EDGE faced renewed supply pressure as a $2.27 million KuCoin deposit collided with the persistent net outflows and the recovering price structure.
According to a prominent market analyst on X, the tokens initially originated from a bridge contract before moving through the three intermediary wallets toward the exchange.
However, the transfer heavily contrasted with the DEX’s aggressive buyback-and-burn activity during the second quarter.
Notably, around $47 million worth of EDGE was reportedly bought back and burned throughout Q2.
Those burns limited the circulating supply, as the KuCoin deposit, on the other hand, placed a sizable token batch closer to potential distribution.
However, the deposit alone did not confirm a selling activity, but rather its exchange destination increased the possibility of additional market supply.
Three-day outflow streak offsets deposit concerns The broader Spot flows outlook provided a contrasting indicator as EDGE recorded three consecutive days of negative exchange netflows. The streak implied that the aggregate outflows exceeded inflows despite the separate $2.27 million KuCoin deposit.
At the time of writing, the Spot netflow had reached -$419.36K, extending the sequence of withdrawals from exchanges into a third session.
These persistent negative readings decreased the immediate exchange-side availability and partially countered supply risks around the large KuCoin deposit.
Ultimately, this divergence made sustained outflows particularly significant for the price recovery since they could limit accessible selling supply.
Source: CoinGlass Short liquidations strengthen EDGE’s recovery The derivatives activity added another layer of support as short liquidations heavily exceeded the long liquidations on the 8th of September.
According to CoinGlass, the total short liquidations reached $44.04K, compared with only $9.85K across the long positions. Specifically, Binance accounted for around $39.92K of those short liquidations, as Bybit and OKX recorded $1.04K and $3.09K, respectively.
On the other hand, the long liquidations remained elevated on Binance and OKX, reaching $1.09K and $8.77K, respectively.
The liquidation imbalance highlighted greater pressure on the bearish positions as EDGE maintained its broader recovery structure.
Importantly, the short liquidations complemented the persistent Spot net outflows, implying sellers faced resistance across different various market segments.
Source: CoinGlass Could EDGE revisit its Fibonacci golden zone? At the time of analysis, edgeX [EDGE] market price sat around $0.5841 after defending the $0.5632 zone, keeping its recovery structure above that major level.
Notably, the RSI cooled to 69.53 after surging above the overbought threshold and briefly extending beyond the 80 level.
This implied that buyers retained considerable strength, although the pullback showed that the earlier intensity had started fading.
The Fibonacci levels placed the 0.5 retracement at the $0.5245 price level while the 0.618 level was at the $0.4828 price level.
This $0.4828–$0.5245 golden zone could provide stronger support in case EDGE extends its current price retracement.
Importantly, a retreat into this region could possibly attract fresh buying interest and establish a foundation for another EDGE price reversal.
Therefore, losing the $0.5632 support level would not automatically invalidate the recovery but rather open a deeper retracement toward a technically significant zone capable of supporting the next upside attempt.
Source: TradingView Final Summary Three consecutive EDGE outflow days are countering fresh supply from the $2.27 million KuCoin deposit. A golden zone retest could provide support for another EDGE reversal toward the $0.7014 resistance.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
How the 80/8/12 split works@Zcash does not pay its full block reward to miners. Since the NU6 network upgrade activated alongside the second halving in November 2024,
That means miners receive 1.25 ZEC per block, ZCG receives 0.125 ZEC, and the coinholder-controlled lockbox accrues 0.1875 ZEC per block.
The earlier Deferred Dev Fund Lockbox seeded the coinholder-controlled fund that replaced it.
What coinholders can do with the fund In practice, holders can direct that money toward ecosystem teams or leave it to accumulate in the fund.
Zcash has indicated the current model will be reassessed at that point rather than renewed automatically.
Sources:
Zcash: What are the economics of Zcash?
ZIP 1016: Community and Coinholder Funding Model
Messari: Understanding Zcash, a Comprehensive Overview
Zcash [ZEC] faced aggressive short positioning among the Binance top traders, while Garrett Jin’s massive ZEC short remained deeply underwater after the recent price rally.
As per CoinGlass analytics, the short accounts represented nearly 72.05%, compared with only 27.95% holding long positions. Accordingly, the Long/Short Ratio stood at 0.39 as of writing, highlighting a strong preference for a downside price trend.
The positioning implies that the top traders remain skeptical of ZEC sustaining its elevated price structure. However, Garrett Jin’s position highlighted the substantial risks already confronting traders who shorted ZEC earlier.
Garrett, a prominent figure in crypto trading and executive circles, holds a 39.76K ZEC short position, valued at around $44.90 million. He entered at around $576.30, while Zcash traded near $1,128.58 at press time. The price difference, therefore, had already pushed his unrealized loss to around $21.98 million.
However, his price of liquidation sits a bit higher at the $2,540.50 level, reducing immediate liquidation concerns. Still, a renewed upside price move could deepen his losses and place greater pressure on traders with similar positions as well.
Taker buyers challenge the bearish crowd While the top traders favored shorts, ZEC’s spot activity provided a contrasting view of the underlying market demand.
As of press time, the 90-day Spot Taker CVD indicator remained buyer-dominant, showing aggressive buyers continued controlling the cumulative taker activity.
This divergence matters since the dominant short positioning had not translated into equivalent aggression on the spot market side. Instead, the buyers continued to absorb the available supply despite expectations for a deeper price correction.
Jin’s mounting unrealized loss further highlights the risk created when bearish exposure encounters continued aggressive buying activity.
Source: CryptoQuant Cooling derivatives weaken short-side confirmation The broader derivatives market participation cooled considerably despite the strong short bias among the Binance top traders.
At the time of analysis, ZEC Open Interest (OI) had fallen 11.49% to $2.41 billion in 24 hours, showing decreased outstanding leverage exposure.
Besides, the derivatives trading volume also dropped 42.06% to $5.99 billion in 24 hours as well, reflecting a huge contraction in trading activity. Those declines suggested traders had limited their derivatives exposure rather than aggressively adding fresh leveraged positions.
Therefore, the short-heavy account ratio lacks confirmation from expanding OI and stronger derivatives turnover. Historically, a rising bearish exposure alongside a growing OI would have provided stronger evidence of fresh shorts entering the market.
Instead, the falling OI rather reflects broader position reductions as speculative activity cools after ZEC’s sharp price expansion.
Source: CoinGlass Can ZEC’s FVG preserve wave five? On the daily timeframe, ZEC has entered a pullback phase on a broader ‘Elliot Wave’ structure after its latest expansion failed to clear the $1,256.68 resistance level.
At the time of writing, Zcash traded near $1,128.58, placing the fair value gap (FVG) directly below the current market price. Notably, the ‘Elliott Wave’ structure identifies the pullback as a potential Wave (4) correction before another price expansion.
Most importantly, the FVG extends toward the $1,023.60 support area, hence creating an important area for the bullish technical structure.
On the indicator side, the MACD remained constructive despite the ongoing price retreat. The MACD stood at 138.95, above its signal line at 112.00, while the histogram remained positive at 26.94.
The correction, therefore, has not yet invalidated the broader bullish technical structure. If buyers persistently defend the FVG, ZEC could pursue Wave (5) and continue placing pressure on the crowded shorts.
Source: TradingView Final Summary ZEC shorts remain dominant, but persistent taker buying continues challenging bearish positioning. Holding the FVG could revive the upside pressure and expose the crowded short positions again.
SpaceX's intraday decline widens to 5%, currently trading at $146.
According to market data from BIT (bit.com), SpaceX (SPCX) has extended its intraday decline to 5%, currently trading at $146.
3 minutes ago
Project World is continuously optimizing its front-end UI, with user deposits secure and transactions functioning normally.
World, a full on-chain prediction market in the Solana ecosystem, announced in a post that its website is currently experiencing high traffic, with over 1 million users accessing the platform. User deposits remain secure, platform transactions are executing normally, and backend systems are operating as expected. The team is continuing to optimize the frontend user interface, and the overall operation of the platform is in good condition.
3 minutes ago
Iranian officials announced that Iran will escalate its crackdown operations in response to U.S. attacks.
Iranian officials have stated that Iran will escalate its retaliatory strikes in response to the U.S. attack. (Jinshi)
3 minutes ago
US Treasuries extended their decline after the repurchase announcement, with the market viewing the $6 billion cap as insufficient.
The U.S. Treasury Department said it will purchase between $40 billion and $60 billion in long-term government debt in the first operation of its expanded repurchase program, demonstrating Secretary Bessent’s resolve to curb the recent rise in borrowing costs. U.S. Treasuries extended their earlier decline following the announcement, indicating the program’s size fell short of some investors’ expectations. The success of the expanded purchase program remains to be seen. After the program was first announced last month, yields fell before rebounding later. The benchmark 10-year yield hit its highest level since 2023 last week. Economist Guha, a former staffer at the New York Fed, noted: “The challenge always lies in whether the impact of these interventions can persist without larger fundamental changes.” Moreover, the maximum size of the repurchase operation does not mean the Treasury will necessarily purchase that amount of Treasuries. However, in repurchases targeting long-term nominal debt, the department typically buys the full amount; since the program was relaunched in 2024, it has only failed to do so in two of 52 such operations. (Jinshi)
3 minutes ago
Eric Trump mocks Joe Biden’s son Hunter Biden over the botched launch of the LAPTOP token, saying he should go back to painting.
US President Donald Trump’s second son Eric Trump reposted a post about the meme coin LAPTOP’s sharp price crash after its launch, commenting: “Hunter should go back to painting.” His remarks target Hunter Biden, son of former US President Joe Biden, who launched the meme coin LAPTOP. The reposted post notes that LAPTOP plummeted 98% within minutes of going live, adding that the project had originally planned to allocate a portion of its tokens to users who incurred losses from TRUMP-related transactions.
3 minutes ago
Solana ecosystem prediction market World officially launches, opening to over 1 million waitlist users.
Solana ecosystem full on-chain prediction market World announced that its independent platform World.xyz has officially launched, with over 1 million users on its waitlist. The platform offers thousands of markets spanning sports, cryptocurrency, politics, finance, economics, and culture, covering all NFL regular seasons, 7 soccer leagues, F1 races, the 2026 U.S. midterm elections, and Federal Reserve interest rate decisions. Since integrating Phantom in July, World has launched more than 150,000 markets. Each market on the platform consists of "Yes" and "No" contracts, priced between $0 and $1, and settled using Phantom’s U.S. dollar stablecoin CASH. Technically, World leverages Chainlink Data Streams and Chainlink Runtime Environment to provide market data and automated settlements, reducing manual intervention and dispute resolution wait times. Prediction markets for stock price movements, gold, silver, oil, natural gas, computing power, and weather will be rolled out sequentially.
Bitcoin fiyatı, 77.666 dolara kadar gerilemesinin ardından alıcıların yeniden devreye girmesiyle 79.000 dolar seviyesine doğru toparlandı. Lider kripto para birimi kısa süreli satış baskısını büyük ölçüde telafi ederken, yatırımcıların gözü yaklaşan ABD enflasyon verileri ve Fed faiz kararına çevrildi. Kripto para piyasasında Bitcoin yatay bir görünüm sergilerken, altcoin tarafında Zcash güçlü performansıyla öne çıktı. Haftalık bazda yaklaşık yüzde 43 değer kazanan ZEC, Grayscale’in 500 milyon doları aşan Zcash ETF’sine yönelik artan ilgiyle birlikte yatırımcıların odağına yerleşti.
Bitcoin 77.666 Dolardan Güçlü Tepki Aldı Bitcoin, Salı günü satış baskısının artmasıyla 78.000 doların altına gerileyerek 77.666 doları gördü. Ancak düşüş kalıcı olmadı. Asya işlem saatlerinde alıcıların yeniden piyasaya girmesiyle BTC fiyatı yaklaşık 78.900 dolara kadar toparlandı. Bitcoin’in 24 saatlik performansı büyük ölçüde yatay kalırken, haftalık yükselişi yüzde 2’nin altında gerçekleşti. Piyasada özellikle 75.000 ve 82.000 dolar seviyeleri, yaklaşan Fed faiz kararı öncesinde Bitcoin için kritik bölgeler olarak takip ediliyor.
İlginizi Çekebilir: Hangi Altcoinler 100 Kat Yükselebilir?
Bitcoin’de sınırlı hareket görülürken Zcash cephesindeki yükseliş dikkat çekti. Grayscale’in ZCSH koduyla işlem gören Zcash ETF’sinin büyüklüğü, NYSE Arca’da listelenmesinden yaklaşık iki hafta sonra 500 milyon doların üzerine çıktı. Grayscale verilerine göre fon, DCG International Investments tarafından gerçekleştirilen 100 milyon dolarlık yatırımın yanı sıra 70 milyon doların üzerinde giriş aldı. Fonun 550.000’den fazla ZEC tuttuğu belirtilirken, bu miktar yaklaşık 16,9 milyonluk dolaşımdaki Zcash arzının yüzde 3’üne karşılık geliyor. ZEC fiyatı 1.180 doların üzerinde işlem görürken günlük bazda yüzde 4’ün üzerinde değer kazandı. Haftalık yükselişin yaklaşık yüzde 43’e ulaşması, Zcash’i kripto piyasasının en fazla dikkat çeken varlıklarından biri haline getirdi.
Fed Kararı Öncesi Bitcoin İçin Kritik Seviyeler Kripto piyasasının yönü yalnızca ETF girişleriyle değil, ABD’den gelecek makroekonomik verilerle de şekillenebilir. Yatırımcıların odağında PPI, CPI ve 15-16 Eylül tarihlerindeki FOMC toplantısı bulunuyor. Wintermute OTC traderı Jasper De Maere, piyasadaki fiyatlamanın giderek kriptoya özgü gelişmelerden ziyade faiz oranlarına bağlı hale geldiğini belirterek şu değerlendirmeyi yaptı:
“Kayıt artık kriptoya özgü bir gelişmeden ziyade faiz oranlarına göre şekilleniyor. Haftanın sonuna doğru daha fazla volatilite bekliyoruz. 75.000 ve 82.000 dolar, FOMC toplantısına girerken takip edilen seviyeler olmaya devam ediyor.”
Bitcoin ve Zcash İçin Bundan Sonra Ne Olabilir? Bitcoin’in 77.666 dolardan hızlı şekilde toparlanması, 75.000 dolar bölgesinin üzerinde alıcıların hâlâ aktif olduğunu gösteriyor. Bununla birlikte 79.000 ve ardından 82.000 dolar seviyelerinin aşılması, BTC’de yükseliş momentumunun yeniden güç kazanması açısından önemli olabilir. Zcash tarafında ise ETF’ye yönelik güçlü sermaye girişleri ve fonun dolaşımdaki ZEC arzının önemli bir bölümünü bünyesine katması fiyat üzerinde takip edilmesi gereken bir faktör oluşturuyor. Önümüzdeki süreçte Bitcoin fiyatı, Zcash ETF girişleri, ABD enflasyon verileri ve Fed faiz kararı kripto piyasasının yönünü belirleyebilecek başlıca gelişmeler olacak.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Zcash ETF’si ZCSH, 25 Ağustos’taki lansmanından yalnızca iki hafta sonra yönettiği varlıkları 500 milyon doların üzerine çıkardı. Fon aynı gün New York Borsası Arca’da opsiyon işlemlerine de başladı.
Ancak 500 milyon dolarlık rakamın tamamını yeni yatırımcı girişleri olarak görmek doğru değil. Fonun açıklamasına göre büyüklüğün yaklaşık 100 milyon dolarlık bölümü Digital Currency Group’un iştiraki DCG International Investments tarafından yapılan yatırımdan geliyor.
Buna karşılık ZCSH, piyasaya açıldığı günden bu yana 70 milyon doların üzerinde kümülatif giriş gördüğünü açıkladı. Bu nedenle asıl soru, ilk iki haftadaki ilginin devam edip etmeyeceği.
ZCSH İki Haftada Nasıl 500 Milyon Dolara Ulaştı? ZCSH, 25 Ağustos 2026’da NYSE Arca’da işlem görmeye başladı. Fon, yatırımcılara ZEC‘e geleneksel bir borsa hesabı üzerinden erişim sunuyor.
Toplam varlık büyüklüğünün 500 milyon doları aşmasında yaklaşık 100 milyon dolarlık DCG yatırımı önemli rol oynadı. DCG International Investments, 85.705,32563297 ZEC karşılığında yaklaşık 100 milyon dolar değerinde ZCSH hissesi aldı.
Bunun dışında fonun açıklamasına göre ilk iki haftada 70 milyon doların üzerinde kümülatif giriş gerçekleşti.
Buradaki fark önemli: 500 milyon dolarlık toplam varlık büyüklüğü ile yatırımcılardan gelen yeni para aynı rakam değil.
Zcash ETF’sinde Opsiyon İşlemleri Neden Başladı? ZCSH’nin varlık büyüklüğünün 500 milyon doları aşmasıyla aynı gün NYSE Arca’da ZCSH opsiyonları da işlem görmeye başladı.
Opsiyonlar, yatırımcıların bir varlığın gelecekteki fiyat hareketlerine yönelik farklı pozisyonlar almasına ve risklerini yönetmesine imkan veren finansal araçlar.
Böylece ZCSH için yalnızca spot yatırım erişimi değil, farklı işlem stratejilerinin kullanılabileceği yeni bir piyasa da oluştu.
ZCSH Zcash İçin Neden Önemli? ZCSH’nin dikkat çeken tarafı, yatırımcının doğrudan ZEC satın alıp saklamasına gerek kalmadan ZEC fiyatına borsa üzerinden erişebilmesi.
Fonun açıklamasına göre ZCSH şu anda dünyada spot ZEC erişimi sağlayan tek borsa işlemli ürün.
Zcash ise Bitcoin’e benzer şekilde 21 milyonluk arz sınırına sahip ve Proof-of-Work sistemi kullanıyor. Fark yaratan özelliği ise isteğe bağlı işlem gizliliği. Kullanıcılar işlemleri açık şekilde gerçekleştirebildiği gibi bazı bilgileri gizleyerek de transfer yapabiliyor.
Bu yapı, Zcash’i yalnızca fiyat hareketi üzerinden değil, finansal gizlilik teması üzerinden de takip edilen bir varlık haline getiriyor.
ZCSH’ye Gelen İlgi Kalıcı Olacak mı? İlk iki haftada 500 milyon doların üzerinde varlık büyüklüğüne ulaşılması dikkat çekici. Ancak bundan sonraki dönem daha önemli olabilir.
Çünkü fonun büyüklüğünü sürdürebilmesi için yeni yatırımcı girişlerinin devam etmesi gerekiyor. İlk aşamadaki 100 milyon dolarlık DCG yatırımı ile 70 milyon doların üzerindeki kümülatif giriş, fonun mevcut büyüklüğünü açıklayan önemli kalemler.
Bu nedenle Zcash açısından bundan sonraki en önemli verilerden biri, ZCSH’nin yeni para çekmeye devam edip etmeyeceği olacak.
Aynı zamanda opsiyon piyasasının açılması, ZCSH çevresindeki işlem araçlarının genişlediğini gösteriyor. Bu da yatırımcıların ZEC’e erişim seçeneklerini artırıyor.
Zcash ETF’sinde Şimdi Ne İzlenecek? ZCSH’nin iki hafta gibi kısa bir sürede 500 milyon dolarlık varlık büyüklüğünü aşması, ZEC’e geleneksel piyasalardan erişimin ne kadar hızlı büyüyebileceğini gösterdi.
Fakat bundan sonra rakamın kendisinden daha önemli olan, büyümenin hangi hızda devam edeceği olacak.
Yeni yatırımcı girişleri güçlü kalırsa fon büyümeyi sürdürebilir. Talep yavaşlarsa ilk haftalardaki hızlı yükselişin devamı gelmeyebilir.
Dolayısıyla Zcash ETF’si için hikâye 500 milyon dolarda bitmiyor. Şimdi piyasanın cevabını beklediği soru, bu rakamın bir başlangıç mı yoksa ilk dönem etkisi mi olduğuna dönüşüyor.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
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Bitcoin last traded at $78,900, up +0.5% today (September 9), after tumbling to lows near $77,600 in the prior session, before reclaiming $79,000 and then losing that key level again. The rebound came as renewed interest in crypto exchange-traded products, particularly Grayscale’s newly launched spot Zcash ETF, helped stabilize sentiment across crypto markets.
Bitcoin still sits well below the $ 82,000-plus level it touched the previous week, before stronger-than-expected U.S. jobs data reversed those gains.
Here is the tension running through this move: crypto-product demand is doing real work to support prices, but it is not the only force in play. Federal Reserve rate-hike expectations and oil prices near $100 a barrel are pulling in the opposite direction, and neither side has won out yet.
Zcash ETF Options Goes Live On NYSE@NYSE officially launches options trading for the @Grayscale Zcash ETF ($ZCSH).
This is the first time a regulated privacy-asset derivative has secured support on a major U.S. exchange.
The rollout enables institutional and retail… pic.twitter.com/Wax1OgvT3o
— BSCN (@BSCNews) September 8, 2026
What a Spot Zcash ETF Actually Adds Grayscale’s Zcash ETF, trading under the ticker ZCSH, is described in the primary reporting as the first exchange-traded product offering spot exposure to Zcash, meaning the fund holds the underlying ZEC token directly rather than derivatives or futures contracts tied to it.
That structure lets investors gain exposure to Zcash through a standard brokerage account, without needing a crypto wallet or exchange account.
The practical effect is expanded institutional access to a token that previously required more hands-on custody arrangements.
That’s the same basic mechanic driving renewed altcoin ETF inflows more broadly this year: regulated wrappers lowering the friction for traditional capital to access crypto assets.
(SOURCE: TradingView)
Trade Zcash on ByBit and Join 99Bitcoin’s Exclusive $1000 USDT Airdrop Campaign
Zcash ETF Demand Versus Macro Pressure Grayscale’s Zcash ETF surpassed $500M in assets just two weeks after its August 25 debut on NYSE Arca, coinciding with Bitcoin’s rebound from $77,600.
However, traders are increasingly betting on a Fed rate hike at its Sept. 15-16 meeting, spurred by strong employment data and inflation concerns, with a 58% probability of a hike and UBS forecasting two 25-basis-point increases this year.
Additionally, Brent crude oil prices rose to $99.68 per barrel amid escalating Middle East tensions, which could contribute to renewed inflation. Upcoming US producer-price and consumer-price data will be crucial in determining whether the likelihood of a September rate hike strengthens or weakens.
EXCLUSIVE: Earn $50 With EdgeX and Enter $300K Prize Draw
Can Bitcoin Reclaim $79,000? WOW: Last time Bitcoin broke above the EMA ribbons it flushed -20% before pumping 500%!
If something similar happens again, $BTC could retest $72,000 first. pic.twitter.com/3xJWTQzMvF
— Crypto Rover (@cryptorover) September 9, 2026
As the Zcash ETF props up the SEC and the broader market, three paths look plausible for BTC, each tied to the same inflation data due this week.
In the bull case, sustained exchange-traded-product interest paired with benign producer and consumer-price prints could let Bitcoin push back toward the above-$82,000 area it held last week, a scenario recent technical analysis around Bitcoin’s $77K support also flags as within reach.
In the base case, Bitcoin simply holds around the $79,000 mark while traders wait out Thursday’s and Friday’s inflation releases before committing further.
In the bear case, a hotter-than-expected inflation print, a further oil spike, or firming Fed-hike odds could send Bitcoin back toward the $77,600 low it just bounced from.
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SpaceX's intraday decline widens to 5%, currently trading at $146.
According to market data from BIT (bit.com), SpaceX (SPCX) has extended its intraday decline to 5%, currently trading at $146.
3 minutes ago
Project World is continuously optimizing its front-end UI, with user deposits secure and transactions functioning normally.
World, a full on-chain prediction market in the Solana ecosystem, announced in a post that its website is currently experiencing high traffic, with over 1 million users accessing the platform. User deposits remain secure, platform transactions are executing normally, and backend systems are operating as expected. The team is continuing to optimize the frontend user interface, and the overall operation of the platform is in good condition.
3 minutes ago
Iranian officials announced that Iran will escalate its crackdown operations in response to U.S. attacks.
Iranian officials have stated that Iran will escalate its retaliatory strikes in response to the U.S. attack. (Jinshi)
3 minutes ago
US Treasuries extended their decline after the repurchase announcement, with the market viewing the $6 billion cap as insufficient.
The U.S. Treasury Department said it will purchase between $40 billion and $60 billion in long-term government debt in the first operation of its expanded repurchase program, demonstrating Secretary Bessent’s resolve to curb the recent rise in borrowing costs. U.S. Treasuries extended their earlier decline following the announcement, indicating the program’s size fell short of some investors’ expectations. The success of the expanded purchase program remains to be seen. After the program was first announced last month, yields fell before rebounding later. The benchmark 10-year yield hit its highest level since 2023 last week. Economist Guha, a former staffer at the New York Fed, noted: “The challenge always lies in whether the impact of these interventions can persist without larger fundamental changes.” Moreover, the maximum size of the repurchase operation does not mean the Treasury will necessarily purchase that amount of Treasuries. However, in repurchases targeting long-term nominal debt, the department typically buys the full amount; since the program was relaunched in 2024, it has only failed to do so in two of 52 such operations. (Jinshi)
3 minutes ago
Eric Trump mocks Joe Biden’s son Hunter Biden over the botched launch of the LAPTOP token, saying he should go back to painting.
US President Donald Trump’s second son Eric Trump reposted a post about the meme coin LAPTOP’s sharp price crash after its launch, commenting: “Hunter should go back to painting.” His remarks target Hunter Biden, son of former US President Joe Biden, who launched the meme coin LAPTOP. The reposted post notes that LAPTOP plummeted 98% within minutes of going live, adding that the project had originally planned to allocate a portion of its tokens to users who incurred losses from TRUMP-related transactions.
3 minutes ago
Solana ecosystem prediction market World officially launches, opening to over 1 million waitlist users.
Solana ecosystem full on-chain prediction market World announced that its independent platform World.xyz has officially launched, with over 1 million users on its waitlist. The platform offers thousands of markets spanning sports, cryptocurrency, politics, finance, economics, and culture, covering all NFL regular seasons, 7 soccer leagues, F1 races, the 2026 U.S. midterm elections, and Federal Reserve interest rate decisions. Since integrating Phantom in July, World has launched more than 150,000 markets. Each market on the platform consists of "Yes" and "No" contracts, priced between $0 and $1, and settled using Phantom’s U.S. dollar stablecoin CASH. Technically, World leverages Chainlink Data Streams and Chainlink Runtime Environment to provide market data and automated settlements, reducing manual intervention and dispute resolution wait times. Prediction markets for stock price movements, gold, silver, oil, natural gas, computing power, and weather will be rolled out sequentially.
The Zcash ETF, trading under the ticker ZCSH, said on Sept. 8 that its assets under management had passed $500 million, two weeks after its NYSE Arca debut. The milestone coincided with the start of listed options trading on the fund and included an approximately $100 million affiliated investment.
An official filing exhibit with the U.S. Securities and Exchange Commission says DCG International Investments acquired ZCSH shares worth about $100 million through an authorized participant. The affiliate of the fund’s sponsor contributed 85,705.32563297 ZEC in exchange for those shares.
ZCSH reports more than $500 million in assets The fund said cumulative inflows exceeded $70 million during its first two weeks as an exchange-traded product. Head of Index Steve Vanourny said those inflows, together with the DCG investment, “meaningfully increase the scale of the Fund” as it works to broaden access to ZEC.
ZCSH began trading on NYSE Arca on Aug. 25. BlockchainReporter covered the debut of the first U.S. spot Zcash ETF when the product converted from a private trust. The newly reported asset total and options launch are later developments that change the fund’s operating scale and the tools available around it.
Options add a new way to manage ZCSH exposure Options on ZCSH also began trading on NYSE Arca on Sept. 8. According to the sponsor’s announcement, the contracts give market participants exchange-traded instruments for managing risk, generating income or expressing a view on the fund. The filing does not provide initial options volume, open interest or participation figures.
The shares acquired by DCG International Investments have no preference features and are economically the same as other fund shares, the exhibit states. It also identifies the investor as an affiliate of both Digital Currency Group and Grayscale Investments Sponsors, making that relationship important context for the reported increase.
The fund is not a registered investment company ZCSH offers brokerage-account exposure to ZEC, but it is not a direct investment in the token. The product is also not registered under the Investment Company Act of 1940 and therefore does not carry the same regulatory protections as funds registered under that law.
The sponsor describes ZEC exposure as highly volatile and warns that investors could lose their entire investment. The Sept. 8 disclosure establishes the reported AUM threshold, the options launch and the completed affiliated share acquisition; it does not establish future inflows, fund performance or demand for the new derivatives.
AUTHOR
A freelance writer with a passion for crypto, delivering insightful and accurate content on blockchain and fintech. With a knack for translating complex concepts into accessible content, Eric produces well-researched articles, blog posts, and thought leadership pieces that cover the latest trends and developments in the digital finance space. His writing is aimed at educating and engaging both newcomers and industry experts, offering fresh insights into the world of cryptocurrencies, decentralized finance (DeFi), and blockchain innovations. Eric’s dedication to quality and accuracy makes him a trusted voice in the fintech and crypto communities
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Privacy token Zcash (ZEC) has extended its rally, reaching a high of $1,290 early Wednesday to lock in a one-year gain of 2,413%.
At the time of writing, ZEC was trading up 10.55% in the last 24 hours to $1,282, a price level it last traded at in November 2016. The privacy token is now up 57.23% weekly.
Zcash's rally has often coincided with pennant breakouts. At the start of September, Zcash resolved a bullish pennant, which led to its surge higher. The cryptocurrency started rising from a low of $804 on September 3. The surge took a breather after ZEC reached $1,257 on September 6, with bulls resuming after the brief pause.
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The privacy coin is currently on one of the most impressive runs in the crypto market, especially among older digital assets. ZEC has risen 154% in the last 30 days and is up 2,413% on a one-year basis, according to CoinGecko data.
The year-long rally has pushed Zcash's market cap to $21.62 billion, retaining the privacy coin among the top ten cryptocurrencies.
Three wallets, possibly belonging to the same whale, spent 3,700 $ETH ($9.23M) and 2M $USDC to buy 8,994 $ZEC ($11.23M).
— Lookonchain (@lookonchain) September 9, 2026 Zcash's current surge coincides with increased buying pressure from whales, or large holders. According to Lookonchain, three wallets, possibly belonging to the same whale, spent 3,700 ETH—about $9.23 million—and 2 million USDC to buy 8,994 ZEC worth $11.23 million. Lookonchain noted that these wallets are still buying.
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In the last 24 hours, Zcash's open interest has increased 15.47% to $2.91 billion, indicating new money entering the derivatives market. A short squeeze may have also aided Zcash's rally; about $11.52 million in shorts were liquidated in the last 24 hours, while longs came in at $2.33 million, according to CoinGlass data.
Zcash ETF options trading goes liveZcash also reached a major milestone with the first options market on a US-listed privacy asset ETP.
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Zcash ETF options have gone live on NYSE, according to a recent announcement. Dubbed the world's only Zcash fund, ZCSH has just surpassed $500 million in AUM, now holding over 550,000 ZEC.
Grayscale's Zcash ETF began trading on NYSE Arca under the ticker ZCSH on August 25, giving brokerage investors a way into ZEC without a wallet.
Zcash has experienced a rapid price surge following a breakout from a bullish pennant pattern, with significant buying activity from major holders fueling the uptick.
Whale activity drives rallyThe latest rally in Zcash began after breaking out from a pennant formation at the start of September. The price climbed from a low of $804 on September 3 to reach $1,257 by September 6, with a brief pause before bullish momentum continued.
Large-scale purchases by whales have accompanied this momentum. Lookonchain, a blockchain analytics platform, reported that three wallets, potentially controlled by a single large investor, deployed 3,700 ETH (valued at $9.23 million) and 2 million USDC to acquire 8,994 ZEC. This accumulation, worth approximately $11.23 million, has continued, with ongoing purchases observed.
Lookonchain indicated that the wallets under observation are still actively accumulating ZEC, contributing to heightened market activity in the token.
Market and derivatives activity surgeIn derivatives markets, Zcash’s open interest jumped 15.47% over the last 24 hours, reaching $2.91 billion. This uptick points to renewed inflows and increased trading interest in ZEC futures contracts. CoinGlass, a crypto derivatives data provider, recorded $11.52 million in short liquidations and $2.33 million in long liquidations within the same timeframe, suggesting that a short squeeze may have supported the price rally.
A short squeeze occurs when investors betting against an asset are forced to buy back their positions as prices rise sharply, further amplifying upward movement.
Mini dictionary: Short squeeze, a situation in financial markets where many traders betting prices will fall are forced to buy back assets rapidly after the price surges, causing further upward momentum.
Zcash ETF listings accelerate inflowsZcash recently entered a new phase of institutional accessibility. Options tied to the Zcash ETF began trading on the NYSE. The ETF, under the name ZCSH, now claims over $500 million in assets under management and holds more than 550,000 ZEC tokens.
Grayscale, a major US digital asset manager, launched the Zcash ETF on NYSE Arca under the ticker ZCSH on August 25. This product allows brokerage clients direct exposure to ZEC without holding a crypto wallet, making participation in the privacy-focused coin accessible to a broader investor base.
Mini dictionary: Zcash is a privacy-oriented cryptocurrency focused on providing anonymous transactions using advanced cryptographic techniques. Grayscale is a prominent digital asset management company known for launching cryptocurrency investment products for institutional and individual investors.
Prediction market Kalshi plans to launch perpetual futures contracts tied to gold and silver. The move expands the CFTC-regulated platform’s perps offerings beyond crypto assets. Kalshi said it plans to list the contracts with no expiry date on Wednesday.
Kalshi to Offer Gold and Silver Perpetual Futures Prediction market Kalshi notified the Commodity Futures Trading Commission (CFTC) that it is self-certifying perpetual futures on gold and silver and intends to list the contracts on September 9. The filings were submitted under CFTC Regulation 40.2(a).
GOLDPERP and SILVERPERP are cash-settled contracts with no expiration date. Kalshi said they will trade on a continuous basis. The move follows an earlier request in which the prediction market asked the CFTC to review precious metal perps such as gold and silver under a slower regulatory approval process.
The latest, however, takes the self-certification path, allowing a designated contract market (DCM) to list a product after certifying compliance with the Commodity Exchange Act.
Traders would hold a single position on perps tied to gold or silver, instead of moving from one dated contract to the next. A periodic funding payment keeps the contract price aligned with a spot reference.
Kalshi said the reference source for both products is Pyth Network, with settlement in cash. There is no physical delivery of metal. As per the filings, gold perps track the spot price of one troy ounce of gold in U.S. dollars. Whereas silver perps track the silver spot price.
Trading Hours for New Precious Metal Products According to the CFTC filing, Kalshi set the contracts to trade 24/7, with no scheduled daily, weekend or holiday close. This 24/7 trading is broader than earlier public comments in July, when executives focused on an initial 24/5 trading schedule to align with traditional precious-metals hours.
Kalshi said a never-expiring, cash-settled contract for gold can reduce roll costs and basis risk for hedgers with continuous exposure, including fabricators, bullion desks, exchange-traded product market makers and producers.
On silver, Kalshi noted consecutive annual supply deficits since 2021 and tightness in late 2025 and early 2026. It said the contract cannot create delivery pressure because it is cash-settled and never demands delivery of metal.
Notably, the CFTC approved Kalshi’s Bitcoin perpetual in May, the first such product in the US. Kalshi then expanded to 18 crypto assets such as Ethereum, XRP, Hyperliquid, BNB and Cardano perps. It also sought metals, copper, and equity-index versions.
Meanwhile, CME Group sued CFTC over the agency’s treatment of Kalshi’s Bitcoin perps as a future rather than a swap. Kalshi already lists short-dated gold and silver event contracts, the new gold and silver perps would offer continuous, leveraged directional exposure instead of a binary payout at a fixed expiry.
Traders looking to compare other US-compliant options can check out the best regulated prediction markets in US to explore their legal event contract alternatives.
Privacy coins are back, but ZCash and Monero use different models. Solana and Virtuals Protocol add the AI angle, while MemeToro brings a crypto presale and open-source launch framework.
For anyone comparing the best altcoin to buy in 2026, these projects carry different liquidity and development risks. Their strengths depend on whether adoption grows beyond short-term narratives and speculative market demand.
Best Altcoin to Buy: ZCash and Monero Battle Over Privacy ZCash has gained an institutional edge after the launch of a spot Zcash ETF on NYSE Arca under ticker ZCSH. The fund recorded $14.8 million in initial trading volume.
ZEC uses zk-SNARKs with selective disclosure. Users can keep activity private while sharing viewing keys for audits.
Monero takes a stricter approach. XMR hides senders, receivers, and transaction amounts by default, creating stronger privacy but more exchange compliance difficulty.
For the best altcoin to buy debate, the split is clear:
ZCash offers privacy with optional disclosure. Monero makes privacy mandatory across transactions. Regulation and exchange access remain major factors for both. ZCash currently has the stronger institutional narrative, while Monero keeps the more privacy-first design.
Solana and Virtuals Add AI Growth Solana remains a major network for decentralized trading, memecoin issuance, and AI-linked applications. SOL is around $146.50, with September forecasts near $155 to $170 and bullish year-end cases above $200.
Virtuals Protocol is more directly tied to autonomous AI agents. Its framework lets agents raise capital, trade, and distribute protocol earnings to human owners, and it has expanded onto Solana.
The Virtuals agent economy is estimated near $470 million, linking AI automation with fast execution.
For investors searching for the best altcoin to buy, Solana offers broader infrastructure and liquidity, while Virtuals gives more focused exposure to the AI-agent theme. Both still carry crypto volatility and execution risk.
MemeToro Adds an Open-Source Crypto Presale Angle MemeToro is the earliest-stage project here. Its crypto presale is in Stage 7 with more than $121,171.48 raised, while 1 $MT costs $0.00430.
Its AI agent scans signals, builds memecoin proposals, and uses deterministic checks. The latest “First fairlaunch draft” adds its first real Solidity contract code.
FairLaunchEscrow.sol holds contributions under fixed rules with no owner, admin role, or upgrade path. Contributor and liquidity allocations must cover the full token supply, supporting the zero-insider model.
However, the launch executor, manifest connection, BNB Chain testnet deployment, ERC-8004 identity, and independent security review remain unfinished.
That makes MemeToro different from publicly traded ZEC, XMR, SOL, and Virtuals. Anyone choosing the best altcoin to buy should treat a crypto presale as a higher-risk development-stage asset rather than an equal comparison.
FAQs Which privacy coin looks more institution-friendly? ZCash currently has the stronger compliance angle because selective disclosure can support audits and regulated financial products. Monero protects privacy more strictly, but mandatory concealment creates added exchange and compliance pressure.
Is Monero more private than ZCash? Monero makes transaction privacy mandatory for senders, receivers, and amounts. ZCash supports shielded activity but also allows viewing keys, creating a different balance between privacy and disclosure.
Is MemeToro already a live altcoin? No. MemeToro remains a crypto presale. Its open-source fair-launch framework is public, but testnet deployment, executor completion, manifest integration, and independent security review still remain ahead today.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Monero (XMR) trading has grown more fragmented after successive exchange delistings, and that fragmentation now shows up in liquidity and pricing. Traders who want XMR cannot actually treat every single swap path as interchangeable.
They have to compare routes because the same pair, quoted at the same moment, can return meaningfully different amounts of coin.
Centralized access has narrowed.
Kraken ended XMR trading and deposits for European Economic Area clients in October 2024.
OKX told EEA users earlier that year that Monero would no longer be supported on those accounts.
Other large venues had already stepped back.
The protocol kept running.
What changed was the set of places where a holder could convert another asset into XMR, or convert XMR back out, without assembling the trade by hand.
With fewer deep order books on major platforms, remaining liquidity is spread across swap providers that do not share a single pool.
A Bitcoin-to-XMR path can tap different inventory than a USDT-to-XMR path.
Two services quoting the same pair at the same time can still deliver different XMR amounts because their routes, depth, and network costs are not identical.
Those gaps appear only when the quoted payouts are lined up under matching conditions: same pair, same send size, same rate type, same observation time.
Live comparison data makes the spread concrete.
Monivo’s Crypto Swap Rate Index records executable quotes from connected providers under those matched conditions.
A 30-day snapshot taken on August 31, 2026 at 06:50 UTC contained more than 1,000 quotes from eight providers across 17 pairs and 171 comparable sets.
The median gap between the best and worst quote in a matched set was 2.55 percent; the mean was 2.77 percent.
That number is not a posted fee. It is the percentage difference in the amount of asset the providers said they would deliver.
Among frequently sampled pairs, XMR-to-BTC showed the widest median spread at 3.65 percent, with an observed high of 4.90 percent. USDT-to-XMR sat near 3.07 percent.
More liquid pairs such as BTC-to-USDT were tighter, around 2.41 percent.
Later index updates continue to show Monero legs among the most dispersed, which is consistent with a market that no longer has a single dominant spot book.
A wider spread does not automatically mean a provider is overcharging.
Inventory, routing, network fees, and short-term market conditions can produce different but still fillable quotes.
An unavailable provider is not scored as expensive. Spreads are calculated only when at least two services return a usable answer.
Obvious malformed quotes are dropped; merely weak ones stay in the sample.
The figures also cover only the providers in the comparison engine.
They are snapshots and can change before a swap settles.Practical comparison starts with the asset already in the wallet.
A Bitcoin holder can price BTC-to-XMR directly.
A stablecoin holder may do better with USDT-to-XMR.
Inserting an extra conversion usually adds another spread and another network fee. Send amounts should stay constant across quotes.
Fixed-rate and floating-rate offers should not be mixed.
The figure that matters is the XMR that will arrive, not a headline percentage.
Instant swap aggregators can request several quotes at once, but they only see the liquidity they are connected to. A competitive route today can look different tomorrow if depth or network conditions shift. After delistings thinned centralized access, checking live payouts across routes is no longer optional for anyone moving size in Monero.
In this patch of your weekly Dispatch:The BTC-gold correlationG20 crypto regulationCPI before FOMCMarket cast
BTC: Momentum cools as weekly resistance holdsBitcoin's weekly chart remains capped below the 50-period SMA, which continues to prove a strong resistance on the way up. The RSI, a momentum oscillator, is neutral, and the Stochastic, another momentum oscillator, sits in overbought territory, with the coming weeks likely to show whether that momentum is starting to fade. The MACD, a trend and momentum indicator, keeps its histogram deep in positive territory.
The daily chart has entered a brief consolidation, trading range-bound with price sitting on the middle Bollinger Band, a volatility-based indicator, which now acts as dynamic support. Both the RSI and Stochastic are falling, and the MACD histogram has slipped slightly below the zero line, a sign momentum is turning more cautious on this timeframe.
Key levels to watch: on the downside, immediate support sits around $77,000, with the next level near $75,000 — the daily middle Bollinger Band also lends dynamic support in this zone. To the upside, resistance comes in around $80,000, followed by $82,000, with the weekly 50-period SMA also acting as dynamic resistance along the way.
The big idea
Is Bitcoin becoming the higher-beta gold trade?Bitcoin is beginning to trade on the forces that move gold – a $40 trillion debt load, dollar weakness, currency debasement – without inheriting gold's sensitivity to interest rates.If that holds, this dynamic gives market watchers two lenses on the same macro thesis: gold as the slower-moving anchor, Bitcoin as the higher-beta expression of it.
The upside is a function of scale. Gold's market is worth roughly $31 trillion; Bitcoin's is closer to $1.6 trillion. A modest shift in how investors divide their scarce-asset exposure lands far more forcefully on the smaller asset. August offered the clearest evidence yet, and every catalyst behind it was domestic. Washington tests the thesis next week.
The fiscal arithmetic that started it: Federal debt crossed $40 trillion in August, five months after passing $39 trillion. Net interest reached $628 billion in the first seven months of FY2026, more than the $588 billion spent on Medicare and more than defense. As long-dated yields climbed, with the 30-year above 5.2%, Treasury Secretary Scott Bessent stepped up purchases of longer-dated debt. Markets read that as a signal about how a $40 trillion obligation eventually gets carried. The dollar weakened. Gold added roughly 5% over the following week; Bitcoin added 22.4%, its largest weekly gain since March 2024, as US equities fell.
The BTC-Gold correlation says something specific: Bitcoin's 90-day correlation with gold sits near 0.59, its highest since 2020, while its correlation with the Nasdaq 100 has dropped to roughly 0.33 from above 0.60 in January. The more telling figure: gold's 90-day correlation with the US 10-year yield is -0.41, while Bitcoin's is barely negative at all. For an asset that has spent most of its life trading like duration-sensitive technology exposure, that is the consequential finding. BlackRock's Robbie Mitchnick has framed the same rally as Bitcoin's risk-off narrative reasserting itself – a fiscal hedge rather than risk appetite.
The signal: US spot Bitcoin ETFs took in roughly $3.8 billion over three weeks, their strongest stretch of 2026, including a single day of $731 million on September 3, the largest since January. Two qualifications: year-to-date flows remain around $1 billion negative after heavy first-half redemptions, and BlackRock's IBIT absorbed close to 70% of last week's total.
Bitcoin's 50-day moving average crossed above its 200-day this week, the same golden cross Ether produced recently. Only three of twelve prior instances held for a full year. Meanwhile $83,000 has held as resistance, and holders moved into net selling for the first time since early June.
Washington decides on September 16: Thursday's inflation data determines whether a rate increase stays live; hike odds have held near 58% since Warsh's Jackson Hole address. Tuesday, September 15, at 2:15pm ET, the Senate votes on cloture on the motion to proceed to the CLARITY Act – Republicans hold 53 seats, so at least seven Democratic or independent votes are needed for 60, and Polymarket puts 2026 enactment near 18%. Wednesday, September 16, at 2:00pm ET, the Fed announces, with a fresh dot plot.
September 16 is the clearer test. A hard asset less tethered to yields than gold should, in theory, handle a rate increase differently than a high-beta tech trade would — Wednesday's reaction should offer an early read on whether that's holding up.
TradFi trends
G20 sees crypto rules as a path to growthGlobal regulators don't usually rush to bless a new asset class. This time, they at least agreed to try.
Finance ministers and central bank governors from the G20 pledged to build clearer rules for digital assets, calling the innovation "broad-based economic growth" potential worth supporting rather than blocking. The statement, issued after a two-day meeting in Asheville, North Carolina, commits members to regulatory frameworks that preserve financial stability while establishing "clear pathways" for digital asset innovation. Officials also flagged upcoming Financial Stability Board findings on the cross-border risks of global stablecoin arrangements, and reaffirmed a push to expand operating hours for large-value payment systems. Several G20 members – including the US, EU, and Japan – already have frameworks in place; this is a commitment for the rest of the group to catch up, not a new policy itself.
Macroeconomic roundup
The macro data stack before the FedLast week's payrolls report blew past forecasts – 162,000 against expectations near 53,000, pointing to an economy strong enough for the Fed to keep holding the line on inflation, which is why bitcoin fell from $81,300 to $78,700 within hours. Yet September hike odds sit at 58%, almost exactly where they stood before the data landed. This week's inflation prints, not last week's jobs number, are what actually decide the Fed's next move.
10-Year Note Auction (Sept 9): A direct test of demand for long-dated government debt. Weak demand feeds the fiscal-stress narrative in this issue's lead; strong demand eases it.
Producer Price Index & Jobless Claims (Sept 10): The last data before Friday's headline release.
Consumer Price Index (Sept 11): The last inflation print before the Fed meets September 16. Hot pushes hike odds toward two-thirds; soft holds the current pricing.
CME FedWatch puts September hike odds at 58%, barely moved since before last week's jobs report. Friday's CPI is what actually changes that, and helps decide whether bitcoin's rally alongside gold is a coincidence or a pattern.
The week's most interesting data story
Reversal of the ETF moneyUS spot bitcoin ETFs just posted their strongest stretch of the year: $986.9 million last week, a third straight week of inflows, building on a $3.52 billion August that was the category's best month since September 2025. The single busiest day, $730.9 million on September 3, was the largest since mid-January. Turnover is quieter, though — daily trading volume has settled near $3 billion, below the activity that accompanied earlier expansionary phases. Worth watching rather than worrying about: inflows this concentrated in a handful of headline-driven days have, at times, marked short-lived peaks rather than sustained trends.
The numbers
The week’s most interesting numbers$218.4 million – Net inflows into US spot ether ETFs last week, a third straight positive week, part of the category's best August since 2025.
9% – Dogecoin's seven-day gain as of Tuesday, one of the strongest weekly moves among major crypto assets even as bitcoin cooled.
$81,700 – Bitcoin's intraday high last Thursday, reached after Fed Governor Waller signaled he's open to holding rates steady if inflation keeps cooling.
4.9% – Share of Ethereum's supply now held by Bitmine, after adding 28,086 ETH last week to reach 5,929,198 tokens worth $14.8 billion.
Hot topic
What the community is discussingVolatility – another role of Bitcoin HODLers.
ETH’s own drivers emerge.
Will this affect Bitcoin?
Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Algorand has appointed William Herkelrath, a former executive at Chainlink, as its new chief executive officer. The move signals a deliberate pivot toward someone with deep roots in both oracle infrastructure and institutional crypto services, two areas that matter quite a lot if Algorand wants to grow beyond its current footprint.
Herkelrath previously served as Head of Business Development at Chainlink, the dominant on-chain data network, before moving to Curv, a digital asset custody firm that was later acquired by PayPal. He subsequently co-founded K3 Labs, a blockchain development and consulting outfit.
[EDITOR’S NOTE: This article cannot be published as written. The central premise is factually wrong. According to the research, William Herkelrath has not been appointed CEO of the Algorand Foundation. As of September 2026, Staci Warden remains the confirmed CEO of the Algorand Foundation, and there have been no official announcements regarding Herkelrath’s appointment to any role at the foundation. Herkelrath’s current role is CEO of K3 Labs. Publishing this article would spread misinformation. The article should be retracted and rewritten to accurately reflect that Staci Warden leads the Algorand Foundation, while incorporating the verified facts about the Delaware headquarters re-establishment, board expansion including Bill Barhydt, the post-quantum security roadmap targeting end-2027, and the AC2 protocol for AI agents.]
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Project World is continuously optimizing its front-end UI, with user deposits secure and transactions functioning normally.
World, a full on-chain prediction market in the Solana ecosystem, announced in a post that its website is currently experiencing high traffic, with over 1 million users accessing the platform. User deposits remain secure, platform transactions are executing normally, and backend systems are operating as expected. The team is continuing to optimize the frontend user interface, and the overall operation of the platform is in good condition.
18 minutes ago
Iranian officials announced that Iran will escalate its crackdown operations in response to U.S. attacks.
Iranian officials have stated that Iran will escalate its retaliatory strikes in response to the U.S. attack. (Jinshi)
18 minutes ago
US Treasuries extended their decline after the repurchase announcement, with the market viewing the $6 billion cap as insufficient.
The U.S. Treasury Department said it will purchase between $40 billion and $60 billion in long-term government debt in the first operation of its expanded repurchase program, demonstrating Secretary Bessent’s resolve to curb the recent rise in borrowing costs. U.S. Treasuries extended their earlier decline following the announcement, indicating the program’s size fell short of some investors’ expectations. The success of the expanded purchase program remains to be seen. After the program was first announced last month, yields fell before rebounding later. The benchmark 10-year yield hit its highest level since 2023 last week. Economist Guha, a former staffer at the New York Fed, noted: “The challenge always lies in whether the impact of these interventions can persist without larger fundamental changes.” Moreover, the maximum size of the repurchase operation does not mean the Treasury will necessarily purchase that amount of Treasuries. However, in repurchases targeting long-term nominal debt, the department typically buys the full amount; since the program was relaunched in 2024, it has only failed to do so in two of 52 such operations. (Jinshi)
18 minutes ago
Eric Trump mocks Joe Biden’s son Hunter Biden over the botched launch of the LAPTOP token, saying he should go back to painting.
US President Donald Trump’s second son Eric Trump reposted a post about the meme coin LAPTOP’s sharp price crash after its launch, commenting: “Hunter should go back to painting.” His remarks target Hunter Biden, son of former US President Joe Biden, who launched the meme coin LAPTOP. The reposted post notes that LAPTOP plummeted 98% within minutes of going live, adding that the project had originally planned to allocate a portion of its tokens to users who incurred losses from TRUMP-related transactions.
18 minutes ago
Solana ecosystem prediction market World officially launches, opening to over 1 million waitlist users.
Solana ecosystem full on-chain prediction market World announced that its independent platform World.xyz has officially launched, with over 1 million users on its waitlist. The platform offers thousands of markets spanning sports, cryptocurrency, politics, finance, economics, and culture, covering all NFL regular seasons, 7 soccer leagues, F1 races, the 2026 U.S. midterm elections, and Federal Reserve interest rate decisions. Since integrating Phantom in July, World has launched more than 150,000 markets. Each market on the platform consists of "Yes" and "No" contracts, priced between $0 and $1, and settled using Phantom’s U.S. dollar stablecoin CASH. Technically, World leverages Chainlink Data Streams and Chainlink Runtime Environment to provide market data and automated settlements, reducing manual intervention and dispute resolution wait times. Prediction markets for stock price movements, gold, silver, oil, natural gas, computing power, and weather will be rolled out sequentially.
18 minutes ago
Bubblemaps: 80% of LAPTOP traders are losing money, with two traders suffering losses ranging from $100,000 to $1 million.
Bubblemaps posted that profit and loss data for LAPTOP traders shows roughly 80% of participants are in the red, describing the token’s market performance as a "bloodbath". Specifically, two traders lost between $100,000 and $1 million, 100 lost over $10,000, 700 lost more than $1,000, and around 11,000 traders posted small losses. Bubblemaps did not further disclose the statistics’ time frame or the scope of the wallet sample used.
In brief Cronos says it reversed approximately $111.2 million tied to the Tectonic exploit by rolling back its blockchain. The intervention discarded 1 hour 54 minutes of transactions, including activity unrelated to the attack. Approximately $9.19 million left the network before validators halted it and remains unrecovered. Cronos, a blockchain network backed by Crypto.com, erased nearly two hours of transaction history to reverse approximately $111.2 million tied to an exploit of lending protocol Tectonic, according to a network post-mortem on Monday.
According to the developers behind Cronos, validators reversed completed transactions to protect roughly 92% of affected funds still on the network, overriding the expectation that blockchain transactions are permanent.
Myriad: Ethereum's next price move? Click to make your prediction.“It was a hard decision, taken together with the validators, weighing the finality users expect from a chain against the funds at risk,” Cronos’ devs wrote. “Restoring state meant discarding 1 hour 54 minutes of settled transactions. The alternative, restarting without restoring state, would have left the borrowed assets in the attacker's control.”
Adding to the “hard decision” was the fact that the rollback also reversed every legitimate transaction processed during that period.
On August 30, hackers targeted the Tectonic network, which lets users borrow crypto against deposited collateral. According to the report, the attacker drove up TONIC’s price in decentralized exchange markets with little liquidity, then borrowed approximately $120.4 million across nine markets against the inflated collateral.
According to Cronos, validators halted the network at 9:32 a.m. EST, then rolled back 10,961 blocks, erasing 1 hour 54 minutes of transactions.
“Every transaction in that window was reversed, whether or not it touched the exploit, and open positions on live apps repriced when trading resumed,” Cronos wrote.
Despite the rollback, approximately $9.19 million had already left Cronos before the halt. That money remains unrecovered and was beyond the rollback’s reach, according to the post-mortem.
Preliminary estimates put the affected value at $75 million, and the amount bridged out at $6 million. Cronos’s account puts the borrowing activity at $120.4 million, of which approximately $111.2 million was reversed.
The post-mortem says block production resumed at 6:49 p.m. EST on August 30, after roughly nine hours offline. Validators needed several rounds of coordination to restart using patched software and the same transaction record.
Cronos acknowledged poor communication during the shutdown and said the reversed transactions can now be checked through archived records rather than public blockchain explorers.
“We recognize the disruption this incident caused across the Cronos ecosystem,” Cronos wrote. “With network operations restored, our focus remains on completing reconciliation with affected platforms and applying the lessons from this incident to strengthen ecosystem safeguards.”
Other crypto exploits
Other networks have faced similar decisions about stopping operations or reversing transactions after an attack.
In August, Maya Protocol halted its network after an attacker exploited six software flaws and took approximately $1.65 million in crypto assets, according to the project. An exploited vulnerability in Ravencoin also prompted efforts to rebuild its blockchain, putting roughly three days of transactions at risk of reversal.
Security experts have warned that AI may help attackers find vulnerabilities faster, though the Cronos post-mortem provides no evidence of AI involvement in the Tectonic attack.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Cronos says it reversed approximately $111.2 million tied to the Tectonic exploit by rolling back its blockchain. The intervention discarded 1 hour 54 minutes of transactions, including activity unrelated to the attack. Approximately $9.19 million left the network before validators halted it and remains unrecovered. Cronos, a blockchain network backed by Crypto.com, erased nearly two hours of transaction history to reverse approximately $111.2 million tied to an exploit of lending protocol Tectonic, according to a network post-mortem on Monday.
According to the developers behind Cronos, validators reversed completed transactions to protect roughly 92% of affected funds still on the network, overriding the expectation that blockchain transactions are permanent.
Myriad: Ethereum's next price move? Click to make your prediction.“It was a hard decision, taken together with the validators, weighing the finality users expect from a chain against the funds at risk,” Cronos’ devs wrote. “Restoring state meant discarding 1 hour 54 minutes of settled transactions. The alternative, restarting without restoring state, would have left the borrowed assets in the attacker's control.”
Adding to the “hard decision” was the fact that the rollback also reversed every legitimate transaction processed during that period.
On August 30, hackers targeted the Tectonic network, which lets users borrow crypto against deposited collateral. According to the report, the attacker drove up TONIC’s price in decentralized exchange markets with little liquidity, then borrowed approximately $120.4 million across nine markets against the inflated collateral.
According to Cronos, validators halted the network at 9:32 a.m. EST, then rolled back 10,961 blocks, erasing 1 hour 54 minutes of transactions.
“Every transaction in that window was reversed, whether or not it touched the exploit, and open positions on live apps repriced when trading resumed,” Cronos wrote.
Despite the rollback, approximately $9.19 million had already left Cronos before the halt. That money remains unrecovered and was beyond the rollback’s reach, according to the post-mortem.
Preliminary estimates put the affected value at $75 million, and the amount bridged out at $6 million. Cronos’s account puts the borrowing activity at $120.4 million, of which approximately $111.2 million was reversed.
The post-mortem says block production resumed at 6:49 p.m. EST on August 30, after roughly nine hours offline. Validators needed several rounds of coordination to restart using patched software and the same transaction record.
Cronos acknowledged poor communication during the shutdown and said the reversed transactions can now be checked through archived records rather than public blockchain explorers.
“We recognize the disruption this incident caused across the Cronos ecosystem,” Cronos wrote. “With network operations restored, our focus remains on completing reconciliation with affected platforms and applying the lessons from this incident to strengthen ecosystem safeguards.”
Other crypto exploits
Other networks have faced similar decisions about stopping operations or reversing transactions after an attack.
In August, Maya Protocol halted its network after an attacker exploited six software flaws and took approximately $1.65 million in crypto assets, according to the project. An exploited vulnerability in Ravencoin also prompted efforts to rebuild its blockchain, putting roughly three days of transactions at risk of reversal.
Security experts have warned that AI may help attackers find vulnerabilities faster, though the Cronos post-mortem provides no evidence of AI involvement in the Tectonic attack.
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Interesting Ethereum news: ETH trades around $2500, up a modest 0.05% on the day, as the network absorbs news that another layer-1 chain is folding into its ecosystem. Harmony, the seven-year-old Ethereum-compatible blockchain behind the ONE token, has proposed shutting down its independent chain entirely and migrating ONE to Ethereum as an ERC-20 asset.
The plan involves a final network snapshot, an airdrop to matching wallet addresses, and a hard deadline. One that leaves certain holders exposed if they miss it.
Under the proposal, Harmony would record all ONE balances at a final block and issue equivalent ERC-20 tokens on Ethereum, covering wallets, staking delegations, validator rewards, smart contracts, and exchange balances, with no manual claims required.
Multisig safes, liquidity pools, and on-chain applications cannot be migrated, and Harmony is urging users to exit all smart contracts before September 10, 2026. The move follows an August 12 exploit in which an attacker allegedly minted nearly 4 billion unauthorized ONE tokens (about 26% of total supply) pushing Harmony from damage control toward what looks like an exit strategy.
Harmony vừa đề xuất đóng Layer 1, chuyển ONE sang Ethereum và dồn nguồn lực sang AI video chỉ vài tuần sau vụ hack hơn 3 nghìn tỷ ONE. Theo kế hoạch, blockchain sẽ chốt số dư rồi đổi ONE thành token ERC-20, còn validator có thể chuyển sang vai trò AI operator.… https://t.co/EVacOo1Nlj pic.twitter.com/7il78YetTN
— Faustino (@77bncvbsdcg) September 7, 2026
Ethereum’s post-Merge infrastructure has increasingly become the default landing spot for smaller chains seeking security they can’t build alone, a pattern explored in earlier coverage of Ethereum’s network evolution. Harmony’s citation of “state-sponsored attackers and AI agents” as a rationale for sunsetting also echoes broader concerns about protocol-level security that Ethereum itself has had to address across its validator and smart contract layers.
EXPLORE: Trade Crypto on Kraken Today
Ethereum News: Can ETH Price Hold Its Higher-High Structure This Week? ETH is currently priced at 2508, with intraday range between $2,492.26 and $2,534.08. Coingecko shows 24-hour volume near $11B: volume that suggests active but not frenzied trading. Analysts noted ETH entered September at $2,452 after printing its first higher high of the current cycle, a technical detail that keeps the medium-term structure tilted bullish.
Support sits in the low-$2,400s near that recent higher low; resistance clusters around the mid-$2,500s before the psychological $2,700–$3,000 band comes into play.
Bull case: a clean break above $2,534 confirms continuation toward $2,700. Base case: consolidation between $2,450 and $2,534 while the market digests Harmony migration flows. Bear case: a slide below $2,400 invalidates the higher-low structure.
LiquidChain Presale Eyes Cross-Chain Upside as Ethereum Stalls at Resistance
Despite this Ethereum news, ETH’s chart isn’t built for the kind of explosive growth that can multiply a small investment many times over. Not at a market cap north of $300 billion. That’s the trade-off with established assets: stability over breakout potential. For traders looking further out on the risk curve, early-stage infrastructure plays are where the numbers start to look different.
LiquidChain ($LIQUID) is a Layer 3 (L3) infrastructure project positioning itself as the connective tissue between Bitcoin, Ethereum, and Solana liquidity — a single execution environment rather than three siloed ones. The presale is priced at $0.014953 with over $961K raised so far. Its core pitch rests on a Unified Liquidity Layer and Single-Step Execution, paired with a Deploy-Once Architecture that lets developers build once and reach all three ecosystems. As always, DYOR.Research LiquidChain before Ethereum’s next resistance test plays out.
Layer 3 Is Already Here, Smart Money Knows It – Do You?
DISCOVER: Best Meme Coins to Buy in 2026
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel leverages his background in on-chain analytics to author evidence-based reports and deep-dive guides. He holds certifications from The Blockchain Council, and is dedicated to providing "information gain" that cuts through market hype to find real-world blockchain utility.
Kripto para sektörünün ABD’deki düzenleyici geleceğini şekillendirebilecek CLARITY Act için kritik haftaya girildi. Kripto lobileri, 15 Eylül’de Senato’da yapılacak oylama öncesinde yasayı desteklemek amacıyla milyonlarca dolarlık ulusal reklam kampanyası başlattı. Ancak tasarının ilerlemesi için gereken 60 oyun hâlâ garanti olmadığı belirtiliyor.
CLARITY Act Oylamasında Neden 60 Oy Gerekiyor? Senato, 15 Eylül’de Digital Asset Market Clarity Act için görüşmelerin başlamasının önünü açacak cloture prosedürünü oylayacak. Bu aşamanın geçmesi için 60 senatörün desteği gerekiyor.
Oylamanın doğrudan yasanın kabul edilmesi anlamına gelmediğini belirtmek gerekiyor. Cloture başarılı olursa Senato tasarıyı tartışmaya başlayacak ve nihai onaydan önce başka prosedürel aşamalar da tamamlanacak.
CLARITY Act, dijital varlık piyasaları için federal kurallar oluşturmayı ve denetim yetkisini Securities and Exchange Commission (SEC) ile Commodity Futures Trading Commission (CFTC) arasında paylaştırmayı hedefliyor.
Kripto Lobileri Bankalara Karşı Neden Kampanya Başlattı? Görüşmelerin ilerlemekte zorlanması, kripto sektörünün siyasi baskıyı artırmasına yol açtı. Fairshake süper PAC ağıyla bağlantılı 501(c)(4) statüsündeki Cedar Innovation Foundation, üç ayrı televizyon reklamından oluşan yedi haneli bir kampanya hazırladı.
Reklamların ikisi tüketici korumasını ve kripto sektörü dışındaki destekçileri öne çıkarıyor. Üçüncü reklam ise yasanın bazı bölümlerine karşı çıkan bankaları hedef alıyor ve bankacılık sektörünün rekabeti engelleyerek büyük kâr elde etmeye çalıştığını savunuyor.
Özellikle küçük bankalar, stablecoin ödüllerine ilişkin hükümlerin sıkılaştırılmasını istiyor. Bankalar, kripto platformlarının getiri benzeri teşviklerle mevduatları geleneksel bankacılık sisteminden çekebileceğini savunuyor.
Kripto Piyasası İçin Tüketici Koruması Ne Sağlıyor? Kampanyanın diğer reklamları CLARITY Act’i yalnızca kripto şirketlerinin düzenleme talepleri üzerinden anlatmak yerine daha geniş bir seçmen kitlesine ulaştırmayı amaçlıyor. Bir reklamda büyük kolluk kuvvetlerinin desteği vurgulanırken AARP’nin yaşlıları hedefleyen kripto dolandırıcılıklarına karşı hükümleri desteklediği belirtiliyor.
Ancak AARP’nin desteği yasanın tamamını kapsayan bir onay niteliğinde değil. Kuruluş, özellikle kripto ATM dolandırıcılığıyla mücadele eden bir hükmü destekliyor.
Geçtiğimiz hafta National Sheriffs’ Association da önemli bir değişikliğe gitti. Kuruluş, CLARITY Act’in yasa dışı kripto faaliyetlerinin soruşturulmasını zorlaştırabileceği yönündeki itirazını geri çekerek tarafsız konuma geçti.
Trump Tartışması Tasarının Önündeki Engeli Büyütüyor Mu? Sektör ile bankalar arasındaki anlaşmazlıkların yanında daha büyük bir siyasi sorun ortaya çıktı: Başkan Donald Trump ve ailesinin dijital varlıklardan kazanç sağlamasını sınırlayacak etik kuralların kapsamı.
Cumhuriyetçi senatörler Mike Rounds ve Thom Tillis, Demokratlar ile Beyaz Saray arasındaki görüş ayrılıklarının tasarının geleceğini zayıflattığını belirtti. İki Demokrat yardımcı da Trump ve ailesini kapsayacak etik düzenlemesi konusunda fazla ilerleme sağlanamadığını söyledi.
Beyaz Saray ise bu değerlendirmeye karşı çıkıyor. Bir sözcü, Trump’ın CLARITY Act’in Kongre’den geçmesini istediğini ve yönetimin kapsamlı bir etik hükmü üzerinde çalıştığını açıkladı.
Başarısız Clarity Oylaması Kripto Düzenlemesini Geciktirebilir Mi? Senato’nun 60 oya ulaşamaması, daralan Kongre takvimi nedeniyle daha büyük sonuçlar doğurabilir. Temsilciler Meclisi eylül ayının ilerleyen dönemlerinde planlanan bazı oylama haftalarını iptal etti. Bu durum, Senato süreci başarılı olsa bile nihai kararın kasım ara seçimlerinin sonrasına kalma ihtimalini artırıyor.
Senato’nun yapacağı değişiklikler ayrıca Temsilciler Meclisi’nin onayını gerektirecek. Senatör Cynthia Lummis ise takvimin sıkışmasını, kararsız milletvekillerine yönelik siyasi baskıyı artırmak için kullanıyor.
Tasarıdaki önemli maddelerden biri, belirli aracıların müşteri varlıklarını şirket varlıklarından ayrı tutmasını ve uygun koşullardaki varlıkları iflas durumunda müşterinin mülkü olarak değerlendirmesini öngörüyor. FTX ve Celsius gibi iflaslar sonrasında ortaya çıkan sorunlar açısından bu düzenlemeler dikkat çekiyor.
Lummis, bu yıl başarısız olunması halinde piyasa yapısını düzenleyen kapsamlı bir yasanın 2030’a kadar yeniden hayata geçirilemeyebileceğini savunuyor. Bu ifade yasal bir zorunluluk değil, siyasi bir öngörü niteliğinde.
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Rocket Lab launches IMM Apex with 31.5% efficiency for space power systems. IMM Apex cuts solar cell mass by 40% while reducing reliance on germanium use. Rocket Lab targets higher satellite demand with scaled solar cell production. More than 1,100 satellites already use Rocket Lab solar power technologies. RKLB closed 2.51% higher as Rocket Lab expanded its space systems portfolio. Rocket Lab expanded its space power business by releasing the new IMM Apex solar cell for production. The product combines higher efficiency, lower weight, and less dependence on germanium for spacecraft systems. RKLB closed at $65.87, up 2.51%, before falling 0.18% after hours to $65.75.
Rocket Lab USA, Inc., RKLB
IMM Apex Raises Space Power Efficiency Rocket Lab designed IMM Apex with 31.5% beginning-of-life solar conversion efficiency for space missions. The company also cut cell mass by 40%, increasing specific power for satellites and exploration spacecraft. Higher specific power lets spacecraft builders generate more electricity without adding similar system weight.
The new design removes germanium substrates used in conventional multi-junction solar cells across the industry. Rocket Lab reduces exposure to rising material costs and supply constraints affecting germanium. The change also gives production teams more flexibility when planning larger manufacturing volumes.
Rocket Lab made IMM Apex compatible with mechanical and electrical systems built for germanium-based cells. As a result, customers can integrate the product without major redesigns or costly manufacturing changes. This approach simplifies adoption across established spacecraft platforms while preserving existing engineering processes.
Rocket Lab Expands Solar Cell Production Rocket Lab improved manufacturing methods and invested in equipment to support demand for space power hardware. The company can produce IMM technology at volumes reaching several hundred kilowatts for customer programs. That capacity supports larger satellite fleets and exploration missions requiring reliable solar power systems.
Rocket Lab has developed and tested its IMM technology through more than a decade of space operations. Earlier IMM cells powered NASA’s Ingenuity Mars Helicopter during its historic mission on Mars. The technology has also supported satellites operating in orbit for more than ten years.
The company continues advancing IMM products for civil, commercial, security, and scientific space applications. Rocket Lab has completed extensive testing and qualification work across demanding mission environments. IMM Apex now enters production as the company expands solar manufacturing and customer reach.
RKLB Stock Reflects Broader Space Systems Push Rocket Lab’s solar operations extend its business beyond launch services and strengthen its space systems portfolio. Its products have supported the James Webb Space Telescope and NASA’s Artemis lunar exploration program. The company has also supplied power technology for national security and interplanetary science missions.
More than 1,100 satellites currently use Rocket Lab solar products across commercial and government programs. IMM Apex adds a lighter option while addressing supply risks facing traditional solar cell production. Its germanium-free structure also supports more predictable sourcing, manufacturing schedules, and production costs.
RKLB stock finished higher as Rocket Lab added another product to its expanding space systems lineup. IMM Apex gives the company a new offering tied directly to satellite and exploration power demand. Future sales will depend on customer adoption, production scale, and growth across global spacecraft programs.
The market takes ETH, wstETH, WBTC and cbBTC as collateral against USDC at loan-to-value ratios of up to 87%. Compound says borrowing is open to anyone, with approval required only for the 200,000 USDC in supplier rewards.
Compound Foundation has opened a USDC lending market that takes ETH, wstETH, WBTC and cbBTC at loan-to-value ratios of up to 87%, three weeks after relaunching the protocol around institutional credit.
The Institutional Market is the first product out of the $52 million program COMP holders approved in May, and it went live under a control structure the DAO never voted on. The Treasury Management Committee administers the market and a separate Safe holds authority over its collateral and parameters, an arrangement a Compound delegate is now asking COMP holders to reverse.
The market lends USDC against ETH, wstETH, WBTC and cbBTC, and runs on Compound v3. Compound holds $1.53 billion in total value locked with $638 million borrowed against it, sixth among lending protocols on DefiLlama and up 23% over 30 days. Ethereum carries $1.42 billion of that, or 93%. COMP trades at $20.88, up 9% over seven days, for a market cap of $212 million.
"With today's Institutional Market launch, we are taking the first step toward building infrastructure to meet institutional client demands, including better capital efficiency, clearly defined risk, and a much higher standard of service," said Aaron Schnarch, executive director of Compound Foundation. "We are encouraged by the market demand, and look forward to launching additional capabilities over the coming months."
Oversubscribed At LaunchCompound says the market was oversubscribed on day one, with DeFi Saver, K3, KPK and Yearn taking part. The company gave no figure for how much was subscribed.
"Compound is combining the capital efficiency of onchain markets with the level of service institutional participants expect. The ability to access more efficient borrowing while working directly with a team that understands institutional requirements makes this a compelling new market for us," said Marcelo Ruiz de Olano, co-founder and CEO of KPK.
Four Assets, One BorrowThe collateral list is short and liquid: two forms of ether and two forms of wrapped bitcoin.
Compound's argument is that a market holding only those four assets can run higher loan-to-value ratios than one that has to price the tail, and that lenders capture better economics as a result. Borrowing is open to anyone. The approval process and a 100,000 USDC minimum deposit apply to the boosted supplier rewards, which run to 200,000 USDC paid pro rata over three months against a $20 million supply cap.
Compound's market page puts ETH at an 87% loan-to-value ratio, wstETH at 85%, and WBTC and cbBTC at 81%, with a $10 million borrow cap on each. Liquidation factors run from 93% on ETH to 86% on the two bitcoin assets, and liquidation penalties from 5% on ETH to 10% on WBTC and cbBTC.
The Foundation has described the market to delegates as an Institutional Comet built under v3.5, outside the V4 roadmap the DAO funded, to test an institutional use case. Compound also says v3 has run four years without an exploit, a claim worth stating as the company's own.
Who Holds The KeysCompound delegate ugurmersin asked COMP holders on Sept. 9 to move ultimate control of the market to Compound governance, writing that the DAO "does not currently appear to have ultimate control over Institutional Comet" and that he could find no governance authorization for the current structure or any way for COMP holders to revoke it. The proposal would leave day-to-day operation with the Foundation and the committee while requiring the administrators to publish a full permissions map within 10 business days and transfer ultimate authority within 30. It also notes that the committee's mandate from the DAO covers treasury management, not administering a lending market. The Foundation had not responded on the forum as of Wednesday.
Mostly Still In ReserveCOMP holders approved the budget on May 8, with 1.88 million COMP in favor and none against, and it executed two days later. The Foundation made it public on Aug. 17 alongside four hires from Coinbase, Anchorage, NEAR and Maple. Schnarch, the executive director, was chief operating officer of Anchorage Digital and chief executive of Coinbase Custody. The two-year budget runs $28 million for operations and $24 million for growth, but only $14 million went to the Foundation's multisig; the other $38 million sits in reserve against milestones that include a staffed engineering team and a production v3 integration kit.
Shipping an institutional product three weeks in is the first of those milestones met in public. Whether the remaining $38 million follows is a DAO decision, not a Foundation one.
The $480 Billion LineCompound's boilerplate puts the protocol at "approximately $480B in deposits and borrowing volume" since 2018. Compound sits behind Aave's $17.5 billion and Morpho Blue's $9.6 billion in a lending category holding $50.2 billion across 639 protocols, with 3.1% of the total.
Compound wrote the template for onchain lending in 2018 and now holds less than a tenth of Aave's deposits, and the institutional market is its attempt to win back size on terms and service rather than rates. Compound calls it the first in a planned series built around different collateral types and borrower profiles.
CORRECTION, Borrowing is open to anyone and approval applies only to the supplier rewards; COMP holders approved the program in May and the Foundation made it public in August; the participant is K3. The story has also been updated with the market's liquidation parameters and with a governance proposal filed Sept. 9.
Compound Foundation launched a permissioned lending market on September 8 that only institutional borrowers can access, effectively carving the protocol’s liquidity pool into two distinct layers. Whitelisted participants get their own collateral sets, custom loan-to-value ratios, and tailored risk parameters, all separate from the retail-facing side of the protocol.
The move comes three weeks after Compound relaunched itself around institutional credit, and roughly a month after a DAO vote approved a $52 million development program, the largest funding initiative in the protocol’s history.
A protocol reinventing itself In August, Compound’s DAO greenlit the two-year, $52 million budget with $14 million released upfront and the rest gated behind milestones. The program is focused on onboarding regulated financial players: banks, asset managers, exchanges, and fintechs.
Leading the charge is a new executive team with deep roots in traditional finance. Aaron Schnarch, formerly CEO of Coinbase Custody, now serves as Executive Director. Christopher Donovan holds the COO role, Steven Liu is CPO, and Leo Eikelman fills the CTO seat.
The foundation says it has more than 10 confirmed partners, with discussions underway with over 20 additional potential collaborators.
Under the hood, the development program is building out compliance tooling including KYC and AML infrastructure, permissioned vaults, and integration kits designed to plug Compound’s lending rails directly into institutional workflows.
Why institutions, why now Compound’s total value locked currently sits at roughly $1.2B, down from a peak of $12B in September 2021. Since its 2018 launch, Compound has processed approximately $480B in total deposits and borrowing volume, and has recorded zero bad debt across its entire operational history.
The permissioned market structure directly addresses the single biggest objection institutions have had to DeFi participation: regulatory risk. By creating a walled-off environment where only whitelisted, KYC-verified entities can borrow, Compound sidesteps the compliance concerns that have kept most regulated capital on the sidelines.
The competitive landscape shifts The development program explicitly targets RWA support, which positions Compound to facilitate lending against tokenized treasuries, bonds, and other traditional financial instruments.
For existing COMP token holders, the strategic pivot carries both promise and risk. If institutional capital flows materialize, the protocol’s revenue and TVL could recover meaningfully from current levels. The milestone-gated budget structure provides some protection against the $52M being spent without results, but $14M is already out the door.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Compound Foundation has launched a USDC lending market with loan-to-value ratios of up to 87% as part of its $52 million plan to attract institutional capital.
Summary
The market supports ETH, wstETH, WBTC, and cbBTC as collateral for USDC borrowing. Loan-to-value ratios range from 81% for Bitcoin collateral to 87% for ETH. Compound said DeFi Saver, K3, KPK, and Yearn joined the oversubscribed launch. A Compound delegate has questioned whether the DAO retains final control over the market. Compound Foundation said in a Sept. 9 announcement that its Institutional Market runs on Compound v3 and separates selected collateral into a lending pool designed around specific liquidity and risk conditions.
Borrowers can use Ether (ETH), wrapped staked Ether, Wrapped Bitcoin, or Coinbase Wrapped BTC to access USDC. The market gives ETH an 87% loan-to-value ratio, while wstETH carries an 85% ratio. WBTC and cbBTC each have an 81% ratio.
Each collateral asset has a $10 million borrowing cap. Liquidation factors range from 86% for WBTC and cbBTC to 93% for ETH, while penalties begin at 5% for ETH and rise to 10% for both Bitcoin-backed assets.
Compound promoted the product as an institutional-only market in its announcement. However, its official market page states that anyone can borrow, while approval applies to suppliers seeking additional incentives.
Compound market pairs higher LTVs with a narrow collateral list By limiting the market to four liquid collateral assets, Compound said it can offer terms based on their individual risk and liquidity profiles instead of applying one set of conditions across a large group of tokens.
Institutions often manage larger positions and follow internal risk controls that differ from those of retail users, according to the foundation. Compound said the new structure provides increased borrowing capacity, defined collateral parameters, and direct operational support.
A dedicated contact will assist participating institutions with onboarding, market updates, and other operational matters. Compound also said USDC suppliers will receive the standard market yield, while approved lenders can qualify for extra incentives.
The rewards program will distribute as much as 200,000 USDC on a pro-rata basis over three months. Applicants must supply at least 100,000 USDC, and only the first $20 million in eligible deposits will count toward the program.
Compound said the market was oversubscribed when it opened, naming DeFi Saver, K3, KPK and Yearn among the participants. The foundation did not provide the amount committed or explain how much demand exceeded the available capacity.
“With today’s Institutional Market launch, we are taking the first step toward building infrastructure to meet institutional client demands, including better capital efficiency, clearly defined risk, and a much higher standard of service,” Compound Foundation Executive Director Aaron Schnarch said.
According to Schnarch, early demand encouraged the foundation, which plans to release more capabilities over the coming months.
KPK co-founder and CEO Marcelo Ruiz de Olano said direct access to a team familiar with institutional requirements made the market attractive to his company.
“Compound is combining the capital efficiency of onchain markets with the level of service institutional participants expect,” Ruiz de Olano said.
Institutional market follows Compound’s $52 million program Three weeks before the product launch, crypto.news reported on Compound’s new management team and its DAO-approved, two-year development program.
COMP holders approved $28 million for operations and another $24 million for growth and incentives. The package represents the largest development allocation in the protocol’s history, according to the foundation.
Only $14 million was moved to the foundation’s multisignature wallet at the start of the program. The remaining $38 million stayed in reserve, with future releases linked to delivery targets such as assembling an engineering team and producing a Compound v3 integration kit.
Along with Schnarch, the management group includes Chief Operating Officer Christopher Donovan and Chief Product Officer Steven Liu. Team members brought experience from Coinbase Custody, Anchorage Digital, Near Foundation, Maple Finance, HSBC, and Broadridge Financial.
The program covers institutional lending, real-world assets, and tools that allow financial companies to connect with Compound’s infrastructure. Improving capital efficiency also forms part of the plan, as does building credit products around traditional finance requirements.
Founded in 2018, Compound helped establish blockchain-based borrowing and lending through permissionless markets governed by COMP holders and delegates. The foundation says the protocol has processed about $480 billion in cumulative deposits and borrowing volume, although the figure does not represent current assets held on the platform.
Data cited by The Defiant placed Compound’s total value locked near $1.53 billion around the launch, with approximately $638 million borrowed. Ethereum accounted for about $1.42 billion, or 93%, of the protocol’s locked assets.
US financial firms are also expanding crypto-backed credit For US institutions, Compound’s use of USDC and Bitcoin or Ether collateral places the product alongside several recent crypto-backed lending programs, although the legal structures and access models differ.
In August, JPMorgan’s collateral program was reported to allow institutional clients to pledge Bitcoin and Ether for US dollar loans through its Kinexys digital asset platform. Fidelity Digital Assets and Coinbase Custody were named among the custodians holding the pledged assets.
Kraken and Maple also introduced a USDC-funded lending facility in June. Their structure uses a bankruptcy-remote special purpose vehicle to fund overcollateralized loans backed by Bitcoin and Ether, with Maple providing senior financing and Kraken servicing the loans.
Retail access to onchain credit has expanded through centralized platforms as well. Coinbase added an Ethena-linked USDC vault in June, using Morpho markets and allocations managed by Steakhouse Financial.
Unlike bank and special-purpose-vehicle lending arrangements, Compound’s new market operates through its v3 smart-contract infrastructure. The foundation described Compound v3 as having completed four years of production use without an exploit, a performance claim made by Compound rather than an independent auditor.
Compound delegate questions who controls the market While the product was open, Compound delegate ugurmersin submitted a governance proposal asking for the DAO to receive ultimate authority over the Institutional Market.
The delegate said Compound governance did not appear to have approved the market’s current control structure. According to the proposal, the Treasury Management Committee administers the product, while a separate multisignature wallet holds authority over its collateral settings and other parameters.
Ugurmersin also said the committee’s existing DAO mandate covers treasury management rather than the operation of a lending market. The delegate could not identify a mechanism allowing COMP holders to withdraw the administrators’ permissions under the present setup.
Under the proposed changes, the foundation and committee could continue handling daily market operations. Administrators would have 10 business days to publish a full map of their permissions and 30 days to transfer final authority to Compound governance.
The Compound Foundation had not posted a public response to the governance proposal at the time of publication.
Project World is continuously optimizing its front-end UI, with user deposits secure and transactions functioning normally.
World, a full on-chain prediction market in the Solana ecosystem, announced in a post that its website is currently experiencing high traffic, with over 1 million users accessing the platform. User deposits remain secure, platform transactions are executing normally, and backend systems are operating as expected. The team is continuing to optimize the frontend user interface, and the overall operation of the platform is in good condition.
8 minutes ago
Iranian officials announced that Iran will escalate its crackdown operations in response to U.S. attacks.
Iranian officials have stated that Iran will escalate its retaliatory strikes in response to the U.S. attack. (Jinshi)
8 minutes ago
US Treasuries extended their decline after the repurchase announcement, with the market viewing the $6 billion cap as insufficient.
The U.S. Treasury Department said it will purchase between $40 billion and $60 billion in long-term government debt in the first operation of its expanded repurchase program, demonstrating Secretary Bessent’s resolve to curb the recent rise in borrowing costs. U.S. Treasuries extended their earlier decline following the announcement, indicating the program’s size fell short of some investors’ expectations. The success of the expanded purchase program remains to be seen. After the program was first announced last month, yields fell before rebounding later. The benchmark 10-year yield hit its highest level since 2023 last week. Economist Guha, a former staffer at the New York Fed, noted: “The challenge always lies in whether the impact of these interventions can persist without larger fundamental changes.” Moreover, the maximum size of the repurchase operation does not mean the Treasury will necessarily purchase that amount of Treasuries. However, in repurchases targeting long-term nominal debt, the department typically buys the full amount; since the program was relaunched in 2024, it has only failed to do so in two of 52 such operations. (Jinshi)
8 minutes ago
Eric Trump mocks Joe Biden’s son Hunter Biden over the botched launch of the LAPTOP token, saying he should go back to painting.
US President Donald Trump’s second son Eric Trump reposted a post about the meme coin LAPTOP’s sharp price crash after its launch, commenting: “Hunter should go back to painting.” His remarks target Hunter Biden, son of former US President Joe Biden, who launched the meme coin LAPTOP. The reposted post notes that LAPTOP plummeted 98% within minutes of going live, adding that the project had originally planned to allocate a portion of its tokens to users who incurred losses from TRUMP-related transactions.
8 minutes ago
Solana ecosystem prediction market World officially launches, opening to over 1 million waitlist users.
Solana ecosystem full on-chain prediction market World announced that its independent platform World.xyz has officially launched, with over 1 million users on its waitlist. The platform offers thousands of markets spanning sports, cryptocurrency, politics, finance, economics, and culture, covering all NFL regular seasons, 7 soccer leagues, F1 races, the 2026 U.S. midterm elections, and Federal Reserve interest rate decisions. Since integrating Phantom in July, World has launched more than 150,000 markets. Each market on the platform consists of "Yes" and "No" contracts, priced between $0 and $1, and settled using Phantom’s U.S. dollar stablecoin CASH. Technically, World leverages Chainlink Data Streams and Chainlink Runtime Environment to provide market data and automated settlements, reducing manual intervention and dispute resolution wait times. Prediction markets for stock price movements, gold, silver, oil, natural gas, computing power, and weather will be rolled out sequentially.
8 minutes ago
Bubblemaps: 80% of LAPTOP traders are losing money, with two traders suffering losses ranging from $100,000 to $1 million.
Bubblemaps posted that profit and loss data for LAPTOP traders shows roughly 80% of participants are in the red, describing the token’s market performance as a "bloodbath". Specifically, two traders lost between $100,000 and $1 million, 100 lost over $10,000, 700 lost more than $1,000, and around 11,000 traders posted small losses. Bubblemaps did not further disclose the statistics’ time frame or the scope of the wallet sample used.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to monitoring by crypto analytics platform Yu Jing, a whale holding 149,800 ETH (worth approximately $377 million) via leverage sold 6,000 ETH four hours ago, converting the proceeds to 14.97 million USDe to repay a loan on Aave. The average selling price for the ETH was $2,496. The whale currently holds 143,800 ETH (valued at around $362 million), with $181 million in outstanding debt on lending platforms, putting its overall leverage at 2x.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Project World is continuously optimizing its front-end UI, with user deposits secure and transactions functioning normally.
World, a full on-chain prediction market in the Solana ecosystem, announced in a post that its website is currently experiencing high traffic, with over 1 million users accessing the platform. User deposits remain secure, platform transactions are executing normally, and backend systems are operating as expected. The team is continuing to optimize the frontend user interface, and the overall operation of the platform is in good condition.
8 minutes ago
Iranian officials announced that Iran will escalate its crackdown operations in response to U.S. attacks.
Iranian officials have stated that Iran will escalate its retaliatory strikes in response to the U.S. attack. (Jinshi)
8 minutes ago
US Treasuries extended their decline after the repurchase announcement, with the market viewing the $6 billion cap as insufficient.
The U.S. Treasury Department said it will purchase between $40 billion and $60 billion in long-term government debt in the first operation of its expanded repurchase program, demonstrating Secretary Bessent’s resolve to curb the recent rise in borrowing costs. U.S. Treasuries extended their earlier decline following the announcement, indicating the program’s size fell short of some investors’ expectations. The success of the expanded purchase program remains to be seen. After the program was first announced last month, yields fell before rebounding later. The benchmark 10-year yield hit its highest level since 2023 last week. Economist Guha, a former staffer at the New York Fed, noted: “The challenge always lies in whether the impact of these interventions can persist without larger fundamental changes.” Moreover, the maximum size of the repurchase operation does not mean the Treasury will necessarily purchase that amount of Treasuries. However, in repurchases targeting long-term nominal debt, the department typically buys the full amount; since the program was relaunched in 2024, it has only failed to do so in two of 52 such operations. (Jinshi)
8 minutes ago
Eric Trump mocks Joe Biden’s son Hunter Biden over the botched launch of the LAPTOP token, saying he should go back to painting.
US President Donald Trump’s second son Eric Trump reposted a post about the meme coin LAPTOP’s sharp price crash after its launch, commenting: “Hunter should go back to painting.” His remarks target Hunter Biden, son of former US President Joe Biden, who launched the meme coin LAPTOP. The reposted post notes that LAPTOP plummeted 98% within minutes of going live, adding that the project had originally planned to allocate a portion of its tokens to users who incurred losses from TRUMP-related transactions.
8 minutes ago
Solana ecosystem prediction market World officially launches, opening to over 1 million waitlist users.
Solana ecosystem full on-chain prediction market World announced that its independent platform World.xyz has officially launched, with over 1 million users on its waitlist. The platform offers thousands of markets spanning sports, cryptocurrency, politics, finance, economics, and culture, covering all NFL regular seasons, 7 soccer leagues, F1 races, the 2026 U.S. midterm elections, and Federal Reserve interest rate decisions. Since integrating Phantom in July, World has launched more than 150,000 markets. Each market on the platform consists of "Yes" and "No" contracts, priced between $0 and $1, and settled using Phantom’s U.S. dollar stablecoin CASH. Technically, World leverages Chainlink Data Streams and Chainlink Runtime Environment to provide market data and automated settlements, reducing manual intervention and dispute resolution wait times. Prediction markets for stock price movements, gold, silver, oil, natural gas, computing power, and weather will be rolled out sequentially.
8 minutes ago
Bubblemaps: 80% of LAPTOP traders are losing money, with two traders suffering losses ranging from $100,000 to $1 million.
Bubblemaps posted that profit and loss data for LAPTOP traders shows roughly 80% of participants are in the red, describing the token’s market performance as a "bloodbath". Specifically, two traders lost between $100,000 and $1 million, 100 lost over $10,000, 700 lost more than $1,000, and around 11,000 traders posted small losses. Bubblemaps did not further disclose the statistics’ time frame or the scope of the wallet sample used.
Aave Labs just made it a lot easier for AI agents to talk to its lending protocols. The team launched a Model Context Protocol (MCP) server that gives AI applications a single, standardized endpoint to pull live data from both Aave V3 and V4, replacing the patchwork of static datasets and third-party wrappers that developers previously had to cobble together.
The server, accessible at mcp.aave.com, connects to Aave V3 deployments across 21 different blockchains and to Aave V4 on Ethereum and Avalanche. Think of it as a universal translator between AI models and Aave’s on-chain infrastructure.
What the MCP server actually does Model Context Protocol, or MCP, is a standardized way for AI applications to access external data and tools in real time. Aave’s implementation offers approximately 40 tools that cover everything from market data retrieval to transaction preparation.
Users and AI agents can check wallet positions, examine health factors (the metric that determines how close a position is to liquidation), simulate potential actions before committing capital, and prepare unsigned transactions. That last part matters: the server is non-custodial by design, meaning it can assemble a transaction for you but never holds your keys or signs anything on your behalf.
For a concrete example: an AI portfolio manager could now query a user’s Aave positions across multiple chains, identify that a health factor on one position is trending dangerously low, simulate a partial repayment to see how it would improve the ratio, and prepare the exact transaction needed to execute it. All in one flow, all from one data source.
Why this matters for DeFi’s AI race Aave’s approach is notable for its scope. Supporting V3 across 21 chains means the MCP server covers the vast majority of Aave’s deployed capital. Adding V4 on Ethereum and Avalanche signals that the team views this integration layer as forward-looking, not just a convenience feature bolted onto legacy infrastructure.
The non-custodial architecture is a deliberate design choice that addresses one of the thorniest questions in the AI-agent space: who controls the keys? By limiting the server to unsigned transactions, Aave sidesteps the trust problem entirely. An AI agent can do everything up to the point of execution, but a human (or a separate, purpose-built signing module) still has to approve the final step.
The roughly 40 tools available at launch suggest Aave is thinking about this comprehensively rather than offering a minimal viable product. Market data, position management, risk simulation, and transaction preparation cover the core workflows that any AI-powered DeFi application would need.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Polkadot’s governance is currently reviewing a proposal to introduce dotUSD, a decentralized stablecoin designed to serve as the network’s main stable-value instrument. This initiative aims to create a protocol-native asset that could play a critical role in the platform’s evolving decentralized finance (DeFi) ecosystem.
Phased deployment and initial liquidity backingThe proposal sets out a two-phase approach for the stablecoin’s deployment. In the first phase, dotUSD would be launched as a protocol asset, with a liquidity pool created on Asset Hub, Polkadot’s platform for cross-chain assets. The current referendum mentions $1.5 million in USDT and $1.5 million in DOT to seed this pool, although the original proposal also cites figures as high as $2.5 million for each asset.
Presently, Polkadot’s applications and treasury activities depend largely on external stablecoins. The introduction of dotUSD is expected to lessen this need, granting Polkadot users the ability to access a dollar-pegged asset while leveraging DOT as collateral. This change would allow participants to reduce their exposure to price volatility associated with DOT, streamlining budgeting and payment functions directly on the network.
With dotUSD positioned as the network’s official stablecoin, Polkadot’s treasury and DeFi services could operate with reduced reliance on external issuers while deepening on-chain liquidity.
Mechanics and stability measures of dotUSDThe dotUSD stablecoin would operate under an over-collateralized model, inspired by the Liquity v2 protocol. In the second phase, users would be able to deposit DOT into vaults and mint dotUSD, with the borrowed amount strictly below the value of locked collateral. This design is intended to maintain a one-to-one peg to the US dollar.
To support the value peg and manage declining collateral value, the system incorporates liquidation processes, a dedicated stability pool, and redemption mechanisms. One distinguishing feature is the introduction of borrower-selected interest rates. Rather than relying on a fixed protocol-wide rate, borrowers can choose their own rates, affecting their place in the redemption queue if dotUSD dips below its peg. Lower-rate loans would be prioritized for redemption, while borrowers opting for higher rates may face less risk of early liquidation, creating a market-based credit curve for DOT-backed debt.
Mini dictionary: Liquity v2 is a decentralized borrowing protocol that enables users to mint stablecoins against over-collateralized positions, using a system of stability pools and fully automated liquidations to maintain peg stability and minimize governance.
In the project’s first phase, dotUSD circulation would be maintained through a capped buffer backed exclusively by USDT, avoiding immediate dependence on oracles or DOT liquidations. The second phase, once risks are evaluated, would incorporate DOT-backed vaults, real-time oracle usage for price data, and expanded stability mechanisms.
PhaseCollateral BackingPool SizeKey FeaturesPhase OneUSDT$1.5M USDT + $1.5M DOT (referendum)No oracles or DOT liquidationPhase TwoDOTProposed $2.5M USDT + $2.5M DOTDOT-backed vaults, stability pool, oracle integrationRisk management and economic outlookA central concern outlined in the proposal is the potential reflexivity between DOT and dotUSD. Significant drops in DOT’s price could trigger widespread liquidations, increasing sell pressure on the token supporting the stablecoin. To address this, the design introduces stability pool protections, redistribution mechanics, and a capped stablecoin buffer to limit forced DOT sales during volatile periods.
Polkadot’s governance stresses that dotUSD would serve as a strategic piece of economic infrastructure for the network, enabling dollar-based budgeting and payments within the protocol’s expanding DeFi landscape. The establishment of a liquidity pool on Asset Hub is expected to improve accessibility for decentralized applications and support broader use cases.
By approving this proposal, Polkadot aims to strengthen its treasury, offer stable payment options, and foster greater liquidity for its ecosystem’s growth.
Pending approval via governance voting, the dotUSD initiative could mark a significant step for Polkadot, offering a stable, protocol-native value instrument and paving the way for more resilient decentralized financial services.
Polkadot rose 16.7% on the day and 42.5% on the week, with Cosmos Hub, Decred and Ethereum Classic all up more than 8%, while bitcoin ended the first U.S. session since Labor Day down 0.83% at $78,539. Polymarket traders raised the odds of a quarter-point Federal Reserve increase next week to 54.5%, a third consecutive session of widening. Brent crude settled at $99.31, its highest close since July 23.
A group of layer-1 tokens that launched before 2018 carried Tuesday's crypto tape while bitcoin and ether finished lower, and traders extended their bet that the Federal Reserve raises rates next week.
Only one of those tokens has a dated event behind it. Polkadot holders are voting on a proposal to give the network its own stablecoin, submitted to OpenGov on Monday and running 97.5% in favor. Cosmos Hub, Decred and Ethereum Classic produced no filing, release or governance action in the window, and the four moved together on a week when bitcoin gained 1.6%.
Bitcoin last changed hands at $78,539, down 0.83% over 24 hours and up 1.6% over seven days, after trading between $77,666 and $79,432, CoinGecko data shows. Ether was at $2,484.83, down 0.29% on the day and up 2.8% on the week. XRP rose 1.53% to $1.42; Solana fell 0.59% to $103.24; BNB gained 1.66% to $751.92 and holds a 10.5% weekly advance. Total crypto market value stood at $2.70 trillion on $91.54 billion of volume, with bitcoin dominance at 58.36%. Fifty-seven of the 125 largest non-stablecoin tokens rose and 66 fell.
A Round TripBitcoin peaked at $79,432 shortly after 10 p.m. ET Monday, during Tokyo's morning, and sold off through the European session. The 24-hour low of $77,666 came in the 10 a.m. ET hour. It recovered to $78,833 by midday and gave that back through the afternoon, ending the U.S. session near where it opened.
The token is 37.7% below the $126,080 record it set in October 2025.
The Crypto Fear & Greed Index read 69 on Tuesday, down from 71 on Monday and 74 on Sept. 4, according to Alternative.me. It has read above 60 every day since Aug. 29.
Polkadot Wants A StablecoinPolkadot rose 16.7% to $1.25 and 42.5% over seven days, a second consecutive double-digit day after Monday's 13.85% gain, on $420 million of volume against a $2.13 billion market value. It is the largest weekly gain among the 50 biggest tokens.
The proposal driving it went on-chain at 11:49 a.m. ET Monday. OpenGov Referendum 1944, "dotUSD: A Native Stablecoin for Polkadot," sits on the Root track and is in its deciding period. "This proposal signals the intent of the DAO to introduce dotUSD, Polkadot's native stablecoin, as the protocol's primary stable-value instrument," the text reads.
The referendum lists seven actions, among them creating the dotUSD asset "owned by the protocol," opening a DOT-dotUSD liquidity pool on Asset Hub, designating dotUSD a sufficient asset and setting peg stability module parameters. It commits treasury funds: "$2.5M in USDT will be used to mint dotUSD and $2.5M in DOT will be allocated initially to the pool."
The Polkadot Community Foundation submitted it and disclaims operational control. "dotUSD is a decentralized, protocol-native stablecoin project," the text reads. "It would have no issuer and would instead operate autonomously via on-chain logic."
Voting stands at 2,343,074 DOT in favor against 59,896 opposed, with 558,519 DOT of support against an electorate of 1.67 billion DOT. A second referendum, 1942, upgrading system chains to runtime 2.5, went on-chain Sept. 5 and is also deciding.
No U.S. product filing accompanies the move. EDGAR full-text search returns one document mentioning Polkadot between Sept. 1 and Sept. 8, a Canary Staked TRX ETF prospectus that uses the word in passing. Polkadot's own account has posted nothing about dotUSD.
The Old Guard MovesTokenPrice24h7dPolkadot (DOT)$1.25+16.7%+42.5%Cosmos Hub (ATOM)$1.83+10.8%+23.3%Decred (DCR)$17.30+9.4%+19.4%Ethereum Classic (ETC)$8.60+9.3%+18.3%Cosmos Hub, Decred and Ethereum Classic rose alongside Polkadot without a dated catalyst.
The Cosmos Hub's most recent governance proposals, 1052 and 1053, were submitted Aug. 25 and finished voting Sept. 1. Decred's last substantive release is the v2.1.6 consensus security patch from late August; its account's most recent post, dated Sept. 7, is a marketing message. Ethereum Classic's core-geth has not shipped a release since Hermes v1.12.22 on March 28, and the project's repositories show no September activity. None of the three appears in Binance's listing announcements for Sept. 4 through Sept. 8.
VeChain added 10.6% to $0.008006 and 19.5% over seven days. Its Aug. 6 post on the Interstellar upgrade and its Aug. 24 statement that the VIP-255 vote passed give no mainnet activation date.
Hike Odds Reach 54.5%Traders widened their bet on tightening for a third session. Polymarket put a quarter-point increase at 54.5% and no change at 45.5% on $104.6 million of volume. The same contracts read 52.5% and 45.5% at midday Tuesday, 50.5% and 49.5% on Monday, and 30.5% and 67.5% on Aug. 24. A quarter-point cut trades at 0.45%. The Federal Open Market Committee meets Sept. 15-16, one of the four meetings a year that carries a Summary of Economic Projections.
Friday's labor data set the direction. The Bureau of Labor Statistics reported that "total nonfarm payroll employment increased by 162,000 in August, and the unemployment rate was unchanged at 4.1 percent", with June and July revised up by a combined 55,000. August producer prices publish Sept. 10 and consumer prices Sept. 11, both at 8:30 a.m. ET, the last two federal releases before the committee meets.
Brent Closes Near $100Brent crude settled at $99.31 a barrel, up 3.15% from Friday and its highest close since July 23, when it ended at $100.69. West Texas Intermediate rose 3.03% to $94.25. The yen traded at 153.97 per dollar, its firmest since Feb. 18, and the dollar index fell 0.31% to 98.85.
"Higher oil prices on the back of continued geopolitical escalations between the US and Iran and a rally in the Japanese yen to a 7-month high have taken the spotlight in the past 24 hours," Thahbib Rahman, research analyst at Block Scholes, wrote in a note emailed to reporters on Tuesday. "Both events weighed on risk assets across US equity markets and crypto markets alike."
Rahman said options positioning has not followed spot lower. "While not near the highs of mid-August and early September, after the US Treasury's bond interventions and Fed Governor Waller's dovish speech, short-dated BTC put-call skew remains tilted towards call options," he wrote. "This means investors are leaning more bullish than bearish and is an indication that traders are willing to pay more for upside exposure to spot price than downside protection."
U.S. equities closed lower. The S&P 500 fell 0.58% to 7,673.52 and the Nasdaq Composite 0.32% to 26,421.41. The 10-year Treasury yield rose to 4.81% and the 30-year to 5.26%. Gold futures fell 0.67% to $4,400 an ounce.
Zcash Gets OptionsZcash rose 0.82% to $1,166.37 and 39.2% over seven days after touching $1,210.35, holding tenth place at a $19.73 billion market value, above Hyperliquid at $18.79 billion and Dogecoin at $14.01 billion. It remains 63.4% below the $3,191.93 record set on Oct. 28, 2016.
Grayscale said on Tuesday that "$ZCSH, the world's first Zcash fund, is now available for options trading on @NYSE." The post links to the fund's prospectus and does not name the options venue; the shares list on NYSE Arca, and NYSE American Options and NYSE Arca Options are separate venues. No exchange listing notice or SEC rule filing corroborating the options listing was retrievable, and the most recent document under the trust's EDGAR record is the Aug. 25 prospectus.
The fund completed its uplisting from OTCQX to NYSE Arca on Aug. 25 under the ticker ZCSH, registering the shares through a Form 8-A12B filed Aug. 24 and changing its name to The Zcash ETF the same day. Grayscale's fund account said on Sept. 4 that ZCSH "just crossed $400,000,000 in AUM." The Defiant covered the original conversion filing in November 2025.
Monero fell 4.3% to $497.42 after trading as high as $525.33, and is down 0.7% over seven days against Zcash's 39.2%. Monero's official blog has published nothing since the July 21 GUI release, and no Monero item appeared on the announcement pages of Binance, Kraken, OKX or Bithumb on Monday or Tuesday. The token has no U.S. listed vehicle.
Injective Lists TwiceInjective rose 5.25% to $6.45 and 33.8% over seven days after trading 12.7% higher at midday, on $190 million of volume against a $650 million market value.
Three dated announcements sit behind it. Injective said on Tuesday that "native USDC on Injective is now live on @krakenfx," allowing deposits and withdrawals of the stablecoin directly between the exchange and the chain. On Monday it said that "$INJ is now live on @RobinhoodCrypto"; Robinhood's own asset page lists the token as tradable without stating a date. Also on Monday, the project said that "over 58.8 Million INJ tokens are now staked onchain," which it called a record. Injective's public node reported 58,461,008 INJ bonded against a total supply of 122,781,894, or 47.6%, slightly below the figure the project gave. INJ trades 87.7% below the $52.62 record it set in March 2024.
The chain's most recent blog post, dated Sept. 4, says Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective.
Korea Bids UselessUseless Coin gained 24% to $0.2791 on $174 million of volume, against a $279 million market value, after two Korean exchanges opened trading in it on Tuesday.
Bithumb's market list carries a KRW-USELESS pair whose hourly candles begin at 1 a.m. ET. Upbit's market list carries BTC and USDT pairs whose candles begin at 8 a.m. ET, with the USDT pair flagged for price volatility and cross-venue price gaps; Upbit did not open a won pair. The listings account for Tuesday's move. The 138.5% seven-day gain predates both, and no project statement covering that period is available.
Venice Token led the day at 30.2%, reaching a record $25.49 before easing to $24.18 and a $1.15 billion market value on $177 million of volume. The most recent post on the Venice blog is dated July 17, carrying an Aug. 5 update that cuts VVV emissions to 2.5 million a year on Sept. 1 and to 2 million on Oct. 1, and raises the DIEM supply target to 40,000 on Sept. 14. Those dates were set five weeks ago. The project's changelog has not been updated since July 30.
Falcon Finance rose 25.6% to $0.1495 and 51.9% over seven days. Its most recent blog post is dated Aug. 31 and its account's Sept. 8 posts respond to the price rather than explain it. Pons added 17.7% to $0.8265 and 93.8% over seven days; Uniswap Labs bought PONS tokens on Sept. 3.
ETFs Skip A SessionU.S. spot bitcoin and ether ETF flows for Tuesday had not published as of 5 p.m. ET. The last completed session is Friday, when bitcoin funds took in $174.6 million and ether funds $25.9 million, according to Farside Investors. BlackRock's IBIT accounted for $117.4 million of the bitcoin total and Fidelity's FBTC $57.2 million; among ether funds, BlackRock's two products drew $74.2 million while Fidelity's FETH lost $48.3 million. No row exists for Monday, when U.S. markets were closed for Labor Day, which means Monday's altcoin advance ran with the ETF and equity markets shut.
DeFi total value locked stood at $87.94 billion, down 0.7% over 24 hours and up 1.57% over seven days, DefiLlama data shows. Stablecoin supply was $311.71 billion, down 0.1% on the day, up 0.49% over seven days and 1.35% over 30 days.
Hyperliquid fell 0.79% to $84.50 and trades 5.7% below the $89.60 record it set on Sept. 6. Its account has posted nothing since Aug. 31. WhiteBIT Coin rose 6.16% to $81.35 and 14.3% over seven days after touching a record $81.98 at 12:40 p.m. ET; its blog has published nothing since July 28.
Venice Takes The DayTokenPrice24h7dVenice Token (VVV)$24.18+30.2%+48.9%Falcon Finance (FF)$0.1495+25.6%+51.9%Useless Coin (USELESS)$0.2791+24.0%+138.5%Pons (PONS)$0.8265+17.7%+93.8%Polkadot (DOT)$1.25+16.7%+42.5%Cosmos Hub (ATOM)$1.83+10.8%+23.3%VeChain (VET)$0.008006+10.6%+19.5%Decred (DCR)$17.30+9.4%+19.4%Ethereum Classic (ETC)$8.60+9.3%+18.3%Akedo Gives It BackTokenPrice24h7dRibbita by Virtuals (TIBBIR)$0.2055-10.8%-14.8%Akedo (AKE)$0.01575-8.6%+76.7%Unibase (UB)$0.1207-7.9%+2.4%Monad (MON)$0.02582-5.9%-0.4%Pudgy Penguins (PENGU)$0.008108-5.1%-4.5%Kite (KITE)$0.1135-4.8%-8.1%Arweave (AR)$2.84-4.8%+24.5%Hedera (HBAR)$0.07895-4.6%+6.8%Akedo traded 21% higher at midday before ending 8.6% lower. It holds a 76.7% weekly gain.
Hedera was the largest token among the decliners at a $3.46 billion market value, and is still up 6.8% over seven days. Its most recent blog post, dated Sept. 4, covers new council partners, and its Tuesday statements concern an insurance consortium building on the network. Monero's 4.3% decline falls just outside the table.
Prices and market data as of 5:11 p.m. ET on Sept. 8, 2026.
While Bitcoin and Ether spent Tuesday treading water or drifting lower, a curious cohort of older layer-1 tokens quietly stole the show. Polkadot led the charge with gains between 7% and 20% in a single session, a move driven by a cocktail of short squeezes, spiking on-chain activity, and governance proposals that are actively reshaping its token economics.
Traders are increasingly pricing in a Federal Reserve rate hike at the mid-September meeting, with the probability now sitting around 58% after August’s jobs report came in hotter than expected.
What’s driving DOT’s breakout A derivatives short squeeze played a starring role, triggering over $610K in liquidations for DOT positions. When shorts get squeezed, forced buying amplifies upward momentum, and that’s exactly what happened here.
On-chain activity surged in parallel. Daily network usage jumped by roughly 150%, tied to the launch of a new devnet that brought developers and users back to the ecosystem.
Polkadot holders have been voting on several significant referenda that directly impact the token’s supply dynamics. Proposals #1909 and #1910 focused on adjusting staking parameters and validator incentives. Referendum 1926 directed revenue from JAMKB-related DOT sales to be permanently burned. Burning tokens reduces circulating supply, and when paired with Polkadot’s hard cap of 2.1 billion DOT and already-reduced inflation rates, the math starts to look meaningfully different for holders.
The legacy layer-1 rotation Polkadot wasn’t entirely alone on Tuesday’s leaderboard. A handful of layer-1 tokens that launched or were conceptualized before 2018 carried the day’s crypto tape while the two largest assets by market cap went the other direction.
Bitcoin posted a slight decline of up to -0.52%. Ether finished lower as well.
The macro overhang August’s jobs data landed with a thud for anyone hoping the Fed was done hiking. The economy added 162,000 jobs while the unemployment rate held steady at 4.1%.
The market is now assigning roughly 58% odds to a 25 basis point hike at the Fed’s upcoming mid-September meeting.
What to watch from here The sustainability of this rotation hinges on whether Polkadot’s governance proposals actually deliver on their deflationary promise. If the JAMKB burns are meaningful relative to new issuance, the supply squeeze could create a structural bid for DOT over the coming months.
The $610K in DOT short liquidations is a relatively modest number in the grand scheme of crypto derivatives. But it was enough to catalyze a 20% move, which tells you something about how thinly positioned the market was.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Polkadot’s governance system is in the process of deciding whether the network should mint its own US dollar-pegged stablecoin, and the vote isn’t exactly close. Referendum #1944, which proposes creating a decentralized stablecoin called dotUSD, has attracted 97.5% support from voters so far, with roughly 2.31 million DOT cast in favor against just 59,900 opposing votes.
The proposal calls for $5 million in initial liquidity, split evenly between $2.5 million in USDT for minting the stablecoin and $2.5 million in DOT allocated to a liquidity pool. If approved, dotUSD would become the default stable-value instrument across Polkadot’s ecosystem, a move designed to cut the network’s dependence on third-party stablecoins like USDT and USDC.
How dotUSD would actually work dotUSD would be an over-collateralized stablecoin primarily backed by DOT, Polkadot’s native token. The liquidity pool would pair USDT with DOT on Asset Hub, giving dotUSD holders a pathway to swap in and out of the stablecoin. Over-collateralization means more DOT is locked up than the dollar value of dotUSD minted, providing a buffer against price drops in the underlying asset.
This is a protocol-level decision, not a private company launching a product. The proposal is moving through Polkadot’s OpenGov system on the Root track, which handles the network’s most consequential governance decisions. Contributions backing the initiative come from builders within the Polkadot ecosystem itself.
Polkadot’s second stablecoin attempt This isn’t actually Polkadot’s first crack at a native stablecoin. A previous proposal for a DOT-backed stablecoin called pUSD secured over 75% support earlier in 2025, with more than $5.6 million in DOT committed to the effort.
The referendum is currently in its deciding phase, meaning the vote has passed the initial support threshold and is now running through the full decision period required by OpenGov’s rules.
Why this matters for Polkadot’s DeFi ambitions Polkadot’s DeFi sector has historically been smaller than its peers, partly because the network’s architecture, built around specialized parachains, fragments liquidity across multiple chains. A protocol-owned stablecoin could serve as connective tissue, giving traders and developers a single stable asset that works natively across the ecosystem without relying on Circle or Tether to maintain bridge infrastructure.
External stablecoins carry counterparty risk. If Tether or Circle ever restricted access to their tokens on Polkadot, the ecosystem would have no fallback. dotUSD, backed by DOT sitting in Polkadot’s own smart contracts, removes that single point of failure.
An over-collateralized stablecoin backed primarily by DOT means the stablecoin’s health is tethered to DOT’s price performance. A severe and prolonged decline in DOT could strain the collateral ratio, potentially requiring liquidations or additional capital injections to maintain the peg.
The $5 million initial liquidity figure is modest by industry standards. For comparison, DAI’s total supply sits in the billions, and even smaller ecosystem stablecoins typically launch with larger war chests.
If dotUSD gains traction, it creates persistent demand for DOT as collateral. Every dollar of dotUSD minted requires more than a dollar’s worth of DOT locked up, effectively removing supply from circulation.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Project World is continuously optimizing its front-end UI, with user deposits secure and transactions functioning normally.
World, a full on-chain prediction market in the Solana ecosystem, announced in a post that its website is currently experiencing high traffic, with over 1 million users accessing the platform. User deposits remain secure, platform transactions are executing normally, and backend systems are operating as expected. The team is continuing to optimize the frontend user interface, and the overall operation of the platform is in good condition.
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Iranian officials have stated that Iran will escalate its retaliatory strikes in response to the U.S. attack. (Jinshi)
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US Treasuries extended their decline after the repurchase announcement, with the market viewing the $6 billion cap as insufficient.
The U.S. Treasury Department said it will purchase between $40 billion and $60 billion in long-term government debt in the first operation of its expanded repurchase program, demonstrating Secretary Bessent’s resolve to curb the recent rise in borrowing costs. U.S. Treasuries extended their earlier decline following the announcement, indicating the program’s size fell short of some investors’ expectations. The success of the expanded purchase program remains to be seen. After the program was first announced last month, yields fell before rebounding later. The benchmark 10-year yield hit its highest level since 2023 last week. Economist Guha, a former staffer at the New York Fed, noted: “The challenge always lies in whether the impact of these interventions can persist without larger fundamental changes.” Moreover, the maximum size of the repurchase operation does not mean the Treasury will necessarily purchase that amount of Treasuries. However, in repurchases targeting long-term nominal debt, the department typically buys the full amount; since the program was relaunched in 2024, it has only failed to do so in two of 52 such operations. (Jinshi)
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Solana ecosystem prediction market World officially launches, opening to over 1 million waitlist users.
Solana ecosystem full on-chain prediction market World announced that its independent platform World.xyz has officially launched, with over 1 million users on its waitlist. The platform offers thousands of markets spanning sports, cryptocurrency, politics, finance, economics, and culture, covering all NFL regular seasons, 7 soccer leagues, F1 races, the 2026 U.S. midterm elections, and Federal Reserve interest rate decisions. Since integrating Phantom in July, World has launched more than 150,000 markets. Each market on the platform consists of "Yes" and "No" contracts, priced between $0 and $1, and settled using Phantom’s U.S. dollar stablecoin CASH. Technically, World leverages Chainlink Data Streams and Chainlink Runtime Environment to provide market data and automated settlements, reducing manual intervention and dispute resolution wait times. Prediction markets for stock price movements, gold, silver, oil, natural gas, computing power, and weather will be rolled out sequentially.
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Polkadot’s community has opened a governance vote on a native decentralized stablecoin called dotUSD, with a proposal to make the dollar-pegged asset the network’s primary stable-value instrument and eventually back it mainly with DOT.
Summary
Polkadot OpenGov is voting on a proposal to create dotUSD as the network’s native decentralized stablecoin. The plan calls for $5 million in initial DOT and USDT liquidity for a DOT and dotUSD pool. dotUSD would initially be minted against USDT before a second phase introduces DOT backed vaults, liquidations and redemptions. The full system would let users lock DOT to mint dotUSD while using on chain mechanisms to maintain its dollar peg. According to OpenGov Referendum 1944, the proposed stablecoin would be owned by the protocol and operate autonomously through on-chain logic, without a centralized issuer. The proposal was drafted with contributions from builders, developers and other participants in the Polkadot ecosystem.
The proposal remains in the decision stage at the time of writing. Its implementation would create dotUSD as a new asset, recognize it as the Polkadot stablecoin and establish a DOT/dotUSD liquidity pool on Polkadot Asset Hub.
An archived Polkassembly snapshot showed 2.4 million DOT voting in favor and 59,900 DOT against, equivalent to 97.5% Aye and 2.5% Nay at that point in the vote. The archive cautioned that the figures were frozen while the referendum was still in progress and may not represent the eventual on-chain result.
Polkadot proposes phased launch for dotUSD Under the plan, dotUSD would initially operate differently from the full DOT-backed system envisioned by its developers.
The first phase has already been built on-chain and would allow users to mint dotUSD one-for-one against USDT, subject to a supply cap. Since USDT would provide the reserve backing at this stage, the system would not require an oracle, collateral vaults or liquidation infrastructure.
The proposal seeks to use Polkadot Treasury assets to seed a DOT/dotUSD pool on the Hub decentralized exchange. The version submitted with the referendum allocated $2.5 million in USDT to mint dotUSD and another $2.5 million worth of DOT to the pool, giving it $5 million in initial liquidity.
A more recent version displayed on Subsquare lists $1.5 million in USDT and $1.5 million in DOT for the initial pool, reducing the proposed allocation to $3 million.
dotUSD would be designated a “sufficient asset,” allowing an account to hold the stablecoin without having to maintain a DOT balance. Governance would set parameters for the peg stability module, including the maximum amount of dotUSD that could initially be minted.
Phase two would move dotUSD toward its intended design by introducing DOT-backed collateral vaults, an oracle, a stability pool, liquidations and a redemption mechanism. The proposal describes dotUSD as an overcollateralized stablecoin whose architecture draws heavily from Liquity v2’s BOLD system.
Plans for a DOT-backed stablecoin have been under consideration for more than a year. As crypto.news previously reported in July 2025, Polkadot co-founder Gavin Wood disclosed work on a fully decentralized stablecoin during the Web3 Summit and said a treasury proposal was being prepared to bootstrap its liquidity.
How would the DOT-backed dotUSD system work? Once the second phase is implemented, users would deposit DOT into vaults and borrow dotUSD worth less than the collateral they provided.
The proposal gives an example of 300 DOT priced at $5 each, producing $1,500 in collateral. A user could mint up to $1,000 of dotUSD against the position, corresponding to a collateralization ratio of 150%. If the value of the DOT falls far enough to breach the required collateral ratio, the vault would become eligible for liquidation.
Borrowers would set the interest rates they pay on their own positions. Lower rates would place a vault earlier in the redemption queue, while borrowers willing to pay higher rates could reduce the chance that their collateral is selected for redemption.
Two arbitrage routes are intended to keep dotUSD close to $1. When the stablecoin trades above its peg, users could lock DOT, mint dotUSD and sell it at the higher market price, increasing supply. If dotUSD falls below $1, traders could buy it at a discount and redeem it through the protocol for $1 worth of DOT.
A capped stablecoin buffer is planned alongside the DOT redemption system. Existing stablecoins would back this portion of dotUSD and remain redeemable at $1, providing another route for maintaining the peg without selling the DOT used as collateral.
Liquidations would first be absorbed by a stability pool funded with dotUSD deposited by participants. In return for providing capital, stability pool participants would receive liquidated DOT at a discount while the corresponding dotUSD is burned to cancel the outstanding debt. If the pool runs out of funds, collateral and debt would be redistributed proportionally across the remaining vaults.
dotUSD ties into Polkadot’s new economic model The stablecoin proposal comes after Polkadot changed the economics of DOT, including the introduction of a fixed maximum supply.
The DAO approved a 2.1 billion DOT cap in September 2025, replacing the network’s previous model of uncapped issuance. A subsequent tokenomics upgrade introduced the Dynamic Allocation Pool, or DAP, which receives newly issued DOT and other network income for allocation through governance.
When the new tokenomics framework entered its implementation phase in March, DOT emissions were set to fall 53.6%, while newly minted tokens, transaction fees and slashes were directed into the DAP. Governance can allocate those funds toward staking rewards, treasury spending and other network budgets.
Referendum 1944 proposes using dotUSD within the next stage of that system. Under phase two of the DAP, validators and nominators are expected to receive remuneration in stable assets, while the Treasury would receive a combination of stablecoins and DOT. The proposal says dotUSD would allow those obligations to be denominated in dollars and settled through an asset native to Polkadot.
Polkadot already supports externally issued dollar tokens. USDC became available on Polkadot Asset Hub in September 2023, allowing the stablecoin to move to parachains through the network’s cross-consensus messaging system.
The dotUSD proposal argues that relying on externally issued stablecoins leaves Polkadot applications and treasury operations dependent on outside issuers and their governance. Its proposed full version would instead use DOT as the primary collateral while remaining governed through Polkadot.
The Polkadot Community Foundation said its role is administrative and that it would not issue, control or take custody of dotUSD, DOT or USDT under the proposal. It would not operate the stablecoin or provide liquidity, with dotUSD intended to function through on-chain logic without an issuer.
Implementation of the referendum’s preimage depends on Polkadot system chains being upgraded to version 2.5 under a separate governance proposal, Referendum 1942.
Polkadot [DOT] climbed 11.35% over 24 hours as its dotUSD proposal gained 97.5% governance approval, adding a major catalyst to the recent price recovery.
Specifically, the proposal highlights a native decentralized stablecoin, which is designed to serve as the Polkadot protocol’s key stable-value instrument.
The initiative also proposes $5 million in initial liquidity for a DOT-dotUSD pool on the Polkadot Asset Hub. Additionally, the treasury funds are expected to provide $2.5 million in USDT for minting and allocate another $2.5 million in DOT.
Therefore, the structure will expand DOT’s utility while also improving stablecoin liquidity across the protocol.
Futures sellers challenge renewed DOT demand After the earlier stronger market demand, DOT’s 90-day Futures Taker CVD printed seller dominance at the time of press. This implied aggressive Futures sellers started opposing buyers as DOT advanced toward the $1.282 zone.
Initially, the demand absorbed the supply-side pressure pushing DOT above its previous consolidation structure.
However, the momentum changed when the $1.282 price level rejected further expansion, and eventually the price started retracing.
The taker selling activity, therefore, contrasted with the governance catalyst supporting the broader price recovery.
The derivatives’ pressure, on the other hand, intensified further as the leveraged bullish positions unwound following the rejection at $1.282.
Source: CryptoQuant Long liquidations amplify selling pressure Notably, DOT’s price rejection aligned with approximately $305.57K in long liquidations against only $42.38K in shorts.
According to CoinGlass, Binance accounted for roughly $246.29K of the long liquidations, reflecting the exchange with the most losses across tracked exchanges.
The long liquidations imply that the leveraged buyers absorbed substantially heavier losses as the token retreated away from the $1.282 supply zone. Additionally, forced long closures also strengthened the ongoing seller dominance across the futures markets.
Combined, the liquidation imbalance and Futures Taker CVD, therefore, reinforced the derivatives-driven selling narrative behind DOT’s retracement.
Notably, this leverage pressure also coincided closely with the emerging exhaustion indicator across the technical price structure.
Source: CoinGlass Is DOT’s $1.282 rejection signaling exhaustion? Polkadot broke above the $0.946 and $1.044 resistance levels before rallying towards the $1.282 resistance zone, where buyers failed to sustain further advance.
The rejection provided a sharp red candle towards the $1.192 level, signaling possible profit-taking after the sharp price breakout.
Notably, the price and RSI earlier formed an upward convergence, confirming stronger buying pressure as the rally unfolded. However, the RSI also retreated from 85.26 to 75.95 following the price rejection at the $1.282 zone.
However, despite the correction, the MACD indicator remained bullish, with its line holding above its signal line.
Additionally, the positive histogram has expanded, showing that the broader bullish technical structure retained some strength despite the immediate selling pressure.
Therefore, the $1.044 price level would become the key support if the retracement deepens further. Holding above this support level could revive another attempt of the $1.282 resistance, but a break below could expose the $0.946 support zone.
Source: TradingView Final Summary DOT’s dotUSD catalyst supported demand, but $1.282 triggered clear short-term exhaustion. Futures selling and long liquidations increased pressure as DOT retraced from resistance.
