyst; it arises from the combination of weak mining economics and a competing demand for capital and electricity.
Evernorth upravil podmínky plánovaného vstupu na burzu Nasdaq tak, aby se počet vydaných akcií při uzavření obchodu odvíjel od tržní ceny XRP. Více než 95 % investorů s tím souhlasilo.
Recent price declines in XRP have not dampened the optimism of cryptocurrency commentator X Finance Bull, who expressed increased confidence following a significant announcement from Evernorth Holdings. The company, which manages a large XRP treasury, has revised its plans for a proposed listing on Nasdaq, maintaining its strategy while taking steps that could increase investor exposure to XRP with each share.
X Finance Bull pointed to changes in Evernorth’s subscription agreements regarding a private placement of its common shares. The modification is linked to the company’s proposed business combination with Armada Acquisition Corp. II. Unlike the original arrangement, which used a fixed XRP price of $2.36 set at the time of signing, the updated structure will use XRP’s market value at closing to determine the final deal terms.
With this adjustment, if the value of XRP changes by the time the transaction closes, the number of shares issued could be affected. Specifically, a higher XRP value at closing would lead to fewer shares being issued, meaning each share represents a larger portion of Evernorth’s XRP reserves. This structure gives investors greater XRP exposure per share if market conditions are favorable at closing.
Evernorth’s updated agreement aims to align its capitalization more closely with the current market value of its underlying XRP holdings, with the intention of increasing XRP per share and sustaining ecosystem development.
Evernorth stated that its overall strategy and the amount of XRP in its treasury remain unchanged with these amendments. The company reiterated its goal of growing the XRP ecosystem and maximizing the value of each share through active treasury management.
Mini dictionary: Evernorth Holdings is a company focused on cryptocurrency investments, particularly XRP, and it is pursuing a public market listing through a merger with a special purpose acquisition company (SPAC).
Over 95% of capital backers approve structural changesX Finance Bull noted that institutional support for Evernorth’s revised deal terms remains strong. The company confirmed that more than 95% of investors who committed capital to the transaction have agreed to the amended structure.
Key supporters of the plan include well-known firms such as Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. This backing from major industry names supports the credibility of Evernorth’s approach ahead of its possible public-market debut.
X Finance Bull emphasized that Evernorth’s public market strategy is distinguished by its commitment to increasing the value of XRP per share through strategic treasury operations and broader ecosystem engagement.
The commentator argued that the combination of Evernorth’s treasury-focused business model and the recent adjustments makes the company more than just another investment vehicle in the market.
Key Evernorth BackersSupport RateArrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, GSROver 95% of committed capitalX Finance Bull’s positive stance centers on Evernorth’s stated goal of maximizing the amount of XRP behind each share. He believes that if Evernorth completes its proposed Nasdaq listing and attracts new public-market capital, it could further scale its XRP treasury and ultimately boost XRP per share over time.
For now, Evernorth continues working toward its Nasdaq debut, while the revised deal terms ensure that the share count at closing will directly reflect XRP’s market price on the day the transaction is finalized.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bývalý zaměstnanec Ripple Bias Goose buduje nový startup na XRP Ledgeru, který má používat RLUSD jako hlavní finanční rail. Projekt zatím nemá vlastní token ani potvrzené partnery.
An unnamed XRP Ledger startup being developed by former Ripple staffer Bias Goose will use RLUSD as a primary financial rail, according to a series of public posts published since Aug. 8.
Summary
RLUSD will underpin the unnamed XRP Ledger startup, according to former Ripple staffer Bias Goose. Bias Goose says the project will avoid issuing its own token or using artificial incentives. Bias Goose first teased the unnamed XRP Ledger startup on August 8, targeting roughly September. Ripple reported nearly $1.6 billion of RLUSD circulating on August 6 against larger reserve assets. Project claims of yields above Treasury rates remain unverified until economic details and partners emerge. His latest Aug. 16 post said, “We will make RLUSD great again,” but disclosed no project name, partners or detailed product structure. Bias Goose previously worked in developer growth at Ripple and now works in marketing at Walrus Protocol.
The public disclosures remain narrower than some descriptions of the project suggest. Bias Goose has said the startup involves companies from a sector that has traditionally been resistant to blockchain and intends to generate “real yield” without its own token or artificial incentives. Those economic claims cannot yet be independently tested because the underlying businesses and revenue model remain undisclosed.
RLUSD is confirmed, but the startup remains unnamed Bias Goose first said on Aug. 8 that the XRP Ledger would get a new startup “in just about a month.” That points broadly to September rather than establishing a firm launch date. No exact date was included in that announcement.
We will make RLUSD great again
— Bias Goose 🇺🇸 (@BiasGoose) August 16, 2026 Two days later, he said the team had formed partnerships with a “rather closed off sector” and planned to bring participants from that industry onchain. He also said the model would use RLUSD rails, involve XRP later and feature “no incentives, no tokens.” These remain statements from the project’s creator rather than independently confirmed partner announcements.
Yield claims remain the biggest unanswered question The commercial pitch centers on returns generated by real-world activity rather than token emissions. Reports have attributed expectations of returns above U.S. Treasury yields to the project, but no underlying assets, borrowers, contractual cash flows or audited performance figures have been released. Those return claims should therefore be treated as forward-looking and unverified.
RLUSD itself does not automatically produce those returns. Ripple describes the stablecoin as a dollar-backed asset designed for payments, settlements, treasury management and onchain finance. Any yield offered through the startup would need to originate from another asset, strategy or commercial activity layered around RLUSD.
RLUSD already has a growing institutional footprint Ripple’s latest transparency report showed $1.5896 billion of RLUSD circulating against $1.7026 billion in reserve funds as of Aug. 6. Standard Custody & Trust Company, the issuer, is supervised by the New York Department of Financial Services, while Ripple publishes monthly third-party attestations covering supply and reserves.
RLUSD has also expanded internationally. Ripple and SBI launched the stablecoin in Japan in June following regulatory approval there. As crypto.news previously reported, RLUSD trading had driven more than $2.5 billion through XRP Ledger pairs by late June, giving new XRPL applications a deeper dollar-liquidity base than existed when RLUSD launched.
What happens next The next verifiable milestone is a fuller project reveal. Bias Goose’s Aug. 8 timeline points to roughly early September, but no firm launch date has been announced. Claims about counterparties, expected returns, legal structure or a possible Walrus integration remain unconfirmed until the project or its partners publish supporting details.
There is also no announced project token. Bias Goose has explicitly said the model will use “no incentives, no tokens” while operating on RLUSD rails. If that remains the structure, the main questions will be how RLUSD enters the system, what activity produces the proposed returns, how risks are managed and whether XRP gains a role beyond serving as the XRP Ledger’s native asset.
Binance has extended its rewards push around Ripple USD with another four-week campaign offering one million XRP to eligible RLUSD holders.
Summary
Binance extended its RLUSD rewards campaign through September 11 with one million XRP available overall. Eligible users need at least 0.01 RLUSD and $500 in average daily derivatives trading volume. One million XRP will be distributed across four weekly installments beginning August 21 to participants. Borrowed stablecoin-funded RLUSD receives a 60% haircut when Binance calculates qualifying margin balances for rewards. Ripple officially reported $1.59 billion of RLUSD circulating against $1.70 billion in reserve funds recently. The new campaign began at 00:00 UTC on Aug. 14 and runs through Sept. 11, according to the exchange’s updated announcement. Rewards will be distributed every Friday across four installments.
The follow-on program started immediately after Binance’s first RLUSD campaign ended on Aug. 14. That earlier promotion offered $800,000 worth of XRP across four weekly distributions beginning July 17. As crypto.news previously reported, the first campaign tied XRP rewards to eligible RLUSD balances held through Binance Earn and Margin products.
Binance keeps RLUSD eligibility rules largely unchanged To qualify, users must maintain at least 0.01 RLUSD in an eligible Earn or Margin account and record at least $500 in average daily Margin or Futures trading volume. The trading volume can come from any supported pair as long as RLUSD is being used as collateral.
Binance calculates rewards using each user’s qualifying RLUSD balance and an effective annualized percentage rate determined for each weekly period. The lowest RLUSD balance observed during hourly snapshots becomes the qualifying balance for that day. There is no stated individual reward cap.
RLUSD created by borrowing other stablecoins receives different treatment. Binance applies a 60% haircut to the leveraged portion after accounting for liabilities involving USDT, USDC, U, USD1 and FDUSD. RLUSD that is itself recorded as a borrowing liability is excluded from the qualifying balance.
One million XRP will be distributed through Sept. 11 The first distribution under the new campaign is scheduled for Aug. 21, followed by payments on Aug. 28, Sept. 4 and Sept. 11. Binance will determine the effective APR and XRP valuation for each period at the time of distribution.
The prior campaign shows how those rates can move. Its effective APR started at 22.25% for the first week, then fell to 8.22%, 8.08% and 7.69% in subsequent distributions. Binance warns that the APR is “not indicative of future results” and may fluctuate from week to week.
The new reward pool is denominated directly in one million XRP rather than a fixed dollar value. Its final dollar value will therefore depend on the XRP price Binance uses for each weekly distribution.
U.S. and European users face participation restrictions The campaign is not available globally. Binance’s current exclusion list includes the U.S., UK, Canada, Japan and numerous European Economic Area jurisdictions. Users must also complete KYC and remain in an eligible jurisdiction. Binance notes that the exclusion list can change as regulatory requirements develop.
The geographic limits are particularly relevant for RLUSD because Binance warns that unauthorized stablecoins face restrictions for EEA users under MiCA. Holding RLUSD alone does not make a user eligible for the promotion.
RLUSD supply remains near $1.6 billion The campaign comes after Binance listed RLUSD and XRP-linked trading pairs in January, expanding the stablecoin’s availability on one of the largest crypto trading platforms.
Ripple’s latest official transparency data shows $1.5896 billion of RLUSD in circulation against $1.7026 billion of reserve funds as of Aug. 6. Standard Custody & Trust Company issues RLUSD under supervision from the New York Department of Financial Services, while independent CPA attestations are published monthly.
What happens next The next confirmed milestone is the first new XRP distribution on Aug. 21. Binance will then publish the effective APR and XRP token value used for that reward period. Three additional weekly distributions are scheduled before the campaign closes on Sept. 11.
For users, the amount received will depend on qualifying RLUSD balances, total eligible balances across the campaign and the effective APR. The one million XRP figure is the total pool rather than a guaranteed amount or fixed return for any individual participant.
Jane Street v přiznání 13F uvedla přes 1,2 milionu akcií Bitwise XRP ETF v hodnotě 14,05 milionu USD a zároveň pozice ve fondech Franklin, Grayscale, Canary a 21Shares.
Jane Street Group, a leading global trading firm based in the United States, revealed significant exposure to multiple XRP exchange-traded fund (ETF) products in its second quarter 2026 13F filing, including more than 1.2 million shares of the Bitwise XRP ETF valued at $14.05 million. The document, widely circulated among cryptocurrency analysts, also lists call positions and smaller spot entries.
Jane Street expands XRP ETF activityThe 13F filing details Jane Street’s positions across several major XRP ETF issuers, including Bitwise, Franklin Templeton, Grayscale, Canary, and 21Shares. Three separate entries for the Bitwise XRP ETF are shown: the largest, with 1,205,000 shares held outright, another as a call option with 15,100 shares, and a third with 67 shares.
Jane Street also disclosed smaller but noteworthy positions in the Franklin, Grayscale, Canary, and 21Shares XRP ETFs. The firm’s involvement in a range of products reflects an operational engagement that reaches beyond standard portfolio investment.
Jane Street’s presence across the XRP ETF ecosystem, spanning five separate issuers, points to a substantial market-making role rather than a typical institutional allocation.
Crypto commentator BankXRP highlighted Jane Street’s broad activity, saying its engagement with multiple XRP ETF issuers indicates a structural commitment to providing liquidity in this developing spot ETF market.
Mini dictionary: Jane Street Group is a global quantitative trading firm known for its active role as a market maker across equities, fixed income, and now digital assets. As a market maker, Jane Street provides liquidity by consistently buying and selling assets, helping to ensure smoother price discovery and tighter spreads on trading platforms.
Institutional XRP ETF disclosures surge in 2026The second quarter of 2026 has seen a rising trend of institutional disclosures involving spot XRP ETF products. Other financial institutions, including Wells Fargo and Bank of Montreal, recently revealed significant XRP ETF holdings in their regulatory filings. For example, Wells Fargo reported a $9.18 million investment in Bitwise XRP ETF across two accounts, while Bank of Montreal made a similar disclosure days earlier.
Asset management firms have also joined the trend. Militia Capital Management disclosed ownership of 31,820 shares in the Bitwise XRP ETF in an amended filing, and Gallacher Capital Management reported 86,744 shares of the Canary XRP ETF valued at $961,126. Jane Street’s report stands out due to the scale and range of its investments across different ETF issuers.
InstitutionMain XRP ETF PositionsTotal Value (approx.)Jane Street Group1,205,000 Bitwise shares (plus calls); Franklin, Grayscale, Canary, 21Shares ETF positions$14.05 million (Bitwise only)Wells FargoBitwise XRP ETF (2 positions)$9.18 millionBank of MontrealBitwise XRP ETFN/AMilitia Capital Management31,820 Bitwise sharesN/AGallacher Capital Management86,744 Canary shares$961,126Growing institutional participation in spot XRP ETFsActivity around spot XRP ETFs has intensified throughout 2026, as more institutional players file regular 13F disclosures. Jane Street’s wide-ranging positions across all major issuers reinforce its role in building liquidity for the broader XRP ETF ecosystem.
Each new market participant deepens the order book and enhances investor access, especially as inflows climb and ETF volume expands. The scale of Jane Street’s holdings this quarter makes it one of the largest and most diversified institutional participants in the emerging spot XRP ETF market.
Jane Street’s cross-product disclosure in Q2 2026, with more than 1.2 million Bitwise XRP ETF shares and holdings in Franklin, Grayscale, Canary, and 21Shares, represents one of the most extensive institutional XRP ETF filings to date.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Vitalik uvedl, že škálovací plán pro Ethereum chce spojit výhody modelu UTXO s dynamickým stavem, aby síť dosáhla hyperškálování bez ztráty decentralizace a odolnosti vůči cenzuře.
Ethereum co-founder Vitalik published an article outlining the core goals of Ethereum’s current scaling strategy. He first acknowledged the Bitcoin community’s pioneering technical contributions, then clarified that Ethereum’s proposed scaling strategy is advancing along that direction. Vitalik emphasized: “We want Ethereum to have both UTXO-style state, dynamic state, and all the advantages of both.” This means Ethereum is seeking to integrate the Bitcoin UTXO model’s strengths in efficient state management, light node verification, and scalability with its own flexible account model, smart contract ecosystem, and dynamic state capabilities. Vitalik reiterated that the ultimate goal of Ethereum’s scaling efforts is to achieve “hyperscaling” for the vast majority of activities on the network, without sacrificing three core attributes: decentralization, node operation convenience, and censorship resistance. Ethereum’s roadmap is shifting from a sole focus on scalability to a systematic effort to strike a better balance between scalability and decentralized resilience.
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Tether Gold (XAUT) za posledních 30 dní přidal na tržní hodnotě 237 milionů USD, což je asi dvě třetiny růstu tokenizovaného trhu se zlatem. Celý segment vzrostl o více než 362 milionů USD.
The tokenized gold market just had a very good month. Gold-backed assets across tokenized commodity markets grew by more than $362 million over the past 30 days, with Tether Gold (XAUT) responsible for $237 million of that increase, roughly two-thirds of the total gain.
XAUT’s growing dominance
Tether Gold has climbed to a market cap of approximately $2.48 billion, with each token priced around $4,040. Each XAUT token is backed by one fine troy ounce of physical gold stored in Swiss vaults, meaning the token’s price essentially tracks spot gold.
The broader tokenized gold market sits somewhere between $5 billion and $6 billion in total capitalization as of 2026. XAUT and its closest competitor, Paxos Gold (PAXG), collectively account for between 93% and 97% of that total, depending on the measurement period.
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Why tokenized gold keeps growing
Tokenized gold market cap grew by 30% in Q1 2026, outpacing the growth rate of physical gold holdings during the same period. The tokenized versions have also attracted net new capital beyond what price appreciation alone would explain, suggesting genuine demand for the format rather than just passive exposure to the metal.
Traditional gold ownership comes with friction. Physical bullion needs secure storage and insurance. Gold ETFs require brokerage accounts and trade only during market hours. Tokenized gold lives on-chain, trades around the clock, and can be moved or used as collateral in DeFi protocols without waiting for a settlement cycle.
The competitive landscape
Tether’s position as the market leader in tokenized gold mirrors its dominance in the stablecoin market, where USDT remains the most widely held dollar-pegged token.
Paxos Gold operates under New York state regulatory oversight, which gives PAXG a compliance advantage that appeals to certain institutional buyers. The two tokens serve slightly different audiences, which helps explain why the market supports both rather than converging on a single winner.
The remaining 3% to 7% of market share is fragmented across smaller issuers, none of which have achieved meaningful scale. Breaking into this market requires not just a token, but a verifiable custody relationship with a recognized vault operator, transparent auditing, and enough liquidity to attract serious traders.
What to watch from here
The $237 million that XAUT added in a single month represents roughly a 10% increase relative to its current market cap.
On the regulatory side, several major jurisdictions have moved toward frameworks that explicitly address tokenized securities and commodities. Clearer rules could unlock institutional capital that has been sitting on the sidelines before allocating to on-chain gold products.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A major Chainlink (LINK) investor ended a 30-day accumulation period and transferred a batch of 984,550 tokens to the U.S. exchange Coinbase. The whale's move interrupted a quiet phase in the market and sparked concerns among crypto market participants about a possible sell-off.
According to on-chain tracker OnchainLens, the address "0xF5B007...1d8A1" deposited approximately $9.23 million worth of tokens into Coinbase. This move followed a month-long lull, during which the investor methodically withdrew tokens from Binance hot wallets, accumulating around 2.41 million LINK.
Chainlink whale '0xF5B007' shifting nearly 1 million tokens to Coinbase, Source: OnchainLens / ArkhamThe latest transfer represents only part of the investor's holdings. The whale's wallet currently retains 1.43 million LINK worth around $13.43 million, while the net unrealized profit on the remaining position is estimated at $1.42 million.
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Why the whale awakened at Chainlink's "red wall"The major investor's move coincided with a critical technical turning point on the LINK/USD chart. The token has been trying to break out of a prolonged downtrend that began after the 2024–2025 peaks and recently found a local bottom at $6.35.
LINK/USD daily chart (1D) with 23, 50, and 200 MAs and RSI indicator, Source: TradingViewAt the time of the transaction, the token stood just one step away from a trend reversal:
Resistance wall: The LINK price ran directly into a heavy 200-day moving average, shown by the red line on the chart, at $9.4117.Safety cushion: The 23- and 50-day moving averages are pushing the price from below, around $8.23–$8.48, and now serve as dynamic support.Potential move: The RSI is in a moderately bullish zone at 56.84–60.09 points. This indicates that buyers have enough strength for a move higher, but the appearance of substantial selling pressure directly at the key resistance level could completely extinguish this momentum. You Might Also Like
If the transferred $9.2 million enters the Coinbase order book, LINK risks sliding back toward the $8.20–$8.50 support zone. If the transaction turns out to be an internal asset transfer or an over-the-counter (OTC) deal, the market will retain its chances of breaking through the "red wall" and returning to the psychological $10 level.
Attackers have been taking over Macs through a flaw in Apple's screen sharing feature and using them to mine Monero, the Netherlands' National Cyber Security Centre (NCSC) recently said in an updated advisory.
The NCSC said it received a report of attacks on multiple Macs that were reachable through the internet. In each case, the attacker took full control of the machine and installed Monero (XMR) mining software, the Dutch-language advisory states. The agency did not state how many machines were affected, or who was suspected to be behind the attack.
Apple patched the flaw on Aug. 6 in macOS Tahoe 26.6.1, Sequoia 15.7.9 and Sonoma 14.8.9. The company said an attacker on the network could gain access to a Mac through its Screen Sharing feature without a valid password.
Screen Sharing, which lets users remotely view and control their Mac from another computer, is switched off by default, but is commonly used to access "bare-metal" Apple devices hosted on remote servers. Security firm Huntress, in an analysis of the incident, said the flaw tricks the Mac into treating a stranger's connection as one that has already logged in. Because the flaw occurs before authentication, changing or deleting screen sharing passwords does not help.
"Anybody who leverages Apple's Screen Sharing functionality on any supported macOS version needs to apply the most recent security updates immediately," Huntress researcher Ryan Dowd wrote. Dowd also said he identified "tens of thousands of potentially vulnerable hosts" through a Censys search.
Federal cybersecurity agency CISA initially rated the flaw 7.1 out of 10 the day Apple shipped the fix, then replaced that on Friday with a 9.8, near the top of the 10-point scale, according to the record in the National Vulnerability Database. The flaw has not yet been added to the federal catalog of vulnerabilities known to be under attack.
Why Monero? Monero has been a target of so-called "cryptojacking," where mining software is run on hijacked computers, for years given the token's ability to be mined on ordinary computers rather than specialized mining rigs and the private nature of its transactions.
The payoff per machine is thin, however. The entire Monero network issues about 432 XMR a day, worth roughly $179,000 at Sunday's price, split among everyone mining it.
XMR traded at $415.82 on Sunday, up about 3.7% over the past 24 hours, according to The Block's Monero Price page.
Hijacked computing power has surfaced elsewhere this year. In March, an Alibaba-affiliated AI agent called ROME diverted GPUs from its own training runs to mine crypto, according to a technical paper from the teams that built it.
Apple and the NCSC did not immediately respond to The Block's requests for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Aave V3 nyní ovládá více než 50 % všech tokenizovaného zlata v DeFi půjčování. Kombinované zajištění PAXG a XAUT na Aave V3 a Morpho činilo zhruba 63 milionů USD.
Aave V3 now controls over 50% of all tokenized gold deposited across decentralized finance lending protocols.
The protocol’s dominance in this niche reflects a broader shift in how DeFi users think about collateral. Gold-backed tokens like PAXG (Pax Gold) and XAUT (Tether Gold) offer something most crypto assets cannot: relative price stability anchored to a physical commodity.
How Aave cornered the gold market
PAXG has been accepted as collateral on Aave V3’s Ethereum deployment since the protocol launched, giving users the ability to borrow stablecoins against their tokenized gold holdings.
Governance proposals to integrate XAUT, Tether’s gold token, into the core instance of Aave V3 began circulating in mid-2025. Adding a second major gold token expanded the protocol’s appeal to a wider pool of users who might prefer one issuer over another.
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Aave V3’s isolation mode, a feature introduced back in 2022, played a key role in making this possible. Isolation mode lets the protocol onboard newer or less liquid assets with tighter risk parameters, essentially ring-fencing potential problems before they can spread.
That cautious engineering paid off during a market stress event in March 2026, when Aave V3 successfully processed liquidation clusters for XAUT without significant disruption.
The numbers tell two stories at once
Combined collateral for PAXG and XAUT on Aave V3 and Morpho sat at approximately $63 million as of early-to-mid 2026. That is a meaningful figure for a single protocol category, but it also reveals how early this market still is.
The total market capitalization for PAXG and XAUT combined runs roughly $4.2 billion. That means only about 1.5% of all tokenized gold is actively deployed as collateral on major DeFi platforms.
Real-world assets meet DeFi lending
But the integration is not without friction. Tokenized gold requires trust in the issuer’s reserves, custody arrangements, and audit processes. PAXG is backed by London Good Delivery gold bars held in Brinks vaults, while XAUT is backed by gold stored in Swiss vaults. Both issuers publish attestations, but the trust model is fundamentally different from holding a purely decentralized asset like ETH.
What to watch from here
The 1.5% utilization rate is the number that matters most going forward. Even moving to 5% utilization of the $4.2 billion market cap would mean roughly $210 million in deployed collateral, more than triple the current level.
Competitors will also matter. Morpho already appears alongside Aave in the collateral data, and other lending protocols will likely look at Aave’s market share in this segment as an invitation to compete.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitwise Asset Management has entered into a partnership with Superstate, a fintech specializing in bringing securities onto blockchain platforms, to investigate the possibility of allowing investors to hold shares of select Bitwise funds in tokenized form.
The crypto-focused asset manager indicated that its Bitwise Solana Staking ETF, trading under the ticker BSOL on the NYSE, is expected to serve as the initial candidate for this feature.
Under the structure the two firms are building, the core characteristics of the shares would remain unchanged.
Investors would continue buying the same fund shares through existing brokerage and purchase channels and would retain identical economic, voting, and other rights.
The sole difference would lie in the method of recording ownership.
Holders could opt to keep shares in the conventional book-entry format handled by The Depository Trust Company or switch to a tokenized version recorded on a blockchain and administered through Superstate’s transfer-agency systems.
Tokenized holdings would not be freely transferable outside that designated recordkeeping environment.
Bitwise emphasized that any rollout of the tokenized option depends on meeting all relevant legal and regulatory standards.
The firm explicitly noted that there is no guarantee the feature will become available for BSOL or for any other products in its lineup, nor is there a confirmed timeline.
The initiative reflects broader industry interest in blending traditional fund structures with blockchain-based ownership records.
Superstate provides platforms such as FundOS that support asset managers in creating compliant on-chain fund offerings, including issuance, recordkeeping, and connections to digital markets via its SEC-registered transfer-agency infrastructure.
Bitwise, which oversees roughly $9 billion in client assets across more than 70 investment products, already has experience working with Superstate on other vehicles.
BSOL itself is a relatively recent addition to the US market.
Launched in late 2025, the exchange-traded product seeks to track the value of Solana held by the trust while generating additional Solana through staking.
The fund aims to stake essentially all of its holdings via Bitwise’s own on-chain solutions, powered by infrastructure partner Helius, with the goal of capturing network rewards that historically have averaged around 7 percent.
Those rewards are reinvested rather than distributed as cash, allowing them to compound within the fund’s net asset value.
By exploring a tokenized share class for BSOL, Bitwise is testing whether blockchain recordkeeping can offer investors greater flexibility without altering the fundamental regulated nature of the product.
Tokenized shares would still represent the same class of beneficial interest and would not create a separate security or synthetic instrument.
Market participatns now generally view the move as part of a larger trend in which traditional asset managers experiment with on-chain representations of familiar investment vehicles.
Success would depend on regulatory clarity, operational readiness, and investor demand for the dual-holding option. For now, the partnership signals Bitwise’s intent to remain at the forefront of product innovation in the digital-asset space while carefully navigating compliance requirements.
Shiba Inu byl nově zalistován na australské burze FameEX a krátce vystřelil na 0,00001004 USD. Zároveň ho lze nově utrácet v obchodech Dubai Duty Free.
Shiba Inu (SHIB), a meme-inspired cryptocurrency recognized for its vibrant online community, was recently listed on the Australian exchange FameEX. Following this development, SHIB’s price briefly surged to $0.00001004 on the platform, reflecting renewed market interest.
New Listings and International ExpansionFameEX, a digital asset trading platform based in Australia, added Shiba Inu to its list of tradable tokens, expanding SHIB’s accessibility to a broader investor base in the Asia-Pacific region. Soon after this listing, the cryptocurrency experienced a noticeable rally.
Additionally, Shiba Inu users can now spend the token at Dubai Duty Free airport stores, further extending SHIB’s use beyond online trading. This marks a significant move towards real-world adoption, especially within a prominent global travel hub like Dubai.
Mini dictionary: FameEX, an Australian cryptocurrency exchange that offers trading services for various digital assets, aims to expand crypto adoption in the Oceania and Asia-Pacific markets.
Market Performance and Investor SentimentDespite renewed attention, Shiba Inu has faced persistent challenges over the past 18 months. The token peaked at $0.000032 in December 2024 but has since been on a downward trend, missing the strong momentum seen in leading cryptocurrencies like Bitcoin, Ethereum, and XRP during the 2025 market rally.
Analysts tie SHIB’s underperformance to its reputation as a memecoin, which typically carries higher risk than other digital assets. Investor risk appetite remains subdued, limiting positive price action for speculative tokens like SHIB.
Shiba Inu initially achieved spectacular gains, rallying by several million percent in the months after its August 2020 launch. However, interest and enthusiasm for memecoins have cooled considerably, and the online hype that once fueled SHIB’s rise has declined.
While Shiba Inu benefited from a record-breaking launch, enthusiasm has faded, leading to lower demand and lackluster market performance compared to other major cryptocurrencies.
Prospects for Future GrowthThe recent Australian listing and Dubai retail useability signal growing support for SHIB and may provide additional exposure among new users. However, many market observers remain cautious about the token’s ability to sustain upward momentum without improvement in broader crypto market conditions.
Current retail sentiment toward meme-inspired tokens is wary, and any significant price breakout for SHIB may depend on a general recovery in the digital asset sector, particularly if Bitcoin and other major cryptocurrencies return to stronger performance levels.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
SafePal oznámil bezpečnostní chybu v pluginu pro sledování objednávek, která umožnila neoprávněný přístup k údajům asi 39 798 uživatelů. Peněženky, seed fráze ani privátní klíče ohroženy nebyly.
SafePal has officially announced a security vulnerability in its order tracking plugin that enabled unauthorized access to some customers’ order information. Approximately 39,798 users are affected, all of whom placed orders between March 2, 2025 and April 11, 2026. Leaked data includes names, email addresses, shipping addresses, phone numbers and purchase details. Notably, users’ wallets, mnemonics and private keys remain fully secure—this incident does not involve mnemonics, private keys, wallet passwords, bank account information, payment card numbers or government-issued identification. The issue has been resolved, and additional security measures have been implemented. All affected customers have been individually notified via email, and SafePal has launched an official verification page where users can check their impact status using their order number and shipping country. SafePal apologized for the incident, reminding users never to disclose mnemonics, private keys or passwords, stay vigilant against phishing and impersonation attempts, and will release further updates on its official blog.
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Vitalik: Ethereum’s scaling roadmap will integrate the advantages of UTXO-style models, ultimately achieving ultra-large-scale expansion without sacrificing decentralization and censorship resistance.
Ethereum co-founder Vitalik published an article outlining the core goals of Ethereum’s current scaling strategy. He first acknowledged the Bitcoin community’s pioneering technical contributions, then clarified that Ethereum’s proposed scaling strategy is advancing along that direction. Vitalik emphasized: “We want Ethereum to have both UTXO-style state, dynamic state, and all the advantages of both.” This means Ethereum is seeking to integrate the Bitcoin UTXO model’s strengths in efficient state management, light node verification, and scalability with its own flexible account model, smart contract ecosystem, and dynamic state capabilities. Vitalik reiterated that the ultimate goal of Ethereum’s scaling efforts is to achieve “hyperscaling” for the vast majority of activities on the network, without sacrificing three core attributes: decentralization, node operation convenience, and censorship resistance. Ethereum’s roadmap is shifting from a sole focus on scalability to a systematic effort to strike a better balance between scalability and decentralized resilience.
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Binance Life token surges 8%, briefly breaks through $0.54
According to HTX market data, after CZ announced he would donate the 'Binance Life' token from his public address to Giggle Academy and deactivate that address, the Binance Life token rallied 8% in the short term, breaking above $0.54. It is now trading at $0.51, with a 24-hour gain of 8.2%.
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CZ announced that he will disable public addresses to prevent his operations from being overinterpreted by the community, noting that BNB and "Binance Life" will be donated to Giggle Academy.
Binance founder CZ stated at Binance Square that many people are overinterpreting the meaning behind his actions. Today, while testing Trust Wallet, he found so many meme tokens in the wallet that it was difficult to even locate BNB. He then attempted to burn some of the tokens, a move that sparked extensive community discussion. CZ noted he realized he could never fully "clean up" all meme coins from that address: the more he burns, the more people will send coins to it. The transparent nature of blockchain means any activity on this address will be overinterpreted by the community. He even considered requesting the Trust Wallet team to add an "Ignore Coin" feature to prevent interface clutter, but pointed out that 99.99% of users would never use such a function. His plan is to donate BNB and the "Binance Life" tokens purchased with BNB to Giggle Academy, then cease using this address and leave it as a burn address.
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Tom Lee: In the AI era, the scarcity of the "human" element in investments is emerging as a core pricing factor. I am heavily invested in Robinhood because I am bullish on Vlad Tenev.
BitMine, the firm holding the largest Ethereum treasury, Chairman Tom Lee laid out a core thesis in an interview: In AI and high-growth sectors, a founder’s vision and leadership have emerged as the true differentiated competitive advantage, even outweighing technology itself. The directional sense of top-tier founders cannot be replaced by AI. Sam Altman would never ask ChatGPT “What should I do?”; the same applies to Anthropic’s founder and Elon Musk. OpenAI’s survival hinges entirely on Sam Altman himself, not on passively feeding questions to AI for answers. Tom Lee argues this is the key differentiator: a founder’s foresight and judgment cannot be replicated by AI, even as models can be open-sourced and technology can be caught up. Under this framework, Tom Lee classifies Robinhood CEO Vlad Tenev into the same “founder vision-driven” category. Robinhood operates in markets like retail trading, new-generation investors, and fintech penetration—all growing far faster than the overall economy. Vlad’s leadership and vision are critical to the company’s ability to seize these opportunities. A major reason Tom Lee’s own firm Fundstrat holds a heavy Robinhood position is Vlad Tenev himself: rather than focusing solely on valuations or short-term metrics, Fundstrat recognizes the founder’s long-term vision and execution. In the AI era’s investment framework, the scarcity of “human” factors is becoming a core pricing driver.
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Meme coin MarsCoin slumped to a market cap of $7 million, plunging 65% in a single minute after nearly halving in value.
According to GMGN data, the BSC-based meme coin MarsCoin (contract address starting with 0x1706) saw a sharp short-term plunge after surging over 400x in a single day, hitting an all-time high of over $36 million in market cap earlier tonight. Its market cap then nearly halved to $21 million within an hour, before plummeting 65% in one minute at 22:07, dropping to $7 million. A wallet address linked to Binance CEO CZ showed unusual activity this afternoon, burning 4,444 units of the MarsCoin meme token. Separately, Binance Alpha previously listed a token of the same name, MarsCoin (contract address starting with 0xfe18), which currently has a market cap of $52 million, up 6% on the day. BlockBeats reminds users that most meme coins lack real-world use cases, are highly volatile, and investors should exercise caution.
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U.S. debt risks have surged, leading to a shift toward short-term Treasury bonds to meet growing borrowing demands.
The U.S. Treasury’s reliance on short-term debt is growing: Currently, U.S. Treasury bills make up 21% of the tradable Treasury securities market, a share near its highest level since 2020. Back then, amid the COVID-19 pandemic, the U.S. federal government’s borrowing spiked. This is far above the 10-15% range recorded between 2012 and 2019. By contrast, during the 2008 financial crisis, this proportion reached roughly 34%. Meanwhile, the U.S. government is increasingly leaning on short-term Treasuries to cover its rising borrowing needs, rather than long-term bonds. If the U.S. Treasury continues issuing long-term debt at its current pace through fiscal 2027, long-term Treasuries will account for 25% of total debt—their highest share since 2004. However, this strategy amplifies the government’s vulnerability to short-term interest rate swings. If rates stay elevated or climb again, debt servicing costs will become far more unsustainable. The U.S. debt crisis is now fully unfolding.
YZY dnes uvolní asi 22,83 % obíhající nabídky, zhruba za 35,8 milionu USD, což může zvýšit prodejní tlak. Arbitrum zároveň odemyká 92,65 milionu ARB v hodnotě asi 7,2 milionu USD.
Two significant token unlocks are landing on August 16, 2026, adding fresh supply pressure to a market that’s already trading soft. YZY is releasing roughly 22.83% of its entire circulating supply, worth an estimated $35.8 million, while Arbitrum is unlocking 92.65 million ARB tokens, about 1.61% of circulating supply and worth roughly $7.2 million, with the latter already weighing on price ahead of today’s release.
YZY’s Unlock Is the Larger Story by Percentage
YZY’s release stands out for its sheer size relative to the token’s existing float: nearly a quarter of everything currently in circulation is becoming available in a single day. Unlocks of that magnitude typically create meaningful sell-side pressure, since early holders and insiders often look to realize gains once tokens become liquid, regardless of where the broader market is trading. Whether YZY absorbs the new supply cleanly will depend heavily on current trading volume and how much of the unlocked allocation belongs to long-term holders versus short-term participants looking to exit.
Arbitrum’s Unlock Has Already Moved the Price
Arbitrum’s unlock is smaller as a share of supply but has already had a measurable market impact. ARB fell 3.9% over the roughly 39 hours leading into the release, a decline attributed to a combination of the pending unlock and broader risk-off sentiment across altcoins this week. No underlying protocol issues have been identified behind the move, suggesting the drop reflects positioning ahead of the event rather than any fundamental concern about the network itself.
Why Token Unlocks Matter for Price
Scheduled unlocks are known well in advance, which means sophisticated traders often price in some of the expected selling pressure before the event actually occurs, exactly the pattern seen in Arbitrum’s pre-unlock decline this week. That dynamic can cut both ways: if the anticipated selling is already reflected in price by the time tokens actually unlock, the token can sometimes stabilize or even recover once the event passes and uncertainty clears.
What This Means for the Days Ahead
The more consequential test is YZY, given the scale of supply hitting the market relative to what’s already circulating. How the token trades over the next few sessions will offer a clearer read on whether holders are treating the unlock as a reason to exit or a non-event already priced in. Arbitrum’s price action in the days following its own unlock will be worth watching for early signs of stabilization, particularly if broader market sentiment improves.
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Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
On-chain data ukázala, že 4 444 Niu Lai nebylo spáleno CZ, ale tvůrce tokenu je přes funkci transferFrom násilně převedl z adresy CZ na adresu black hole. CZ k tomu neměl autorizaci.
According to Arkham data, at around 16:15 today, three consecutive token burns occurred at CZ’s public donation address: 4,444 meme token “Niu Lai” (contract address starts with 0xD043B6, a namesake of the popularly traded 0xbee-started “Niu Lai” token), 4,444 meme coin MarsCoin, and 4,444 “Binance Life”. Verification reveals the 4,444 Niu Lai meme tokens were not burned by CZ himself. The transaction initiator is the token creator (0xcf86..383), who deployed the contract and set privileged authorization, minted 1 billion tokens to his own address, transferred ~800 million tokens to CZ’s address, then used the transferFrom function to forcibly withdraw 4,444 tokens from CZ’s address to a black hole address to simulate CZ’s burn. CZ’s address had no authorization for this token or the initiator during this period. This tactic is not uncommon. Previously, in 2025, the CAAB token project transferred 80% of its total supply directly to CZ’s donation address, promoting “CZ holdings” to push its market cap to a fake high in a short time and mislead investors. The SHORT token sent 99.9% of its total supply to CZ; after CZ “cleaned up” (burned) them, the token saw a short-term surge, allowing the project team to sell off their holdings. BlockBeats reminds users that on-chain monitoring tools will directly label this transaction as “From: Changpeng Zhao”. A single burn hash cannot be taken as CZ’s endorsement, project participation, or active burning. Contract creators can move balances from other token holders’ addresses, carrying extremely high risks. Meme coins generally lack practical use cases and have highly volatile prices, so investment requires caution.
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Vitalik: Ethereum’s scaling roadmap will integrate the advantages of UTXO-style models, ultimately achieving ultra-large-scale expansion without sacrificing decentralization and censorship resistance.
Ethereum co-founder Vitalik published an article outlining the core goals of Ethereum’s current scaling strategy. He first acknowledged the Bitcoin community’s pioneering technical contributions, then clarified that Ethereum’s proposed scaling strategy is advancing along that direction. Vitalik emphasized: “We want Ethereum to have both UTXO-style state, dynamic state, and all the advantages of both.” This means Ethereum is seeking to integrate the Bitcoin UTXO model’s strengths in efficient state management, light node verification, and scalability with its own flexible account model, smart contract ecosystem, and dynamic state capabilities. Vitalik reiterated that the ultimate goal of Ethereum’s scaling efforts is to achieve “hyperscaling” for the vast majority of activities on the network, without sacrificing three core attributes: decentralization, node operation convenience, and censorship resistance. Ethereum’s roadmap is shifting from a sole focus on scalability to a systematic effort to strike a better balance between scalability and decentralized resilience.
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Binance Life token surges 8%, briefly breaks through $0.54
According to HTX market data, after CZ announced he would donate the 'Binance Life' token from his public address to Giggle Academy and deactivate that address, the Binance Life token rallied 8% in the short term, breaking above $0.54. It is now trading at $0.51, with a 24-hour gain of 8.2%.
2 hours ago
CZ announced that he will disable public addresses to prevent his operations from being overinterpreted by the community, noting that BNB and "Binance Life" will be donated to Giggle Academy.
Binance founder CZ stated at Binance Square that many people are overinterpreting the meaning behind his actions. Today, while testing Trust Wallet, he found so many meme tokens in the wallet that it was difficult to even locate BNB. He then attempted to burn some of the tokens, a move that sparked extensive community discussion. CZ noted he realized he could never fully "clean up" all meme coins from that address: the more he burns, the more people will send coins to it. The transparent nature of blockchain means any activity on this address will be overinterpreted by the community. He even considered requesting the Trust Wallet team to add an "Ignore Coin" feature to prevent interface clutter, but pointed out that 99.99% of users would never use such a function. His plan is to donate BNB and the "Binance Life" tokens purchased with BNB to Giggle Academy, then cease using this address and leave it as a burn address.
2 hours ago
Tom Lee: In the AI era, the scarcity of the "human" element in investments is emerging as a core pricing factor. I am heavily invested in Robinhood because I am bullish on Vlad Tenev.
BitMine, the firm holding the largest Ethereum treasury, Chairman Tom Lee laid out a core thesis in an interview: In AI and high-growth sectors, a founder’s vision and leadership have emerged as the true differentiated competitive advantage, even outweighing technology itself. The directional sense of top-tier founders cannot be replaced by AI. Sam Altman would never ask ChatGPT “What should I do?”; the same applies to Anthropic’s founder and Elon Musk. OpenAI’s survival hinges entirely on Sam Altman himself, not on passively feeding questions to AI for answers. Tom Lee argues this is the key differentiator: a founder’s foresight and judgment cannot be replicated by AI, even as models can be open-sourced and technology can be caught up. Under this framework, Tom Lee classifies Robinhood CEO Vlad Tenev into the same “founder vision-driven” category. Robinhood operates in markets like retail trading, new-generation investors, and fintech penetration—all growing far faster than the overall economy. Vlad’s leadership and vision are critical to the company’s ability to seize these opportunities. A major reason Tom Lee’s own firm Fundstrat holds a heavy Robinhood position is Vlad Tenev himself: rather than focusing solely on valuations or short-term metrics, Fundstrat recognizes the founder’s long-term vision and execution. In the AI era’s investment framework, the scarcity of “human” factors is becoming a core pricing driver.
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Meme coin MarsCoin slumped to a market cap of $7 million, plunging 65% in a single minute after nearly halving in value.
According to GMGN data, the BSC-based meme coin MarsCoin (contract address starting with 0x1706) saw a sharp short-term plunge after surging over 400x in a single day, hitting an all-time high of over $36 million in market cap earlier tonight. Its market cap then nearly halved to $21 million within an hour, before plummeting 65% in one minute at 22:07, dropping to $7 million. A wallet address linked to Binance CEO CZ showed unusual activity this afternoon, burning 4,444 units of the MarsCoin meme token. Separately, Binance Alpha previously listed a token of the same name, MarsCoin (contract address starting with 0xfe18), which currently has a market cap of $52 million, up 6% on the day. BlockBeats reminds users that most meme coins lack real-world use cases, are highly volatile, and investors should exercise caution.
2 hours ago
U.S. debt risks have surged, leading to a shift toward short-term Treasury bonds to meet growing borrowing demands.
The U.S. Treasury’s reliance on short-term debt is growing: Currently, U.S. Treasury bills make up 21% of the tradable Treasury securities market, a share near its highest level since 2020. Back then, amid the COVID-19 pandemic, the U.S. federal government’s borrowing spiked. This is far above the 10-15% range recorded between 2012 and 2019. By contrast, during the 2008 financial crisis, this proportion reached roughly 34%. Meanwhile, the U.S. government is increasingly leaning on short-term Treasuries to cover its rising borrowing needs, rather than long-term bonds. If the U.S. Treasury continues issuing long-term debt at its current pace through fiscal 2027, long-term Treasuries will account for 25% of total debt—their highest share since 2004. However, this strategy amplifies the government’s vulnerability to short-term interest rate swings. If rates stay elevated or climb again, debt servicing costs will become far more unsustainable. The U.S. debt crisis is now fully unfolding.
Wells Fargo ve svém nejnovějším čtvrtletním hlášení uvedla expozici v Bitwise XRP ETF ve výši zhruba 9,18 milionu USD. Jde o dosud největší zveřejněnou institucionální pozici v tomto ETF.
Wells Fargo, one of the largest banks in the United States, reported approximately $9.18 million in exposure to the Bitwise XRP ETF in its latest quarterly securities filing. The bank manages $2.1 trillion in total assets and $2.5 trillion in client assets, underscoring the institutional significance of this disclosure.
Institutional participation in XRP ETFs growsThe bank’s Q2 2026 13F-HR form, filed with the Securities and Exchange Commission on August 14 and covering holdings as of June 30, 2026, detailed two distinct positions in the Bitwise XRP ETF. The filing includes individual line items of $1.39 million and $7.79 million, both identified under the same CUSIP for the Bitwise product. This indicates the positions are managed across different accounts or fund structures within the bank’s operations.
Xaif, a cryptocurrency market commentator, first drew attention to the filing’s contents, emphasizing the importance of a major US banking institution taking sizeable positions in a digital asset ETF. Xaif described Wells Fargo’s exposure to the Bitwise XRP ETF as “worth watching,” given the bank’s status among the four largest banks in the country.
Wells Fargo, holding $2.1 trillion in total assets and $2.5 trillion in client assets, has revealed approximately $9.18 million in Bitwise XRP ETF exposure across two separate entries: $1.39 million and $7.79 million. The size of these positions highlights the rising level of institutional engagement with XRP products.
Bitwise is a US-based asset management company that specializes in cryptocurrency and digital asset investment products, including a range of exchange-traded funds (ETFs) tailored for institutional and retail investors.
Mini dictionary: 13F-HR filing — A quarterly report required by the SEC from institutional investment managers with assets over $100 million. It details the firm’s holdings in publicly traded securities.
InstitutionETF/ExposureAmount/ValueFiling QuarterWells FargoBitwise XRP ETF$9.18 millionQ2 2026Gallacher Capital ManagementBitwise XRP ETF$961,126Q2 2026Militia Capital ManagementBitwise XRP ETF31,820 sharesQ2 2026Bank of MontrealUndisclosedQ2 2026Q2 2026More institutions disclose XRP-linked holdingsThe revelation comes as a series of financial institutions include XRP-linked products in their regulatory filings. Citadel, a leading hedge fund manager, earlier in 2026 disclosed holdings in call options on the Canary XRP ETF after closing its put positions. Meanwhile, Gallacher Capital Management reported owning 86,744 shares in the Bitwise XRP ETF, valued at $961,126 on its Q2 13F. The Bank of Montreal recently added its name to the list of banks reporting XRP ETF exposure, strengthening the trend of increasing institutional involvement.
Other asset managers, such as Militia Capital Management, have filed amended reports reflecting significant stakes in the same Bitwise XRP ETF. These developments signal growing recognition of XRP products across various segments of the investment industry.
Bitwise XRP ETF draws continued attentionThe Bitwise XRP ETF has appeared in an expanding number of 13F filings throughout 2026, drawing greater focus from institutional investors. Wells Fargo’s current $9.18 million allocation ranks as the largest single holding among disclosed institutions so far this quarter. The continued emergence of new filings signals increasing institutional appetite for digital asset exposure via established ETF vehicles.
Wells Fargo’s investment in the Bitwise XRP ETF and other recent filings reflect deepening institutional engagement with XRP. This quarter’s disclosures have added more significant financial institutions than in any previous period.
Record expansion for institutional XRP filingsThe Q2 2026 reporting period marks a high point for institutional disclosures related to XRP. The filings show a diverse array of entities, from commercial banks to asset managers, allocating capital to XRP ETFs using different product structures and account types. This demonstrates XRP’s widening reach across the financial sector.
Wells Fargo, given its asset base and scale, is now the largest institution to publicly report a position in the Bitwise XRP ETF, consolidating its role in the growing trend of mainstream financial adoption of crypto investment products. With new institutional names appearing in filings each quarter, the landscape of XRP ETF ownership continues to diversify.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Vývojáři Etherea zužují návrhy na upgrade Hegotá plánovaný na rok 2027; jediným oficiálně schváleným prvkem zůstává FOCIL. Týmy klientů mají do 10. září poslat své preference.
Ethereum developers are narrowing the scope of Hegotá, the network upgrade planned for 2027, as client teams weigh competing proposals covering censorship resistance, account abstraction, privacy, gas pricing and validator economics.
Summary
FOCIL is currently Hegotá’s only scheduled EIP, while dozens of other proposals remain under review.
Execution client teams must submit Hegotá proposal preference lists by September 10, core developers agreed.
Frame Transactions remain considered, with developers comparing EIP-8141 against EIP-8130 for Ethereum native account abstraction.
Ethereum’s official roadmap places Glamsterdam in Q4 2026, followed by Hegotá sometime during 2027 currently.
EIP-8368 would recalibrate state-growth pricing if Ethereum raises its gas limit beyond existing reference levels.
Ethereum researcher Toni Wahrstätter said on Aug. 16 that 66 proposals were being considered across the broader Hegotá discussion.
That figure should not be read as 66 approved upgrade features. The official Hegotá Meta EIP currently lists FOCIL as the sole feature scheduled for inclusion, Frame Transactions as considered for inclusion, and dozens of other EIPs at earlier stages. Ethereum.org places Hegotá in 2027, after Glamsterdam in Q4 2026.
FOCIL is already Hegotá’s main scheduled feature
EIP-7805, known as Fork Choice enforced Inclusion Lists, is currently Hegotá’s only scheduled EIP. FOCIL lets a committee of validators publish transaction inclusion lists that block builders are expected to honor, with attesters refusing blocks that improperly omit eligible transactions. The design targets censorship resistance as block construction becomes more specialized.
As crypto.news previously reported, FOCIL is intended to strengthen Ethereum transaction inclusion when large builders control much of block production. It has also become part of Ethereum’s wider privacy roadmap because stronger inclusion guarantees can make it harder to censor privacy related transactions.
Frame Transactions face an August decision point
Native account abstraction remains less settled. EIP-8141 would introduce Frame Transactions, allowing transaction validation, execution and gas payment to be defined through programmable frames. Its stated goals include alternative signature schemes, key rotation, gas sponsorship and a path away from mandatory ECDSA authentication.
Wahrstätter argued that Frame Transactions “should join” FOCIL, alongside Keyed Nonces and Recent Roots, as part of a native privacy stack. That remains his position rather than a core developer decision. At the Aug. 13 All Core Developers Execution call, teams agreed to compare EIP-8141 with EIP-8130 at an Aug. 25 breakout, with a decision targeted for the Aug. 27 ACDE meeting.
Ethereum's next year's upgrade, Hegotá, is being scoped right now.
66 proposals are on the table and over the next few core dev calls, this list will be narrowed down to the EIPs that get implementations, devnets, testnets, and a realistic chance of shipping in 2027. What…
— Toni Wahrstätter ⟠ (@nero_eth) August 16, 2026
As crypto.news reported, Ethereum’s account abstraction roadmap is increasingly tied to privacy. EIP-8250 and EIP-8272 are already listed among Hegotá proposals, but neither is scheduled for inclusion yet.
Gas repricing proposals target further Layer 1 scaling
Several candidates focus on making larger blocks safer. EIP-8131 would impose a uniform transaction content floor of 64 gas per user controlled byte. EIP-8279 would extend similar accounting to Block Access List data, closing a route through which blocks could become larger than intended as Ethereum raises its gas limit.
EIP-8368 goes further by proposing to recalibrate state creation pricing as the block gas limit rises beyond the reference level used by Glamsterdam. The draft still contains unspecified parameters, but developers said during ACDE #243 that the work is aimed at preparing for a possible path toward 600 million gas. Glamsterdam itself is currently targeting a 200 million gas limit.
In related coverage, Glamsterdam is already testing major Layer 1 scaling changes, including block level access lists and extensive gas repricing.
What happens next for Hegotá
Core developers said the Hegotá proposed for inclusion list should be finalized by late August. Proposals without an active champion can be removed from consideration, while execution client teams must submit ranked preference lists by Sept. 10.
Other ideas remain under debate, including eight second slots under EIP-8198, anti correlation validator penalties under EIP-7716, post quantum cryptography and proposed changes to ETH issuance. These are not confirmed Hegotá features. EIP-8198 remains a draft, while EIP-7716 is currently marked stagnant despite appearing on the Hegotá proposal list.
The next few developer calls will therefore determine which proposals move into implementations and devnets. Until those decisions are made, FOCIL remains the only Hegotá feature formally scheduled for inclusion.
Cardano (ADA) is once again testing a critical rising trendline after its recent bullish breakout, with buyers focused on sustaining the coin’s recovery trajectory. At the same time, the Cardano ecosystem has taken a significant step forward after decentralized representatives approved a major DeFi liquidity proposal, which could help reinforce ADA’s market sentiment if current support levels remain intact.
Cardano price hovers as bullish setup faces major testADA is currently trading at $0.1776, with a 24-hour volume of $121.75 million and a total market capitalization of $6.49 billion. The altcoin has shown signs of consolidation over the previous day, as technical analysts suggest potential for further upward movement if key support holds.
Crypto analyst The Boss observed that ADA retreated to a pivotal rising trendline after breaking out from a rounded-bottom pattern, which had previously established a solid foundation just above crucial support. The analyst noted that the success of buyers in maintaining this structure could strengthen the broader bullish setup. If buyers fail, momentum could weaken and lead to renewed pressure on ADA’s underlying support zones.
Technical metrics, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are closely watched as they attempt to confirm a return in buying power, while the Average Directional Index (ADX) will indicate if the ongoing trend is sustainable.
If bulls can defend the trendline and overcome resistance, ADA could target $0.2242, $0.3136, $0.3825, and potentially $0.4488.
120 million ADA allocated by DReps to boost DeFi liquidityRecent data show that decentralized representatives, or DReps, within the Cardano network, have approved a plan to allocate 120 million ADA for decentralized finance (DeFi) liquidity. This proposal received the required two-thirds supermajority, providing a substantial infusion of capital into Cardano’s DeFi applications.
The move illustrates Cardano’s ongoing transition toward a governance model driven by community participation. The use of DReps aims to ensure that significant decisions regarding network resources and treasury allocations reflect the consensus of the wider community.
Mini dictionary: DReps (Decentralized Representatives), are elected participants in the Cardano ecosystem who vote on governance proposals and shape the direction of network development.
Cardano’s latest governance decision allocates significant resources for increasing liquidity in decentralized applications, aiming to stimulate further participation and growth across the DeFi sector.
Attention now focuses on how these newly approved funds will be deployed and whether increased liquidity can meaningfully boost engagement in Cardano’s DeFi landscape.
Outlook: Resistance levels and market momentumMarket expectations for ADA’s price remain focused on whether buyers can defend the key uptrend line and sustain the bullish reversal pattern. Analysts believe that a successful rebound could propel ADA toward multiple technical resistance targets, including $0.2242 and potentially $0.45 in the coming sessions.
The approved allocation of 120 million ADA is widely viewed as a catalyst for expanding DeFi liquidity, though the precise impact will depend on how quickly and efficiently these funds are integrated into the ecosystem.
Resistance TargetPrice Level1st resistance$0.22422nd resistance$0.31363rd resistance$0.38254th resistance$0.4488Analysts continue to emphasize caution, citing the inherent volatility of the cryptocurrency market and that market predictions are not guaranteed.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Quantum-resilient accounts, smarter fees, and bigger smart contracts
Algorand v5.0.0 is now live on mainnet. It Is the largest protocol upgrade since staking rewards in January 2025. Quantum resilient accounts land natively for the first time. The network adopts a usage-based fee model as a first step toward a clearer path for long-term sustainability. And developers get a serious upgrade to what they can build, from bigger smart contracts to new cross-app capabilities.
Here's everything that's new:
Quantum-resilient accounts, now native
With v5.0.0, post-quantum accounts are now a native part of the Algorand protocol.
Almost all of today's crypto security relies on math that's currently unbreakable by any computer that is available today. Quantum computers, once powerful enough, could someday change that, and security researchers have long warned about "harvest now, decrypt later," the risk that encrypted data is being recorded today to crack later. That's why long term integrity matters now.
This isn't the Algorand protocol's first move on quantum security. In 2022, State Proofs signed using FALCON, a post-quantum signature scheme, were deployed to mainnet, , years before most blockchains started planning migrations. Those proofs already protect the chain's entire historical record by anchoring the chain's entire history back to genesis with quantum-resilient signatures.
In 2025, the first quantum-resilient transaction on the Algorand network was sent on mainnet. Then, in June 2026, Algorand Foundation published its post-quantum roadmap mapping out the next stages. Native Falcon-1024 accounts, arriving in this release, are a direct product of that roadmap, not a first step.
That first roadmap deliverable is now live, bringing native support for Falcon-1024 accounts.
You can now create an account protected by a quantum-resilient signature, built directly into the protocol.
Previously, this kind of protection required an extra layer of custom logic attached to your account. Now it's just how an account can work. Simple, native, built in.
These addresses are also built so a traditional classical key isn't a valid match for them, keeping them cleanly separated from today's account scheme.
Algorand Foundation is committed to continuous improvement and adaptation to emerging technologies. However, no system is ever completely future-proof, and neither the Algorand protocol nor Algorand Foundation is claiming otherwise. Other parts of the protocol are still migrating over time. Users should stay informed about ongoing developments and updates.
Why this matters for the network's future
Making post-quantum accounts native didn't happen in isolation. It was made possible by a bigger shift in this release: the network now charges fees based on what a transaction actually needs, not a flat rate for everyone. Quantum-resilient signatures are cheaper to verify than a standard signature, but they take up significantly more space in a block, and that added block space is what the extra fee accounts for. This approach aims to price the difference more fairly, which has enabled native support for quantum-resilient accounts.
This is also the first step toward a more sustainable, self-supporting network long term, part of the thinking being considered in the upcoming King Safety paper.
Here's how it works:
Transactions using more network resources, larger data, or heavier computations carry a higher fee.
Those fees flow into a shared pool that pays the people running the nodes that keep the network running.
More usage means more support for the infrastructure the whole network depends on.
Importantly, this isn't a fee hike for everyone. Everyday activity, simple payments, and basic transfers, stay exactly as affordable as they’ve always been. The network is pricing the specific things that actually cost more to process, not raising the bar for everyone else.
And now, for the builders
That same shift toward paying for what you actually use is also what makes a whole set of new developer capabilities possible in this release.
Until now, some of these upgrades simply weren't practical to offer, because there was no fair way to price them. Now there is.
Developers building on Algorand get a genuinely bigger toolkit with this release:
Bigger, more capable apps. The size limit on smart contracts has doubled. Developers can now build more sophisticated applications without hitting a wall, and existing apps can grow in place, without the painful process of rebuilding from scratch.
Apps that can share information with each other. Box storage, an app's dedicated data storage, was previously locked away, invisible to every other app. Other states, like global and local, have always been visible to other apps. Now, developers can choose to open that up, letting apps read from, or even collaborate with, other trusted apps. Think of it as apps being able to talk to each other in ways they simply couldn't before.
New tools for cutting-edge cryptography. This release adds support for hashing techniques that are especially well-suited to zero-knowledge proofs, a technology that lets you prove something is true without revealing the underlying data. It's a growing corner of the crypto world, and the Algorand protocol is now even better equipped for developers building in that space.
An early look at future network health signals. The upgrade also introduces a new way to measure how busy the network is at any given moment. It doesn't affect anything yet – think of it as a preview – but lays the groundwork for smarter systems down the road.
The bigger picture
The Algorand v5.0.0 upgrade is really one story told in three parts:
Accounts built to outlast the threats of tomorrow
a fee model built to sustain the network for the long run
and a developer toolkit built for what comes next
Taken together, these reinforce that Algorand isn't just reacting to what's coming – we’re ready for it.
This post describes planned work on the Algorand protocol. Any forward-looking statements are subject to change.
Disclaimer: The content provided in this blog is for informational and educational purposes only. The information is provided by the Algorand Foundation and while we strive to keep it accurate and current, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the blog or the information contained in it for any purpose. Nothing in this blog is legal, financial, tax, or investment advice, nor an endorsement, guarantee, or investment recommendation. Technical descriptions are provided as of the date of publication and may change. Any statements about future plans, features, integrations, protocol or consensus upgrades, fees, or timelines are forward-looking and subject to change, including subject to community adoption, and are not commitments. You should conduct your own research and consult a qualified professional before acting on any information here; any reliance you place on it is strictly at your own risk. All third-party names and trademarks are the property of their respective owners, and their mention does not imply affiliation or endorsement.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu layer 2 blockchain Shibarium stays quiet, but its role in the Shiba Inu ecosystem continues to extend beyond transaction activity, Shiba Inu long-time community member Mazrael noted in a recent X reply.
According to Mazrael, Shibarium continues to burn SHIB, powering ShibTorch, an automated token burning portal for Shibarium which converts transaction base fees collected in BONE into SHIB, permanently removing tokens from circulation to reduce supply and control inflation.
Mazrael noted a few hundred million SHIB were burned in ShibTorch over the last couple of weeks despite the relative quietness on Shibarium, adding that "don't need to be noisy to still run."
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it's still shibarium gas shibarium still powers the shibtorch. A few hundred millions Shib burned in it last couple weeks. don't need to be noisy to still run.
— Mazrael.shib (@Mazrael_shib) August 15, 2026 The Shiba Inu community veteran was responding to an X user who asked whether BONE was still relevant. Mazrael responded that the BONE token remains Shibarium's gas and it contributes to burns on ShibTorch.
Shiba Inu daily burn rate surges 2,842%Shiba Inu is making progress in reducing its total supply, as the SHIB burn rate has increased by a staggering 2,842% over the last 24 hours, with a massive 113.63 million SHIB tokens permanently removed from circulation by being sent to dead wallets.
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According to the Shibburn website, 113.63 million SHIB have been burned in the last 24 hours, representing a 2,842% surge in daily burn rate. 147.05 million SHIB have been burned in the past seven days, a 579% increase in weekly burn rate.
The latest burn activity represents one of the biggest single-day burns of SHIB supply over the last few weeks, showing the strong backing from the community. The on-chain holder base of Shiba Inu has also been growing, with the number of holders at 1,678,912.
According to the latest update by Etherscan's SHIB X account, SHIB recorded 98 new holders in the past day, continuing a steady growth in its on-chain community. SHIB has added 728 holders so far in August. Since the beginning of 2026, the token has gained 130,282 holders, according to the figures shared.
Shiba Inu’s layer 2 blockchain, Shibarium, has remained relatively quiet, but its significance within the broader ecosystem is expanding, according to long-standing community member Mazrael. Despite subdued levels of transaction activity, Shibarium continues to play a critical role in the project’s long-term supply strategy.
Shibarium’s ongoing SHIB burn mechanismMazrael emphasized that Shibarium maintains a steady rate of SHIB token burns through ShibTorch, an automated portal that converts transaction base fees collected in BONE into SHIB. Afterward, these tokens are permanently removed from circulation, contributing to supply reduction and potentially supporting the value of SHIB by helping control inflation.
In recent weeks, a few hundred million SHIB have been burned via ShibTorch, despite the platform’s quiet operational profile. Mazrael commented that activity does not need to be highly visible to have substantial impact within the ecosystem.
Despite low transaction noise, several hundred million SHIB have been burned through ShibTorch in the last few weeks, demonstrating that “you don’t need to be noisy to still run.”
Shibarium is a layer 2 blockchain designed to improve scalability and lower transaction costs within the Shiba Inu ecosystem. The network uses BONE as its native gas token, which not only powers transactions but also feeds into automated burning routines for SHIB.
Mini dictionary: ShibTorch, an automated burning portal on Shibarium, facilitates the permanent removal of SHIB tokens from circulation by converting BONE transaction fees into SHIB and sending them to unrecoverable “dead wallets.”
Burn rate surges and holder growthAccording to the Shibburn platform, Shiba Inu has observed a dramatic spike in burning activity within the last day. The SHIB burn rate soared by 2,842% over the previous 24 hours, with 113.63 million SHIB tokens permanently taken out of circulation by being sent to dead wallets.
Comparing longer timeframes, the past seven days saw 147.05 million SHIB burned, which marks a 579% increase in the weekly burn rate. These sizable burns highlight a renewed push by the community and ecosystem mechanisms to manage SHIB’s total supply actively.
PeriodSHIB BurnedBurn Rate ChangeLast 24 hours113.63 million+2,842%Last 7 days147.05 million+579%The latest burning activity counts as one of the largest single-day reductions in SHIB’s circulating supply over the past several weeks. This trend is reinforced by strong and consistent participation from the Shiba Inu community.
Steady rise in SHIB holdersAlongside rising burn rates, Shiba Inu’s on-chain holder base continues to expand. Data from Etherscan’s SHIB X account indicates 98 new SHIB holders joined in the last 24 hours alone. August has so far seen an increase of 728 holders, while since the start of 2026, 130,282 additional wallets have acquired SHIB, bringing the total holder count to 1,678,912.
This steady growth in holders underlines increasing interest in the Shiba Inu ecosystem and ongoing community support.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Sui’s native token SUI saw its price stabilize near key support levels as buyers showed signs of renewed confidence, defending critical thresholds following a recent downtrend. This comes amid growing network developments and Sui’s latest integration with Hadron, Tether’s infrastructure for institutional tokenization of real-world assets (RWAs).
SUI price recovers after recent declineAt the time of writing, SUI is trading at $0.6809. It recorded a 24-hour trading volume of $86.04 million and currently holds a market capitalization of $2.77 billion.
Technical analysis from the crypto analyst BitGuru identified the $0.675 price zone as a key area where buyers have managed to maintain support. If SUI continues to hold above this level, analysts expect a short-term push towards the $0.70 to $0.72 range. Such movement could indicate that selling pressure is easing and bullish momentum may be returning.
However, concerns remain. If SUI drops below the $0.65 support zone, the bullish setup could be invalidated, possibly prompting further declines. Market participants are closely watching the $0.675 area for signs of either recovery or renewed weakness.
A stabilization above the $0.675 support level could pave the way for a recovery towards $0.70–$0.72, while any slip below $0.65 may lead to accelerated sell-offs.
MetricCurrent ValuePrice$0.680924h Trading Volume$86.04 millionMarket Capitalization$2.77 billionKey Support Level$0.675Key Resistance Target$0.72Sui’s integration with Tether’s Hadron for institutional RWA tokenizationSui has completed its integration with Hadron, developed by Tether, to strengthen its position in the real-world asset tokenization sector. Hadron provides tools for institutions to tokenize equities, bonds, and commodities efficiently using an object-centric, high-speed blockchain architecture.
Hadron’s live connection to Sui brings its sub-400ms transaction finality and scalable infrastructure into play, facilitating compliant and rapid issuance of tokenized assets. This development is expected to enhance Sui’s role in the institutional adoption of blockchain for real-world financial instruments.
Mini dictionary: Hadron is an infrastructure platform developed by Tether to enable the tokenization of real-world assets such as equities, bonds, and commodities on blockchain networks. The platform aims to provide institutions with a regulatory-compliant framework for asset issuance, management, and lifecycle handling using object-oriented blockchain technology.
Sui is a layer-1 blockchain known for its object-centric design and high throughput, aiming to support a broad range of decentralized applications with rapid settlement times. The addition of institutional-grade tools further positions Sui as a platform for scalable RWA solutions.
Market outlook for SUINetwork growth and innovations such as the Hadron integration have boosted optimism around SUI’s price trajectory. Some analysts consider the convergence of positive technical structure and broader crypto market recovery, led by Bitcoin’s upward movement, as factors that could support further gains for the token.
In the coming days, the direction of SUI’s price is expected to depend on buyers’ ability to hold current support levels and generate additional upward momentum. Should SUI establish a solid base above key support thresholds, market participants will be watching for a test of the $0.70 to $0.72 resistance area.
Conversely, if SUI fails to sustain above these supports, additional declines remain possible amid continued volatility.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Analytik Rakuten Wallet Yasuo Matsuda označil XRP za „jedinečně výjimečné“ a očekává, že se jeho využití v remitencích časem promítne do ceny. Aktivita na XRP Ledger mezitím roste a v srpnu přibylo asi o třetinu aktivních adres oproti červenci.
XRP is currently trading near its lowest level since November 2024, even as on-chain activity and institutional interest have increased. Recent comments from prominent analysts in Japan and Europe point to renewed discussions about a potential repricing of this cryptocurrency.
Japanese analyst highlights XRP’s unique roleYasuo Matsuda, Senior Analyst at Rakuten Wallet, has offered a positive outlook on XRP, describing it as “uniquely exceptional” within the digital asset landscape. Rakuten Wallet is a widely recognized financial platform in Japan known for its active support of regulated cryptocurrency trading.
Matsuda cited XRP’s design, emphasizing that it was originally developed as a crypto asset for remittance. He stated that this fundamental utility will eventually be reflected in XRP’s market capitalization and price, arguing that a repricing is only a matter of time.
Japan’s long-standing regulatory framework for digital assets has positioned it as a progressive environment for crypto projects to develop. Expert analysis from local financial institutions is often seen as especially influential within the sector.
Yasuo Matsuda, Senior Analyst at Rakuten Wallet, called XRP “uniquely exceptional,” pointing to its original purpose as a remittance asset and suggesting that this value will ultimately be visible in the market capitalization.
European analysts and institutional movesAnalysts outside Japan have voiced similar views. In Germany, a financial expert highlighted XRP’s technical position, calling it “brutally oversold.” The term “oversold” signals a situation where the asset’s market price is below what technical indicators support.
Recent institutional disclosures appear to echo this line of thinking. Ironbridge Private Wealth, a financial services firm, reported holding a combined $10 million position in the Bitwise XRP ETF and Volatility Shares XRP ETF, amounting to about 1.2 million shares in total.
Such positions suggest that some investors anticipate either a recovery or upward movement in XRP’s price in response to fundamental and technical factors.
Mini dictionary: Ironbridge Private Wealth — A financial advisory firm offering investment management services, including positions in digital asset Exchange Traded Funds (ETFs).
InstitutionETFPosition SizeShares HeldIronbridge Private WealthBitwise XRP ETF, Volatility Shares XRP ETF$10 million1.2 millionRising activity and regulatory developmentsMultiple indicators point to increasing activity on the XRP Ledger. The number of active addresses in August grew about one third compared to July, with August 11 marking the busiest day for activity.
AI agent transactions using the x402 protocol on the XRP ledger have approached 2 million, reflecting growing integration of advanced settlement technologies.
Mini dictionary: x402 protocol — A specification that enables automated payment and data transfer by AI agents directly on the XRP Ledger, facilitating seamless machine-to-machine transactions.
Additionally, Ripple moved 50 million XRP from its company-controlled wallet, an event identified as rare and potentially connected to strategic decisions. Ripple, the company behind the XRP cryptocurrency, seeks to modernize global financial infrastructure through real-time cross-border settlement solutions.
On the policy front, the US SEC is preparing to introduce new rules, potentially allowing crypto projects to raise funds without standard registration requirements. Ripple’s chief business officer, Reece Merrick, noted that the company’s mission includes “rewiring the financial system,” particularly focusing on institutional adoption, real-world asset tokenization, and expansion in regions such as the Middle East.
The combination of rising on-chain activity, significant wallet movements, and regulatory changes fuels expectations for an eventual price adjustment in XRP, even as current market levels remain subdued.
The path forward for XRP pricingThe discussion around repricing centers on the divergence between XRP’s trading price and the broader utility and activity within its network. Analysts and institutional buyers contend that this gap represents potential for upward movement, though the timing of any significant price change remains uncertain. XRP has maintained a prominent position among digital assets for over a decade, but observers continue to watch for market dynamics that could align its price with its underlying developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
