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BIO Comment and Price Analysis - October 20, 2025
BIO/USDT Technical AnalysisToday brings exciting news for BIO — the token has been listed on Upbit, one of South Korea’s largest and most popular crypto exchanges. This listing has once again brought attention to BIO’s potential in the biotechnology and blockchain sectors, sparking renewed investor interest.Now, let’s move on to the technical side and take a closer look at what’s happening on the chart. Dish - Handle Formation On the BIO chart, we can clearly see a large cup formation followed by a developing handle pattern. Currently, the price is trading around $0.1200, holding above the lower boundary of the handle at $0.1148 — which keeps the pattern valid.The handle is forming within the $0.11–$0.18 range. As long as the price stays above this zone, the structure supports the potential for an upward breakout. The key resistance level to watch is $0.1874. If the price closes above this point, it would confirm a bullish breakout, and we could expect momentum to accelerate.According to a bullish scenario, the first target would be $0.2690, followed by a resistance zone between $0.3059 and $0.37. A break above this area could open the way toward the technical target at $0.4554. In the longer term, the formation offers potential for a move up to around $0.6184.According to a bearish scenario, $0.1148 remains the most critical support. Losing this level could trigger a drop toward $0.0771, invalidating the handle formation.Key Levels to WatchSupport levels: $0.1148 → $0.0771Resistance levels: $0.1874 → $0.2690 → $0.3059 → $0.4554 → $0.6184This analysis does not provide investment advice. It focuses on potential short- and medium-term support and resistance zones that may offer trading opportunities under certain market conditions. All trading decisions and risk management remain the trader’s responsibility — and using a stop-loss is strongly recommended.
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20 Oct 2025
What is Aster (ASTER)?
Aster (ASTER) is a next-generation cryptocurrency exchange platform that combines spot and perpetual trading under one roof and stands out for its decentralized structure. After launching in September 2025, it quickly attracted attention with its multi-blockchain support, up to 1001x leverage, and privacy-focused MEV-protected infrastructure. The project also received support from YZi Labs, the investment arm of Binance co-founder CZ, adding further credibility to the platform. In the first week after its launch, both trading volume and token price saw a significant surge. So, what is Aster, how did it come about, and why is it so popular? In this guide, we will delve into all of these questions in detail: what is Aster, what does Aster Coin do, and how does it work.Aster's Definition and OriginAster is a hybrid DEX that strives to combine the trading quality of centralized exchanges (CEXs) with the freedom of the DeFi world. Users can trade while holding their assets in their own wallets, and both spot and perpetual trading can be conducted on the same platform. Because it can draw liquidity from different networks like Ethereum, BNB Chain, Solana, and Arbitrum, no additional steps are required for cross-chain transfers. One of the platform's most prominent features is its capital efficiency. Yielding assets, such as asBNB or USDF, can be used as collateral. This allows for passive income even when a position is open. This means you can not only trade but also continue to collect staking income.Aster's foundations were laid in 2024 with the merger of two projects, Astherus and APX Finance. APX was already an experimental project focusing on perpetual transactions; after the merger, a new vision was launched under the name Aster DEX. The ASTER token was launched in September 2025. APX tokens were converted into ASTER tokens at a one-to-one ratio, and this transition generated considerable interest in the crypto world. Support from CZ and former Binance staff was rumored, adding significant confidence to the project. The development team designed Aster as an advanced yet user-friendly DEX that enables professional-level trading. It's no coincidence that it stands out with its multi-chain structure, detailed order types like stop-loss, and privacy features; the team targeted these gaps from the outset.Aster's starting point was to combine the speed and depth of centralized exchanges with the free architecture of DeFi. The primary goal was to provide users with access to professional tools and high liquidity while maintaining control over their assets. Furthermore, the fragmented nature of cross-chain liquidity was also seen as a significant problem. Aster aimed to address this by combining assets from different networks within a single interface. When bringing traditional financial instruments like futures to DeFi, particular emphasis was placed on capital efficiency and transaction privacy.Aster's History: Key MilestonesDespite being a relatively new project, Aster has made significant strides in a short time. Its foundation was laid by the merger of two separate protocols; The rapid growth that followed, the explosion of funds during launch week, and the widespread airdrop distributed to the community instantly propelled the project into the crypto spotlight. Now, let's take a closer look at the stages Aster went through and what happened when.2024: The Project's Birth - Aster's first step was taken with the merger of Astherus and APX Finance. APX was previously a project focused on perpetual transactions; with the merger, this experience continued under the Aster umbrella with a broader vision. Throughout 2024, the team focused on building the multi-chain architecture and yield-generating collateral system.September 2025: Token Launch and Rapid Rise - The ASTER token was launched in September 2025. APX holders exchanged their tokens for ASTER at a one-for-one rate. Immediately after the launch, the Aster DEX saw a significant influx of users. The ASTER price surged by over 2,000% in seven days, reaching a market capitalization of approximately $3.8 billion. This brought ASTER into the top 50 cryptocurrencies. That same week, Aster had days where it surpassed Hyperliquid in daily revenue. However, in terms of total trading volume, Hyperliquid still had a slight lead, reaching $5.39 billion for the week compared to $3.32 billion for Aster. October 2025: Exchange listing and airdrop - ASTER was listed on Binance in October and began trading with the "Seed Tag" tag. This tag is generally given to innovative and early-stage projects. A significant airdrop took place around the same time. 8.8% of the total supply, or 704 million ASTER, was distributed to users who participated in various campaigns. Airdrop winners included those who accumulated Spectra points, Aster Gems through community tasks, and early Aster Pro users. The deadline to claim tokens was October 17th. Tokens not claimed after this date were returned to the community reward pool. Since this pool comprises a large portion of the total supply, at 53.5%, a new airdrop is expected in the future. ASTER airdrop portal After 2025: Aster Chain and Future Plans - After the launch, the Aster team announced its new goal: to launch its own Layer-1 blockchain. Aster Chain will work with privacy technologies like zero-knowledge proofs. The goal is to keep transaction details private while ensuring on-chain verification. Testing began by the end of 2025. With Aster Chain's launch, the multi-network architecture will be migrated to a single, high-performance, privacy-focused chain. The team is also working on new features such as an "intent-based" transaction system, which will intelligently route transactions based on user intent and automatically switch between different liquidity pools.Why Is Aster Important?Aster's rapid rise to prominence is no coincidence. The project has distinguished itself in both technology and user experience. While there are already many players in the decentralized exchange space, Aster stands out from the crowd thanks to its privacy-focused architecture, capital efficiency, and multi-chain support. Let's take a look at each of these elements that make Aster different.Multi-chain liquidity and accessAster was designed from the outset with multi-chain support at its core. It currently works with leading networks such as BNB Chain, Ethereum, Arbitrum, and Solana. This allows users to easily buy and sell their assets across different chains through a single interface. Concentrating liquidity typically dispersed across DEXs in one place significantly simplifies both time and transaction costs. With Aster, you can switch between chains with a single click, eliminating the hassle of token bridges, making the platform both practical and accessible.High leverage and advanced derivativesOne of the most striking aspects of the Aster DEX is its flexibility in leveraged trading. The platform offers leverage of up to 1001x on some currency pairs, exceeding industry standards. For comparison, Binance offers a maximum leverage of 20x, while Hyperliquid is limited to 40x. Such high leverage certainly creates an attractive platform for experienced and risk-averse investors; however, beginners should approach the market cautiously. Because Aster focuses on perpetual futures, users can open long or short positions without waiting for expiration. It also operates with the order book system familiar to professional traders, supporting advanced tools such as stop-loss, take-profit, and trailing orders. This allows for more precise strategy management and easier risk control. Leveraged trading example on Aster DEX. Capital Efficiency and Innovative Collateral SystemAster takes capital efficiency to another level with its "earning collateral" approach. While assets deposited as collateral remain passive on most platforms, on Aster, these assets continue to earn returns even while trading. For example, when liquid staked BNB (asBNB) is used as collateral, BNB staking rewards continue to accrue throughout the transaction. Similarly, USDF, the yielding stablecoin within Aster's own ecosystem, can be used as collateral. This system both prevents capital from being wasted and reduces users' opportunity costs. This product line, called "Aster Earn," combines the liquid staking and interest-bearing token models of DeFi with derivatives trading to offer users a more efficient experience.MEV resistance and privacy-focused transactionsOne of the common problems in the DeFi world is front-running, where miners pre-empt transactions at the users' expense. Aster uses advanced solutions such as zero-knowledge proofs (ZK proofs) and hidden orders to address this issue.Thanks to hidden orders, large investors can take positions without publicly disclosing the size of their trades. This makes market manipulation and "whale tracking" more difficult. CZ also stated in a statement in 2025 that fully transparent exchanges are not always ideal for large transactions, and that Aster's privacy approach offers a more balanced solution in this regard.User-friendly interface and dual-mode supportAster offers two different trading modes for users of all levels. Simple Mode offers a simple interface with one-click trading. Users who prefer not to bother with technical details can easily trade through the Aster Liquidity Pool (ALP). Pro Mode caters to more experienced traders. It creates the feel of a centralized exchange with its order book view, depth chart, advanced charts, and various order types. This dual-mode structure makes Aster one of the few DEXs that appeals to both beginners and professionals. While its competitor, Hyperliquid, caters exclusively to professional users, many simple DEXs lack advanced tools.Community-Focused Governance and SupportAster's token structure and governance model are centered around community participation. The ASTER token is used not only to pay transaction fees but also to influence decisions about the platform's future. The total supply is limited to 8 billion units, 53.5% of which is allocated to airdrops and community rewards. This incentivizes early adopters and strengthens their commitment to the project. Token holders can participate in voting on protocol updates, fee rates, or treasury usage. While Aster enjoys strong support from YZi Labs and Binance, it prioritizes maintaining community-focused governance. Aster's Founders and TeamAster is backed by a team experienced in decentralized finance and strong strategic backers. The core team consists of developers who worked on the Astherus and APX Finance projects before their merger in 2024. This team combined their expertise in derivatives and DeFi infrastructures under the Aster umbrella to build both the technical structure and innovative features. While the project may not have a prominent face, CEO Leonard has spoken about the Aster Chain vision and future plans in interviews.One of the details that makes Aster stand out is the strong investment support it has received. The project is funded by YZi Labs, an investment firm originating from Binance Labs. Binance founder CZ's interest in the project and his support on social media have built trust in the community. Furthermore, several venture capital funds and angel investors in the industry also contributed to Aster in the early stages. These backers not only provided financial resources but also facilitated the project's growth in terms of liquidity and collaboration. Just one of many posts CZ has shared about ASTER. On the community side, Aster quickly gained a large user base. Tens of thousands of people follow the project on its official social media accounts; airdrop and bounty campaigns in September and October 2025, in particular, accelerated this growth. Many users continue to trade on the platform for new bounty and airdrop opportunities. Community members also have a say in the future of the platform through governance votes.The team places great importance on direct communication with users. Regular AMA (Ask Me Anything) events, guideposts, and educational content help the community better understand both the project and the DeFi world. On the developer side, open documentation and incentive programs are offered to independent developers who want to integrate the Aster protocol. This will eventually create a broader ecosystem and third-party application network around Aster. Frequently Asked Questions (FAQ)Below, you can find some frequently asked questions and answers about Aster:What is Aster (ASTER) and what does it do?: Aster is a multi-chain decentralized exchange that supports both spot and perpetual transactions. Users can buy and sell assets across different networks from a single location, open leveraged positions, and maintain full control within their own wallets. In short, Aster combines the convenience of CEX with the freedom of DeFi. The ASTER token is used for transaction fee reductions, staking, and governance voting.What networks does Aster operate on?: Aster currently operates on the BNB Chain, but it also combines liquidity from Ethereum, Arbitrum, and Solana networks. This means users can trade from a single interface without switching between different networks. With the Aster Chain, which will be launched in the future, transactions will be faster and more private.Who founded Aster?: The project was born in 2024 with the merger of the Astherus and APX Finance teams. While no official founder is identified, Leonard is known as the CEO. Aster is also backed by YZi Labs, a subsidiary of Binance Labs, so CZ also has indirect support.When was the ASTER coin released, and what was its price like?: The ASTER token was launched in September 2025. Its price increased by over 2,000% during its launch week, reaching a market capitalization of $3-4 billion. It quickly became a top-50 cryptocurrency, but its price is quite volatile because it's still a new project.What does the ASTER token do?: ASTER is at the core of the Aster ecosystem. It offers discounts on transaction fees, allows for revenue generation through staking, and voting rights in community polls. It is also planned to be used as the native token of Aster Chain in the future.Has an airdrop been made, and will there be more?: Yes. During the launch period, Aster distributed 8.8% of the total supply to early adopters. Unclaimed tokens after this campaign were transferred to the community reward pool. Due to the large pool, the possibility of a new airdrop is high, and the community is optimistic about it.Is Aster reliable and worth investing in?: Aster is a technically innovative project with strong supporters. However, because it's still new, the risk factor is high. Leveraged transactions may pose a risk of regulatory or technical issues. It's best to follow project developments and start with small amounts before investing.What other products does Aster offer?: With the Aster Earn system, users can earn passive income from staking or interest-bearing products. New products like tokenized stock futures are also being added. Commodity and index derivatives are expected to be available on Aster soon.Follow the JR Kripto Guide series to stay up-to-date on the latest developments in the Aster and blockchain world.
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20 Oct 2025
ARB Comment and Price Analysis - October 17, 2025
ARB/USDT Technical AnalysisAnalyzing the ARB chart on a weekly timeframe, we observe that the descending channel structure remains intact. The price recently moved up to test the upper border of the channel but failed to hold, resulting in renewed downward pressure. As long as no breakout occurs, the price is likely to continue trading within the boundaries of the channel. Falling Wedge Formation ARB is currently trading around $0.4091. It recently surged to $0.4515 but was unable to sustain the move and reversed downward. This level now stands as the most critical short-term resistance. If the price can close above $0.4515, ARB may target the next resistance levels at $0.5046 and $0.5475. A confirmed breakout would require a strong move above the range of $0.66–$0.71. Once this range is surpassed, we can begin to talk about the mid-to-long-term technical target of the channel formation: $2.42.In a bearish scenario, $0.3558 is the first key support to watch. A breakdown below this level could lead to a retest of $0.33, and possibly the lower border of the channel around $0.28.Summary:ARB continues to trade within a descending channel.A daily close above $0.4515 is critical for short-term trend reversal.Resistance levels: $0.5046 → $0.5475 → $0.66–$0.71Support levels: $0.3558 → $0.33 → $0.28Mid-to-long-term technical target: $2.42 (if the channel breaks upward)These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
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17 Oct 2025
What is UNUS SED LEO (LEO)?
UNUS SED LEO (LEO) is the utility token at the heart of the iFinex ecosystem, the company behind the cryptocurrency exchange Bitfinex. Launched in 2019, LEO aims to both increase platform loyalty and create a value cycle within the ecosystem by offering Bitfinex users various advantages. The name derives from the Latin phrase "unus sed leo," meaning "one, but lion (alone, but powerful). In this guide, we will examine the LEO token's functions, how it emerged, its history, technical structure, use cases, and future prospects step by step.Definition and Origins of UNUS SED LEOUNUS SED LEO (LEO for short) is a utility token developed by iFinex for use on the Bitfinex exchange and related products. LEO token holders benefit from various privileges on the Bitfinex platform, including transaction fee discounts, easy withdrawal/deposit options, and advantages in lending (borrowing/lending) transactions. The primary purpose of this token is to increase user loyalty to iFinex products and create a value capture mechanism by linking platform revenues to the token's value.The LEO token was introduced in May 2019 and quickly launched through a private sale. Bitfinex managed to raise $1 billion in just 10 days through this private sale in May 2019. The token sale was held at a fixed price of 1 LEO = 1 USDT, and all tokens were sold to private investors. LEO quickly became a core asset of the Bitfinex ecosystem. The LEO token was developed by iFinex Inc., Bitfinex's parent company. The global fintech team at iFinex implemented LEO with an infrastructure focused on security and scalability. Paolo Ardoino, CTO of Bitfinex and Tether, led the project's technical leadership. Ardoino and his team aimed to improve the user experience by integrating the LEO token into iFinex's existing systems.The LEO token's creation stemmed from Bitfinex's goal of addressing a financial gap in its ecosystem and creating long-term value. In 2018, governments froze approximately $850 million in funds entrusted to Bitfinex's payment processor, Crypto Capital, leaving the company in a difficult position. To address this shortfall and rebuild user trust, iFinex launched a LEO token sale in 2019, raising approximately $1 billion. The funds raised were used to meet Bitfinex's financial obligations and maintain its operations. Furthermore, LEO was designed not only as a crisis resolution tool but also as a long-term value storage tool within the iFinex ecosystem. iFinex aimed to support the token's value and increase user loyalty by sharing a portion of its platform revenues with the community through LEO.The LEO token is one of the few projects that technically stands out with its dual-chain structure. Since its inception, LEO tokens have been issued on two different blockchains: approximately 66% on the Ethereum network using the ERC-20 standard (660 million tokens) and 34% on the EOS network using the EOSIO protocol (340 million tokens), totaling 1 billion tokens. LEO tokens from both networks are fungible on the Bitfinex platform, giving users the flexibility to simultaneously access Ethereum's extensive DeFi ecosystem and benefit from EOS's low transaction fees. The dual-chain structure provides LEO with cross-platform compatibility and ease of liquidity.While the LEO token has various uses primarily within the Bitfinex exchange, it was designed as a utility asset that extends throughout the iFinex ecosystem. The primary uses for LEO are as follows:Trading fee reductions on Bitfinex: LEO token holders pay lower transaction fees for crypto-to-crypto trades on the Bitfinex exchange. A 15% discount on taker fees, particularly across all cryptocurrency trading pairs, is a key advantage of holding LEO. Additional fee reductions are also available for users holding large amounts of LEO (such as an additional 10% discount for balances above certain thresholds). These discounts provide a significant cost advantage for traders who engage in intensive trading.Lower costs for Lending and Borrowing: In Bitfinex's P2P lending market, the LEO token offers benefits for both lenders and borrowers. Lenders receive a 0.05% discount on commissions for every 10,000 LEO they hold, depending on the amount of LEO they hold, and this discount can reach up to 5% in total. This allows users holding LEO to earn higher net returns on their lending transactions. Borrowers have the opportunity to use LEO tokens as collateral. On the Bitfinex Borrow platform, users can borrow USDT or other assets using LEO as collateral, thus using LEO in their portfolios as a financing tool.Payments with Bitfinex Pay: Bitfinex Pay is a payment gateway that allows online businesses to accept payments with cryptocurrency. In this system, the LEO token can be used as a fast and low-cost payment tool. When an e-commerce site integrates Bitfinex Pay, customers pay low transaction fees by making payments with LEO tokens. Payments made with LEO can also be converted to a fixed asset like USDT, thanks to Bitfinex's instant conversion feature. New token sales and launchpad privileges: iFinex announced LEO in 2019, simultaneously introducing its own IEO platform, Tokinex. On this platform, similar to Bitfinex Launchpad, LEO is positioned as a native utility token. LEO token holders can gain privileges such as early access to new project token sales (IEOs) organized by iFinex or Bitfinex, or guaranteed allotments. For example, users who hold a certain amount of LEO at a launchpad event can pre-emptively guarantee the right to purchase a certain percentage of the newly released token. This adds additional utility to LEO, giving token holders priority access to investment opportunities.VIP status and special programs: Bitfinex offers various VIP programs to customers who trade high volumes on its exchange or hold substantial assets. The LEO token is one factor influencing these VIP levels. Users who hold a significant amount of LEO can earn VIP user status on Bitfinex. VIP users; They receive privileges such as higher withdrawal limits, dedicated customer representative support, reduced transaction fees, and invitations to special events. For example, a user holding more than 50 million LEO tokens can be exempt from monthly fiat withdrawal fees up to $2 million, and the additional fee for withdrawals above this limit will be reduced to 2% instead of 3%.The History of UNUS SED LEO: Key MilestonesThe story of UNUS SED LEO began with a strategic move taken by Bitfinex in 2019 to overcome the challenging financial period it experienced. Born as the iFinex ecosystem's recovery plan, the LEO token quickly became central to Bitfinex's long-term growth model. Let's take a look at LEO's journey from its launch in 2019 to its all-time high in 2025:2019: LEO Launch: iFinex, the parent company of Bitfinex and Tether, launched the UNUS SED LEO token in May 2019. A private token sale raised 1 billion USDT, and the tokens were completely sold within 10 days. That same year, Bitfinex introduced its token burn mechanism in its whitepaper. iFinex announced that it would purchase and burn LEO from the market with a portion of its platform revenues.2020: EOS integration: The EOS-based version of the LEO token became widely used during this period. Bitfinex integrated LEO support on the EOS network, in addition to Ethereum, allowing users to make faster and cheaper LEO transfers. With the full implementation of the dual-chain infrastructure, LEO holders were able to transfer their tokens between the Ethereum and EOS networks through Bitfinex.2021: Ecosystem expansion: This year, Bitfinex diversified its platform by launching new products and services such as Bitfinex Pay and Bitfinex Borrow. The LEO token's usability has also expanded with these innovations. For example, with the launch of Bitfinex Pay in March 2021, online stores began accepting LEO as a payment instrument. Similarly, on the Bitfinex Borrow lending platform, LEO has been integrated into P2P borrowing/lending transactions, becoming part of users' collateral portfolios and offering discounted rates. iFinex announced plans to offer similar benefits to LEO token holders across all new products and platforms it launches in the future. This strategy began to be implemented in 2021.2022: Wider adoption and integration: 2022 marked the beginning of the LEO token's rise to prominence outside the iFinex ecosystem. Integrations with Bitfinex's sister company, Tether, deepened, and LEO became widely adopted as a payment instrument across various platforms. Online businesses that integrated Bitfinex Pay accepted payments in LEO, offering their users an alternative cryptocurrency payment option. iFinex also began considering LEO as a potential utility asset in its new subsidiary ventures, such as Bitfinex Securities.2023-2024: Regular burns and supply reductions: During this period, iFinex continued its promised transparent burn program for the LEO token. Monthly burn reports continued to be published on Bitfinex's real-time LEO Transparency Dashboard, and on-chain burns, occurring every three hours, continued to be shared with the community. By the end of 2024, a significant portion of the total LEO supply had been burned out of circulation; tens of millions of the approximately 1 billion tokens released were permanently destroyed. For example, approximately 51 million LEO tokens had been burned by mid-2021.2025: New High (ATH) and Market Performance: In line with the general recovery trend of the crypto market, the LEO price gradually rose throughout 2024, reaching an all-time high in March 2025. On March 3, 2025, the LEO price broke its own record, reaching approximately $10.01. This level surpassed the previous peak of $8.14 in February 2022 and pushed LEO's market capitalization to over $9 billion. By 2025, LEO had taken the top spot among the largest centralized exchange tokens. Why is UNUS SED LEO Important?So, why is UNUS SED LEO such an important cryptocurrency? The coin's mechanism and ecosystem contain many elements that add value to crypto. We can examine them under the following headings:Deflationary Economic ModelThe most striking feature of the LEO token is its deflationary supply structure. Bitfinex and its affiliates purchase LEO tokens from the market with at least 27% of their consolidated monthly revenue and burn them. This regular buyback and burn mechanism aims to support the token's value by reducing the total supply over time. Since the scarcity of available tokens increases as the supply decreases, the theoretical aim is to exert positive pressure on LEO's market price. The latest LEO burns Advantages in the Bitfinex ecosystemLEO offers tangible benefits for users actively trading on the Bitfinex platform. For example, users who hold LEO can receive up to a 15% discount on trading fees paid on the exchange. Furthermore, LEO holders receive up to a 5% commission discount in Bitfinex's peer-to-peer lending market (P2P lending). Those using LEO collateral on the Bitfinex Borrow service can benefit from lower interest rates. In integrated payments with Bitfinex Pay, LEO also stands out as a tool that minimizes transaction fees and enables fast transfers.LEO TransparencyiFinex has created a "LEO Transparency Dashboard" to ensure full transparency of its LEO token burn program. All LEO amounts burned through this platform and the corresponding transaction IDs are shared in real time. This allows community members to verify on the blockchain that the company's promised buybacks and burns are being carried out regularly. LEO's burn panel. Source: Leo.bitfinex.com Dual-chain structure and broad ecosystemLEO's ability to operate on both the Ethereum and EOS networks offers technical flexibility and cost advantages to its users. LEO tokens on Ethereum enjoy broad exchange and wallet support, while LEO tokens on EOS offer advantages such as low transaction fees and fast confirmation times. This dual-chain structure allows users to choose the most suitable network for LEO transfers based on market conditions. For example, during periods of congestion on the Ethereum network and higher fees, it is possible to transfer LEO over the EOS network at a much lower cost.Furthermore, the LEO token creates a value link between the iFinex group's various products and services, enabling ecosystem integration. The Bitfinex exchange, the Tether (USDT) stablecoin, Ethfinex/DeversiFi, and other iFinex initiatives are indirectly linked to LEO. For example, LEO could potentially play a role in new projects launched by iFinex, or some revenue from Tether transactions could be channeled towards LEO burning. In this sense, LEO is seen as a token that internally fuels the value cycle within the iFinex ecosystem. Because users gain advantages across all platforms of the iFinex family by holding LEO, they become more connected to the ecosystem.LEO Token EconomyWhen considering the value of LEO, it is necessary to consider its token economy. The cryptocurrency's characteristics can be summarized as follows:Total Supply: A total of 1 billion LEO tokens were initially created. Approximately 66% of this supply was issued on Ethereum, and 34% on the EOS network. After the initial distribution, no new LEO tokens were minted.Circulating Supply: Due to regular burns, the circulating supply of LEO is constantly decreasing. The circulating supply, which was 1 billion in 2019, decreased to approximately 923 million LEO by October 2025. The remaining supply was burned by iFinex and completely removed from circulation.Standard: It utilizes the ERC-20 (Ethereum) and EOSIO (EOS) token standards. This means LEO exists as an ERC-20 token on the Ethereum blockchain and as an EOS token on the EOS blockchain. On the Bitfinex platform, users can instantly convert LEO tokens between the two networks.Burning Mechanism: At the heart of LEO tokenomics is the buyback and burn mechanism. As stated in its whitepaper, iFinex pledged to purchase and burn LEO tokens from the market with at least 27% of its consolidated gross revenues each month. This process will continue until there are no tokens left in the market. Furthermore, Bitfinex pledged to accelerate the LEO burn once it recovers from exceptional financial losses in the past. For example, if any portion of the frozen Crypto Capital funds or the assets stolen in the Bitfinex hack are recovered, iFinex announced that it will use 80% of this amount to buy and burn LEO from the market. All burn transactions are executed via smart contracts and are verifiable on the blockchain.UNUS SED LEO Developers and CommunityAs previously mentioned, the LEO token is a centralized cryptocurrency developed by iFinex Inc. iFinex is a global fintech company that operates the Bitfinex exchange and Tether. The company's development team consists of experienced professionals in finance and software. Paolo Ardoino, Bitfinex's technical leader, played a key role in the LEO project's development. As CTO (Chief Technology Officer) of Bitfinex and Tether, Paolo Ardoino led the team that planned and implemented the LEO token's infrastructure. The team's primary goal was to seamlessly integrate LEO into the Bitfinex platform and ensure the token's reliability.The LEO token community largely consists of Bitfinex users and crypto investors who hold the token for the long term. Traders actively trading on the Bitfinex exchange hold the token in their portfolios to take advantage of the discounts and advantages offered by LEO. DeFi investors and long-term supporters of the iFinex ecosystem are also part of the LEO community. Because LEO was initially designed as a centralized token, project management is entirely under iFinex's control. However, thanks to iFinex's transparent burn policy and regular disclosures, we can say that there is a trust-based relationship between the community and the company. For example, iFinex continues to clearly disclose the amount of its revenue allocated to LEO purchases and burns each month.Furthermore, to support the LEO token economy, iFinex keeps the ecosystem vibrant by consistently allocating a portion of its revenue to token buybacks. This model aligns the interests of the company and token holders. As Bitfinex revenue increases, more LEO is burned, increasing the potential for LEO held by existing token holders to appreciate.Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about UNUS SED LEO:What is UNUS SED LEO and when was it released?: UNUS SED LEO is a utility cryptocurrency token launched in 2019 by iFinex, the parent company of the Bitfinex exchange. It was issued to offer various on-platform benefits to Bitfinex users and was initially launched in May 2019, raising $1 billion in a private sale.Who developed LEO?: The LEO token was developed by iFinex Inc. The team behind the project is a global fintech team that also manages the Bitfinex exchange. Paolo Ardoino (CTO of Bitfinex and Tether) led the technical development of LEO, and the engineering team under his leadership successfully integrated the token into the Bitfinex ecosystem. Which blockchains does LEO exist on?: The LEO token has a dual-chain structure and exists on two separate blockchains: Ethereum and EOS. While it operates as an ERC-20 token on the Ethereum network, equivalent LEO tokens exist on the EOSIO protocol. Users can easily convert their LEO between these two networks through Bitfinex. (Note: Bitfinex transitioned its EOS-based LEO tokens to its own sidechain called "Vaulta" in 2025, replacing EOS with this private network; however, the underlying functionality remains similar.)What is the LEO token used for?: LEO is primarily designed to benefit the Bitfinex ecosystem. Users who hold LEO receive discounts on transaction fees on Bitfinex, which is particularly important for high-volume traders. LEO also offers commission discounts on lending/borrowing transactions and the ability to be used as collateral. LEO can also be used as a payment instrument when making purchases through Bitfinex Pay, Bitfinex's crypto payment service. In summary, the LEO token, as an on-platform loyalty and utility token, provides users with financial advantages and easier access to additional services.How does LEO's burn mechanism work?: LEO's burn mechanism is based on iFinex's revenue sharing model. At the end of each month, the company repurchases LEO tokens from the market with 27% of the previous month's revenue and burns these tokens, removing them from circulation. This process is planned to continue until all LEO tokens are destroyed. For example, a determined share of Bitfinex's transaction fees, funding revenues, and other operating profits is automatically allocated to LEO purchases. Purchased LEO tokens are irrevocably burned from wallets at regular intervals during the relevant month (the burn process is publicly visible on the blockchain). This mechanism continuously reduces the LEO supply, aiming to support the token's value in the long term. Is LEO suitable for investment?: Since LEO is primarily a utility token, it is designed to benefit Bitfinex users rather than serve as a direct investment vehicle. Of course, LEO's value may increase over time (for example, it reached $10 in 2025, generating significant returns), but this increase is largely dependent on the success of the Bitfinex platform and iFinex's commitment to burning it. Compared to other exchange tokens like Binance's BNB, LEO has a more limited use case and relatively low daily trading volume. Therefore, LEO is more suited to users who believe in the Bitfinex ecosystem and want to establish a long-term relationship. As with any investment decision, investing in LEO requires evaluating one's own risk tolerance and expectations.To closely monitor the future of exchange tokens like LEO and the latest market developments, visit the JR Kripto Guide section.
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17 Oct 2025
Major Stablecoin Step from Three Major Japanese Banks
Japan's three major banks are taking a significant step in the stablecoin space. Mitsubishi UFJ (MUFG), Sumitomo Mitsui (SMBC), and Mizuho plan to issue stablecoins pegged to both the Japanese yen and the US dollar. According to Nikkei, the trio will initially launch a pilot application for Mitsubishi Corporation.What is the aim of the project?The project aims to create a common standard for corporate payments and cross-border transactions. This will make digital liquidity in yen and dollars accessible within the Japanese financial system through domestic banks. This could enable Japanese companies, particularly those operating in the export and energy sectors, to transition to faster and lower-cost payment infrastructures. The three banks have a combined total of more than 300,000 corporate clients, suggesting that the stablecoin project could find widespread adoption.Stablecoins are digital assets whose value is typically pegged to fiat currencies such as the US dollar. Their fast transfer capabilities, transparent reserve structure, and compatibility with smart contracts make them increasingly popular with both the crypto market and traditional financial institutions. The global stablecoin supply surpassed $300 billion as of last week, demonstrating the strong market confidence and demand.Japan, which has long maintained a cautious stance on crypto assets, has recently made significant regulatory changes. The Financial Services Agency (FSA) is accelerating regulatory approvals for yen-backed stablecoins. Japan Post Bank also plans to launch a tokenized deposit system called DCJPY by fiscal 2026.In addition to Japan, activity has increased across Asia. South Korea is preparing legislation to regulate stablecoin issuances, while Hong Kong is launching a new regime for licensed stablecoin companies. Ripple and SBI plan to launch a dollar-pegged token called RLUSD in Japan in early 2026.Meanwhile, in the US, the GENIUS Act established the first comprehensive federal framework for stablecoin companies. Regulators believe this model could serve as a model for other countries, with US Treasury Secretary Scott Bessent predicting the global stablecoin market could surpass $2 trillion by 2028.
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17 Oct 2025
Bitcoin at $105,000: JPMorgan Explains Reason for Decrease
A sell-off continues in the cryptocurrency market. The price of Bitcoin fell to $105,000 as of the morning of October 17th, its lowest level since early September. This decline was fueled by both the re-escalation of trade tensions between the US and China and signals of weakness in US regional banks. Ether fell 1.5% to $3,928, while other major cryptocurrencies such as BNB, XRP, and Solana followed suit. The Fear & Greed Index, which measures market sentiment, fell to 22, indicating that investors are in the "extreme fear" zone. This sentiment is also paralleled by the uncertainty in US stock markets.Statements regarding bad loans from regional banks in the US, particularly Zions Bancorp and Western Alliance Bancorp, have brought the fragility of the financial system back into the spotlight. Furthermore, US President Donald Trump's statement, "We are in a trade war with China," has created a new wave in the markets. These statements have created selling pressure on all risk assets, from stocks to crypto. Presto Research analyst Min Jung said, “The market is completely driven by headlines surrounding the US-China trade war. The state of regional banks is also damaging investor confidence.” Vincent Liu, investment director at Kronos Research, commented, “While BTC and ETH are more resilient than stocks, any macro shock can quickly reverse the market due to low liquidity.”JPMorgan explains the reason behind the decline in Bitcoin and altcoinsHowever, according to JPMorgan analysts, the main reason for this sharp decline in recent weeks is crypto-specific investor behavior rather than external developments. The bank's analysts note that last week's liquidations largely came from "crypto-native" traders, while traditional ETF investors and institutional players did not sell heavily during this period.According to JPMorgan data, there was a net outflow of only $220 million from Bitcoin ETFs and $370 million from Ethereum ETFs between October 10-14. These figures represent a very small fraction of total assets under management. In contrast, open interest in the perpetual futures market, which is heavily used by crypto investors, fell by 40% in dollar terms. Analysts describe this data as "a wave of liquidations sharper than price declines."Last week, markets experienced the largest liquidation in history, wiping out more than $20 billion in leveraged positions. The closing of over 1.5 million positions in just one week shook the market. Bitcoin is currently trading around $105,000. JPMorgan predicts that interest rate cuts or new spot ETF approvals could spark a recovery in the fourth quarter, but volatility will remain high in the short term.
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17 Oct 2025
ID Comment and Price Analysis - October 16, 2025
ID Technical Outlook Falling Channel Structure According to the chart, we can say that ID has still been trading inside a falling channel structure for a long time; the price has recently approached the upper border of the channel again. Reactions from the level signal a higher probability of a breakout.The current price is around the level $0.1682, suggesting a short-term positive outlook.The nearest support stands at the level $0.1664 in the short term now. Holding above this support could pave the way for the range between the levels $0.1900–$0.1984. This zone is crucial for a potential breakout as it aligns with the upper border of the channel. The price of the coin is likely to aim for the levels $0.2238, followed by $0.2524–$0.2635 if it sees daily closes above $0.1984.According to a bearish scenario, the first support to follow is $0.1487; below it, the price could pull back to the levels $0.1343 and even $0.1170.If the channel breaks to the upside, the technical target would be a move equal to the channel’s height, potentially pushing the price into the $0.30–$0.36 range in the medium term.Summary:Current price is around $0.1682Holding above $0.1664, the price targets $0.1900–$0.1984Holding above $0.1984 could open the way for $0.2238 and $0.2524–$0.2635Below $0.1487, the price could test $0.1343 and $0.1170A breakout of the channel makes $0.30–$0.36 potential targetsThese analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
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16 Oct 2025
What is Ethena USDe (USDe)?
In the crypto world, stablecoins have long been used as the digital equivalent of the dollar; however, most still rely on traditional financial institutions and bank reserves. Ethena USDe is taking a different path. Developed by Ethena Labs, USDe stands out as an innovative stablecoin, operating entirely on-chain and supported by the "synthetic dollar" model. Launched in March 2024, the project quickly gained significant traction and became a pioneer of the "yield-generating stablecoin" movement in the decentralized finance (DeFi) ecosystem. In this guide, we will thoroughly explore how Ethena USDe works, its delta-hedged strategy, the Internet Bond concept, the ENA token, and its future roadmap.Definition and Origin of Ethena USDeEthena USDe (USDe) is a digital stablecoin based on the "synthetic dollar" model, collateralized and offset by on-chain derivative transactions. In short, the Ethena protocol offers a completely crypto-focused, decentralized dollar solution as an alternative to traditional stablecoins. USDe is pegged to a value of $1 using financial engineering techniques and allows users to earn yield while maintaining this value.Developed by Ethena Labs, the USDe project was first introduced in March 2024. The Ethena Labs team is comprised of experienced professionals in financial engineering, derivatives markets, and risk management. Led by CEO Guy Young, the team is based in London and includes experts from previous positions at institutions such as Morgan Stanley, Jump Trading, and Chainlink Labs. Shortly after its launch, the project gained significant traction, becoming one of the largest stablecoin projects by market capitalization.USDe's primary goal is to address the problems of decentralization and reserve transparency that are common in the stablecoin market. While many existing stablecoins rely on traditional financial institutions or bank reserves, Ethena aims to create a dollar that runs entirely on the blockchain and is independent of the traditional banking system. With their "internet bond" vision, the team aims to create a digital dollar that both generates returns and maintains a price fixed at $1. This allows users to generate passive income while using a reliable store of value within the crypto ecosystem. The USDe price, as seen below, has remained stable around $1 since its launch. Ethena is considered a pioneer in the "yield-bearing stablecoin" category. USDe integrates with popular DeFi platforms such as Aave, Pendle, MakerDAO, and Uniswap and is actively used in these ecosystems. For institutional investors in particular, USDe aims to be a secure gateway to the world of decentralized finance. Traditional financial players can participate in blockchain-based applications with a transparent, dollar-denominated stablecoin through USDe.Ethena USDe History: Key MilestonesSome key events and developments in the brief history of Ethena USDe are as follows:March 2024: Ethena Labs launched USDe's mainnet. The first public version was launched after closed testing, generating excitement in the DeFi community.April 2024: USDe was listed on major cryptocurrency exchanges like Bybit. (During the same period, Ethena Labs' governance token, ENA, was also available to users on major platforms like Binance.) This rapidly increased USDe's liquidity and accessibility.May 2024: Ethena introduced the innovative concept called "Internet Bond." Thanks to this feature, users began earning returns by staking their USDe. In other words, USDe not only maintained its value but also became a regular earning tool.July 2024: The Ethena protocol reached a major milestone by surpassing $3 billion in total locked value (TVL). Reaching such a high TVL in a short time demonstrated the trust and interest in the project.Late 2024: USDe, with its "staking + delta-hedging" model, began to be recognized as one of the most innovative stablecoin assets in the crypto market towards the end of the year. Many analysts described USDe as a groundbreaking example in the stablecoin space. 2025: Ethena began integrating with infrastructures like LayerZero and Chainlink to increase compatibility across different blockchains. This aimed to enable USDe to operate seamlessly across multiple chains and reach a wider audience.Why is Ethena USDe Important?Several aspects distinguish Ethena USDe from other stablecoin projects and make it significant. For example, unlike traditional stablecoins like USDT or USDC, Ethena maintains its $1 value entirely through on-chain mechanisms, without relying on a central issuer. This offers a significant alternative in terms of decentralization and censorship resistance.On the other hand, USDe, thanks to its "delta-hedged" strategy, maintains its value while offering users regular returns (yield). This feature has opened up a new way to generate passive income in the DeFi ecosystem. Holding stablecoins now makes sense not only for storing value but also for earning returns.Additionally, Ethena's "synthetic dollar" design is based on delta hedging, a technique used in traditional financial markets. The protocol balances assets held in spot markets (such as ETH) with short-term derivative (futures) positions of the same amount. This creates a highly price-stable asset that is resilient to market fluctuations. Open interest rates in BTC and ETH in Ethena's fund between 2021 and 2024 The Ethena protocol regularly publishes its reserves and collateral ratios on-chain. This means the collateral behind USDe can be viewed and audited by anyone. This transparency increases user trust and minimizes questions about stablecoin reserves.Ethena aims to appeal to individual crypto users as well as funds, derivatives investors, and other institutional players. With its slogan, "DeFi-compatible dollar," it aims to offer a regulatory-friendly and reliable digital dollar alternative that aligns with the needs of the traditional financial world. This could make USDe a tool for institutional-level payments and financial transactions in the future.Ethena Labs and the USDe EcosystemThe value of Ethena USDe is also driven by the ecosystem and Ethena Labs. Ethena Labs is a finance and blockchain engineering team led by CEO Guy Young. Based in London, this team focuses on developing innovative products in the decentralized finance space. The team includes experts with prior experience at leading institutions in both traditional finance and the crypto world, including Morgan Stanley, Jump Trading, and Chainlink Labs. This strong team is the brainpower behind the vision behind Ethena USDe.The Ethena project has received significant support from renowned crypto investors and companies. Dragonfly Capital, Binance Labs, OKX Ventures, and Bybit are just a few examples. Furthermore, financial giants such as BitMEX founder Arthur Hayes, Franklin Templeton, and Galaxy Digital have also provided various investments and support to Ethena. This broad investor base provides a significant indication of the project's credibility and potential.The Ethena community is growing and gaining a voice in the project. Ethena Labs is taking steps to transition to a decentralized governance model. The governance token ENA, issued as part of this initiative, will ensure that future protocol decisions are made through community votes. By holding ENA tokens, community members will have the right to vote on the protocol's development and significant changes. This means the Ethena ecosystem will eventually evolve into a DAO (Decentralized Autonomous Organization) structure.Ecosystem applications also contribute to the value of USDe. The ecosystem built around Ethena USDe includes a number of products and integrations. Some of these include:Internet Bond: This is the name given to the annual return system where users who stake USDe earn a set return. Staking USDe, in a sense, allows for regular interest income, similar to an "internet bond." Users can lock their USDe in the protocol and earn additional daily or annual income.Cross-chain integrations: While Ethena USDe initially runs on Ethereum, it is rapidly expanding to other chains. USDe can now be used on popular Layer-2 networks and sidechains such as Arbitrum, Optimism, and Base. These cross-chain integrations enable the seamless transfer and use of USDe across different platforms and applications.DeFi platform integrations: USDe is deeply integrated with many decentralized finance protocols. For example, USDe is actively used in futures transactions on Pendle, liquidity pools on Curve, and lending/borrowing on Aave. By working in harmony with protocols like Synthetix, USDe's liquidity and usage areas are expanded. This creates a rich usage network within the Ethena ecosystem, growing alongside other DeFi projects.How Does Ethena USDe Work?The operating principle of Ethena USDe is based on a clever strategy borrowed from the world of traditional finance. The protocol maintains the value of USDe at $1 through a delta-hedged stablecoin model. So, what does this mean, and how does it work? Let's explain it simply:The value of USDe is maintained by balancing the protocol's holdings with its positions in derivatives markets. To offset price fluctuations in collateral assets (such as ETH) received from its users, Ethena simultaneously opens short positions against these assets in the futures markets. This method creates a delta-neutral position. The steps are as follows:Collateral deposit: Users deposit ETH or similar crypto assets into the Ethena protocol as collateral. In exchange for this collateral, the protocol mints new USDe tokens and issues them to the user. Delta hedge position: The protocol simultaneously hedges the collateral it receives from the user. For example, if the user deposits 1 ETH of collateral, Ethena opens a short position of 1 ETH on centralized exchanges or supported platforms. This short position acts as insurance against price fluctuations of the ETH held as collateral.Price fixing: Thanks to this stabilization, the value of USDE remains approximately $1, regardless of whether the price of ETH rises or falls. How does this work? If the price of ETH rises, the protocol's ETH collateral gains value, but the short position loses value by the same amount – thus, the total value remains constant. Conversely, if the price of ETH falls, the value of the collateral decreases, but the profit from the short position is still made, preserving the total value. Consequently, the protocol's total portfolio value is fixed in dollars.Return generation: Ethena's delta-neutral strategy not only stabilizes the price but also generates returns. As the short position holder in futures markets, the protocol typically receives periodic payments called funding rates. In crypto markets, in particular, those who open long positions often pay funding fees to those who open short positions. Ethena accumulates the returns from these funding rates. It also earns staking rewards on the assets it holds as collateral (e.g., staked ETH). These revenues are shared proportionally with users who stake USDe. Summary of derivative transactions used for USDe. Source: Ethena/Docs Why is this model advantageous? Because USDe operates entirely through market-based mechanisms, without the need for bank reserves or fiat collateral. The value of collateral assets is protected by financial derivatives, ensuring decentralization. This minimizes the regulatory pressures and trust issues faced by traditional stablecoins. Thanks to this clever hedging mechanism, Ethena has created a stablecoin model that both maintains its 1:1 dollar value and generates income.Ethena USDe Use CasesIn addition to being used as a stablecoin to store value, USDe is also an active tool in various DeFi and cryptocurrency applications. Here are some of USDe's primary use cases:Collateral in DeFi protocols: USDe is accepted as collateral (collalateral) in decentralized finance platforms. For example, in lending and borrowing protocols like Aave, users can deposit USDe to obtain loans or use USDe alongside other stablecoins in liquidity pools like Curve. This has made USDe a reliable collateral tool in the DeFi world. Liquidity Provision (LP) and Yield Farming: USDe is an ideal asset for participating in liquidity pools on various platforms. For example, it's possible to become an LP (Liquidity Provider) by adding liquidity to pools consisting of trading pairs such as USDe/ETH or USDe/USDT. Liquidity providers receive a share of pool fees and can also earn various yield farming rewards. This offers additional earning opportunities for USDe holders.Passive Income Generation: Thanks to Ethena's Internet Bond system, users can earn passive income by locking and staking their USDe within the protocol. USDe staking offers a set annual percentage yield (APY) from the protocol's funding rate revenues and other earnings sources. This means earning dollar-denominated returns in a digital environment, similar to bank deposit interest. While USDe staking returns can fluctuate depending on market conditions, they represent an attractive income stream for users.Corporate Payment Solutions: The Ethena project aims to leverage USDe not only on crypto platforms but also in real-world applications in the long term. In particular, enabling corporate-to-company payments and international transfers to be made with USDe on the blockchain is a significant goal. This will enable traditional financial institutions to utilize the speed and efficiency of blockchain to facilitate seamless and low-cost dollar transfers through USDe. Once this vision is realized, USDe could become not only an investment and trading tool but also a global digital payment instrument. Ethena USDe Token EconomicsLet's take a closer look at the technical and financial features of Ethena USDe:Token Name: Ethena USDeSymbol (Ticker): USDeToken Standard: ERC-20 (runs on the Ethereum network)Collateral Type: ETH and similar high-liquid crypto assets (e.g., supported collateral such as stETH, wBTC)Value Peg: $1 (targeted at 1 USDe ≈ $1)Governance Token: ENA (the Ethena project's governance and incentive token)Total Value Locked (TVL): Approximately $4 billion by 2025 (total asset value locked in smart contracts within the USDe ecosystem)The above information summarizes the technical structure and economics of USDe. It's important to note here that USDe is collateralized at 100% or higher to maintain its value at $1, and this collateral is protected by a smart hedging strategy. The Ethena protocol maintains a collateral equivalent in value and a counter-hedge position for every USDe printed, ensuring the system's smooth operation. USDe's activity Considering the differences between USDe and ENA: USDe is a synthetic stablecoin whose price is pegged to the dollar, while ENA is the governance and incentive token of the Ethena ecosystem. In other words, USDe's primary purpose is to maintain its value and serve as a kind of digital dollar in circulation. ENA, on the other hand, is used to provide a voice in project management, participate in voting, and participate in certain incentive mechanisms within the ecosystem. ENA holders will be able to vote on decisions regarding the Ethena protocol in the future. In short, USDe is for daily transactions and storing value, while ENA is for participation in protocol governance and long-term incentives.The Future of Ethena USDe and RoadmapThe Ethena Labs team has set several goals for the future to develop USDe and the Ethena ecosystem in general:2025 Goals: Throughout 2025, Ethena plans to increase its cross-chain integrations. One of the primary goals is to expand its user base by integrating USDe into more blockchain networks. Efforts will also be underway to ensure USDe plays an active role in payment solutions. This means that USDe use cases can be developed in areas such as e-commerce and international money transfers. Furthermore, the goal is to transition to a full-fledged DAO structure for Ethena's governance token, ENA. The ENA governance system is expected to be fully operational by the end of 2025, with a community-driven decision-making mechanism in place.Medium-term goal: In the medium term, Ethena aims to become an infrastructure service in the crypto world. The team frequently describes Ethena as a global "on-chain yield infrastructure." This means that Ethena plans to be a platform offering yield-oriented financial instruments that not only supports its own products but also allows other projects to build upon. For example, other projects could create their own stablecoins or derivative products using Ethena's USDe and delta-hedge model.Long-term vision: Ethena's long-term vision is to not only be a stablecoin project but also to create a financial layer that delivers the bond-like income mechanism of decentralized finance to investors worldwide. The concept of an "Internet Bond" can be thought of as a digital interpretation of traditional bonds, and Ethena aims to make this concept accessible to global investors. If successful in the long term, the Ethena ecosystem can become a reliable, transparent, and profitable digital financial infrastructure for both individual users and institutional investors.Frequently Asked Questions (FAQ)Below, you can find answers to some frequently asked questions about Ethena USDe:What is Ethena USDe?: Ethena USDe is a decentralized, yield-generating stablecoin whose value is pegged to $1 through a delta-hedged strategy. In other words, it is a synthetic digital dollar running on the blockchain, supported by collateral and a balance of derivative positions.When was USDe launched?: Ethena Labs first launched USDe in March 2024. After a closed beta period, USDe launched on the mainnet in March 2024 and has grown rapidly since then. Who developed Ethena?: The Ethena project was developed by the Ethena Labs team, led by CEO Guy Young. The team members are experienced professionals in finance and blockchain.How does the USDe remain stable?: The USDe's value remains stable at $1 thanks to the hedging of collateral assets like ETH through short positions. The protocol neutralizes the value of its collateral with reverse futures positions, keeping the USDe price unaffected by market volatility.How does it benefit USDe investors?: The Ethena protocol shares the funding rate revenue and other returns generated by delta-neutral positions with USDe holders. In other words, users who stake USDe earn passive income by sharing the protocol's interest and rewards.Is USDe secure?: USDe's collateral and reserves can be tracked on-chain with full transparency. The system's risk management is automated through smart contracts. This minimizes human error, and users can monitor the protocol's health themselves. Of course, as with any financial system, there are certain risks, but Ethena adopts an industry-leading approach to security and transparency.Which networks can Ethena USDe be used on?: USDe is currently available on various side networks and Layer-2 platforms, primarily the Ethereum mainnet. It is possible to transfer, exchange, or use USDe in various protocols, particularly on popular networks such as Arbitrum, Base, and Optimism.What is the difference between Ethena USDe and ENA?: USDe is a stablecoin whose value is pegged to the dollar. ENA is the governance token of the Ethena ecosystem. In short, USDe is traded as a digital dollar, while ENA is the token used to participate in project management and have a say in the ecosystem. ENA holders will have voting rights on future updates and decisions to the Ethena protocol. If you'd like to stay up-to-date on Ethena Labs and the DeFi stablecoin revolution, continue watching our JR Kripto Guide series.
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16 Oct 2025
Trump Family Enjoys Golden Age in Crypto: $1 Billion Profit
US President Donald Trump and his family have once again made headlines over the past year with their earnings exceeding $1 billion from cryptocurrency investments. The Trump family's portfolio spans a wide spectrum, from meme coins to stablecoins and DeFi projects. These revenues stem from the growth of their assets in the crypto market, as well as token sales and brand licensing agreements for the family's projects.The Trump family's crypto returns shocked the marketWorld Liberty Financial (WLFI), one of the Trump family's most significant ventures in the crypto world, launched last year and quickly achieved billions of dollars in trading volume. Family members own approximately a quarter of the project's total supply. In addition to the WLFI tokens, meme coins issued in the names of Trump and Melania have also generated millions of dollars in revenue. According to on-chain data, the TRUMP and MELANIA coins generated a total return of approximately $427 million, while the WLFI token generated approximately $550 million. Furthermore, the sales volume of the family's stablecoin, USD1, reached $2.7 billion. According to FT calculations, Barron Trump, the youngest member of the family, is among those who have profited significantly from these ventures. At just 19 years old, Barron's wealth has surpassed $150 million, surpassing that of his mother, Melania Trump. Vanity Fair reports that Barron's wealth has risen from $80 million to $150 million in just a few months, largely due to his investments in WLFI and stablecoins. The Trump family's DT Marks DeFi LLC has received 22.5 billion WLFI tokens for use of the brand, and Barron owns a 10% stake in the company. A $750 million token deal with Alt5 Sigma has also added $41 million to Barron's income. The Trump family's crypto activities don't end there. Eric Trump announced plans to tokenize real estate through WLFI. He announced that they are working on a model that would allow the public to invest with small amounts by tokenizing a building currently under construction. With this system, investors can own a small portion of real estate by investing, for example, $1,000. They will also be offered additional benefits such as hotel services or exclusive access. Zack Witkoff, another co-founder of WLFI, stated that this model will create new investment opportunities for the Trump family's global supporters.Are these profits "ethical"?However, these massive gains have also sparked ethical debate. Trump's direct income from his family's businesses while in office has reignited allegations of conflict of interest. Some legal experts argue that the president's cryptocurrency activities on this scale challenge ethical boundaries. Critics argue that the Trump administration's soft line on crypto regulations has benefited these projects.Despite this, the Trump family has become a major powerhouse in the crypto industry, both financially and symbolically. Their income from digital assets has surpassed traditional sources of wealth. However, whether these gains are sustainable in the long term will depend on volatility in the crypto markets and the likelihood of tightening regulations. For now, the Trump family has attracted attention in the world of digital finance as well as in politics.
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16 Oct 2025
$300 Trillion Mistake: Stablecoin Disaster Sparks Financial Regulators into Action
On October 15, 2025, stablecoin company Paxos made a mistake of historic magnitude. The company mistakenly minted $300 trillion worth of unsecured tokens for PayPal USD (PYUSD). The error was quickly rectified with a burn after being discovered, but the incident caught the attention of the New York Department of Financial Services (NYDFS).NYDFS released a statement regarding Paxos's errorThe NYDFS confirmed that it had contacted Paxos and PayPal in a statement. The agency stated that this incident, which occurred as a result of "human error," constitutes a serious warning regarding the operational security of stablecoins. The incident was first noticed in on-chain data during a routine $300 million transfer. In this transaction, which took place between Paxos's own wallets, a simple numerical error in the system created 300 trillion PYUSD. The entire excess was burned within an hour, restoring balances and confirming that customer funds were unaffected. However, the magnitude of the incident caught the attention of the global financial market. Sam Ramirez, a former Salesforce engineer, commented on the incident, saying that Paxos “mistakenly reprinted a 300 million transaction as 300 trillion.” “This wasn’t software-related; it was pure human error,” he said. Following the incident, attention turned to stablecoin collateral systems. The lack of on-chain verification tools, the fragility of manual controls, and the frequency of system audits became a renewed topic of discussion.Chainlink community representative Zach Rynes argued that the incident proved that Proof of Reserve systems should be made mandatory. According to Rynes, if Chainlink’s PoR system had been integrated, a printing transaction of this magnitude wouldn’t have been possible without comparing it with reserves. “This incident demonstrates that on-chain verification systems are no longer a luxury, but a necessity,” he said.On social media, the incident was discussed from various perspectives. The financial blog Zero Hedge raised the question, “What exactly was this $300 trillion worth of ‘stablecoin’ collateralized by?” Some analysts argued that the error revealed a systemic vulnerability rather than a technical one. A DeFi researcher noted that the incident coincided with PayPal's announcement of a new liquidity partnership, saying, "Everyone dismissed it as a software bug, but the timing is striking. This happened at the very moment when traditional finance and tokenized securities met."Data analytics firm Santiment also stated that "the creation and burning of such a large supply in such a short time demonstrates the delicate balance of the stablecoin market." The total value of the stablecoin market is currently close to $310 billion. However, Paxos' $300 trillion error could have completely shaken the system. Regulators are now preparing to mandate Proof of Reserve integrations, instant audits, and more transparent reserve verification standards.
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16 Oct 2025
AVAX Comment and Price Analysis - October 15, 2025
AVAX Technical Analysis Rising Channel Structure Analyzing the chart, it’s clear that AVAX continues to trade within a strong ascending channel. During the recent market crash, the price briefly touched the lower boundary of the channel, but buyers quickly stepped in, leading to a solid rebound toward the $22 zone. The $20–$22 area is particularly important — not only as a technical support but also as a psychological level for many traders. As long as AVAX stays above this zone, the bullish structure remains intact.AVAX is currently trading around $22.69. The first resistance to watch is at $23.76. A breakout above this level with strong volume could open the door to higher targets at $26.23 and $27.18. The upper boundary of the channel, near $30.30, stands as the main medium-term target.On the downside, key support levels are $21.52 and $20.77. A daily close below $21 might trigger some short-term weakness, but the broader trend remains bullish and continues to support recovery.Summary:AVAX remains within a rising channel.Strong support: $20–$22Resistance levels: $23.76 → $26.23 → $27.18Main target: $30.30 (channel top)Holding above $21 keeps bulls in control
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15 Oct 2025
SOL Comment and Price Analysis - October 15, 2025
SOL/USDT Technical OverviewAnalyzing the Solana chart, we observe a symmetrical triangle pattern, signaling that the price is being squeezed between a rising support line and a descending resistance line. Such formations often result in sharp breakout movements once the market picks a direction.Currently, the price is around $200.77. The $195 level acts as both a short-term support and the lower boundary of the triangle. As long as the price holds above this area, the overall outlook remains positive. The next key resistance levels to watch are $219 and $227. A confirmed daily close above $227 could trigger a strong move toward $253 and potentially $295. Narrowing Triangle Formation According to a bearish scenario, a daily close below $195 could increase selling pressure, with the next support zones at $171 and $163. However, the broader trend remains bullish, and there’s a higher probability of a test toward the upper band of the triangle in the near term.Summary:SOL is consolidating within a symmetrical triangle.Current price: $200.77Support zone: $195Resistance zone: $219 – $227Above $227: Targets at $253 and $295Below $195: Supports at $171 and $163Watch for a rise in volume, as a breakout appears imminent.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
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15 Oct 2025
TRX Comment and Price Analysis - October 15, 2025
TRX Technical AnalysisLooking at the TRX chart, we can clearly see a symmetrical triangle formation taking shape.This pattern usually signals that the market is reaching the final phase of consolidation before a strong directional breakout. TRX is currently trading around $0.3169. The key short-term resistance sits at $0.3228, which also aligns with the upper border of the triangle. If the price manages to break above this level, we could see moves toward $0.3277 and $0.3433. A strong breakout above $0.3433 would confirm a bullish breakout, opening the door for a move toward $0.370.The level at $0.3095 is the critical support zone below. If the price closes below this level, we could see a drop toward $0.2967 and even $0.2791. The lower band of the triangle also sits near $0.309, making this area essential for maintaining the structure.Overall, the market is still in a tight consolidation phase, waiting for direction. Given the current momentum and volume profile, the probability of an upside breakout appears slightly higher. Narrowing Triangle In summary:TRX is moving within a symmetrical triangle pattern.Current price: $0.3169Key resistances: $0.3228 and $0.3277Above $0.3433, the next target is $0.370Support levels: $0.3095, $0.2967, and $0.2791The breakout direction will determine the next major move — volatility likely to rise soon.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
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15 Oct 2025
French Banking Giant Launches Euro Stablecoin
France-based investment bank ODDO BHF has reached the final stages of its long-awaited euro-backed stablecoin project. The bank officially launched its new digital asset, EUROD. EUROD will initially be listed on the Madrid-based crypto platform Bit2Me.ODDO BHF Makes Stablecoin MoveODDO BHF is a well-established financial institution operating in private banking, asset management, and institutional investment services. The bank manages over $150 billion in assets and is attracting attention with this new step. The launch of EUROD adds a new dimension to the growing competition among euro-based stablecoins in Europe.The bank had announced the EUROD project at the end of 2024 and planned to launch it by the end of 2025. Upon completion of regulatory approval, the token was launched ahead of schedule. EUROD is positioned as a MiCA-compliant digital currency designed for both individual and institutional investors, backed by a 1:1 euro collateral. ODDO BHF partnered with digital asset custody platform Fireblocks to develop the stablecoin's technical infrastructure. The bank aims to use EUROD both as a payment solution and as a reliable liquidity tool within the DeFi ecosystem.EUROD is structured in accordance with the transparency criteria set by the European Central Bank and EU regulators. This means that all reserves behind the stablecoin consist of actual fiat assets held in regulated banks. In this respect, EUROD aims to provide a safer environment against depeg risk during market volatility.Bit2Me CEO Leif Ferreira stated in a statement accompanying the listing announcement, "The listing of ODDO BHF's euro stablecoin on our platform is a significant step in our mission to offer regulated digital assets."Bit2Me has recently become one of the fastest-growing crypto platforms in Europe. The company first came to the fore last year when Tether led a €30 million investment round. The platform, backed by major players such as Telefonica, Unicaja, and BBVA, operates licensed throughout the EU and continues to expand into the Latin American market.EUROD's launch coincides with the launch of euro-backed digital assets such as Societe Generale-FORGE's EURCV banking stablecoin and Circle's EURC token.US dollar lags behindThe recent weakness of the US dollar has fueled interest in euro-backed assets. Circle's EURC supply has surpassed 229 million tokens in recent months, with its market capitalization approaching $266 million. ODDO BHF's EUROD aims to add banking security and regulatory transparency to this growing ecosystem.With EUROD's listing on Bit2Me, the regulated stablecoin market in Europe is becoming even more diverse.
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15 Oct 2025
After Three Years, Celsius Wins Tether Case with $299.5 Million Settlement
One of the crypto world's longest-running legal battles has finally come to an end. Celsius Network, which went bankrupt following the 2022 crash, has won its lawsuit against stablecoin giant Tether after three years. Following the lawsuit, which was filed in the US, Tether agreed to pay Celsius $299.5 million.Celsius Wins Tether CaseCelsius Network has secured a $299.5 million settlement after three years in its lawsuit against Tether. This amount represents only 7% of the $4.3 billion the company initially sought. The decision, which resonated throughout the crypto market, is considered one of the largest cases concluded during Celsius's bankruptcy process.The case was filed in August 2024 in the US Bankruptcy Court for the Southern District of New York by the Blockchain Recovery Investment Consortium (BRIC), Celsius's representative. BRIC, a joint venture between VanEck and GXD Labs, was tasked with recovering Celsius's assets. Celsius claimed that Tether liquidated 39,542 Bitcoin during the 2022 market crash before the 10-hour waiting period in the contract expired.Tether denied these allegations and maintained that the transactions were legal. However, Judge Martin Glenn, presiding over the case, found Celsius's claims largely valid and allowed the proceedings to proceed. After approximately a year of review, the parties agreed to a $299.5 million settlement.GXD Labs managing partner David Proman said, “We are pleased to have concluded Celsius’s lawsuit against Tether. The faster and fairer completion of the process than anticipated is in the best interest of creditors.”Tether founder Paolo Ardoino also shared a post on the X platform: “We are pleased to have reached a final resolution to all matters related to the Celsius bankruptcy process.” Thus, the lawsuit was officially closed for Tether.What happened?Celsius Network halted user withdrawals following a liquidity crisis in the summer of 2022 and filed for bankruptcy in July 2022. A $1.2 billion deficit was identified on the company's balance sheet, and total investor losses were estimated to exceed $4.7 billion. The company's founder, Alex Mashinsky, pleaded guilty to commodity fraud and CEL token price manipulation in May 2025 and was sentenced to 12 years in prison.BRIC, which managed Celsius's restructuring process, prepared a payment plan for creditors by the end of 2023 by recovering some of the company's assets. The $299.5 million payment from Tether will be used as part of this plan and distributed as restitution to the aggrieved investors.The decision holds symbolic significance in the crypto market. Tether's acceptance of this compromise is seen as a significant turning point in the long-running "transparency of stablecoins" debate.At the time of writing, the CEL token price is trading at $0.05006317, representing a 10% increase in the last 24 hours.
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15 Oct 2025