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Crypto infrastructure company Paxos has submitted an updated proposal for Hyperliquid's planned USDH stablecoin launch. The new plan isn't limited to technical details; a partnership with PayPal has also attracted attention.PayPal partnership proposal for USDH has been submittedPaxos's plan, dubbed the "V2 proposal," aims to expand USDH globally. A critical step in this process will be integration with PayPal. If accepted, USDH will be listed on PayPal's payment channels and Venmo. This will allow users to buy and sell the stablecoin directly through PayPal and use it for their daily payments.PayPal also plans to list Hyperliquid's native token, HYPE, on their platform. To support this integration, PayPal has also committed to allocating $20 million in incentives to the ecosystem.Paxos' proposal isn't limited to integrations alone. The company proposes to reinvest all USDH revenues into Hyperliquid's Assistance Fund (AF), which will grow until the stablecoin's total locked value (TVL) reaches $1 billion.In addition, it is stated that Paxos' revenue share will be limited to 5% even if TVL exceeds $5 billion. Paxos emphasized the proposal's long-term partnership model, stating, "Thanks to this framework, Paxos will only win when Hyperliquid wins."GENIUS Act ReminderPaxos also emphasized legal compliance in its proposal. The company emphasized that it is the only company compliant with the GENIUS Act, adopted in the US, and the only company legally authorized to issue tokens in Europe. It also announced that PayPal's existing stablecoin, PYUSD, will be added as a reserve asset to ensure stability.The updated plan highlights Hyperliquid's targeting not only individual investors but also institutional players. Paxos aims to integrate "builder code" into Hyperliquid by working with fintech companies and brokerage firms.The company also plans to strengthen its DeFi integration on HyperEVM, develop a USDH-based "Earn" product, and integrate it into consumer applications. Paxos added that it will leverage its existing infrastructure, where it works with giants such as Stripe, Mastercard, Robinhood, Nubank, Mercado Libre, and Interactive Brokers, to implement this plan.Competition is heating up: Numerous bids for USDHWhile Paxos's bid is strong, the race to become Hyperliquid's USDH issuer is fierce. Frax Finance submitted a similar bid with BlackRock-backed frxUSD. A consortium of Agora, Rain, and LayerZero also attracted attention with its emphasis on 100% net revenue sharing and neutrality. Ethena Labs and Sky have also submitted their own bids.Hyperliquid's search for an issuer, which began on September 6, has a deadline of September 10. Validator voting to select the winner will begin on September 14th, and the Hyperliquid Foundation will remain neutral during this process.At the time of writing, Hyperliquid's own coin, HYPE, is trading at an all-time high of $55.20.
Grayscale, one of the world's largest crypto fund management companies, continues its spot crypto ETF push without slowing down. This time, the company has filed with the U.S. Securities and Exchange Commission (SEC) for Bitcoin Cash (BCH), Hedera (HBAR), and Litecoin (LTC).New ETF filings on the SEC's deskGrayscale's filings include S-1, S-3, and related regulatory forms. The company aims to convert its existing closed-end funds (trusts) into exchange-traded funds (ETFs). This conversion process is identical to the process Grayscale used to convert its Bitcoin and Ethereum funds into ETFs in 2024.The filings indicate that the new ETFs are planned to be listed on the NYSE Arca or Nasdaq. For example, the S-3 filing for Litecoin included the following statements:“This prospectus has been prepared assuming the SEC has approved Form 19b-4 or similar listing standards.”In other words, the company has prepared the documents assuming a positive outcome to the process. Altcoin ETF race heats upGrayscale's move once again demonstrates that it does not intend to limit itself to Bitcoin and Ethereum. ETF applications for numerous altcoins, from Dogecoin to XRP, are currently on the agenda. Indeed, on the same day, the SEC announced that it had postponed its decision on Grayscale's spot Hedera ETF and Bitwise's Dogecoin ETF application.This development indicates that altcoin ETF competition in the crypto market will intensify. Considering the SEC's busy schedule, the crypto community is in for a busy time in the coming months. Current Status of FundsAccording to data included in the filings, Grayscale's Bitcoin Cash trust had a net asset value of $202 million as of June 30th. The value per share is $4.31. While closed-end funds typically trade at a premium or discount to their net asset value, ETFs can keep the price close to their net asset value by buying and selling assets based on investor demand.Therefore, the ETF structure stands out as a more transparent and attractive investment vehicle for both institutional and individual investors.To date, the SEC has only approved Bitcoin and Ethereum spot ETFs. Grayscale's lawsuit against the institution, which it won, played a significant role in these approvals. After the court case, the SEC was forced to approve the Bitcoin and Ethereum ETFs.Spot Bitcoin ETFs, which began trading in 2024, quickly reached a trading volume exceeding $1.2 trillion. This demonstrates the strong market appetite for crypto ETFs. Grayscale's new applications for Bitcoin Cash, Hedera, and Litecoin indicate that altcoin ETFs are on the horizon. While the SEC's stance remains to be seen, market anticipation is growing. If these products are approved, it could usher in a new era in the crypto market, with institutional capital flocking to altcoins.
TAO/USDT Technical Analysis Falling Wedge Structure with Wide Trend According to the TAO chart on a daily time frame, there seems to be a clear falling wedge formation which is taking shape properly though the trend lines are spread across a wider range. We presume that TAO could go up toward the upper border of the formation, bouncing from the wedge’s lower border.The range between the levels $292–$303 stands as a strong resistance. This area also overlaps with the lower band of the wedge; therefore, it is highly probable that TAO will reverse from here. On the other hand, daily price closings below $263 will possibly signal a bearish breakdown of the formation.According to a bullish scenario, TAO will see the first resistance at the level $333. Above this resistance, we have other key decision areas at $366–$379. If the price manages to reach this key decision zone, we can consider that the price has touched the upper trend line above. If we see a breakout above the level at $400, this move could speed up the bullish momentum.According to this scenario, the other target levels to follow are $421 → $461 → $500 → $580.Key levels to follow:Support levels: $303 → $292 → $263 (breakdown risk)Resistance levels: $333 → $366–$379 → $400 → $421 → $461 → $500 → $580These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
LDO/USDT Technical AnalysisWhen we analyze the LDO chart on a daily time frame, we can see a descending channel pattern is still active. LDO has recently attempted to test the upper band of the channel yet it failed to break out, thus leading to a pullback confirming that the channel structure is working properly. Falling Channel Structure LDO is currently trading around the level $1.21 and we should be following the support and resistance levels closely as long as the channel pattern works properly. We have the first support zone between the levels $1.13–$1.07 which can be considered a critical defense line as it intersects with the horizontal support and the middle band of the channel. Below this area stand other support levels $0.91 and $0.79.According to a bullish scenario, the price is likely to test the upper band of the channel – $1.31. The price needs to break above $1.53 and $1.61 for the confirmation of actual breakout. In the event that this breakout occurs, then the price can surge to the level at $1.90. The ultimate target of this breakout will be the level at $4.0.In brief, LDO is still under pressure from its descending channel and support levels should be followed closely in the short term. Daily price closings above the level $1.53 would signal a trend shift and will pave the way for stronger bullish momentum upward.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
ARB Technical OutlookAnalyzing ARB on a weekly time frame, we see that there is a quite wide falling wedge formation. The beginning of this wedge formation is too far to be seen even on a daily time frame, which suggests that the formation is a long-term pattern.ARB is currently trading around the level $0.4950. The price of the coin has tried to climb above $0.4515 but it failed to hold there, leading to a pullback to the horizontal support levels. This zone is critical in terms of direction decision.The area between the levels $0.4515 and $0.5046 works as a short-term resistance. A daily breakout above the level $0.5046, in particular, would confirm the breakout of the falling wedge formation. In such case, the technical target of the formation, $2.4250, can be mentioned in the middle to long term.According to a bearish scenario, we should be following the levels at $0.3558, $0.3453 and the lower band of the formation $0.2849. The Falling Wedge in the Weekly Chart Summary:Formation: Long-term falling wedgeUpward breakout target: $2.4250Short-term resistance levels: $0.4515 → $0.5046 → $0.5475Support levels: $0.3558 → $0.3453 → $0.2849These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
ALT/USDT Technical Analysis Narrowing Triangle Structure Analyzing the ALT daily chart, we see that there is a narrowing triangle pattern standing. The price of the coin has approached the support zone between the levels $0.0311–$0.0299, which is considered very critical in the short term. The upper band of the triangle formation intersects with the resistance level $0.0345 and the horizontal resistance at $0.0383–$0.0398, which is the upper trendline of the formation.If we see a closing below the level $0.0299, then the formation becomes invalid and the price may pull back to the level $0.0266. However, the price is likely to attempt to go upward if the current pattern is maintained. The levels $0.0447 and then $0.0539 will become technical targets if the price manages to hold above the zone $0.0383–$0.0398 in particular.Below are the levels to follow:Support levels: $0.0311 → $0.0299 → $0.0266Resistance levels: $0.0345 → $0.0383–$0.0398 → $0.0447 → $0.0539Triangle formation keeps contracting, which signals that a breakout is on the way.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
TIA/USDT Technical AnalysisAnalyzing TIA on a daily time frame, we see that downtrend pressure still persists. The price has recently bounced a little with the help of the support from the level at $1.60, yet it still remains within the downtrend. TIA is currently trading around the level $1.61.We have the critical resistance zone between the levels $1.81–$1.88 in the short term. Unfortunately, each attempt to break above this resistance zone has faced selling pressure so far. $2.11, in particular, will be the key level to determine the direction of the trend in the middle term. In the event that the price manages to hold above this key level, the possible targets could go as far as $2.36 → $2.45 → $2.78 → $3.40.According to a bearish scenario, the price could test the first support level $1.60. Below it, other possible support levels to follow are $1.43 and $1.31, which is the most critical level, as losing it could break the medium-term structure.To summarize, we can say that a break and hold above $2.11 would signal a stronger uptrend, while losing $1.31 could increase downside risk. Falling Trend Structure Levels to followResistance levels: $1.81–$1.88 → $2.11 → $2.36 → $2.45 → $2.78 → $3.40Support levels: $1.60 → $1.43 → $1.31These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
The most notable recent surge in the crypto market has been that of Hyperliquid (HYPE). The project's native token, HYPE, reached an all-time high of $55. This increase is reflected not only in the price chart but also in the interest of institutional investors, the number of users, and the development of the ecosystem.VanEck made a critical commentOne of the most important factors in Hyperliquid's rise was the support of global asset management giant VanEck for the project. VanEck's founder, Jan VanEck, stated that the firm has held the HYPE token for months and is optimistic about the project."We were impressed by Hyperliquid's technology infrastructure, decentralized governance model, and ecosystem development strategy. We continue to offer free research to the community and believe Hyperliquid presents a strong opportunity for the future," VanEck said, drawing the attention of institutional investors to this area. Lion Group Takes Strategic Step for HYPEAnother important news regarding HYPE came from Nasdaq-listed Lion Group Holding Ltd. The company announced a strategic shift in its crypto asset treasury, gradually converting its Solana (SOL) and Sui (SUI) holdings to HYPE.Lion Group CEO Wilson Wang emphasized that the decision aligns with its long-term growth goals, saying:“Hyperliquid is one of the most attractive opportunities in the decentralized finance world. It stands out with its efficient transaction infrastructure and on-chain order book model. Therefore, we chose to prioritize HYPE over SOL and SUI in our portfolio.”Record-breaking user activityThe rise in HYPE's price is supported not only by institutional investments but also by user growth within the ecosystem. According to Token Terminal data, the number of weekly active users on HyperEVM and HyperCore reached 181,500. HyperEVM provides an Ethereum-compatible virtual machine environment, whileHyperCore provides high scalability by supporting the network's consensus and execution layer.This increase translates to more transactions on the network, higher volume, and a stronger community. According to Santiment data, HYPE's dominance on social media has increased to 2.06%. Projects that are more talked about in the crypto market are generally assets that also attract increased investor interest. Furthermore, weighted market sentiment for HYPE has reached its highest level since July.What is HYPE Coin?HYPE, Hyperliquid's native token, is used as both a governance and economic incentive tool within the project's ecosystem. Hyperliquid stands out as a decentralized perpetual futures exchange and offers high-speed, low-cost transactions with its Layer-1 infrastructure.The primary functions of the HYPE token:Governance: Token holders can have a say in important decisions by participating in network voting.Revenue sharing: The majority of the platform's transaction fees are used for HYPE buybacks, creating a mechanism that supports the token's value.Ecosystem incentives: Users can earn rewards through HYPE for activities such as providing liquidity and long-term loyalty.Hyperliquid's distinguishing feature is its fast and transparent transaction structure, built on a centralized on-chain order book (CLOB) model.
US-based blockchain company Ripple has entered into a strategic partnership with Banco Bilbao Vizcaya Argentaria (BBVA), a leading Spanish bank, to offer crypto custody (custody) services.BBVA Makes a Secure Transition to CryptoBBVA recently launched a retail trading and custody service for Bitcoin (BTC) and Ethereum (ETH). With this new partnership, the bank will utilize Ripple's institutional custody infrastructure as the backbone of these services. BBVA Head of Digital Assets Francisco Maroto stated that Ripple's custody services provide the bank with an end-to-end secure infrastructure. "We can offer our clients a direct, secure, and regulatory-compliant custody service," Maroto said. Cassie Craddock, Ripple's Europe Regional Manager, emphasized that banks can now take faster action thanks to the European Union's Crypto Asset Markets Regulation (MiCA). Craddock said, “BBVA is one of the region's most innovative banks. Thanks to MiCA, banks can now confidently deliver the digital asset services their customers demand.”First Switzerland and Turkey, now SpainThis Ripple-BBVA partnership isn't new. BBVA Switzerland migrated its crypto custody infrastructure to Ripple's technology at the end of 2023. Garanti BBVA adopted Ripple's custody service in Turkey in 2024. The Spanish initiative stands out as the largest-scale implementation of this partnership in Europe.IBM is also contributing to the project, which is being carried out through Garanti BBVA Crypto, by providing the security infrastructure. This platform, which has reached more than 14,000 users in Turkey, enables the buying, selling, and custody of popular assets such as Bitcoin, Ethereum, Solana (SOL), Arbitrum (ARB), XRP, and USDC. The new partnership is expected to expand this model to a wider audience in Spain. Europe Race Accelerates with MiCAThe MiCA regulation in Europe has accelerated banks' entry into the crypto space. Assessments from the CoinShares research team predicted that MiCA would mobilize the largest European banks in 2024. Today, we see this prediction come true. BBVA's move coincides with Deutsche Bank's plans to launch a Bitcoin custody service in 2025.Deutsche Börse's Clearstream unit is preparing to launch crypto custody solutions for institutional clients, while Boerse Stuttgart Digital Custody became the first institution in Germany to receive a full license under MiCA. Standard Chartered also launched crypto services in Europe with a digital asset license from Luxembourg.Having overcome years of legal battles with the SEC in the US, Ripple is now focusing more strongly on the European market. The acquisition of Swiss custodian Metaco allowed Ripple to provide institutional-grade infrastructure suitable for banks. The BBVA agreement was one of the most concrete steps that strengthened Ripple's strategy.This new service offered by BBVA to its customers appears to be a sign that European banks will take a more active role in the crypto sector.
Cryptocurrency exchange Gemini has signed up Nasdaq, the leading US stock exchange operator, as a strategic investor ahead of its initial public offering (IPO). According to Reuters, Nasdaq will purchase $50 million worth of shares during Gemini's IPO.Nasdaq Makes $50 Million ContributionGemini, founded by brothers Cameron and Tyler Winklevoss, has accelerated its long-awaited IPO preparations. Under the company's plan filed with Nasdaq, 16.6 million Class A shares will be offered at a price between $17 and $19. This offering, with additional options, is expected to raise over $300 million.According to sources, Nasdaq will acquire $50 million worth of shares through a private placement simultaneously with the IPO. Thanks to this agreement, Nasdaq customers will gain access to Gemini's custody and staking services, while Gemini's institutional customers will be able to use Nasdaq's Calypso platform, developed for managing trade collateral.Market conditions will be decisiveWhile neither party has officially commented on the matter, it was stated that the agreement is subject to change depending on market conditions. The recent volatility in crypto markets, in particular, could affect investor appetite during the IPO process.Nevertheless, Nasdaq's move signals that the boundaries between crypto and traditional finance are rapidly blurring. Indeed, Nasdaq recently filed a petition with the SEC for regulatory changes regarding tokenized securities. This initiative aims to pave the way for blockchain-based versions of traditional stocks to be traded legally.Strong financials, high targetsGemini's financial data disclosed in its IPO filing fell short of expectations. The company reported a net loss of $282.5 million in the first half of 2025. This figure is nearly seven times the $41.4 million loss in the same period last year. Adjusted EBITDA figures also fell from a $32 million profit to a $113.5 million loss. For the full year 2024, a $158.5 million loss was recorded on $142.2 million in revenue.Despite this outlook, Gemini believes the IPO will attract strong investor interest. The support of a major institution like Nasdaq further bolsters this confidence. With Gemini's listing on Nasdaq under the ticker symbol "GEMI," it is expected to become the third publicly traded crypto exchange in the US, following Coinbase and Bullish.Crypto companies are racing to go publicGemini's move is part of a wave of IPOs in the crypto ecosystem. Companies like Circle and Bullish have previously experienced strong openings on US exchanges. Circle's IPO as a USDC issuer generated significant interest, with Bullish shares surging over 150% on their first day of trading on the New York Stock Exchange. Gemini's success could further fuel the appetite for crypto companies to go public. Players like Grayscale, Kraken, Figure, and BitGo also have similar plans.
Developments that marked the new week in the crypto sector were related to security risks. Ledger's Chief Technology Officer (CTO) Charles Guillemet warned investors about a large-scale supply chain attack on software packages that have reached billions of downloads, while Switzerland-based platform SwissBorg announced that it had lost approximately $41 million in Solana (SOL) due to an attack targeting its staking partner.Critical warning from Ledger CTOLedger CTO Guillemet stated on Monday that a supply chain attack shaking the JavaScript ecosystem is ongoing. "A respected developer's NPM account has been compromised. The affected packages have been downloaded more than a billion times, and the entire ecosystem could be at risk," he said. Guillem emphasized that investors who don't use hardware wallets should be especially cautious: "If you don't have a hardware wallet, avoid on-chain transactions for now. Hardware wallet users can stay safe by carefully reviewing each transaction before signing."The scale of the attack sparked speculation in the crypto community that it "could be the largest supply chain attack ever seen." Hackers allegedly injected malicious code into downloaded packages, changing transaction addresses in the background, and then redirecting funds to their own wallets without users' awareness.SwissBorg Loses $41 Million in SOLAnother development that came on the same day as Ledger's warning involved a loss that directly impacted users. Swiss-based platform SwissBorg confirmed that approximately 192,600 SOL ($41.3 million) was lost as a result of its partner API being compromised.The company explained that the attack did not affect its own application but only targeted its "SOL Earn Program." A SwissBorg spokesperson said, "This is a difficult day for us. However, we will use our SOL treasury to compensate the majority of our users." It was also stated that the company is collaborating with white-hat hackers and security partners to recover the stolen funds. Ultimately, while the Supply Chain attack impacted software developers and, indirectly, millions of users, the SwissBorg incident highlighted the risk of partnering with centralized platforms.Experts recommend that users use hardware wallets, carefully check addresses in transaction signatures, and choose trusted partners for staking transactions on centralized platforms.
Global digital asset investment products experienced a total net outflow of $352 million last week. A report published by CoinShares reveals that investor appetite remained limited despite weak US employment data and interest rate cut expectations. Trading volumes also fell 27% compared to the previous week. Nevertheless, $35.2 billion in inflows were still expected for 2025, surpassing last year's total inflows by 4.2% on an annualized basis.Regional Outlook: Outflow from the US, Strong Inflow from GermanyThe regional distribution revealed the different trends of investors. US-based funds saw outflows of $440 million, while Germany recorded a strong inflow of $85 million. Hong Kong stood out with an inflow of $8.1 million. Other countries, such as Canada (+$4.1 million), Brazil (+$3.5 million), and Australia (+$2.1 million), also saw positive movements, albeit limited. However, outflows were seen in Sweden (-$13.5 million) and Switzerland (-$2.7 million). Asset-based Flows: Bitcoin Positive, Ethereum NegativeAccording to weekly data:Bitcoin funds were the main source of investor interest with $524 million in inflows. Total inflows into Bitcoin products since the beginning of the year have reached $21.3 billion.Ethereum funds, however, were at the center of the outflows. Last week alone, $912 million in outflows were recorded. Outflows occurred every day for the last seven trading days. Nevertheless, a total of $11.1 billion in inflows since the beginning of the year has remained stable.Solana funds closed positive for the 21st consecutive week with $16.1 million in inflows. Total inflows since the beginning of the year reached $1.26 billion.XRP funds recorded $14.7 million in new inflows, reaching a total of $1.41 billion.Relatively small funds such as Sui, Chainlink, and Cronos also recorded modest positive flows, while the outflows for Cardano and Litecoin remained stable. Company-based Flows: ProShares and iShares LeadThe difference between fund providers was also notable.ProShares and iShares stood out with inflows of $126 million and $122 million, respectively.Grayscale (-$131 million), Bitwise (-$126 million), and ARK 21Shares (-$82 million) experienced significant outflows.CoinShares XBT Provider products also saw outflows of $15 million.Consequently, weekly outflows indicate a decrease in investors' short-term risk appetite. The sharp outflows in Ethereum, in particular, suggest that institutional investors are reassessing their expectations for this asset class. Conversely, Bitcoin's steady inflows confirm that the market continues to turn to BTC as a safe haven. The consecutive weeks of inflows from altcoin funds like Solana and XRP indicate that the market remains focused on diversification. In summary, although there has been a “cooling” in fund movements on a global scale, it is possible to say that institutional interest in crypto investment products remained high throughout the year.
A notable new development has occurred in the cryptocurrency market. Forward Industries announced that it has raised a total of $1.65 billion in private investment in a PIPE (private investment in public equity) round led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This investment, secured with both cash and stablecoin commitments, marked one of the largest financing initiatives focused on the Solana ecosystem.Solana-centric treasury strategyThe company stated in a statement that this massive funding will be used for a digital asset treasury strategy built around the Solana blockchain. C/M Capital Partners, an existing shareholder, also participated as an investor in this round. Galaxy Digital will integrate its own enterprise infrastructure into the project, including trading, lending, and staking services. Jump Crypto will support the project with technical initiatives such as Firedancer, a new validator client aimed at scaling Solana's performance. Thus, Forward Industries aims to generate differentiated returns from its staking, lending, and trading activities. Management and Strategic CollaborationThis strategic partnership isn't limited to financing. Kyle Samani, co-founder and managing partner of Multicoin Capital, will become chairman of Forward Industries' board of directors upon completion of the transaction. Samani has been among the most prominent investors supporting Solana's development since 2018 and emphasizes that Solana remains undervalued by the market.Galaxy's President and Chief Investment Officer, Chris Ferraro, and Jump Crypto's CIO, Saurabh Sharma, will also join the board as observer members. Their experience with Solana-based projects is expected to further strengthen Forward Industries' governance structure.Advisors and Next StepsCantor Fitzgerald & Co. served as financial advisor during the investment process, while Galaxy Investment Banking served as co-placement agent and advisor. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor for Galaxy, and DLA Piper LLP served as legal advisor for Cantor Fitzgerald. The company announced that it will share further updates on its treasury strategy, centered around Solana, in the coming period. Forward Industries CEO Michael Pruitt emphasized his belief in Solana's long-term potential, saying this move represents a decisive move to enhance the company's shareholder value.
The world of decentralized finance (DeFi) has once again been shaken by news of a cyberattack. Nemo Protocol, a yield platform built on the Sui blockchain, announced that it had lost approximately $2.4 million worth of stablecoins due to a security vulnerability over the weekend. In the incident, first reported by security firm PeckShield, the attacker reportedly transferred stolen USDC tokens from Arbitrum to the Ethereum network. This moved the assets into an ecosystem where they could be more easily moved and difficult to monitor.All smart contracts have been haltedThe Nemo team confirmed the attack in a statement on Telegram on Monday, announcing the incident to the community:“Dear Nemo community, last night there was a security incident affecting the Market pool. We are investigating the issue and have temporarily halted all smart contract activity. We will share new information as we receive it.”It is also noteworthy that the platform has entered a previously scheduled maintenance period. Nemo had previously announced that the application would be under maintenance on Monday and Tuesday. Therefore, the attack's emergence coincided almost simultaneously with the maintenance period.Are the assets safe?Nemo Protocol emphasized that the attack only affected a specific pool and that the assets held in the vaults were safe. However, a clear explanation has not yet been released regarding the root cause of the incident. This uncertainty has shaken investor confidence and once again highlighted the ongoing security vulnerabilities in DeFi protocols.Following the attack, the total locked assets (TVL) on the platform experienced a significant decline. According to DeFiLlama data, Nemo Protocol's TVL fell from $6 million to $1.53 million. This decline indicates that investors were rapidly withdrawing their funds from the platform.What is Nemo Protocol?Nemo Protocol is a yield optimization and yield trading platform built on the Sui blockchain. It offers users the ability to tokenize their investments. The platform divides assets into Principal Tokens (PT) and Yield Tokens (YT), allowing users to buy and sell these tokens, hedge future returns, or take speculative positions.While yield tokenization, in particular, is becoming increasingly popular in the DeFi world, Nemo Protocol was one of the prominent projects in the Sui ecosystem. However, the recent incident may cause investors to re-evaluate their trust in such new projects.Billions of dollars worth of assets have been lost in recent years due to smart contract vulnerabilities and protocol flaws. The transparency and freedom offered by decentralized finance also create attractive opportunities for malicious actors.
In the cryptocurrency world, almost every major exchange now has its own token. Among the most notable examples of this trend is Binance's BNB, OKX's OKB, and Huobi's HT. So, what's the answer to the frequently asked question, "What is Cronos?" For those wondering what Cronos is, in short: it's the base currency of Crypto.com's own payment and exchange platform and the EVM-compatible blockchain network known as Cronos Chain. When we delve deeper into Cronos, we find that it's not just an exchange token but also a comprehensive infrastructure designed for decentralized finance (DeFi ecosystem), NFT, and Web3 applications.Cronos (CRO) is the native cryptocurrency of the Crypto.com ecosystem. In other words, it's the primary token used on Crypto.com's payment, trading, and financial services platform. Initially known as Crypto.com Coin, the CRO token eventually became known as "Cronos." The Cronos network, a blockchain compatible with the Ethereum Virtual Machine (EVM) developed by Crypto.com, was launched in 2021. This allows Cronos to support Ethereum-based smart contracts and allows developers to easily port their decentralized applications (DApps) to the network. Cronos's goal is to provide a scalable and user-friendly infrastructure for decentralized applications, decentralized finance (DeFi), NFT platforms, and cryptocurrency payment solutions. So, what is the history of Cronos, who developed it, and why is it considered so valuable? In this guide, we will examine the history, technical specifications, and use cases of the Cronos coin.Cronos Definition and OriginsCronos is a cryptocurrency project developed by Crypto.com and is known by the symbol CRO. "What is Cronos coin?" The short answer to this question is as follows: Cronos coin (CRO) is both the native token of Crypto.com's own blockchain network and the utility token used in all Crypto.com products. First released in late 2018, the CRO token was initially issued on the Ethereum network using the ERC-20 standard to provide benefits to Crypto.com users. Crypto.com was founded in 2016 under the name Monaco and aimed to offer cryptocurrency-powered Visa cards. In 2018, Monaco rebranded itself as Crypto.com and introduced the CRO token as the ecosystem's native currency. Subsequently, Crypto.com began developing its own blockchain. In 2021, a new Ethereum-compatible blockchain network called Cronos Chain was launched. Cronos Chain was designed to operate in parallel with Crypto.com's existing Crypto.org Chain network and is specifically focused on supporting DeFi, gaming (GameFi), and NFT applications. Cronos History: Major MilestonesThe development of Cronos and the history of the CRO coin are closely linked to the evolution of Crypto.com. Here are some key milestones in the history of Cronos:2016: Crypto.com, originally known as Monaco, was founded in Hong Kong by Kris Marszalek and his team. The company's initial goal was to offer Visa cards that could be loaded with cryptocurrency. Founders included Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao.2017: The Monaco project held an ICO to launch its own cryptocurrency. At this ICO, a token called MCO was sold, raising approximately $26.7 million. (Note: MCO is a separate legacy token from Cronos.)2018: Monaco rebranded as Crypto.com and acquired the valuable Crypto.com domain name in June 2018. That same year, the CRO token was launched in November-December 2018. CRO began trading at a low price of approximately $0.02. At the end of 2018, Crypto.com announced that its own blockchain, Crypto.org Chain, was under development and that CRO would become the network's native currency.2019-2020: The Crypto.com app experienced rapid growth with products such as a cryptocurrency card, Crypto Earn (crypto interest), and Crypto Credit. The number of users surpassed 1 million in September 2019, and innovations such as a DeFi wallet and crypto tax services were added in 2020. During this period, the CRO token gained value through various use cases within the Crypto.com ecosystem.March 2021: Crypto.com migrated its blockchain, Crypto.org Chain, to its mainnet, and CRO became the network's native coin. This step marked a significant milestone in Crypto.com's transition to a decentralized infrastructure. Ahead of the mainnet launch in March 2021, Crypto.com announced that it had burned 70% of its 100 billion CRO supply (70 billion tokens), reducing the total supply to 30 billion. This massive burn was intended to make CRO entirely community-driven and more scarce.November 2021: The Cronos Chain mainnet (mainnet beta) officially launched on November 8, 2021. Cronos Chain was born as an EVM-compatible blockchain with the goal of supporting applications on the Ethereum network and growing the DeFi ecosystem. That same month, the Crypto.com exchange began supporting low-fee deposits and withdrawals of CRO and other major cryptocurrencies via the Cronos network. A few weeks after the Cronos mainnet launch, the CRO price reached an all-time high of around $0.90 (November 2021). Aggressive marketing strategy in 2021: During this period, Crypto.com made significant leaps not only in technical terms but also in brand awareness. With a vision to make crypto a part of daily life, the company became the official title sponsor of Formula 1's Miami Grand Prix, a global partner of the Italian Serie A and the UFC, and signed agreements with established sports clubs such as Paris Saint-Germain, the Philadelphia 76ers, the Montreal Canadiens, and the Australian Football League. It also established a long-term educational partnership with the LeBron James Family Foundation, acquired the naming rights to the Los Angeles Staples Center and rebranded it as Crypto.com Arena, and sponsored the 2022 FIFA World Cup.February 2022: Crypto.com announced the rebranding of its CRO token from "Crypto.org Coin" to "Cronos." This rebranding was intended to highlight the growing ecosystem of the Cronos chain and reflect the project's decentralized identity. 2022 also saw increased integration of Cronos across various global platforms. Crypto.com fully integrated Cronos with its own application and exchange, allowing users to use CRO on both the Crypto.org Chain and Cronos Chain networks. During this period, Cronos was also listed on various exchanges and integrated into payment solutions such as Crypto.com Pay.2023 - 2024: Significant growth was seen in the DeFi and GameFi fields on the Cronos chain. The Cronos network hosted many new decentralized exchanges, lending protocols, and gaming projects. For example, popular DeFi applications such as VVS Finance, Tectonic, Ferro, and MM Finance achieved high user numbers and total locked asset value (TVL) on Cronos. In late 2023, Cronos also made strides in the GameFi space with the launch of an NFT-based game, Loaded Lions. In October 2023, the Crypto.org Chain was renamed "Cronos PoS Chain" and merged under the Cronos brand. The Cronos team aimed to further increase the network's capacity and speed by working on scaling technologies like zkEVM towards 2024. 2025: Cronos released its 2025-2026 roadmap. This roadmap focuses on three main objectives: accelerating the tokenization of assets (stocks, real estate, commodities, etc.), expanding retail access by offering DeFi and payment solutions to 150 million users, and increasing liquidity with CRO-backed products on the institutional side. The roadmap also highlights technical developments such as AI-based tools, new use cases for CRO, faster block times, and lower transaction fees. The goal is to reach $20 billion in CRO usage and $10 billion in tokenized asset volume by 2026. Additionally, there is a shift towards AI agents. Why is Cronos Valuable?So, what is the purpose of the CRO coin, and what are its valuable features? To understand the value of Cronos, it's necessary to consider both its role within the Crypto.com ecosystem and its technical advantages.The core token of the Crypto.com ecosystemCRO is the primary token used in many services offered by Crypto.com. It's possible to make payments with CRO on the Crypto.com app, pay transaction fees with CRO on the exchange platform, and earn cashback rewards when using the Crypto.com Visa card. For example, with Visa cards offered by Crypto.com, users can upgrade their card levels by staking a certain amount of CRO and receive cashback of 1% to 8% in CRO on their spending. This gives CRO a wide range of uses and demand.EVM-compatible and scalable blockchain: Because the Cronos Chain is compatible with Ethereum, popular DApps on Ethereum can easily be ported to the Cronos network. This EVM-compatible blockchain structure is a significant advantage for developers and projects. Moreover, the Cronos network offers much faster and lower-cost transactions compared to Ethereum. By design, the blockchain is capable of processing thousands of transactions per second, with transaction fees of only a few cents. This high scalability translates to a fast and affordable experience for users.Providing infrastructure for the DeFi and NFT ecosystem:Cronos offers dedicated support for DeFi applications and NFT platforms. Automatic market-making decentralized exchanges (AMMs), lending/borrowing protocols, and yield farming capabilities have rapidly developed on the network. For example, VVS Finance stands out as one of the easiest-to-use DeFi platforms on Cronos, offering token trading and staking with low fees. Similarly, the Tectonic protocol allows users to borrow and lend against CRO and other assets. This diversity on the Cronos network and the growing DeFi ecosystem are significant factors driving the demand for CRO tokens. In the NFT space, Cronos is compatible with Crypto.com's NFT platform, and NFTs have even begun to be created for games running on Cronos. This versatility makes Cronos the fuel of a broad ecosystem. Cronos ecosystem Fast and low-cost transactionsBecause the Cronos network has a Tendermint-based architecture, transactions are confirmed within seconds. Block times on the Cronos blockchain are quite short (approximately half a second to 5 seconds, depending on updates), resulting in high transaction capacity. While Ethereum suffers from high fees and slowness during peak demand, Cronos offers users faster and cheaper transactions. Low fees are particularly advantageous for small-scale DeFi transactions or NFT trading.Major exchange and wallet integrationsCronos (CRO) is listed on many major global cryptocurrency exchanges. CRO can be traded on exchanges such as Binance, Coinbase, and Kraken. Popular wallets like MetaMask also support the Cronos network, allowing users to easily access DApps on the Cronos network. Because Crypto.com's own app also fully supports Cronos, millions of Crypto.com users can transfer CRO or conduct transactions on the Cronos network with a single click. Additionally, having a globally recognized company like Crypto.com, experienced in financial services, behind Cronos increases confidence in the project. Thanks to Crypto.com's global marketing efforts (e.g., sponsorships of sporting events and advertising campaigns), the CRO token has become widely known.Who is the Founder of Cronos?The Cronos project is backed by the Crypto.com company and team. Crypto.com's co-founders are Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. Although founded in Hong Kong in 2016, the company has expanded its headquarters to other regions, primarily Singapore. Kris Marszalek is a Polish entrepreneur and the CEO of Crypto.com. Rafael Melo is a CFO with experience in finance, and Gary Or is a CTO with an engineering background. Bobby Bao, who also comes from an investment banking background, led the strategy and business development side. Cronos was developed directly by this team and launched within Crypto.com. The Crypto.com team brought together talent from around the world to develop Cronos. While the company's official headquarters are in Singapore, its team members are global, spanning from the US to Europe and Asia. Furthermore, during the development of Cronos, startup accelerator programs such as Particle B (Cronos Labs) were implemented. This program, led by Crypto.com co-founder Gary Or, introduced new projects to the Cronos ecosystem.Technical OverviewCronos's technical infrastructure and token economy (tokenomics) contain important details that make it unique. The key technical features of Cronos Chain and the CRO token can be summarized as follows:Blockchain and Consensus MechanismCronos Chain is a blockchain built on the Cosmos SDK and uses the Tendermint BFT engine as its consensus algorithm. The Cronos network initially operated with a Proof of Authority (PoA) model, a method based on the production of blocks by certain trusted validators. These validators consist of a limited number of nodes selected from the Crypto.com ecosystem and provide initial security for the network. In later stages, Cronos also supports a structure similar to the Delegated Proof of Stake (DPoS) model to further decentralize the network. This means community members can vote for existing validators by staking their CROs, thus achieving a balance between scalability and decentralization through a hybrid combination of PoA and DPoS. Thanks to this Tendermint-based consensus, transactions on Cronos reach finality quickly and operate at high efficiency.EVM Compatibility and Smart ContractsCronos is an EVM-compatible blockchain. This means that smart contracts and DApps on Ethereum can run on Cronos with minimal modifications. While Cronos is developed with the Cosmos SDK, it uses Ethermint to support EVM. Ethermint is a technology that brings together the worlds of Cosmos and Ethereum, so the Cronos network is both compatible with the Ethereum ecosystem and acts as a bridge to the Cosmos ecosystem via the IBC (Inter-Blockchain Communication) protocol. In short, Cronos is a platform that technically bridges the gap between Ethereum and Cosmos, offering developers a double advantage. Smart contracts can be written in Ethereum languages like Solidity and ported to Cronos, streamlining the developer experience.Token and Supply (CRO)Cronos's native token is CRO. The total supply is 30 billion. Initially, a total of 100 billion CRO was created, but a massive burn in March 2021 permanently removed 70 billion CRO from circulation. Following this burn, the maximum supply was set at 30 billion. The majority of the remaining 30 billion tokens remain in circulation (approximately 25 billion are in circulation as of 2023, with the remainder held for the ecosystem development fund and Crypto.com reserves). CRO minerCRO is not a mineable coin; all tokens are generated at the moment of genesis. Because no new tokens are minted, CRO has a deflationary structure. Since supply is limited, increasing demand is expected to have a positive impact on the price.Transaction Speed and ScalabilityCronos is a very fast network in terms of technical capacity. Block times are around 5 seconds or less, meaning that transactions are confirmed within seconds. In fact, with the Galileo update in early 2023, Cronos block times were reduced to 0.5 seconds, significantly increasing the network's transaction speed. The Cronos team states that the network can theoretically process over 50,000 transactions per second (TPS) in a laboratory environment. Of course, in real-world conditions, the number of transactions varies depending on network load, but in practice, Cronos has been tested to easily handle several thousand transactions per second. This scalable structure ensures low transaction fees and a smooth user experience, even during periods of heavy usage. Transaction fees on Cronos are typically very low, around 0.001 CRO (not even a few cents). This makes Cronos particularly suitable for scenarios requiring frequent transactions, such as small-stakes financial transactions or blockchain games.UtilitiesThe CRO token serves multiple functions within the Cronos ecosystem. First, all transaction fees (gas fees) on the Cronos Chain are paid in CRO. This means that anyone wishing to use the Cronos network must hold a certain amount of CRO. Second, the staking mechanism (CRO staking) is available on both the Crypto.org Chain and the Cronos Chain. On the Crypto.org Chain, users can delegate their CRO to join validators and earn annual returns. On the Cronos Chain, because the number of validators is limited, instead of traditional staking, institutions wishing to become validators must deposit a certain amount of collateral called Cronos Staking Tokens.However, regular users can also indirectly lock their CRO in the Cronos ecosystem and earn returns from various DeFi protocols. For example, it's possible to earn additional token rewards by providing liquidity to CRO farms on the VVS Finance and MM Finance platforms. Another important use case for CRO is in products like Crypto.com Visa cards and Crypto Pay. By staking CRO on the Crypto.com app, you can apply for a Visa card and receive card privileges (Netflix/Spotify cashback, lounge access, etc.) based on the CRO stake amount. When making purchases with Crypto.com Pay, those who pay with CRO receive 5-10% cashback in CRO.InteroperabilityBecause Cronos is part of the Cosmos ecosystem, it supports communication between other blockchains via the IBC protocol. For example, it's possible to bridge Cronos with networks like Cosmos Hub (ATOM) and Osmosis to transfer assets. Bridges have also been established between Ethereum and Cronos. Users can migrate their Ethereum assets to the Cronos network in CRO-ERC20 and CRC20 formats. Cronos' versatile compatibility facilitates the flow of liquidity across different ecosystems, allowing users to transfer value without being limited to a single network. Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about Cronos:When did Cronos (CRO) appear?: The Cronos coin (CRO token) first appeared in November-December 2018. With Crypto.com's rebranding at the time, CRO was introduced to users and began trading in the market. Meanwhile, the EVM-compatible blockchain network called Cronos launched its mainnet in November 2021; in other words, the Cronos network went live at the end of 2021, expanding the usability of the CRO token.Who founded the Cronos coin?: Cronos is a project developed by Crypto.com. Crypto.com's founders include Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. This team began operating in the cryptocurrency world by founding Crypto.com (then known as Monaco) in 2016. Cronos coin was also developed by the company's founding team and engineers.How does Cronos work?: Cronos is a blockchain that operates using a Proof of Authority (PoA) consensus mechanism. Specific validators on the network validate transactions and produce blocks. Because the Cronos network is compatible with the Ethereum Virtual Machine, smart contracts on Ethereum can also run on Cronos. This allows Cronos to offer an Ethereum-like experience with a faster and more affordable infrastructure. Users can connect their wallets to the Cronos network to use decentralized applications, make transfers, and interact with smart contracts. Transaction security is ensured by the network's distributed validators and the Tendermint BFT algorithm. In short, Cronos combines Cosmos technology with Ethereum compatibility to create a blockchain network that is easy to use for both developers and users.How much was Cronos coin when it first launched?: When the CRO coin was first released, its price was quite low. When it was listed on exchanges in December 2018, it was trading at approximately $0.02. In fact, in early 2019, the price of CRO fell to $0.012, reaching its lowest levels. It then gradually rose with the growth of the Crypto.com ecosystem. During the 2021 bull market, driven by the launch of the Cronos chain, the price of CRO rose from $0.10 to over $0.90 by the end of the year. Initially worth a few cents, the Cronos coin experienced a significant increase in value over time (though it subsequently fluctuated with market conditions).What is Cronos used for, and why is it valuable?: Cronos (CRO) serves both as a utility token within the Crypto.com ecosystem and is the base currency of the Cronos blockchain. Payments can be made with CRO on the Crypto.com app, CRO can be staked to earn Visa card privileges and interest income, and CRO spenders can earn discounts and cashback through Crypto.com Pay. On the Cronos blockchain, CRO is used to pay for smart contract transactions and can be staked to secure the network. These versatile uses make Cronos valuable. Furthermore, CRO's limited supply (fixed at 30 billion) and the fact that a large portion of it is in circulation reduces inflationary pressure in the long term. As the Cronos chain grows, each new DeFi project, game, or NFT platform joins the network, increasing demand for CRO. All of this contributes to Cronos's perceived value.Is Cronos limited, and what is its maximum supply?: Yes, the Cronos (CRO) token's maximum supply is limited and set at 30 billion units. Initially, a total of 100 billion CRO was available, but a decision was made in March 2021 to permanently reduce the supply by burning 70 billion tokens. This burn is considered one of the largest token burns in crypto history. Ultimately, the maximum supply was 30 billion CRO, and the system was set to prevent new tokens from being added beyond this amount. Currently (as of 2025), there are approximately 26-27 billion CRO in circulation, with the remainder allocated for ecosystem development and staking rewards. CRO tokens cannot be mined; all coins are pre-created. In short, Cronos' maximum supply will not exceed 30 billion.Follow the JR Kripto Guide series for more content on Cronos and other popular crypto projects.
