At the same time, marketplaces Collector Crypt and Phygitals have established similar businesses, and they issue their respective NFTs on Solana . Another project called RIP.FUN is in closed beta on the Ethereum scaling network Base . The NFTs issued by these firms are permissionless, so anyone can build an application that supports them on-chain.Courtyard emerged as a marketplace for tokenized Pokémon cards, and other collectibles, on Ethereum scaling network Polygon in 2021. And its business has been grow ...

For some DeFi projects, when airdrop rewards dry up, it kickstarts a terminal liquidity decline from which they don’t recover. DeFi lending protocol Gearbox has defied that pattern. Last year, its total value locked fell 80% from its $410 million peak. Users caused the slump by abandoning Gearbox when opportunities to farm airdrops of restaking services like Renzo shrank. TVL is a metric that measures the amount of deposits to a DeFi protocol. Yet, Gearbox’s TVL has since bounced back to $340 million, D ...

Galaxy Digital withdrew $40 million worth of Solana from Binance and Coinbase on September 10, signaling a strong conviction in the token’s long-term value. The move comes as Solana’s decentralized finance (DeFi) ecosystem breaks new records, with total value locked (TVL) climbing to record highs. Galaxy Digital’s Bullish Bet on Solana Galaxy Digital’s SOL withdrawal aligns with the Mike Novogratz-led firm’s deepening ties to the Solana ecosystem. The firm, alongside Jump Crypto and Multicoin Capital, ...

Core Viewpoint - US banks are criticized for focusing on stablecoin competition rather than improving deposit interest rates, which has led to a long-standing model that exploits depositors as a free source of capital [2][4]. Group 1: Stablecoin Competition - Stablecoins, particularly those offering yields, pose a threat to traditional banking by potentially drawing away deposits from banks [2][3]. - Community and regional banks are particularly vulnerable as they rely heavily on customer deposits for issuing loans and lack access to wholesale funding markets [3]. Group 2: Legislative Response - Banking lobbyists are advocating for tighter stablecoin regulations, specifically targeting yield offerings under the GENIUS Act [4][7]. - Concerns have been raised that yield-bearing stablecoins could lead to significant withdrawals from US banks, as highlighted by Citi [3]. Group 3: Market Dynamics - Stablecoin platforms are offering returns of up to 5%, while the average US savings account yields only 0.6%, making stablecoins a more attractive option for savers [5][8]. - The shift towards stablecoins is driven by lower transaction costs, instant transfers, and the absence of holding fees compared to traditional banks [6]. Group 4: Future Implications - It is argued that while banks may see reduced deposits, capital will not disappear but will instead flow through alternative channels such as decentralized finance (DeFi) applications [4][5]. - The transition to stablecoins is expected to benefit individual savers while impacting bank profit margins [5][8].

Kinto, a blockchain project operating on Arbitrum, has announced that it will cease operations at the end of September, following a catastrophic $1.6 million hack in July that rendered the platform insolvent. The decision essentially represents a bankruptcy for the start-up, which had touted itself as a safer version of traditional DeFi because it verified users and insured wallets. The crash is the result of a smart contract loophole on Kinto's chain, which was exploited by attackers to mint 110,000 fak ...

Cryptocurrency exchange Kraken has expanded its xStocks offering to millions of clients across the European Union, providing on-chain access to U.S. equities to investors in the region. The expansion enables eligible European investors to trade tokenized versions of popular U.S. stocks and exchange-traded funds (ETFs) directly through the Kraken app. "Expanding xStocks to the European Union was a natural next step for Kraken, given our dedicated growth strategy and market presence here. For too long, it' ...

Core Insights - HYPE crypto reached a new all-time high of $55.04 on September 9, driven by institutional interest and new bids in the Hyperliquid ecosystem, positioning it among the top 15 digital assets by market rank [1][5] - Solana (SOL) remains stable in the $215-$220 range, maintaining its status as the sixth-largest cryptocurrency by market cap, setting up a direct comparison with HYPE's recent performance [2][6] - HYPE's price broke out from a consolidation phase between $44 and $47, surpassing key moving averages, which triggered significant buying activity [3][4] Price Analysis - The breakout was confirmed by increased trading volumes and a series of green candles, indicating strong buyer conviction, with resistance emerging near $54 [4][5] - Current trading price of HYPE is $53.4, reflecting a 5.6% increase in the last 24 hours, with first support near $50 and a potential upside target between $55 and $57 [5][6] Institutional Activity - Nasdaq-listed Lion Group plans to convert its SOL and SUI holdings into HYPE, intensifying competition for control over Hyperliquid's proposed USDH stablecoin, a crucial component of its DeFi infrastructure [6][7] - Ethena Labs has become the sixth bidder for Hyperliquid's USDH, proposing a stablecoin fully backed by USDtb, linked to BlackRock's BUIDL fund [7]

Core Insights - OKX has partnered with Tether to integrate USDT0 onto its X Layer, enhancing liquidity access for users across decentralized finance ecosystems [1][5] - USDT0 is designed to facilitate seamless omnichain transfers, ensuring each transfer is verifiable and backed 1:1 by canonical USDT, thus improving transparency and reducing complexity [3][4] - The integration aims to create a more efficient infrastructure for on-chain finance by enabling faster settlements and direct liquidity movement between centralized and decentralized markets [4] Company Developments - X Layer is positioned as OKX's dedicated Ethereum Layer 2 network, aimed at connecting users and developers to the broader Ethereum ecosystem, providing a streamlined user experience [5] - Star Xu, CEO of OKX, emphasizes the importance of USDT0 in empowering customers with stable omnichain liquidity and bridging centralized and decentralized finance [5] Market Impact - USDT0 has achieved over $11.3 billion in bridge volume within less than a year, with more than 251,000 cross-chain transfers, making it the most active OFT in the LayerZero ecosystem [6] - The expansion of USDT0 is seen as a significant step in making stablecoins more usable and reducing friction in on-chain finance, according to Lorenzo R., co-founder of USDT0 [7]

Core Insights - SOL reached $219, with Forward Industries raising $1.65 billion, indicating a significant liquidity influx for Solana and its ecosystem [1][4] - Bitcoin increased by 3% to $113K, influenced by weak U.S. jobs data, which also positively impacted Solana's performance [2] - Solana's ecosystem market cap grew by 4% to $283 billion, with trading volume at $26 billion [3] Market Developments - Forward Industries completed a record treasury deal, raising $1.65 billion in cash and stablecoins, supported by major firms like Galaxy Digital and Jump Crypto, leading to a 128% surge in its share price [4] - Solana's performance improved with SOL rising 8% to $219, aided by Gemini's launch of Solana staking and USDC perpetuals in Europe [6] - SOL Strategies became the first Solana treasury approved for Nasdaq listing, trading under the ticker STKE, while Galaxy Digital tokenized its SEC-registered shares on Solana [7] DeFi Insights - Solana's total value locked (TVL) in DeFi increased by 6% to $12.2 billion, previously reaching an all-time high of $14.4 billion [10] - Weekly DEX volume for Solana decreased by 14%, while the 30-day cumulative volume reached $124 billion [11]

Core Insights - DeFi Development Corp. has launched .dfdv domains in partnership with AllDomains, aimed at enhancing digital identity within the Solana ecosystem [1][2] - The initiative is part of a broader strategy to build community identity and support the growth of Solana, with proceeds from domain sales contributing to the company's SOL treasury [1][4] Company Overview - DeFi Development Corp. is the first public company in the US with a treasury strategy focused on accumulating and compounding Solana (SOL) [1][5] - The company provides investors with direct economic exposure to SOL while participating in the growth of the Solana ecosystem through treasury holdings and staking [5] Partnership and Collaboration - The partnership with AllDomains marks the beginning of a broader collaboration, which includes plans to launch a joint validator to support decentralization and community engagement [2][4] - AllDomains is a Web3 infrastructure provider on the Solana blockchain, offering customizable domain names and top-level domains (TLDs) [8] Benefits of .dfdv Domains - The .dfdv domains serve as a digital wallet address, enhancing community alignment and expanding DFDV's digital presence in the crypto ecosystem [1][2] - The initiative aims to create a shared identity for DFDV shareholders and Solana users, promoting engagement within the ecosystem [8]