Market Overview
Michael Saylor’s Strategy has acquired 17.884 BTC for $1.28B, bringing their total holdings to 738,731 BTC.
MasterCard introduces their new Crypto Partner Program, bringing together 85 crypto companies to collaborate and align innovation.
Wells Fargo files a trademark for WFUSD, covering crypto trading, payments and tokenization services.
Narrative of the Week
Hyperliquid’s HIP-3 markets open interest surge above $1.2B as traders speculate on oil and gold amidst the escalating crisis.
Leading options protocol, Derive, posts a record $1B open interest, with options making up 61% of the value, a shift from the prior month where perps held the majority share.
Hyperliquid launches HIP-4: Outcome Markets, on testnet. Outcome markets are a new financial primitive, allowing traders to bet on outcomes that are settled non-linearly and within a determined range.
Major Project Updates
Across Protocol puts out a temperature check for a proposal to convert the DAO to a U.S. C-Corp, converting tokens to equity 1:1.
Tokenized equity platform, xStocks, partners with Nasdaq and Payward to link the Nasdaq’s tokenized equity markets to blockchain networks.
StarkNet introduces STRK20, enabling any ERC-20 token on StarkNet to be private via the StarkNet Privacy Pool.
Virtuals Protocol and Ethereum collaborate to release ERC-8183, an open, permissionless layer for agentic commerce, with escrow and evaluator attestations.
Pudgy Penguins introduce Pudgy World, a free-to-play browser game, in the latest expansion of the Pudgy Penguins ecosystem.
DeFi Brief
RWA protocol, Theo, opens deposits for their latest yield-bearin stablecoin product, thUSD. The caps are initially set to $100M, which has since been achieved.
KernalDAO introduces KUSD, a yield-bearing stablecoin tied to real-world short-term business receivables, with a targeted base rate of 10%.
Leading protocol, Wildcat Finance, unveils Wildcat 2.5, which introduces modular hooks enabling users to customize vault logic to their own needs.
Sonic introduces USSD, Sonic’s native stablecoin, built in collaboration with Frax Finance to combine institutional-grade backing and permissionless on-chain usage.
Fundraises & Airdrops
Crypto card protocol, Kast, raises $80M in a Series A funding round led by QED Investors and Left Lane Capital, with support from Peak XV Partners, HSG, and DST Global Partners.
Zcash wallet protocol, Zodl, raises $25M in a seed round, with investors including Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, and more.
Data marketplace, Kled AI, raises $5.5M in a seed round, with investors including Aglaé, Parable VC, K5 Global, and notable angels, including Sebastian Thurn (founder of Waymo).
Bitcoin stablecoin infrastructure protocol, Utexo, raises $7.5M in a funding round backed by Tether, Big Brain Holdings, Portal Ventures, and more.
Trading terminal, Based, releases their airdrop checker for the upcoming BASED airdrop. Users can now check their eligibility on their website.
Source: #CoinMarketCap
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