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Browse all Altcoin related articles and news. The latest news, analysis, and insights on Altcoin.
Cardano Founder Takes a Break as ADA Hits Five-Year Low
Cardano founder Charles Hoskinson shared a “taking a break” message on social media after warning of an approaching “wave of failures” across the blockchain ecosystem. ADA’s price fell below $0.20 during the same period for the first time in more than five years.Hoskinson’s Warning: “Many Projects Are Collapsing”In a video published earlier this week, Hoskinson delivered a blunt message to the community. “I said at the beginning of the year: markets are terrible, a lot of projects are going to collapse,” he said. “There is going to be a wave of failure in the ecosystem.”His remarks came shortly after Cardano analytics platform TapTools announced that it would shut down after four years of operation. Hoskinson framed the development as part of a broader picture for the ecosystem. “This is where we are as an ecosystem,” he said.The founder also expressed frustration over how the community treasury is being used. “I don’t see a serious community appetite to use the treasury to take these initiatives to the next level,” he said.ADA Falls 70%Following Hoskinson’s comments, ADA lost around 10% of its value. The token has declined nearly 70% over the past year. The move below $0.20 marks ADA’s lowest levels since 2020. Hoskinson’s remarks came after two consecutive controversial decisions by the Cardano community. First, the community voted against funding the 2026 Cardano Summit in Singapore, forcing the event to be canceled. In a later vote, a smaller-scale plan for the Token2049 event was approved.Treasury management has long been a source of tension within Cardano. For decentralized structures, making spending decisions is difficult in practice; community votes often produce inconsistent outcomes, and there is no clear consensus on which projects should receive support. TapTools’ shutdown has become one of the clearest examples of this broader problem.“TTYL”Hoskinson ended his post on X with only “TTYL.” The acronym, which means “talk to you later” in English, was interpreted by the public as a message that he was taking a break. It is not yet clear how long Hoskinson will remain “on break” or whether the decision will have any impact on Cardano’s roadmap. However, the symbolic figure of the community stepping back during a critical period adds another layer of uncertainty to ADA’s already pressured price. Cardano remains a technically mature network in terms of its smart contract infrastructure and staking mechanism. The main question now is not technical: can the ecosystem build a real user base and a sustainable project pipeline in a market that is losing momentum?
What is Lorenzo Protocol (BANK)?
Lorenzo Protocol operates as a protocol that brings Bitcoin liquidity and on-chain asset management into the DeFi ecosystem. The project focuses especially on enabling long-held assets such as Bitcoin to be used more efficiently on-chain.BANK is the native token of the Lorenzo Protocol ecosystem. Users can use BANK in protocol-level processes through governance, incentive mechanisms, ecosystem participation, and the veBANK model.Lorenzo’s core idea is based on an issue that has long been discussed in the crypto market. Although Bitcoin is the largest and oldest asset in the market, it has not been used as flexibly in DeFi as assets on Ethereum, BNB Chain, or other smart contract networks.For this reason, Lorenzo aims to make Bitcoin liquidity more active through staking, restaking, tokenized yield products, and on-chain fund structures. The project provides infrastructure so that BTC holders can use their assets in different yield and liquidity strategies instead of only holding them.Lorenzo Protocol’s current narrative is not limited to Bitcoin staking. The project also positions itself as an institutional-grade on-chain asset management platform.Within this structure, BTC, BNB, USD1, and yield strategies linked to real-world assets can take place. Lorenzo aims to make these products more accessible through an on-chain traded fund model.Lorenzo Protocol’s Definition and EmergenceLorenzo Protocol first stood out with the Bitcoin liquidity finance narrative. This narrative refers to Bitcoin moving beyond being only a store of value and becoming more involved in areas such as lending, liquidity provision, yield generation, and collateral use within DeFi.The project aims to allow Bitcoin holders to access staking and yield mechanisms without fully giving up liquidity. At this point, tokenized structures such as stBTC, LPT, and YAT play an important role in Lorenzo’s early technical architecture.stBTC can be considered a liquid asset representing staked Bitcoin. When a user puts BTC into use through a specific mechanism, they receive a token representing this position, and this token can be used within DeFi.YAT, on the other hand, is associated with the structure representing the yield right. In this model, the principal asset and the yield right can be separated; this allows users to take different positions depending on their market expectations.LPT is described as the structure representing the principal side. This separation follows a logic similar to the division of principal and interest components in fixed-income products in traditional financial markets.For this reason, Lorenzo’s purpose was not only to launch a new token. The project tried to build a layer that would allow Bitcoin capital to be used more productively in the on-chain economy.This approach drew attention during the period when the Bitcoin DeFi narrative gained strength. While infrastructures focused on Bitcoin staking, such as Babylon, helped BTC find more use cases in security and yield, Lorenzo tried to complete this area on the liquidity and productization side.Over time, Lorenzo Protocol moved its product range toward a broader on-chain asset management structure. At this stage, the OTF, or On-Chain Traded Fund, model became more prominent.OTF can be explained as an on-chain traded fund. This structure allows different yield strategies to be offered under a single tokenized product.Thanks to this model, users can access a fund-like product without having to manage complex yield strategies one by one. For Lorenzo, this structure serves as an important bridge for both individual users and more professional capital managers.Lorenzo Protocol’s History: Key MilestonesThe development of Lorenzo Protocol is closely connected to the period when the Bitcoin DeFi narrative gained strength. The project was shaped around the goal of making Bitcoin liquidity more active in DeFi through a development process that began in 2022.In its early period, Lorenzo’s focus was to offer liquid staking and restaking products to BTC holders. This structure aimed to overcome Bitcoin’s limited direct use in the smart contract world.In Lorenzo’s technical approach, the Babylon-linked Bitcoin staking narrative played an important role. Babylon is seen as one of the projects that stands out with the goal of carrying Bitcoin’s security model to different networks and applications.Lorenzo, in turn, tried to make the staking positions arising from this infrastructure more liquid and usable. For this reason, token structures such as stBTC and YAT were frequently mentioned in the project’s early narrative.On the BANK token side, one of the most important early milestones was the token generation event held on April 18, 2025. During the event held in cooperation with Binance Wallet and PancakeSwap, BANK became accessible to users on BNB Smart Chain.In this event, 42 million BANK tokens were offered for sale. This amount corresponded to 2 percent of the total supply, and the token price was announced as $0.0048. BANK gained broader visibility on November 13, 2025. Binance listed Lorenzo Protocol on the Spot market and opened BANK/USDT, BANK/USDC, and BANK/TRY trading pairs.This listing allowed BANK to reach a broader user base not only on the decentralized exchange side but also in the centralized exchange market. The BNB Smart Chain contract address of BANK was also shared in the same announcement.On the price history side, BANK’s all-time high was seen in the last quarter of 2025. According to CoinMarketCap data, the token reached its peak on October 18, 2025, at around $0.233.This price movement can be evaluated together with early investor interest, exchange listings, the Bitcoin DeFi narrative, and Lorenzo’s product launches. However, since the BANK coin price is open to sharp volatility in the broader crypto market, current data should always be followed through live charts.By 2026, Lorenzo’s product narrative expanded more around the OTF model. Products such as USD1+ OTF, sUSD1+, and BNB+ OTF showed that the project was no longer limited only to Bitcoin liquidity.This period marked a stage in which a more institutional on-chain asset management narrative came to the forefront for Lorenzo. The project aimed to provide users with access to yield strategies linked to different asset classes through tokenized products.As of June 2026, the BANK coin price is changing hands at $0.034. Why Is Lorenzo Protocol Important?The first factor that makes Lorenzo Protocol important is its focus on Bitcoin’s position within DeFi. Although Bitcoin has one of the strongest brand values in the market, it remained limited for a long time in smart contract-based financial applications. While DeFi products developed on networks such as Ethereum, BNB Chain, and Solana, Bitcoin often remained a passive store-of-value asset. Lorenzo stands out as one of the projects trying to change this picture.The protocol aims to give BTC holders the opportunity to participate in yield mechanisms without fully losing liquidity. This approach is especially important for long-term Bitcoin investors. Lorenzo’s structures such as stBTC and YAT are based on the idea of separating the principal asset from the yield right. This model allows Bitcoin positions to be used more flexibly. For example, one user can use the token representing staked Bitcoin within DeFi. Another user may be interested only in a strategy based on the yield right.This separation enables more advanced products to emerge in the DeFi market. It also helps Bitcoin-based assets find more room in credit, liquidity pools, collateral, and yield strategies. Lorenzo’s importance does not end with Bitcoin. The project expands into a broader asset management area through its on-chain traded fund structure.The OTF model allows DeFi users to access complex strategies through a simpler product. This structure brings the fund logic of traditional financial markets on-chain. In the on-chain fund model, users buy a token linked to a specific strategy. This token represents the share or position of the relevant fund.In this way, the user does not have to carry out each step of the strategy one by one. They deposit an asset, receive a tokenized share in return, and can use this share when needed. Lorenzo’s emphasis on institutional-grade asset management comes from this point. The project wants to offer suitable products not only to individual DeFi users but also to more professional capital holders.In this respect, Lorenzo tries to build a connection between Bitcoin DeFi, real-world assets, stable crypto yields, and on-chain fund management. This connection draws attention in terms of the development of more mature financial products in the Web3 ecosystem.How Does Lorenzo Protocol Work?The working structure of Lorenzo Protocol changes depending on the product used. On the Bitcoin liquidity finance side, the process is mostly based on BTC staking, receiving a liquid token, and using these tokens within DeFi. When a user stakes BTC through a supported structure, they can receive a token representing this position. This token carries the user’s right linked to the staked asset on-chain.stBTC is one of the most basic examples of this logic. With stBTC, which represents a staked Bitcoin position, the user can transact within the DeFi ecosystem without fully losing liquidity. At this point, one of Lorenzo’s important differences is that it handles the principal asset and the yield right through separate token structures. YAT represents the yield right in this structure.Such a separation opens different strategy areas for different user profiles. Some users may want to remain on the lower-risk principal side, while others may focus on the yield side. In the OTF model, the process turns into a fund-like structure. The user deposits an asset into one of the on-chain traded fund products offered by Lorenzo.This deposited asset is evaluated according to a specific strategy. The user receives the token representing their share in this strategy. For example, products such as USD1+ OTF can represent stablecoin-focused yield strategies. sUSD1+ can be considered the token structure representing this fund share.Products such as BNB+ OTF aim to bring yield opportunities in the BNB ecosystem under a single product. This structure allows users to access a more organized yield strategy without constantly moving between different protocols.Lorenzo’s Financial Abstraction Layer also comes into play here. This layer aims to establish a more organized connection between different assets, vaults, strategies, and yield sources. From the user’s perspective, the goal is to make complex DeFi steps simpler. From the protocol’s perspective, the goal is to direct liquidity more efficiently, tokenize products, and make yield processes more trackable on-chain. What Is BANK Token and What Does It Do?BANK token is the native asset of the Lorenzo Protocol ecosystem. The token is used for protocol-level governance, incentives, staking mechanisms, and ecosystem participation.One of BANK’s main use cases is governance. Users can stake BANK to obtain veBANK and have a say in protocol decisions through this structure.The veBANK model is based on a structure that encourages long-term participation. Users can lock or stake their tokens to gain more governance power and certain protocol-level rights.These rights can be used in areas such as yield distribution, protocol parameters, system updates, or incentive processes. In this way, BANK moves beyond being only a market asset that is bought and sold and becomes connected to the decision-making mechanism of the Lorenzo ecosystem.Another use case of BANK is incentive programs. Lorenzo can use BANK rewards to attract liquidity to its products or increase user participation. These incentives can target users who provide liquidity to specific vaults, participate in fund products, or remain active within the ecosystem. In this way, the token becomes directly connected to protocol growth.In BANK tokenomics, the maximum supply is stated as 2.1 billion tokens. Circulating supply can change over time depending on unlocks, incentives, investor distributions, and ecosystem programs. Therefore, when examining the BANK coin price, looking only at the current price is not enough. Market capitalization, fully diluted valuation, circulating supply, unlock schedule, and product usage rate should be evaluated together.BANK token’s listing on Binance Spot gave the token broader market access. BANK/USDT, BANK/USDC, and BANK/TRY pairs made it easier for different user groups to access the token. However, BANK can show high volatility as an early-stage project token. For this reason, the information in this guide should be seen not as investment advice, but as a basic resource for understanding the project structure.Lorenzo Protocol’s Products and EcosystemThe Lorenzo Protocol ecosystem consists of different asset and yield products. Some of these products focus on Bitcoin liquidity, while others focus on on-chain fund management. stBTC is one of Lorenzo’s best-known products on the Bitcoin side. This token, which represents a staked BTC position, allows the user to move within DeFi without fully losing liquidity.YAT stands out as the structure representing the yield right. This model allows the yield generated from the staked asset to be priced and traded separately. LPT is described as the structure connected to the principal asset side. In this way, Lorenzo handles a Bitcoin staking position not as a single whole, but by separating its principal and yield components.This separation contributes to the emergence of more flexible products in the DeFi market. Users may want to gain exposure only to BTC, only to the yield side, or combine these two areas through different strategies.OTF products represent Lorenzo’s newer and expanding side. USD1+ OTF stands out as a product designed for stablecoin-focused yield strategies. In this structure, users participate in a fund-like product by depositing supported assets such as USD1. In return, they can receive a token such as sUSD1+, which represents the fund share.BNB+ OTF aims to make yield opportunities in the BNB ecosystem more accessible. This structure tries to gather BNB-based strategies within a single on-chain fund product. Lorenzo’s products do not target only individual users. They can also create infrastructure for wallets, exchanges, payment finance applications, real-world asset platforms, and DeFi protocols.For this reason, the Lorenzo ecosystem can be read as a structure trying to build a bridge between Bitcoin DeFi and institutional asset management. The project’s long-term success will also depend on how much these products are used, how much liquidity they attract, and how reliably they operate.Lorenzo Protocol’s Developers and CommunityOn Lorenzo Protocol’s official team page, names such as Matt Ye, Fan Sang, Toby Yu, Tad Tobar, Lith Li, and Rug appear. Matt Ye stands out as the project’s co-founder and CEO. Fan Sang serves as co-founder and CTO. Toby Yu is also part of the team as co-founder and CFO. Tad Tobar appears as COO, Lith Li as marketing lead, and Rug as product lead. This team structure shows that Lorenzo brings together different areas of expertise on both the technical development and product growth sides.Lorenzo’s vision appears to be built around developing on-chain financial products that make Bitcoin and other major crypto assets more productive. The project assumes that the DeFi market needs more complex but more professional products. For this reason, Lorenzo positions itself not only as a technical staking protocol, but also as an asset management-focused financial infrastructure. This positioning becomes more visible especially through OTF products.On the community side, Lorenzo communicates through channels such as X, Telegram, Discord, Medium, Reddit, YouTube, and LinkedIn. These channels are used for product announcements, campaigns, governance processes, and technical updates. The role of BANK holders within the community becomes more visible through the veBANK model. Users can stake BANK to participate in protocol decisions and gain additional rights in some products.Frequently Asked Questions (FAQ)Below, you can find some frequently asked questions and answers about Lorenzo Protocol:What is Lorenzo Protocol, and when did it launch?: Lorenzo Protocol is a protocol that brings Bitcoin liquidity and on-chain asset management into the DeFi ecosystem. The project’s development process dates back to 2022; BANK token became visible in the market through the token generation event held on BNB Smart Chain on April 18, 2025.Who developed Lorenzo Protocol?: The official core team of Lorenzo Protocol includes Matt Ye, Fan Sang, Toby Yu, Tad Tobar, Lith Li, and Rug. Matt Ye stands out as co-founder and CEO, Fan Sang as co-founder and CTO, and Toby Yu as co-founder and CFO.What does BANK token do?: BANK token is the native token of the Lorenzo Protocol ecosystem. It is used in governance, staking, the veBANK model, incentive programs, ecosystem rewards, and protocol-level participation processes.Which problems does Lorenzo Protocol aim to solve?: Lorenzo Protocol aims to solve Bitcoin’s limited role within DeFi. The project aims to allow BTC holders to access staking, restaking, and tokenized yield products without fully giving up liquidity.Which network does Lorenzo Protocol operate on?: BANK token operates on BNB Smart Chain. Lorenzo’s products, on the other hand, have a broader structure that aims to build connections between Bitcoin liquidity, BNB Chain, OTF products, and different DeFi ecosystems.What is stBTC?: stBTC is the liquid token model that represents a staked Bitcoin position in the Lorenzo ecosystem. Through this structure, users can use their BTC-linked positions more flexibly within DeFi.What is YAT?: YAT is associated with Lorenzo’s token structure that represents the yield right. This model allows the principal asset and yield components to be separated.What is OTF?: OTF stands for On-Chain Traded Fund. It can be explained in Turkish as a fund traded on-chain. Lorenzo aims to make different yield strategies more accessible by tokenizing them through the OTF model.How can the BANK coin price be tracked?: The BANK coin price can be tracked through live data platforms such as Binance, CoinMarketCap, and CoinGecko. The price is affected by market conditions, liquidity, supply structure, unlocks, product usage, and broader crypto market trends.Is BANK suitable for investment?: Whether BANK is suitable for investment depends on the user’s risk profile, market expectations, and how they evaluate the project. This guide does not provide investment advice; it only aims to explain how Lorenzo Protocol and BANK token work.Follow the JR Kripto Guide series for the latest information about Lorenzo Protocol, BANK token, and Bitcoin liquidity finance.
Binance Is Shutting Down Its NFT Platform: Users Have Until July 3
Binance will shut down its NFT platform as of July 3, 2026. The exchange is asking users to withdraw their transferable digital assets to Binance Wallet or a compatible external wallet by that date. Once the deadline passes, access to these assets through Binance Exchange will be completely closed.The announcement was made on Wednesday. In its statement, Binance described the process as an “upgrade” rather than a shutdown; however, the practical outcome is the same: the NFT service is coming to an end.Non-transferable assets will also be affected by the decision. NFTs such as course completion certificates issued through Binance Academy cannot be withdrawn and will become inaccessible after the deadline. Binance said it will offer a PDF alternative to holders of these certificates.To speed up the transition, the exchange has opened two separate reimbursement windows. Between June 3 and June 17, the first 100,000 users who transfer their NFTs, excluding the CR7 collection, to Binance Wallet will receive 1 USDC as compensation for transaction fees. This amount will be credited to accounts by July 3. A separate process applies to CR7 NFT holders. Withdrawals made through BNB Smart Chain by 23:59 UTC on July 3 will be eligible for reimbursement, while credits will be processed by July 19. A long-anticipated endingThis decision is not sudden for Binance. The exchange had already been scaling back its NFT operations for years. In April 2024, it removed support for Bitcoin Ordinals. Around seven months earlier, in September 2023, Polygon was removed from the NFT marketplace. Once it became clear in early 2024 that the market was unlikely to recover, Binance accelerated its gradual withdrawal process.Why did the market collapse?The NFT market experienced an extraordinary bubble in 2021 and 2022. The digitalization wave triggered by the Covid-19 pandemic, combined with a near-zero interest rate environment, fueled speculation. In 2022, NFT trading volume across all chains exceeded $50 billion on an annual basis.Today, the picture is very different. According to market data, annual NFT trading volume stood at around $5.5 billion in 2025. In the final quarter of 2025, this figure fell to $1.25 billion, marking a 28 percent decline from the previous quarter. December alone closed with $303 million in trading volume.As the downturn deepened, exits from the sector also accelerated. Nifty Gateway, Kraken NFT and X2Y2 all shut down completely. The Block Research’s 2026 outlook report expects NFT market volumes to continue declining.What is an NFT?In simple terms, an NFT, or non-fungible token, is an asset that contains a unique digital identifier recorded on a blockchain. Digital artworks, collectible cards and comic-style visuals fall into this category. The term “non-fungible” refers to unique assets that cannot be replaced by another identical unit. Unlike one Bitcoin, which is interchangeable with another Bitcoin, each NFT is distinct.
U.S. Releases Two Key Data Sets as Crypto Markets Stay Cautious
Bitcoin and major altcoins traded under broad selling pressure on Wednesday. BTC was down 2.75% on the day at $66,809, while Ethereum fell 5.49%. Solana dropped 5.31% and BNB lost 6.11%, making them some of the notable decliners during the mid-session. The U.S. macro data released during the day did not directly create this picture; markets were already under pressure. However, the figures also failed to strengthen the case for a recovery. According to ADP’s May private-sector employment report released on Wednesday, the U.S. economy added 122,000 new jobs last month. Economists surveyed by Reuters had expected 117,000, while April’s figure was revised down from 109,000 to 105,000. The number came in above expectations, but analysts avoided reading it as a sign of a strengthening labor market.The sectoral breakdown offers a clearer picture of the increase. Education and health services accounted for nearly half of the growth alone, adding 57,000 new positions. Trade, transportation and utilities recorded an increase of 36,000. Meanwhile, the information technology sector and natural resources and mining saw net job losses.Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, said the current picture does not provide convincing evidence that the labor market is regaining momentum. Hiring intention indexes from NFIB and regional Fed surveys, along with the Conference Board’s job availability index, have weakened noticeably in recent months. The ADP report has historically been weak at predicting Friday’s BLS data, which limits its guiding impact on markets.Indeed, the main focus is now on Friday. Economists expect nonfarm payroll growth to slow to 85,000 in May after April’s 115,000 increase. The unemployment rate is expected to remain unchanged at 4.3%.Behind this picture is a labor market that was shaken last year by tariff-related uncertainty, a process that has largely been absorbed. However, the conflict involving the U.S., Israel and Iran is pushing commodity prices higher, while inflation pressure continues. In April, inflation recorded its fastest increase in three years. Against this backdrop, the market broadly expects the Fed to keep interest rates in the 3.50%–3.75% range and continue monitoring developments.The JOLTS report released on Tuesday showed an increase in job openings in April, but that increase was concentrated in a single sector. Hiring declined, while layoffs also fell. This suggests that April’s relatively strong employment gain was driven not by new hiring, but by a low layoff rate.PMI Data Also ReleasedThe picture on the PMI side was even more mixed. According to S&P Global’s May data, the U.S. Composite PMI came in at 51.5, below the expected 51.7. The Services PMI fell to 50.7, while the previous reading and market expectation stood at 50.9. Both indexes remained above the 50 threshold that separates expansion from contraction, meaning growth technically continued. However, momentum kept weakening.For crypto markets, this macro picture did not act as a direct trigger. Bitcoin was already trading 2.75% lower when the data arrived. Solana’s 10.38% weekly gain and Hyperliquid’s 19.76% weekly rise also show how mixed the broader picture remains. Weaker PMI data and a below-forecast services reading do not support risk appetite, while expectations that the Fed will not rush into rate cuts this year continue to act as a background factor behind ongoing fund outflows from crypto.
Mastercard Opens Its Global Network to RLUSD and Two Major Stablecoins
Mastercard announced that it has expanded its card settlement infrastructure to include regulated stablecoins. The company said it will now support intraday, weekend, and public holiday settlement across multiple fiat currencies and stablecoins, including USDC, PYUSD, and RLUSD.According to the announcement published on Wednesday, the new infrastructure covers Circle’s USDC, Paxos-issued PYUSD, USDG and USDP, Ripple’s RLUSD, and SoFi’s SoFiUSD. Supported blockchain networks include Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo, and the XRP Ledger. The first group of participating institutions is also notable. ARQ, formerly known as DolarApp, CBW Bank, Cross River, Lead Bank, and Nuvei will be among the first institutions to offer stablecoin settlement options in the United States and Latin America. Mastercard said the expansion will continue throughout 2026.The company emphasized that the system enables transactions outside the current banking calendar. The new structure will operate in parallel with existing settlement processes, while security standards, fraud prevention mechanisms, and dispute procedures will remain in place.The Background Behind Mastercard’s Stablecoin MovesThis announcement marks the continuation of a series of steps Mastercard has taken in recent months to strengthen its stablecoin infrastructure. In May, the company received a BitLicense from the New York State Department of Financial Services. This license completes the regulatory framework required to process tokenized deposits and payment stablecoins within New York state.In March 2026, Mastercard signed a binding agreement to acquire institutional stablecoin infrastructure provider BVNK for up to $1.8 billion. Last month, the company also granted Mastercard Principal Membership to stablecoin card issuing platform Rain.These developments also reflect a broader trend in the payments sector. Visa has expanded its stablecoin-based settlement pilot program to nine different blockchains, while its weekly transaction volume has reached $7 billion. MoneyGram, meanwhile, launched its MGUSD stablecoin on Stellar as part of its global payments network.Market SizeThe scale of the stablecoin market also shows the strategic importance of these moves. The total supply of dollar-pegged tokens is approaching $300 billion. Tether’s USDT continues to dominate the market with around $188 billion in supply, while Circle’s USDC ranks second with roughly $76 billion.Rival Visa is also gaining momentum in the same field. The company’s stablecoin-based settlement pilot program now spans nine blockchains and has reached $7 billion in weekly transaction volume. The simultaneous moves by the two payments giants suggest that stablecoin settlement is no longer just an experimental phase, but is becoming a lasting standard across the industry.
Bitcoin Falls Sharply as Institutional Outflows Extend to 12th Day
Bitcoin fell as low as $65,700 on Tuesday night. This marked one of the sharpest intraday drops seen in recent weeks. Although the asset recovered to around $66,900 shortly afterward, the broader question remains: Is this decline the beginning of a longer period of pressure?The broader picture in the crypto marketBitcoin’s pullback also triggered steep losses across other major cryptocurrencies. Ethereum dropped 5 percent to $1,872, while BNB fell 6 percent to $641. XRP lost 2 percent, and Solana declined 5 percent. ETF outflows mark a 12-day negative streakThe main data point deepening the selling pressure came from the ETF side. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $519.2 million in net outflows on Tuesday. This also marked the 12th consecutive day of negative flows. Spot Ethereum ETFs also extended their uninterrupted outflow streak to 16 days, with $90.2 million in withdrawals.Twelve consecutive days of outflows indicate that institutional investors are currently acting with significant caution in the market.Zeus Research analyst Dominick John said three key factors were behind the decline: heavy outflows from institutional ETFs, aggressive long-position liquidations, and a broader macro shift toward risk aversion. According to John, “the forced unwinding of leveraged positions accelerated downward pressure on major assets.”Middle East tensions weaken risk appetiteAndri Fauzan Adziima, research director at the Bitrue Research Institute, said the latest airstrikes in the Middle East pushed oil prices higher and significantly weakened risk appetite. According to Adziima, this development “triggered large-scale long liquidations, accelerated ETF outflows, and showed Bitcoin behaving more like a high-risk asset than a safe-haven instrument.”Oil markets indeed saw a notable move. WTI crude futures rose 1.13 percent to $94.82, while Brent crude climbed 1.04 percent to $97.07. When oil reaches these levels, the environment is rarely favorable for crypto.Asian equities followed a mixed course. Japan’s Nikkei 225 index hit a record high after rising 2.95 percent midway through the session. China’s CSI 300 index gained 1.13 percent. However, Hong Kong’s Hang Seng index fell 1.56 percent.Strategy’s Bitcoin sale did not go unnoticedAlongside geopolitical tensions, there was another issue markets were trying to digest: Strategy’s Bitcoin sale.The company told the SEC that it sold 32 BTC for approximately $2.5 million between May 26 and May 31. This marked the first Bitcoin sale by the Michael Saylor-led firm since December 2022.Peter Chung, head of research at Presto Research, drew attention to the sale’s psychological impact on the market. “Those looking for a BTC-specific narrative to explain Bitcoin’s weak 24-hour performance will inevitably point to MSTR’s sale of 32 BTC,” Chung said. However, he does not see this as a sufficient explanation. In his view, the real breakdown began a few weeks earlier and was most likely driven by selling pressure created to fund rotational buying into AI-themed equities.Saylor had described the sale as an “inoculation.” Whether this small-scale move will be seen as a smart defensive maneuver or the final straw for an already impatient market depends largely on how investors position the sale, according to Chung.Strategy’s Nasdaq-listed shares closed Tuesday at $136.08, down 9.15 percent. The company’s stock has lost roughly 23 percent over the past month.
MoneyGram Launches Its Own Stablecoin on the Stellar Network
Global money transfer company MoneyGram has launched MGUSD, a stablecoin pegged to the U.S. dollar. The new digital dollar runs on the Stellar blockchain and targets the company’s more than 60 million active customers and nearly 500,000 physical service locations worldwide.MGUSD launches first in the U.S.According to the company’s announcement on Tuesday, MGUSD was initially rolled out for users in the United States. MoneyGram plans to expand the product globally in the coming period. The stablecoin will function as a digital dollar balance inside the MoneyGram app. MGUSD's concept image. Source: BusinessWire Through this structure, users will be able to hold digital assets denominated in U.S. dollars, transfer them and convert them into cash through MoneyGram’s physical locations when needed. In doing so, the company has connected digital asset infrastructure directly to its existing money transfer network.Bridge, M0 and Fireblocks support the infrastructureThree key partners are involved in MGUSD’s technical and regulatory infrastructure. The stablecoin will be issued by Bridge, which operates under Stripe. M0 will provide the smart contract infrastructure managing MGUSD’s minting and burning processes.Fireblocks, meanwhile, will handle custody and wallet distribution. MoneyGram will hold MGUSD in Fireblocks wallets and then transfer the funds to customer wallets embedded in the MoneyGram app.MoneyGram Chairman and CEO Anthony Soohoo said MGUSD was developed especially for customers sending money across borders. According to Soohoo, the stablecoin was designed for users sending funds to their families and for large populations with limited access to financial services.Stellar partnership enters a new phaseMoneyGram’s decision to choose the Stellar blockchain is not the result of a new partnership. The company has been working with the Stellar Development Foundation for nearly five years on stablecoin-powered money transfer solutions. During this period, MoneyGram offered money movement and cash-out services through Circle’s USDC stablecoin.With MGUSD, MoneyGram has moved beyond using a third-party stablecoin and launched its own digital dollar. Stellar Development Foundation CEO Denelle Dixon also described the launch as a new milestone showing what a purpose-built blockchain infrastructure can deliver when combined with a trusted payments network.Stablecoin race acceleratesMoneyGram’s move comes in parallel with the growing stablecoin competition in the payments sector. PayPal had previously entered this field with PYUSD. Western Union has also announced plans to launch a stablecoin called USDPT on Solana.SoFi is following a similar strategy with SoFiUSD, while payment giants such as Visa are also integrating stablecoin infrastructure into cross-border settlement processes. The appeal of this area for traditional payment companies is clear. Stablecoins offer a transfer infrastructure that operates 24/7, is faster and may potentially be less costly.MoneyGram’s strongest advantage in this race is its broad physical service network. Fully digital stablecoin products often require a bank account, a crypto wallet or access to an online platform. MoneyGram, however, could make it easier for users to move between digital dollars and cash through its hundreds of thousands of physical locations.This model may create a notable advantage, especially in regions where access to banking services is limited. The company is positioning stablecoins not only as a product for the crypto market, but also as a new building block for its global money transfer network.The company had accelerated its stablecoin preparationsMoneyGram has gradually strengthened its preparations in this field in recent months. In December, the company partnered with Fireblocks for stablecoin settlements. Last month, it was named one of the anchor remittance validators on Tempo, the blockchain backed by Stripe and Paradigm. In May, it also expanded crypto-to-cash withdrawal services for Kraken users.
Radiant Capital to Shut Down After Failing to Recover From $50 Million Exploit
Decentralized finance protocol Radiant Capital has decided to wind down its operations after failing to recover from a major attack in 2024. The project spent roughly 18 months trying to get back on track, but said it was unable to recover a meaningful portion of the stolen funds or secure fresh capital. As a result, Radiant Capital said the DAO no longer has a viable path forward. In a statement shared on X, Radiant Capital said the protocol will move into a “maintenance state.” During this period, the frontend and smart contracts will remain live and accessible. Users will still be able to withdraw funds, repay loans and manage their open positions.The team stressed that the decision was not made lightly. According to the statement, contributors and community members continued working under increasingly difficult conditions in recent months to support users and keep the protocol operational. However, Radiant Capital said effort alone was not enough without fund recovery, new capital or renewed growth.2024 hack: What happened?Radiant Capital suffered a major exploit in October 2024 targeting its deployments on Arbitrum and BNB Chain. The attacker reportedly used a backdoor contract to gain unauthorized access and drain roughly $50 million worth of assets from the protocol. At the time, security researchers said the losses had reached about $51 million.The attack caused more than financial damage. It also severely weakened trust in Radiant Capital. In decentralized finance, user confidence is often just as important as available capital, and large exploits can directly affect a project’s chances of long-term survival.Radiant Capital had already faced a separate security incident earlier in 2024. At the beginning of that year, the protocol was hit by a flash loan attack that drained around 1,900 ETH. The stolen assets were worth about $4.5 million at the time. Two major security incidents in the same year further weakened the project’s ability to recover.The company emphasized that the current decision will not prevent users from accessing their funds. During the maintenance period, the protocol’s core functions will remain available. This means users can close positions, repay debt and withdraw assets.Radiant Capital also said recovery efforts have not been fully abandoned. If any funds are retrieved in the future, they will be returned to affected users. Still, the current picture shows that the project will not return to an active development and growth phase. Instead, Radiant Capital will remain in a limited state focused on allowing users to safely manage their existing positions.Radiant Capital’s shutdown once again shows how lasting the consequences of security breaches can be for DeFi projects. Decentralized finance protocols offer high-yield opportunities and cross-chain accessibility, but their complex smart contract structures also continue to make them attractive targets for attackers.The number of attacks across the crypto ecosystem has also increased sharply in recent months. According to DeFi Llama data, the number of crypto hacks reached a record monthly high in April. Although the total amount of stolen funds did not set a new record, the fact that the number of exploits exceeded 20 showed that security risks continue to grow across the sector.The Radiant Capital case highlights that technical security is critical not only at launch, but throughout the entire life cycle of a DeFi protocol. After a major exploit, regaining user trust, replacing lost capital and attracting new investment can become far more difficult than expected.For this reason, Radiant Capital’s closure should not be viewed only as the failure of a single protocol. It also stands as a current example of how decisive security, capital management and post-crisis recovery can be in the DeFi market. Keeping withdrawals and position management open for users remains important in the short term, but Radiant Capital no longer appears able to continue as an active project.
What Is Brevis (BREV)?
Brevis (BREV) is a verifiable computing infrastructure powered by zero-knowledge proofs. The project allows blockchain applications to perform complex computations off-chain and then verify the results securely on-chain.This definition may sound technical at first. Put more simply, Brevis handles heavy data processing tasks that smart contracts cannot efficiently perform on their own. The computations are carried out off-chain, while the accuracy of the results is proven on-chain through zero-knowledge proofs.This approach is especially important for decentralized finance, cross-chain data usage, user rewards, volume-based fee discounts and privacy-focused verification processes. Smart contracts have limited capacity when it comes to processing past transactions and large datasets directly. Brevis is one of the projects developed to overcome this limitation.BREV is the native crypto asset of the Brevis ecosystem. It is used for payments, staking, delegation and governance within the proof generation network called ProverNet. For this reason, the answer to the question “What is BREV token?” is not limited to a simple trading asset. BREV is one of the core tools in Brevis’ verifiable computing economy.Brevis’ Definition and OriginsBrevis positions itself as an “infinite compute layer.” The goal here is to move computations that are expensive, slow or technically difficult to perform directly on a blockchain to an off-chain environment. However, this process does not rely on blind trust in a centralized server. The correctness of the computation is proven through zero-knowledge proofs.On blockchain networks, smart contracts automatically enforce specific rules. However, their data processing capacity is limited. For example, calculating a user’s trading volume over the past year, their activity across different networks or their contribution to a specific protocol can be quite costly on-chain.This is where Brevis comes in. The project reads historical blockchain data, performs the required computation off-chain and carries the result back on-chain together with a cryptographic proof. This allows an application to receive a reliable answer to a question such as, “Does this user really meet this condition?”This structure opens up new design possibilities for Web3 applications. Decentralized exchanges can offer personalized fee discounts based on trading volume. Reward campaigns can be calculated more fairly. Users can prove that they have completed a specific action without revealing their entire wallet history.Brevis was created to meet this need. The project aims to make blockchain applications more flexible in terms of data, computation and verification. It allows smart contracts to securely access not only the current state of a blockchain, but also historical data and complex computation results.Brevis also stands out through its connection to Celer Network. Celer is known for its work in cross-chain communication and scaling. Brevis carries this technical background into the fields of zero-knowledge proofs and verifiable computing.Brevis History: Key MilestonesBrevis’ development coincides with the period in which zero-knowledge technologies moved from an experimental research field into real-world applications. The project began to gain visibility in 2023 as a multi-chain data verification and computing infrastructure. In its early phase, the focus was on enabling decentralized applications to securely access historical on-chain data.In the final quarter of 2024, Brevis launched ZK Data Coprocessor V1, which can be described as a zero-knowledge-powered data coprocessor. This structure allowed smart contracts to perform computations on historical transactions, event logs and data from different blockchains.In November 2024, Brevis completed a $7.5 million seed funding round. The participation of major investors such as Polychain Capital and Binance Labs increased the project’s visibility in the Web3 infrastructure space. During the same period, Brevis also strengthened its relationship with decentralized finance applications.In January 2025, ZK Data Coprocessor V2 improved the project’s data processing capacity. This update paved the way for more complex queries and broader use cases. In February 2025, Pico zkVM was introduced. Pico zkVM is a modular virtual machine infrastructure that allows developers to run general-purpose programs with zero-knowledge proofs.In May 2025, the use of Brevis-powered personalized fee mechanisms on PancakeSwap Infinity became one of the project’s real-world examples. Users could receive different fee structures based on their historical trading volume or whether they met certain conditions.In June 2025, the launch of Incentra with Euler campaigns strengthened Brevis’ position in the rewards and incentives infrastructure field. Since fair calculation of user contributions is important in these types of campaigns, the verifiable computing model stood out. In October 2025, significant results were announced for real-time proof generation for Ethereum blocks through Pico Prism. In November 2025, the Brevis ProverNet technical document was published. In December 2025, the BREV token structure was announced and the free token distribution process began. In January 2026, the ProverNet mainnet and BREV token utility went live. Around the same time, BREV token began to be listed on centralized exchanges.As of June 2026, the BREV coin price is around $0.10. How Does Brevis Work?The working logic of Brevis can be summarized in three basic steps: receive the data, compute off-chain and prove on-chain. This structure aims to reduce costs while also lowering the need for centralized trust.In the first step, an application creates a specific data or computation request. This request may involve calculating a user’s historical trading volume. In another example, it may measure how much liquidity a user provided to a decentralized finance protocol.In the second step, the computation is performed off-chain. This significantly reduces transaction costs. Instead of paying gas for every small computation on a blockchain, the heavy work is completed outside the chain.In the third step, the correctness of the computation result is verified on-chain through a zero-knowledge proof. At this point, the application does not have to trust the party that performed the computation. The result is backed by a cryptographic proof.Pico zkVM plays an important role in this structure. zkVM stands for “zero-knowledge virtual machine.” Developers can use this structure to run certain programs with zero-knowledge proofs. The goal of Pico zkVM is to help developers build more flexible and general-purpose verifiable computing processes.ZK Data Coprocessor is the main component on Brevis’ data processing side. It can be thought of as a coprocessor for smart contracts. A smart contract cannot efficiently process large amounts of historical data on its own, but Brevis can perform the computation and prove the result.ProverNet is Brevis’ proof generation marketplace. Developers create proof generation requests, while provers take on these tasks. Provers provide the technical infrastructure needed for computation and proof generation.Payments in this marketplace are made with BREV. Provers stake BREV to be able to receive jobs. Token holders can also delegate their BREV assets to provers. This creates an economic incentive structure inside ProverNet.Why Is Brevis Important?Brevis is important because it addresses one of the core limitations of blockchain applications. Smart contracts are powerful tools, but they cannot perform every task efficiently. Cost and performance problems arise especially when historical data scanning, complex computation and cross-chain information are involved.Brevis approaches this problem through an off-chain computation and on-chain verification model. This allows applications to access more data, run more advanced rules and do so without relying on a centralized system.In decentralized finance, this structure can create concrete results. An exchange can offer different fee levels based on historical trading volume instead of applying the same fee rate to every user. A lending protocol can analyze user behavior in more detail and calculate reward campaigns more accurately.Reward programs offer another similar advantage. In the crypto ecosystem, campaigns often depend on user activity. However, measuring that activity fairly is not always easy. Brevis can process historical on-chain data through verifiable computations and support a more transparent reward distribution process.There is also an important use case on the privacy side. A user may want to prove that they meet a certain condition, but they may not want to share their entire wallet history. Zero-knowledge proofs help show that the user meets the required condition without revealing unnecessary information.Brevis can also make zero-knowledge technologies more accessible to a broader audience. Developers do not have to deal with cryptographic details every time. The project aims to turn this complex infrastructure into a more understandable layer that applications can use.What Is BREV Token and What Does It Do?BREV token is the native crypto asset of the Brevis ecosystem. It is used for payments, staking, delegation and governance inside ProverNet. For this reason, the answer to the question “What does BREV token do?” is directly connected to Brevis’ proof generation economy. When a developer requests proof generation on ProverNet, the payment is made in BREV. This payment covers computation, verification and the use of results on-chain. Provers earn BREV when they complete these tasks.BREV is also used in the staking mechanism. Provers must stake a certain amount of BREV to join the network and take on jobs. This structure provides an economic guarantee designed to protect service quality.Token holders do not have to operate as provers directly. Instead, they can delegate their BREV assets to professional provers. This creates a way to participate in the ProverNet economy without running technical infrastructure.Another use case for BREV is governance. Token holders may have a say in some of the network’s economic and technical parameters. Topics such as proof size, security level, marketplace fee and slashing rate may be shaped through community governance over time.The total supply of BREV is set at 1 billion tokens. The token distribution includes categories such as ecosystem development, community incentives, team, investors and free token distribution. The circulating supply at launch is also an important figure for investors to follow.One point needs attention here: the BREV price is related not only to supply, but also to the real usage volume on ProverNet. If developers use the Brevis infrastructure more, BREV demand may take shape accordingly. However, crypto asset prices are also affected by market conditions, token unlocks and general investor appetite.Brevis Use CasesOne of Brevis’ strongest use cases is in decentralized finance. Decentralized exchanges can offer personalized fees based on users’ historical trading volume. This allows active users to pay lower transaction fees, while the platform can make its loyalty programs more efficient.Liquidity incentives are also an important area for Brevis. A protocol can verify how long users provided liquidity, which pools they interacted with or whether they met certain conditions. This helps create a fairer structure for reward distribution.Cross-chain data verification is another use case. A user may have made transactions on one network, held assets on another network or shown activity across different protocols. Brevis can help make this information usable in a reliable way.Privacy-focused participation proofs also stand out. A user can prove that they belong to a certain community, passed a specific transaction threshold or met the requirements of a campaign. They can do this without revealing their entire wallet history to everyone.Real-world assets and stablecoin campaigns are also suitable areas for Brevis. Verifiable computing becomes important in processes such as yield distribution, participation measurement and user behavior analysis.There is similar potential for artificial intelligence and data-focused applications. Making model outputs, data queries or user behavior verifiable can pave the way for more reliable services in Web3 applications.Brevis also has use cases in media verification. Verifying the history of images, content or media has become more important in a period when AI-generated content is increasing. Zero-knowledge proofs can offer a reliable verification layer in this field as well.Brevis Developers and CommunityBehind Brevis is a technical team connected to Celer Network. Michael Dong, also known as Mo Dong, stands out among the project’s founding names. Dong is known for his academic background in distributed systems and computer networks. His role as one of the co-founders of Celer Network is also important for understanding the technical side of Brevis.The Brevis team focuses on fields such as zero-knowledge systems, distributed networks, cryptography and blockchain infrastructure. For this reason, the project aims to build an infrastructure layer rather than only a single application.On the investor side, support from names such as Polychain Capital, Binance Labs/YZi Labs, IOSG, Nomad Capital, Bankless Ventures and HashKey has brought visibility to the project. This type of backing does not guarantee success, but it matters for early-stage infrastructure projects in terms of resources and ecosystem connections.On the community side, free token distribution, staking, delegation and developer contributions stand out. Brevis’ long-term growth depends not only on investors, but also on application developers and the prover network.ProverNet allows the community to take a more active role. Provers provide technical infrastructure, developers create proof requests, and token holders can participate in delegation and governance processes. In this way, Brevis is trying to build not just a software product, but a network structure based on economic incentives.Brevis’ future is closely tied to how widely zero-knowledge technologies are used in the blockchain ecosystem. Today, many applications have to rely on centralized servers while processing data off-chain. Brevis aims to make this process more transparent and verifiable.The growth of ProverNet is critical in this respect. If more developers use Brevis for proof generation, economic activity within ProverNet may also increase. This could directly affect BREV token utility.Technical components such as Pico zkVM and Pico Prism also play an important role in the project’s future. Real-time proof generation for Ethereum blocks is one of the most ambitious areas in zero-knowledge technology. If Brevis can provide performance and cost advantages in this field, it may reach broader use cases.Brevis’ plan to move toward its own rollup model in the future is also notable. Such a structure could allow payment, staking and proof generation processes to be managed on a more specialized infrastructure. However, such transitions need to be carried out carefully from a technical perspective.Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about Brevis:What is Brevis and when did it launch?: Brevis is a verifiable computing infrastructure powered by zero-knowledge proofs. The project began to gain visibility in 2023 in the field of multi-chain data verification and computation. Its main goal is to allow smart contracts to reliably use complex computations performed off-chain.Who developed Brevis?: Behind Brevis is a technical team connected to Celer Network. Michael Dong, also known as Mo Dong, stands out among the project’s founding names. Dong is known for his academic background in distributed systems and computer networks.What does BREV token do?: BREV token is used for payments, staking, delegation and governance in the Brevis ecosystem. Developers requesting proof generation on ProverNet make payments, while provers earn BREV when they complete these tasks.When was BREV coin listed?: BREV began trading on centralized exchanges in January 2026. Binance opened trading pairs for BREV with USDT, USDC, BNB and TRY. This listing also became one of the starting points for BREV’s price history.What problems does Brevis aim to solve?: Brevis aims to address the limited data access and high computation cost problems of smart contracts. It makes off-chain computations verifiable on-chain through zero-knowledge proofs. This allows applications to use more complex operations at a lower cost.How does Brevis work?: Brevis first processes the required data, then performs the computation off-chain. The correctness of the result is proven with a zero-knowledge proof, and this proof is verified on-chain. This model is based on the logic of “compute off-chain, prove on-chain.”What is ProverNet?: ProverNet is Brevis’ proof generation network. Developers create proof requests there, while provers fulfill these requests. Payments are made in BREV, and provers need to stake BREV to join the network.What is Pico zkVM?: Pico zkVM is the zero-knowledge virtual machine infrastructure used in the Brevis ecosystem. It helps developers run general-purpose programs with zero-knowledge proofs. This structure enables the development of more flexible verifiable computing applications.What does ZK Data Coprocessor do?: ZK Data Coprocessor can be explained as a zero-knowledge-powered data coprocessor. It allows smart contracts to access historical blockchain data and complex computation results without requiring trust.Which networks is BREV available on?: Contract information has been shared for BREV on Ethereum, BNB Smart Chain and Base. Users should check the official contract addresses before making any transactions.Is BREV suitable for investment?: BREV is the crypto asset of an infrastructure project focused on zero-knowledge and verifiable computing. However, it is not enough to look only at the project narrative when making an investment decision. Circulating supply, token unlocks, ProverNet usage, market conditions and personal expectations should be evaluated together.Who are Brevis’ competitors?: Brevis operates in the field of zero-knowledge-powered coprocessors and verifiable computing. Projects such as Axiom, Succinct, RISC Zero and similar names can be evaluated within the same general category. Each project has a different architecture, target market and developer experience.Follow the JR Kripto Guide series for the latest information on Brevis and zero-knowledge-based verifiable computing projects.
Bitcoin Funds See Record Outflows: 3 Altcoins Hold Firm
Crypto asset investment products saw $1.67 billion in outflows this week. It marked the third consecutive negative week and the second-largest weekly outflow of 2026 so far. Only the week of January 23 was worse.Cumulative outflows over the past three weeks have now reached $4.21 billion. This suggests that the risk-off mood triggered by Iran-related geopolitical tensions has largely overshadowed the positive sentiment created by the CLARITY Act. Total assets under management (AuM) fell from $148 billion last week to $141 billion, the lowest level since early April. The picture resembles the January-February period, when the market saw five consecutive weeks of outflows.Bitcoin records its largest weekly outflow of 2026Bitcoin took the hardest hit this week. The asset saw $1.438 billion in outflows, surpassing both last week’s record and the January peak. Bitcoin’s year-to-date inflows are also shrinking fast: they stood at $3.9 billion two weeks ago, fell to $2.6 billion last week, and dropped to $1.2 billion this week.The picture is not bright for Ethereum either. With $257 million in outflows, the risk-off sentiment has clearly spread to Ethereum as well. Ethereum’s year-to-date flow balance has already turned negative, standing at minus $346 million.Regional breakdown: The US still leadsLooking at the regional distribution, almost all of the global outflows came from the United States, which accounted for $1.63 billion alone. Germany, which had remained relatively resilient in previous weeks, joined the latest risk-off wave and recorded $25.7 million in outflows. Sweden saw $6.6 million in outflows, while Hong Kong posted $4.5 million.Canada was one of the few countries that managed to hold up, staying positive with a modest $0.4 million in inflows. Switzerland and the Netherlands also recorded small inflows of $0.5 million and $1.3 million, respectively.Altcoin participation collapsesThree weeks ago, 11 altcoins were recording inflows. This week, that number fell to five. The assets that managed to attract meaningful inflows were XRP with $20.3 million, Hyperliquid with $10.8 million, and Near with $7.6 million. Chainlink recorded $0.7 million in inflows, while Sui remained positive on a month-to-date basis with $7.2 million. However, Solana, Ethereum, and multi-asset products continued to see outflows. On the provider side, iShares recorded the largest outflow of the week at $1.148 billion. It was followed by Grayscale with $251 million and Fidelity with $190 million. On a year-to-date basis, Fidelity’s total outflows have reached $1.683 billion, giving it the weakest flow profile in the sector. In contrast, 21Shares AG remained positive on a monthly basis with $8 million in inflows, while Bitwise stayed positive month-to-date with $54 million.The message from CoinShares’ weekly report is clear: institutional investors remain cautious. The scale of three-week cumulative outflows and the sharp narrowing in altcoin participation show that risk appetite in the market has weakened significantly. As long as geopolitical pressure continues and macroeconomic uncertainty persists, flows may need a strong catalyst to turn positive in the short term.
Bitcoin ETFs See $2.97 Billion in Outflows Over 10 Days
U.S. spot Bitcoin ETFs recorded a total of $2.97 billion in outflows across 10 consecutive trading sessions. Rising oil prices and the stalled negotiations with Iran added further pressure on crypto markets. While global equities reached record highs in this environment, digital assets failed to join the rally.Stocks hit records, crypto lags behindDuring Monday’s Asian session, the MSCI All Country World Index rose 0.2%, while Asian equities climbed 1.1% to reach an all-time high. Technology indexes in South Korea, Taiwan and Japan also set fresh records at the same time.Nasdaq 100 futures rose 0.6% after Nvidia announced that it would directly compete with Intel and AMD in the Windows laptop market. SoftBank, meanwhile, surged as much as 11% thanks to its investments in OpenAI and Arm, moving closer to becoming Japan’s most valuable publicly traded company.Oil complicated the picture. Brent crude rose above $93 per barrel after attempts to reopen the Strait of Hormuz failed and tensions in the Middle East continued. This development weighed on Treasury bonds.Crypto, however, could not keep pace with the equity rally. Over the past seven days, Bitcoin fell 4.6% to $72,800. Ethereum and Solana lost 4.6% and 3.7% over the same period, dropping to $1,996 and $81.89, respectively. TRON declined 3.7%, while Dogecoin slipped 1.6%. 10 sessions, $2.97 billionOutflows from U.S. spot Bitcoin ETFs began on May 15, continued without interruption until May 29, and removed $2.97 billion from the market during this period. The streak surpassed the eight-session outflow run recorded at the beginning of 2025, marking a new record.The single-session outflow on May 27 reached $733 million, the highest daily outflow figure seen since January. According to SoSoValue data, total net assets in U.S. spot Bitcoin ETFs fell from $104.29 billion on May 15 to $94.17 billion as of May 30.The situation in Ethereum ETFs is even heavier. These funds have now seen 14 consecutive sessions of outflows, while roughly $2.6 billion in net assets has been erased over the same period.The only bright spot: HYPEWhile the broader picture remained this dark, Hyperliquid’s HYPE token moved in the opposite direction. HYPE rose 18.7% over the past seven days to reach $73.17, becoming the only asset among the top 10 cryptocurrencies by market capitalization to post a positive performance.The U.S. spot HYPE ETF, which began trading on May 12, has recorded net inflows in every session since its launch. Its cumulative net assets exceeded $122 million as of May 30. Analysts link this interest to Hyperliquid’s strong growth in decentralized derivatives trading volume and protocol revenue.The macro backdrop works against cryptoOil remaining above $93 and the continued deadlock in the Iran nuclear agreement have removed the macro support crypto markets had been waiting for. ETF inflows, which fueled last year’s rally, moved in the opposite direction for 10 consecutive sessions, while there was no meaningful relief in bond yields.The emerging consensus is that some institutional investors appear to have reduced their risk appetite. Whether Bitcoin can hold the $70,000 range and when ETF outflows will stabilize are among the key questions for the coming week.
FCA Approved: Aave Is Now in the UK
Aave Labs, one of the biggest names in decentralized finance, has cleared an important regulatory threshold in the UK. The company’s UK subsidiaries, Push Labs Ltd. and Push Virtual Assets Ltd., have received registration approval from the Financial Conduct Authority (FCA) as cryptoasset exchange providers.The two companies, both operating under the “Push” brand, are now registered under the UK’s anti-money laundering rules. In addition, the company also holds Electronic Money Institution (EMI) authorization under the Electronic Money Regulations 2011. Together, these approvals give Aave Labs the ability to build end-to-end fiat-to-crypto infrastructure in the UK.For now, the practical goal is clear: allowing users to transfer money directly from their bank accounts to Aave with zero fees, without leaving the app.Aave Labs founder and CEO Stani Kulechov said the FCA EMI authorization and cryptoasset registrations provide the regulatory foundation needed to offer zero-fee on-chain consumer financial products in the UK.A Growing License Map in EuropeThese approvals mark the continuation of Aave Labs’ regulatory expansion across Europe in recent months. In November 2025, the company’s Irish subsidiary received a Crypto-Asset Service Provider license from the Central Bank of Ireland under MiCA. That license gives the company passporting rights across the entire European Economic Area.After Brexit, the UK remained outside the EU framework, which meant a separate license was required. Aave Labs has now completed that step as well. The company is now positioned to operate under regulatory coverage both in continental Europe and in the UK.Aave also remains the largest on-chain lending market by total value locked.Funding, Products, RegulationThe timing of these approvals is also notable. In April, the Aave DAO approved a $25 million grant to the company. Around the same period, development work on Aave V4 and the GHO stablecoin also gained momentum. Taken together, the picture shows Aave Labs following a systematic path beyond its DeFi protocol identity and moving into licensed consumer finance.There is also continued activity on the FCA side. In April, the regulator launched a consultation process on stablecoin issuance rules, trading platforms and custody services. Formal licensing applications are expected to open in September 2026, while the broader framework is expected to come into force in October 2027.Aave Labs has secured its approvals before this timetable is fully finalized. While much of the sector is still waiting in line, the company has already taken its place in the UK.At the time of writing, AAVE was trading at around $82.81.
Binance Alpha Removes 12 Tokens From Its List
Binance has removed 12 tokens from the featured list on its Alpha platform as part of its regular standard reviews. According to the official announcement published on May 29, 2026, the tokens in question no longer meet the platform’s criteria. The removal took effect today at 09:00 Turkish time.Binance Alpha is a platform within the Binance ecosystem designed to give visibility to early-stage crypto projects. Its listing standards are reviewed regularly, and these reviews sometimes result in bulk removals. This time, 12 tokens were removed from the list at once.The tokens removed from the list are as follows: DIGI (MineD), K (Sidekick), SKI (Ski Mask Dog), JOJO (JojoWorld), PLAYSOLANA (Play Solana), 恶俗企鹅 (the three-dimensional William Tell penguin project), PAL (Palio), TYCOON (Dino Tycoon), HIPPO (Sudeng), LN (Lnfi Network), BNBXBT and BOOM (Boom). Selling and withdrawal transactions will continueAlthough the tokens have been removed from the featured list, users will still be able to sell and withdraw their existing holdings. There are two ways to do this. First, users can go to the [Assets] tab in the Binance Alpha app, then select the [Alpha] section and choose the relevant token through the Withdraw option. Second, they can select the relevant token from the same tab and follow the Instant > Sell steps. Binance Wallet users can also continue trading by searching for the tokens through the [Market] tab.Alpha tokens are always a risky categoryIt is worth remembering that, due to the structure of Binance Alpha, these types of tokens carry a high risk of price volatility. The platform advises users to do their own research (DYOR) before trading these tokens and to apply sufficient risk management. After all, Alpha’s purpose is to give visibility to early-stage projects that have not yet fully matured. Therefore, tokens being periodically added to or removed from this category is not unusual; it is part of the platform’s routine operation.In this context, the removal of these 12 tokens from the list does not mean that their value has gone to zero or that the projects have ended. Binance has made an assessment that these tokens no longer meet its standards; however, users can still dispose of their assets as they wish. That said, investors who hold any of these tokens would benefit from closely following the latest developments.Why were so many tokens removed at once?Binance removing such a large group from the list at the same time is noteworthy. In its announcement, the exchange stated that the tokens “did not meet its standards,” but it did not share detailed information on which criteria led to this conclusion. These types of bulk removals usually come up due to factors such as suspicious trading volume, halted project activity, or security concerns.
What Is zkPass (ZKP)?
zkPass (ZKP) is a zkTLS-based data verification protocol that aims to convert private Web2 data into privacy-preserving verifiable proofs. The main idea behind the project is to allow users to verify data such as bank accounts, identity information, social media profiles, education history, gaming achievements or platform-based reputation without showing that raw data to third parties.This approach responds to an important problem that the Web3 ecosystem has been facing for a long time. Blockchain applications offer open, transparent and verifiable infrastructures, but they cannot directly access users’ real-world data on the Web2 side. In traditional verification processes, users often have to upload documents, share screenshots, connect to a centralized application programming interface (API), or hand over their personal data to another platform. zkPass steps in at this point and makes it possible to share cryptographic proof about the data, rather than the data itself.According to official documents, zkPass generates proofs locally in the user’s browser or on the user’s device. This means raw personal data is not transferred outside the user’s environment; only the necessary attributes for verification are turned into proofs. The project positions this model as a data verification layer that can be used across areas such as artificial intelligence, decentralized physical infrastructure networks (DePIN), digital identity, decentralized finance (DeFi), credit mechanisms, governance and compliance.ZKP is the native token of the zkPass ecosystem. There is an important distinction here: ZKP is also the abbreviation for “zero-knowledge proof.” However, in this guide, unless stated otherwise, ZKP refers to the zkPass token.zkPass: Definition and OriginsIn its simplest form, zkPass is a privacy-focused protocol that makes Web2 data verifiable for Web3 applications. It allows users to prove that they meet a certain condition without directly sharing their private data. For example, a user can show that their credit score is above a certain level without revealing their full credit score, identity or financial history.The project’s starting point is the fact that data on the internet is often visible, but not always verifiable. A screenshot can be altered, a document can be fake, and a social media account can be presented as if it belongs to someone else. In traditional systems, verification usually requires centralized intermediaries, API access or document upload processes. This creates additional risks for both user privacy and data security.zkPass’s technical approach brings TLS, multi-party computation (MPC) and zero-knowledge proofs into the same architecture. The official technical document states that the protocol is built on three-party TLS, multi-party computation and interactive zero-knowledge proof structures. The goal is to prove that data accessed via HTTPS really comes from the relevant source, without exposing the user’s sensitive information.For this reason, it would be incomplete to see zkPass only as an identity verification solution. The project targets a broader idea of a “verifiable internet.” According to this idea, users can turn the data they generate across different platforms into portable, verifiable and privacy-preserving proofs. This allows data that remains locked inside Web2 to be used more securely within Web3 applications.zkPass History: Key MilestonesThe technical foundation of zkPass dates back to 2022. Project summaries associate the first half of 2022 with technical architecture design, feasibility analysis and initial solution tests. In the second half of the same year, work reportedly continued on the multi-party zkPass prototype, PLONK19 and TLS 1.2 implementations. In the first half of 2023, the three-party TLS protocol was developed, the MPC network was expanded and the project moved into the pre-testnet phase.May 2023 marked an important technical milestone for zkPass. The project’s technical document was updated on May 22, 2023, and the core problem of the protocol was clearly defined. Users can securely access private data via HTTPS, but they have difficulty proving to third parties, in a privacy-preserving way, that this data truly came from a specific website. zkPass aimed to close this gap through 3P-TLS, MPC and zero-knowledge proof structures.In August 2023, the project announced a $2.5 million seed funding round. Participants included Sequoia China, Binance Labs, OKX Ventures, dao5, SIG DT Investments, Leland Ventures, Cypher Capital and Blockchain Founders Fund. zkPass stated that the funding would be used to accelerate the pre-alpha testnet process and expand the developer team. The same announcement also noted that the project had reached more than 190,000 waitlist registrations.The second half of 2023 and the 2024 period can be seen as a phase of product development and ecosystem expansion for zkPass. Tools such as TransGate focused on turning selected data from any HTTPS website into verifiable proofs. Official announcements stated that TransGate could be used for different types of data, including identity, financial records, health information, social interactions, work history and educational certificates.On the token side, ZKP became more visible in late 2025 and early 2026. The ZKP token was listed on Binance on January 7, 2026, and started trading with the Seed Tag. Trading pairs opened on Binance included ZKP/USDT, ZKP/USDC and ZKP/TRY.ZKP’s all-time high is reported to be around $0.23. As of May 2026, the ZKP price is trading around $0.0690638. Why Is zkPass Important?zkPass is important because it touches one of Web3’s most fundamental gaps. Blockchain networks are powerful when it comes to verifying transactions within their own systems, but they struggle to directly verify off-chain data. A user’s banking history, social media reputation, education certificate, gaming achievement or platform membership does not naturally exist on the blockchain. This data remains on Web2 platforms.This creates a major gap, especially in DeFi, digital identity and reputation systems. A DeFi protocol usually relies on overcollateralized lending models because it does not know the user’s credit history. A decentralized autonomous organization (DAO) may want to look at social or professional background as a membership criterion, but may not want to turn this into a centralized KYC process. A game or social platform may want to reward a user’s achievement on another platform, but screenshots are not reliable enough.zkPass highlights the idea of “verification without sharing raw data.” The user can prove only the required condition without revealing the full data. For example, statements such as “I am over 18,” “I have an account on a specific platform,” “I have more than a certain number of followers,” or “I meet a certain financial criterion” can become verifiable.This model is also important from the perspective of data ownership. Instead of handing over their data completely to a centralized intermediary, the user uses a proof generated from that data. This reduces the data storage burden for third parties and limits the risk of data leaks. Official documents also state that sensitive data does not leave the device and that proofs only reveal the attributes needed for verification.How Does zkPass Work?To understand how zkPass works, it is useful to first look at a standard internet connection. When a user connects to their bank, e-commerce account or social media profile via HTTPS, a secure TLS connection is established between the browser and the server. This connection encrypts the data and prevents third parties from reading the content. However, the traditional TLS structure does not make it easy for the user to later prove to a third party that “this data really came from this website.”zkPass expands TLS into a three-party model at this point. According to the official technical overview, the protocol involves three parties: the prover, the verifier and the data source. The prover is the user and accesses their own data. The verifier is the party that checks the verification process. The data source is the HTTPS server from which the data comes. The user accesses the data and then proves, through a zero-knowledge proof, that the data satisfies a certain condition. The verifier checks the proof without seeing the user’s raw data.What Is zkTLS?zkTLS can be understood as the technological layer that makes the source of data coming from a TLS connection verifiable while preserving privacy. Normal TLS provides secure communication between the user and the website. zkTLS, on the other hand, aims to make the data produced through that secure communication provable to third parties.In zkPass’s approach, zkTLS works together with the three-party TLS model. The user wants to prove that they received data from a specific website. However, while producing this proof, the user does not have to reveal their entire account, document content or personal information. For this reason, zkTLS plays a critical bridging role in moving Web2 data into Web3.3P-TLS, MPC and Zero-Knowledge ProofszkPass uses three main technologies: 3P-TLS, MPC and zero-knowledge proofs. 3P-TLS adds a third verification party to the TLS process and helps check the source of the data. MPC allows the parties participating in the computation process to perform a joint verification without seeing each other’s private data. Zero-knowledge proofs allow the user to prove that a statement is true without revealing the raw data behind that statement.The official technical document states that zkPass brings together 3P-TLS, MPC and zero-knowledge proof structures. This approach aims to help users prove statements about data accessed via HTTPS while preserving privacy. It specifically focuses on reducing the risks of fake documents, manipulated screenshots and centralized verifiers.Hybrid ModeHybrid mode plays an important role in zkPass’s technical architecture. According to the official technical overview, zkPass uses a hybrid structure that combines proxy mode and MPC mode. In proxy mode, the user communicates with the data source through the verifier. In MPC mode, the user and the verifier form a client structure that acts together during the connection process with the server.This hybrid approach was developed to adapt to different web server conditions. Some servers support certain connection types, while others may limit requests coming from different IP addresses under the same account. In such cases, zkPass aims to make the protocol more flexible by switching to MPC mode when needed. The technical overview also states that MPC mode is not the preferred model in every situation, but is used more as a backup mechanism under certain server restrictions.What Is the ZKP Token Used For?ZKP is the native utility token of the zkPass ecosystem. According to the official token document, ZKP is designed as an ERC-20 token and has a total supply capped at 1 billion. The document states that the token has a fixed supply, does not include inflation, and has a deflationary mechanism through the burning of part of settlement fees. A periodic buyback mechanism managed by the DAO is also included in the token documentation.The first use case of ZKP is the proof settlement process. In the zkPass ecosystem, ZKP is used as a functional unit in processes such as proof generation, verification and verifier operations. This shows that the token is designed not only as a tradable asset, but also as a payment and coordination tool connected to the protocol’s operating logic.The second use case is the verifier collateral mechanism. Verifiers provide ZKP collateral to support network accuracy, uptime and reliability. This model supports the verification infrastructure with economic incentives.The third use case is network credits. ZKP can be used as an on-chain credit unit for verifiable computation, integrations and recording network contributions. The fourth area is developer and institutional access. Companies and developers can use ZKP to access zk-compatible verification interfaces and privacy-focused data infrastructure.Finally, ZKP plays a role in governance and cross-system verifiability. Official documents state that the token supports decentralized coordination and is connected to ecosystem activities such as auditing and maintenance.ZKP TokenomicsZKP tokenomics is built on a fixed total supply of 1 billion tokens. The official zkPass documentation lists the token standard as ERC-20, while cross-chain distributions follow LayerZero’s OFT standard. This structure aims to maintain a unified total supply and consistent token state across supported networks. The official document lists verified contract addresses on Ethereum mainnet, BNB Smart Chain and Base.The largest allocation goes to the community category. The community allocation represents 48.5% of the total supply. Of this, 12.5% unlocks at the token generation event, 6% unlocks linearly over the first three months, and the remaining 30% is distributed monthly over five years starting from the token generation event. This category is reserved for ecosystem growth, reward distributions, network incentives, community sales, exchange-related marketing and strategic partnerships.The early investors category receives 22.5% of the supply. This portion has a 12-month cliff period followed by an 18-month linear vesting model. The allocation for core contributors is 14%. This portion has a 24-month cliff period followed by a 24-month linear vesting structure. The DAO treasury receives 10% and unlocks through five-year linear vesting. The liquidity category receives 5% and fully unlocks at the token generation event. The official document states that there is 0% unlock for the team and investors at launch, while the circulating supply is limited to community participation and liquidity. This structure highlights community and liquidity in the early stage, while team and investor tokens are tied to a time-based vesting schedule. Still, when evaluating tokenomics, it is important to look not only at allocation ratios but also at whether use cases create real demand, as well as network growth, verification volume and market liquidity.zkPass Use CaseszkPass use cases are shaped around scenarios where Web2 data can be used securely in Web3 applications. The first major area is decentralized identity. Users can prove their age, citizenship, account ownership, membership status or a specific identity criterion without sharing raw documents. This is especially important for transforming KYC processes into models that collect less data.On the DeFi side, zkPass can be used for credit and reputation systems. In existing DeFi lending models, users often have to provide high collateral because the protocol does not know their off-chain financial history. With zkPass, a user can prove that their credit score, income level or account balance is above a certain threshold. In the long term, this could support the development of more flexible lending models.Reward distribution and task verification also offer notable use cases. A project may want to prove that a user is genuinely active on a specific platform, manages a certain account or has completed certain tasks. If this verification is done with screenshots, manipulation risk emerges. zkPass can make this process more secure through proofs that verify data from its source.A similar logic applies to social media and the creator economy. A content creator can prove that they have passed a certain follower threshold or that they own a specific social media account. However, they do not have to reveal their follower list, private messages or other sensitive account data. This structure can be used for DAO memberships, campaign access, brand collaborations or gated communities.In gaming and education, user achievements come to the forefront. Achievements from services such as Steam, Epic Games, Duolingo, GitHub or educational platforms can be used as reward, access or reputation criteria in Web3 applications. The official document also gives examples of producing zero-knowledge proofs from Web2 data sources such as Binance, Duolingo and LinkedIn.On the institutional side, compliance, data verification and customer criteria stand out. An institution may want to know that a user meets certain conditions, but may not want to store more data than necessary. Protocols like zkPass try to bring data minimization and verification needs into the same framework.zkPass Developers and CommunityzkPass is described in public project summaries as a project founded in 2022. On the team side, Bing Jiang and Joshua Peng stand out. These sources list Bing Jiang as co-founder and chief executive, and Joshua Peng as co-founder and chief technology officer. Joshua Peng is also said to have a University of Missouri background and to work on the technical research side. Source: Rootdata The project’s vision is shaped around building an infrastructure that makes private internet data verifiable. zkPass explains this vision through the idea of a “verifiable internet.” This concept refers to internet data moving beyond being merely visible or self-declared and becoming cryptographically verifiable.On the community side, zkPass’s growth is supported through testnets, campaigns, reward distributions, developer tools and integrations. In its 2023 seed funding announcement, the project stated that it had reached more than 190,000 waitlist registrations for the pre-alpha testnet. Later, campaigns such as the Binance Wallet Booster Program encouraged users to participate in processes such as proof generation, social tasks and delegation. The official document states that a total reward pool of 30 million ZKP was allocated for this campaign.On the governance side, the ZKP token has a role connected to DAO coordination and ecosystem management. The official token document states that ZKP will be used for functions such as proof settlement, verifier collateral, network credits, service access and governance/coordination.Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about zkPass:What is zkPass and when was it launched?: zkPass is a zkTLS-based data verification protocol that aims to convert Web2 data into privacy-preserving verifiable proofs. The project’s technical work dates back to 2022, while its technical document was published on May 22, 2023. It became more visible in 2023 through the pre-alpha testnet and funding process.Who developed zkPass?: Public project summaries highlight Bing Jiang and Joshua Peng in the zkPass team. These sources list Bing Jiang as co-founder and chief executive, and Joshua Peng as co-founder and chief technology officer. The project’s technical focus is built around zkTLS, MPC and zero-knowledge proofs.What is the ZKP token used for?: The ZKP token is used in areas such as proof settlement, verifier collateral, network credits, service access and governance/coordination. According to official documents, ZKP works as a utility token designed for verification, network participation and protocol-level economic coordination within the zkPass ecosystem.What problems does zkPass aim to solve?: zkPass aims to allow users to verify private Web2 data without sharing it raw with third parties. This model focuses on reducing risks related to fake documents, manipulated screenshots, centralized API dependency, excessive data sharing and data leaks.Is zkPass suitable for investment?: zkPass is technically a notable project in the field of privacy-focused data verification. However, the ZKP token is subject to the volatile nature of the crypto market. Token unlocks, liquidity, network usage, regulatory risk and general market conditions should all be evaluated together before making an investment decision. This text is not investment advice.Which network does zkPass run on?: According to the official token document, ZKP is an ERC-20 token. Verified contract addresses have been published on Ethereum mainnet, BNB Smart Chain and Base. Cross-chain distributions follow LayerZero’s OFT standard.What is zkTLS?: zkTLS is the technological layer that makes the source of data coming through HTTPS verifiable while preserving privacy. zkPass uses this structure together with 3P-TLS, MPC and zero-knowledge proofs to generate proofs from private internet data.How does zkPass protect privacy?: In zkPass, proofs are generated on the user’s device or in the browser. Raw data is not transferred to third parties. The verifier only checks cryptographic proof showing that a certain statement is true. This allows the verification process to take place without sharing more personal information than necessary.For the latest information on zkPass and privacy-focused Web3 data verification solutions, follow the JR Kripto Guide series.
Sui Mainnet Halted: Network Unable to Process Transactions for Hours
Sui, positioned as a rival to Ethereum and Solana, has stood out as one of the layer-1 blockchains known for high transaction speed and low fees since its 2023 launch. Developed by Mysten Labs, a company founded by former members of Meta’s canceled Diem project, the network has become an attractive infrastructure option especially for DeFi and blockchain-based gaming applications. However, on Thursday, Sui’s mainnet went down and transactions came to a halt.Sui Network Comes to a HaltThe mainnet of Sui, the layer-1 blockchain developed by Mysten Labs, went down on Thursday. The network was unable to produce new blocks for nearly two hours, and all transactions were suspended during that period. The Sui team issued an official statement on X regarding the outage: “Sui Mainnet is currently experiencing a network pause. The Sui Core team is actively working on a resolution. Please note that transactions may be paused at this time.” Data from block explorer SuiScan confirmed that the network had failed to produce new blocks for an extended period. Updates on the status page stated that the issue was identified at 19:36 and that the fix had reached the implementation stage.This Is Not the First TimeFor Sui, this is not an unfamiliar picture. In fact, it marks the network’s third notable outage. The previous two incidents occurred in November 2024 and January 2026. During the January outage, developers also spent hours bringing the network back online.Launched in 2023, Sui is one of the new-generation layer-1 networks positioned as a competitor to Ethereum and Solana. High transaction speed and low fees are among its core selling points. The network was developed by a team that split off from Meta’s canceled Diem stablecoin project.After news of the outage spread, the network’s native token SUI fell by 8% over the past 24 hours. However, it is difficult to say whether this decline was directly caused by the outage or whether it coincided with broader market conditions, as crypto markets were also showing a mixed performance during the same period. At the moment, there is no information suggesting that user funds have been affected.Blockchain outages become an especially critical issue when the networks involved provide infrastructure for DeFi and gaming applications. If a protocol defines itself as high-performance infrastructure, a network halt lasting for hours clearly conflicts with that image. Developers and investors have a strong reason to monitor such incidents closely, as ecosystem reliability is a decisive factor for institutional integrations and large-scale applications.The Sui team said it will continue to share further updates as the investigation progresses.
