Binance Academy

Key Takeaways

Momentum is a decentralized finance (DeFi) hub built on the Sui blockchain, offering trading, staking, and asset management within a single unified ecosystem.

The platform features Momentum DEX for concentrated liquidity trading, xSUI for liquid staking, and MSafe for secure multi-signature treasury management.

Momentum expands beyond Sui through Wormhole’s cross-chain technology, enabling users to access and trade assets from multiple blockchains.

MMT is the protocol’s native token. It’s used for bonding through a vote-escrow model, governance, community rewards, and privileged access within the ecosystem.

What Is Momentum?

Momentum is an all-in-one decentralized finance (DeFi) hub built on the Sui blockchain. The platform acts as a liquidity foundation for the Sui ecosystem, offering tools for trading, staking, and asset management within a single environment. 

On Momentum, you can:

Trade Sui-native and cross-chain assets on Momentum DEX, a decentralized exchange that offers tighter spreads and lower slippage.

Stake SUI and receive xSUI, a liquid token that earns staking rewards while remaining usable across DeFi applications.

Manage funds securely with MSafe, a multi-signature wallet for treasury operations and token vesting.

Access Momentum Vaults, which offer curated strategies that automatically generate yield based on on-chain activity.

Key Features 

Momentum DEX

Momentum DEX is a decentralized exchange built on the Sui blockchain using a concentrated liquidity model similar to Uniswap V3. This design enables liquidity providers to allocate capital within specific price ranges, increasing efficiency and reducing slippage for traders.

The exchange uses Sui’s Programmable Transaction Blocks (PTB) to bundle actions, such as swapping, adding liquidity, and staking, into a single transaction, improving execution and reducing costs. Through cross-chain integration with Wormhole, an interoperability protocol, Momentum DEX supports trading across multiple networks while offering low transaction fees and advanced liquidity management tools for both retail and institutional users.

xSUI

xSUI is a liquid staking token that represents staked SUI within the Momentum ecosystem. When you stake SUI through Momentum, you receive xSUI in return, which continues to earn staking rewards while remaining fully liquid.

xSUI can be used across DeFi applications such as lending markets, liquidity pools, or as collateral, allowing you to earn additional yield without locking SUI. This approach lowers the entry barrier to staking, allowing anyone to earn rewards and contribute to the security of the Sui Network.

MSafe

MSafe is a multi-signature wallet designed for secure treasury management and token vesting on Move-based blockchains, including Sui, Aptos, and Movement. The wallet allows you to set custom approval rules for transactions, adding an extra layer of security to fund movements and governance actions.

Organizations can use MSafe to lock, schedule, and release tokens through transparent on-chain smart contracts, reducing the risks associated with manual operations or centralized control. The wallet also connects to a curated decentralized applications (DApp) store, allowing teams to interact with DeFi protocols safely under multi-signature authorization.

Scheduled Product Launches

Momentum is preparing several new product releases in 2026. In Q1 2026, the platform plans to introduce a Perpetual DEX, adding support for derivatives and perpetual futures trading on the Sui blockchain. Momentum’s Token Generation Lab (TGL) is also scheduled for launch in the same quarter as a dedicated platform for established projects, offering strategic partnerships, liquidity support, and transparent token distribution.

In Q2 2026, Momentum X is expected to launch as an institutional-grade platform that integrates trading and compliance within a single system. Built on the Sui technology stack, it will feature a universal Know Your Customer (KYC) and Anti-Money Laundering (AML) framework that enables verified users to access tokenized assets and markets through a secure and unified platform.

The MMT Token

MMT is the native token of the Momentum protocol, available on the Sui network. It’s used within Momentum’s ecosystem for a variety of purposes, including:

Bonding mechanism: MMT uses a vote escrow model. When you bond MMT, you receive veMMT, which grants governance power based on the amount bonded and the lock duration. 

Governance: veMMT holders can vote on proposals, parameter updates, emission schedules, and other governance decisions that shape the ecosystem's direction.

Community rewards: MMT is distributed to encourage network participation, rewarding users who trade, provide liquidity, vote, or contribute to the ecosystem’s growth.

Privileged access: Holding veMMT grants you access to certain benefits within the ecosystem, including early participation in new yield vaults, priority allocations in the Token Generation Lab, and early access to upcoming products and features.

Momentum (MMT) on Binance HODLer Airdrops

On November 3, 2025, Binance announced MMT as the 56th project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from November 17 to 19 were eligible to receive MMT airdrops. A total of 7.5 million MMT tokens were allocated to the program, accounting for 0.75% of the genesis total token supply.

MMT was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB and TRY pairs.

Closing Thoughts

Momentum is a DeFi hub on the Sui blockchain that combines trading, staking, and asset management under a single framework. Through products such as Momentum DEX, xSUI, and MSafe, the platform provides the infrastructure for liquidity, governance, and yield generation across Move-based networks. With several new releases planned for 2026, Momentum is positioned to continue supporting the development and growth of the Sui ecosystem.

Further Reading

What Are DeFi Aggregators and How Do They Work?

How to Analyze DeFi Projects

What Is Uniswap V4?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Kite is developing a blockchain platform for agentic payments, enabling autonomous AI agents to transact with verifiable identity and programmable governance.

The Kite blockchain is an EVM-compatible Layer 1 network designed for real-time transactions and coordination among AI agents.

The platform features a three-layer identity system that separates users, agents, and sessions to enhance security and control.

KITE is the network’s native token. The token’s utility launches in two phases, beginning with ecosystem participation and incentives, and later adding staking, governance, and fee-related functions.

What Is Kite?

Kite is an EVM-compatible Layer 1 blockchain designed for agentic payments, enabling you to create and manage autonomous artificial intelligence (AI) agents. The platform provides a secure and verifiable environment where agents can hold unique identities, process payments, and operate according to programmable rules defined by their users.

AI Agents

AI agents are autonomous programs that can perform tasks, make decisions, and manage digital interactions on your behalf. While most existing agents can generate content or analyze data, they typically rely on centralized platforms and may lack the means to handle financial transactions independently.

Kite is developing the infrastructure that provides AI agents with verifiable identities, permission controls, and programmable rules that define how they operate. With state channel payment rails, Kite aims to enable AI agents to send and receive real-time, low-cost micropayments securely across the network.

The Kite blockchain

The Kite blockchain uses a Proof of Stake (PoS) consensus mechanism to support real-time and low-cost transactions. The network acts as the coordination layer for autonomous AI agents, enabling fast payments, secure data attribution, and on-chain reputation tracking.

Kite features a modular ecosystem called Modules, where users can access or host AI services, including datasets, models, and computational tools. Each module connects to the main blockchain for settlement and governance, forming an open marketplace where developers can publish, deploy, and monetize their work. 

Modules operate as semi-independent communities, focusing on specific use cases such as large-scale data processing, privacy-preserving computation, or AI model training. Module owners oversee membership, invite contributors, and manage the distribution of rewards.

Participants can earn KITE, the network’s native token, based on their involvement in the ecosystem. Contributors who build or provide AI services are rewarded for the usage of their assets. Module owners receive income tied to on-chain activity within their modules, and validators earn staking rewards for maintaining network security.

Architecture

Kite uses a three-layer identity architecture that defines how users, agents, and sessions interact within the network.

User: The user is the main owner and source of trust. They manage the master wallet, set overall policies, and decide what their AI agents can do. All permissions and spending limits originate from the user’s authority. 

Agent: Each agent receives its own wallet address, derived from the user’s master key, using the BIP-32 standard, a protocol that allows for the secure creation of multiple linked wallets from a single root key. This allows users to delegate control safely without sharing private keys.

Session: A session is a temporary identity for short-lived actions, such as a single payment or API call. Session keys are randomly generated and expire after each use, reducing exposure in the event of a compromise.

If a session key is compromised, it only impacts a single interaction. If an agent’s key is exposed, its actions are still restricted by the user’s predefined rules. This layered design provides multi-level protection, while each interaction also contributes to a shared reputation system that reinforces trust across the network.

Payment Rails

Kite introduces payment rails designed for AI agents, using state channels to enable fast and efficient transactions. Instead of going through multiple intermediaries, agents can transact directly through secure, off-chain channels. 

Only the opening and closing of each channel are recorded on-chain, while all other transactions occur instantly between participants. This design supports microtransactions, making it easier for autonomous agents to exchange value, pay for services, or access data in a verifiable and scalable manner.

Use Cases

Kite can support a variety of applications by enabling automated payments and authenticated AI transactions, including:

Retail transactions: AI agents can handle online shopping for consumers, with Kite enabling secure delegation and verified payments through the Kite Passport and the Kite Payment API.

Manufacturing: Manufacturers can automate sourcing and supplier orders using AI agents, while Kite provides delegation proof and stablecoin payments to reduce foreign exchange costs. 

Portfolio management: AI agents can manage portfolios automatically, with Kite adding programmable risk controls and guardrails for safer and more transparent trading.

Digital services: AI agents can pay for APIs, data, and tools directly, using the Kite Passport and the Layer 1 blockchain for stablecoin transactions.

The KITE Token

KITE is the native token of the Kite protocol, with a maximum supply of 10 billion tokens. The token’s features will be introduced in two phases to support early participation and long-term ecosystem growth, with the second phase launching alongside the mainnet.

Phase 1

Liquidity: Module owners must lock KITE in liquidity pools paired with their module tokens to activate and maintain their modules.

Ecosystem access: Builders and AI service providers need to hold KITE to participate in the ecosystem.

Incentives: A portion of KITE is distributed to users and businesses that contribute value to the network

Phase 2

AI service commissions: The protocol converts a small fee from AI service transactions into KITE and then redistributes it to modules and the Kite Layer 1 blockchain.

Staking: Users can stake KITE to secure the network and earn rewards. Module owners, validators, and delegators align their incentives by staking on specific modules they support.

Governance: KITE holders can participate in governance by voting on proposals related to protocol upgrades, incentive programs, and performance standards.

Kite (KITE) on Binance Launchpool

On October 31, 2025, Binance announced KITE as the 71st project on the Binance Launchpool. Users who locked their BNB, FDUSD, and USDC during the farming period were eligible to receive KITE rewards. A total of 150 million KITE tokens were allocated to the program, accounting for 1.5% of the total token supply.

After the farming period, KITE will be listed for trading on Binance with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, and TRY pairs.

Closing Thoughts

Kite is a Layer 1 blockchain to support the integration of AI agents into digital economies. With features such as verifiable identity, programmable governance, and real-time payments, the platform allows these agents to operate securely and transparently. Kite’s modular design connects users, developers, and validators, creating an open framework where AI agents can transact and collaborate within on-chain environments. 

Further Reading

Blockchain Layer 1 vs. Layer 2 Scaling Solutions

Top 6 Artificial Intelligence (AI) Cryptocurrencies

What Are Appchains (Application-Specific Blockchains)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Fartcoin is a meme coin launched on the Solana blockchain through Pump.fun, a memecoin launchpad that facilitates the creation and trading of tokens.

The idea for Fartcoin came from Truth Terminal, an AI agent created by Andy Ayrey, making it one of the first meme coins inspired by artificial intelligence.

Fartcoin’s price and popularity largely depend on social media attention and speculation, rather than its practical utility.

Like most meme coins, Fartcoin is highly volatile and should be approached with caution as a lighthearted cultural experiment rather than a traditional investment.

What Is Fartcoin?

Fartcoin is a meme coin launched on 18 October 2024 through Pump.fun, a meme coin launchpad on the Solana network. Unlike traditional cryptocurrencies that focus on finance, governance, or DeFi applications, Fartcoin draws its appeal from internet culture. The coin’s simple and relatable concept, “everyone farts,” helped it connect with a broad online audience. 

The project initially invited users to submit fart jokes or memes to earn tokens, using humor as a creative way to distribute its supply and engage the community during its launch phase. With the tagline “the token that breaks wind, not banks,” Fartcoin highlights the lighter side of crypto through humor and community-driven cultural expression.

Origins 

Fartcoin began as a concept generated by artificial intelligence (AI) rather than a traditional cryptocurrency project. The concept was created by an AI agent called Truth Terminal, developed by Andy Ayrey in collaboration with another AI model, Claude Opus.

During an online exchange, Truth Terminal proposed creating a meme-based cryptocurrency that captured the humorous and experimental side of the crypto community. This idea later evolved into Fartcoin, which was launched through Pump.fun on the Solana blockchain, using the SPL token standard.

From the beginning, Fartcoin was designed as a lighthearted project built around the idea that “everyone farts,” blending humor, community engagement, and internet culture. There have also been claims that Fartcoin transactions include a digital fart sound as part of a “gas fee” feature; however, there is no verified evidence to support this.

Supply and Distribution

Fartcoin launched with a total supply of 1 billion tokens on the Solana blockchain. At launch, around 20.1 million tokens were reportedly allocated to Truth Terminal. This portion was mainly symbolic, recognizing the AI’s role in shaping the idea while also serving as a marketing gesture that connected the token to its AI-driven origins.

The remaining tokens were made available to the public through open trading and community participation. Instead of a presale or private allocation, early users were encouraged to submit fart-related jokes or memes to receive tokens. This approach emphasized participation and community involvement over traditional fundraising mechanisms.

Risks and Considerations

High volatility

Like most meme coins, Fartcoin is highly volatile. The coin’s price can be influenced by social media trends, influencer activity, and speculation rather than underlying fundamentals. 

Limited utility

Fartcoin has no clear financial or technological use case. The meme coin primarily serves as a form of online entertainment and cultural expression, meaning its long-term value depends heavily on ongoing community interest.

Copycat risks

Fartcoin’s popularity has led to the creation of similar or imitation tokens. These copycat coins can dilute the project’s originality and create confusion among investors. As with some viral crypto projects, oversaturation in the market can quickly reduce long-term interest and appeal.

What’s Next for Fartcoin?

In January 2025, Andy Ayrey, the creator of Truth Terminal, carried out an over-the-counter (OTC) sale of Fartcoin to help fund a foundation dedicated to supporting the AI project’s development and long-term independence. The sale was conducted privately to minimize market impact, with proceeds directed toward legal, technical, and operational efforts for the foundation.

The future of Fartcoin remains uncertain and will depend on factors such as community engagement, overall market conditions, and continued interest in the Truth Terminal project. Like most meme coins, it’s highly speculative and can experience significant price fluctuations depending on market sentiment.

Closing Thoughts

Fartcoin is a meme coin that blends humor, community participation, and AI-inspired storytelling through its connection to Truth Terminal. Fartcoin’s lighthearted concept and viral origins have made it stand out in the crowded meme coin space, attracting both curiosity and discussion within the crypto community.

However, like most meme coins, Fartcoin is highly speculative and unpredictable. If you’re thinking about getting involved, make sure to do your own research and never invest more than you can afford to lose.

Further Reading

What Is a Solana ETF?

Top 6 Artificial Intelligence (AI) Cryptocurrencies

What Is the Official Trump Meme Coin (TRUMP)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

🗞️ In The News
Bitcoin retreated below $110,000, extending its recent pullback.The Federal Reserve approved a second consecutive interest-rate cut.The US market saw the launch of two new Solana ETFs this week, with Grayscale’s GSOL and Bitwise’s BSOL beginning trading. JPYC, Japan’s first yen-backed stablecoin, launched alongside its issuing platform as part of the country’s push to expand its digital asset ecosystem.South Korean custodian BDACS announced plans to issue a won-backed stablecoin called “KRW1” on Circle’s Arc blockchain. Binance has partnered with Bubblemaps to integrate on-chain analysis tools into its Web3 Wallet, providing users with greater visibility into potential insider trading and token manipulation.Ondo Global Markets expanded to BNB Chain, enabling users to access tokenized versions of traditional assets, including stocks and ETFs.


📖 Binance Academy Knowledge
What Is a Solana ETF?What Is a Stablecoin?What Is Bubblemaps (BMT)?Hot vs. Cold Wallet: Which Crypto Wallet Should You Use?What Is Ondo (ONDO)?What Is BNB Chain?


🔥 Binance Blog Highlights
How to Use Stablecoins With Binance Pay — Instant, Borderless, and Gas-FreeBinance Pay Brings Everyday Crypto Payments to Argentina with New QR Feature BNB Boost: Instantly Upgrade Higher VIP Tiers at 2.5% Interest and Zero Collateral How to Use Binance Crypto Analysis Bot: Ultimate Guide for Traders Binance Expands in Africa With Seamless and Localized Crypto Access in 30+ Countries

Key Takeaways

Story (IP) is a blockchain platform specifically designed to build a peer-to-peer intellectual property (IP) network.

It provides a universal ledger for registering, exchanging, and monetizing knowledge and creative assets without relying on centralized intermediaries.

Story features a multi-core architecture, including specialized execution cores that handle intellectual property as a native asset class.

The platform enables programmable IP markets and supports the integration of artificial intelligence (AI) by acting as a settlement layer for AI transactions involving intellectual property.

Its native token, IP, facilitates transactions, staking, and incentivizes honest participation within the network.

Introduction

In today's digital world, intellectual property plays an important role in creativity, innovation, and knowledge sharing. But traditional IP systems often depend on centralized institutions, which can create inefficiencies and limit the fair monetization and exchange of intellectual assets.

Story (IP) aims to address these challenges by offering a blockchain protocol that enables individuals and entities to register, trade, and monetize intellectual property assets directly, transparently, and programmatically.

What Is Story (IP)?

Story is a blockchain network designed to create a programmable marketplace for knowledge and creativity. It allows intellectual property assets (e.g., creative works, scientific data, machine learning models, etc.) to be represented and exchanged as native digital assets on an open ledger.

Story offers a universal repository for IP assets combined with a programmable market where these assets can be traded, licensed, or monetized under customizable terms set by their owners. This peer-to-peer system removes the need for intermediaries and reduces transaction costs, increasing the accessibility and liquidity of intellectual property.

How Does Story Work?

Multi-core architecture

Story uses a multi-core execution environment, with a main core compatible with Ethereum Virtual Machine (EVM) and multiple other specialized cores. One key specialized core is the Intellectual Property (IP) core, which manages IP registration, licensing, and economic relationships on-chain. This core supports complex IP graphs that track ownership, licenses, and derivations of assets.

Proof of Creativity Protocol

Built on the IP core, the Proof of Creativity (PoC) protocol serves as an open IP repository. It records the genealogy of intellectual property assets as they evolve, are expanded, and monetized across applications. PoC introduces programmable licenses and royalty modules, allowing IP holders to automate licensing terms and revenue sharing. This structure ensures transparent and fair compensation throughout the value chain of any IP asset.

The IP Token

The native IP token is used as the medium of exchange within the Story network. It enables payment of fees, incentivizes validators who maintain the network’s security through staking, and facilitates economic flows related to intellectual property usage, such as royalties and licensing fees. The IP token also supports AI-related transactions and communications between autonomous agents operating within the network.

Cross-chain and off-chain integrations

Story supports cross-chain communication, allowing IP assets to be used across blockchains and decentralized finance (DeFi) platforms without losing ownership or control. It also integrates oracles and off-chain services that attest to IP authenticity, validate ownership, and assist with legal disputes.

Use Cases and Applications

Story’s framework enables a variety of novel use cases in the intellectual property and AI domains:

Universal market for intellectual property: Allows direct, programmable peer-to-peer IP transactions, which can include licensing, revenue sharing, and fractionalization of IP assets.

AI model and dataset markets: Registers and monetizes AI training datasets, foundation models, and fine-tuning packages.

Agent-based commerce: Enables autonomous AI agents to negotiate, license, and transact IP assets on behalf of users in a trustless way.

Legal and compliance: Through programmable licenses and off-chain attestations, Story can create enforceable agreements and dispute resolution mechanisms.

Closing Thoughts

Story offers a new model for intellectual property management using blockchain technology. By creating a decentralized network, Story can help reduce dependence on central authorities and improve transparency, fairness, and efficiency in IP management.

Further Reading

Top 6 Artificial Intelligence (AI) Cryptocurrencies

What Is NEAR Protocol (NEAR)?

What Is Bittensor (TAO)? 

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Bittensor is a decentralized platform that enables the creation of incentive-driven commodity markets, focused primarily on artificial intelligence (AI).

Its native token is called TAO, and is used to reward participants for contributing with computational resources, validation, and market creation.

The platform is made up of different subnets, which are smaller communities that work on specific AI tasks with miners (who provide resources) and validators (who check the work).

Bittensor uses a consensus method called Yuma Consensus to agree on the quality of AI tasks without putting all the data directly on the blockchain.

The architecture promotes open ownership and democratizes control of AI technologies through transparent, decentralized participation.

Introduction

The field of artificial intelligence (AI) has often been dominated by large technology companies, raising concerns about the concentration of power and control. Bittensor is a decentralized AI platform designed to enable open participation, ownership, and development of AI resources by distributed communities worldwide. 

By combining blockchain technology with incentive-based digital commodity markets, Bittensor aims to build a scalable AI ecosystem that empowers developers, businesses, and users.

What Is Bittensor?

Bittensor is a decentralized computing platform focused on building interconnected marketplaces for AI-related digital commodities. Bittensor has multiple subnets that work as independent digital marketplaces and operate under a unified token system powered by TAO.

Unlike traditional blockchains that embed validation logic on-chain, Bittensor architecturally separates transaction recording from validation computations. This design leverages off-chain validation processes to support computationally intensive AI workloads such as machine learning model evaluation.

Core Components of the Bittensor Platform

Subnets: Incentive-based AI marketplaces

Each subnet operates as a specialized community producing a distinct type of AI-related commodity. For example, a text prompting subnet rewarding quality prompt completions. Subnets consist of miners (contributors producing the commodities) and validators (entities ensuring quality according to subnet-specific criteria). These independent sub-communities collaborate but maintain unique goals and standards within the overarching Bittensor ecosystem.

Bittensor blockchain and TAO token

The Bittensor blockchain functions as the system of record, tracking token balances, transactions, and staking activities. The native token, TAO, incentivizes participants by rewarding miners and validators based on their performance within subnets and the network’s overall health. Token holders can also stake TAO to validators, supporting their contributions and gaining influence in subnet governance.

Bittensor SDK

To facilitate participation, Bittensor provides an open-source Software Development Kit (SDK) complete with tools, documentation, and tutorials. The SDK enables miners, validators, and developers to interact seamlessly with subnets and the blockchain, supporting broad ecosystem growth and innovation.

Yuma Consensus

The Yuma Consensus mechanism governs agreement between validators on the quality and validity of subnet outputs. This mechanism is agnostic to the type of data being validated, which is essential for handling probabilistic AI outputs, such as machine learning predictions or intelligence assessments. By performing validation off-chain and agreeing on consensus results on-chain, Bittensor is able to maintain flexibility and efficiency, which allows for more scalable and complex AI markets.

Benefits of Bittensor for Stakeholders

For developers

Bittensor offers a platform to build, deploy, and monetize AI-related incentive mechanisms without the complexity of creating new blockchains. Developers can design bespoke digital commodity markets for compute, storage, data, or AI intelligence, fostering innovation within a unified token economy.

For businesses and enterprises

Bittensor provides decentralized access to AI and computing resources at a lower cost and without intermediaries. By consolidating multiple AI infrastructure functions (compute, storage, data acquisition) under one ecosystem, it competes with centralized industry leaders through open participation and tokenized incentives.

For token holders and the public

TAO holders gain governance rights and the opportunity to stake tokens to validators, aligning economic incentives with network growth. The open ownership model ensures that control over emerging AI technologies remains distributed, promoting ethical development and accessibility.

Closing Thoughts

Bittensor is combining blockchain and AI technology, aiming to decentralize resource ownership and democratize AI development. It targets the creation of diverse AI commodity markets under a single blockchain and token. We can think of Bittensor as both a decentralized computer and a language for building scalable AI applications. It combines the power of decentralized markets with machine intelligence.

Further Reading

Top 6 Artificial Intelligence (AI) Cryptocurrencies

What Is NEAR Protocol (NEAR)?

What Is Internet Computer (ICP)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Satoshi Nakamoto, Bitcoin’s mysterious creator, remains the single largest holder with an estimated 1.1 million BTC, mined during the cryptocurrency’s earliest days.

Bitcoin ETFs, led by BlackRock’s iShares Bitcoin Trust (IBIT), collectively hold over 1.1 million BTC, representing a major shift in institutional participation since their U.S. approval in 2024.

Public companies like Strategy and Mara are among the top corporate holders, using bitcoin as a strategic treasury reserve.

Governments around the world are estimated to hold hundreds of thousands of BTC, often acquired through law enforcement seizures, strategic accumulation, or state-backed mining initiatives.

Introduction

Bitcoin has a fixed total supply of 21 million units. As crypto adoption continues to grow worldwide, understanding who owns the most BTC can reveal how it’s distributed and how ownership patterns may affect its long-term stability.

Over time, multiple participants, including early miners, institutional investors, corporations, exchange-traded funds (ETFs), and governments, have become among the largest holders of bitcoin.

The Challenge of Tracking Bitcoin Ownership

While every Bitcoin transaction is publicly recorded on the blockchain, identifying who controls each wallet remains relatively difficult. Bitcoin’s pseudonymous structure means that wallet addresses do not reveal real identities, making it challenging to distinguish between individual investors, institutions, and custodial accounts.

Some BTC are believed to be permanently lost due to forgotten passwords or lost private keys, reducing the amount in active circulation. Ownership patterns can also shift over time as wallets move funds, ETFs rebalance their holdings, governments sell seized assets, and companies adjust their treasury allocations.

Because of these factors, any list of major bitcoin holders should be viewed as a temporary snapshot rather than a confirmed record. This article provides an overview of bitcoin ownership as of October 2025, based on available information.

The Largest Individual Holder: Satoshi Nakamoto

Satoshi Nakamoto, the pseudonymous author of the 2008 Bitcoin whitepaper, is believed to hold about 1.1 million BTC, worth more than $120 billion. These coins are roughly 5% of the total supply, and were mined between 2009 and 2010, when Bitcoin was first launched. While there are many claims about who Satoshi truly is, their real identity remains unknown and could represent either a single person or a group of individuals.

Blockchain researchers estimate that Satoshi mined more than 22,000 blocks, earning 50 BTC for each before the first halving. The bitcoins, spread across thousands of wallet addresses, have never been moved or spent, adding to the mystery around Bitcoin’s founder.

The 1.1 million BTC estimate is based on analyses of early mining patterns, most notably the “Patoshi pattern” (mining signature) identified by researcher Sergio Demian Lerner. While this figure is widely accepted, it remains an educated estimate rather than a confirmed fact.

Satoshi’s most famous Bitcoin address is “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa”, also known as the Bitcoin Genesis Address. This is the address that mined the very first Bitcoin block in 2009 (the Genesis Block). The address holds more than 104 bitcoins.

Source: blockchain.com

Individual bitcoin whales

A bitcoin whale is an individual or entity that holds at least 1,000 BTC. Most whales remain anonymous, but some are known to the public. They include early adopters and miners, crypto investors such as Tim Draper and the Winklevoss twins, and institutional funds or custodians that manage large client holdings.

Because Bitcoin wallets are pseudonymous and funds move frequently, the list of whales is always changing. Even so, many large holders play a role in the market by providing stability during downturns and shaping liquidity across exchanges.

Bitcoin ETFs

In the US, Bitcoin ETFs have become some of the largest holders of bitcoin since their approval in early 2024. These funds allow investors to gain exposure to bitcoin’s price movements through traditional financial markets without directly owning or managing BTC. As of late October 2025, the three major ETF holders include:

BlackRock iShares Bitcoin Trust (IBIT): Managed by BlackRock, IBIT holds about 804,944 BTC, making it the single largest ETF by inflows since its launch.

Fidelity Wise Origin Bitcoin Fund: Managed by Fidelity, FBTC holds approximately 207,151 BTC and offers investors straightforward access to bitcoin through a regulated fund.

Grayscale Bitcoin Trust (GBTC): One of the first bitcoin investment products, GBTC now operates as a spot bitcoin exchange-traded product (ETP) and holds about 177,952 BTC.

Publicly Traded Bitcoin Treasury Companies

A growing number of publicly listed companies now hold bitcoin as part of their treasury reserves, viewing it as a store of value or an inflation hedge. Below are some examples of publicly traded companies that hold bitcoin as part of their treasury strategy.

As of October 2025, there are at least 100 public companies with more than 100 BTC. Some of the biggest holders include:

Strategy: Formerly known as MicroStrategy, Strategy, led by executive chairman Michael Saylor, holds approximately 640,808 BTC, making it the largest public company holder of Bitcoin. The firm continues to expand its holdings through a mix of direct market purchases and financing initiatives.

MARA: A bitcoin mining and infrastructure company with holdings of around 53,250 BTC, accumulated through both mining output and acquisitions.

XXI: The company holds about 43,514 BTC, representing one of the largest bitcoin reserves among publicly traded firms.

Metaplanet: A Tokyo-listed firm that holds approximately 30,823 BTC, reflecting growing corporate interest in bitcoin among Asian companies.

Private Companies

In addition to public corporations, several private companies also hold substantial amounts of bitcoin as part of their business operations or investment strategies. Unlike public firms, they are not required to disclose their holdings, so available figures are based on voluntary reports and industry estimates.

Block.one, the firm known for developing the EOSIO open source software, reportedly holds about 164,000 BTC, making it one of the largest known private holders. Tether, issuer of the USDT stablecoin, is said to own around 87,475 BTC, having added bitcoin to its reserves as part of a broader diversification effort.

Stone Ridge Holdings Group, a US-based financial firm, reportedly holds about 10,000 BTC, purchased in 2020 as part of its long-term investment plan. The actual number of private companies with significant bitcoin holdings could be higher, as many do not disclose such information publicly.

Government Entities 

Several governments around the world hold Bitcoin through law enforcement seizures, state-backed mining, or direct purchases. The United States is estimated to control around 326,588 BTC, much of it recovered from the Silk Road case (an online marketplace closed for illegal activity) in 2013 and the Bitfinex hack in 2016.

In March 2025, US President Donald Trump signed an executive order establishing a strategic bitcoin reserve and a digital asset stockpile. Funded by bitcoin seized in legal cases, the initiative aims to manage these assets as a long-term store of value and to review the government’s existing holdings.

China reportedly holds around 190,000 BTC from the PlusToken scam, while the United Kingdom is said to possess roughly 61,245 BTC linked to financial crime investigations. The United Arab Emirates (UAE) reportedly holds about 6,420 BTC from state-backed mining initiatives.

El Salvador is the only country known to have purchased bitcoin directly, with reported holdings of about 6,363 BTC. The nation adopted bitcoin as legal tender in 2021 to support financial inclusion and attract investment, later making its use voluntary in 2025.

Crypto Exchanges and Custodial Wallets

Many cryptocurrency exchanges hold significant amounts of bitcoin in custodial wallets, which store assets on behalf of their users. These wallets are often among the largest visible on the blockchain, but they do not represent ownership by the exchanges themselves.

Custodial wallets combine funds from many users to facilitate trading, withdrawals, and other platform activities. As a result, their balances fluctuate frequently as the coins are collectively owned by millions of individual account holders.

Closing Thoughts

Understanding who owns the most Bitcoin offers insight into how the world’s first cryptocurrency has matured over time. While Satoshi Nakamoto is believed to hold the largest individual amount, ownership today is spread across a diverse range of holders, including institutions, ETFs, corporations, governments, and private investors.

Further Reading

What Happens After All Bitcoins Are Mined?

How to Use Bitcoin as a Payment Method

What Are Bitcoin Layer 2 Networks?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

BlackRock’s iShares Bitcoin Trust (IBIT) is a spot bitcoin ETF that gives investors exposure to bitcoin’s price without owning BTC directly.

The fund holds bitcoin in cold storage through Coinbase Prime and is listed for trading on the NASDAQ exchange.

IBIT offers liquidity, regulatory oversight, and simplicity for investors, though its performance can be influenced by bitcoin’s price fluctuations and ongoing management costs.

What Is a Spot Bitcoin ETF?

An exchange-traded fund (ETF) is an investment vehicle that pools funds from investors to buy and hold a portfolio of assets, such as stocks, bonds, commodities, or digital assets. ETFs trade on public stock exchanges throughout the day, offering liquidity, transparency, and accessibility. They allow investors to gain exposure to different markets without having to manage the underlying assets themselves.

A bitcoin spot ETF applies this same concept to bitcoin. Instead of holding traditional assets, it tracks the price of bitcoin and allows investors to participate in its market through regulated financial platforms.

There are two main types of bitcoin ETFs:

Spot ETFs: Hold actual bitcoin in custody to reflect its market price.

Futures ETFs: Track the price of bitcoin futures contracts traded on regulated exchanges, rather than holding bitcoin directly.

Each share of a spot bitcoin ETF represents a portion of bitcoin held by the fund, which is stored by a regulated custodian. The share price moves in line with bitcoin’s market value, offering investors a familiar and regulated way to gain exposure to bitcoin.

Spot bitcoin ETFs received regulatory approval in the United States in January 2024, marking a major milestone for the integration of digital assets into traditional finance. Their direct exposure to bitcoin’s price, combined with regulatory oversight, has attracted growing interest from both retail and institutional investors seeking a simple, compliant way to invest in bitcoin.

Who Is BlackRock?

BlackRock is a global asset management firm headquartered in New York. Founded in 1988, the company provides a broad range of investment products and financial services, including ETFs, mutual funds, and portfolio management solutions. The firm works with both institutional and individual clients across different markets and is regarded as one of the major participants in the global investment industry.

BlackRock’s iShares Bitcoin Trust 

The iShares Bitcoin Trust (IBIT) is a spot bitcoin ETF launched by BlackRock, one of the world’s leading asset management firms. Approved by the U.S. Securities and Exchange Commission (SEC) on January 11, 2024, IBIT began trading shortly after on the NASDAQ, a major U.S. stock exchange. This enabled investors to gain exposure to bitcoin’s price movements by buying and selling shares through standard brokerage accounts. 

BlackRock had originally filed its application with the SEC on June 15, 2023, and received approval seven months later. The SEC’s decision marked a major milestone for both the crypto and traditional finance sectors, approving 11 spot bitcoin ETFs on the same day.

Since its launch, IBIT has seen rapid growth and strong investor demand. The fund surpassed $1 billion in assets within its first week of trading and has since become the largest bitcoin ETF globally. As of October 2025, IBIT holds more than 800,000 BTC, representing approximately 3.8% of bitcoin’s total supply.

How IBIT Works

Structure and management

IBIT uses a creation and redemption system to keep its share price closely aligned with bitcoin's actual price. When more investors buy IBIT shares, new shares are issued, and the proceeds are used to purchase additional bitcoin.  

When investors sell, the fund may sell part of its bitcoin holdings to provide liquidity. This process helps ensure that the ETF’s market price accurately reflects the value of its underlying bitcoin. The fund charges a management fee of 0.25% per year, which covers operational and administrative costs.

Custody and security

BlackRock partners with Coinbase Custody Trust Company, also known as Coinbase Prime, to store the fund's bitcoin. The assets are kept in cold storage, meaning they are held completely offline to minimize the risk of hacking or unauthorized access. 

IBIT’s bitcoin is stored in segregated wallets, separate from Coinbase’s own holdings, ensuring clear ownership and transparency. Each wallet is secured with multi-signature authorization, requiring multiple approvals for any transfer. Regular cybersecurity audits are also conducted to help maintain the integrity and safety of the fund’s assets.

Investors who hold IBIT shares do not need to manage any bitcoin private keys or storage directly, as the ETF’s custodian oversees all security and recovery processes.

Benchmark pricing

To track bitcoin’s price accurately, IBIT uses the CME CF Bitcoin Reference Rate (BRR). This benchmark calculates a daily average of bitcoin prices from several major cryptocurrency exchanges. It helps prevent temporary price swings or irregularities on a single exchange from affecting the ETF’s overall value.

Key Features 

Accessibility: IBIT gives investors exposure to bitcoin through traditional brokerage accounts, removing the need for wallets or direct crypto custody.

Liquidity: As one of the most actively traded bitcoin ETFs, IBIT offers deep liquidity and efficient price execution.

Regulated infrastructure: Managed by BlackRock under SEC oversight, IBIT operates within a transparent, compliant framework with Coinbase as its regulated custodian.

Custody and security: All bitcoin backing IBIT is stored offline in Coinbase Custody's cold storage. The assets are safeguarded through segregated wallets, multi-signature authorization, and regular security audits.  

Risks and Considerations

While IBIT provides an alternative and regulated way to gain bitcoin exposure, it’s important to understand the inherent risks:

Market volatility: Bitcoin remains highly volatile, so ETF investors are exposed to its price movements.

Regulatory changes: Future updates to cryptocurrency laws or financial regulations could affect how bitcoin ETFs operate or are taxed.

Custody and counterparty risk: The bitcoin held by IBIT is stored by Coinbase Custody. Although it’s regulated and has strong security measures, no system is completely free of risk.

Tax implications: Profits from selling IBIT shares may be subject to capital gains tax, similar to direct bitcoin ownership. The exact tax treatment would depend on each country’s regulations and may vary by jurisdiction.

Expanding Global Access With IB1T

Following its success in the United States, BlackRock expanded its bitcoin offerings to international markets to meet rising global demand for regulated crypto exposure. In March 2025, it introduced the iShares Bitcoin ETP (IB1T) across Europe, followed by a London Stock Exchange (LSE) listing in October 2025.

The ETP is physically backed by bitcoin and denominated in U.S. dollars, allowing investors in Europe and the UK to gain regulated exposure to bitcoin through traditional brokerage platforms. This expansion extends bitcoin accessibility to both retail and institutional investors, further bridging the gap between traditional finance and the digital asset ecosystem.

Closing Thoughts

BlackRock’s iShares Bitcoin Trust (IBIT) is connecting traditional finance with the world of digital assets. The ETF allows investors to gain exposure to bitcoin’s price movements through familiar brokerage accounts, without the need to manage private keys or digital wallets.

While products like IBIT make bitcoin investing more accessible and regulated, they still carry the same risks tied to bitcoin’s price volatility and market uncertainty. Before investing, it’s important to understand how spot bitcoin ETFs work, review associated fees, and consider how they fit within your investment strategy and goals.

Further Reading

Bitcoin Spot ETF vs. Bitcoin Futures ETF: What's the Difference?

The Bitcoin Whitepaper Explained 

What Is a Strategic Bitcoin Reserve?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Turtle is a distribution protocol designed to monetize Web3 user activity.

It uses APIs to track wallet interactions, such as liquidity provision, swaps, staking, and referrals.

The protocol offers liquidity providers (LPs) access to exclusive deals, boosted rewards, and risk-mitigated vaults while maintaining self-custody of funds.

Introduction

Decentralized finance (DeFi) is expanding rapidly, bringing new opportunities and challenges for managing digital assets. Turtle is a blockchain protocol that analyzes wallet activity to optimize liquidity allocation and reward distribution in the Web3 space. This article provides an overview of Turtle’s structure, functionality, and key components, helping readers understand its approach within the broader DeFi landscape.

What Is Turtle?

Turtle is a distribution protocol that follows different Web3 wallet activities, including how much liquidity users provide, yields they earn, token swaps handled through partner protocols, staking to validators, and referral code usage. It uses APIs to monitor these actions, allowing partners to create extra income streams without requiring users to take extra steps or unnecessary risk.

The main goal is to build a clear, safe, and cooperative space where liquidity providers, developers, investors, and auditors can work together and benefit fairly.

How Turtle Works

Turtle's system is designed for three primary groups: liquidity providers, DeFi protocols, and distribution partners.

For liquidity providers (LPs)

Liquidity providers (LPs) can join Turtle by linking their wallets via a digital signature. Once registered, they can continue using partner protocols normally while receiving extra rewards via:

Boosted Deals: Special liquidity offers that can provide 5% to 50% more token rewards, managed via Turtle’s treasury.

Turtle Vaults: Pooled liquidity options that let LPs receive stable, less risky rewards automatically, making it easier to take part in bigger ecosystem initiatives.

For protocols

Turtle helps DeFi projects attract liquidity by offering insights from a large network of over 300,000 liquidity providers, focusing especially on bigger investors. The protocol helps advise and implement effective liquidity deployment strategies, optimizing capital attraction without over-reliance on token emissions. Protocols can track how their liquidity performs and view earnings through Turtle’s Client Portal.

For distribution partners

Distribution partners can monetize their communities by leveraging Turtle’s distribution infrastructure. Through the Client Portal, they can integrate Turtle Earn into their websites or apps using a hosted link or an SDK.

Key Products

Boosted Deals

These special deals give LPs extra token rewards that support Turtle’s growth and stability. The amount of tokens distributed is tracked, and LPs receive future benefits related to how much they contribute.

Turtle Vaults

Vaults make managing liquidity easier by pooling funds together, so LPs can receive rewards with less risk and manual work. Vaults can also help protocols grow by connecting them to one shared liquidity source.

Turtle Campaigns

This product offers “Ecosystem-as-a-Service” to help protocols jumpstart DeFi activity on a larger scale. By combining vaults, rewards, and partnerships, Turtle aims to attract the right kind of liquidity based on each protocol’s goals. For example, the TAC Summoning Campaign raised over $650 million during its first month through this coordinated method.

Earn Widget and Liquidity Leaderboard

The Earn Widget is a simple tool that allows LPs to easily find Turtle opportunities. The Liquidity Leaderboard rewards users who bring in liquidity and take part in social actions, encouraging community growth and engagement.

Turtle (TURTLE) on Binance HODLer Airdrops

On October 21, 2025, Binance announced TURTLE as the 55th project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from October 14 to 16 were eligible to receive TURTLE airdrops. A total of 10 million TURTLE tokens were allocated to the program, accounting for 1% of the max total token supply.

TURTLE was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

Turtle is a distribution protocol that monitors wallet activities to coordinate liquidity and incentives among various participants in the Web3 space. By offering tools for liquidity providers, protocols, and distribution partners, it provides a framework for managing liquidity deployment without taking custody of users’ funds.

Further Reading

What Are Liquidity Pools in DeFi?

What Is Decentralized Finance (DeFi)?

Impermanent Loss Explained

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

A crypto mining rig is a specially built computer designed to mine cryptocurrencies, which involves solving difficult math problems to confirm transactions on a blockchain.

These rigs usually use powerful GPUs or ASICs to boost their processing power and efficiency.

Important parts of a mining rig include GPUs, a motherboard, a CPU, RAM, a power supply, storage, and cooling systems.

Mining rigs are essential for keeping blockchains secure and supporting the Proof of Work (PoW) method that many cryptocurrencies use.

Energy costs, hardware prices, and crypto market values affect how practical and large mining setups can be.

Introduction

Cryptocurrency mining is an important process that helps protect blockchain networks and verify transactions. Crypto mining rigs are custom-made computers built to handle the heavy calculations mining requires. 

Whether you’re new to cryptocurrency or thinking about mining yourself, it’s helpful to understand what mining rigs are, how they work, and why they matter. This article breaks down the basics of crypto mining rigs, the components they need, and their role in the crypto world.

What Is a Mining Rig?

A crypto mining rig is a computer system purpose-built to mine digital currencies by solving cryptographic puzzles. Unlike a regular PC that uses mainly a CPU, mining rigs generally have multiple GPUs or ASICs (short for application-specific integrated circuit). These devices provide the extra processing power needed to quickly compute the hashes that confirm blockchain transactions.

The power of a mining rig is generally measured by its hash rate, which represents how many calculations it can do every second. Rigs with more GPUs or advanced ASICs usually have a higher hash rate, which improves the chance of successfully mining new cryptocurrency blocks and earning rewards.

Key Components of a Mining Rig

To build an efficient mining rig, you need to assemble multiple hardware pieces chosen for power and compatibility, such as:

Graphics Processing Units (GPUs): The key element for most rigs; several GPUs work together to carry out complex calculations efficiently.

Motherboard: Must have enough slots and support for multiple GPUs and stable connectivity.

Central Processing Unit (CPU): Runs the system but usually doesn’t contribute as much to mining performance as GPUs do.

RAM: Enough memory is necessary to run the system and mining programs smoothly.

Power Supply Unit (PSU): Needs to provide enough and steady power to all the GPUs and other components.

Storage: Usually a solid-state drive (SSD) or hard drive to store the operating system and mining software.

Cooling systems: Mining generates lots of heat, so good cooling (such as fans or liquid coolers) is essential to keep the rig running well and prevent damage.

Risers and frames: Risers help space out GPUs to improve airflow, and frames keep all parts safely mounted.

The Role of Mining Rigs in Cryptocurrency Ecosystems

Mining rigs are critical to the function and security of many blockchain networks, particularly those employing a Proof of Work (PoW) consensus mechanism. Mining involves checking new transactions, gathering them into blocks, and adding these blocks to the blockchain ledger. To do this, miners tackle complex cryptographic problems, which mining rigs are designed to handle effectively.

Miners who successfully add blocks to the chain earn newly minted cryptocurrencies and transaction fees, encouraging them to keep mining. However, not all cryptocurrencies require mining rigs; for example, Ethereum now uses a Proof of Stake (PoS) system, which doesn’t rely on mining.

Economic and Practical Considerations

Running a mining rig means considering several practical points:

Energy use: Mining rigs consume a lot of electricity, which affects whether mining is profitable.

Cost of hardware: GPU and component prices vary and depend a lot on market demand, often tied to crypto price changes.

Cooling needs: Proper heat management is important to avoid hardware problems.

Mining software: You need specific programs to link your rig to blockchain networks or mining pools.

Internet connection: A steady online connection is necessary to keep the rig operating uninterrupted.

It’s important to note that mining profitably became increasingly difficult as the hash rate of blockchain networks increased, especially Bitcoin. Since big miners use hundreds or even thousands of highly specialized mining rigs, your chances of making a profit as a solo or small miner are very low. 

Closing Thoughts

Crypto mining rigs are fundamental tools in many cryptocurrency systems, helping verify transactions and create new coins through computational power. While building and maintaining a rig takes some technical skill and budget planning, it remains a common way to participate in blockchain networks.

Bitcoin mining is open, meaning everyone can give it a try. Still, it’s important to remember that, nowadays, mining profitably often requires a big investment. So make sure to do your own research before investing in crypto mining rigs and taking financial risks.

Further Reading

How to Mine Bitcoin

What Is Proof of Work (PoW)? 

What Is a Blockchain Consensus Algorithm?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

🗞️ In The News
Bitcoin price remains relatively stable around the $110,000 level.
US inflation (CPI) rises to 3%, 0.1% lower than the 3.1% expected.Polymark officially adds BNB deposits and withdrawals to the platform.CZ agrees to a Bitcoin vs. Gold debate with Peter Schiff.JPMorgan to allow institutional investor clients to use Bitcoin and Ethereum as collateral.Michael Saylor’s Strategy buys 168 bitcoins worth $18.7 million.


📖 Binance Academy Knowledge
9 Ideas for Teaching Kids About MoneyWhat Is BNB?Central Bank Digital Currencies (CBDC) ExplainedWhat Is Crypto Staking and How Does It Work?What Is Wrapped Bitcoin (WBTC)?


🔥 Binance Blog Highlights
Binance Academy and Global Fintech Institute Launch ‘Introduction to Regulatory Risks and Frameworks’Binance Charity and Taiwan Association for Blockchain Ecosystem Innovation Raise Over NTD 3.5 Million in Crypto for Hualien Flood ReliefHow to Earn Rewards on Binance Alpha - Airdrops, TGEs, and Binance Alpha Points Explained4 Critical Tools to Enhance the Security of Your Binance Account Binance Offers Direct USD Deposits and Withdrawals in Over 70 Countries Through BPay Global.

Key Takeaways

Zerobase (ZBT) is a decentralized network focused on privacy. It combines zero-knowledge proofs (ZKPs) and Trusted Execution Environments (TEEs), which enables secure off-chain computing with on-chain verification.

The platform supports various use cases such as privacy-focused authentication (zkLogin), decentralized trading (zkDarkPool), and zkStaking, offering developers and users scalable cryptographic proof services.

ZBT is the native utility token of the Zerobase network, used for accessing network services, incentivizing node participation, and governance voting. It has a fixed supply of 1 billion tokens with defined allocation and vesting schedules.

The network architecture uses a multi-Hub and Node structure with a consistent hashing algorithm. This design ensures efficient workload distribution, scalability, fault tolerance, and economic incentives for performance and security.

Introduction

Zerobase (ZBT) is a blockchain-driven, decentralized platform focused on enhancing privacy, trust, and transparency. It combines cryptographic zero-knowledge proofs with trusted hardware environments to solve challenges around off-chain computation.

The platform aims to empower developers, institutions, and users with the tools needed for privacy-sensitive applications in areas like DeFi, identity verification, and AI inference validation, without compromising security or regulatory compliance.

What Is Zerobase?

Zerobase combines zero-knowledge proofs (ZKPs) with Trusted Execution Environments (TEEs) to create an environment where computations happen off-chain but remain private and verifiable. Examples of these tasks include running complex financial models, authenticating identities, and supporting decentralized exchange operations. The system provides proof for these computations, which can then be checked on-chain.

Key modules of Zerobase include zkStaking, ProofYield, zkLogin, and a decentralized Proving Network that supports both pre-built and customized zero-knowledge circuits. These modules allow developers to create reusable smart contract components and different types of verifiable decentralized applications (DApps).

Zerobase Network Architecture

The Zerobase network is designed around a multi-Hub and Node model that enables scalability, efficiency, and fault tolerance:

Node partitioning and Hub management: Nodes are allocated to Hubs using a consistent hashing algorithm arranged in a virtual ring structure. This minimizes reallocation when scaling and balances workloads across the network. Hubs can dynamically join or leave, with Nodes automatically reassigned to ensure high availability.

Virtual nodes: To prevent load imbalance due to uneven Hub distribution, each Hub is represented by multiple virtual nodes, enabling more even Node allocation.

Node types:

Proving Nodes are responsible for executing zero-knowledge proofs inside TEEs, backed by stablecoin collateral to guarantee performance and network security.

Hub Nodes manage proof routing and bandwidth sharing without requiring collateral and receive rewards proportional to their contributions.

Privacy and security: Private inputs are processed inside Trusted Execution Environments, so they remain hidden from operators. The system supports high performance with low delays.

Use Cases

Zerobase provides privacy-focused modules for practical use cases:

zkLogin: Allows users to authenticate securely on blockchain platforms using existing identity providers without exposing private data.

zkDarkPool: Enables confidential trading on decentralized exchanges by concealing transaction details until trades are finalized, protecting against front-running and market manipulation.

Zerobase staking: Employs zero-knowledge proofs to maintain privacy over staking strategies while ensuring risk transparency.

AI Inference Verification and Content Authenticity: Startups and digital platforms can prove the authenticity of AI outputs and original content through verifiable cryptographic proofs.

The ZBT Token

Zerobase’s native token, ZBT, serves as the utility token that powers network operations and governance:

Token supply and allocation: The total supply is 1 billion ZBT tokens. The allocation includes 20% to team and advisors, 11.25% to investors, 2% for liquidity, 15% to a growth fund, 8% for airdrops and early miners, and 43.75% reserved for node staking rewards.

Use cases: ZBT enables access to services like zkStaking, proof routing, and module permissions. Nodes earn ZBT by performing proof generation or routing bandwidth. Users can stake stablecoins through zkStaking to earn yield, with returns attested on-chain.

Governance: Token holders can engage in voting events to suggest and approve network upgrades, allowing the community to influence future development.

Supply management: A decentralized autonomous organization (DAO) governs token buybacks and burning to help keep the token economy stable, adjusting the circulating tokens based on network usage.

Zerobase (ZBT) on Binance HODLer Airdrops

On October 17, 2025, Binance announced ZBT as the 54th project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from October 11 to 13 were eligible to receive ZBT airdrops. A total of 15 million ZBT tokens were allocated to the program, accounting for 1.5% of the max total token supply.

ZBT was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

Zerobase (ZBT) aims to close the gap between privacy and openness in blockchain systems by merging cryptographic proofs with trusted hardware computation. The platform enables developers, enterprises, and users to create and use privacy-focused applications that are auditable via blockchain.

Further Reading

Zero-Knowledge Proofs 

What Is Zero-knowledge Proof and How Does It Impact Blockchain?  

zk-SNARKs and zk-STARKs Explained 

What Are Zk-Rollups? The Layer-2 Scalability Technique 

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Starting financial education early helps children build important skills like saving, budgeting, and responsible spending.

Fun and hands-on activities can make it easier and more enjoyable for kids to understand money and related concepts.

Adjusting lessons to suit different age groups (from little kids to teenagers and young adults) will increase their chances of growing into financially independent adults.

Introducing digital money topics, such as Bitcoin and cryptocurrencies, prepares kids for tomorrow’s financial landscape.

Introducing concepts of digital money, such as Bitcoin and cryptocurrencies, can also help prepare children for the future of finance.

Introduction

Teaching children about money from an early age gives them important skills that go beyond managing cash. It builds their mathematical abilities, helps them grasp the concept of value, and cultivates responsibility and confidence.

With the rise of digital currencies like Bitcoin, financial education now also includes familiarizing children with new forms of money and how they might shape the economy going forward.

Let’s go through some practical ideas to teach kids about money (and crypto).

1. Teach Recognition of Coins and Notes

Knowing different coins and bills is the first step in learning money skills. You can use simple tools like pictures or flashcards that show the coins’ names and values.

Example: Ask them to match real coins with their pictures on a chart while saying the name and value of each coin.

2. Practice Counting and Sorting Coins

Sorting and counting coins helps children practice basic math and understand that some coins are worth more than others.

Example: Give your child a handful of mixed coins. Let them divide the coins into groups by type and then count how many they have in each group.

3. Play Pretend Money Games

Pretend play can simulate shopping, banking, or running a small store, allowing children to practice using money in a fun and relaxed way.

Example: Set up a small “toy store” where your child can buy and sell items using play money. This helps them understand transactions and develop basic arithmetic skills.

4. Involve Them in Everyday Money Tasks

One of the most effective ways to teach about money is to include children in real-life financial activities. Whether it’s letting them pay for small items during shopping or count change, these experiences help make money concepts tangible.

Example: Give your child a small budget to buy a snack or toy during a shopping trip. Let them decide how to spend their money wisely.

5. Teach Saving and Setting Goals

Teaching kids to save money and set goals encourages patience and planning. A clear, visual way, like a decorated money jar labeled with specific goals, can motivate children to save regularly.

Example: Create a “Toy Fund” jar, and celebrate milestones as the savings grow.

6. Use Interactive Games and Songs

Learning becomes more enjoyable when combined with play and music. Board games involving money or songs about counting coins can help children remember values and concepts better.

Example: Play “Coin Bingo” or sing counting songs that include money themes to make them more familiar with financial terms.

7. Be Patient (and Repetitive)

Each child learns at their own pace, so consistent encouragement and repetition are essential. Positive reinforcement helps maintain motivation and builds confidence.

Example: Use a reward chart to mark achievements and celebrate progress together.

8. Adjust Lessons by Age

As children grow, it’s important to deepen their understanding of money management through budgeting, credit education, and basic investing concepts. Here are some things you can do:

Help teenagers plan how to use their allowance or paychecks, balancing spending with saving.

Introduce credit cards carefully, such as adding them as authorized users with clear rules on paying back.

Teach the basics of supply and demand and explore different investment options (e.g., stocks, bonds etc.).

Teach the importance of starting early and the power of compound interest.

9. Introduce Bitcoin and Cryptocurrencies

As kids grow older and become more curious about digital technology, it might be worth trying to explain the basics of Bitcoin and cryptocurrencies. Depending on their age, you may introduce concepts like scarcity and decentralization. Key points to share might include:

A cryptocurrency is a form of digital money that people use online.

Bitcoin is the first and most popular cryptocurrency, often seen as “digital gold” because of its limited supply.

The system is protected by advanced math (cryptography) and computer code.

Introducing these ideas in a simple, age-appropriate way can lay the groundwork for more advanced financial literacy related to the digital economy. Even if they don’t fully understand the details right away, you will likely spark their curiosity to learn more later on.

Closing Thoughts

Educating kids about money is an ongoing process that evolves as they grow. Combining real-life experiences, playful learning, goal-setting, and gradual introduction to investment and digital currency concepts builds a strong foundation for financial literacy. With patience and consistent guidance, you can help your children develop the skills and confidence they need to manage money wisely in the future.

Further Reading

What Is Blockchain and How Does It Work?

What Is Cryptocurrency Mining and How Does It Work?

What Happens After All Bitcoins Are Mined?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

YieldBasis is a cryptocurrency protocol that allows users to provide BTC liquidity in an automated market maker (AMM) pool without suffering impermanent loss (IL).

The platform uses a 2x leveraged BTC/crvUSD liquidity pool (LP) with borrowed crvUSD to maintain constant leverage and eliminate IL.

Users can deposit BTC to receive ybBTC tokens representing their LP position, which can be staked for additional YB token rewards.

An automated rebalancing mechanism is designed to maintain the LP at a targeted 50% debt-to-value ratio, so positions track BTC price 1:1.

YieldBasis allows users to earn trading fees while avoiding the typical losses associated with traditional AMM liquidity provision.

Introduction

Providing liquidity to cryptocurrency AMMs often exposes users to impermanent loss (IL), a situation where holding tokens in a liquidity pool yields less value over time compared to simply holding the underlying assets.

YieldBasis (YB) offers a new solution for BTC liquidity providers aiming to avoid IL while earning trading fees. Using a leveraged liquidity model, YieldBasis maintains a 2x leverage position that closely tracks the price of BTC, eliminating IL and improving returns for liquidity providers.

How Does YieldBasis Work?

YieldBasis operates by creating a leveraged liquidity position in the Curve BTC/crvUSD pool. The process involves:

BTC deposit and receipt token: Users deposit BTC into YieldBasis and receive ybBTC tokens, which represent a claim on a 2x leveraged BTC/crvUSD liquidity pool position.

Leveraged pairing with crvUSD: The protocol borrows an equivalent USD value of crvUSD (a stablecoin) against the liquidity pool position, maintaining a constant 2x compounding leverage, meaning a 50% debt-to-value ratio.

Collateralized debt: The Curve LP token obtained from depositing BTC and crvUSD serves as collateral for the borrowed crvUSD debt.

Auto-rebalancing: A built-in rebalancing mechanism incentivizes arbitrage traders to maintain the 2x leverage ratio by performing operations that adjust debt and LP holdings whenever BTC price changes.

Fee earnings & staking options: Users can keep ybBTC unstaked to earn trading fees in BTC or stake ybBTC to receive YB token emissions. YB tokens can also be vote-locked to obtain governance rights and a share of BTC fees.

The Problem of Impermanent Loss

In traditional AMMs, impermanent loss occurs because the pool’s asset ratio regularly rebalances relative to price movements. This often causes liquidity providers’ position value to grow more slowly than just holding BTC.

For example, if the BTC price doubles, an AMM position rebalanced between BTC and stablecoins might end up worth about 5.7% less than simply holding BTC.

While some protocols offset potential losses through token incentives, these subsidies don’t eliminate the impermanent loss problem. YieldBasis tackles IL at its source by structuring leveraged LP positions to move exactly in line with BTC price, which effectively removes IL.

Leveraged Liquidity: The YieldBasis Solution

By pairing deposited BTC with borrowed crvUSD and maintaining a 2x leverage position, YieldBasis ensures the LP value tracks BTC price 1:1. Here’s what happens:

The protocol uses a dedicated collateralized debt position (CDP) to borrow crvUSD equal in USD value to the BTC deposit.

Both assets are added together into the Curve BTC/crvUSD liquidity pool.

The resulting LP token is collateral for the borrowed crvUSD debt.

The system auto-rebalances to keep the debt exactly at 50% of the total LP value.

Rebalancing is performed atomically by arbitrage traders interacting with the Rebalancing-AMM and VirtualPool, enabling the contract to mint or burn LP tokens and debt to restore the correct leverage after BTC price moves.

This structure leverages the mathematical properties of Curve’s pool and compounding leverage to eliminate the sublinear value drag seen in regular AMMs, thus killing impermanent loss and allowing liquidity providers to benefit fully from BTC price moves while still collecting trading fees.

Potential Risks

While YieldBasis eliminates the impermanent loss problem, there are some risks worth considering:

Smart contract risk: As with any DeFi platform, bugs or vulnerabilities in the smart contracts could potentially lead to loss of funds.

Arbitrage and rebalancing dependency: YieldBasis relies on arbitrageurs to keep the leverage ratio stable; if these mechanisms fail or become inefficient, the position could deviate from its target leverage.

Market risks: Sudden large price swings or low liquidity in the underlying pools could affect position stability and fee generation.

Protocol and borrowing risks: The stablecoin crvUSD is borrowed on the platform; risks related to the stablecoin's stability or borrowing mechanism could impact overall position performance.

YieldBasis (YB) on Binance HODLer Airdrops

On October 14, 2025, Binance announced YB as the 53rd project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from October 9 to 11 were eligible to receive YB airdrops. A total of 10 million YB tokens were allocated to the program, accounting for 1% of the max total token supply.

YB was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

YieldBasis introduces an innovative approach to BTC liquidity provision that eliminates impermanent loss by using leveraged liquidity paired with an automated rebalancing mechanism. This allows liquidity providers to maintain full BTC price exposure and earn trading fees without the typical downside of traditional AMM pools.

Further Reading

Impermanent Loss Explained

What Are Liquidity Pools in DeFi?

What Is Leverage in Crypto Trading?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Enso is a decentralized Layer 1 network designed to simplify how developers interact with smart contracts across multiple blockchains and rollups.

The protocol uses Tendermint consensus and acts as a coordination layer that compiles executable bytecode for smart contracts across different chains.

The network features four participant roles: Consumers, Action Providers, Graphers, and Validators. 

Enso introduces a shared network state where smart contract abstractions, known as Actions, are contributed by developers and combined by Graphers to produce executable solutions.

What Is Enso?

Enso is a decentralized Layer 1 network designed to simplify how developers interact with smart contracts across multiple blockchains, rollups, and appchains. The protocol acts as a coordination layer that connects smart contracts from many chains, allowing developers to build across ecosystems without dealing with complex technical details. 

Enso introduces two main ideas called Intents and Actions. Intents let developers or users describe what they want to do, such as swapping tokens or moving assets between chains, without needing to define every technical step. 

Actions represent these smaller operations, like sending tokens or staking assets. The network combines and executes the right Actions to complete the Intent efficiently. By transforming complex blockchain interactions into intent-based requests, Enso aims to make decentralized applications more composable and user-friendly.

How Enso Works

The shared network state 

Enso’s shared network state acts as a global database that stores information about smart contracts from different blockchains and rollups. It allows developers to work from a single, consistent source of data rather than managing separate integrations for each blockchain.

Each smart contract is recorded as an entity with all the details needed to generate executable bytecode, which is the low-level code blockchains use to process and run smart contract instructions. Each entity is also linked to its corresponding chain ID, so the network knows where it is deployed.

For example, Aave’s lending protocol on Ethereum is stored as an entity with a “Lend” action type. When a developer wants to interact with a lending protocol across multiple chains, Enso can automatically gather the necessary components from the shared state to generate bytecode for that specific request. This approach helps simplify multi-chain development by turning complex smart contract interactions into standardized and reusable components.

Network Participants 

Enso’s design is built around four key participants, each playing a distinct role in processing requests and keeping the network running smoothly:

Consumers

The end users or developers who submit intents to the Enso network. They describe the outcome they want to achieve, such as swapping tokens or performing a DeFi action, and let the network handle how it’s executed.

Action Providers

Developers who contribute reusable smart contract modules called Actions. These Actions describe how specific blockchain operations work and can be combined to fulfill different user intents.

Graphers

Specialized participants who search through Enso’s shared network state to link relevant Actions together. They build optimized, executable bytecode that delivers the best possible result for a user’s intent.

Validators

Network nodes are responsible for verifying proposed solutions. They simulate and test the generated bytecode across blockchains to ensure it runs correctly, selecting the most efficient and secure execution solution.

The Enso workflow usually consists of the following steps:

Intent creation: A user submits an intent to the network specifying a desired outcome, such as a token swap or lending action, without detailing how it should be executed.

Action contribution: Action Providers publish reusable smart contract abstractions, known as Actions, that define how specific operations, such as swaps or deposits, can be performed.

Pathfinding: Graphers analyze the shared network state to combine relevant Actions and generate executable bytecode that fulfills the intent in the most efficient way.

Validation: Validators simulate the proposed bytecode on forked chain states to ensure it executes correctly and securely, confirming valid state transitions.

Solution selection: The network compares all valid solutions, selecting the one with the best output and lowest cost while discarding the rest.

Execution: The winning solution is returned to the user for direct execution. Execution fees embedded in the bytecode are distributed through an auction system, rewarding Graphers, Validators, and Action Providers in ENSO tokens.

Use Cases

Walrus can be integrated with other blockchains to support applications that require decentralized and scalable data storage, including:

DEXs and aggregators: Enso can reduce friction in liquidity provision with simple zaps, allowing users to move positions more easily and optimize liquidity. 

Wallets: Wallet platforms can use Enso to offer smooth token swaps, cross-chain transfers, and direct access to DeFi earning opportunities, keeping user assets productive.

Stablecoins: Projects can mint tokens from a single origin and bridge them securely across chains. This allows the launch of yield-bearing stablecoins on multiple networks without separate contract deployments.

Vault deposits: Platforms can accept any token for deposits and simplify vault migrations to keep capital within their ecosystem and enhance user participation.

Market makers: Enso can automate DEX market making, arbitrage, and liquidity pool rebalancing. Its automated responses to market conditions can help improve capital efficiency.

The ENSO Token

ENSO is the native token of the Enso protocol, with a maximum supply of 127,339,703 tokens. It follows a controlled inflation schedule that gradually decreases over time and ceases entirely after ten years. It’s used within the ecosystem for many purposes, including:

Governance: ENSO holders can stake their tokens to vote on protocol upgrades and smart contract improvements. Voting does not provide staking rewards, and proposals must reach a quorum before they can be implemented.

Security: ENSO can be staked to support network validation and maintain system integrity. Validators use a Proof of Stake (PoS) mechanism and simulation tools to verify data accuracy. 

Delegation: ENSO holders can delegate their staked tokens to Validators and earn a portion of the validation revenue. This allows users to support the network’s operations and share in its rewards without running validation software themselves.

Enso (ENSO) on Binance HODLer Airdrops

On October 14, 2025, Binance announced ENSO as the 52nd project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from October 7 to 9 were eligible to receive ENSO airdrops. A total of 1.75 million ENSO tokens were allocated to the program, accounting for 1.75% of the genesis total token supply.

ENSO was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

Enso is designed to make it easier for developers to build and connect applications across different blockchains. By combining intent-based requests with a shared network state, the protocol allows users to describe the outcome they want while the network handles how to achieve it. The protocol brings together Action Providers, Graphers, and Validators to generate and verify bytecode on-chain, reducing manual integrations and improving cross-network interaction between smart contracts.

Further Reading

Blockchain Layer 1 vs. Layer 2 Scaling Solutions

What Are Appchains (Application-Specific Blockchains)?

What Is Cross-Chain Interoperability?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

In 2008, an unknown author named Satoshi Nakamoto wrote a short paper introducing Bitcoin as a digital money system that works without banks or intermediaries.

Satoshi created a model that solved double-spending and other problems that plagued previous attempts at creating digital money systems.

Users who help run the network (miners) use powerful computers to solve puzzles, which helps confirm transactions and add them to the public record (the blockchain).

Bitcoin miners are essential to keep the network secure. Successful miners are rewarded with new bitcoins and fees for their work.

What Is the Bitcoin Whitepaper About?

In 2008, an unknown author or group named Satoshi Nakamoto published a short but groundbreaking paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System. The paper introduced a new concept: an electronic cash system that allows anyone to send money over the internet without needing banks, payment processors, or any trusted third parties.

This was a significant change because, before Bitcoin, most online payments had to rely on these intermediaries. These intermediaries charged fees, could delay transactions, and were points of vulnerability for fraud, censorship, or failure. The Bitcoin whitepaper proposed a system based on cryptographic proof instead of trust, where participants agree on a single history of transactions through cooperation and verification.

The biggest challenge it tackled was the “double spending” problem. In digital systems, copying data is easy, so how do you make sure the same digital coin can’t be spent more than once? Bitcoin addresses this by making all transactions public and requiring the entire network to agree on the order in which they happened.

How Bitcoin Works

Digital coins and signatures

Bitcoin defines a coin as a chain of digital signatures. When a person sends bitcoins, they use their private key to sign a message linking it to the recipient’s public key. This signed message is added to the end of the chain of ownership, proving the transfer was authorized.

Because the chain of signatures alone can’t prevent someone from spending the same coin twice, the network needs a reliable way to confirm that no double-spending has happened. Traditionally, trusted entities would check this, but Bitcoin removes the need for any central authority by publicly announcing all transactions and having the entire network agree on one transaction history.

The blockchain: a shared timeline

The network solves the double-spending problem by using a distributed timestamp server system, better known today as the blockchain. Here, transactions are gathered into “blocks” that are hashed together and linked in a chain. Each block contains a timestamp and a reference (a hash) to the previous block, ensuring that once recorded, data can’t be altered without redoing every following block.

This chain is stored and verified by thousands of network participants (called nodes) spread across the globe. Because the blockchain is copied widely and updated through collective agreement, it’s extremely difficult for any single party to tamper with or revert transactions.

Bitcoin mining

To add a block, Bitcoin miners have to solve a difficult math problem, which requires a lot of computer power. When a miner solves the puzzle, they create a new block, add it to the chain, and share it with everyone else. Because it takes so much work, changing a block later would mean redoing all that work, which is very hard.

Successful miners get rewarded with new bitcoins and transaction fees, encouraging them to keep the network honest and safe. The consensus mechanism used in the Bitcoin mining process is known as Proof of Work (PoW).

What if two blocks are mined at the same time?

Since the network is decentralized, occasionally two miners might find different valid blocks at nearly the same time, causing a blockchain fork. Nodes continue working on whichever chain they received first, but keep the other branch as a backup.

The fork resolves naturally when the next block is found on one branch, making that chain “longer” (i.e., more accumulated work). Eventually, all nodes agree to use the longer chain, discarding the shorter one.

Verifying payments without storing everything

Not everyone needs to keep the full copy of the blockchain. Bitcoin allows “light clients” to check payments by only downloading small parts called block headers and branches. This makes it easier for all types of users to confirm their payments without huge storage needs.

Managing data and blockchain size

As time passes, the blockchain grows larger, which could cause issues with storage and speed. The Bitcoin whitepaper discusses the use of Merkle trees, a special method of hashing transactions. This allows nodes to prune or discard data that is no longer needed while keeping the blockchain secure and verifiable.

Closing Thoughts

The Bitcoin whitepaper introduced a new way to think about money and trust online. It showed how people could send money directly, safely, and without banks by using clever math and teamwork through a global computer network.

This idea eventually sparked the growth of thousands of cryptocurrencies and blockchain projects worldwide. Understanding the simple yet powerful ideas in the Bitcoin whitepaper helps us see the future of money and secure digital transactions.

Further Reading

What Is Blockchain and How Does It Work?

What Is Cryptocurrency Mining and How Does It Work?

What Happens After All Bitcoins Are Mined?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Euler is a decentralized lending protocol that allows anyone to create customizable, isolated lending and borrowing markets for any ERC-20 token.

The platform uses a modular design, with components such as the Euler Vault Kit (EVK) and the Ethereum Vault Connector (EVC), to improve flexibility and capital efficiency.

EUL is the protocol’s native token. It’s used to participate in governance, bid in Fee Flow auctions, and earn rewards for protocol participation.

What Is Euler?

Euler is a modular, decentralized lending protocol that enables anyone to create isolated, customizable markets for lending and borrowing crypto assets. The protocol introduces a flexible architecture that allows users to deploy lending vaults for any ERC-20 token and connect them across markets.

Each Euler vault can be configured with its own risk settings, price oracle, and interest rate model. This setup keeps risks isolated, so issues in one vault can be contained and do not directly impact others. The protocol is governed by the EUL token, which allows holders to propose and vote on changes.

How Euler Works

The Euler Vault Kit (EVK)

The Euler Vault Kit provides a smart contract framework for building customizable lending markets. Each Euler vault follows the ERC-4626 standard, a tokenized vault format that defines how assets are deposited, withdrawn, and accrue yield, allowing easy integration with other DeFi protocols.

Using the EVK, creators can launch governed or ungoverned vaults, collateral-only pools, or yield-generating markets. Each vault connects to its own oracle for price data and uses an Interest Rate Model (IRM) that adjusts rates according to liquidity and demand. A controller manages the collateral and borrowing rules, helping maintain stability throughout the lending system.

The Ethereum Vault Connector (EVC)

The Ethereum Vault Connector lets you interact with multiple vaults across the Euler ecosystem. The EVC allows you to use collateral deposited in one vault to borrow from another, enabling flexible lending and borrowing strategies while keeping each market’s risk isolated.

When you perform actions such as borrowing or withdrawing, the EVC checks with the relevant vaults to ensure your collateral remains sufficient and your position stays secure. The EVC also allows you to bundle multiple operations into a single transaction, making your interactions more efficient and cost-effective. 

Vault Types

Euler supports multiple types of vaults that you can use to lend, borrow, or manage assets according to your preferences and risk appetite, including:

Escrowed collateral: Escrowed collateral vaults hold deposits that can be used as collateral for borrowing but do not generate yield. They are ungoverned and suitable for users who want to secure borrowing power without taking on lending risk.

Governed: Governed vaults are managed by DAOs, risk curators, or individuals who adjust parameters such as loan-to-value ratios and interest rates. These vaults are designed for users who prefer a managed lending approach.

Ungoverned: Ungoverned vaults operate with fixed parameters and no active management, allowing users to fully control their own lending and borrowing strategies.

Yield Aggregator: Yield Aggregator vaults combine deposits from multiple users and allocate them across different vaults or external strategies. They offer diversified yield opportunities under guided risk management.

Euler Earn

Euler Earn is a yield aggregator vault that lets users earn passive income without actively managing their lending positions. Built on the ERC-4626 standard, the vault pools user deposits and allocates them across different yield strategies managed by risk curators. 

These strategies may include Euler lending vaults or external yield sources. Risk curators can set allocation limits to prevent overexposure, while small idle reserves enable instant withdrawals when required. 

Anyone can launch an Earn vault using the EulerEarn Factory smart contract or the creator user interface. Designed to be fully non-custodial, Euler Earn lets users keep ownership of their assets while earning risk-managed returns. Each Earn vault manages its own deposit and withdrawal queues to maintain smooth liquidity and provide quick access to funds. 

Risks and Considerations

Participation in Euler comes with certain risks that users should understand before lending, borrowing, or creating vaults. Borrowers on Euler face liquidation risk if their collateral value falls below the required level due to market volatility or interest accrual. Lenders may face bad debt if collateral prices drop too quickly or liquidity becomes limited during periods of high demand.

Governed vault users depend on curators to manage parameters such as collateral types and loan-to-value ratios, while ungoverned vault users must manage their own risk. Although all vaults are non-custodial and user funds remain under their control, users should maintain healthy collateral buffers and monitor market movements to reduce potential losses.

The EUL Token

EUL is an ERC-20 token that serves as the native token of the Euler protocol. EUL is used within the protocol for several key purposes, including:

Governance: EUL holders can propose and vote on protocol upgrades, treasury management, and other DAO initiatives, giving the community direct influence over the protocol’s future.

Fee Flow auctions: EUL acts as the bidding currency in periodic auctions that convert accumulated protocol fees into EUL. The highest bidders can exchange EUL for these fees, and the tokens used in bidding are transferred to the Euler DAO treasury.

Rewards: EUL is distributed as incentives to users who participate in or contribute to the protocol, supporting activity, and ecosystem growth.

Treasury management: The EUL collected from auctions is stored in the DAO treasury and can be burned, redistributed, or allocated toward incentives and growth initiatives through community governance.

Euler (EUL) on Binance HODLer Airdrops

On October 13, 2025, Binance announced EUL as the 51st project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from October 4 to 6 were eligible to receive EUL airdrops. A total of 543,657 EUL tokens were allocated to the program, accounting for 2% of the total token supply.

EUL was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

Euler introduces a modular approach to decentralized lending, enabling users and developers to create customizable markets for a wide range of assets. With features such as cross-vault collateralization and yield aggregation with Euler Earn, the platform offers an alternative for building and managing on-chain credit markets in a secure and transparent way.

Further Reading

What Is Risk Premium?

What Are DeFi Aggregators and How Do They Work?

What Are Modular Blockchains?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Key Takeaways

Walrus is a decentralized storage and data availability protocol designed for blockchain applications and autonomous agents.

The protocol provides a cost-effective, composable storage layer for large, unstructured data, such as media files, AI datasets, and blockchain archives.

Walrus uses an innovative erasure-coding algorithm called Red Stuff, achieving fast recovery with minimal replication overhead.

Walrus Sites demonstrate how developers can host fully decentralized web experiences directly on Sui and Walrus, without relying on centralized infrastructure.

What Is Walrus?

Walrus is a decentralized storage and data availability network designed for blockchain and AI-driven applications. The protocol provides a scalable, verifiable way to store large files, such as images, videos, and datasets, that would otherwise be costly and inefficient to store directly on-chain.

Walrus is built on the Sui blockchain, and the platform integrates with Sui’s smart contract environment to offer developers flexible, reliable storage capabilities. Originally developed by Mysten Labs, Walrus is an independent decentralized network governed by its native token, WAL, and supported by the Walrus Foundation.

How Walrus Works

Encoding and off-chain storage 

When data is uploaded to Walrus, it is split into smaller pieces, known as slivers, using Red Stuff, the network’s custom erasure-coding algorithm. Red Stuff improves efficiency by distributing these encoded fragments across multiple storage nodes rather than storing complete copies on each one.

These storage nodes are periodically required to verify that they still hold their assigned fragments, helping to maintain ongoing availability. Even if several nodes go offline, the original data can be rebuilt from a subset of slivers. This approach allows Walrus to maintain resilience with fewer data copies than the full replication typically required in traditional blockchains.

On-chain metadata 

In Walrus, large files are stored as blobs, which refer to bundles of unstructured data such as images, videos, or datasets. Instead of placing these large blobs directly on the blockchain, Walrus stores only their metadata and proofs of availability on the Sui blockchain.

Proofs of availability are cryptographic records that confirm storage nodes are still holding their assigned data fragments. These proofs allow anyone to verify that a blob remains accessible without downloading or inspecting the full file.  

Developers can use Sui smart contracts, written in the Move programming language, to reference and validate these stored blobs directly within their applications.

Data retrieval 

When you request a stored file, an aggregator gathers the required slivers from multiple nodes and reconstructs the original data. The retrieved content can then be delivered through a content delivery network (CDN) or cache for faster access. Because only small fragments are transferred and recombined, the retrieval process remains efficient even for large datasets.

Walrus Sites

Walrus Sites are decentralized websites hosted directly on the Walrus and Sui networks, providing an alternative to traditional web hosting. Developers can upload static files through the site-builder tool, and the content is stored permanently on the network.

Each site is tied to a Sui address, can be associated with NFTs, and supports SuiNS for simple, human-readable names. Because the content is stored across decentralized nodes, it remains available and resistant to censorship. While Walrus Sites are static by design, developers can connect wallets and use smart contracts to add interactive features and on-chain functionality.

Use Cases

Walrus can be integrated with other blockchains to support applications that require decentralized and scalable data storage, including:

NFTs and DApps: Walrus can store and deliver media files such as images, videos, and audio. These files are accessible through HTTP requests, allowing developers to build multimedia decentralized applications (DApps).

Artificial intelligence: Walrus can be used to store verified datasets, AI model weights, and proofs of correct training, helping ensure the availability and authenticity of AI data and outputs.

Blockchain data archiving: Walrus can function as an alternative storage layer for blockchain history. For example, the network can store Sui’s checkpoints, transaction records, and historical snapshots of blockchain states.

Data availability: Walrus supports Layer 2 networks by certifying the availability of off-chain data, such as blobs, validity proofs, and zero-knowledge proofs (ZKPs), required for verification and auditing.

Decentralized web hosting: Walrus can host complete decentralized websites, allowing both front-end and back-end components to operate fully on-chain.

The WAL Token

WAL is the native token of the Walrus protocol, built on the Sui blockchain. WAL has a maximum supply of 5 billion tokens and follows a deflationary model that reduces supply through token-burning mechanisms. It’s used within the ecosystem for many purposes, including:

Payment: WAL is the payment token for data storage on Walrus. Users can pay upfront for storage, and the WAL is distributed over time to nodes and stakers as rewards.

Security: WAL supports network security through delegated staking. Users can stake or delegate tokens to storage nodes and earn rewards based on node performance. When slashing is introduced, penalties will apply to underperforming nodes.   

Governance: WAL holders can participate in network governance by voting on key parameters and penalty settings. 

Walrus (WAL) on Binance HODLer Airdrops

On October 10, 2025, Binance announced WAL as the 50th project on the Binance HODLer Airdrops. Users who subscribed their BNB to Simple Earn and/or On-Chain Yields products from October 1 to 3 were eligible to receive WAL airdrops. A total of 32.5 million WAL tokens were allocated to the program, accounting for 0.65% of the total token supply.

WAL was listed with the Seed Tag applied, allowing for trading against the USDT, USDC, BNB, FDUSD, and TRY pairs.

Closing Thoughts

Walrus combines decentralized storage with blockchain technology to provide a secure, efficient way to manage large amounts of data. Built on the Sui blockchain and supported by the Red Stuff encoding system, the network helps to lower storage costs while maintaining data availability. With features such as Walrus Sites and tokenized storage capacity, the protocol offers developers an alternative for building data-driven applications in a decentralized environment.

Further Reading

What Is Decentralized Storage?

What Is Data Tokenization and Why Is It Important?

What Is EIP-4844 in Ethereum and How Can It Benefit Users?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.